No. 2170

FOR RELEASE: FRIDAY, DECEMBER 19, 1997

SHIPLEY APPOINTED N.Y. FED DIRECTOR,
MCGRATH RE-ELECTED DIRECTOR

NEW YORK -- Walter V. Shipley, chairman and chief executive officer of The Chase Manhattan Bank, has been named a Class A director of the Federal Reserve Bank of New York's board of directors, it was announced today.

Eugene R. McGrath, chairman and chief executive officer of Consolidated Edison Company of New York, Inc., has been reappointed a Class B director of the New York Fed for a three-year term beginning January 1998. He has been serving as a Class B director since January 1995.

Mr. Shipley succeeds J. Carter Bacot, chairman and chief executive officer of The Bank of New York and its holding company, Bank of New York Company, Inc., as one of the three Class A directors for a three-year term beginning January 1998.

Three Class A and three Class B directors of the New York Fed are elected by depository institutions in the New York Fed's district that are members of the Federal Reserve System. Class A directors are drawn exclusively from the banking community, while Class B directors represent commerce, industry, agriculture, labor and consumers. The Board of Governors names the three Class C directors and annually designates the chairman and deputy chairman.

Mr. Shipley, 62, joined Chemical Bank in 1956. He became president of Chemical in 1982 and chairman in 1983. After the bank merged with Manufacturers Hanover Trust Company, Mr. Shipley became president of the merged bank in 1992 and its chairman and chief executive officer in 1994. He has served as chairman and chief executive officer of The Chase Manhattan Bank since the merger with Chemical in April 1996.

Mr. Shipley is a director of Champion International Corporation and Bell Atlantic Corporation. He is active in the civic community, serving as president and a director of Goodwill Industries of Greater New York, Inc., on the Board of Trustees of the American Museum of Natural History, and the boards of Lincoln Center for the Performing Arts Inc., the New York City Partnership and Chamber of Commerce, United Way of Tri-State, and United Cerebral Palsy Research and Educational Foundation Inc.

In addition, is a member of The Bankers Roundtable, The Business Roundtable, The Business Council and the U.S.-Japan Business Council.

Mr. Shipley also has served as a member of the Federal Advisory Council for the past three years, and was named its president in 1997.

He attended Williams College and received a B.S. degree from New York University in 1961.