New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-06
STRONG TO HEAD
RESERVE BANK
Bankers Trust President
To Be Governor of New
York Institution.
DIRECTORS TO MEET
TO PERFECT PLANS
New Chief Resigns from Many
CompanieS--Family Ties
Are Severed.

The actual operation OF the Federal
Reserve Bank of New York was
brought step nearer yesterday by
the election of Benjamin Strong, jr.,
president of the Bankers Trust Com
pany, as governor. or chief executive
officer, of the institution which is to
be located in this city. There are nine
directors Of this bank. consisting OF
Glasses \, Il and c, and all were pres
cut at yesterdays organization meet
ing. with the exception of William
Woodward. president of the Hanover
National Bank, who is out of the city
In announcing the selection OF Mr.
Strong. Pierre Jay. chairman 6! the
board for this district. said the di-
rectors will Immediately begin the pre-
liminary work incident to putting the
New York bank in operation. No date
has been fixed for the next meeting
but il will be decided then which di-
rectors shall serve for the allotted
periods of one. two and three years.
Mr.. Jay said no decision had yet
been reached concerning the location
of the New York Reserve Bank. On
the election of Mr.. Strong ne issued
this statement:
"The governor will be the chief eN-
ecutive officer Of the bank. and the di-
rectorS feel that they have been cY-
tremely fortunate in securing for ms
poSition a man of Mr.. Strong's char
acter. ability anH experience, who IS
willing in the public interest and NJ
considerable personal sacrifice to IN
dertake the work"
Members Of the board of the New
York Reserve Bank who were present
al yesterdays meeting were r. II. IRE
man. of Ithaca; Franklin ID. Locke, OF
Buffalo: Henry K. Towne. of New York;
William b. Thompson. of fonkers;
Leslie r. Palmer. of Croton-on -Hud-
son: George +. Peabody. of Lake
George; Pierre Jay and Charlie
Starek. the last being deputy reserye
agent. Il is Che intention of Nr
Starek TO retain his position as ma
tional bank examiner for New York.
Mr.. Strong was born on December %
1872. at FiShkill-on Hudson. He re-
ccived 2 common school education. In
1891 be entered the Office of JeSup
Patton & Co.. as a clerk. This firm later
became John Patton 4 Co., and then
Cuyler. Morgan e. Co. The late Morris
X. Jesup was the chief figure in the
firm. Nine years later. at the age OF
twenty-eight. Mr.. Strong was elected
assistant secretary and later secretary
of the Atlantic Trust Company. When
this was merged with the Metropolitan
Trust Company in 1903 he was made
secretary of the latter company. IN
1904 he went TO the Bankers Trust
Company as secretary. He was elected
vice president of the company six years
later. On the retirement OF +. {. Con-
verse from the presidency MIR. Strong
was elected president on January l of
this wear.
Mr.. Strong will resign all his corrc-
ratior directorships. These include
trusteeship on the board of the Sea
mems Bank fer Savings. which means
the severing of Ole family ties. Nr.
Strong's great -erandfathe was the
first president and the second
president cf the institution. The
other financial institutions from which
Mr.. Strong will resign are the Astor
Trust Company and the Commercial
Trust Company of Philadelphia. The
remaining corporations from whose
boards he will resign are the Amer-
can Light and Traction Company. tho
Scaboard Air Line. the Rock Island
Companv. the Commonwealth Power.
Railway AID Light Company. the klec-
tric Bond and Share Company. the
Foundation Company, the international
Agricultural Corporation. the Inter
national Nickel Company. the lnterna.
tional Paper Company. the National
Snpnlv Company, the Mcintyre Iron
Company and the SeaDoard Railways,
Tnincorporated NJ. Strong will also