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    Franklin D. Roosevelt: Typed Letter Signed as Vice President of Fidelity and Deposit Company of Maryland.
    -[Undated]. New York. One page. 7.25" x 10.5". Fidelity and Deposit Company of Maryland letterhead.
    -[Unaddressed].
    -Paper slightly toned, with the usual fold creases, signature slightly faded, else very good.

    FDR authors his resignation from the Federal International Investment Trust Organization Committee. FDR and Georges St. Jean began organizing the Federal International Investment Trust with an idea of selling American goods through the Federal International Investment Trust to foreign purchasers. The foreign purchasers then deposited into the trust securities that were guaranteed by foreign banks. American investors paid cash into the Trust. The cash was used to pay the American goods manufacturers for their products. In return for their investment of cash, the American investors received debentures or bonds collateralized by the foreign securities. In this letter FDR appears to back out of the project: "Since the first of the year Mr. St. Jean and I have worked on 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...". Presumably he signed multiple copies of his resignation letter unsure to who each would be sent to.


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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.

     

    1 page 4to, Franklin D. Roosevelt/ Vice President/ Fidelity and Deposit Company of Maryland letterhead, undated. FDR writes: "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,/ Franklin D. Roosevelt." Could it be the case that FDR and his associates had not yet decided on whom to approach to replace FDR? Did FDR "retire" from the Organization Committee due to his election as Governor of New York in 1928? Regardless, FDR has affixed a bold signature to this letter, indicating that it would be ready to send out as soon as a recipient's name and address were placed on the letters where a two inch gap appears between the letterhead and the first paragraph of the letters. Research conducted by the Archivist at the FDR Library in Hyde Park, New York reveals that there is a small file on the Federal International Investment Trust in the FDR Family, Business and Personal Papers. FDR and Georges St. Jean began organizing the Federal International Investment Trust in July, 1928.  They contacted several prominent people about the Trust, including Pierre S. duPont, although FDR's efforts using this letter appears to have received lukewarm reception.  The final list of organizers did not include anyone of particular note except FDR. From a little diagram in the Federal International Investment Trust's application to Federal authorities, the Trust was intended to function as such: American goods were sold through the Federal International Investment Trust to foreign purchasers.  The foreign purchasers then deposited into the trust securities that were guaranteed by foreign banks.  American investors paid cash into the Trust.  The cash was used to pay the American goods manufacturers for their products.  In return for their investment of cash, the American investors received debentures or bonds collateralized by the foreign securities. Interestingly, during the 1920s before he was elected Governor of New York FDR was involved in several investment opportunities (you might even call them "get rich schemes") none of which were particularly successful. This is quite a fascinating issue in a letter from FDR to a "mystery" master of international finance FDR was soliciting to replace him on the Organization Committee for the Federal International Investment Trust.



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    Auction Dates
    June, 2008
    7th Saturday
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