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A. O. STEWART FIFTH FLOOR FEDERAL RESERVE BANK BUILDING SAN FRANCISCO, CALIFORNIA June 26th, 1936. CONFIDENTIAL Mr. Marriner Eccles, Chairman Federal Reserve Board, Washington Building, Washington, D. C. Dear Marriner: I am enclosing herewith some clippings appearing in the San Francisco press under date of June 25th containing statements made by Mr* A. P. Giannini, which are self explanatory* These laudatory comments have been copied by a l l of the California papers, and I believe, by a great many papers i n the East* You know when A* P* is for any one he is one hundred per cent and usually very outspoken about i t too* When I was in the American Trust Company this morning talking to Mr* Lockhead, two of their outside solicitors came up with copies of Mr. Giannini f s statements in their hands, and Mr* Lockhead told me that his men were using these statements to solicit business for the American Trust Company* In other words, they were taking these statements to customers of the Bank of America who they knew were anti-Roosevelt and endeavoring to have them change their accounts from the Bank of America to the American Trust Company* I was also told that two other San Francisco banks were using the same tactics* I t seems to me that i t shows an utter lack of appreciation on the part of the San Francisco banks which, only a couple of years ago, were begging the present administration to come to their rescue, and certainly i t appears a very unethical way of treating a competitor. I am calling this to your attention in Mr. Marriner Eccles, June 26th, 1936, Bo. 2. order that you may be informed of what is doing by the banking fraternity to injure the present administration» believe me With warmest personal regards, Am 0• Stewart AOStMMcD end. This article is protected by copyright and has been removed. The citation for the original is: Horne, B. W. “A.P. Giannini Gives Support to Roosevelt.” San Francisco News, June 25, 1936. This article is protected by copyright and has been removed. The citation for the original is: San Francisco News, “Giannini Says It,” June 25, 1936. Page The San Francisco News (A SCR1PPS* HOWARD NEWSPAPER) ,W. N. BURKHARDT Editor 4. L. OAOTHORN.... Business Manager Telephone KEarny 8700 Owned and published dally (except Sunday) by Daily News Co.. Ltd., Main Office. 813 Mlsslon-st. 8an Francisco. Member ol the United Press. 8cripps • Howard Newspaper Alliance. NEA Service, inc.. Newspaper Information Service and the Audit Bureau of Circulations. Subscription rates. 3c a copy. *<Ht>« Light and tht 75c a month, by mall or People Will Find carrier In Oallfornla. Oregon Th§ir Own Way." and Nevada. THURSDAY* JUNE 25, 1038 Giannini Says It OME business offices, saved from ruin and even,gorged with recovered profits, find it fashionable these days to denounce Roosevelt and the New Deal. But not all. Read what A. P. Giannini says on Page 1 today, " Mr, Giannini, by the way, qualiv. *ies quite well as a business man who •knows what it takes to make California prosperous. S * * * * Jx&j 6, 1956 Bear &sfofeyt I was glad to have yours of June 26 th with which you enclosed clippings of 8r* Gianoini'sf recant press interview is wfcith he coses out enthusiastically for the President. This res interesting reading and regardless of political preferences i t must fee &<§mttt*sd tfeat Mr. Gianniai states his position witfe the utmost frankness aod courage. I also aote£ your reference to sooe of the taettm of a competitor of Mr* Qiaaaiai*^ banklag institution in using his decl ration as a ba&is for soliciting accounts of some customers away trm. Urn Bank of Aasri^a* Such methods are of course unforttsmte. I t was a pleasure to see you feere in tastolugton on the occasion of your recent v i s i t and I hope to see you again daring August or early September. Witfe kindest p^reoa&l regards* I aa fours sincerely t M* S. Eccles Csi-irwm Us. 0* Stewart Federal Boser*s Bank Building Sea Francisco, California LC/fgr
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