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J^ffice Correspondence
Governor E c d e s
From__

FEDERAL RESERVE
BOARD

Date_

July 12, 1935

Subject:.

Lauchlin Currie

Attached is a batch of letters for your signature. Two are
addressed to the Chairmen of the Federal Reserve Banks of Chicago
and Cleveland, and the other four to presidents of nonmeraber banks.
They are all in connection with preliminary work on a projected
"white collar" study on the ownership of deposits, and have been
read and approved by Mr. Goldenweiser.
I am sorry to have to bother you with these things at this
time, but we felt that personal letters from you would be the best
way of ensuring cooperation.




July lk§ 1955.

Mr, W. H, Fletclv | ,
Acting Federal lesc-rvc Agent,
Federal Reser
|. of Cleveland,
»l&nd, Ohio*
Dear Vr. Fletch rj
The eaoloeed letter is, I think, ^clf-c plsn&tory. X should
be very grateful if you veuLd have ribbon copies stede antl *ddre»«
the«f under your signature, to the following!
Kr. R. B. TullO86, Pr oident,
Fir^t Satioasl Ben-: an
Compaay,
•pringfield, Ohio.
Mr. H. E. Frfceaan, I
L&gonda N- tioaal Bank,
Springfield, Ohio.

it,

Mr. J. M. B^eler, PrFirst latioiial Bcnk snc. Tri.t
Hanilton, Ohio.
Mr. C. . » Gete&rt, Presidentf
!•
Sec
tion&l &enk.t
Haailtoa, Ohio*
I should also be grateful if you would send replies or copies
of replies to ae &s soon as you receive thea.
Sincerely yo. ,

Marriner S. £cdes
Governor

LCjem



•in

-..

'

ixxg
mplojfmat for *

iit-

•

collar*

•

on

iat afl
li*f roll • Oa*
of
:i .

..

I year.*
I t 1 ffslt thft/. tbt a tut : / sdU;ht y i 1
. igalfie&at for the later?: ~
Loa of oariilt x>li
Io-

been ten

Cov-rar Ecci
co«anttio*t
:o* ecc«f« to t
i n ai.: 9 vtastht i you think
:hct be;
5t-l«ct

.

;lta
or< f

ated & as *
»

eaa •.-

th

•
who v<

,'*»»

O6t«orthy

to your deposit 1
aw.y b?i.r# b»en fore* •

I

or

« >loy
no* r
to you

-m -loya

b »n obvious
®
to *•

i i e of • highly

&ct •;', i t

dkwri««'. s t a t l

A i - j w r that the oaiy p<«r.

o Id •

I

'

. I
iar<* &f».i'i*t leakiv •
I t v,
K n<?«#e?swary to telnet c
lcno..n to
trust
irt4U
Gov roor Ecd«fr «l«h a as
co—nfa
a*f/!\. o
I p t0 >lo3T»«» • r o <
hy
co«p©t'-n a abera o
^»wnm1 y «^ i n un
M M i l M a- n o »:o ••cu'i;s
n -y:;v ' i t.i.<w which Li i I I v-d
a Import* n .




Xc

7

July 12, IMH.
Mr. Van Vechtsn Shaffer,
Guaranty Bank and Trust Coapany,
Cedar R&pida, Io®a»
Dear S i n
The Federal Reserve Board h&s b«en invited to submit ajjllcationa
for pro;
mder the %orks r l i
v the purpose of prosecuting studies of a deeir&blfc char&cter while at the same iiae affording
loyaent for "white collar* worker
relief rolls. One
pro
ill L* being investigated in a saaple stiw1/ af
the distribution of ownership
n tcl chaoses la such ownerff
ship in the critical years 1928-52. There is at present ao information
on t
:bj*et nd it i felt th
iai,_ht yield resultc
••iifleant for the interpretation of business conditions and, therefore,
for the foroulftion of credit
lour bank has been tentetively selected ex one which it •ould be
desireblr: to iacl.ue in U M saaple study* Since the investigstion would
require access to the deposit 1
»i the selected beaks, I wish to
inquirt- whether you think it would be feasible for you to cooperat .
The Board 1
na.1 before it can a&ke any coaatita nts in initi&tiag
iject it auct first secure sosie aBsuranccs of cooperation froa
L ,-cted bfinks. Th
i ic request woxild probably aaouat to something like d M k oi- co i r : pace for two clerks who wo^ld have access
t
to your deposit ledgers &nc credit files. Th
at has occurred to
•8 that you m&y have been forced to lay off capable *nd trustworthy
clerks or bookkeepers whom yo
lad to see usef lly otyloye•.-.
Any such fonaer emjloyoet o^ your b&n ;
r bookkeeptri or ©ccountanta in your coiaauiiity aow
relief or til
In ri.eeive
oa.oloyaGnt froa the Federal worka progrtoa, whose discretion and integrity
is known to yo-i
> &n o1 vi
e
i>.nd ha. ;py choice for all cone
Since the itt.rivl to be stu
:\ly co| ial characti-r, it la plann - : of court, to deidse statistical
,,
.es which
sill preserve this confidence. It is p
e schedules in cuch
a aannt-r tie ; the on
I
that wo .Id see the n&mes I
b nks*
urith the cch dules of dollar aaounts would be the original
iseribing I
• In order to safeguard &g&inst leaks at this point
it wo /Id be necaseary to select ca.^able clerks that aould bv kno^n to
aad trust*d by the b&ok or banks entered*




