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CONFIDENTIAL

August 18, 19Uk*

Mr. D r e i b e l b i s telephoned the Chairman f s O f f i c e t h i s afternoon a t k:20
and d i c t a t e d the f o l l o w i n g :
One of the t h i n g s t h a t came out i n the c o n v e r s a t i o n t h i s
morning was a contemplated i n c r e a s e i n the c a p i t a l stock of
Bank of America of $30,000,000. Wanted t o know i f I thought
the Board would do anything t o upset such a program. I expressed the personal o p i n i o n t h a t they would n o t , assuming
t h a t the i s s u e was on a f a i r b a s i s , e t c .
There was a good deal of conversation d i r e c t e d toward the
p o s s i b i l i t y of an o v e r - a l l settlement.
I expressed the o p i n i o n
t h a t -there had been so many times i n the p a s t 'when we thought
an agreement had been reached and then i t turned out there had
n o t , t h a t I f e l t any thought of agreement t h a t depended j u s t
upon a promise as t o f u t u r e would not be acceptable and t h a t
i t would have t o i n v o l v e some k i n d o f a f f i r m a t i v e a c t i o n upon
the p a r t of Transamerica.
Mr. W i l l k i e expressed the o p i n i o n t o me t h a t he agreed
t h a t u n c o n t r o l l e d expansion, both d i r e c t l y o r i n d i r e c t l y , w a s
bad and t h a t he would so a d v i s e h i s c l i e n t s . He s a i d he was
going t o t a l k some more t o them and wanted to know i f he
c o u l d c a l l me back, which he d i d about t e n minutes ago, and
asked me t o come over t h e r e tomorrow.

JPD:b