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THE WHITE HOUSE
WASHINGTON

April 2, 1940
CONFIDENTIAL
MEMORANDUM FOR
HONORABLE MARRINER ECCLES

Here is an unsigned memorandum
from New York but I think it has enough
merit for you to read, learn, mark and
Inwardly digest!

F. D. R.
Enclosure




From the report that George Harrison,
president of the New York Federal Reserve Bank,
will be elevated to the presidency of the New
York Life, it is apparent that the ^orner* will
tighten its grip on one of the *Big Five* life
insurance companies, while maintaining its influence at the bank through the replacement of
Harrison with another safe Morgan man. Sproul,
who is mentioned as Harrison's successor, is
known as one who has been carefully trained in
the Morgan tradition.
Is there not a single man in the State
of New York qualified to fill the Federal Beserve post who is sympathetic to the political
ideals which you support? The Governors of the
Federal Reserve Board who must pass on this appointment should certainly think twice before
acquiescing in the selection of another Morgan
stooge.