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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 - 2 - 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.