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** The J.P. Morgan connection has remained predominant on the 

Federal Advisory Council. For the past several years, the prestigious 

Federal Reserve District No. 2, the New York District, has been 

represented on the Federal Advisory Council by Lewis Preston. Preston 

is Chairman of J.P. Morgan Company and also Chairman and Chief 

Executive Officer of Morgan Guaranty Trust, New York. An heir to the 

Baldwin fortune (a company controlled by Morgan), Preston married 

the heiress to the Pulitzer newspaper fortune. On February 26, 1929, The 

New York Times noted that a merger had been effected between 

National Bank of Commerce and Guaranty Trust, making them the 

largest bank in the United States, with a capital of two billion dollars. 

The merger was negotiated by Myron C. Taylor, president of U.S. Steel, 

a Morgan firm. The banks occupied adjoining buildings on Wall Street, 

and, as The New York Times noted, "The Guaranty Trust Company long 

has been known as one of ‘the Morgan group’ of banks." The National 

Bank of Commerce has also been identified with Morgan interests.

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