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COPY OF TELEGRAM
WESTERN UNION

WP46 205 NL 3 / 1 5 9 - SANFRANCISCO CALIF SEP 20 1955
HON VARRINER S ESCLES- CHAIRMAN OF THE BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM WASHINGTON DC

SINCE SENDING YOU h COPY OF OUR LETTER DATED SEPTEMBER
FIFTFENTH ADDRESSED TO ACTING COMPTROLLER OF THE CURRENCY
W HAVE RECEIVED PARTIAL RESPONSE TO OUR LETTER OF "AY SI7TH
E
TO THE ACTING COMPTROLLER.

EACH OF OUR DIRECTORS RECEIVED

FROM COMPTROLLER'S OFFICE BY LETTER DATED SEPTEMBER SIXTEENTH
THE DATE ON WHICH PRESUMABLY OUR LETTER OF SEPTEMBER FIFTEENTH
IAS RECEIVED BY COMPTROLLER'S OFFICE A COPY OF THE TELEGRAM
READ TO OUR BOA. E SEPTEMBER THIRTEENTH BY EXAMINER.

THE

COURSE OF PROCEDURE. BEING FOLLOWED BY COMPTROLLER'S OFFICE
I S HIGHLY DETRIMENTAL TO THE WELFARE OF THIS INSTITUTION AND THE
TONE AND CONTENTS OF THE REPLY TO OUR LETTER OF ?AY SIXTEENTH REVIVING AS I T DOES IN PART ISSUES LONG SINCE DISPOSED OF ARE SUCH
THAT WE DESIRE TO PLACE THE ENTIRE MATTER IN THE HANDS OF YOUR
BOARD FOR PROMPT AND PROPER ADJUDICATION. THEREFORE PURSUANT TO
AUTHORIZATION OF OUR BOARD OF DIRECTORS WE RESPECTFULLY REQUEST THAT
YOU SET AN EARLY DATE FOR A HEARING BEFORE THE. BOARD OF GOVERNORS
OF THE; FEDEiiAL RESERVE SYSTEM ON THE ISSUES RAISED Ac REQUESTED I N
THE LAST PARAGRAPH OF OUR LETTER OF SEPTEMBER FIFTEENTH TO ACTING
COMPTROLLER.

I AM PREPARED TO ATTEND SUCH HEARING AND TO LEAVE HERE

AT A MOMENT'S NOTICE-




(SGD.) L M GIANNINI PRESIDENT BANK OF AMERICA N T & S A.
925A

September 21, 1958

L . M, G i a n n i n i , P r e s i d e n t
Bank o f America N . T . & S. A.
San F r a n c i s c o , C a l i f o r n i a .

Your t e l e g r a m o f September 20 addressed t o Chairman
E c c l e s was r e c e i v e d i n h i s absence and has been b r o u g h t
t o t h e a t t e n t i o n o f the Board o f Governors.

Charles W.

C o l l i n s as your a t t o r n e y t o d a y asked t h a t Board d e f e r
a c t i o n "upon your t e l e g r a m .

Board has requested me t o

a d v i s e you t h a t no p r o c e e d i n g c a l l i n g f o r a h e a r i n g o f
the k i n d r e f e r r e d t o by you has been i n s t i t u t e d

before

the Board and c o n s e q u e n t l y under t h e p r o v i s i o n s o f law
g o v e r n i n g such p r o c e e d i n g s t h e Board i s n o t i n p o s i t i o n t o
set a date f o r a h e a r i n g .

Chester M o r r i l l , S e c r e t a r y
Board o f Governors o f the F e d e r a l Reserve System.

Send Commercial Wire
Prepaid-Government Rate
Chg. F e d e r a l Reserve




(COPT)

WESTER* UNION
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BOARD OF QOVERNOR8 S ATT I C HESTER MORRIL SECRETARY
FEDBtAL RESERVE SYSTEM =
THAME TOD FOR TOUR PROMPT REPLY TO Iff TELEGRAM OF SEPTEMBER
TWEBTIETH STOP « t COLLIES IAS MOT AUTHORIZED BY MB OR AMY OF
MY ASSOCIATES TO ASX THAT THE BOARD DEFER ACTIO* 0 * MY
TELESHAM STOP IM VIEW OF THE IMPORTANCE OF TM£ MATTERS REFERRED
TO I * THE CORRESPONDENCE FORWARDED TO YOU OM SEPTEMBER
FIFTEENTH AND I N OUR TELBSRAM OF SEPTEMBER TWENTIETH MB
SHALL APPRECIATE ANY CONSTRUCTIVE ACTION ON THE PART OF THE
BOARD THAT I CAN TAKE CONSISTENTLY TO BRINO ABOUT AN EARLY
ADJUDICATION OF THE ISSUES INVOLVED* Z




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September 2 ? , 195

Confidential
l y dear Mi,. S e c r e t

ryi

T h i s a f t e r n o o n ^ r . Upham a d v i s e d r e t h a t you
hsd a copy o f a n i g h t l e t t e r u n d e r d a t e o f t h e 2 0 t h from
Sfr. t» M. G i a n n i n i , P r e s i d e n t , Bank o f America N . T . S S . i . ,
r
t o Honorable
r r i n e r S. E c e l e s , Chairman o f t h i s B o r r d .
He f u r t h e r s t a t e d t h a t y o u r o f f i c e u n d e r s t o o d t h a t M r .
C o l l i n s had subsequent t o t h e r e c e i p t o f t h i s t e l e g r a m
I n our o f f i c e asked t h a t t h e r e q u e s t t h e r e i n nade be d e ferred.
I I n f o r m e d M r . Upham t h a t we had r e o l i e c t o t h e
n i p h t l e t t e r , and t h a t t h e Board had d e c i d e d t h a t i t
would be g l a d t o l a y b e f o r e you these t ^ o t e l e g r a m s , as
w e l l as a n i ? h t l e t t e r from K r . L . I I . G i a n n i n i t o t h e
Board d a t e d Seotember 21 and our r e p l y t h e r e t o o f t h i s
d a t e J t h i s , so t h a t you may have b e f o r e YOU t h e e n t i r e
t e l e g r a o h i c communication and n o t m e r e l y t h e f i r s t o f the
f o u r telegrams i n v o l v e d .
I am t h e r e f o r e , as su^srested by Mr. Upham, handi n g t h e a to you h e r e w i t h and a® d e l i v e r i n g them by hand
t o M r . Uoharo t h i s a f t e r n o o n .

Ronald Ransom,
V i c e Chairman.
H o n o r a b l e Henry Sforgenthau,
S e c r e t a r y o f the T r e a s u r y
W a s h i n g t o n , D. C.

K i n d n e s s o f Mr. Upham
4 Ends.

Jr.