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BY DIRECT WIRE FROM ^ _______________ 1223-S C lass of WESTERN U N IO N Se r v ic e This is a full-rate Telegram or Cable gram unless its de ferred character is in dicated by a suitable symbol above or pre ceding the address. I t B . W H IT E NEW COM B CARLTON P R E S ID E N T C H A IR M A N O F T H E B O A R D J . C . W IL L E V I F IR S T V IC E -F R E 8 II SYMBOtS ^ DL ** Day Letter NM = Night Message NL = Night Letter j LC = Deferred Cable NLT = Cable Night Letter K ______ Ship Radiogram The filing time shown in the date line on telegrams and day letters is STANDARD TIME at point of origin. Time of receipt is STANDARD TIME at point of destination. WAA8 1 5 8 NL 4 EXTRA=SANMATEO C A L I F DEC 11 LAWRENCE CLAYTON . E X E C U T I V E SYSTEM HON MARRI NER THOUGHT YOUD BE REACHED ALL T I M E A S S I S T A N T CHAIRMAN FEDERAL RESERVE S ECCLES= I N T E R E S T E D TO KNOW THAT OUR D E P O S I T S HAVE H I GH G A I N I N G ABOUT T H I R T Y M I L L I O N S SINCE S E C ' S WHOLLY UNWARRANTED V I C I O U S BLAST STOP PASS BOOK S A V I N G S ALONE S I N C E F I R S T MONTHS I NCREASED THREE HUNDRED THOUSAND D A I L Y TOTAL D E P O S I T S NOW B I L L I O N ISNT I T TOO BAD SEC SPENDS FOUR HUNDRED M I L L I O N STOP I T S T I M E D I G G I N G UP OLD R I D I C U L O U S T E C H N I C A L I T I E S A G A I N S T HONEST PEOPLE WHICH EVEN I F WELL FOUNDED MEANT NO LOSS TO ANYONE WHILE OVERLOOKI NG CROOKS L I K E THE MCKESSON R O B B I N S CASE HAS DEVELOPED WHICH BECAUSE OF T H I S http://fraser.stlouisfed.org/ THE COMPANY WILL APPRECIATE SUGGESTIONS FROM ITS PATRONS CONCERNING ITS SERVICE Federal Reserve Bank of St. Louis BY DIRECT WIRE FROM 1223-S C lass of WESTERN U N IO N Se r v i c e This is a full-rate Telegram or Cable gram unless its de ferred character is in dicated by a suitable symbol above or pre ceding the address. R . B . W H IT E P R E S ID E N T NEW COM B CARLTON C H A IR M A N or SYMBOLS DL = Day Letter NM = Night Message NL = Night Letter LC = Deferred Cable NLT “ Cable Night Letter J . C . W IL L E V E R F IR S T V IC E -P R E S ID E N T THE BOARD Ship Radiogram The filing time shown in the date line on telegrams and day letters is STANDARD TIME at point of origin. Time of receipt is STANDARD TIME at point of destination. I ' o ver sig h t CRACKDOWN has cost in vesto rs many m il l io n s w hile the I N OUR CASE HAS U N J U S T F U LL Y COST TWO HUNDRED ODD THOUSAND STOCKHOLDERS ANjf IRREPARABLE SUM C E R T A I N L Y THE S E C ' S V I G I L A N C E IN THEHyiCKESSON CASE WH I L E HAS J US T RESULTED IN LOSS OF A STUPENDOUS HASNT S A FE GUARDED ANYONE I T S CRAKCDOWN ON TRANSAMERICA IN A CASE OF UNDESERVED D E S T R U C T I O N . REGARDS TO YOU AND TO YOUR GOOD C H I E F AND THE OTHER MEMBERS OF THE B0ARD= A P GI ANN I N I . 846A.. http://fraser.stlouisfed.org/ THE COMPANY WILL APPRECIATE SUGGESTIONS FROM ITS PATRONS CONCERNING ITS SERVICE Federal Reserve Bank of St. Louis A . P . O IA N N IN I C H A IR M A N O F T H E B O A R O O F D IR E C T O R S December 21, 1938 Ur. Laurence Clayton Assistant to the Chairman Board of Governors Federal Reserve System Washington, D. C. Dear Ur. Clayton: I have just wired our New York Office to communicate with Ivy Lee, public relations counsellors, to ascertain whether they would be willing to look after the publicity in our case and on what basis. At the same time I suggested that they check on other firms there. I am wondering if you know of anyone thoroughly reliable who could be depended upon to do a good job for us. I shall be grateful if you will let me hear from you by return air mail or, if you prefer, you can wire or telephone me at our expense. It will not be necessary for you to sign your name either to a letter or wire, as I will understand whence it comes. My sincere good wishes to you and your family and to your Chief and his family for a veiy Merry Christmas and a happy and healthful New Year. Cordially yours, December 21, 1958 ■r. 4. P. Giannini Bank of America, I. T. A S. A. San Francisco, California Dear Mr* Giannini: Taif i* a rather belated ackno* ledgnent of two cominicatioas received fro* yon during the pact few weeks. The flirt was a copy of the advertisenent of Benk of America M.Y. & E.A. relating to F I lornr, a eirailer c r y having SA o> been Tailed to each of the bo&rd mersbers here. This type of advtrtiring i& very effective, particularly the shoeing Bade a? to the amount of eBplnyaest furnished by the con struction fineneed Irj the bank aa r 3 l as the comparisons *l between the amount of each financing carried by the Barik of America and the amount carried by other banking inftitutions. On December 12 I received jour night letter of De cember 1H relating to the McKesson and Bobbins swindle. I showed this telegram to the Chairman and to one or two of the other board members. While Marie vac hers I had the good fortune to spend some little time with him and also was pleased to meet Kr. Bauer. X think it Is all to the good that a general agreement has beam reached respecting a program to satisfy the Comptroller of the Currency, laturally there will be masy details im carrying out such a program that mill require a great amount of further discussion and negotiation, Wy personal feeling is that there was too much concession respec time capital ratio although this view im probably not shared hereabouts. I am impressed with the fact that there ere easy institutions faa the country with capital ratios con siderably lower than £ to 10, particularly where thOre has been a rapid growth of deposits* While it may well be that Bank of America requires a somewhat larger ratio them insti tutions with smaller investments im banking house and a lower proportion of time loans, still the 1 to 20 requirement seems Hr. i. P. Giannini - 2 •tiff when coupled with the June 50, ±959 deadline. I tract you will be able to raise all the capital required through the issue of rights to you present shareholders. i& 7 I at this tine wish for you and yours a very nerr> Chricw3ib.fr aao a Imppy sad prosperous 1939* Cordially and sincerely, i^vruuce LXfeyton