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F E D E R A L RESERVE BANK O F N E W YORK [ Circular No. 270 1 [ April 17, 1920 J S^M^u^d U Sill Nominations for Special Election of Class B Director **'**To all Member Banks in the Second Federal Reserve District, D E A R S I R S : — O n December 27, 1919, announcement was made in Circular No. 239 of the resignation of William Boyce Thompson as a Class B director of the Federal Reserve Bank of New York. The Federal Reserve Board has designated Monday, May 17, 1920, as the day for the opening of the polls for the election of a Class B director to fill the vacant office, the term of which expires December 3 1 , 1920. As mentioned in Circular N o . 220 dated November 6, 1919 the Federal Reserve Board has classified the member banks of this district as follows : Group 1. Banks having capital and surplus in excess of $1,999,000. Group 2. Banks having capital and surplus not exceeding $1,999,000 and not below $201,000. Group 3. Banks having capital and surplus below $201,000. As Mr. Thompson was elected by the member banks of Group 2, the banks of Group 2 will be the only ones which will vote at this election. A list of the banks comprising this group and extracts from the section of the Federal Reserve Act prescribing the manner in which directors shall be elected are appended hereto. The directors of each member bank in Group 2 may nominate one candidate for director of Class B . To each such bank there is enclosed a blank upon which the bank's board of directors should, if it so desires, certify its nomination, and another blank upon which it should certify the name and title of the officer authorized to cast the vote of the bank. The authority to cast the vote of the bank may be granted by amendment to the bank's by-laws, in which case a copy of the amendment instead of a resolution of the directors should be sent to me. On May 15 the period in which nominations may be made will terminate and nominations received after twelve o'clock noon of that day will not be listed. Thereupon a list of those nominated, with the names of the banks nominating them will be mailed to all member banks in the district for their information. There will also be enclosed to all banks in Group 2t a preferential ballot, providing for the recording of first, second and other choices for director of Class B . Within fifteen days after the receipt of the list and ballot, mentioned above, every member bank in Group 2 wishing to participate in the election must, by its duly authorized officer, record its vote. On or about June 1, announcement of the result of the election will be made. While only banks in Group 2 will participate in this election, this circular is sent to all member banks in the district for their information. Yours very truly, PIERRE JAY, Chairman. Extracts froni Section 4 of the Federal Reserve Act as A m e n d e d Every Federal reserve bank shall be conducted under the supervision and control of a board of directors. * * * * * * * * * * Such board of directors shall be selected as hereinafter specified and shall consist of nine members, holding office for three years, and divided into three classes, designated as classes A, B, and C. Class A shall consist of three members, who shall be chosen by and be representative of the stock-holding banks. 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. Class C shall consist of three members who shall be designated by the Federal Reserve Board. When the necessary subscriptions to the capital stock have been obtained for the organization of any Federal reserve bank, the Federal Reserve Board shall appoint the Class C directors, and shall designate one of such directors as chairman of the board to be selected. Pending the designation of such chairman, the organization committee shall exercise the powers and duties appertaining to the office of chairman in the organization of such Federal reserve bank. No Senator or Representative in Congress shall be a member of the Federal Reserve Board or an officer or a director of a Federal reserve