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FEDERAL RESERVE BANK OF NEW YORK [Circular No. 497 "| [.October 21, 1922 J Election of Directors Of Federal Reserve Bank of New York To all Member Banks in the Second Federal Reserve District: Terms of Directors Under the Federal Reserve Act, the relevant provisions of which may be found on the third page of this circular, each Federal Reserve Bank has nine directors, three of each class (A, B and C), who serve for three years each, and whose terms are so arranged that the terms of three directors, one of each class, expire each year. Class A and Class B directors are elected by the member banks; Class C directors are designated by the Federal Reserve Board. The expiration on December 31, 1922, of the terms of two elected directors of the Federal Reserve Bank of New York, namely, James S. Alexander, of Class A, and Charles A. Stone, of Class B, makes necessary the election of two successors. Banks Which Vote in This Election The Act requires that for the purpose of elections the member banks in each district shall be divided into three groups. The Federal Reserve Board, accordingly, has grouped the member banks in this district as follows: Group 1, Banks having capital and surplus in excess of $1,999,000 (listed on page 4). Group 2, Banks having capital and surplus not exceeding $1,999,000 and not below $201,000. Group 3, Banks having capital and surplus below $201,000. Each group, every third year, elects one Class A director and one Class B director. Since Mr. Alexander and Mr. Stone were elected by Group 1, only this group will participate in the coming election, but this circular is sent to all member banks in the district for tlieir information. Procedure The directors of each member bank in Group 1 may nominate one candidate for director of Class A and one candidate for director of Class B. Member banks in Group 1 will find enclosed blank forms for use as follows: 1. CERTIFICATE OF NOMINATION FOB CLASS "N A DIRECTOR, 1922. (Printed on buff paper.) Class A directors under the terms of the Federal Reserve Act are to be "representative of the stock holding banks." An officer or director of any member bank in Group 1 is eligible at this time for nomination and election. In order to nominate a candidate, it is necessary for the board of directors of the voting member bank to adopt a resolution of nomination. The form of that resolution is printed on the blank provided. When signed by the cashier and stamped with the seal of the bank it should be forwarded in the enclosed envelope. 2. CERTIFICATE OF NOMINATION FOR CLASS B DIRECTOR, 1922. (Printed on blue paper.) Under the terms of the Act, "no director of Class B shall be an officer, director, or employee of any bank," and at the time of his election a Class B director shall be actively engaged in his district "in commerce, agriculture, or some other industrial pursuit." This nomination also requires the adoption of a resolution by the board of directors of the voting member bank, and a form of resolution is printed on the blank provided. When signed by the cashier and stamped with the seal of the bank it should be forwarded in the enclosed envelope. 3. DESIGNATION OF OFFICER AUTHORIZED TO CAST VOTE OF MEMBER BANK. (Printed on white paper.) This form is provided for the use of such banks as have not designated heretofore by resolution of their respective boards of directors an officer to cast the vote of the bank at an election. This designation continues until revoked, and may be made either by amendment to a bank's by-laws or by the adoption of a resolution by the board of directors. A form of resolution is printed on the blank provided. If this form of resolution is used, it should be signed by the designated officer, and by another officer; stamped with the seal of the bank; and returned in the enclosed envelope. Or, if the by-laws are amended, a copy of such amendment should be forwarded instead of the resolution. Designations already in effect are shown on the attached list. / / a member bank wishes to change its designation or if it has no designation now effective, the procedure given above should be followed; otherwise the form may be disregarded. On November 13 the period in which nominations of directors may be made will terminate and nominations received after twelve o'clock noon of that day will not be listed. On