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F. R .VO N W l N D E G G E R , P R E S I D E N T T h e P laza Ba n k o f S t . L o u is W . L. G R E G O R Y 1230 OLIVE STREET VICE-PRES. AND CASHIER Sa in t L o u is Personal January 22, 1937. Hon. Marriner S. Eccles, Chairman Board of Governors, Federal Reserve System Washington, D. C. Dear Mr. Eccles: It was with the greatest pleasure that I have just read in the American Banker of January nineteenth the steno graphic transcript of your talk before the New England Bank Management Council in Boston on November thirteenth. Being human, Gregory and I were greatly complimented by the fact that all of the statements made in your address coincided so perfectly with our thinking for the past four years. We wish this address could be reprinted in every trade journal in the country, as well as in the daily press. Your indictment of the bankers as obstructionists was thoroughly justified, and I blush for my fraternity. However, I was forcibly reminded, after the publication of the clipping which is enclosed, that bankers hold their positions at the suffranee of their boards of di rectors. While it has always been my contention that fearlessness is one of the first requisites of a good banker, it is easy for me to understand why bankers often yield to the mental attitude of their reactionary and un thinking boards. This is particularly true, since my re cent experience after the publication of this newspaper article made it necessary for me to buy out three di rectors owning 25$ of the stock of this bank. This letter is written for the sole purpose of thanking you for, and of pledging to you the continuance of our cooperation with your effort to place the monetarysystem of our country on a firm and really "sound1' Sincerely yours FRvWiD This article is protected by copyright and has been removed. The citation for the original is: St. Louis Globe-Democrat, “Head of Bank Here Makes Appeal for Roosevelt Support: F. R. Von Windegger Avers President Saved Business and Government from Itself,” October 19, 1937, p. 4A.
@FedFRASER