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April 19, 1933 Mr. Charles R. Gay, President NewYorkStock Exchange New York, N.Y. Dear Mr. Gay:I tried several times to get to see you before leaving for St. Louis, but on each occasion you were tied up w i t h someone. I don't have to t e l l you how sincerely I regret the turn that affaire have taken, and the fact that you are not to be on the new Board of Governors. I appreciate more than I can t e l l you, how strange the drama of l i f e i s , when I recall the three year span which separated our v i s i t s together. On both occasions, I found you, as always, a true gentleman and a r e a l credit to the New York Stock Exchange, in every sense of the word. Your handling of the Whitney affair was a magnificent achievement, which has been obscured by the cold, stark tragedy of his betrayal of our entire community. Some day, after the smoke of these unfortunate incidents has d e c r e e , you w i l l get the credit you so richly deserve for the manner in which you have handled the affairs of the Exchange in these troublesome times. In the event of m election, I will be very proud y to be your successor, and will have to call upon you continuously for help and advice. This, I know, you will give freely and unselfishly, and i t i s one of the things which makes the responsibility, which I may be assuming in May, somewhat l i g h t e r . With renewed assurances of my sincere gratitude and friendship, I remain, Your devoted friend,
@FedFRASER