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a.f.giannini May 26, 1938 CHAIRMAN o r T H E BOARD O F DIRECTORS Dear M a r r i n e r : I t was a w f u l l y n i c e o f y o u t o have w r i t t e n me so f r a n k l y about my l e t t e r t o t h e A c t i n g C o m p t r o l l e r . I assure y o u t h a t y o u r r e marks vd 11 be h e l d i n s t r i c t c o n f i d e n c e as y o u requested. I am j u s t wondering how i n t h e w o r l d y o u are s t a n d i n g up under t h e many problems t h a t have developed s i n c e y o u have become o f f i c i a l l y connected w i t h t h e F e d e r a l Reserve System, You have done some mighty c o n s t r u c t i v e work back t h e r e and deserve a l o t of c r e d i t . P e r s o n a l l y , I am s t i l l q u i t e o p t i m i s t i c about t h e f u t u r e and f e e l t h a t the- work y o u and y o u r a s s o c i a t e s have been and a r e d o i n g w i l l be r e f l e c t e d i n an upward t r e n d o f business as t i m e goes o n . W i t h sentiments o f esteem and warm personal regards, Cordially yours, Honorable M a r r i n e r S. Eccles Chairman o f the Board o f Governors F e d e r a l Reserve System Washington, D. C. Hay 20, 19S8 PEft OHAL AKD CONFIDENTIAL M r . A. P . GiAimini Bank o f America , San F r a n c i s c o , C a l i f o r n i a Dear A . P . i I have delayed r e p l y i n g t o your b r i e f n o t e o f Hay 6 , e n c l o s i n g a copy o f y o u r l e t t e r o f t h e same date t o the Acting Comptroller of the Currency, u n t i l I could f i n d time t o read t h i s l e t t e r . W h i l e , o f c o u r s e , I have had no o p p o r t u n i t y t o r e f e r t o t h e r e p o r t o f e x a m i n a t i o n upon which y o u r l e t t e r i s based, i t seems t o »e t h a t you have made an e x c e l l e n t , i f n o t d e v a s t a t i n g , answer t o t h e c r i t i c i s m s c o n t a i n e d i n the e x a m i n e r ' s r e p o r t , as s e t f o r t h i n your l e t t e r . I was p a r t i c u l a r l y impressed w i t h your statements r e g a r d i n g t h e government bond h o l d i n g s o f Bank o f America and p e r s o n a l l y approve u n q u a l i f i e d l y y o u r cont e n t i o n t h a t i t i s i n c o n s i s t e n t f o r any F e d e r a l examining agency t o c r i t i c i z e l a r g e h o l d i n g s o f 0 . S. government s e c u r i t i e s when such s e c u r i t i e s p r o v i d e t h e s a f e t y o f p o s t a l savings, the c a p i t a l s t r u c t u r e o f the Federal Deposit I n suraxice C o r p o r a t i o n , o l d age p e n s i o n funds and numerous o t h e r funds a d m i n i s t e r e d d i r e c t l y o r i n d i r e c t l y by t h e government. S i n c e your l e t t e r i n v o l v e s c e r t a i n q u e s t i o n s o f e x a m i n a t i o n p o l i c y I wanted I t t o g e t t h e a t t e n t i o n o f t h e r e s p o n s i b l e heads a t t h e T r e a s u r y . T h e r e f o r e I c a l l e d up Wayne T a y l o r , A s s i s t a n t S e c r e t a r y o f t h e T r e a s u r y , who r e p r e s e n t s t h e S e c r e t a r y i n b a n k i n g m a t t e r s , and t o l d him o f t h e g i s t o f y o u r l e t t e r and t h e p o i n t s you had made. He seemed much i m p r e s s e d , as I w$s, and a d v i s e d t h a t he would g e t a copy o f your l e t t e r and go i n t o t h e m a t t e r f u r t h e r . W i t h k i n d r e g a r d s , I am lours sincerely, ft. 6 . E c c l e s LC/fgr
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