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December 31, 1938

Below is Mr. A. P. Ginnnini1s formal statement in reply to newspaper
stories about the suit filed on behalf of Rose Breakstone in Los Angeles, Decem­
ber 29. Next attached is copy of Associated Press dispatch of December 30,em­
bodying Mr. Giannini’s statement. These for your information.
m 0

”My attention has been called to a suit started against me and
certain of my associates by a stockholder owning 24 shares of stock.

I have

good reason to believe that this suit has been instigated by attorneys who
make it a practice to foment litigation of this character.

In fact, I have

been approached with respeot to other suits of this charaoter which may be
brought, but I have uniformly declined to deal with racketeers and blackmailers
and will continue to do so.
"We intend to force this action to trial at the earliest possible
moment and to demonstrate that the charges therein made are absolutely without
MAs to amounts which it is alleged that I received, attention is
called to the fact that said amounts were several million dollars less than
that fixed by the Board of Directors upon recommendation of a Committee con­
sisting of three of the best known, conservative business men in California,
namely, P. C. Hale, of Hale Bros. Stores, Inc., James J. Fagan, of the Crocker
National Bank, and H. C. Capwell, of Capwell Department Store, Oakland, none
of whom could be dominated by any individual.

Of the money actually received,

it was spent for the benefit of the Corporation.
"This matter hardly calls for comment, but because it is a personal
attach upon my integrity I thought it well to once again oomment on the issues,
which are old ones and which have been thoroughly threshed out in public over
a period of years.

I wont to serve notioe now that I do not intend to dignify

any further action of this kind with further comments except through legal

This file contained a transcript of a copyright-protected article that has been removed.
The citation for the original is:
Warren, Walter. [Untitled]. Associated Press, December 30, 1938.