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323- 9 A V E N U E B O STO >' May 16 1938 Marriner S. Ectcles, Governor Federal Reserve Board Washington, D.C. Dear Sir: I read with much interest your speech at Atlantic City last Friday and was very much gratified that you admitted governmental errors in connection with our present depression. This depression to us is worse than the preceding onn and I feel justified in"calling your attention to the difficulty of business* cooperating with the Administration that is so obviously hostile. Son» really friendly gestures from the White House if they were sincere would, do more to correct our present distress than all the pump priming that can be got and it would not take business any time at all to lend its heatiest coopera tion and effort if such White House action sincerely offeredwere given. Very truly yours,« whfjr 0660M ACHIN€RY William H. Field IS A N INVeSTM €.NT- NOT AN €XP€NS€ May 19, 1938. Mr. William H. field, 323-9 uorchester avenue, Boston, Massachusetts. My dear Mr. Field: Chairman Eccles, who is temporarily out of the city, requested me to acknowledge receipt of your letter of May 16th and to enclose a copy of the text of his address in Atlantic City. I think you will see from the complete text that ^r. Eccles does not think the question is quite so simple as one of cooperation between business and the Administration. Very truly yours, Elliott Thurston, Special Assistant to the Chairman. enclosure ET:b
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