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ASSISTANT SECRETARY OF STATE
WASHINGTON

May 18, 1938

Dear Governor Ecclesj
Thank you very much for the copy
of your speech.

I was very glad you said

exactly what you did.
the NEW YORK TIMES.

I do not agree with
I think these people

underestimate the social foroes which are
running.

If some of our New York friends

don't look out, they will prove the thesis
of the "capital strike."
With kind regards, I am
Sincerely yours

The Honorable
Marriner S. Eccles,
Federal Reserve Board.