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FE D E R A L R E S E R V E BANK O F NEW YORK r Circular N o. 3 4 4 6 ~l L. M ay 12, 1949 J To Member BanJcs in the Second Federal Reserve District: E. A d a m s , a director of the Federal Reserve Bank of New York since January 1, 1945, has, for reasons of health, tendered his resignation as a director. The directors of this bank, at a meeting held on May 12, 1949, accepted Mr. Adams’ resignation. C h arles Mr. Adams was last elected as a class B director of this bank for a term of three years ending December 31, 1950, by member banks in Group 2, which now consists of banks with capital and surplus over $400,000 but less than $10,000,000. A special election will be held by the member banks in Group 2 to elect a class B director to succeed Mr. Adams and to hold office for the unexpired portion of the term ending December 31, 1950. Details of the election procedure will be sent to member banks in the near future. R o ber t T. S t e v e n s , Chairman of the Board.