Home
Search transcripts:    Advanced Search
Notable New     Yorkers
Select     Notable New Yorker
John B. OakesJohn B. Oakes
Photo Gallery
Transcript

Part:         Session:         Page of 512

Oakes:

Yes. One of them deals with American Electric Power problem, and Don Cook, who was president of American Electric Power or chairman -

Q:

Right, I remember that. I meant this last one you have up here now.

Oakes:

Oh. One in which we had a complaint from Mr. William Cross, who was an important executive, I believe vice president, an important executive of Guaranty Trust and also a member of the board of directors of the Times. In early February, 1976, we had a quite strong complaint from Mr. Cross regarding an editorial that we had run, and -

Q:

What was the subject?

Oakes:

The subject dealt with bank regulation, or support of proposed reforms in the area of bank regulation, and Mr. Cross wrote us a letter, I think he wrote it to Punch, as a matter of fact, he did write it to Punch on February 6th. His letter starts out by saying to the publisher, “As you know, I often disagree with your editorials, dealing with economic matters, but today's editorial on 'needed bank reform -- too little control' goes too far if one believes in the private enterprise system,” and so on and so forth.

And the letter very significantly ends with this sentence: “I am sorry to bother you, but frankly, this has been a poor day to work in a bank and be on the board of the New York Times. Sincerely, Bill. William R. Cross, Jr.”



© 2006 Columbia University Libraries | Oral History Research Office | Rights and Permissions | Help