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FEDERAL RESERVE BANK OF N E W YORK [Circular No. 311 L October 18, 1920 Election of Directors To all Member Banks in the Second Federal Reserve District: On December 3 1 , 1920, will expire the terms of two directors of the Federal Reserve Bank of New York, Robert H . Treman, of Class A, and Richard H. Williams, of Class B . The Federal Reserve Board has designated Tuesday, November 16, 1920, as the day for the opening of the polls for the election of their successors, who will serve for terms of three years each. The Federal Reserve Act as amended September 26, 1918 provides t h a t the Federal Reserve Board classify the member banks of each district into three groups, each group to consist as nearly as possible of banks of similar capitalization. The Board has classified banks in 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. Under the Act the terms of three directors, one of each Class (A, B and C) expire each year. As the directors of Class A and Class B whose terms expire this year were elected by Group 2, this will be the only Group which will vote at the coming election. A list of the banks comprising this group and the amended 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 A and one candidate for director of Class B . There are enclosed to all banks in Group 2 blanks upon which the board of directors of each such bank should, by resolution in the form printed on the blanks, certify its nominations for directors and the name and title of the officer authorized to cast the vote of the bank, and forward them to me as soon as possible after it has taken action. 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 such amendment should be forwarded instead of a resolution of the directors. (// a resolution or amendment authorizing an officer to cast the bank's vote has previously been passed, it will continue in force until revoked.) 3H ~ (-^Xiu^AAJLcf On November 12 the period in which such nominations of directors may be made will terminate and nominations received after twelve o'clock noon of that day will not be listed. On November 15 there will be mailed to all member banks in the district for their information a list of those nominated for Class A and Class B directors, with the names of the banks nominating them. There will also be enclosed to all banks in Group 2, a preferential ballot, providing for the recording of first, second and other choices for a director of each class. Within fifteen days from the receipt of said list and ballot every member bank in Group 2 wishing to participate in the election must, by its duly authorized officer, record its vote. On or about December 6 announcement of the results of the election will be made. While only banks in Group 2 will nominate and elect directors, this circular is sent to all member banks in the district for their information. Yours very truly, PIERRE JAY, Chairman. Extracts from Section 4 of the Federal Reserve Act as Amended 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. * * * 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 days 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. 3 1 9 2 0 Election of Directors List of 2 0 3 Banks Composing Group 2, Second Federal Reserve District NEW Place YORK Bank or Trust Company New York City Atlantic National Bank New York City Bank of United States Buffalo Peoples Bank of Buffalo New York City East River National Bank New York City Continental Bank New York City Fifth National Bank New York City Harriman National Bank New York City Industrial Bank of N . Y. . New York City Mercantile Trust Co. New York City National American Bank . Rochester Alliance Bank Rochester National Bank of Commerce New York City W. R. Grace & Co.'s Bank Utica Utica City National Bank Utica Utica Trust & Deposit Co. New York City New Netherland Bank New York City N . Y. County National Bank Utica Oneida National Bank Syracuse Salt Springs National Bank Buffalo Lafayette National Bank . Brooklyn First National Bank Buffalo Buffalo Trust Co. Elmira Chemung Canal Trust Co New York City Commonwealth Bank Olean Exchange National Bank . Utica Citizens Trust Company . New York City Commercial Exchange Bank Troy Manufacturers National Bank Gloversville City National Bank Albany First National Bank Elmira Second National Bank Gloversville Fulton County National Bank Rochester Traders National Bank Watertown Northern N . Y. Trust Company New York City Fulton Trust Co. of N . Y. Jamestown National Chautauqua County Bank . Little Falls Herkimer County Trust Company New York City Mutual Bank New York City Yorkville Bank North Tonawanda State National Bank Glens Falls First National Bank Binghamton Peoples Trust Company Geneva Geneva National Bank 4 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 1,300,000 1,300,000 1,300,000 1,250,000 1,250,000 1,200,000 1,080,000 1,012,500 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 900,000 900,000 850,000 800,000 800,000 800,000 800,000 800,000 750,000 700,000 700,000 700,000 700,000 700,000 636,400 600,000 600,000 3//NEW P/ace Lockport Niagara Falls Syracuse Troy Amsterdam Binghamton Cohoes Troy Troy Jamestown Buffalo Dunkirk Olean Utica Watertown Newburgh Geneva Amsterdam Bronx Auburn Binghamton Gloversville Hudson Kingston Malone Newburgh New York City Norwich Oneonta Poughkeepsie Poughkeepsie Poughkeepsie Watertown Syracuse Port Chester Dunkirk Troy Schenectady Newburgh Rome Yonkers Brooklyn Buffalo Elmira Hudson Ithaca Rome Goshen Cooperstown Kingston Cr^v^L V » M ^ V o r YORK Bank or Trust Company Niagara County National Bank Power City Bank Merchants National Bank National State Bank Amsterdam City National Bank First National Bank National Bank of Cohoes . National City Bank . . . . United National Bank First National Bank Merchants National Bank Merchants National