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May 10, 1940

A . P. GIANNINI
CH A IRM A N O F T H E B O A R D O F D IR E C T O R S




Dear Larry:
Many thanks for your kindness in
sending me good wishes on my birthday.
By the time a man reaches the
seventieth milestone he realizes more fully
the true meaning of friendship, and this eviĀ­
dence of your friendship added greatly to my
happiness on that occasion. Many thanks for
your thoughtfulness.
Warmest regards and best wishes
to you.
Cordially yours,

Mr. Lawrence Clayton
Assistant to the Chairman
Board of Governors
Federal Reserve System
Washington, D. C.