L project to your attention as a ac^ae of aiding
a
bers of

Mr« ¥&n Techtea Shaffer
-2-

your co launity now in unfortunate circumstances, as well as a
meant of frosecuting an iovc^tig&tion which it is believed M
be 01 vfilue and iaporttace?
I very truly,

•arriner S. Eccl- L
Qovrnor

LCjem



IL

July I t , USI«
Hr. I, It* Sterens,
Chairmen, Federal Reserve Bank of Chicago*
Chicago, Illinois,
P*ar Mr. Sterenst
The enclosed l e t t e r i s , I think, self-explsn^tory, I should
fca Ter. grateful if you wo :lu have rit-bon co.>i I au,o-.-. id address
thea, racier your signature, to %he following!
F, B. Bsrnerd, P I a t ,
Mt-rchtatE Bation^l B&nkf
Miancie, Indiana.
F. B. Bose,
Her.
Trust and
liuncie, Indiana.

Co,,

?.. Coquillette,
Bercheats Metions1 B
Cedar Bapids, Iowa.
Williaa Barnes, J r . ,
Citizcni. fcUonal Beak,
.r, I l l i n o i s ,
0. B. Gorin, fg
tf
Millikin I s t i o m l Bs.nk#
Decatur, I l l i n o i s .
H. R. Gregory, President,
The Matioaal Bsnk of DeC£.turt
Decatur, Illinois*
I should also be grateful if you would send replies or copies
of replies to ae as aooa as you receive them.

 LC:em


Sine r ly yourst

Harriner 6. Eccles

Th F dev \
Bourd has been invited to submit
for pro. .
Ml
o I for th< pur.?
a
utlag studies oi
t the
iat affording
employment for "unit collsr* s-orkt
on. th relief roll,?, Otte
proj ct
i ili
1
. ted is a sample stucy of
a
the distribution of own.r^hip a
• th ch m s la ^ueh ••• Lf in the cri' .
t*t 19*~8-S2» Th
.."orar-tioa
oa t
;bj«ct mm it i. felt that .
M ^ sight yi 1
dts
.igBific&at for the iattrprct. tic
,
or ,
forwilation of crtdit polid .
lour bfcnle has been teni u one which i+
be
desirable to tl
sompl
,
?e been s.sked by
GoTeraor B e d
to cosaraBicate with you.
Id
'.JC6B8 tu t
,J:ril 1.
, I i;h to
li e whether you thizsi it
&sible for you to coopersi .
tfeftt before it caa aske tay cooaitaifcar. in initiating
thi
it B U S T
sooc assureaces of coo,) ratios froa
th selected 'basks. Thi r c i
-obsbly aw mill to nosiethiag like desk or count r pi-ce for t«o clerk; who we
access
to your deposit 1
. I t hr
'a*t
you ««y hs.ve been forced to l&y off capable and truetwon
or
bookkeepers *hoa you is;
.ud to &
s
. d« Any ^ach
forner f*ploy*:es o.' yoiir bsak, or oth.r bookkv t
ia
conataity nov^ r:-ceivi?i
It i i to rt-c i¥e ea>loym^ nt
froa th; Federal works
e discretion and iai
known
to you
a obrious am
iee for all c
, ^d*
Since the mt.t rial to
is of a highly
», it la plf.na , oi c c r s t , to derist st&ti,
«hich
v
ice. It i pto code schedules in such
n r that toe only a I
:I
|
if tht
I f
oules of doll.r f.aouati wo
;al
-cribin^- cl.Tfe, In order to safeguard against 1
t thic point
it m
ce&sary to eel ct capable clerks that «oulc be known to
snd trusted by the bank or
d.
Governor Eccles wishes «e to recoaaeac
to /our ettenl as a seams of aiding ct>?
f nploy e. or oth • r trutworthy
•
coapeten a--*b«rs of your c o m w m i t y nov. la um'ortunt ti circuit:
,
as vail a s a »•«&£ oi pro • cuting am. inv
d c h it i beliered
:.n. import.-nce#




