Evening star., 1951-06-17
BY the Associated Press

bf the AsSociuied FfeSS
Mariner S. Eccles said yester-
day that great political pressure"
from the Giannini banking inter-
ests of California caused President
Truman to denote him from
chairman of the Federal Reserve
Board in 1948.
The former New Deal stalwart
charged that John w. Snyder,
secretary of the Treasury and
close friend of Mr.. Truman, gave,
behind-t the scenes aid to the Gian-
minis. He implied Mr.. Snyder had
q hand in smaneuvering" the
President into the demotion.
This version of the still mys-
terious episode was given by Mr..
Eccles in a book of public and
personal recollections, "Beckoning
Frontiers" Publication of the book
tomorrow is expected to be fol-
lowed shortly by Mr.. Eccles' res
ignation as Reserve Board men,
ber.
His account climaxes a 499-page
personal history which includes
intimate sidelights on President
Roosevelt and many other ma
tional political figures with whom
the millionaire Utah banker
worked or clashed at close quar-
ters in a stormy 17-year career in
Washington.
The book shows that Mr.. Eccles,
working on "circumstantial evil
dences since he was unable to get
an explanation from President
Truman, has changed his mind
on the reasons why Mr.. Truman
dropped him from the chairman
ship he long held under President
Roosevelt.
Snyder Denied ANY Part.
On January 28, 194S, the day
after the action, he issued a state
ment saying he had mo reason
to believe that MIR. Snyder =
had anything to do with my re-
placement as chairman" Later,
Mr.. Eccles said he was denoted
because he offended certain in
dividuals and certain groups that
benefited from imitation"
Mr.. Snyder himself told Sem
ate committee he had no part in
the decision to denote Mr.. EcclesI
and didn't know of the Gian-
minis having any. He denied do
ing any favors for the Gianninis,
and said he didn't know of the
Eccles' demotion until it was pub
licly announced.
Advised of Mr.. Eccles' state
ments in the book. Mr.. Snyder
said:
Mr.. Truman has a mind of
his own. I have no comment on
that at ALL"
But Mr.. Eccles, matching to-
gether "bits and pieces" of in
formation, tells this story in his
book:
The GianniniS-the late A. p.
and his son L. M.-wanted him
out of the way because he had
spanked Federal agencies in al
six-year-long battle to prevent
"the Giannini banking empire
from 'monopolizing :. the bank
ing business on the Western Sea-
board"
Had Powerful Connections.
They had powerful connections:
Their lawer, Samuel B. Stewart,
jr., had been counsel for the Tru-I
man War Investigating Commit
tee when the President was a.
Senator; Mr.. Snyder had had
"close association" in Government
service with Sam Husbands, who
became head of a Giannini con-
Germ after the war at what Mr..
Eccles calls "A fiattering salary"
More specifically, a then Sena-
tor from California, Democrat
Sheridan Downey, was able to
relay to President Truman, at al
crucial moment in early 1948 word
"along these lines" according to|
Mr.. EccleS:
California is a pivotal State I'M
the elections. Transamerica Gal
bank holding company set up by
A. P. Giannini) Is in position
to exert tremendous influence In
that State and in at least four
neighboring States.
I'VE are not in q position to|