Departure of the Native

As hard a job as anyone could ask from 1929 to 1934 was being New York State Banking Superintendent. Not only were the finances of the world tottering as never before but the office's morale and reputation had been shattered because the previous incumbent, Frank H. Warder, had been convicted of accepting a $10,000 bribe. Sitting in the saddle of this banking bronco, however, was brisk, hard-working Joseph A. Broderick. He did his job well enough so that when he was indicted on charges of neglect of duty in connection with the failure of New York's Bank of United States, not only Alfred E. Smith and Charles E. Mitchell but New York's Governor Franklin Roosevelt testified to "confidence in Mr. Broderick's complete integrity." He was acquitted, and in 1936 President Franklin Roosevelt showed still further confidence in his integrity and ability by giving him the only full (14-year) term on the remade Federal Reserve Board. Salary: $15,000.

This was something of a return of the native, for Mr. Broderick in 1914 served on the committee which helped organize the newly formed Federal Reserve System and was the Board's first examiner. In 1919 Banker Broderick resigned from the Federal Reserve to become vice president of the National Bank of Commerce in New York. Last week 55-year-old Banker Broderick took his second leave of the Federal Reserve. Apparently still enjoying Mr. Roosevelt's confidence but not his $15,000 salary, Mr. Broderick accepted the presidency of Manhattan's potent East River Savings Bank, a job vacant since the death of President Darwin Rush James in August. Salary: an estimated $35,000.

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