Full text of Federal Reserve Bank of New York Circulars : 1791. Nomination and Election of Directors

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FEDERAL RESERVE BANK
OF NEW YORK

r Circular No. 1 7 9 1 1
L October 30, 1937 J

Nomination and Election of Directors
(By member banks in Group 1 only, that is, member banks with capital
and surplus of over $1,999,000).

To Member Banks in the Second Federal Reserve District:

In accordance with the provisions of section 4 of the Federal Eeserve Act, as amended, and
circular No. 1784, dated September 28, 1937, in regard to election of directors of this bank for terms
of office from January 1, 1938, to December 31, 1940, to succeed GEORGE W. DAVISON, class A director,
and THOMAS J. WATSON, class B director, whose terms expire December 31, 1937, there are given on pages
3 and 4 the names of the candidates nominated for such directors, indicating by whom nominated.
To each bank in Group 1, except banks affiliated with holding company affiliates which have designated another bank to participate in this election*, the following are being sent with this circular:
(a) Preferential ballot for use in voting for candidates for class A director and class B director.
(b) Colored ballot envelope in which the ballot is to be sealed.
(c) Certificate envelope bearing on its face the certificate in regard to the vote.
(d) Addressed envelope in which all of the foregoing should be returned to me.
The ballot and certificate on the certificate envelope must be executed by an officer who has been
authorized to cast the vote. A list showing the officers designated for this purpose by the respective
member banks in Group 1 was attached to the above mentioned circular dated September 28, 1937, and a
similar list amended to October 28, 1937, is attached to this circular beginning at page 5. In order that the
ballot may be secret, the name of the bank and the name and title of the voting officer should not be
written on the ballot, but should be written only on the certificate envelope.
(1) After the preferential ballot has been marked,
(2) It should be placed in the colored ballot envelope and that envelope sealed.
(3) Then the sealed colored ballot envelope should be placed within the certificate envelope,
and the certificate envelope should be sealed and the certificate thereon executed.
(4) Then the certificate envelope containing the sealed colored ballot envelope should be
returned to me in the enclosed addressed envelope.

* As indicated in circular No. 1784, dated September 28, 1937, section 4 of the Federal Keserve Act, as amended, provides 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 the election of directors of Federal reserve banks shall
be confined to one of such banks, and the holding company affiliate may designate the bank to participate in such election.
Consequently, the ballot of any bank in Group 1 so affiliated cannot be counted as valid unless there is on file with me
evidence that such bank has been so designated.

The law provides that the ballot shall be cast within 15 days after receipt of the list of candidates
transmitted herewith. The polls will open on November 1,1937, and will close at 12 o'clock noon on Tuesday,
November 16, 1937, and in order to be counted as valid the ballot must be received by me at or before the
latter time. Upon the closing of the polls the ballot box will be opened in the board room of this bank, the
sealed envelopes containing the ballots will be opened, the votes counted and checked by tellers and the
results of the election announced. The candidates are invited to be present or represented on this occasion.
The banks in Groups 2 and 3 will not vote in this election, and this circular is sent to them without
forms for their information only.

OWEN D. YOUNG,

Deputy Chairman of the Board.

Nominee for Class A Director
WILLIAM C. POTTER, New York, N. Y.
Chairman of the Board of Directors, Guaranty Trust Company of New York, New York, N. Y.
WILLIAM C. POTTER was born in Chicago, Illinois, and was graduated from the Massachusetts Institute
of Technology with the degree of Bachelor of Science in Mining Engineering. He served as mining engineer
for various companies, in 1903 became general manager of the Guggenheim Exploration Company, and from
1905 until 1911 was general manager of the American Smelting and Refining Company in Mexico. In
1911, Mr. Potter became president of the Intercontinental Rubber Company, and on July 8, 1912, was
elected a vice president of the Guaranty Trust Company of New York, serving in that capacity until
March 15, 1916, when he resigned to become a member of the firm of Guggenheim Brothers. In 1918, he
was appointed chief of the equipment division of the signal corps of the United States Army, a position
which he held until January, 1919. Mr. Potter ceased to be a member of the firm of Guggenheim Brothers
in 1921 and became chairman of the board of directors of the Guaranty Trust Company of New York,
serving in that capacity from January 5, 1921 to October 15, 1921. He served the Guaranty Trust Company
of New York as president from the last mentioned date until January 17, 1934, when he was elected chairman of the board of directors.
Mr. Potter is a trustee of the Mutual Life Insurance Company of New York, and a director of several
other corporations. He is a life member of the Corporation of the Massachusetts Institute of Technology
and a member of its Finance Committee, and a trustee of Notre Dame University.
Mr. Potter was a member of the Federal Advisory Council from the Second Federal Reserve District
for the years 1929 and 1930.

