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CIRCULAR NO. 52. FEDERAL RESERVE BANK OF N E W YORK NEW YORK, October 18, 1916 To THE CASHIER: SIR: On December 31st the terms of Messrs. William Woodward, Class A director, and Henry R. Towne, Class B director, of the Federal Reserve Bank of New York will expire. The Federal Reserve Board has designated November 21st as the day for the election of their successors, who will serve for terms of three years each. Both of the retiring directors were chosen by Group I, and therefore this will be the only group which will vote at the coming election. The law provides that the directors of each member bank may nominate one candidate for director of Class A and one candidate for director of Class B, and shall elect a "district reserve elector" who shall cast votes in behalf of his bank for the directors to be elected. Blanks are enclosed herewith to all banks in Group 1, upon which the Board of Directors of each such bank should, by resolution in the form printed on the blanks, certify its nominations for directors and its choice of elector, and forward them to me as soon as possible after it has taken action. On November 11, the period within which these certifications of electors and nominations of directors may be made will terminate. Electors whose names are received after 12 o'clock noon of that day will not be entitled to vote nor will nominations received thereafter be listed. On November 13th a list of the electors representing each bank in Group 1 will be mailed to each such elector, and on the same day there will be mailed to all member banks in the district, for their information, a list of all those nominated for Class A and Class B directors, with the names of the banks nominating them. On November 20th the formal list of candidates nominated will be mailed to each elector, together with a preferential ballot providing for the recording of first, second and other choices for each of the directors to be elected. Within fifteen days from the receipt of said list and ballot every elector must record his votes. On or about December 6th, the announcement of the results of the election will be made. WTiile only banks in Group 1 will nominate and elect directors, this circular is sent to all banks in the district for their information. There are appended hereto, (1) those portions of the Federal Reserve Act prescribing the manner in which directors of Federal reserve banks shall be elected, and (2) a list of the banks composing Group I of this district. Respectfully, PIERRE JAY, Chairman. 2 EXTRACTS FROM SECTION 4 OF THE FEDERAL RESERVE ACT 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. When the necessary subscriptions to the capital stock have been obtained for the organization of any Federal reserve bank, the Federal Reserve Board shall appoint the Class C directors, and shall designate one of such directors as chairman of the board to be selected. Pending the designation of such chairman, the organization committee shall exercise the powers and duties appertaining to the office of chairman in the organization of such Federal reserve bank. 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 employe of any bank. No director of class C shall be an officer, director, employe, or stockholder of any bank. Directors of class A and class B shall be chosen in the following manner: The chairman of the board of directors of the Federal reserve bank of the district in which the bank is situated or, pending the appointment of such chairman, the organization committee shall classify the member banks of the district into three general groups or divisions. Each group shall contain as nearly as may be one-third of the aggregate number of the member banks of the district and shall consist, as nearly as may be, of banks of similar capitalization. The groups shall be designated by number by the chairman. At a regularly called meeting of the board of directors of each member bank in the district it shall elect by ballot a district reserve elector and shall certify his name to the chairman of the board of directors of the Federal reserve bank of the district. The chairman shall make lists of the district reserve electors thus named by banks in each of the aforesaid three groups and shall transmit one list to each elector in each group. Each member bank shall be permitted to nominate to the chairman 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 elector. Every elector shall, within fifteen days after the receipt of the said list, certify to the chairman his first, second, and other choices of a director of class A and class B, respectively, upon a preferential ballot, on a form furnished by the chairman of the board of directors of the Federal reserve bank of the district. Each elector 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. 