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CABLE ADDRESS - B A M E R IC A L

N A T IO N A L

JBSflKtciR

A S S O C IA T IO N

S A N F R A N C IS C O H E A D Q U A R T E R S

RUSSELL

G. SM ITH

S A N F R A N C IS C O , C A L IF O R N IA

EXECUTI VE VICE PRESIDENT

May 16, 194-0

Mr. Lawrence Clayton,
4.19 East Leland Street,
Chevy Chase, Maryland.
Dear Larry:
After leaving Washington my Eastern trip was a
little bit extended, and when I arrived back in San
Francisco both Mario and A. p. were away. This will
explain my apparent delay in writing to you.
At this time we do not feel that we can, in
justice to our other officers here, meet the suggestions
you made to me with regard to a position in the Bank of
America. However, there might be something developed with
Transamerica Corporation if you would be interested in a
connection which would involve a representation for First
National Bank of Portland, First National Bank of Nevada,
and other banks in which Transamerica Corporation is
interested, excepting the Bank of America. If you would
be interested in a connection of that kind, which might
have as its "anchor” membership on the Board of Directors
of the bank in Portland and a salary of $10,000 annually,
I will talk to Mr. Grant and the other officers interested.
I mention the salary which A. P. has indicated as the
maximum which he thinks the position could pay, but such a
connection, of course, might easily lead to a more definite
banking connection in one of these institutions or even in
the Bank of America.
If you would have any interest in that sort of a
setup, please let me know and I will pursue the matter a
little further.




Best regards.
Cordially yours,




May k o , 1940

Mr. Ruetell G. Smith
Executive Vice President
Ban* of America, J . T. k S. A.
8
San Francisco, California
Dear Russ:
Pardon ay delay In acknowledging your
recent letter but the critical situation brought
about by the German invasion har had us real bury
here and har kept ay aind off of everything ex­
cept that and its implications for this country.
I rar frankly disappointed rith the sug­
gestion you made after conferring with your asso­
ciates since it war far short of what I outlined
to you while you were here in fashing ton. Much as
I r.ould enjoy a connection, even Indirect, with a
banking organization which greatly appeals to me,
I can scarcely bring myself to l t.vt; the position
e
I no , hold for one of apparently lesser proportions
?
and greatly less salary. Apparently A. P. anti Mario
do not feel that I could be of any important service
at this tine which makes me TOnder why A. P. reopened
the matter at the time of his visit to Hot Springe.
As a matter of curiosity, there is one
thing which I wish you would tell me, namely whether
the proposition meant a location in San Francisco or
in Portland.
Kith kindest regards to yourself and r y
a
other friends at headquarters, I am
Yours sincerely,

LC/fgr

CABLE ADDRESS— B A M E R IC A L

S A N F R A N C IS C O H E A D Q U A R T E R S

S A N F R A N C IS C O , C A L IF O R N IA
RUSSELL

G. SM ITH

June 13, 1940.

EXECUTIVE VICE PRESIDENT

Mr. Lawrence Clayton,
419 East Leland Street,
Chevy Chase, Maryland.
Dear Larry:
I realize that the set-up suggested in my recent
letter to you with respect to a possible connection with
Transamerica Corporation as a representative of some of its
other banks was not exactly what you outlined to me. How­
ever, as I explained, it appeared to be the most available
thing at the time. Of course, it was indefinite as to how
soon it might lead to a more definite position in this bank.
I never discussed the details with Mr. Grant because
I did not feel it desirable to do so unless you indicated an
interest; therefore, no determination was ever made of just
how the position would be set up as to your residence. The
position would require some time in Washington, with alter­
nate periods at Portland, Tacoma, Reno, and Phoenix.
We have just completed the issuance of our preferred
stock, which has been a considerable chore but is now happily
concluded.




Cordially yours,

(
Executive Vice President