loar

very truly #

July 12, 13 5,

Mr. Prank C. Belch, President,
P^ople,s Savings Bank,
C
tic
, Iowa.
Dear Sirs
The Federal Reserve Board has been invitrd to -.ubmit ap
cation for p ojrctt under the works relief program for
purpoiK or pmnmtliig rtmdlea of a deelrablCe cflfcrf.ctrr while
:ie same time affording employment for •whitJkjoller* wor
now on the relief roll;. One project whotc f<
ity is
inve ti^fitvd is a s&mpl
y of th
-ibutioii of oo
n th cbxn 8 in such ownership in the critical
ir If ljiH« T
:;t no infora ;io:i on this tubJ-.ct and it
tuoy mi^ht yield results signifies nt for the interprets-ioo of business* c:.editions anci, \
for
;mL "Az:•; o credit policies*
lour bank has been tentv tivtly selected as one which it
.o..'Id be desirable to Ittftlada ia tae sample istudy. Since the
investigation would require access to the deposit 1
of
the selected banks, I wish to in ,ui e whether you think it o Id
be feasible for you to coop :< te. The Board i
*r
ytt before
it can make any coiaaitatni „ in initiating thie project it HI
first i ecure some eesursnees of cooperation from the selected
banks* The ; > cific renuest m
obably amount to something
like desk or counter space for two clerks who wo^ld hrve access
to your epo it ledgers bnc credi* . . The thought has occtxrrsd
to ae that you may have been forced to l*j off
trustworthy c
or bookkeepers whosi you wo da be glaa to see Ubefully employed. Any ^uch former employees oi your b&nk, or ot
bookkeeper;? or accountants in yoar coramaaity now receiving relief
or liribl o r^coive eaploym n :ro ; th« F^d^ral works program,
whose discretion and integrity i. known to you
bt an obvious
and happy choice for all G
the raa t ri^l to be stuaied is of a highly confidential
character, it i plann , •
~ , to dev
^tistic^l
schedules whici; will preserve this co-ifidence. It ii motmlbla
to code schedules in such a m
,ha.t the only persons th
wo 2Id §mm tki n&mes of the banks1
era with the schedule*
•f dollar amounts Nttld be th; oiiinal transcribing cl rk;i# In
order to safeguard agninst leaks at this point It would be ntcei-S>ted



Ir. Franfc C. lelch
-.-

Jfc.y I recommend thi. project to yo ir attention as a Means
of aiding capable former employees or oth; r trustworthy aad
coapetent **:ab*rs of your co^iuaity now in wfortunate circi
stances, ae well as a m
cuting an isreaiig
which it i believed wouic be of Y&l
importance?
V*rj truly,

•arriner S. Eccle«
C 3 raor
kv

LC:ei




July

1935.

Mr. Henry A* Rentachl r, President,
Citiz- as Savings Bank and Trust Cosp&ny#
Hamilton, Ohio.
Bear Sirt
The Federal Reserve Board has been invited to subait applications for projects under the works relief prograa for the
purpose of prosecuting
I of a de;
character while
at the n a e time afi
employment for "white collar* workers
now on th relief rolls. One project whoce feasibility is being
investigated it- a s&apl-of th? distribution of avjsarship
of deposits ant, the changes in such own -r«hip in the critical
y - •:. 19tfxtti Til • i. ;:i priiw»Jft 10 i:rorv 1 Ic: on tall •Ob•
ject &n
felt that th
yield resuite sigaificent for the interpreta ion of business conditions and, therefore,
for the foranlfctiou of credit policies*
lour bank has been tentative!
eted as one itoieh it
would be desirable to include la the saapl
fm Since t*ie
investigation would require access to the deposit ledger* of
the selected banks, I wish to in uire whether you think it wo Id
be feasible for you to cooperate. The Board feels that before
it can sake sny coaaita nJ in initiating this project it aust
first secure sotte assurence8 of cooperation fros the selectei
banks* Th;, p edLfio request woald probably aaotmt to soaething
like desk or count r opece for two cl*rkH who iFOuld h&ve access
to your deposit ledgers and credit fU«a.
oght has occu
to ae that you asy have been forced to lay off capable and trustworthy c
or bookkeepers whoa you would be glad to see use*
full taployed. Any such former eaploytes of your btnk, or othtr
bookkeepers or accountants in your coraaunity now reaeiving relief
or eligible to receive eaploynent froa the Federal works pi^ogrta,
whose discretion and integrity i knona to you would be an obvious
and happy choice for all cone rned»
Since the arterial to be
character, it i pinnn u f oschedules which will preserve
to cooe schedules la such a a




