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FEDERAL RESERVE BANK OF NEW YORK Circular No. 2 1 2 7 October 1. 1940 Nomination and Election of Directors To Member Banks in the Second Federal Reserve District: An election will be held under the provisions of section 4 of the Federal Eeserve Act, as amended, to choose successors to the following directors of this bank whose terms will expire December 31, 1940: class A director, WILLIAM C. POTTER, Chairman, Board of Directors, Guaranty Trust Company of New York, New York, N. Y., and class B director, THOMAS J. WATSON, President, International Business Machines 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 over $1,999,000 (listed on pages 3 and 4), Group 2 consists of banks with capital and surplus of $301,000 to $1,999,000, and Group 3 consists of banks with capital and surplus of less than $301,000. 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 28,1940. 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, 1940, 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 October 31, 1940. The law provides that the ballot shall be cast within 15 days after receipt of this list. The polls will open on October 31, 1940, and will close at 12 o'clock noon on Friday, November 15, 1940. Upon the closing 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 Friday, November 15, 1940). The list on the following pages 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. OWEN D. YOUNG, 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 stockholding 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 b a n k . " " N o Senator or Eepresentative 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". 1940 Election of Directors List of 52 Member Banks in Group 1 Revised to September 30, 1940 Group 1 consists of member banks with capital and surplus of over $1,999,000. CONNECTICUT Bank or Trust Company Place Officers Authorized to Cast Vote The First National Bank and Trust Company of BridgePresident, any Vice President, or Cashier port The First-Stainford National Bank and Trust Company President, any Vice President, or Cashier Bridgeport Stamford NEW JEESEY 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 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 Second National Bank of Paterson NEW TOEK Albany Albany Albany Brooklyn Buffalo Buffalo Buffalo Elmira New York New York New York New York First Trust Company of Albany . . . . President, or any Vice President The National Commercial Bank and Trust Company of Albany President, any Vice President, or Cashier State Bank of Albany President, any Vice President, or Cashier Brooklyn Trust Company President, any Vice President, or Secretary Liberty Bank of Buffalo President, any Vice President, or Cashier Manufacturers and Traders Trust Company . President, any Vice President, or Secretary The Marine Trust Company of Buffalo . President, or any Vice President Chemung Canal Trust Company . . . . President, any Vice President, Cashier, Secretary, or Treasurer Bank of the Manhattan Company . . . . Honorary Chairman, Chairman, ViceChairman, or President Bank of New York President, any Vice President, or Treasurer Bankers Trust Company President, or any Viee President Bronx County Trust Company Place Officers Authorized to Cast Vote Bank or Trust Company 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 President, any Vice President, or TreasThe Continental Bank & Trust Company of New York urer 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 NeAV York . President, any Vice President, or SecreFulton Trust Company of New York . . . . tary Grace National Bank of New York . . . . President, any Vice President, or Cashier President, any Vice President, or SecreGuaranty Trust Company of New York tary Chairman of the Board, President, or Irving Trust Company any Vice President Lawyers Trust Company President, any Vice President, Secretary, 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 President, any Vice President, or SecreSchroder Trust Company tary Sterling National Bank & Trust Company of New York President, any Vice President, or Cashier President, or any Vice President United States Trust Company of New York . President, Executive Vice President, any Power City Trust Company Vice President, or Secretary President, any Vice President, or SecreLincoln-Alliance Bank and Trust Company . tary President, any Vice President, or SecreFirst Trust & Deposit Company tary Chairman of the Board, President, any The Syracuse Trust Company Vice President, or Treasurer The Manufacturers National Bank of Troy President, any Vice President, or Cashier First Bank & Trust Company of Utica 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 Eochester Syracuse Syracuse Troy Utica . . . . . . . . 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 FEDERAL RESERVE BANK OF NEW YORK Nomination for Class A Director, 1940 DISTRICT NO. 2 GROUP NO. 1 At a meeting of the Board of Directors of the (Name of Bank) of duly called and held on the day (City or Town and State) of 1940, 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. (SEAL OF BANK) (Official signature) To MR. OWEN D. YOUNG, CHAIRMAN OF THE BOARD OF DIRECTORS, FEDERAL RESERVE BANK OF NEW YORK. (fitie) FEDERAL RESERVE BANK OF NEW YORK Nomination for Class B Director, 1940 DISTRICT NO. 2 GROUP NO. 1 At a meeting of the Board of Directors of the (Name of Bank) of duly called and held on the day (City or Town and State) of. 1940, 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. (SEAL OF BANK) (Official signature) To MR. OWEN D. YOUNG, CHAIRMAN OP THE BOARD OF DIRECTORS, FEDERAL RESERVE BANK OF NEW YORK. (fide) MR. OWEN D. YOUNG, Chairman, Board of Directors, Federal Reserve Bank of New York, New York, N. Y. FEDERAL RESERVE BANK OF NEW YORK October 1, 1940. To all Banking Institutions in the Second Federal Reserve District: We are pleased to announce that the Peoples State Bank of Baldwin, Baldwin, New York, has become a member of the Federal Reserve System effective October 1, 1940. GEORGE L. HARRISON, President.
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