November 15 there will be mailed to all member banks in the district for their information a list of those nominated for Class A and Class B directors, with the names of the banks nominating them. There will also be enclosed to all banks in Group 1, a preferential ballot, providing for the recording of first, second and other choices for a director of each class. * It is mandatory under the Federal Reserve Act that within fifteen days from the receipt of said list and ballot every member bank in Group 1 shall, by its duly authorized officer, record its vote. On or about December 4 the results of the election will be announced. Yours very truly, PIERRE JAY Chairman. Extracts from Section 4 of the Federal Reserve Act as Amended Every Federal reserve bank shall be conducted under the supervision and control of a board of directors. • * • * * * * • * Such board of directors shall be selected as hereinafter specified and shall consist of nine members, holding office for three years, and divided into three classes, designated as classes A, B, and C. Class A shall consist of three members, who shall be chosen by and be representative of the stock holding banks. Class B shall consist of three members, who at the time of their election shall be actively engaged in their district in commerce, agriculture or some other industrial pursuit. Class C shall consist of three members who shall be designated by the Federal Reserve Board.*** No Senator or Representative in Congress shall be a member of the Federal Reserve Board or an officer or a director of a Federal reserve bank. No director of Class B shall be an officer, director, or employee of any bank. No director of Class C shall be an officer, director, employee, or stockholder of any bank. Directors of Class A and Class B shall be chosen in the following manner: The Federal Reserve Board shall classify the member banks of the district into three general groups or divisions, designating each group by number. Each group shall consist as nearly as may be of banks of similar capitalization. Each member bank shall be permitted to nominate to the chairman of the board of directors of the Federal reserve bank of the district one candidate for director of Class A and one candidate for director of Class B. The candidates so nominated shall be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen days after its completion, be furnished by the chairman to each member bank. Each member bank by a resolution of the board or by an amendment to its by-laws shall authorize its president, cashier, or some other officer to cast the vote of the member bank in the elections of Class A and Class B directors. Within fifteen days after receipt of the list of candidates the duly authorized officer of a member bank shall certify to the chairman his first, second, and other choices for director of Class A and Class B, respectively, upon a preferential ballot upon a form furnished by the chairman of the board of directors of the Federal reserve bank of the district. Each such officer shall make a cross opposite the name of the first, second, and other choices for a director of Class A and for a director of Class B, but shall not vote more than one choice for any one candidate. No officer or director of a member bank shall be eligible to serve as a Class A director unless nominated and elected by banks which are members of the same group as the member bank of which he is an officer or director. Any person who is an officer or director of more than one member bank shall not be eligible for nomination as a Class A director except by banks in the same group as the bank having the largest aggregate resources of any of those of which such person is an officer or director. Any candidate having a majority of all votes cast in the column of first choice shall be declared elected. If no candidate have a majority of all the votes in the first column, then there shall be added together the votes cast by the electors for such candidates in the second column and the votes cast for the several candidates in the first column. If any candidate then have a majority of the electors voting, by adding together the first and second choices, he shall be declared elected. If no candidate have a majority of electors voting when the first and second choices shall have been added, then the votes cast in the third column for other choices shall be added together in like manner, and the candidate then having the highest number of votes shall be declared elected. An immediate report of election shall be declared. 