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FED ERAL RESERVE BANK OF N EW YORK r C ircu lar N o . 4 2 8 0 1 L O cto b e r 28. 1955 J Nomination and Election of Directors (By member banks in Group 1 only, that is, member banks having capital and surplus o f $ 1 0 ,0 0 0 , 0 0 0 or over) T o M em ber Banks in the Second Federal R eserve D istrict: In accordance with the provisions o f section 4 of the Federal Reserve Act, as amended, and Circular No. 4268, dated September 23, 1955, in regard to election of directors of this Bank for terms of office from January 1, 1956, to December 31, 1958, to succeed N. B a x t e r J a c k s o n , class A director, and C l a r e n c e F r a n c i s , class B director, whose terms expire December 31, 1955, there are shown on pages 2 and 3 the names o f the candidates nominated for such offices, and by whom nominated. To each bank in Group 1, except banks affiliated with holding company affiliates which have desig nated another bank to participate in this election,* the following are being sent with this circular: (a) Preferential ballot for use in voting for candidates for class A director and class B director. (b ) Colored ballot envelope in which the ballot is to be sealed. (c ) Certificate envelope bearing on its face the certificate in regard to the vote. (d ) Addressed envelope in which all o f the foregoing should be returned to me. The ballot and the certificate on the certificate envelope must be executed by an officer who has been authorized to cast the vote. A list showing the officers designated for this purpose by the respective member banks in Group 1 was attached to the above mentioned circular dated September 23, 1955, and a similar list revised to October 26, 1955, is given on page 4 of this circular. In order that the ballot may be secret, the name of the bank and the name and title of the voting officer should not be written on the ballot, but should be written only on the certificate envelope. (1) A fter the preferential ballot has been marked, (2) It should be placed in the colored ballot envelope and that envelope sealed. (3) Then the sealed colored ballot envelope should be placed within the certificate envelope, and the certificate envelope should be sealed and the certificate thereon executed. (4) Then the certificate envelope containing the sealed colored ballot envelope should be returned to me in the enclosed addressed envelope. The law provides that the ballot shall be cast within 15 days after receipt of the list of candidates transmitted herewith. The polls will open on October 31, 1955, and will close at 12 o ’clock noon, on Tuesday, November 15, 1955, and in order to be counted as valid the ballot must be received by me at or before the latter time. Upon the closing o f the polls the ballot box will be opened in the board room of this Bank, the sealed envelopes containing the ballots will be opened, the votes counted and checked by tellers, and the results o f the election announced. The candidates are invited to be present or represented on this occasion. Because banks in Groups 2 and 3 will not vote in this election, this circular is sent to them without forms for their information only. J a y E. C r a n e , Chairman of the Board. * A s indicated in Circular N o. 4268, dated Septem ber 23, 1955, section 4 o f the Federal Reserve A ct, as amended, provides that whenever any two or more member banks within the same Federal reserve district are affiliated with the same holding com pany affiliate, participation b y such member banks in the election o f directors o f Federal reserve banks shall be confined to one o f such banks, and the holding com pany affiliate m ay designate the bank to participate in such election. Consequently, the ba llot o f any bank in Group 1 so affiliated cannot be counted as valid unless there is on file with me evidence that such bank has been so designated. Candidate for Class A Director H O W A R D C. SHEPERD, N EW Y O R K , N. Y. Chairman o f the Board, The First National City Bank of New York, New York, N. Y. Chairman o f the Board, City Bank Farmers Trust Company, New York, N. Y. H o w a r d C. S h e p e r d was born in Vincennes, Indiana, on October 15, 1894. He was graduated from DePauw University in 1916, and is a member of the board of trustees. In 1950, he received the honorary degree o f Doctor o f Laws from Vincennes University. His entire banking career o f 39 years has been with The National City Bank of New York (now The First National City Bank of New Y