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Form No. 131
£* ! • •



Office Correspondence

Governor Eccles
Lauchlin Currie



D,te_ __Aaenrt „ , W5,
Present Statti^ of the
White-Collar Project*


Acting upon your suggestion, I have interviewed various bankers, with
none too encouraging results* Mr* Golt evidenced a good deal of interest
in the project and said that he thought results might be very well worthwhile from the bankers1 point of view* He thought, however, that the Hew
lork banks would be adverse to allowing any white-collar workers access to
their back ledgers* He suggested* however* that if I pointed out the value
of the study to individual bankers and then asked them to transcribe a limited number of accounts that I might get a pretty good response* He said
that he would be glad to put a good man on the job for me* Mr* Emerson concurred in Mr* Colt1 a views*
Today Dr* Goldenweiser and I had a conference with Mr* Hecht and Mr*
Fleming* They seemed to be much more cooperative and interested than the
Hew lork people* although they likewise felt that many bankers would be reluctant to use white-collar workers* Mr* Hecht, however* suggested that
a possible mode of operation would be to give the bankers a choice of having
workers supplied by us or of supplying the information themselves* He felt
we might find that in many cases the banks would not be adverse to taking
on former trusted employees* They took along a description of the project
and promised to get in touch with me after they had gone over it thoroughly*
Offhand* they saw no objection to the A*B*A* endorsing the project*
I also obtained an interview with the Controller of the Currency,
after having first discussed the project with Mr* Await* Mr* 0fConnor
expressed himself as interested* and said that he would be glad to cooperate
with us in the study* and in so far as the receivers were agreeable* permit
the transcription of the required information from the ledgers of the suspended national banks* He suggested that I work out the details later with
Mr* Await and Mr* Gough*
It would seem* therefore* that although the project may have to be
restricted in scope* there is still a chance of obtaining some information
on the behavior of deposits by classes* in the period from 1928 to the
middle of 1931* then you get back from your vacation I expect to have
ready for your consideration a revised plan of procedure*