Nominated by the following member banks in Group 1
NEW JERSEY
Place
Jersey City
Jersey City
Newark
Newark

Bank or Trust Company
Commercial Trust Company of New Jersey
The First National Bank of Jersey City
Merchants and Newark Trust Company of Newark, N. J.
The National Newark and Essex Banking Company of Newark
NEW YORK

Albany
Albany
Buffalo
Buffalo
Elrnira
Mount Vernon
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New 3rork
New York
New York
Rochester
Syracuse
Utica

First Trust Company of Albany
The National Commercial Bank and Trust Company of Albany
Liberty Bank of Buffalo
Manufacturers and Traders Trust Company
Chemung Canal Trust Company
The Mount Vernon Trust Company
Bank of the Manhattan Company
Bank of New York and Trust Company
Bankers Trust Company
The Chase National Bank of the City of New York
Chemical Bank & Trust Company
City Bank Farmers Trust Company
The Commercial National Bank and Trust Company of New York
Corn Exchange Bank Trust Company
The Fifth Avenue Bank of New York
The First National Bank of the City of New York
Fulton Trust Company of New York
Grace National Bank of New York
Guaranty Trust Company of New York
Irving Trust Company
Lawyers Trust Company
Manufacturers Trust Company
The National City Bank of New York
The New York Trust Company
The Public National Bank and Trust Company of New York
Sterling National Bank & Trust Company of New York
Lincoln-Alliance Bank and Trust Company
First Trust & Deposit Company
First Citizens Bank and Trust Company of Utiea

Nominee for Class B Director
THOMAS J. WATSON, New York, N. Y.
President, International Business Machines Corporation, New York, N. Y.
THOMAS J. WATSON was born at Campbell, N. Y., and was educated at Addison Academy and the
Elmira (N. Y.) School of Commerce.
In 1914 Mr. Watson became president of the International Business Machines Corporation, which
has its general offices in New York City and now distributes its products in 79 countries of the world.
Mr. Watson has been interested in international, civic, and educational matters for many years, and
is now president of the International Chamber of Commerce, member of the Business Advisory Council of
the United States Department of Commerce and chairman of the Foreign Trade Committee of that Council,
director and chairman of the Advisory Committee on Foreign Participation of the New York World's Fair
of 1939, vice president of the Pan American Society, and a trustee of the Carnegie Endowment for International Peace, Columbia University, Lafayette College, Eoosevelt Hospital, and other institutions.

Mr. Watson has served as a Class B director of the Federal Reserve Bank of New York since
May 3, 1933.

Nominated by the following member banks in Group 1
NEW JERSEY
Place
Jersey City
Jersey City
Newark
Newark

Albany
Albany
Buffalo
Buffalo
Elmira
Mount Vernon
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
Rochester
Syracuse
Utica

1937 Election of Directors

List of 53 Member Banks in Group 1
Revised to October 28, 1937

Group 1 consists of member banks with capital and surplus of over $1,999,000.

CONNECTICUT

Place
Bridgeport
Stamford

Bank or Trust Company

Officers Authorized to Cast Vote

The First National Bank and Trust Company of Bridge
port
President, any Vice President, or Cashier
The First-Stamford National Bank and Trust Company President, any Vice President, or Cashier

NEW JERSEY
Jersey City
Jersey City
Jersey City
Jersey City
Newark
Newark
Newark
Newark
Newark
Passaic
Paterson

Commercial Trust Company of New Jersey.

President, any Vice President, or Treasurer
The First National Bank of Jersey City
President, any Vice President, or Cashier
President, any Vice President, or Cashier
Hudson County National Bank
President, or any Vice President
The New Jersey Title Guarantee and Trust Company
President, or any Vice President
Federal Trust Company .
Chairman, President, or any Vice PresiFidelity Union Trust Company
dent
Merchants and Newark Trust Company of Newark, N. J. President, any Vice President, Secretary,
or Treasurer
The National Newark and Essex Banking Company of
President, any Vice President, or Cashier
Newark
President, any Vice President, or Cashier
The National State Bank of Newark
. . . .
President, any Vice President, or Cashier
Passaic National Bank and Trust Company
President, any Vice President, or Cashier
The Seeond National Bank of Paterson

NEW YORK
Albany
Albany
Albany
Brooklyn
Buffalo
Buffalo
Buffalo
Elmira
Mount Vernon
New York
New York
New York

President, or any Vice President
First Trust Company of Albany
The National Commercial Bank and Trust Company of
President, any Vice President, or Cashier
Albany
President, any Vice President, or Cashier
State Bank of Albany
President, any Vice President, or SecreBrooklyn Trust Company
tary
Liberty Bank of Buffalo
President, any Vice President, or Cashier
President, any Vice President, or SecreManufacturers and Traders Trust Company
tary
The Marine Trust Company of Buffalo
President, or any Vice President
President, any Vice President, Cashier,
Chemung Canal Trust Company
Secretary, or Treasurer
The Mount Vernon Trust Company
. . . .
President, or any Vice President
Honorary Chairman, Chairman, Vice
Bank of the Manhattan Company
Chairman, or President
Bank of New York and Trust Company
President, any Vice President, or Treasurer
Bankers Trust Company
President, or any Vice President

Place

Officers Authorized to Cast Vote

Bank or Trust Company

President, or any Vice President
Chairman of the Governing Board, Chairman of the Executive Committee,
Chairman of the Board of Directors,
Vice Chairman of the Board of Directors, President, any Vice President, or
Cashier
President, or any Vice President
President, any Vice President, or Secretary

