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ncomparabìe freme o f the Golden Gate,
My impressions at th is return are mixed,


[see around me one o f the great c i t i e s of the world,

a metropolis without peer, a hive of commerce and
¡industry that stands as a monument to the in it ia t iv e ,
(the ab ility , and the v isio n o f you men and your fo re¡beers.

Change certain ly has occurred - growth and

development beyond the w ildest dreams o f those o f us
¡who knew and liv ed in the San Francisco o f the la te
80s. But I am delighted to find that the march of
material progress has in no way altered the inim itable
atmosphere o f th is c ity .

The love of l i f e , of beauty,

and of adventure; the a b ility to give pleasure end to
be pleased even by in sig n ific a n t th ings; pride in the
bounteous g i f t s o f nature that enrich th is area; pride


in the cosmopolitan population o f your c ity and
tolerance of the r a c ia l and id eo lo gical d ifferen ces
¡that cosmopolitanism involves - these are the essen­
tials of what I remember as the s p i r it o f San
¡Francisco, the things that I had hoped s t i l l to find
here and that I do now fin d in a measure more ric h than
ever before.
One o f the happiest periods o f my l i f e
has been these past fiv e years as a D irector o f the
Federal Deposit Insurance Corporation.

I take great

pride in having been p rivileged to help in the
development of that Corporation from i t s hurried and
¡unprecedented beginnings to i t s present sta tu s as a
firmly established, smoothly running agency o f


veriasiónt sud o í "tti© b&nkß •



Lyond measure the prospects fo r s t a b ilit y o f our
(financial stru ctu re.

The Board o f D irectors o f the Corporation
jhas consistently adhered to two p rin cip les which X
[believe to have been indispensable to what success
(we have achieved.

In determining questions of policy

jit is our establish ed p ractice to s o l i c i t and to give
[great weight to the opinions o f representative bankers
from a ll sections of the country.

Much of the con­

tusion and misguided decision s that can be a by-product
of bureaucracy thus have fortunately been avoided in
our case.

Secondly, the Corporation has always adhered

to a policy o f f u l l and complete frankness in the
presentation o f i t s p o lic ie s , i t s operations, end i t s


We recognize
piat the public confidence so necessary to fu lfillm en t
If our resp o n sib ility w ill e x ist only so long as
llepositors are certain that they are obtaining a l l
ertinent fa c ts .
Beyond these few random remarks I sh a ll
ot hold you.

I r e ite r a te my deep appreciation of

jthis opportunity to meet with you.

I extend to each

bf you my h eartiest wishes fo r w ell-being and su ccess*