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    Description

    Franklin D. Roosevelt: Typed Document Signed as New York Governor.
    -August 2, 1929. Albany, New York. Two pages. 8.5" x 13". State of New York Executive Chamber letterhead with gilt seal of New York affixed.
    -Paper slightly toned and type slightly faded, old fold creases, entirely mounted to heavier backing boards, else fine.

    Franklin D. Roosevelt signs a document authorizing the appointment of an "Extraordinary Special and Trial Term of the Supreme Court" to be held to look into the actions and management of the City Trust Company and its relationship with the State Banking Department. FDR writes (in part): "It appearing to my satisfaction that the public interest requires it,/ Therefore, in accordance wit the statues in such case made and provided, I do hereby appoint an Extraordinary Special and trial Term of the Supreme Court to be held at the County Court House in the County of Kings on the twenty-sixth day of August, 1929 at ten o'clock in the forenoon of that day, and to continue so long as may be necessary for the purpose of inquiring into any and all unlawful acts in connection with or arising out of the management and affairs of the City Trust Company, its predecessor and allied or related institutions; and in connection with or arising out of the relation thereto of the State Banking Department, its officials and employees, and any and all charges of unlawful acts made by the Commissioner appointed by the Governor under the provisions of the Executive Law, to investigate into the same; and I do hereby designate Honorable Arthur S. Tompkins, of the County of-Rockland, who is a Justice of the Supreme Court for the Ninth Judicial District, to hold the said Extraordinary Special and Trial Term...". As a result of this investigation, the Superintendent of Banks was sent to prison.


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    The extended description below was supplied by the consignor. We are making it available to our web bidders who are interested in more in-depth research and broader historical perspective. Please note that presentation (i.e. framing), lot divisions, and interpretations of condition and content may occasionally differ from our descriptions. Assertions of fact and subjective observations contained in this description represent the opinion of the consignor. These remarks have not been checked for accuracy by Heritage Auctions, and we assume no responsibility for their accuracy; they are offered purely to allow the bidder insight into the way the consignor has viewed the item(s) in question. No right of return or claim of lack of authenticity or provenance based upon this extended description will be granted.

     

    Franklin D. Roosevelt, two large pages, each measuring 8 ½ x 14," on State of New York Executive Chamber, Albany, New York, letterhead dated August 2, 1929, concerning a very historic and interesting topic, the City Trust investigations, in which FDR authorizes the appointment of an "Extraordinary Special and Trial Term of the Supreme Court" to be held to look into the actions and management of the City Trust Company and its relationship with the State Banking Department. This authorization by FDR is one of several important and historic documents related to FDR's dealings with corrupt practices related to the City Trust Company of New York in this FDR Collection. FDR writes: "It appearing to my satisfaction that the public interest requires it,/ Therefore, in accordance wit the statues in such case made and provided, I do hereby appoint an Extraordinary Special and trial Term of the Supreme Court to be held at the County Court House in the County of Kings on the twenty-sixth day of August, 1929 at ten o'clock in the forenoon of that day, and to continue so long as may be necessary for the purpose of inquiring into any and all unlawful acts in connection with or arising out of the management and affairs of the City Trust Company, its predecessor and allied or related institutions; and in connection with or arising out of the relation thereto of the State Banking Department, its officials and employees, and any and all charges of unlawful acts made by the Commissioner appointed by the Governor under the provisions of the Executive Law, to investigate into the same; and I do hereby designate Honorable Arthur S. Tompkins, of the County of-Rockland, who is a Justice of the Supreme Court for the Ninth Judicial District, to hold the said Extraordinary Special and Trial Term as hereinbefore described, and among other things to cause to be drawn, according to law, a Grand Jury to serve at said Extraordinary Term of the Supreme Court; and I do further direct that notice of such appointment be given by publication of this Order on the fifth and twelfth days of August, 1929, in the Brooklyn Citizen and Brooklyn Daily Eagle, newspapers published in the Borough of Brooklyn, County of Kings./ Given under my hand and the Privy Seal of the State at the Capitol in the City of Albany this second day of August in the year of our Lord one thousand nine hundred and twenty-nine./ Franklin D. Roosevelt/ By the Governor:/ Guernsey T. Cross/ Secretary to the Governor." Gilt Seal of New York attached. Fine condition. As a result of this investigation authorized by FDR, the Superintendent of Banks was sent to prison. Robert Moses, a political corrival to FDR, was appointed under the Moreland Act by Acting Governor Herbert H. Lehman when FDR was at Warm Springs, Georgia, to head an investigation of banking practices that was a major unfolding scandal at the time. Significant were the recommendations made by Robert Moses for reform of the banking laws to prevent the recurrence of such scandals. He urged segregation of "thrift" accounts in commercial banks; official examination of private banks; regulation of brokerage houses; control of the issuance of securities, "down to the last detail," whether those of a bank or a utility company; abolition of private banks, and the holding of directors criminally liable for the management of financial institutions. These recommendations were disregarded by the joint legislative committee, whose alternatives were denounced by Moses as "puerile." Moses declared that the words of the legislative reports "will come back to haunt the gentlemen who wrote them." And it was not long before the failure of the Bank of the United States, with $200,000,000 in deposits and 400,000 depositors, revealed more of the evils Moses had denounced. Subsequently FDR appointed a special Commission on Revision of the Banking Law, to which, in a sharply pointed snub, he did not name Robert Moses. Arthur Sidney Tompkins (1865-1938) was born in New York City in 1865. He served in Republican politics in many capacities, including an alternate delegate to Republican National Convention from New York, 1904; member of New York State Legislature; United States Representative from New York's Seventeenth District, 1899-1903; Justice of New York Supreme Court 9th District, 1920-1933; and Justice of the Appellate Division of the New York Supreme Court 2nd Department, 1933. Tompkins died in 1938. This document signed by FDR authorized this important investigation into banking practices, and is related to several other documents concerning the City Trust Company investigation in this FDR Collection.



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    Auction Dates
    June, 2008
    7th Saturday
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