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FEDERAL RESERVE BANK OF NEW YORK No. 880*1 [Circular October 18. 192SJ Election of Directors To the Member Banks in District No. 2: An election will be held under the provisions of Section 4 of the Federal Reserve Act to choose successors to the following directors of this bank whose terms expire December 31, 1928: Class A director, JACKSON E. REYNOLDS, President, First National Bank, New York City, and Class B director, WILLIAM H. WOODIN, President, American Car & Foundry Company, New York City. Both directors were elected by banks in Group 1 and their successors will be chosen by this group. The banks in Groups 2 and 3 do not elect directors this year. Group 1 consists of banks having capital and surplus in excess of $1,999,000. (Listed on next page). Group 2 consists of banks having capital and surplus not exceeding $1,999,000 and not below $201,000. Group 3 consists of banks having capital and surplus below $201,000. Each bank in Group 1 is permitted to nominate a candidate for Class A director and a candidate for Class B director.* The nomination must be made by resolution of the board of directors and certified to me on or before November 10, 1928. A form for this purpose is enclosed. On November 12, 1928, a list of the candidates (indicating by whom nominated) and a preferential ballot will be mailed to each bank in the group mentioned. The ballot must be cast within 15 days after receipt. The polls will open on November 15 and close at noon on December 1, 1928. At that time the ballot box will be opened in the Board room of this bank, the votes counted, and results of the election announced. Any of the candidates is invited to be present or represented on that occasion. In order to be counted, the ballot must be executed by the officer authorized to cast the vote. On the following page are given the names of officers heretofore designated for this purpose. Inasmuch as the authority conferred on these officers continues until revoked, they need not be reappointed. Each bank that has not designated such an officer, or any bank that desires to change its authorization, should do so by resolution of its board of directors and certify the appointment to me before the polls close. A form for this purpose is furnished herewith. While the banks in Groups 2 and 3 will not vote in this election, this circular is sent to them without forms for their information. _ x. „ Respectfully, _ GATES W. MCGARBAH, Chairman of the Board. * Section 4 of the Federal Reserve Act provides that ' ' Class A shall consist of three members, who shall be chosen by and be representative of the stockholding banks. . . 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 membeT bank of which he ia 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 ex"«pt 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." "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. . . No director of Class B shall be an officer, director or employe of any 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." In a resolution adopted December 23, 1915, the Federal Reserve Board expressed the opinion "that persons holding political or public office in the service of the United States, or of any State, territory, county, district, political subdivision, or municipality thereof, or acting as members of political party committees, cannot consistently with the spirit and underlying principles of the Federal Reserve Act, serve as directors or officers of Federal Reserve Banks." On December 28, 1915, the Federal Reserve Board resolved that "national bank examiners shall not hereafter be elected • • • to directorships in Federal Reserve Banks." Under date of July 2, 1925, the Federal Reserve Board advised it has "reached the conclusion that a person whose sole occupation is that of officer of an insurance company is not eligible for election as a Class B director of a Federal Reserve Bank.'' 1928 Election oi Directors List of 78 Banks Composing Group 1, Second Federal Reserve District CONNECTICUT Place - Bridgeport Bank or Trust Company City National Bank & Trust Company of Bridgeport . First National Bank of Bridgeport Capital and Surplus $ 2,250,000 2,500,000 Designated Voting Officer H. B. Terrill, Cashier Edmund S. Wolfe, President NEW JERSEY East Orange Jersey, City Newark Passaic Paterson Union City Savings Investment & Trust Company . . . . Commercial Trust Company of New Jersey . First National Bank of Jersey City . . . . Hudson County National Bank The New Jersey Title Guarantee and Trust Company Federal Trust Company Fidelity Union Trust Company . . . . Merchants and Newark Trust Company of Newark, N . J National Newark & Essex Banking Company of Newark New Jersey National Bank & Trust Company of Newark United States Trust Company of Newark Passaic National Bank & Trust Company Paterson National Bank Hudson Trust Company . 