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. 6V LIST OF BANKS COMPOSING GROUP I, FEDERAL RESERVE DISTRICT No. 2 N E W YORK Place New York City New York City New York City New York City New York City New York City New York City New York City New York.City Buffalo ..... New York City New York City New York City New York City New York City New York City New York City New York City New York City New York City New York City Albany Buffalo Utica New York City New York City New York City Rochester... Brooklyn New York City New York City Buffalo Syracuse New York City Rochester * Utica Buffalo Utica New York City Olean Albany New York City Bank National City Bank National Bank of Commerce First National Bank... Hanover National Bank... National Park Bank _ Mechanics & Metals National Bank Chase National Bank. Chemical National Bank.. Corn Exchange Bank Marine National Bank American Exchange National Bank. Importers & Traders National Bank Irving National Bank... Bank of New York, N. B. A Chatham & Phenix National Bank Citizens Central National Bank Merchants National Bank. Seaboard National Bank.. Second National Bank... Liberty National Bank... „ Market & Fulton National Bank National Commercial Bank.... Manufacturers & Traders National Bank First National Bank... Broadway Trust Company Garfield National Bank Lincoln National Bank. Lincoln National Bank. Nassau National Bank Union Exchange National Bank Atlantic National Bank... Central National Bank First National Bank New York County National Bank National Bank of Commerce... Utica City National Bank Third National Bank. Oneida National Bank Coal & Iron National Bank.. Exchange National Bank New York State National Bank Harriman National Bank...... Capital and Surplus $50,000,000 35,000,000 25,000,000 17,000,000 15,000,000 12,000,000 10,000,000 10,000,000 10,000,000 9,000,000 8,000,000 7,500,000 7,000,000 6,000,000 5,000,000 4,050,000 „_ 4,000,000 3,000,000 3,000,000 3,000,000 2,500,000 2,500,000 2,500,000 2,250,000 2,250,000 2,000,000 2,000,000 2,000,000 2,000,000 1,700,000 1,600,000 _ 1,600,000 1,500,000 1,500,000 i,375,ooo 1,300,000 1,275,000 1,200,000 1,200,000 1,000,000 1,000,000 1,000,000 J 2- 4 NEW YORK Place Syracuse Rochester „... Gloversville ._ Albany Brooklyn... Brooklyn Elmira Troy North Tonawanda... New York City Troy Arrsterdam Einghamton Cohoes Gloversville Troy Troy Jamestown New York City Little Falls — Newburgh... Amsterdam..... Glens Falls... Troy Syracuse New York City... Poughkeepsie Kingston Newburgh.. Norwich... Watertown Watertown Hudson Auburn Olean Oneonta...... Poughkeepsie Syracuse New York City Yorkers... Newburgh Jrrrestcwr Fi c'scr Elmira Ithaca... Continued Bank ., Capital and Surplus National Bank of Syracuse $1,000,000 Traders National Bank 900,000 Fulton County National Bank 800,000 First National Bank...... 800,000 First National Bank. 800,000 National City Bank 800,000 Second National Bank 800,000 Manufacturers National Bank. 750,000 State National Bank. 600,000 Battery Park National Bank 600,000 National State Bank 575,ooo Amsterdam City National Bank.. • 550,000 First National Bank...... 550,000 National Bank of Cohoes „. 550,000 City National Bank. 550,000 National City Bank. 550,000 United National Bank. 540,000 First National Bank 503,300 Fifth National Bank 500,000 National Herkimer County Bank „. 