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FEDERAL RESERVE BANK
OF NEW YORK

f Circular No. 2 6 9 6 1
LSeptember 27, 1943J

Nomination and Election of Directors

To Member Banks in the Seoond Federal Beserve District:

An election will be held under the provisions of section 4 of the Federal Reserve Act, as
amended, to choose successors to the following directors of this bank whose terms will expire
December 3 1 , 1 9 4 3 : class A director, L E O N FEASEE, President, The First National Bank of the
City of New York, New York, N. Y., and class B director, D O N A L D S O N BEOWN, Vice Chairman
of the Board, General Motors Corporation, New York, N. Y.
Both directors were elected by member banks in Group 1 and their successors will be
chosen by this group. The member banks in Groups 2 and 3 do not elect directors this year
and will not participate in this election.
The classification of member banks for the purpose of nomination and election of class A
and B directors of the Federal Reserve Bank of New York is as follows:
Group 1 consists of banks with capital and surplus of $10,000,000 and over (listed on page 3 ) ;
Group 2, of banks with capital and surplus of more than $300,000 and less than $10,000,000; and
Group 3, of banks with capital and surplus of $300,000 and less.

Except in the case of two or more banks affiliated with the same holding company affiliate*,
each bank in Group 1 is permitted to nominate a candidate for class A director and a candidate

•Section 4 of the Federal Reserve Act, as amended, reads in part as follows:
" . . . That whenever any two or more member banks within the same Federal reserve district are affiliated with
the same holding company affiliate, participation by such member banks in any such nomination or election shall be
confined to one of such banks, which may be designated for the purpose by such holding company affiliate."
Accordingly, banks in Group 1 affected by the foregoing provision of the law are requested to take prompt
action to have the appropriate holding company affiliate designate, if it has not already designated, one of its affiliated banks to participate in this nomination and election.




for class B director.** The nominations should be made by resolution of the boards of directors
of the nominating banks and certified copies of such resolutions should be sent to me so as to
reach me on or before October 28,1943. The enclosed printed forms show the appropriate forms
of resolution and one copy of each form should be used in sending certified copies of the resolutions to me.
On October 30, 1943, copies of the list of candidates (indicating by whom nominated) and
preferential ballots will be mailed so that, in the normal course of the mails, they will be
received by all banks in Group 1 on November 1, 1943. The law provides that the ballot shall
be cast within 15 days after receipt of this list. The polls will open on November 1, 1943, and
will close at 12 o'clock noon on Tuesday, November 16, 1943. Upon the closing1 of the polls
the ballot box will be opened in the board room of this bank, the votes counted and checked
by tellers, and results of the election announced. The candidates will be invited to be present
or represented on that occasion.
In order to be counted as valid, the ballot must be executed by an officer authorized to
cast the vote and must be received by me at or before the time thus fixed for the closing of
the polls (i.e., at or before 12 o'clock noon on Tuesday, November 16, 1943). The list on
the following page shows the officers heretofore designated for this purpose by the respective
banks in Group 1.
The banks in Groups 2 and 3 will not participate in this election, and this circular is sent
to them without forms for their information only.
BEARDSLEY R U M L ,

Chairman of the Board.

••Section 4 of the Federal Reserve Act, as amended, reads in part as follows:
"Class A shall consist of three members, who shall be chosen by and be representative of the stock-holding banks.
. . . No officer or director of a member bank shall be eligible to serve as a class A director unless nominated and
elected by banks which are members of the same group as the member bank of which he is an officer or director.
" A n y person who is an officer or director of more than one member bank shall not be eligible for nomination as a
class A director except by banks in the same group as the bank having the largest aggregate resources of any of those
of which such person is an officer or director."
"Class B shall consist of three members, who at the time of their election shall be actively engaged in their
district in commerce, agriculture or some other industrial pursuit. . . . No director of class B shall be an officer,
director, or employee of any bank."
" N o Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve
System or an officer or a director of a Federal reserve bank."
In a resolution adopted December 23, 1915, the Board of Governors of the Federal Reserve System expressed
the opinion "that persons holding political or public office in the service of the United States, or of any State,
territory, county, district, political subdivision, or municipality thereof, or acting as members of political party
committees, cannot consistently with the spirit and underlying principles of the Federal Reserve Act, serve as
directors or officers of Federal Reserve Banks." On December 28, 1915, the Board of Governors of the Federal
Reserve System resolved that "national bank examiners shall not hereafter be elected • • * to directorships in
Federal Reserve Banks." Under date of July 2, 1925, the Board of Governors of the Federal Reserve System
advised it had "reached the conclusion that a person whose sole occupation is that of officer of an insurance company is not eligible for election as a Class B director of a Federal Reserve Bank", and on October 18, 1939, the
Board advised "that a person whose sole occupation is that of president of a Federal savings and loan association
and who has been serving as a class A director is not now eligible for election and service as a class B director".




