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FEDERAL RESERVE BANK OF NEW YORK [Circular No. 507 [December 4, 1922 Results of Election of Directors To all Member Banks in the Second Federal Reserve District: The election by member banks of Group 1, Second Federal Reserve District, of two directors of the Federal Reserve Bank of New York, has resulted in the choice of Mr. Gates W. McGarrah, of New York, N. Y., as a Class A director, and Mr. Owen D. Young, of New York, N. Y., as a Class B director, each for a term of three years from January 1, 1923. The total number of votes cast for each candidate is as follows: Class A Director Class B Director GATES W. MCGARRAH, .63 OWEN D. YOUNG, 63 Total number of votes cast 63 Total number of votes cast 63 Very truly yours, PIERRE JAY, Chairman