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PRESIDENT FRANKLIN D. ROOSEVELT - TYPED LETTER SIGNED - HFSID 279353

FRANKLIN ROOSEVELT Undated, typed letter signed by FDR, urging the recipient to succeed him as head of the organizing committee for a proposed international investment firm, but not addressed to anyone! Typed Letter signed: "Franklin D. Roosevelt", 1 page, 7¼x10½. New York City, no date.

Sale Price $510.00

Reg. $600.00

Condition: fine condition
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FRANKLIN ROOSEVELT
Undated, typed letter signed by FDR, urging the recipient to succeed him as head of the organizing committee for a proposed international investment firm, but not addressed to anyone!
Typed Letter signed: "Franklin D. Roosevelt", 1 page, 7¼x10½. New York City, no date. On his letterhead as Vice President of Fidelity and Deposit Company of Maryland. No addressee. In full: "Since the first of the year Mr. St. Jean and I have worked on the plans for a Federal International Investment Trust and it is a source of great disappointment to withdraw from the Organization Committee which is supporting the charter, application for which is pending before the Federal Reserve Board. I feel that the Federal International Investment Trust will adequately fill an urgent need for expanded facilities in our international financial relations and that is of utmost importance that the work of the Organization Committee be carefully supervised. My law partner, Mr. O'Connor and my associate, Mr. St. Jean, will attend to all of the detail work, but they will require the advice and counsel of someone who has had experience in international finance. Under these circumstances I earnestly urge you to step into the breach which my retirement will cause and to take over the chairmanship of the Organization Committee. I am sure your acceptance will be greatly appreciated by all of the members of the Committee and that your duties will not be arduous. Cordially yours". A broad space has been left between the printed letterhead and the typed text, suggesting that the name of a recipient was to be added later. In 1921, shortly after the Cox/Roosevelt Democratic ticket for US President and Vice President was defeated, Roosevelt became Vice President of Fidelity and Deposit Company of Maryland, and head of its New York office. Fidelity and Deposit was a bonding company, insuring government and corporate contracts and officials. FDR was a novice in the business world, but his political connections acquired as a New York legislator, Assistant Secretary of the Navy in the Wilson administration, and as the Democratic Vice-Presidential nominee, were widespread and growing. Roosevelt's political knowledge and networks were what made him valuable to Fidelity and Deposit Corporation during his tenure there through 1928. Throughout the 1920s, Roosevelt was also involved in a series of international investment trusts involved in currency speculation and the purchase of depreciated German properties which had become cheap in dollar terms in consequence of Germany's hyper-inflation. The proposed Federal International Investment Trust never was formed. He was, however, on the Board of Directors of a similar company, the International Germanic Trust Company. Roosevelt's withdrawal from the Organization Committee for the FIIT, and from affiliation with similar investment companies, was urged by his law partner, Basil O'Connor, and by others who feared the unsavory reputation of these companies might jeopardize his political future. Fold creases not near signature. Fine condition.

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