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AT&T CHAIRMAN IS ELECTED A DIRECTOR OF THE NEW YORK FED

 AT&T CHAIRMAN IS ELECTED A DIRECTOR OF THE NEW YORK FED
 NEW YORK, April 15 /PRNewswire/ -- Robert E. Allen, chairman and


chief executive officer of American Telephone and Telegraph Co., was elected a director of the Federal Reserve Bank of New York today.
 Allen was chosen as a Class B director by the largest member banks in the Second Federal Reserve District, those with capital and surplus over $400 million, and will serve until Dec. 31, 1994. He succeeds Richard L. Gelb, chairman and chief executive of Bristol-Myers Squibb Co., whose term ended Dec. 31, 1991. Gelb served on the New York Fed's board of directors for two three-year terms.
 Three Class A and three Class B directors of the New York Fed are elected by the District's member banks. Class A directors are drawn specifically from the banking community, while Class B directors represent the general public. Each year a different group of member banks, based on size, elects a Class A and a Class B director. Three Class C directors are appointed by the Board of Governors of the Federal Reserve System.
 Allen was named chairman and chief executive officer of AT&T in April 1988.
 He began his career at Indiana Bell Telephone Co. in 1957, after receiving a bachelor of arts degree from Wabash College, Crawfordsville, Ind. He later attended the Harvard Business School's Program for Management Development.
 After serving in executive positions at Bell of Pennsylvania, Illinois Bell, and the Chesapeake and Potomac Telephone Companies, he was named executive vice president and chief financial officer of AT&T in 1983. In 1985, he was appointed chairman and chief executive of AT&T Information Services, and the following year was appointed president and chief operating officer of AT&T.
 Allen is a director of Bristol-Myers Squibb Co., Pepsico and New American Schools Development Corp.; a member of the board of governors of the United Way of America; and a trustee of Wabash College. He is a member of the Conference Board, the Business Roundtable, the Business Council and the U.S.-Japan Business Council.
 -0- 4/15/92
 /CONTACT: Bart Sotnick of the New York Fed, 212-720-6143/
 (T) CO: Federal Reserve Bank of New York; AT&T ST: New York, New Jersey IN: FIN TLS SU: PER


GK -- NY104 -- 8843 04/15/92 15:31 EDT
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Date:Apr 15, 1992
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