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FED ERAL RESERVE BANK O F NEW YORK fCircular No. 4 6 5 31 I October 17, 1958 J Nomination and Election of Directors To M em ber Banks in the Second Federal R eserve D istrict: An election will be held under the provisions of section 4 of the Federal Reserve Act, as amended, to choose successors to the following directors of this Bank whose terms will expire December 31, 1958: class A director, H o w a r d C. S h e p e r d , Chairman of the Board, The First National City Bank of New York, New York, N. Y., and class B director, C l a r e n c e F r a n c i s , Director, General Foods Corporation, New York, N. Y. B o t h d i r e c t o r s w e r e e le c t e d b y m e m b e r b a n k s in G r o u p 1 a n d t h e ir s u c c e s s o r s w ill b e c h o s e n b y th is g r o u p . T h e m e m b e r b a n k s in G r o u p s 2 a n d 3 w ill n o t p a r t ic ip a t e in th is e le c tio n . The classification of member banks for the purpose of nomination and election of class A and B directors of the Federal Reserve Bank of New York is as follows: G r o u p 1 c o n s i s t s o f b a n k s w it h c a p i t a l a n d s u r p l u s o f $ 2 0 ,0 0 0 ,0 0 0 a n d m o r e ( l i s t e d o n p a g e 3 ) ; G r o u p 2 , o f b a n k s w it h c a p i t a l a n d s u r p l u s o f $ 8 0 0 ,0 0 0 a n d m o r e , b u t le s s t h a n $ 2 0 ,0 0 0 ,0 0 0 ; a n d G r o u p 3 , o f b a n k s w it h c a p i t a l a n d s u r p l u s o f le s s t h a n $ 8 0 0 ,0 0 0 . Except in the case of two or more banks affiliated with the same holding company affiliate,* each bank in Group 1 is permitted to nominate a candidate for class A director and a candidate ♦Section 4 of the Federal Reserve Act, as amended, reads in part as follows: . . T h a t w h e n e v e r a n y t w o o r m o r e m e m b e r b a n k s w i t h i n t h e s a m e F e d e r a l r e s e r v e d i s t r i c t a re a ff ilia t e d w it h t h e s a m e h o l d i n g c o m p a n y a ffilia t e , p a r t i c i p a t i o n b y s u c h m e m b e r b a n k s in a n y s u c h n o m i n a t io n o r e l e c t io n s h a ll b e c o n f in e d t o o n e o f s u c h b a n k s , w h i c h m a y b e d e s ig n a t e d f o r t h e p u r p o s e b y s u c h h o l d i n g c o m p a n y a ff ilia t e .” Accordingly, banks in Group 1 affected by the foregoing provision o f 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. for class B director.** The nominations should be made by resolutions of the boards of directors o f the nominating banks and certified copies of such resolutions should be sent to me so as to reach me on or before November 20, 1958. The enclosed printed forms show the appropriate forms of resolution and o n e c o p y o f e a c h f o r m should be used in sending certified copies of the resolutions to me. On November 24, 1958, copies of the list of 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 November 25, 1958. The law provides that the ballot shall be cast within 15 days after receipt of this list. The polls will open on November 25, 1958, and will close at 12 o ’clock noon on Wednesday, December 10, 1958. 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 results 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 Wednesday, December 10, 1958). The list on the following page shows the officers heretofore designated for this purpose by the respective banks in Group 1. B e c a u s e b a n k s in G r o u p s 2 a n d 3 w ill n o t p a r t ic ip a t e in th is e l e c t io n , th is c ir c u la r is s e n t t o th e m w ith o u t f o r m s a n d f o r t h e i r i n fo r m a t io n o n ly . Joh n E. B ie r w ir th , C h a irm a n o f th e B o a r d . **Section 4 o f the Federal Reserve Act, as amended, reads in part as follow s: ‘ ‘ C la s s A s h a ll c o n s i s t o f t h r e e m e m b e r s , w h o s h a ll b e c h o s e n b y a n d b e r e p r e s e n t a t i v e o f th e s t o c k h o l d i n g b a n k s . . . . N o o f fic e r o r d i r e c t o r o f a m e m b e r b a n k s h a ll b e e l i g i b l e t o s e r v e a s a c la s s A d i r e c t o r u n le s s n o m i n a t e d a n d e le c t e d b y b a n k s w h i c h a r e m e m b e r s o f t h e s a m e g r o u p a s t h e m e m b e r b a n k o f w h i c h h e is a n o f fic e r o r d i r e c t o r . “ A n y p e r s o n w h o is a n o f fic e r o r d i r e c t o r o f m o r e t h a n o n e m e m b e r b a n k s h a ll n o t b e e l i g i b l e f o r n o m i n a t i o n a s a c la s s A d i r e c t o r e x c e p t b y