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CABLE A D D R E S S — B A M E R IC A L SAN FRANCISCO H EAD Q UAR TER S A . P . G IA N N IN I s a N FHA.NCISCO, C ALIFO R N IA CHAIRMAN OF THE BOARD OF DIRECTORS April 14, 1938 Mr. Lawrence Clayton Assistant to the Chairman Board of Governors Federal Reserve System Washington, D. C. Dear Mr. Claytons It was mighty nice of you to have written me regarding the Transamerica annual report. It has been a long time since we have exchanged any correspondence and I was delighted to hear from you. You stated that you have a few questions in mind to dis cuss with me some time and I hope that we may have the opportunity of doing so in the near future. I hope also that the time isn’ t far off when you will be located out here permanently and in the meantime why don't you take a trip to the Coast soon. ( A. 0. Stewart drops in to see me from time to time and has been keeping me pretty well posted on what you folks are doing back there. Heedless to say, we are continuing to do our part in co operating with the Government's program, as evidenced by the fact that we have $61,577,604 in instalment credit loans still outstand ing out of a total made of #175,985,958, and #62,560,365 of FHA Title II loans out of a total made of $75,967,949. It may also interest you to know that we rank first in California in dollar volume of automobile loans, leading the G.M.A.C., C.I.T., Pacific Finance and Commercial Credit Corporation. Warmest personal regards to you and to your good Chief, Mr. Eccles. Cordial.'