Bank First National Bank Oneida County Trust Company Jefferson County National Bank National Bank of Newburgh Geneva Trust Co. Farmers National Bank . Bronx National Bank Cayuga County National Bank . City National Bank Trust Company of Fulton County Farmers National Bank First National Bank of Rondout Peoples Trust Co. Highland National Bank . National Butchers & Drovers Bank . National Bank of Norwich Wilber National Bank Fallkill National Bank Farmers & Manufacturers National Bank First National Bank Watertown National Bank Third National Bank Mutual Trust Co. of Westchester County Dunkirk Trust Co. . . . . Union National Bank Schenectady Trust Company Quassaick National Bank . Rome Trust Company First National Bank North Side Bank . . Broadway National Bank Merchants National Bank First National Bank First National Bank Farmers National Bank National Bank of Orange County Second National Bank Kingston Trust Co. 5 Capital and Surplus $600,000 600,000 600,000 575,000 550,000 550,000 550,000 550,000 540,000 503,300 500,000 500,000 500,000 500,000 500,000 480,000 475,000 450,000 405,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 380,000 375,000 374,565 365,000 362,500 360,000 360,000 360,000 350,000 350,000 350,000 350,000 350,000 350,000 330,000 325,000 325,000 //- C-e: NEW Place Oneida Amsterdam Brooklyn Brooklyn Brooklyn Catskill Fort Plain Glens Falls Ithaca Ithaca Jamestown Little Falls Lockport Malone Middletown Norwich Ogdensburg Peekskill Port Jervis Suffern Auburn Poughkeepsie Ridgewood Walton Batavia Cooperstown Herkimer Herkimer Hornell Jamestown Lackawanna Mount Vernon New Rochelle Schenectady Stamford Buffalo Kingston Gouverneur Kinderhook Saugerties Moravia Newark Yonkers New York City Adams Catskill Cortland Fulton Oswego Sherburne Dunkirk YORK Bank or Trust Company Madison County Trust & Deposit Company Montgomery County Trust Co. Bank of Coney Island Greenpoint National Bank Peoples National Bank Tanners National Bank Fort Plain National Bank National Bank of Glens Falls Ithaca Trust Company Tompkins County National Bank American National Bank . Little Falls National Bank National Exchange Bank . Farmers National Bank Merchants National Bank Chenango National Bank . National Bank of Ogdensburg Westchester County National Bank First National Bank Suffern National Bank National Bank of Auburn Merchants National Bank Ridgewood National Bank First National Bank First National Bank First National Bank First National Bank Herkimer National Bank . First National Bank Liberty National Bank Lackawanna National Bank First National Bank National City Bank . . Union National Bank National Bank of Stamford Community National Bank Rondout National Bank . First National Bank . . National Union Bank First National Bank . First National Bank . . . Arcadia National Bank Yonkers National Bank . . Progress National Bank . Citizens Trust Co. . Catskill National Bank National Bank of Cortland Citizens National Bank First National Bank Sherburne National Bank . Lake Shore National Bank Capital and Surplus $320,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 275,000 275,000 265,000 265,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 245,626 244,775 240,000 240,000 240,000 230,000 230,000 230,000 228,545 225,000 225,000 225,000 225,000 225,000 225,000 210,000 NEW Place Newark Jersey City Paterson Elizabeth Hoboken Newark Passaic Paterson Morristown East Orange Hackensack Passaic Hoboken Jersey City Paterson Plainfield Paterson Newark New Brunswick Phillipsburg Red Bank Montclair Morristown Newton Dover Newark Bayonne Elizabeth Belleville Bloomfield Newark Newark Newark Orange Orange Passaic Perth Amboy Plainfield Plainfield Washington Elizabeth Fleming ton Hoboken Irvington Long Branch Morristown New Brunswick Jersey City Hackettstown JERSEY Bank or Trust Company Federal Trust Co. . First National Bank First National Bank National State Bank First National Bank National State Bank Passaic National Bank Hamilton Trust Co. . Morristown Trust Co. Savings Investment and Trust Company Peoples Trust & Guaranty Company Peoples Bank & Trust Co. Second National Bank Hudson County National Bank Paterson National Bank . Plainfield Trust Co. Second National Bank North Ward National Bank National Bank of New Jersey Phillipsburg National Bank Second National Bank Montclair Trust Co. First National Bank Sussex National Bank National Union Bank American National Bank . Bayonne Trust Co. . Elizabethport Banking Co. First National Bank Bloomfield Trust Co. Broad & Market National Bank City Trust Co. Ironbound Trust Co. Orange National Bank Second National Bank Passaic Trust & Safe Deposit Co. First National Bank City National Bank First National Bank First National Bank Peoples National Bank Hunterdon County National Bank Jefferson Trust Co. . Irvington National Bank . Citizens National Bank National Iron Bank . . . . Peoples National Bank Merchants National Bank Hackettstown National Bank '7 Capital and Surplus • . $1,500,000 1,200,000 1,100,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 900,000 800,000 800,000 779,001 750,000 750,000 700,000 700,000 600,000 500,000 500,000 500,000 500,000 400,000 400,000 400,000 375,000 375,000 350,000 350,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 241,000 225,000 _ : - CONNECTICUT Place Bridgeport Bridgeport Bridgeport Bridgeport Stamford Danbury Danbury Greenwich Norwalk Norwalk Bank or Trust Company First-Bridgeport National Bank City National Bank . Bridgeport Trust Company Connecticut National Bank First-Stamford National Bank City National Bank . Danbury National Bank . Greenwich National Bank National Bank of Norwalk Fairfield County National Bank s Capital and Surplus . . . . $1,600,000 1,500,000 1,300,000 1,004,200 700,000 300,000 300,000 300,000 288,000 250,000
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