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F E D E R A L R E S E R V E BA N K O F N E W YORK r Circular N o. 4 8 3 2 1 L December 29. 1959 J Appointment of Directors T o M em ber B anks o f the Second Federal R eserve D istrict : The Board o f Governors o f the Federal Reserve System has appointed P h i l i p D. a Class C director o f the Federal Reserve Bank o f New York for the three-year term beginning January 1, 1960, and has designated him as Chairman of the Board and Federal Reserve Agent for the year 1960. Mr. Reed, form er Chairman o f the Board, General Electric Company, New York, N. Y., has been serving as a Class B director o f this Bank since January 1, 1959. He succeeds J o h n E. B i e r w i r t h , Chair man, National Distillers and Chemical Corporation, who has been serving as a Class C director o f the Bank, and Chairman o f the Board and Federal Reserve Agent, since January 1,1957; Mr. Bierw irth’s term will end December 31, 1959. Mr. Bierwirth was elected a Class B director o f the Bank by member banks in Group 3 and served from March 20, 1953 through December 31, 1956, when he resigned to accept appointment as a Class C director. R eed The Board o f Governors has reappointed F o r r e s t F. H i l l , Vice President of The Ford Foundation, New Y ork City, as Deputy Chairman fo r the year 1960. Mr. Hill lias been a Class C director of the Bank since January 1955 and has served as Deputy Chairman since that time. The Board o f Governors has also reappointed R a y m o n d E. O l s o n , President, Taylor Instrument Companies, Rochester, New York, a director o f the Buffalo Branch for the three-year term beginning January 1, 1960. Mr. Olson has been a director of the Branch since January 1, 1957, and served as Chairman o f the Branch board during 1959. The board o f directors of the Federal Reserve Bank o f New York has appointed N. D o n o v a n , President, Bank of Jamestown, Jamestown, New York, a direc tor o f the Branch fo r the three-year term beginning January 1, 1960, to succeed V e r n o n A l e x a n d e r , President, The National Bank o f Geneva, Geneva, New York. H ow ard The board o f directors o f the Federal Reserve Bank o f New Y ork has designated F e r g u s o n o f Buffalo, New York, as Chairman o f the board of directors o f the Buffalo Branch fo r the year 1960. Mr. Ferguson has been a director of the Branch since January 1, 1959. He is President o f Ferguson Electric Construction Co., Inc., Buffalo, New York, and was elected President of the Buffalo Chamber of Commerce in June 1959. W h it w o r t h A lfred H ayes, President.
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