IL

studied ie of a highly confidential
a rse, to devise statistical
this confidence. It i; p isible
nn.-r that the only persons that

Hr. Henry A. Seatschl r

would see the aaaes of the banks9 OTnt—M with ths schedules
of dollar a«cmnts WOMII! be the original transcribing el rk£. l a
order to safeguard agsinst leaks &t t h i s point i t *o -1 b nec%&
<
to select c&pable di-rks that would be kno.n to &ad t r u s t d
by the bank or banks
&*
•ay X recosBB€n<i this project to your atteatloa as a
of a!
capable for*«r ea^loyeeg or other trustworthy
eovyetent memberi, of ytrar co^aaaity aow in unfortunate c.t
i
jutiog an Lnv
t MM well as a aeaa
which i t in believed would be o: r&lm «nu iaporteneet
Ic

-y tr«Iy t

i a r r i n e r S. Sot
Governor

LCsem




July 1; , 13'5.
Mr. J. L. Prochaska, Pre-ioeat,
United State Bank,
Cedar Rapio; , Io- • .
Beer Sir*
.•

Th Federal Reserve Board has been invit d to eubeit aprpliLom* for proj cto under the works relief program for the
pur
ir ble- tarnrootor while
at the same time affording employment for "white collar* workers
now on the relief rolls. On
.
la being
d is a sample stucy of th. distribution of o».-nc.r.:;hip
o ItfMlti and Q H otoag«Ni in such o - hip in the critical
years 19£8-52. T:
^formation on t.iis subject anr it it felt that the i<tfcd.y night jlald results signififor the iat^rpretttion ol business conditions and, ther i ,
or the f orsul£': ion of credit pol
Yo<ir bank aac
one which it
would be desirable to incl ;de in th seaple i-tuoy. Since the
investigation
require access tc
B
ers of
the selected banks, I wish to inquire whether you thiak it would
be feasible for you to . Th Board feels thmt before
it can make any eosaMitmt nt - in initiating t
j e t it s
fir.
assurances of cooperation from the sel^c-:
banks. Th •p ci- i: request wo
3bably amount to something
like desk or counter imtM for two clerks who would nsve eccto your deposit ledgeW MMi CJ
.
to me that you may have baen t
bo lay off capable and tru worthy olerkj or bookkeepers whoa you would be glad to s e
fully emplo. . lay aeh fora^r eaployeos o; your bank, or ot;.
bookkeepers or MiMHtoBii in your cosiaunity now reeeiTi
_Ief
or eligible to receive employe
:o» the Federal works program*
whose discretion and integrity is k n o m to yon would be an obvious
and happy choice for all concerned.
Since the mfct-rial to be studied is of a highly confidential
character, it ifl planned, of co'jrse, to derib-: ^tatisticeil
schedules which will ^W'upoiio ^hi 00 iidence* It i: pc
to code schi dulcs in such a Jtenn^r that the only persons




ILE

Mr. J. Li. Prochaska,

would see the at-mes of the bank** customers with the
of dollar tmouats would t*
i i inal transcribing clrrke. In
;uard agi inst leaks ^t this point It woulc be n cess*
ary to t
ble clerks th&t would be kaovn to and trur'
by t
Ife;- I r I M H . c ii proj-ct to yourfttteatlonfesa «e&as
;
of *i
capable former employ c
orthy tad
competent aeabers of jaour comauaity now In uafortuatte circ\i»:cea, as well as a means o£ pm
-ig an
ion
which it %a believed we
taperta&ett
lo

Governor

LC:em