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FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 965, February 27, 1930T
. Reference to Circulars 953 and 954J

To all Banks and Trust Companies
in the Second Federal Reserve District:

W. MCGAERAH, Chairman of the Board of Directors
of the Federal Reserve Bank of New York and Federal Reserve
Agent, has resigned, effective at the close of business today, to
accept an appointment as an American Director of the Bank for
International Settlements.
GATES

The Federal Reserve Board has today designated J. HERBERT
CASE to fill the unexpired term of Mr. MCGARRAII as Chairman of
the Board and Federal Reserve Agent.


\


OWEN D. YOUNG,

Deputy Chairman.