Full text of Federal Reserve Bank of New York Circulars : 3934. Resignations of Jay E. Crane, Marion B. Folsom and W. Randolph Burgess as Directors

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FED ERAL RE SE R V E BANK
OF NEW YORK

f Circular No. 3 9 3 4 1
L January 13, 1953 J

To Member Banks in the
Second Federal Reserve D istrict:

In a com panion circular, No. 3933, it is announced that the office o f Chairman o f the
B oa rd and F ederal R eserve A gen t and one o f the class

C

directorships at the F ederal

R eserve Bank o f New Y ork w ill becom e vacant, effective January 19, 1953. In order to
accept appointm ent b y the B oa rd o f G overnors o f the F ederal R eserve System as a class

C

director o f this Bank fo r the unexpired portion o f the term ending D ecem ber 31, 1953,
and designation b y the B oa rd as Chairman and F ederal R eserve A gent at this Bank fo r
the rem ainder o f the year 1953,

J

ay

E.

Crane

has resigned as a class B director o f the

Bank effective January 19, 1953. M r. Crane was last elected a class B director b y member
banks in G roup 3 fo r the three-year term beginning January 1, 1952.
M

a r io n

B.

F

olsom ,

who was last elected b y m em ber banks in G roup 2 as a class B

director o f this Bank fo r the three-year term beginning January 1, 1951, has resigned
from that office effective January 19, 1953, to accept appointm ent as U nder S ecretary o f
the Treasury.
W.

R

andolph

B

u rgess,

who was elected by member banks in G roup 1 as a class A

director o f this Bank fo r the three-year term beginning January 1,1953, w ill not assume
that office because he is to accept appointm ent as Consultant and Special D eputy to the
S ecretary o f the T reasury on D ebt M anagement and M onetary Policies.
A special election, involving banks in all groups, w ill be held to elect class A and
class B directors to fill the unexpired portions o f the respective term s o f office fo r which
Messrs. Burgess, Crane and F olsom were elected. Details o f the election procedure w ill be
sent to member banks in the near future.




R

obert

T.

S teven s,

Chairman o f the Board.