Milford chronicle., 1962-12-07
Election Of Federal
Reserve Bank Directors


Walter e. Hoadley, chairman,
board of directors, Federal Re-
serve Bank OF Philadelphia, an
nounces the election of Benjamin
f. Sawin and Ralph X. Gottshall
as directors of the Bank for three
year terms beginning next Jan. 1.
Mr.. Sawin, vice chairman of the
board and chairman of the execu-
tive committee, Provident Trades
mems Bank and Trust Company,
Philadelphia, Pa, will succ d
Frederic A. Potts, president of The
Philadelphia National Bank,
Philadelphia, Pa. He was elected
by, member banks in Electoral
Group / as a Glass A director.
Mr.. Gottshall, chairman al d
president, Atlas Chemical Indus
tries, Inc, Wilmington, Delaware,
will slscceed r. Russell Pippin,
treasuf er, E. /. du Pont de Ne
mours and Company, Wilmington,
Delaware. He was elected by menu
Der banks in Electoral Group 2 as
a Class B director.
Born in Chicago, Illinois, Mr..
Sawin received his academic .edu-
cation in California and Illinois,
entering upon a banking career in
1920 with the State Bank and
Trust Company, Evanston, Illinois.
Following an association of six
years with the Office of the Chief
National Bank Examiner in New
York City, Mr.. Sawin joined the
staff of the Union Trust Company,
Rochester, New York, where he
served as vice president
In 1887, he became vice presi-
dent of the National City Bank of
Cleveland. He was Financial Ad-
wiser to the Chief of Ordnance of
the Cleveland District for two
years.
Mr.. Sawin came to the t h n
Provident Trust Company in 1914
as a vice president, becoming its
president in 1852 and president of
the successor bank, Provi lent
Tradesmens Bank and Trust Com !
pany, in 1857. In September 1862, |
he was appointed vice chairman of
the board and chairman Of the ex-
ecutive committee.
Mr.. Sawin is a director of Com |
monwealth Land Title Ins. Co.,
Philadelphia Life Ins. Co, Stephen
f. Whitman and Son, Inc, Alan
Wood Steel Co., and the United /
Fund.
Mr.. Sawin resides in Rosemont,
Pa.
Born in Lansdale, Pa, Mr.. Colts
shall was graduated from Lafay-
cite College in 1927 with a B. S.
degree, majoring, in. chemistry. An
active alumnus of Lafayette and a
life trustee, he received in 1858 an
honorary degree Of Doctor of Sci
ence from the College.
Joining Atlas as chemist, Mr..
Gottshall has had wide experience
in the technical, production, sales
and execu tive areas of the activi-
ties of tn It company. He became
vice presi lent and director in
1851, exec utive vice president in
1852, president in 1853, and chair
man of the board and president in
1858.
Mr.. Gottshall is director Of The
Fidelity Mutual Life Ins. Co. Of
Philadelphia, the News-Journal Co.
of Wilmington, the Philadelphia,
Baltimore and Washington Rail-
road, the Memorial Hospital in
Wilmington, and vice president
and a director of the Delaware
Chamber of Commerce, Inc. He is
a member Of two honorary fra
ternities, Phi Beta Kappa and
Kappa Phi Kappa.
He resides in Wilmington, Del.
Directors OF Federal Reserve
Banks serve three-year terms and
participate in decisions affecting
regional and national credit con-
ditions. The Philadelphia bank
serves the Third Federal Reserve
District which comprises d e La
ware, southern New Jersey, and
the eastern two-thirds of Pennsyl-
vania.
Under the Federal Reserve Act.
a Federal Re serve Bank has nine
directors, three appointed by the
Board of Governors in Washington
and six elected by member banks
of the District. Member banks are
divided into three electoral groups
according to size of bank. During
a three-year period each group
elects two directors, one rep
resentative of banking and the
second engaged in business or
agriculture. The first is designated
a G.. ass A director and the second
a CLlss B director. Class c direc-
tors are appoirted by the Board
Of Governors in Washington.
During the past million years, at