ork). Following his graduation in 1916, Mr. Sheperd entered the bank’s college training class. He left the bank in 1917 to enter military service, returned in 1919, and was appointed assistant cashier in 1921. He became assistant vice president in 1925, vice president in 1929, senior vice president in 1940, president and director in 1948, and became chairman of the board and director o f The National City Bank of New York and of the City Bank Farmers Trust Company on December 30, 1952. Mr. Sheperd is a director o f The Anaconda Company, Canadian Pacific Railway Company, Federal Insurance Company, Union Pacific Railroad Company, United Aircraft Corporation, and trustee of the Consolidated Edison Company of New York, Inc. Nominated by the follow in g member banks in Group 1 N E W JE R SE Y Place Paterson Nam e o f Bank or Trust Company F irst National Bank and Trust Company o f Paterson NEW YORK A lbany State Bank o f Albany B uffalo The M arine Trust Company o f W estern N ew Y ork Franklin Square The Franklin N ational Bank o f Franklin Square N ew Y ork City The Bank o f N ew Y ork Bankers Trust Company The Chase Manhattan Bank Chemical Corn Exchange Bank C ity Bank Farmers Trust Company The F irst N ational City Bank o f N ew Y ork Guaranty Trust Company o f N ew Y ork The Hanover Bank M anufacturers Trust Company J . P. M organ & Co. Incorporated Rochester Lincoln Rochester Trust Company 2 Candidate for Class B Director C L A R E N C E F R A N C IS , N E W Y O R K , N . Y . Director, General Foods Corporation, New York, N. Y. C l a r e n c e F r a n c i s was born in Port Richmond, Staten Island, New York, in 1888. He was graduated from Amherst College in 1910, and served on its board of trustees from 1944 through 1950. In 1950 he received the honorary degrees o f Doctor of Commercial Science from New York University and Doctor of Laws from Trinity College, Hartford, Connecticut; in 1955, Doctor of Laws from Amherst College. He entered business with Corn Products Refining Company in 1910. In 1919, he became national sales manager o f the Cereal Division o f the Ralston Purina Company, St. Louis, Missouri. In 1924, he joined General Foods Corporation as domestic sales manager of the Postum Company. Successively, Mr. Francis was vice president, director, and president of Post Products Company, In c .; and vice president in charge o f sales, executive vice president, president, and chairman of the board of General Foods Corporation. He retired from active management o f the Corporation in 1954, but has continued as a member of the board o f directors. In 1954, Mr. Francis was appointed special consultant to the President of the United States on distribution o f agricultural surpluses. He is a trustee of the Committee for Economic Development and of The Mutual Life Insurance Company of New Y ork; and a director of the Northern Pacific Railway Company, A ir Reduction Company, Incorporated, Mead Corporation, Bendix Aviation Corporation, and Lehman Corporation. He has been serving as a class B director of the Federal Reserve Bank of New York since May 1951. Nominated by the follow ing member banks in Group 1 N E W JE R SE Y Place Paterson N am e o f Bank or Trust Company F irst N ational Bank and Trust Com pany o f Paterson NEW YORK A lbany State Bank o f A lbany B uffalo The M arine Trust Company o f W estern N ew York Franklin Square The Franklin National Bank o f Franklin Square N ew Y ork City The Bank o f N ew Y ork Bankers Trust Company The Chase Manhattan Bank Chemical Corn Exchange Bank City Bank Farm ers Trust Company The F irst N ational City Bank o f New Y ork Guaranty Trust Company o f N ew Y ork The Hanover Bank M anufacturers Trust Company J . P. M organ & Co. Incorporated Rochester Lincoln Rochester Trust Company 3 1955 E lection o f Directors List of 26 Member Banks in Group 1 Revised to October 26,1955 Group 1 consists o f mem ber banks having capital and surplus o f $10,000,000 or over N E W JE R SE Y Place Newark N am e o f Bank or Trust Company Officers Authorized to Cast Vote F id elity Union Trust C o m p a n y ........................................ . President, or any V ice President The N ational Newark and Essex B anking Company o f Paterson The N ational State Bank o f N e w a r k ........................... . President, any V ice President, or Cashier F irst N ational Bank and Trust Company o f Paterson . Chairman o f the B oard, President, any V ice President, or Cashier N EW YORK A lbany The N ational Commercial Bank and Trust Company o f State Bank o f A l b a n y ...................................................... . President, any V ice President, or Cashier B uffalo M anufacturers and Traders Trust Company . President, any Vice President, or Secretary The M arine Trust Company o f W estern New Y ork . President, or any V ice President Franklin Square The Franklin N ational Bank o f Franklin Square . . President, any V ice President, or Cashier Freeport The Meadow Brook N ational Bank o f Freeport . President, any V ice President, or Cashier New Y ork City The Bank o f N ew Y o r k ...................................................... . President, any V ice President, or Treasurer . Bankers Trust C o m p a n y ...................................................... . President, or any V ice President The Chase Manhattan B a n k ............................................... . Chairman o f the Board, Chairman o f the Executive Committee, President, any Vice President, or Secretary Chemical Corn Exchange B a n k ........................................ . President, any Executive V ice Secretary City Bank Farm ers Trust C o m p a n y .................................. . President, any V ice President, or Secretary The F irst N ational City Bank o f N ew Y ork . President, any V ice President, or Cashier Guaranty Trust Company o f N ew Y ork . . . . . . President, any V ice President, or Secretary The Hanover B a n k ............................................................. . Chairman o f the B oard, any V ice Chairman o f the Board, President, or any V ice President Irvin g Trust C o m p a n y ...................................................... . Chairman, or in his absence, the President M anufacturers Trust C o m p a n y ........................................ . H onorary Chairman o f the B oard, Chairman o f the Executive Committee, President, or any V ice President The M arine M idland Trust Company o f N ew Y ork . Chairman o f the B oard, Chairman o f the Executive Committee, President, or any V ice President 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 ew Y ork Trust C o m p a n y ........................................ . President, or any V ice President United States Trust Company o f N ew Y ork . President, or any V ice President Rochester L incoln Rochester Trust C o m p a n y .................................. . President, or any V ice President W hite Plains The County Trust C o m p a n y ............................................... . President, or any V ice President President, or 4 FEDERAL OF RESERVE NEW BANK YORK Preferential B allot O ctober 28, 1955 Group N o. 1 This ballot and the certificate on the certificate envelope must b e executed by an officer who has been authorized to cast the vote and whose appointm ent has been duly certified. The polls w ill open on October 31, 1955, and will close at 12 o ’ clock noon on Tuesday, Novem ber 15, 1955. This ballot must be returned so as to reach me b efore the latter time. Failure to observe instructions w ill invalidate this ballot. J a y E . Cba n e , Chairman o f the Board. VOTE F O R C LASS A D IR E C T O R O F F E D E R A L R E S E R V E B A N K O F fo r term o f office from January 1, 1956 to D ecem b er 31, 1958 C a n d id a t e H o w ar d C . S heperd , N ew Y o rk , N . Y . o V O T E F O R CLASS B D IR E C T O R O F F E D E R A L R E S E R V E B A N K O F fo r term o f office from January 1, 1956 to D ecem b er 31, 1958 C l a r e n c e F r a n c is , N ew Y ork , N . Y . 1. 2. 3. 4. D ir e c t o r , G e n e r a l F o o d s C o r p o r a tio n , N ew Y o rk , N . Y . YORK (Indicate choice by X below) C h a irm a n o f th e B o a r d , T h e F irs t N a tio n a l C ity B a n k o f N e w Y o r k , N e w Y o r k , N. Y. C h a irm a n o f th e B o a r d , G t y B an k F a rm e rs T r u s t C o m p a n y , N e w Y o r k , N. Y. C a n d id a t e NEW NEW YORK (Indicate choice by X below) O D IR E C T IO N S F O R V O T IN G M ark this preferential ballot to indicate choice. Place preferential ballot so marked in the colored ballot envelope and seal that envelope. Place sealed colored ballot envelope in certificate envelope and seal certificate envelope and execute certificate thereon. Return sealed and executed certificate envelope (with sealed colored ballot envelope enclosed therein) in envelope addressed to M r. J ay E. C r a n e , Chairman, Board o f Directors, Federal Reserve Bank o f N ew York, Federal Reserve P. O . Station, New York 45, N. Y . BALLOT ENVELOPE E l e c t io n of D ir e c t o r s of Federal Reserve Bank of New York The marked preferential ballot should be placed in this envelope, and this envelope should then be sealed and placed in the certificate envelope. CERTIFICATE ENVELOPE This Envelope Should Contain Only Ballot in Sealed Colored Envelope It W ill Not Be Opened Until Polls Close G rou p N o . 