bank. No director of class B shall be an officer, director, or employee of any bank. No director of class C shall be an officer, director, employee, or stockholder of any bank. Directors of Class A and Class B shall be chosen in the following manner: The Federal Reserve Board shall classify the member banks of the district into three general groups or divisions, designating each group by number. Each group shall consist as nearly as may be of banks of similar capitalization. Each member bank shall be permitted to nominate to the chairman of the board of directors of the Federal reserve bank of the district one candidate for director of Class A and one candidate for director of Class B. The candidates so nominated shall be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen days after its completion, be furnished by the chairman to each member bank. Each member bank by a resolution of the board or by an amendment to its by-laws shall authorize its president, cashier, or some other officer to cast the vote of the member bank in the elections of Class A and Class B directors. Within fifteen davs after receipt of the list of candidates the duly authorized officer of a member bank shall certify to the chairman his first, second, and other choices for director of Class A and Class B , respectively, upon a preferential ballot upon a form furnished by the chairman of the board of directors of the Federal reserve bank of the district. Each such officer shall make a cross opposite the name of the first, second, and other choices for a director of Class A and for a director of Class B , but shall not vote more than one choice for any one candidate. 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. Any 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. Any candidate having a majority of all votes cast in the column of first choice shall be declared elected. If no candidate have a majority of all the votes in the first column, then there shall be added together the votes cast by the electors for such candidates in the second column and the votes cast for the several candidates in the first column. If any candidate then have a majority of the electors voting, by adding together the first and second choices, he shall be declared elected. If no candidate have a majority of electors voting when the first and second choices shall have been added, then the votes cast in the third column for other choices shall be added together in like manner, and the candidate then having the highest number of votes shall be declared elected. An immediate report of election shall be declared. SL-*}6 - c^syVtc-trxA-'^ List of Banks and Trust Companies Composing Group 2, Second Federal Reserve District NEW Place New York City New York City New York City New York City New York City New York City New York City New York City New York City New York City Rochester Rochester Utica Utica New York City New York City Buffalo New York City Utica Buffalo Albany Brooklyn Buffalo Elmira New York City New York City Olean Utica New York City Troy Gloversville Albany Elmira Gloversville Rochester Watertown Syracuse Albany New York City Little Falls New York City New York City North Tonawanda YORK Bank or Trust Company ATLANTIC NATIONAL B A N K . . . B A N K OF U N I T E D STATES E A S T R I V E R NATIONAL B A N K LINCOLN T R U S T COMPANY . PACIFIC B A N K . . . . CONTINENTAL B A N K F I F T H NATIONAL B A N K HARRIMAN NATIONAL B A N K . INDUSTRIAL B A N K MERCANTILE T R U S T COMPANY ALLIANCE B A N K . . . . NATIONAL B A N K OF COMMERCE UTICA T R U S T & D E P O S I T COMPANY UTICA C I T Y NATIONAL B A N K N E W NETHERLAND B A N K N E W Y O R K COUNTY NATIONAL B A N K P E O P L E S B A N K OF BUFFALO . W. R . GRACE & Co.'s B A N K ONEIDA NATIONAL B A N K LAFAYETTE NATIONAL B A N K . N E W YORK STATE NATIONAL B A N K F I R S T NATIONAL B A N K . BUFFALO T R U S T COMPANY . CHEMUNG CANAL T R U S T COMPANY COMMONWEALTH B A N K . GOTHAM NATIONAL B A N K EXCHANGE NATIONAL B A N K . CITIZENS T R U S T COMPANY . COMMERCIAL EXCHANGE B A N K MANUFACTURERS NATIONAL