3,300,000 8,500,000 2,500,000 2,250,000 4,000,000 6,600,000 12,000,000 5,000,000 5,000,000 3,650,000 2,020,000 3,000,000 2,000,000 4,000,000 Wm. J. Field, President E. I. Edwards, Chairman George T. Smith, President C. W. Feigenspan, Chairman William Scheerer, Chairman Spencer S. Marsh. Vice Pres. James B. Ackerson, President Elmer Z. Halsted, President J. H. P. Reilly, Vice Pres. NEW YORK Albany Brooklyn Buffalo New York Rochester Syracuse Troy Utica First Trust Company of Albany National Commercial Bank & Trust Company of Albany New York State National Bank of Albany . Brooklyn Trust Company First National Bank of Brooklyn Mechanics Bank . Municipal Bank and Trust Company . . . . Nassau National Bank of Brooklyn Community National Bank of Buffalo . . . . Liberty Bank of Buffalo Manufacturers & Traders Peoples Trust Company Marine Trust Company of Buffalo American Exchange Irving T r u s t Company . American Trust Company American Union Bank Bank of America National Association . . . . Bank of the M a n h a t t a n Company Bank of New York & T r u s t Company Bank of United States Bankers Trust Company . Central National Bank of the City of New York . Central Union Trust Company of New York. Chase National Bank of the City of New York . C h a t h a m Phenix National Bank & T r u s t Company . Chemical National Bank of New York . . . . Continental Bank of New York Corn Exchange Bank Equitable T r u s t Company of New Y o r k . . . . Farmers' Loan & Trust Company Fidelity Trust Company of New York . . . . Fifth Avenue Bank of New York First National Bank of t h e City of New York Garfield National Bank of the City of New York Grace National Bank of New York . . . . G u a r a n t y T r u s t Company of N e w York Hanover National Bank of t h e City of New York Industrial National Bank of New York . . . . International Acceptance Trust Company International Germanic Trust Company Interstate Trust C o m p a n y Liberty National Bank a n d T r u s t Company in New York Manufacturers Trust Company M u r r a y Hill T r u s t Company National Bank of Commerce in New York National City B a n k of New York National Park B a n k of New York New York Trust Company Pacific Coast T r u s t C o m p a n y . . . . Public National Bank a n d Trust C o m p a n y of New York Seaboard National Bank of t h e City of N e w York Seventh National Bank of N e w York . . . . Seward National B a n k Times Square T r u s t Company United States Mortgage & T r u s t C o m p a n y . United States T r u s t C o m p a n y of N e w York . Lincoln-Alliance B a n k City Bank Trust Company F i r s t T r u s t & Deposit C o m p a n y Syracuse Trust C o m p a n y Manufacturers National B a n k of T r o y . . . . Citizens T r u s t C o m p a n y of Utica, N . Y . First B a n k & T r u s t C o m p a n y of Utica . . . . 2,000,000 4,500,000 4,000,000 5,580,000 2,000,000 13,000,000 9,377,500 3,000,000 2,000,000 9,000,000 15,000,000 20,000,000 80,000,000 6,250,000 3,000,000 60,000,000 25,000.000 14,000,000 16,433,400 75,000,000 3,125,000 42,500,000 120,000,000 22,500,000 25,000,000 2,000,000 22,000,000 50,000,000 20,000,000 6,500,000 2,500,000 90,000,000 2,000,000 2,750,000 90,000,000 20,000,000 2,250,000 2,000,000 6,000,000 6,675,000 5,000,000 40,000,000 3,500,000 65,000,000 140,000,000 30,000,000 30,000,000 3,250,000 12,000,000 20,000,000 2,000,000 3,000,000 2,500,000 10,000,000 22,000,000 4,000,000 4,500,000 4,500,000 2,250,000 2,400,000 2,000,000 3,000,000 John A. Becker, President Robert C. Pruyn, President Ledyard Cogswell, Chairman David H. Lanman, Vice Pres. William S. Irish, President Harry M. De Mott, President G. Foster Smith, President Edward A. Duerr, President George F. Rand, President Harry E. Ward, President Orie R. Kelly, Vice Pres. Sam Samuels, Vice Pres. Edward C. Delafield, President Raymond E. Jones, 1st Vice Pres. Edwin G. Merrill, President Ralph Henderson, Cashier B. W. Jones, Vice Pres. James R. Postal, Cashier Theodore G. Smith, Vice Pres. Alfred C. Andrews, Vice Pres. Samuel McRoberts, Chairman Frank K. Houston, Vice Pres. Walter E. Frew, President William J. Eck, Secretary Samuel Sloan, Vice Pres. James G. Blaine, President Theodore Hetzler, President Everett B. Sweezy, Vice Pres. Horace F. Poor, President Robert F. C. Benkiser, Cashier James L. O'Neill, Vice Pres. William Woodward, President Nathan S. Jonas, President O. W. Birckhead, President Thomas W. Bowers, Vice Pres. Charles E. Mitchell, President John H. Fulton, President H. D. Gibson, President Chellis A. Austin, President John H. Brennen, President Henry L. Servoss, Vice Pres. Williamson Pell, Vice Pres. R. J. White, Cashier Elmer T. Eshelman, President C. A. Chase, President C. H. Sanford, President William C. Feathers, President W. I. Taber, President B. M. Crouse, Acting President MR. GATES W. MCGARRAH, Chairman, Board of Directors, Federal Reserve Bank of New York New York, N. Y. 1928 DESIGNATION of OFFICER AUTHORIZED to CAST VOTE of MEMBER BANK District No. 2 FEDERAL RESERVE BANK OF NEW YORK At a meeting of the Board of Directors of the _ _...- — riH T ncitinn Group No. i « n( CERTIFICATE OF NOMINATION FOR C U S S "B" DIRECTOR, 1928 District No. 2 FEDERAL RESERVE BANK OF NEW YORK Croup No. 1 At a meeting of the Board ot Directors of the (Name of Bank) .Of (City or Town and State) CERTIFICATE OF NOMINATION FOR CLASS "A" DIRECTOR, 1928 District No. 2 FEDERAL RESERVE BANK OF NEW YORK At a meeting of the Board ot Directors of the - — Group No. 1 — (Name of Bank) Of „ (City or Town and State) duly called and held on the day of 1928, 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 Gates W. McGarrah, 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 Federal Reserve Act." I hereby certify that the foregoing is a true and correct copy of a resolution oi 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. (ATTACH SEAL HERE) To GATES W. MCGARRAH, Chairman of the Board, Federal Reserve Bank of New York. _ , Cashitr
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