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Philadelphia. The other members of the Federal Advisory Council 

included Daniel S. Wing, president of the First National Bank of Boston, 

W.S. Rowe, president of the First National Bank of Cincinnati, and C.T. 

Jaffray, president of the First National Bank of Minneapolis. These were 

all correspondent banks of the New York "big five" banks who 

controlled the money market in the United States.

Jaffray had an even closer connection with the Baker-Morgan 

interests. In 1908, to reinvest the large annual dividends from their First 

National Bank of New York stock, Baker and Morgan set up a holding 

company, First Security Corporation, which bought 500 shares of the 

First National Bank of Minneapolis. Thus Jaffray was little more than a 

wage-earning employee of Baker and Morgan, although he had been 

"selected" by stockholders of the Federal Reserve Bank of Minneapolis 

to represent their interests. First Security Corporation also owned 50,000 

shares of Chase National Bank, 5400 shares of National Bank of 

Commerce, 2500 shares of Bankers Trust, 928 shares of Liberty National 

Bank, the bank of which Henry P. Davison had been president when he 

was tapped to join the J.P. Morgan firm, and shares of New York Trust, 

Atlantic Trust and Brooklyn Trust. First Security concentrated on bank 

stocks which rapidly appreciated in value, and paid handsome annual 

dividends. In 1927, it earned five million dollars, but paid the 

shareholders eight million, taking the rest from its surplus.

Another member of the initial Federal Advisory Council was E.F. 

Swinney, president of the First National  Bank  of  Kansas  City.  He  was 

also a director of Southern Railway, and lists himself in Who’s Who as 

"independent in politics".