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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