NEW YORK - J. Carter Bacot, chairman and chief executive of Bank of New York Co., and Eugene R. McGrath, chairman and chief executive of Consolidated Edison Company of New York, have been elected directors of the Federal Reserve Bank of New York.

The two were chosen by the largest member banks in the Second Federal Reserve District, those with capital and surplus of more than $1 billion. Mr. Bacot's and Mr. McGrath's terms of three years will run through 1997. Both ran unopposed in the balloting, which closed Jan. 4.

Mr. Bacot succeeds Thomas G. Labrecque, chairman of Chase Manhattan Corp., as one of the three Class A directors of the New York Fed, which are drawn exclusively from the banking community.

Mr. McGrath succeeds Robert E. Allen, chairman of AT&T Corp., as one of the three Class B directors, which represents a broad array of public interests.

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