New York
New York

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

New York
New York

Chemical Bank & Trust Company
City Bank Farmers Trust Company

New York

The Commercial National Bank and Trust Company of
President, any Vice President, or Cashier
New York
The Continental Bank & Trust Company of New York President, any Vice President, or Treasurer
Chairman, Vice Chairman, President, or
Corn Exchange Bank Trust Company
. . . .
any Vice President
President, any Vice President, or Cashier
The Fifth Avenue Bank of New York
. . . .
President, any Vice President, or Cashier
The First National Bank of the City of New York .
President, any Vice President, or SecreFulton Trust Company of New York
. . . .
tary
President, any Vice President, or Cashier
Grace National Bank of New York
. . . .
President, any Vice President, or SecreGuaranty Trust Company of New York
tary
Chairman of the Board, President, ChairIrving Trust Company
man of the Executive Committee, or
Vice Chairman of the Board
President, any Vice President, Secretary,
Lawyers Trust Company
or Treasurer
Manufacturers Trust Company
President, or any Vice President
The Marine Midland Trust Company of New York .
Chairman of the Board, President, any
Vice President, or Chairman of the
Executive Committee
The National City Bank of New York
. . . .
President, any Vice President, or Cashier
The New York Trust Company
President, or any Vice President
The Public National Bank and Trust Company of New
President, any Vice President, or Cashier
York
Schroder Trust Company
Sterling National Bank & Trust Company of New York President, any Vice President, or Cashier
United States Trust Company of New York
President, or any Vice President
Power City Trust Company
President, Executive Vice President, any
Vice President, or Secretary
Lincoln-Alliance Bank and Trust Company
President, any Vice President, or Secretary
President, any Vice President, or SecreFirst Trust & Deposit Company
tary
Chairman, President, any Vice President,
The Syracuse Trust Company
or Treasurer
President, any Vice President, or Cashier
The Manufacturers National Bank of Troy
President, any Vice President, Treasurer,
First Citizens Bank and Trust Company of Utica
or Secretary

New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
Niagara Falls
Rochester
Syracuse
Syracuse
Troy
Utica

FEDERAL RESERVE BANK
OF NEW YORK

Preferential Ballot
October 30,1937.
Group No. 1

This ballot and the certificate on the certificate envelope must be executed by an officer
who has been authorized to cast the vote and whose appointment has been certified to me.
The polls will open on November 1, 1937, and will close at 12 o'clock noon on Tuesday,
November 16, 1937. This ballot must be returned so as to reach me before the latter time.
Failure to observe instructions will invalidate this ballot.
OWEN D. YOUNG,

Deputy Chair mam of the Board.

VOTE FOR CLASS A DIRECTOR OF FEDERAL RESERVE BANK OF NEW YORK
for term of office from January 1, 1938 to December 31, 1940
CANDIDATE

C. POTTER.
New York, N. Y.,

WILLIAM

('hairman of the Board of Directors,
Guaranty Trust Company of New York,
New York, N. Y.

(Indicate choice by X
below)

VOTE FOR CLASS B DIRECTOR OF FEDERAL RESERVE BANK OF NEW YORK
for term of office from January 1, 1938 to December 31, 1940
CANDIDATE

J. WATSON,
New York, N. Y.,

THOMAS

1.
2.
3.
4.

President, International Business Machines
Corporation, New York, N. Y.

(Indicate choice by X
below)

DIRECTIONS FOB VOTING
Mark this preferential ballot to indicate choices.
Place preferential ballot so marked in the colored ballot envelope and seal that envelope.
Place sealed colored ballot envelope in certificate envelope and seal certificate envelope and execute certificate thereon.
Return sealed and executed certificate envelope (with sealed colored ballot envelope enclosed therein) in envelope addressed
to Mr. Owen D. Young, Deputy Chairman, Board of Directors, Federal Reserve Bank of New York, New York, N. Y.

CERTIFICATE ENVELOPE
This Envelope Should Contain Only Ballot in Sealed Colored Envelope
It Will Not Be Opened Until Polls Close
Group No. 1

, 1937.

To MR. OWEN D. YOUNG,

Deputy Chairman of the Board.
Federal Keserve Bank of New York.
In accordance with section 4 of the Federal Reserve Act, as amended, I hereby certify that
my choices for a class A director and a class B director of the Federal Reserve Bank of New
York for terms of office from January 1, 1938 to December 31, 1940, are as indicated thus (X)
in the columns of the ballot sealed herein.
For
(Name of Bank)
Signature of officer designated to vote
(Location of Bank)
T I T L E of Voting Officer

BALLOT ENVELOPE
ELECTION OF DIRECTORS
of Federal Reserve Bank of New York
The marked preferential ballot should be placed in this
envelope, and this envelope should then be sealed and
placed in the certificate envelope.

MR. OWEN D. YOUNG,
Deputy Chairman, Board of Directors

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

Full text of Federal Reserve Bank of New York Circulars : 1791. Nomination and Election of Directors

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