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FEDERAL RESERVE BANK
O F NEW YORK

rCircular No. 36 7 2 I
L March 16. 1951 j

Nomination and Election of Class B Director
Term Ending December 31, 1952

T o M em ber Banks in th e Second F edera l R eserve D is tr ic t:

An election will be held under the provisions o f section 4 o f the Federal Reserve Act, as
amended, to fill the vacancy, caused by the death o f L e w i s H. B r o w n , in the office of class B
director o f this Bank fo r the term ending December 31, 1952.
Mr. Brown was elected a class B director o f the Federal Reserve Bank o f New Y ork by
member banks in Group 1 and his successor will be chosen by this group. The member banks
in Groups 2 and 3 will not participate in this election.
The classification o f member banks for the purpose of nomination and election o f class A
and B directors of the Federal Reserve Bank of New Y ork is as follow s:
Group 1 consists o f banks having capital and surplus o f $10,000,000 or over (listed on page 3 ) ;
Group 2, o f banks with capital and surplus over $400,000 but less than $10,000,000; and
Group 3, o f banks having capital and surplus o f $400,000 and less.

Except in the case o f two or more banks affiliated with the same holding company affiliate,*

♦Section 4 of the Federal Reserve Act, as amended, reads in part as follows:
“ . . . T h a t whenever any two or more member banks within the same Federal reserve district are affiliated w ith the
same holding com pany affiliate, participation b y such member banks in any such nom ination or election shall be confined to
one o f such banks, which m ay be designated fo r the purpose b y such holding com pany 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.




each bank in Group 1 is permitted to nominate a candidate fo r class B director.** The nomina­
tion should be made by resolution o f the board of directors o f each nominating bank and a
certified copy of such resolution should be sent to me so as to reach me on or before A pril 17,
1951. The enclosed printed form shows the appropriate form o f resolution and one copy
should be used in sending a certified copy of the resolution to me.
On A pril 18, 1951, copies o f the list o f 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 A p ril 19, 1951. The law provides that the ballot shall be
cast within 15 days after receipt o f this list. The polls will open on A p ril 19, 1951, and will
close at 12 o ’clock noon on Friday, M ay 4, 1951. 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
the result 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, M ay 4, 1951). The list on the following
page shows the officers heretofore designated fo r 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 form s fo r their information only.
R obert

T.

S tev en s,

Chairman o f the Board.

♦♦Section 4 of the Federal Reserve A ct, as amended, reads in part as follow s:
“ Class B shall consist o f three members, who at the time o f their election shall be actively engaged in their district
in commerce, agriculture or some other industrial pursuit. . . . N o director o f class B shall be an officer, director,
or employee o f any b a n k .”
“ N o Senator or Representative in Congress shall be a member o f the B oard o f Governors o f the Federal Reserve
System or an officer or a director o f a Federal reserve b a n k .”
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 A ct, serve as
directors or officers of Federal Reserve Banks.” O n December 28, 1915, the Board o f 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 o f the Federal Reserve System
advised it had “ reached the conclusion that a person whose sole occupation is that of officer o f an insurance com­
pany 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.”




2

1951 Election o f Class B Director
Term Ending D ecem ber 31, 1952

List of 23 Member Banks in Group 1
R evised to M arch 15, 1951

G roup 1 consists o f m em ber banks having capital and surplus o f $10,000,000 o r over

N E W . JE R SE Y

P lace
Newark

Bank or Trust Company

Officers Authorized to Cast V ote

F id elity U nion Trust C o m p a n y ........................................

President, or any V ice President

NEW YORK

B u ffalo

Manufacturers and Traders Trust Com pany

B uffalo

The M arine Trust Company o f B u ffa lo

N ew Y ork City

Bank o f the Manhattan C o m p a n y ..................................

H onorary Chairman, Chairman, V ice
Chairman, or President

Bank o f N ew Y o rk and F ifth Avenue Bank .

President, any V ice President, or Treasurer

Bankers Trust C o m p a n y ......................................................

President, or any V ice President

Central H anover Bank and Trust Company

President, or any V ice President designated
by the President

The Chase N ational Bank o f the City o f New Y ork .

Chairman o f the B oard o f D irectors, Presi­
dent, any V ice President, or Cashier

Chemical Bank & Trust C o m p a n y ..................................

Chairman, President, or any V ice President

City Bank Farmers Trust C o m p a n y ..................................

President, any V ice President, or Secretary

.

.
.

President, any V ice President, or Secretary
.

.

President, or any V ice President

The Commercial N ational Bank and Trust Company
o f N ew Y o r k .............................................................

Chairman o f the B oard, V ice Chairman o f
the B oard, President, any V ice President,
or Cashier

Corn Exchange Bank Trust C o m p a n y ...........................

Chairman, V ice Chairman, President, or any
V ice President

The F irst N ational Bank o f the City o f New Y ork

President, any V ice President, or Cashier

Guaranty Trust Company o f New Y ork

.

.

.

.
.

President, any V ice President, or Secretary

Irvin g Trust C o m p a n y ......................................................
Manufacturers Trust C o m p a n y ........................................

Chairman o f the B oard, V ice Chairman o f
the B oard, President, Chairman o f the
Trust Committee, or any V ice President

The Marine M idland Trust Company o f N ew Y ork

Chairman o f the Board, President, any V ice
President, or Chairman o f the Executive
Committee

J. P . M organ & Co. I n c o r p o r a t e d ..................................

President, or any V ice President

The N ational City Bank o f N ew Y o r k ...........................

President, any V ice President, or Cashier

The New Y ork Trust C o m p a n y ........................................

President, or any V ice President

The P u b lic N ational Bank and Trust Company
o f N ew Y o r k .............................................................

President, any V ice President, or Cashier

United States Trust Company o f N ew Y ork
Rochester

.

Lincoln Rochester Trust C o m p a n y .................................




3

President, or any V ice President
President, or any V ice President

FEDERAL RESERVE BANK
O F NEW YORK

Nomination for Class B Director, 1951
T erm

D

is t r ic t

Ending D e c e m b e r 31, 1952

No. 2

G roup

No. 1

A t a meeting o f the B oard o f Directors o f the.................................................
(Name of Bank)

o f................................................................................ duly called and held on the........................... day
(City or Town and State)

o f ..................................................... , 1951, on motion duly made and seconded, it was

“ R E SO L V E D , That................................................................................ , o f....................................
whose occupation i s ......................................................., be, and he is hereby, nominated by this
bank as a candidate fo r director o f class B o f the Federal Reserve Bank o f New Y ork for
the term ending December 31, 1952, and the cashier or other officer o f this bank is hereby
authorized, empowered and directed to send a certified copy o f this resolution to the Chair­
man o f the Board o f Directors o f the Federal Reserve Bank o f New Y o rk .”
I hereby certify that the foregoing is a true and correct copy o f a resolution o f the
Board o f Directors o f this bank duly adopted on the date specified.

(S eal of B a n k )

(O fficia l sign a tu re)

To MR. R O B E R T T. S T E V E N S ,
C h a ir m a n

o f

F ederal




t h e

B oard

R eserve

o f

B a n k

..........
D ir e c t o r s ,
o f

N e w

Y o rk .

(T id e )




M r . R o b e r t T . St e v e n s ,
Chairman, Board o f Directors,

Federal Reserve Bank of New York,
Federal Reserve P. 0 . Station,
New York 45, N. Y.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102