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January 7, 19£6.
DBJLHDUMl
To From
-
Mr. iiarvin Mclntyre, Assistant
Liecretar^. to tht President
Cliairiian £ccles
Attached la a l i s t of BMMa briefly identified, of a l l thoM in whOM linrhftlf l o i t e r s or other
co^iauuiici,"cLwnb have betjn Lcidre^^ec, cither directly
to this office or to oxhers who tare forwarded Uiem
here, Xhil i s the l i s t which I uiideri Uoid from our
telephone c a v e r nation you wished rae to send over
for the information of the Prei
Attaohsent
Januery 9, 1956,
The following have been recommended in letters and coaaunications for appointment to the Board of Governors of the Federal Reserve System:
Same
1* W.S.Alexander
£. N.D.Alling
5* C.L.Aylward
4. J*A*Roderick
Age Residence
40
54
52
60
3. Frank W. Foote
60
Pres,,Puritan Bank
& Trust Company
Red Bank, N.J.
Retired banker
V.P*,Columbia Hat.Bk.
Kansas City, Mo.
New York City
Former H*T*St*Supt.
of Banking
New Xork City
Writer, bank clerk
Eden, New York
N.Y. State Senator
Pres., small bank
Aida, Ohio
California
Governor, Home Loaa
Bank Board
Hattiesburg, Miss. Pres*,First 8at*Btnk
10* Wm*T.Foster
56 Sewton, Mass.
11*
IE*
15*
14*
58
51
44
44
15* John K. McKee
44
16* R.W.Manuel
65
17. R.W.Morrison
54
18* Jos. Haughton
58
Former College Pres*,
economist, writer
lecturer
Maryland
Member of Congress
Dew Orleans
Business man
Dep*See*of Banking
Pennsylvania
H i n t , Michigan
Exec* Mgr*, Sat.Assn.
of Credit Men
SteubenviUe, Ohio Chief, Examining
Division, R*F. C*
Minneapolis
Pres.,Marquette Mat*
Bank
San Antonio
Business aan, ranch
owner
Pittsfield, Mass*
Comptroller, Pittsfield Third Kat*
Bank & Trust Co*
Student, economist
R©w Orleans
Pres.,First Mat.Bank
Birmingham
, Walter Parker
r.j* Gen* J.C.Persons
47
£1* Wm. H* Pouch
61 Sew York City
£2* Ronald Ransom
53 Atlanta
£5* M.C.Rorty
60 Maryland
£4* H.N.Randolph
£5. Arthur Wellborn
Disi*Aof Columbia
68 Ann!ston,
Ala*
Recommended tw
57 Meriden, Conn*
% L*R*Browa
.. N*ft'.Cheney
7* Ben R« Connor
8* Preston Delano
Rep*Goldsborough
C.C.Gaspard
W* C. Harris
H. H. Heimnnn
Occuixtion
Attorney General
W* G. Nash
T. J. Pendergast
Governor Lehmen of
Kew Iork|Parker Gilbert
Max Lowenthal
Prof* Reed of Cornell
Atty. Gen. of Kentucky
Jerome Frank
Senator Harrison and
many others
Henry I. Harrimen
Edw. A* 0 9 Seal
Self
Luther Harr
Secretary Roper}
Senator Glass
Wilson McCarthy
Dem* Mat* Committeeman
Jos* Wolf and others
Vice President Garner
Senator Walsh
A* C* Beoae
Senator Black} Mervyn
Sterne
Retired business man; John A* Hartford and
former Pres*,Nat*A8sn* score of others
of Credit Men
V.P.,Fulton Hat.Bank T.R.Preston,Pres*,
Hamilton Hat*Bank,
Chattanooga} Robt.V.
Fleming and Tom K, Smith
of A.B.A*
Retired business man Self•(letters to Sec,
Wallace & Marvin
Mclntyre.)
Rep.Carl Vinson & otijsr^
X D w V.JT* uvwllvi v*>>U
G•B.Abernathyu* vhrnm»
Dem* COJIw© •, wixeB
H&t* Bank*
County, Tenn.
'
Following are the most important names also considered, anong
other si
1. John H. Ti'illiaras. Professor of EoonoBioa at Harvard, and
economic adviser to the Federal Reserve Bank of N M
York; unwilling to accept because of inadequate
salary, lack of ptnslonsj considered in place of Foster.
2.
R. G. Eiaersori* formerly Assistant to Governor Fedei'al Reserve
Board, then De:mt} Governor Federal Reserve Bank of
Dallas, now Vice President, First Rational Bank, Boston;
also considered in place of Foster; unwilling to accept
because of inadsquata salary and lack of pensions*
5«
C. Parker Gilbertf former Undersecretary of Tiaauuryj A;;ent
uenera.1 of Reparations, now partner, J, ?, Morgan & Co.;
unable to accept booauss of int:.Qec:u£.x,e salary and lack
of pensions.
4.