1 1955. ................. (D ate) To M r . J a y E. C r a n e , Chairman of the Board, Federal Reserve Bank of New York. In accordance with section 4 of the Federal Reserve Act, as amended, I hereby certify that my choices for a class A director and a class B director of the Federal Reserve Bank of New York for terms of office from January 1, 1956 to December 31, 1958, are as indicated thus (X ) in the columns of the ballot sealed herein. For (Name o f Bank) (Location o f Bank) (Signature o f officer designated to vote. See list of member banks in Group 1 in Circular No. 4280.) (T IT L E of Voting Officer) M r. Ja y E . C r a n e , Chairman, Board o f Directors, Federal Reserve Bank of New York, Federal Reserve P. 0. Station, New York 45, N. Y. ayC OFFERING NOTICE '/Xg’0 (S e e paragraph I b e lo w ) $ 295,000,000 Federal H om e Loan Banks Consolidated Notes Non-Callable Consisting of $150,000,000 ( o r thereabouts) 3% Series G-1956 D ate o f I » u e N ovem b er 15, 19 5 5 M aturity June 15, 1956 and $145,000,000 ( o r thereabouts) 3^8% Series H-1956 D ate o f Issue N ovem ber 15, 1955 M aturity Septem ber 17, 1956 These Notes are the Joint and Several Obligations of the Federal Home Loan Banks Issued in denom inations o f $ 5 ,0 0 0 , $ 1 0 ,0 0 0 , $ 5 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , and $ 1 ,0 0 0 ,0 0 0 . Interest payable at maturity. I. OFFERING OF CONSOLIDATED NOTES The Fiscal Agent o f the Federal Home Loan Banks, pursuant to the authority of subsection (c ) of Section 1 1 of the Federal Home Loan Bank Act, as amended, offers the above series of consoli dated notes for subscription through the established selling group. This is a nation-wide group of respon sible and recognized dealers in investment securities, the members of which are readily accessible directly or through banking institutions. The offering prices will be announced by telegram to the members of the selling group. Subscriptions will be accepted from members of the selling group only, at the office of the under signed on Wednesday, November 2, 1955, subject to the provisions of paragraph III below. II. PURPOSE OF THE OFFERING The purpose of this offering is to refund Series E -1955 1.90% Consolidated Notes totaling $60,000,000, maturing November 15, 1955, and to provide funds to enable the Banks to assist their member institutions in meeting outstanding commitments. III. SUBSCRIPTIONS AND ALLOTMENTS Subscriptions will be accepted only from recipients of the offering telegram at the office of the undersigned, who reserves the right to close the books as to any or all subscriptions or classes of sub scriptions at any time without notice. The right is reserved to the undersigned to reject any subscription, in whole or in part, to allot less than the amount of notes applied for, to make allotments in full upon applications for smaller amounts, to make reduced allotments upon, or to reject, applications for larger amounts, and to make different percentage allotments to members of the established selling group, and his action in any or all of these respects shall be final. The Fiscal Agent reserves the right to vary the amount of each issue to the extent of 10 % of the total offering, but in no event will the aggregate amount of $295,000,000 be altered. Subscriptions must be entered by wire or telephone and subsequently confirmed by letter to the office o f the undersigned. No subscriptions will be received prior to Wednesday, November 2, 1955. Allotment notices will be sent out promptly upon allotment. IV. CONCESSIONS TO DEALERS Concessions of $0.75 per $1,000 par value of Series G-1956 notes, and $1.00 per $1,000 par value of Series H-1956 notes allotted will be allowed. V. DELIVERY AND PAYMENT Delivery o f the notes allotted will be made on November 15, 1955 at the Federal Reserve Bank of New York. Subscribers upon receipt of notice of allotments are requested to advise immediately the denominations desired and the name of the New York City bank or firm authorized to take delivery. On November 15, 1955 payment for notes allotted must be made in Federal Reserve Funds at the Federal Reserve Bank of New York. Phone: DIgby 4-8680 October 31, 1955. EVERETT SMITH Fiscal Agent 25 Broadway New York 4, N. Y.