New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-23
CHARGE new YORK
BANKS DOMINATE
Lively Session of Smaller
Bankers Over Election
of Chairman.
r. H. FIREMAN. ELECTED,
BUT DECLINES TO SERVE
Groups 2 and 8, Second Reserve
District, Choose Committees to
Name Reserve Candidates.

Name Reserve Candidates.
Charges that some Of the big Now York
City banks were using their influence TO
dominate the committees which are to
name the candidates to be elected as d.
rectors Of Glasses A and Il OF the Federal
Reserve Bank Of New York were made
yesterday afternoon at tho meeting in the
board room OF the Clearing House Of rep
resentatives OF Group OF the second
reserve district.
This meeting, which followed a session
in the morning OF the banks In Group 2,
was called for the purpose Of naming a
committee TO choose the candidates who
are to be voted upon later as directors OF
the New York Reserve Bank.
Albert II. Wiggin, president Of the
Chase National Bank and chairman OF
the Clearing House committee, called the
afternoon session to order. Upon the
election, by a vote of II to 10. Of Robert
II. fireman, president OF the New York
State Bankers Association. as chairman
OF the meeting. discussion Immediately
arose as TO his eligibility, as he was not
member of Group 2. When Mr.. fireman
explained that he had consented to serve
at the suggestion OF Mr. Wiggin the bank
ers questioned the right Of the New York
banker to tell them who should conduct
their meeting. Those most outspoken
against the choice OF Mr.. fireman as
chairman were Charles w. Williamson.
1r., cashier OF the Peoples National Bank.
Salem. n. Y. and b. G. Higley. president
Of tho Hudson Falls National Bank.
81 want this meeting conducted on the
square," shouted Mr.. Williamson. when
1 return home want to tell my directors
that the bankers Of Group conducted
their own meetings in their own way ana
7 don't believe a majority Of four Is large
enough to qualify Mr.. fireman to act as
chairman. We don't take chances In the
banking world, 80 why here?"
Mr.. fireman declared It was not his
wish to become chairman Of the meeting
unless a majority OF the bankers present
wanted II. w. J. Henry. secretary or the
New York State Bankers Association,
called for second vote on the chair-
manship, and Mr.. fireman was elected by
a vote of 20 TO ~. Owing to the opposi-
ton of some Of the bankers. however, he
declined to serve. and George Il. Merrill
a member of Group 3 and cashier OF the
First National Bank, East Aurora, was
elected.
NJ. c. Elliott, secretary OF the reserve
bank organization committee, who at
tended both the forenoon and afternoon
meetings, told the bankers OF Group
that the selection of a chairman had no
legal bearing on the choice OF directors.
lie also explained why 1t was necessary
for the banks to vote for directors OF
Glasses and b by the group system.
He said that Section OF the federal re-
serve act provided for first and second
choices by the banks. and that the banks
of each group must follow the procedure
explained in the organization committees
circular of May 6, which said that each
group will elect one Glass A and one
Glass i director. The directors VIII
therefore vote only on the nominees OF
their own group and not on all the noni-
nees OF their district The committee
chosen by the bankers OF Group to rep
resent them in the selection Of candidates
for directors of Glasses A and Il OF the
New York Federal Reserve Bank were:
Il. T.. Smythe, cashier of tho Gramatan
National Bank, Bronxville, chairman;
Howard Il. Ward, president of the Leroy
National Bank: Luther Gordon. president
Of the First National Bank, Brockport;
William w. Clark, president of the First
National Bank. Wayland; Il. Alley. presi-
dent Of the First National Bank, Cor.-
land; Delmer Runlle. president OF the
Peoples National Bank, Hoosick Falls;
w. j. Hamilton, president of the First
National Bank, Corona, and II. G. Nor
gan, president of the First National Bank,
Cuba, y. Y. Each member Of this COM
mittee represents ono Of the eight dis
tricts of the New York State Bankers
Association.
The committee elected by Group 8 from
the eight groups of the State Bankers
Association consisted Of George +. Mer-
rill, chairman; NJ. S. Sanford, president of
the First National Bank, Ovid; William
Lefiingwel president of the Glen Ma
tional Bank. Watkins; II. w. Dunlap,
cashier of the First National Bank, Hol-
land Patent; ID. ID. Woodland, president of
the Granville National Bank; Leslie
Palmer. president of the First National
Bank, Croton-on- Hudson; Elmer q. Story,
cashier of the Bayside National Bank, and
A. b. Potterton, president Of the Totem
vile National Bank. Mr.. Sanford. Mr..
Leffingwell and Mr.. Potterton were ap-
pointed by Mr.. Merrill owing to the OBJ
sence Of representatives from Groups 2,
and Of the State Bankers Association.
These two committees, with the COM
mittee from Group 1 Of the I'd Reserve
District elected last Tuesday, will hold a
joint meeting on May &c at the Clearing
House to discuss tho candidates eligible
Tor membership to the board of the Fed