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larch 22, 1940
P&ftbOHAL
Mr. L. M. Gianalni, President
Bank of America, li. T. & S. A.
San Francisco, California
Dear Mario:
I t would seea that one can safely assume that substant i a l l y a l l the hardies barring the road to a final satisfaction
of the issues between the Bent of America, 3. T. & S. A. and the
office of the Comptroller of the Currency hare been successfully
negotiated. For that reason I think i t is an appropriate time
for me to express to you my personal gratification at what appears to be a very fair and workable program and I mighx add, one
which comes out at the end point that I felt a l l the way along
was the real objective to be attained. Thin being so, I am
doubly gratified with whatever contribution I was able to aake
toward the successful conclusion of the negotiations.
One very important element in the success of the matter and without which the discussions might have ended in am impasse was the f a i r and temperate attituue of yourself and Mr.
Cashing during the entire course of the discussions. I don't believe that two better representatives could have beon selected
under a l l the circumstances. This temperate attitude is also
v i t a l to the actual performance of the agreed program ma I am
pleased to note that the statement you issued following the d i rectors* meeting last week continued this fair and uncritical
attitude, i'urtheraore, I think i t was a vise decision to publicize the agreement as i t was bound to become a matter of publ i c information in any event and f u l l publicity following t.hm
meeting prevented the circulation of rumors'and inaccurate statements and interpretations on the part of the press.
I sincerely trust that the gratification I have expressed above with reference to matters which are now in the past
w i l l be experienced in the future with reference to the various




.Reporter.-

Mr. L. M. Giannini

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3/22/40

natter? that l i e in the field of performance rather than negotiation. And I feel confident that this will prove to be the case.
Kith jtinoe^t personal regards, X an
loure sincerely,

ii. S. tccles
Chairaan

LC/fgr




CABLE ADDRESS— B A M E R I C AL?

I304-4-

SAN FRANCISCO HEADQUARTERS

L. M . GIANNINI
PRESIDENT




Mr. Marriner S. Eccles,
Chairman, Board of Governors,
Federal Reserve System,
Washington, D. C.
Dear Marriner:
You were very nice indeed to send me your letter
of March 22, and I appreciate the thoughtfulness that prompted
it.
Despite the unpleasant circumstances under which
the conferences i n Washington were held, I enjoyed them because they renewed again my confidence i n some of the persons
responsible f o r administering our important governmental act i v i t i e s . As a result of the conferences I feel that I came
to know you and John McKee better and to appreciate the breadth
and soundness of your views and the fact that no personalities
entered into the formation of your opinions and the rendering
of your judgments • I know that both of you did very constructive work i n bringing about a solution of the perplexing
problem that had developed. I know, too, that Larry Clayton
and I r a Clerk had much to do i n t h i s matter i n a constructive
way.
W i l l you express to Larry and John, and accept for
yourself, my sincere appreciation and kindest regards.