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COPY December 6, 1935, PORTLAND Please convey f o l l o w i n g message immediately to Charles J . McPherson, Secretary Stockholders P r o t e c t i v e Committee, F i r s t N a t i o n a l Corporation of Portland: QUOTE This r e f e r s t o your telegram of November 29, 1955 which apparently r e f e r r e d t o a p p l i c a t i o n s of Transamerica Corporation and Inter-America Corporation f o r permits to vote stock o f F i r s t N a t i o n a l Bank of P o r t l a n d STOP Your telegram and information which has been obtained through P o r t l a n d Branch i n d i c a t e that the matters about which you are concerned i n v o l v e only your d e s i r e to o b t a i n access to books o f F i r s t N a t i o n a l Corporation i n order to obtain information concerning value o f i t s stock and that they are not p e r t i n e n t to the f i n a n c i a l condition o f the Transamerica Corporation or the Inter-America Corporation, the general character of t h e i r management, or the probable e f f e c t of the g r a n t i n g of such permits upon the a f f a i r s of the F i r s t N a t i o n a l Bank of P o r t l a n d , which are the matters which the law r e q u i r e s the Board t o cons i d e r i n a c t i n g upon such a p p l i c a t i o n s STOP The g r a n t i n g of the a p p l i c a - t i o n s by the Board would not i n v o l v e the issuance of any permit to F i r s t N a t i o n a l Corporation nor a f f e c t the v o t i n g of any stock of F i r s t N a t i o n a l Corporation, which has no a p p l i c a t i o n now pending before the Board STOP Your telegram was received a f t e r Board had completed lengthy c o n s i d e r a t i o n of a p p l i c a t i o n s named above and Board f e e l s t h a t issuance of permits - 2 - should not be delayed u n l e s s i t i s f u r n i s h e d promptly a d d i t i o n a l informat i o n p e r t i n e n t t o the issuance of permits t o Transamerica C o r p o r a t i o n and Inter-America C o r p o r a t i o n t o vote stock of the F i r s t N a t i o n a l Bank of P o r t l a n d STOP. The a u t h o r i t y of the Board t o grant permits e v i d e n t l y was not intended by Congress t o make the Board the forum f o r the settlement o f p r i v a t e c o n t r o v e r s i e s or t o permit i t s w i t h h o l d i n g the issuance of v o t i n g permits as a means o f e n f o r c i n g p r i v a t e r i g h t s STOP However, if there i s any matter which you d e s i r e t o present t o the Board which should be considered by i t as p e r t i n e n t to the f i n a n c i a l c o n d i t i o n of the Transamerica C o r p o r a t i o n or the Inter-America C o r p o r a t i o n , the g e n e r a l character o f t h e i r management, or the probable e f f e c t of the g r a n t i n g o f such permits upon the a f f a i r s o f the F i r s t N a t i o n a l Bank o f Portlsmd which are the matters which the law r e q u i r e s the Board to consider in a c t i n g upon such a p p l i c a t i o n s , Board w i l l consider such matters i f re- ceived i n w r i t i n g not l a t e r than Wednesday morning, December 11 STOP P l e a s e acknowledge r e c e i p t by wire and advise whether you expect t o file such i n f o r m a t i o n . END QUOTE (Signed) Chester Morrill MORRILL
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