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Credit Policy Commission
Hugh H. McGee, Chairman
16 Wall Street
New York 5, N. Y.
December 22, 1943.

Hon. Marriner S. Eccles, Chairman,
Board of Governors,
Federal Reserve System,
Washington, D. C.
Dear Marriner:When you called me on the telephone at my home the other day
you told me that Messrs. Baruch and Hancock had told you that they would
like to have a fairly small group of bank officials go down to Washington
and go over with them their thinking on the matter of financing of war
contract termination in its various phases.
You then asked me if I would suggest the names of various
individuals, which I told you that I would be glad to undertake to do.
To this matter I have given a considerable amount of thought,
and my suggestions are contained herein.
As to the New York City suggestions, you will recall that you
told me that Mr. Hancock had himself suggested A* C. Nagle, Vice President
of the First National Bank here in New York, and you told me that I should
go, and hence my name is included.
My suggestions are as follows:
Boston -

Charles E. Spencer, Jr., President,
First National Bank,

New York City -

A. C* Nagle, Vice President,
First National Bank
Hugh H. McGee, Vice President,
Bankers Trust Company

Winston-Salem, N C - Robert M. Hanes, President,
Wachovia Bank and Trust Company
Cleveland -

Sidney B. Congdon, President,
National City Bank

Hon. Marriner S. Eccles
Detroit -


December 22, 1943.

Walter S. McLucas, Chairman of the Board,
National Bank of Detroit
Edward E. Brown, President,
First National Bank

Chicago Saint Louis -

W. L. Hemingway, President,
Mercantile^ oimnerce Bank and Trust Company

Dallas -

Fred F. Florence, President,
Republic National Bank

Los Angeles -

George M. Wallace, President,
Security-First National Bank
Chester A. Rude, Vice President,
Security-First National Bank

The above suggestions were made in an effort to have represented an informed banking knowledge of those portions of the country
most highly industrial in their character*
I checked these with the figures of the National Industrial
Conference Board at page 262 in their report dated September 1943, and
they show the following percentages of war contract awards:
New England (Boston)


Middle Atlantic (New York)


East North Central (Cleveland, Chicago,


South Atlantic (Winston-Salem)


West South Central (Dallas)


Pacific (Los Angeles)
My own suggestions, which are all those except New York City,
are all men who are the heads of their respective banks, well and favorably known to the banking business, influential in the communities and
areas served by their banks, and whose banks have taken an active part
in financing war production.
In addition, I would suggest that, together with such of the
above names as may be decided upon, you include Dr. Harold Stonier,
Executive Director of the American Bankers Association, who is a very
well-informed and able citizen and through the American Bankers Association he is in a position to promptly bring to bear the support of
the great majority of banks, some fourteen thousand of which are members
of the American Bankers Association. This suggestion about Dr. Stonier
is made without his knowledge.
Sincerely yours,


/S/ Hugh H. McGee
Credit Policy Commission