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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.'