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July 11, 1956 Dear Sr. Gi&nainls I aa sure you *ere pleased at the appointment of IKr« Stewart as class C di rector at S&n Francisco and hie designation as Deputy Chairaan of the board. It is ay personal view ife t this will very nicely porepare his for assisting the c&i ira&nship «t the beginning of next year* Knowing the feeling of the bank ing fraternity at San Francisco I anticipate the press there *111 not be favorable and if one of your people could send me a few clippings of rep resentative newspapers, 1 would like very much to add then to ay file* With kindest personal regards, I an lours sincerely, L&trance Clayton lesifftant to the Ch&iman Hr. 1* P. Glannini Bank of Aeerlca 1 Powell Street San Francisco, California LC/fgr CABLE ADDRESS 9 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 A.P.GlANNlNl CHAIRM AN O F TH E BO A R D O F D IR E C T O R S July 15, 1956 Mr. Lawrence Clayton, Assistant to the Chairman, Board of Governors, Federal Reserve System, Washington, D. C. Dear Mr. Clayton: I am pleased to send you clippings from all of the San Francisco papers, relative to the appoint ment of Mr. Stewart as Class C. Director of the Federal Reserve Bank of San Francisco. From your letter I take it that you were somewhat concerned as to whether the press here might be unfavorable but I sun happy to say that this was not the case. On the contrary, the appointment seems to have met with hearty approval in local business circles. I agree with you that this will give Mr. Stewart an opportunity to prepare himself for assuming the Chairmanship at the beginning of next year and am convinced that he will have so entrenched himself with his associates by that time that his appointment as Chairman will be a veiy popular one. My warmest regards to you and your Chief.
@FedFRASER