500,000 National Bank of Newburgh 480,000 Farmers National Bank... 450,000 First National Bank..... 436,400 Union National Bank. 425,000 Merchants National Bank 405,000 Bronx National Bank 405,000 Farmers & Manufacturers National Bank 400,000 First National Bank of Rondout 400,000 Highland National Bank... 400,000 National Bank of Norwich „ 400,000 Jefferson County National Bank 400,000 Watertown National Bank 400,000 Farmers National Bank _ 400,000 Cayuga County National Bank.. 400,000 First National Bank 400,000 Wilber National Bank 400,000 Fallkill National Bank.... 400,000 Third National Bank * 380,000 National Butchers & Drovers Bank.. 380,000 First National Bank 360,000 Quassaick National Bank. _ 360,000 National Chautauqua County Bank 350,000 First National Bank.. _ 350,000 Merchants National Bank 350,000 First National Bank _ 335,000 5 NEW YORK—Continued Place Wellsville Rome..... Cooperstown Binghamton Brooklyn Brooklyn... Catskill Fort Plain Geneva Glens Falls. Little Falls Lockport Malone Malone. New York City... New York City Norwich Ogdensburg Peekskill Port Jervis Syracuse..... Poughkeepsie Geneva Auburn Hornell Cooperstown Herkimer. Ithaca Lockport Mount Verncn New Rochelle New York City Saugerties Kinderhook Moravia Newark Fulton Oswego..... Stamford... Catskill Yonkers. Cortlard Turkirk Sherburre BallstonSpa Bank First National Bank...... Farmers National Bank Second National Bank...... City National Bank. Greenpoint National Bank Peoples National Bank Tanners National Bank.. Fort Plain National Bank Geneva National Bank National Bank of Glens Falls Little Falls National Bank National Exchange Bank..... Farmers National Bank...... Peoples National Bank..... East River National Bank Gotham National Bank... Chenango National Bank National Bank of Ogdensburg Westchester County National Bank First National Bank... Salt Springs National Bank Merchants National Bank. First National Bank... National Bank of Auburn First National Bank... First National Bank Herkimer National Bank. Tompkins County National Bank Niagara County National Bank.. First National Bank... National City Bank. Sherman National Bank. First National Bank... National Union Bank First National Bank.. Arcadia National Bank Citizens National Bank.. First National Bank National Bank of Stamford... Catskill National Bank Yonkers National Bank. National Pank of Cortland Lake Shore National Bank...... Sherburne National Bank Ballston Spa National Bank Capital and Surplus $ 335.O0O 325,000 325,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 275,000 275,000 275,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 240,000 240,000 230,000 230,000 225,000 225,000 225,000 225,000 220,000 215,000 210,000 210,000 200,000 6 NEW YORK—Continued Place Plattsburg. Saratoga Springs Tarrytown Beacon, Fishkill-on-Hudson Canandaigua Canton...Carthage Dunkirk... Herkimer Geneseo... Glens Falls Goshen Gouverneur Kingston... Oswego Pawling. Plattsburg Port Chester.. Port Henry Schenectady Seneca Falls Batavia Bank City National Bank. Saratoga National Bank.. Tarrytown National Bank Fishkill National Bank... Canandaigua National Bank First National Bank. Carthage National Bank... Merchants National Bank... First National Bank Genesee Valley National Bank Merchants National Bank National Bank of Orange County First National Bank National Ulster County Bank Second National Bank National Bank of Pawling Merchants National Bank First National Bank First National Bank.. Union National Bank.... Exchange National Bank First National Bank... NEW Newark Newark Newark... Jersey City Paterson Newark Elizabeth Jersey City Newark Newark Hoboken Paterson Paterson Passaic Newark New Brunswick Phillipsburg Hoboken.. Newton Capital and Surplus $ 200,000 _... 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 JERSEY Union National Bank National Newark Banking Company Essex County National Bank First National Bank First National Bank Merchants National Bank National State Bank Hudson County National Bank Manufacturers National Bank National State Bank First National Bank Paterson National Bank... Second National Bank Passaic National Bank... North Ward National Bank... National Bank of New Jersey... Phillipsburg National Bank. Second National Bank Sussex National Bank „ ..... $ 3,000,000 2,000,000 „. 