B A N K . C I T Y NATIONAL B A N K . F I R S T NATIONAL B A N K . SECOND NATIONAL B A N K F U L T O N COUNTY NATIONAL B A N K TRADERS NATIONAL B A N K . NORTHERN N E W Y O R K T R U S T COMPANY SALT SPRINGS NATIONAL B A N K U N I O N NATIONAL B A N K & T R U S T COMPANY F U L T O N T R U S T COMPANY OF N E W YORK H E R K I M E R COUNTY T R U S T COMPANY MUTUAL BANK . . . . . YORKVILLE B A N K . . . . STATE NATIONAL B A N K \Capital and Surplus . . . $1,800,000 1,800,000 1,600,000 1,600,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,450,000 1,300,000 1,250,000 1,250,000 1,200,000 1,200,000 1,200,000 1,012,500 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 900,000 900,000 850,000 800,000 800,000 800,000 800,000 800,000 780,000 750,000 750,000 700,000 700,000 700,000 700,000 17b- ce* N E W Place Jamestown Glens Falls . Binghamton Lockport Niagara Falls Syracuse Troy Amsterdam Binghamton Cohoes Troy Troy Jamestown Dunkirk Olean Utica W r atertown Newburgh Geneva Amsterdam Bronx Auburn Binghamton Hudson Kingston Malone Newburgh New York City Norwich Oneonta Poughkeepsie Poughkeepsie Watertown Syracuse Port Chester Troy Schenectady Newburgh Rome Yonkers Brooklyn Elmira Hudson Ithaca Rome Goshen Cooperstown Kingston Y O R K Bank or Trust Company NATIONAL CHAUTAUQUA COUNTY B A N K F I R S T NATIONAL BANK P E O P L E S T R U S T COMPANY NIAGARA COUNTY NATIONAL B A N K P O W E R CITY B A N K . . . . MERCHANTS NATIONAL B A N K NATIONAL STATE B A N K AMSTERDAM CITY NATIONAL B A N K F I R S T NATIONAL B A N K NATIONAL BANK OF COHOES NATIONAL CITY B A N K . . . . U N I T E D NATIONAL B A N K F I R S T NATIONAL B A N K MERCHANTS NATIONAL BANK F I R S T NATIONAL B A N K ONEIDA COUNTY T R U S T COMPANY JEFFERSON COUNTY NATIONAL B A N K NATIONAL B A N K OF NEWBURGH . GENEVA T R U S T COMPANY FARMERS NATIONAL B A N K . B R O N X NATIONAL B A N K CAYUGA COUNTY NATIONAL B A N K C I T Y NATIONAL B A N K . . . . FARMERS NATIONAL B A N K . F I R S T NATIONAL B A N K OF RONDOUT P E O P L E S T R U S T COMPANY . . . . HIGHLAND NATIONAL B A N K . . . . NATIONAL BUTCHERS & DROVERS B A N K NATIONAL BANK OF NORWICH W I L B E R NATIONAL B A N K . . . . FALLKILL NATIONAL B A N K . . . . FARMERS & MANUFACTURERS NATIONAL B A N I WATERTOWN NATIONAL B A N K T H I R D NATIONAL B A N K . . . . M U T U A L T R U S T C O . OF WESTCHESTER COUNT r U N I O N NATIONAL B A N K . . . . SCHENECTADY T R U S T COMPANY QUASSAICK NATIONAL B A N K R O M E T R U S T COMPANY . . . . F I R S T NATIONAL B A N K . . . . N O R T H S I D E B A N K OF BROOKLYN MERCHANTS NATIONAL B A N K F I R S T NATIONAL B A N K . . . . F I R S T NATIONAL B A N K . . . . FARMERS NATIONAL B A N K . . . . NATIONAL B A N K OF ORANGE COUNTY . SECOND NATIONAL B A N K . . . . K I N G S T O N T R U S T COMPANY . . . . Capital and Surplus 650,000 636,400 600,000 600,000 600,000 600,000 575,000 550,000 550,000 550,000 550,000 540,000 503,300 500,000 500,000 500,000 500,000 480,000 475,000 450,000 405,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 380,000 375,000 365,000 362,500 360,000 360,000 360,000 350,000 350,000 350,000 350,000 350,000 330,000 325,000 325,000 2-1$' N E W Place Oneida Amsterdam Brooklyn Brooklyn Brooklyn Catskill Fort Plain Geneva Glens Falls Gloversville Ithaca Ithaca Jamestown Little Falls Lockport Malone Middletown Norwich Ogdensburg Peekskill Port Jervis Auburn Poughkeepsie Batavia Buffalo Cooperstown Herkimer Hornell Jamestown Kingston Lackawanna Mount Vernon New Rochelle Schenectady Stamford Gouverneur Kinderhook Saugerties Moravia Newark Yonkers Adams Catskill Cortland Fulton Oswego Sherburne Dunkirk &TV&~^-Q/- Y O R K Bank or Trust Company MADISON COUNTY T R U S T & D E P O S I T COMPANY MONTGOMERY COUNTY T R U S T COMPANY B A N K OF CONEY ISLAND GREENPOINT NATIONAL BANK P E O P L E S NATIONAL B A N K TANNERS NATIONAL B A N K . FORT P L A I N NATIONAL BANK GENEVA NATIONAL B A N K NATIONAL BANK OF G L E N S FALLS T R U S T COMPANY OF FULTON COUNTY ITHACA T R U S T COMPANY TOMPKINS COUNTY NATIONAL B A N K AMERICAN NATIONAL B A N K . L I T T L E FALLS