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Toastmasters and presiding officers feel compelled to say something
good if they can think of it and not to mention anything bad./ lour presiding
officer managed to think of something good to say and I am very grateful.} When
I was recently introduced before a small group of business men, the presiding
officer remarked that I had been preceded by a speaker— an economist, as it
happens— who had told the business men what they wanted to hear.

"Now," he said,

"we will hear from a business man who will tell you what you don't want to hear.”
As a matter of fact, I rather like that introduction, even though I evidently
had earned a disagreeable reputation as a speaker.
Before saying anything that you may not like to hear tonight, I want
to say one or two things that I think you will be glad to hear— things upon which
I am sure we will all agree.

By that, I mean that I want to compliment this Bank

on its officers and its staffj on its Chairman, who is an old friend of mine, and
on its President, who has the unique distinction, as a senior officer of the
Federal Reserve System, of having served longer than any other officer in the
twelve Federal Reserve banks.
When Bill Nardin called me on the telephone, he did not give me any
opportunity to say whether I could or could not be here this evening.

He used

on me about the same tactics that we used on him when he was persuaded to accept
the Chairmanship of this Bank.

No opportunity was given him to say no.

I have known Bill Nardin personally and been closely associated with
him for a good many years.

I know his independence of thought, his courage, and

his exceptional ability and experience not only as a business man but as a lawyer
and in the banking field.

I do not need to tell those of you who are familiar

with his record that he is public spirited, that he has given generously of his

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time and talents to public service.

This Bank has been fortunate, I think,

in having been able to enlist him in the public service which he has contributed
as Chairman of the Board.
I suppose it is a little presumptuous for a freshman like myself of
only five years of service with the Federal Reserve System to comment on the
record of a senior like Mr. Martin.

He came to this Bank as its first Chairman

and Federal Reserve Agent on September 50, 1914, before the doors of the bank
were even open for business.
in this city.

trust field

It fell to his lot to receive the first subscriptions to the

stock of this Bank, and it has been truly remarked that there was a time when
all the records of the St. Louis Bank wire in his hat.

Fifteen years later he

became Governor of the Bank and since March 1, 1936, he has been its President
under the change in title prescribed by the Banking Act of 1955.
You who have known him in close personal association during the
past quarter-century are well aware of the contribution he has made in this
community and throughout the wide territory embraced within the Eighth Federal
Reserve District.

He is too modest a man to be proud of himself, but he is

pardonably proud of the young man who presides over the greatest institution of
its kind in the world— the New York Stock Exchange.
distinction to the name, Bill Martin.

Father and son have brought