1943 Election of Directors

N.

List of 23 Member Banks in Group 1
Revised to September 24, 1943

Group 1 consists of member banks with capital and surplus of $10,000,000 and over

NEW JERSEY

Bank or Trust Company

Place

Newark

Officers Authorized to Cast Vote

Chairman, President, or any Vice President

Fidelity Union Trust Company

NEW YORK
President, any Vice President, or Secretary
President, any Vice President, or Secretary
. President, or any Vice President
Honorary Chairman, Chairman, Vice
Chairman, or President
President, any Vice President, or Treas-

Brooklyn

Brooklyn Trust Company

Buffalo

Manufacturers and Traders Trust Company

Buffalo
New York

The Marine Trust Company of Buffalo
Bank of the Manhattan Company

New York

Bank of New York

New York
New York
New York

President, or any Vice President
President, or any Vice President
. Chairman of the Board of Directors,
President, any Vice President, or
Cashier
President, or any Vice President
Chemical Bank & Trust Company
President, any Vice President, or SecreCity Bank Farmers Trust Company
tary
The Commercial National Bank and Trust Company of
President, any Vice President, or Cashier
New York
Chairman, Vice Chairman, President, or
Corn Exchange Bank Trust Company
any Vice President
President, any Vice President, or Cashier
The First National Bank of the City of New York .
Guaranty Trust Company of New York
. . . . President, any Vice President, or Secretary
President, or First Vice President
Irving Trust Company
Chairman of the Board, Vice Chairman
Manufacturers Trust Company
of the Board, President, Chairman of
the Trust Committee, or any Vice
President
Chairman of the Board, President, any
The Marine Midland Trust Company of New York
Vice President, or Chairman of the
Executive Committee
J. P. Morgan & Co. Incorporated
President, any Vice President, or Cashier
The National City Bank of New York
The New York Trust Company
President, or any Vice President
The Public National Bank and Trust Company of New
York
President, any Vice President, or Cashier
United States Trust Company of New York .
President, or any Vice President

New York
New York
New York
New York
New York
New York
New York
New York

New York
New
New
New
New

York
York
York
York

New York

.

.

.

Bankers Trust Company
Central Hanover Bank and Trust Company
The Chase National Bank of the City of New York




3

FEDERAL RESERVE BANK
OF NEW YORK

Nomination for Class A Director, 1943
DISTRICT N O . 2

GROUP N O . 1

At a meeting of the Board of Directors of the
of

(Name of Bank)

duly called and held on the

day

(City or Town and State)

of

1943, on motion duly made and seconded, it was

"RESOLVED, That
, of
whose occupation is
, be, and he is hereby, nominated by this
bank as a candidate for director of class A of the Federal Reserve Bank of New York, and
the cashier or other officer of this bank is hereby authorized, empowered and directed to
send a certified copy of this resolution to the Chairman of the Board of Directors of the
Federal Reserve Bank of New York."
I hereby certify that the foregoing is a true and correct copy of a resolution of the
Board of Directors of this bank duly adopted on the date specified.

( S E A L OP B A N K )

(Official signature)

To MR. B E A R D S L E Y

RUML,

C H A I R M A N OF THE BOARD OP DIRECTORS,
FEDERAL RESERVE B A N K OP N E W Y O R K .




(Tide)

X
FEDERAL RESERVE BANK
OF NEW YORK

Nomination for Class B Director, 1943
DISTRICT N O . 2

GROUP N o . 1

At a meeting of the Board of Directors of the
of

(City or Town and State)

of

(Name of Bank)

duly called and held on the

day

1943, on motion duly made and seconded, it was
"RESOLVED, That

_

of

whose occupation is
, be, and he is hereby, nominated by this
bank as a candidate for director of class B of the Federal Reserve Bank of New York, and
the cashier or other officer of this bank is hereby authorized, empowered and directed to
send a certified copy of this resolution to the Chairman of the Board of Directors of the
Federal Reserve Bank of New York.''
I hereby certify that the foregoing is a true and correct copy of a resolution of the
Board of Directors of this bank duly adopted on the date specified.

( S E A L OF B A N K ]

(Official signature)

To MR. B E A R D S L E Y

RUML,

CHAIRMAN OF THE BOARD OF DIRECTORS,
FEDERAL RESERVE B A N K OF N E W Y O R K .




(Title)




MR. BEARDSLEY RUML,
Chairman, Board of Directors,

Federal Reserve Bank of New York,
New York, N. Y.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102