2,000,000 1,200,000 1,100,000 1,000,000 1,000,000 750,000 750,000 750,000 660,000 600,000 600,000 „ 550,000 500,000 500,000 500,000 400,000 400,000 7 NEW JERSEY—Continued Place Morristown Dover Newark Hackensack Orange Orange Perth Amboy Plainfield Plainfield Newark Somerville Washington New Brunswick Morristown..... Long Branch fersey City....... Hackettstown Belleville Red Bank Boonton Sussex Flemington... Flemington Hackensack Lambertville. Capital and Surplus Bank First National Bank. National Union Bank American National Bank Peoples National Bank... Orange National Bank. Second National Bank... First National Bank... City National Bank First National Bank. Broad & Market National Bank First National Bank.. First National Bank.. Peoples National Bank National Iron Bank Citizens National Bank Merchants National Bank Hackettstown National Bank First National Bank... Second National Bank... Boonton National Bank.... Farmers National Bank Flemington National Bank Hunterdon County National Bank Hackensack National Bank... Lambertville National Bank... $ 400,000 375.000 375»ooo 300,000 300,000 300,000 300,000 300,000 300,000 270,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 225,000 225,000 200,000 200,000 200,000 200,000 200,000 200,000 CONNECTICUT Bridgeport Stamford Bridgeport Bridgeport Stamford Danbury Danbury.... Greenwich... Norwalk Norwalk South Norwalk First-Bridgeport National Bank. Stamford National Bank Connecticut National Bank City National Bank. First National Bank... City National Bank Danbury National Bank Greenwich National Bank National Bank of Norwalk.. Fairfield County National Bank City National Bank $ 1,600,000 _ 600,000 582,100 500,000 400,000 300,000 300,000 300,000 288,000 250,000 200,000 FEDERAL RESERVE BANK OF N E W YORK N E W Y O R K , November 13, 1916. T o DISTRICT R E S E R V E ELECTORS: In accordance with the provisions of Section 4 of the Federal Reserve Act, and of our Circular No. 52 issued October 18th, the following list has been prepared of the district reserve electors who have been elected by the banks in group 1 of this district and a copy is being mailed to each elector. On November 20, a list of the candidates nominated for Class A and Class B directors will be mailed to electors together with the form of ballot upon which their choices for such directors must be certified in accordance with instructions which will be printed thereon. PIERRE JAY, Chairman, Board of Directors. LIST OF DISTRICT RESERVE ELECTORS ELECTOR BANK NEW YORK Albany First National Bank Becker, John A. Albany National Commercial Bank Pruyn, Robert C. Albany New York S t a t e National Bank Cogswell, Ledyard Amsterdam Amsterdam City National Bank Harrower, Lewis E. Auburn Cayuga County National Bank Eldred, Nelson B. Batavia First National Bank Bowen, George Binghamton City National Bank Morse, Hartwell Binghamton First National Bank Phelps, W. G. Brooklyn First National Bank Irish, William S. Brooklyn Greenpoint National Bank Freudenberger, D. E. Brooklyn Nassau National Bank Smith, G. Foster Brooklyn National City Bank Wells, Henry M . Buffalo Manufacturers & Traders National Bank Ellis, Samuel Buffalo Marine National Bank Auer, Henry J. Canton First National Bank Beard, Wriley N . Carthage Carthage National Bank Coburn, Fred W. Catskill Catskill National Bank Philip, James P. Cooperstown First National Bank Hale, Frank Cooperstown Second National Bank Brewer, Charles T. Elmira Second National Bank Turner, Samuel G. H. Fulton Citizens National Bank Paddock, H. L. Glens Falls National Bank of Glens Falls Finch, Jeremiah T. Gloversville City National Bank Harris, Charles N . Herkimer First National Bank Brewer, Charles S. Hudson Farmers National Bank Ithaca First National Bank Williams, Ro. Ithaca Tompkins County National Bank Stewart, Edwin C. Jamestown 1 irst National Bank GifTord, Frank E. Jamestown National Chautauqua County Bank Kingston First National Bank of Rondout Coykendall. Edward Lock port National Fxchange Bank M< ( omli, William C. Malone Farmers National Bank Ransom. Matt C. Newburgh Highland National Bank McKinstry, DeWitl E. Newburgh Quassaick National Bank Dickey, James N. New Rochelle National City Bank Flandreaux, (,. 