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January 12, 1940 The Board Mr. Clayton At about l l s O O a . m . today Mr. M o r r i l l c a l l e d me t o a d vise t h a t Mr. Mc$ee had telephoned h i s fro® Hew Tork and had stated t h a t he had information t h a t the Comptroller's o f f i c e had already issued the order on the Bank of America S. T . & S. A. t o show cause e t c . Mr. M o r r i l l suggested t h a t i n q u i r y should be made of the Comptroller i n a diplomatic manner t o a s c e r t a i n whether t h i s report o f Mr. McKee's were correct as i n such case i t might be useless f o r the s t a f f and the Board t o consider f u r t h e r t h e question propounded by the Comptroller a t the conference i n the Treasury l a s t Monday (January 8 , 1940) attended by Messrs. E c c l e s , McKee, D r e i b e l b l s and M o r r i l l . I thereupon volunteered t o c a l l Mr. Delano and d i d so. T h i s was about 11*15 a.m. A f t e r the usual f r i e n d l y s a l u t a t i o n I stated t o Mr. Delano t h a t c e r t a i n members of the s t a f f of the Board were working d i l i g e n t l y t o gather together the information necessary f o r the Board t o consider t h e questions r e f e r r e d t o and wondered whether the sensat i o n a l and h o s t i l e statements made by Mr. L . M. Giannini a t h i s stockholders 1 meeting i n San Francisco on January 9 had p r e c i p i t a t e d any a c t i o n which might change the s i t u a t i o n . Mr. Delano r e p l i e d t h a t no, t h e s i t u a t i o n was j u s t the same, t h a t the contemplated procedure was a leaning over backwards i n an e f f o r t t o be f a i r but t h a t the Comptroller r e t a i n e d complete d i s c r e t i o n as to a c t i o n . I then said t h a t I had i n q u i r e d because we were struggling t o get our answers ready i n t i m e . He r e p l i e d again t h a t the s i t u a t i o n remained the same and then went on t o say that he had sent over a copy of the o r d e r . I r e p l i e d t h a t the Chairman had a l r e a d y mentioned t o us b r i e f l y some of the contents o f the proposed order which were reed t o him and Mr. Davis i n the Comptroller's o f f i c e on Wednesday. I then s t a t e d t h a t I assumed from what he had j u s t said t h a t the s i t u a t i o n was t h e same and t h a t the order was s t i l l i n suspense. To t h i s he r e p l i e d promptly, no, t h a t the order had been issued and t h a t a copy had been sent over t o us here. I then thanked him and hung up. cci Each Board Meeker LC/fgr
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