NATIONAL B A N K NATIONAL EXCHANGE B A N K FARMERS NATIONAL B A N K . MERCHANTS NATIONAL BANK CHENANGO NATIONAL B A N K NATIONAL BANK OF OGDENSBURG . WESTCHESTER COUNTY NATIONAL BANK F I R S T NATIONAL B A N K NATIONAL BANK OF AUBURN MERCHANTS NATIONAL BANK F I R S T NATIONAL B A N K BROADWAY NATIONAL BANK F I R S T NATIONAL BANK H E R K I M E R NATIONAL B A N K F I R S T NATIONAL BANK LIBERTY NATIONAL B A N K RONDOUT NATIONAL B A N K . LACKAWANNA NATIONAL B A N K F I R S T NATIONAL B A N K NATIONAL CITY B A N K . . . . U N I O N NATIONAL B A N K NATIONAL B A N K OF STAMFORD F I R S T NATIONAL B A N K NATIONAL U N I O N B A N K F I R S T NATIONAL B A N K F I R S T NATIONAL B A N K ARCADIA NATIONAL B A N K YONKERS NATIONAL B A N K . CITIZENS T R U S T COMPANY . CATSKILL NATIONAL B A N K . NATIONAL B A N K OF CORTLAND CITIZENS NATIONAL B A N K . F I R S T NATIONAL B A N K SHERBURNE NATIONAL B A N K L A K E SHORE NATIONAL B A N K Capital and Surplus . 320,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 275,000 275,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 240,000 240,000 240,000 230,000 230,000 230,000 225,000 225,000 225,000 225,000 225,000 225,000 210,000 Q-10 - C^^XCXW^JLA N E W Place Newark Jersey City Paterson Elizabeth Newark Paterson Morristown Passaic East Orange Hackensack Jersey City Newark Paterson Hoboken Passaic Paterson Plainfield Hoboken Newark New Brunswick Passaic Pliillipsburg Red Bank Montclair Morristown Newton Dover Newark Bayonne Elizabeth Bloomfield Newark Newark Newark Orange Orange Perth Amboy Plainfield Plainfield Washington Belleville Flemington Hoboken Irvington Long Branch Morristown New Brunswick Jersey City Hackettstown J E R S E Y Bank or Trust Company FEDERAL T R U S T COMPANY F I R S T NATIONAL B A N K F I R S T NATIONAL B A N K NATIONAL STATE B A N K NATIONAL STATE B A N K HAMILTON T R U S T COMPANY MORRISTOWN T R U S T COMPANY PASSAIC NATIONAL B A N K SAVINGS INVESTMENT & T R U S T COMPANY P E O P L E S T R U S T & GUARANTY C O . HUDSON COUNTY NATIONAL B A N K MANUFACTURERS NATIONAL B A N K PATERSON NATIONAL B A N K . F I R S T NATIONAL B A N K PASSAIC T R U S T & S A F E D E P O S I T C O . SECOND NATIONAL B A N K PLAINFIELD T R U S T COMPANY SECOND NATIONAL B A N K N O R T H WARD NATIONAL B A N K NATIONAL B A N K OF N E W J E R S E Y . P E O P L E S BANK & T R U S T COMPANY PHILLIPSBURG NATIONAL B A N K SECOND NATIONAL B A N K MONTCLAIR T R U S T COMPANY F I R S T NATIONAL B A N K SUSSEX NATIONAL B A N K NATIONAL U N I O N B A N K AMERICAN NATIONAL B A N K . BAYONNE T R U S T COMPANY . ELIZABETHPORT BANKING C O . BLOOMFIELD T R U S T COMPANY BROAD & M A R K E T NATIONAL BANK C I T Y T R U S T COMPANY IRONBOUND T R U S T COMPANY ORANGE NATIONAL B A N K SECOND NATIONAL B A N K F I R S T NATIONAL B A N K C I T Y NATIONAL B A N K . F I R S T NATIONAL B A N K F I R S T NATIONAL B A N K F I R S T NATIONAL B A N K HUNTERDON COUNTY NATIONAL B A N K J E F F E R S O N T R U S T COMPANY IRVINGTON NATIONAL BANK CITIZENS NATIONAL B A N K . NATIONAL IRON BANK P E O P L E S NATIONAL B A N K . MERCHANTS NATIONAL B A N K HACKETTSTOWN NATIONAL B A N K . Capital and Surplus $1,500,000 1,200,000 1,100,000 1,000,000 1,000,000 1,000,000 900,000 900,000 800,000 800,000 750,000 750,000 700,000 660,000 600,000 600,000 600,000 500,000 500,000 500,000 500,000 500,000 500,000 400,000 400,000 400,000 375,000 375,000 350,000 350,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 241,000 225,000 k CONNECTICUT Place Bridgeport Bridgeport Bridgeport Bridgeport Stamford Danbury Danbury Greenwich Norwalk Norwalk Bank or Trust Company FIRST-BRIDGEPORT NATIONAL B A N K BRIDGEPORT T R U S T COMPANY CONNECTICUT NATIONAL B A N K C I T Y NATIONAL B A N K . . . FIRST-STAMFORD NATIONAL B A N K C I T Y NATIONAL B A N K . . . DANBURY NATIONAL B A N K . GREENWICH NATIONAL B A N K NATIONAL B A N K OF NORWALK FAIRFIELD COUNTY NATIONAL B A N K Capital and Surplus . . . . . . $1,600,000 1,300,000 1,004,200 1,000,000 700,000 300,000 300,000 300,000 288,000 250,000
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