1 New York American Exchange National Bank Dixon, William IV New York Atlantic National Bank Kountze, Herman I). Nt w York Bank of N e * York, V B. A. Griggs, Herbert L. N ew York Battery Park National Bank Corner, Richard C. New York Broadway Trust Company Lee, Frederic G. New York Chase National Bank Wiggin, Albert H. New York Chemical National Bank Martindale, J. B. New York Citizens Central National Bank Schenck. Edwin S. '••r, William A. . Fred W. New Y<»rk Coal & Iron National Bank Sproull, John T. New York Corn Exchange Bank Frew, Walter E. New York East River National Bank Loeser, Vincent New York Fifth National Bank W a t t s , Edward E. New York C.arfield National Bank Poor, Ruel W. New York Gotham National Bank Bizallion, Henry H New York Hanover National Bank Donald, James M. New York Harriman National Bank Noble, John A. New York Importers & Traders National Bank Townsend, Edward N ew York Irving National Bank Pierson, Lewis E. New York Liberty National Bank Cochran, Thomas New York Lincoln National Bank Warren, Charles Elliot New York Market & Fulton National Bank Gilbert, Alexander New York Mechanics & Metals National Bank McGarrah, Gates W. New York Merchants National Bank Byrne, Joseph New York National Bank of Commerce Alexander, James S. New York National City Bank Dodge, Cleveland H. New York itional Park Bank Delafield, Richard New York County National Bank Painter, Thos. A. New York Seaboard National Bank Gill, B. L. New York Second National Bank Dominick, H. B. New York New York Sherman National Bank Colyer, Charles G. New York I nion Exchange National Bank Herman, Sydney H. North Tonawanda State National Hank Weston, Charles Norwich National Bank of Norwich Turner, J. B. Ogdensburg National Bank of Ogdensburg Donahue, Robert J. Olean Exchange National Bank Bartlett, Frank L. Olean First National Bank I MiM-nbury, F. I ! Oneonta Wilber National Bank Wilber, George I. Peekskill Westchester ( ounty National Bank Pugsley, < ornelius A. Plattsburgh Merchants National Bank \\ .uren, F. S. Port Jer\ is First National Bank Van Inwegeu, Charles F. Poughkeepsie Fallkill National Bank Dudley, (iuilford Poughkeepsie Merchants National Bank Adriance, I. Reynolds Rochester Lincoln National Bank Babcock, Charles H. Rochester National Bank of Commerce Sw.mton, Thomas J. Rome Farmers National Bank Saratoga Springs toga National Bank Clarabut, G. G. Butler, W. P. Saugerties First National Bank Cordes, Stephen Schenectady Union National Bank Famine, William S. Sherburne Sherburne National Bank Bryan, George M. Syracuse H r s t National Bank Snow, C. W. Syracuse Third National Bank Wilson, Kdgar N. Tarrytown Tarrytown National Bank Patteson, Robert A. Troy National City Bank Vail, Thomas Troy National S t a t e Bank Hawley, Julius S. Troy Union National Bank Wheeler, Henry '1 ION' United National Bank Bullions, S . S . Utica First National Bank Rogers, Charles B. Utica Oneida National Bank Bradford, George L. Utica Utica City National Bank Symonds, Charles S. Watertown Jefferson County National Bank Knowlton, John C. Watertown Watertown National Bank Atwell, Joseph Wellsville First National Bank Carpenter, J. M. Yonkers First National Bank Baldwin, Anson NEW Dover JERSEY National Union Bank Hoagland, Thomas H. Elizabeth National S t a t e Bank Kean.J.H. Flemington Flemington National Bank Williamson, F. R. Hackensack Hackensack Natiqnal Bank Terhune, H. D. Hackensack Peoples National Bank Lee, Edgar H. Hackettstown Hackettstown National Bank Barker, William J. Hoboken First National Bank Shippen, William Hoboken Second National Bank Jagels.C.H.C. Jersey City First National Bank Edwards, Edward I. Jersey City Hudson County National Bank Edge, Nelson J. H . Jersey City Merchants National Bank Stohn, Emil Morristown National Iron Bank Footc, Rol>ert D. Newark Broad & Market National Bank Williams, Francis Newark Essex County National Bank Hardin. John R. Newark Merchants National Bank Rikcr. Joseph M. Newark National Newark Banking Company Merritt, David H. Newark National State Bank Cooper, William I. Newark North Ward National Bank Lushear, John W. New Brunswick Peoples National Bank Schanck, T . Ely Newton Sussex National Bank Simonson, Theodore Orange Orange National Bank Everitt, John I). Passaic Passaic National Bank Howe, Charles M. Paterson First National Bank Bell, Edward T . Paterson Paterson National Bank Halsted, Elmer Z. Perth Amboy First National Bank