b a n k s in t h e s a m e g r o u p a s t h e b a n k h a v i n g t h e la r g e s t a g g r e g a t e r e s o u r c e s o f a n y o f t h o s e o f w h i c h s u c h p e r s o n is a n o f fic e r o r d i r e c t o r . ” ‘ ‘ C la s s B s h a ll c o n s i s t o f t h r e e m e m b e r s , w h o a t th e t i m e o f t h e i r e le c t io n s h a ll b e a c t i v e l y e n g a g e d in th e ir d is t r ic t in c o m m e r c e , a g r ic u lt u r e o r som e o th e r in d u s t r ia l p u r s u it . . . . N o d i r e c t o r o f c la s s B s h a ll b e a n o ffic e r , d i r e c t o r , o r e m p lo y e e o f a n y b a n k . ” [On Ju ly 2, 1925, the B oard o f Governors o f the Federal Reserve System advised that it had “ reached the conclusion that a person whose sole occupation is that o f officer o f an insurance com pany is n ot eligible fo r election as a class B director o f a Federal Reserve B a n k ,” and on October 18, 1939, the B oard advised “ that a person whose sole occupation is that o f president o f a Federal savings and loan association and who has been serving as a class A director is n ot now eligible f o r election and service as a class B d irector.” ] “ N o S e n a t o r o r R e p r e s e n t a t i v e in C o n g r e s s s h a ll b e a m e m b e r o f t h e B o a r d o f G o v e r n o r s o f th e F e d e r a l R e s e r v e S y s t e m o r a n o f fic e r o r a d i r e c t o r o f a F e d e r a l r e s e r v e b a n k . ’ ’ [I n a resolution adopted Decem ber 23, 1915, the Board o f Governors o f the Federal Reserve System expressed the opinion “ that persons holding political or public office in the service o f the United States, or o f any State, territory, county, district, political subdivision, or m unicipality thereof, or acting as members o f political pa rty committees, cannot consistently with the spirit and underlying principles o f the Federal Reserve A ct, serve as directors or officers o f Federal Reserve B anks.” ] 2 1 9 5 8 E le c t io n o f D ir e c to r s List of 21 Member Banks in Group 1 Revised to O ctober 15, 1958 G roup 1 consists o f m em ber banks with capital and surplus o f $20,000,000 and m ore N E W JE R SE Y Place Newark Name 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 Banking Company o f N e w a r k ........................................................................................ President, any V ice President, or Cashier The National State Bank o f N e w a r k ........................... . President, any V ice President, or Cashier NEW YORK Buffalo Franklin Square New Y ork City M anufacturers and Traders Trust Company . . President, any V ice President, or Secretary The Marine Trust Company o f Western New Y ork . . President, or any V ice President The Franklin N ational Bank o f L on g Island . . President, any V ice President, or Cashier The Bank o f New 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 B oard, President, Vice Chairman o f the Board, any V ice Presi dent, or Secretary Chemical Corn Exchange B a n k ........................................ . President, any Executive V ice President, or 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 New Y ork . . President, any V ice President, or Cashier Guaranty Trust Company o f New Y ork The Irvin g Rochester . . . . Hanover B a n k ............................................................ Trust C o m p a n y ...................................................... . President, any V ice President, or Secretary . Chairman o f the Board, any V ice Chairman o f the Board, President, or any V ice Presi dent . Chairman, or in his absence, the President M anufacturers Trust C o m p a n y ........................................ . H onorary Chairman o f the Board, Chairman o f the Executive Committee, President, or any V ice President The Marine Midland Trust Company o f N ew Y ork . . Chairman o f the Board, 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 New 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 Lincoln Rochester Trust C o m p a n y .................................. . President, or any V ice President 3 FEDERAL RESERVE BANK OF NEW YORK Nomination for Class A Director, 1958 D is t r ic t N o . 2 G roup N o. 1 A t a m e e t in g o f t h e B o a r d o f D i r e c t o r s o f t h e .............................................................................................. (Name of Bank) o f ................................................................................................... d u l y c a l l e d a n d h e l d o n t h e ............................. d a y (City or Town and State) o f ................................................................................... 