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Finance Corporation. During the period of these transactions and up 

until quite a recent date the managing director of the War Finance 

Corporation, Eugene Meyer, Jr., in his private capacity maintained an 

office at No. 14 Wall Street, New York City, and through the War 

Finance Corporation sold about $70 millions in bonds to the 

Government, and also bought through the War Finance Corporation 

about $10 millions in bonds, and approved the bills for most, if not all, 

of these bonds in his official capacity as managing director of the War 

Finance Corporation. When these transactions, just referred to, were 

disclosed to the committee in open hearing, the managing director

95

 

96 

CHART II 

This chart shows the interlocking banking directorates which were 

revealed by the backgrounds of the officials selected to be the 

original members of the Federal Advisory Council in 1914. The principals 

were the same bankers who had been present or represented at the 

Jekyll Island Conference in 1910, and during the campaign to have 

the Federal Reserve Act enacted into law by Congress in 1913. These 

officials represented the largest stock holdings in the New York banks 

which bought the controlling stock in the Federal Reserve Bank of New 

York, and also were the principal correspondent banks of the banks in 

other Federal Reserve districts who, in turn, selected their officials to 

represent them on the Federal Advisory Council.