Kean, Hamilton F . Somerville First National Bank Taylor, William H. Sussex Farmers National Bank Northrop, Theodore F . CONNECTICUT Bridgeport City National Bank Catlin. Lyman S. Bridgeport Connecticut National Bank Skelton, Hamilton S. Bridgeport First Bridgeport National Bank Sanford, Charles G. Danbury City National Bank Wildman.A.N. Stamford Stamford National Bank Merritt, Schuyler CERTIFICATE OF NOMINATION FOR CLASS B DIRECTOR, * rt1 6. ^ ^ 1 District No. 2 FEDERAL RESERVE BANK OF NEW YORK ^^M Group No. 1. At a meeting of the Board of Directors of the.. (Name of Bank) ily called and held on the. day of. .1916, on motion duly made and seconded, it was "Resolved, that whose occupation is be, and he is hereby, nominated as a candidate for director of Class B of the Federal Reserve Bank of New York, and the cashier is hereby authorized, empowered and directed to certify his name to the Chairman of the Board of Directors of the Federal Reserve Bank of New York as the nominee of this association in accordance with the provisions of Section 4 of the Act of Congress approved December 23,1913, known as the Federal Reserve Act." I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of DirectDrs of this association duly adopted on the date specified, and pursuant thereto I hereby certify that is the duly accredited nominee of this association for a Class B director of the Federal Reserve Bank of New York in Group No. 1. , Cashier. •EAL.J To PIERRE JAY, Chairman, Board of Directors, Federal Reserve Bank of New York. CERTIFICATE OF ELECTION OF DISTRICT RESERVE ELECTOR, 1916. FEDERAL RESERVE BANK OP NEW YORK District Wo. 2. l / V }iffAt a meeting of the Board of Directors of the d - ^ J ^ Group No. I. (Name of Bank) duly called and held on the day of 1916, an election by ballot for the position af district reserve elector for the current year was duly held and Mr jf , was duly elected to the said position; whereupon, on motion July made and seconded, it was "Resolved, that the Cashier is hereby authorized, empowered and directed to certify the name and signature of the said elector to the Chairman of the Board of Directors of the Federal Reserve Bank of New York, and the said District Reserve Elector, elected as aforesaid, is hereby authorized, empowered and directed to cast the vote of this bank for Class A and Class B Directors of the Federal Reserve Bank Df New York in accordance with the provisions of Section 4 of the Act of Congress approved December *3> i9!3t known as the Federal Reserve Act." (Signature of District Reserve Elector) I hereby certify that the foregoing is a true and correct copy of the minutes of an election and resolution of the Board of Directors of this association duly held and adopted on the date specified, and pursuant :hereto I hereby certify that whose signature appears above, ind who signed the same in my presence, is the duly accredited District Reserve Elector for this association. To PIERRE JAY, Chairman, Board of Directors, Federal Reserve Bank of New York. SEAL.] ^-s tCashiert CERTIFICATE OF NOMINATION FOR CUSS A DIRECTOR, " " S . District No. 2 FEDERAL RESERVE BANK OF NEW YORK —^ I -tf~ f ^ Group No. 1. At a meeting of the Board of Directors of the (Name of Bank) duly called and held on the day of 1916, on motion duly made and seconded, it was " Resolved, that » of whose occupation is , be, and he is hereby, nominated as a candidate for director of Class A of the Federal Reserve Bank of New York, and the cashier is hereby authorized, empowered and directed to certify his name to the Chairman of the Board of Directors of the Federal Reserve Bank of New York as the nominee of this association in accordance with the provisions of Section 4 of the Act of Congress approved December 23,1913, known as the Federal Reserve Act." I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this association duly adopted on the date specified, and pursuant thereto I hereby certify that is the duly accredited nominee of this association for a Class A director of the Federal Reserve Bank of New York in Group No. 1. , Cashier. [SEAL.] To PIERRE JAY, Chairman, Board of Directors, Federal Reserve Bank of New York.
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