1922 Election of Directors List of 66 Banks Composing Group 1, Second Federal Reserve District CONNECTICUT Place Bridgeport B a n k or Trust First National B a n k . Capital and Surplus Company . . Designated Voting Officer $3,500,000 . NEW JERSEY Jersey City Newark Passaic West Hoboken Commercial Trust Company First National Bank The New Jersey Title Guarantee and Trust Company Federal Trust Company Fidelity Union Trust Company . . . . Merchants & Manufacturers National Bank National Newark & Essex Banking Company . Passaic National Bank & Trust Company . Hudson Trust Company $2,500,000 2,500,000 2,000,000 2,000,000 7,000,000 2,700,000 3,500,000 2,000,000 2,000.000 William J. Field, Vice-President George T. Smith, President C. W. Feigenspan, President Charles L. Farrell, President James R. Ferens, Vice-President NEW YORK Albany Brooklyn Buffalo New York Rochester Syracuse Utica National Commercial Bank & Trust Company . New York State National Bank Brooklyn Trust Company Manufacturers Trust Company Mechanics Bank Nassau National Bank Peoples Trust Company Buffalo Trust Company Citizens Trust Company Fidelity Trust Company Liberty Bank Manufacturers & Traders National Bank . Marine Trust Company American Exchange National Bank . . . Bankers Trust Company The Bank of America Bank of the Manhattan Company . . . Bank of New York & Trust Company Bank of United States Battery Park National Bank Capitol National Bank Central Union Trust Company Chase National Bank Chatham & Phenix National Bank . . . Chemical National Bank Coal & Iron National Bank Columbia Bank Columbia Trust Company Corn Exchange Bank Equitable Trust Company Farmers' I.oan & Trust Company . . . Fidelity-International Trust Company Fifth Avenue Bank First National Bank Garfield National Bank Gotham National Bank Guaranty Trust Company Hanover National Bank Importers & Traders National Bank . . . Irving National Bank Mechanics & Metals National Bank . . . Metropolitan Trust Company National Bank of Commerce National City Bank National Park Bank New York Trust Company Pacific Bank Public National Bank Seaboard National Bank . . . . . United States Mortgage & Trust Company United States Trust Company Lincoln-Alliance Bank City Bank Trust Company First Trust & Deposit Company . Syracuse Trust Company . . . . . First National Bank . . . . . . . . $3,250,000 2,000,000 4,250,000 4,500,000 2,850,000 2,000,000 3,500,000 2,500,000 2,500,000 2,000,000 4,000,000 3,500,000 17,000,000 10,000,000 35,000,000 11,000,000 17,500,000 12,000,000 2,400,000 2,500,000 2,015,511 27,500,000 35,000,000 17,500,000 18,000,000 2,500,000 3,000,000 11,000,000 15,750,000 26,500,000 15,000,000 2,750,000 2,500,000 35,000,000 2,000,000 2,850,000 40,000,000 20,000,000 8,500,000 22,000,000 20,000,000 5,000,000 50,000,000 85,000,000 30,000,000 20,000,000 2,500,000 6,000,000 10,000,000 6,000,000 14,000,000 4,000,000 3,000,000 3,500,000 2,250,000 2.500.000 Ledyard Cogswell, President Edwin P. Maynard, President Harry M. De Mott, President G. Foster Smith, President Charles A. Boody, President Norman P. Clement, President Merle H. Denison, Secretary John A. Kloepfer, President Arthur P. Lee, Asst. Vice-Pres. B. W. Jones, Vice-President Charles A. Home, Vice-President Elias A. de Lima, President George W. Davison, President Alfred C. Andrews, Vice-President Richard H. Higgins, Vice-President John T. Sproull, President Benj. L. Allen, Vice-President Fredk. T. Martin, Vice-President William J. Eck, Secretary Samuel Sloan, Vice-President Samuel S. Conover, President Theodore Hetzler, President Francis L. Hine, President Ruel W. Poor, President John J. Lewis, Vice-President William Woodward, President Edward Townsend, Vice-Pres. Lewis E. Pierson, Chairman Gates W. McGarrah, Chairman Gilbert G. Thome, Vice-Pres. O. H. Cheney, President Chauncey H. Murphey, Vice-Pres. Williamson Pell, Vice-President James M. Gilbert, President Charles B. Rogers. President FEDERAL RESERVE BANK OF NEW YORK Registered Mail November 15, 1922. Election of Directors To All Member Banks in Groups 2 and 3: In accordance with the plan outlined in our Circular No. 497, you will find enclosed a copy of Circular No. 501 giving a list of nominations for Class