1 9 5 8 , o n m o t i o n d u l y m a d e a n d s e c o n d e d , i t w a s “ R E S O L V E D , T h a t ........................................................................................................., o f ....................................... w h o s e o c c u p a t i o n i s ......................................................................... , b e , a n d h e is h e r e b y , n o m i n a t e d b y t h is b a n k a s a c a n d i d a t e f o r c la s s A d ir e c to r o f th e F e d e r a l R e s e r v e B a n k o f N e w Y o r k , a n d t h e c a s h ie r o r o t h e r o f fic e r o f t h is b a n k is h e r e b y a u t h o r iz e d , e m p o w e r e d a n d d i r e c t e d t o s e n d a c e r t i f i e d c o p y o f t h is r e s o l u t i o n t o t h e C h a i r m a n o f t h e B o a r d o f D i r e c t o r s o f th e F e d e ra l R eserve B a n k o f N e w Y o r k .” I h e r e b y c e r t i f y t h a t t h e f o r e g o i n g is a t r u e a n d c o r r e c t c o p y o f a r e s o l u t i o n o f th e B o a r d o f D i r e c t o r s o f t h is b a n k d u l y a d o p t e d o n th e d a t e s p e c if ie d . (S eal op B a n k ) (Official signature) To M R. JO H N E . B IE R W IR T H , C h a ir m a n op t h e F R ederal B oard op ese rv e B D ........................................... (TiUe)' ir e c t o r s , a n k of New Y ork. FEDERAL RESERVE BANK O F NEW YORK Nomination for Class B Director, 1958 D is t r ic t N o. 2 G roup N o. 1 A t a m e e t in g o f th e B o a r d o f D i r e c t o r s o f t h e .............................................................................................. (Name of Bank) o f .......... ..........................................................................d u l y c a l l e d a n d h e l d o n t h e day (City or Town and State) o f ................................................................................... 1 9 5 8 , o n m o t i o n d u l y m a d e a n d s e c o n d e d , it w a s “ R E S O L V E D , T h a t ........................................................................................................, o f ........................................ w h o s e o c c u p a t i o n i s ......................................................................... , b e , a n d h e is h e r e b y , n o m in a t e d b y th is b a n k a s a c a n d i d a t e f o r c la s s B d i r e c t o r o f th e F e d e r a l R e s e r v e B a n k o f N e w Y o r k , a n d t h e c a s h ie r o r o t h e r o ffic e r o f t h is b a n k is h e r e b y a u t h o r iz e d , e m p o w e r e d a n d d i r e c t e d t o s e n d a c e r t ifi e d c o p y o f t h is r e s o l u t i o n t o t h e C h a i r m a n o f t h e B o a r d o f D i r e c t o r s o f th e F e d e ra l R eserv e B a n k o f N ew Y o r k .” I h e r e b y c e r t i f y t h a t th e f o r e g o i n g is a t r u e a n d c o r r e c t c o p y o f a r e s o lu t io n o f th e B o a r d o f D i r e c t o r s o f t h is b a n k d u l y a d o p t e d o n th e d a t e s p e c ifie d . (S eal of B a n k ) (Official signature) T o MR. JO H N E . B IE R W IR T H , ........................................... .......... C h a ir m a n o f t h e B o a r d o f D ir e c t o r s , F ed eral R eserve B a n k o f N e w Y o r k . Fe d eral R e se r v e NEW Ba n k YORK RECTOR 4 5 , o f N ew Yo r k N .Y . 2-5700 October 17, 1958 To Member and Nonmember Clearing Banks in the Second Federal Reserve District: We have been advised of a strike of ground personnel of Capital Airlines effective October 16 , 195®* We are currently using this airline to forward our consolidated check shipments to the six points listed below. Chicago Cincinnati Cleveland Helena Minneapolis Pittsburgh As a consequence of the strike, it will now be necessary for us to forward our shipments on flights of other airlines. This situation may re sult in delays in the presentment of cash items contained in the shipments, in the receipt of advices of nonpayment, and in the return of unpaid items. While we are not changing credit availability at this time, it may be necessary to do so in the event of delayed presentments at any of the oneday points. If it becomes necessary to give credit on a two-day, rather than a one-day, deferred basis, we shall notify you as promptly as possible. ALFRED HAYES, President.
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