Lev/is J3« Yv'illiaaB. former Cliairaan and FedertJ. Reserve Agent,
Fedez&l Heserve Bank of Cleveland; now Chairman, National
City Bank of Cleveland; appreciated lionor of f.:)pointiaent,
but because of illassi and other OOnsidorationSj unable
to accept*
5«
f>» S« Alexander. President. Puritan Bank ft Trust Co., Lioriden,
Conn.; recojamended by Attorney General CuaaingSJ do not
feel he hat qualifier.tions or experience to meajjure up to
Foster; uniformly commended by nuiaerous F^leriden axid other
citizens confidentially interviewed at direction of the
Attorney General; the only adverse comment bslng that of
Fred D. Willianis, Chief Batlonal Dank Examiner of Boston,
who Shid he did not regard Alexander as capable of being
a chief executive officer of a bank; believe he alight be
used, if possible, in a less important position than that
of Board moraber.
6«
Henry H. ffelmann. Executive Man&gari National Association of
Credit Men; very favorably impressed with Heiiaann personally and with his qualifications| think he vould aaks
excellent — b a r of the Boai%d; however, hie home is in
H1ntjMlnh1gan and his office is in Hew York; it is unfortunate that he is not froai soiae other district M he
could not be appointed, under till laT», froa the Chicago
or |«i York districts except in place of eit)ier SljBOSak
or Broderick,
7. William ^{. ?ouchf President, Concrete £teel Co«, ilew York,
former President, Ittioaal Association of Credit Htnj
ftgtj 61; 110% semi-retired; an intensive ftwiptifn hftf
been made to secure his appointment; feel he could only
be considered after Droderick and Htlinn froia llevt York
District.
3. Ralph \i. Manuel, President, M&rquefoe National Bank of
tfinntnpoilnj ha hftfl instituted much propaganda to >r;ecure hit appointment; htidi m i l ban.: with )oor record; (two affiliated bftnke had co be reorganized, v-ith
lo^E to depo::itors).
9»
Mfi.lcola G. Rortyf h&a persoiially written to Bmcr9%*xy Wallace ti.na. to Marvin Mclntyre that he would be available,
but know of no other c-upportj li ju^t past GO; hat. h M
extensive experience, but believe hifl to be §m% in
viev»?s, opinionated and DOtt'• OOOpWfttiVd| bftfl been outspoken critic of rauch of Utm Deal progrttB| now rc:tired
&n.d livint; on liii> farm in Mar viand; author of "Rorty
Plan" to have government subsidize industry.
10.
Johza C« ?erQOLiLf President, TtrtX National Bank, Blrainghaaj
A 1 G « ; quei-tion of personal filiAnolaX situation involving
indirect liability might M U M confir;;iation difficult and
embarrassing to him; otherwlM desirable.
11.
Fran*: Vi. Foot^ft President,, Fir;:t National Bani, Hattie?:.burg,
Mississippi; more preature by f^r hat been brought to
secure his appointment than for any otter person;
Stoatar Harricon hat been extreaelv aggrentive for iiin
for months; laniawri ble letters and telegrams liave been
received frufl Virlottl part:, of the country1 tiupporting
hiia; he i& nearly Gl and ueeuii, older; aside from objection on the ground of a^e, I tm coiifideatiaily advised
by leading bankers in the ^outh who have :ic-rvod with him
on directorates that ha is an incessant talker, conr a < " g -aoro tiae tiian til other board aomberc put together 5 he has had a oicce^fcful ci-.reer in his hone towi
as banker £Jid business .nan, tnd is of good character,
habits and well thought of, but doec not •—aurt u ; to
either Pert-oac or Ransom.
12.
Representatives Ltc&i-Tcll uid Goldc;borour!h« the Chairman
and ranking majority aaabarj respectively, of the
House Coaiiiittee on Baii;cinv; end Currency, are both
doairoui of baing appointed to the ::e* Board; however, both are ineligible under Article 1, section
6, clause £, of the Constitution which re<.dst
•lo Senator or Re present* tive shall, during
tba Tint for which he M M elected, be appointed
to any civil Office under the authority of the
United Btatatj which ahall have been creited,
or the Aaolliaanta whereof lhall have been
encrea&ed during auch time. . . . "
IS.
Preston Delano. Governor of Hosae Loan Bank Bo&rdj would
be an eminently desirable iaeraberj however, ho cones
from the lk;th Federal Reserve District, San Francisco,
which xc already represented, and vhilt he lias lived
in iaahington for the la;^t two and a half years ?;i:ice
he became general .iiana^'er of the H.O.L.C. the legal
question ni^ht ba raisea, especially by any raember of
the Sonata Coiaraittee on 25ankin^- and Currency who was
hostile, if he were to be appointed from T-'ashirurton
which ic in the 5th District.
14.
Nelson Vt. Cheneyf Nev/ York Stata tienator; also over 60j
highly ragardod i.:ad haa ^ood record af> s^nall banker
and in long political Ccxeer; would Ixeve to be &r>pointed from Hew York District and both Broderick and
Iteim&nn are preferable from standpoint of experience
raid general qualifications.
The two -ao^t serious obataoloa encountered in gotting qualified men
to serve are, firt-t, the inadoquata aalariaa and lack of pencionc for those
•Piling long terne, and second, the prohibition in the law against a return
to banking business for two jroara after leaving the Board unlaae a r.ienber
has served out liit full appointive term.
@FedFRASER