A and Class B directors of the Federal Reserve Bank of New York. No ballot is enclosed, inasmuch as this year's election is participated in only by banks in Group 1. Mr. James S. Alexander and Mr. Charles A. Stone, whose terms expire December 31, have written me letters, copies of which are enclosed, requesting that the member banks be asked not to vote for them, and their names accordingly have not been placed upon the ballot. Very truly yours, PIERRE JAY, Chairman. FEDERAL RESERVE BANK OF NEW YORK Registered Mail November 15, 1922. Election of Directors DEAR SIRS: In accordance with the plan outlined in our Circular No. 497, you will find enclosed a copy of Circular No. 501 giving a list of nominations for Class A and Class B directors of the Federal Reserve Bank of New York, together with a ballot for use in casting your vote in the election. According to our record, you have already filed the necessary certificate designating one of your officers to cast your vote, so that all that remains to be done is to have the proper officer fill in and sign the ballot and mail it in the enclosed envelope within fifteen days after receipt. Inasmuch as the Federal Reserve Act is worded in such a way as to make it mandatory upon the member banks to vote, I hope this matter may have your prompt attention. Mr. James S. Alexander and Mr. Charles A. Stone, whose terms expire December 31, have written me letters, copies of which are enclosed, requesting that the member banks be asked not to vote for them, and their names accordingly have not been placed upon the ballot. Very truly yours, PIERRE JAY, Chairman. Federal Reserve Bank of New York PREFERENTIAL BALLOT For 1922 Election of Class A and Class B Directors by Member Banks of Group 1, Second Federal Reserve District INSTRUCTIONS TO OFFICERS AUTHORIZED TO CAST VOTES OF MEMBER BANKS The following instructions should be followed carefully. Failure to observe them may invalidate this ballot. Your choice should be indicated by X marks in the spaces opposite the respective names of the nominees. In order to be counted, this ballot, with the certificate signed by the officer authorized to cast the vote, must be returned to me within fifteen days from its receipt. PIERRE JAY, Chairman, Board of Directors. Vote of Officer Authorized to Cast Vote for One Class A Director and One Class B Director Indicate your votes in proper columns, thus (X). Class A Director Name and Address of Candidate GATES W. McGARRAH, New York, N. Y. Glass B Director X Name and Address of Candidate X OWEN D. YOUNG, New York, N. Y. • November , 1922 To PIERRE JAY, Chairman, Board of Directors, Federal Reserve Bank of New York. In accordance with Section 4 of the Federal Reserve Act I hereby certify that my votes for a Class A and a Class B director respectively of the Federal Reserve Bank of New York are indicated thus (X) in the appropriate columns of this ballot. Officer authorized to cast vote for (Name of bank) (Location of bank) Copy of Letter NATIONAL BANK OF COMMERCE IN NEW YORK ESTABLISHED 1839 CAPITAL SURPLUS AND UNDIVIDED PROFITS OVER FIFTY-FIVE MILLION DOLLARS OFFICE OF THE PRESIDENT November 14th, 1922. Mr. Pierre Jay, Chairman of the Board, Federal Reserve Bank of New York, New York City. DEAR M R . JAY: You have advised me that I have been nominated by four member banks for Class A Director of the Federal Reserve Bank of New York for a further period of three years. Some time ago I requested the committee of the Bankers Associations that my name be not suggested for re-election, and I should now be glad if you would convey to the member banks my wish that I be not voted for in this election. Very truly yours, J. S. ALEXANDER. \ Letter STONE & 4-VI WEBSTER 120 BROADWAY N E W YORK November 15, 1922. Pierre Jay, Esquire, Federal Reserve Bank of New York, 15 Nassau Street, New York City. M Y DEAR M R . JAY: As you know, I informed the committee representing the Bankers Associations of New York, New Jersey and Connecticut that it would be impossible for me to serve for another term as a director of the Federal Reserve Bank of New York. I appreciate the action of certain member banks in nominating me in spite of this expression on my part, but as I must absolutely decline to serve, my name should not be placed upon the ballot. Yours very truly, CHARLES A. STONE.
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