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GENERAL » ELECTRIC COMPANY GENEBAL EJLECTRIC BUILDING 5TO LEXINGTON AVE. AT 51 ST ST.,NEW YORK GERARD S W O P E PRESIDENT December 2, 1937 Marriner S. Eccles, Chairman Board of Governors Federal Reserve System Washington, D. C. Dear Mr. Ecoles: 5Sy attention has been called to clippings in some of the papers, particularly the Washington Post of November 30th, with the heading, "Swope Opposes Insurance Cut to Aid Housing,!f which is evidently a news release by the Associated Press. Then further down in the article it mentions my name and that of Sloan Colt. In the first place, I have never made any statement to anyone on this, and I have called up Sloan Colt and he tells me he has not given any interviev/s or made any statement to the press. I just want you to know of my position in this, which I think you do, and to inquire whether you know how these statements got into the public press. Very truly yours, GStE December 6, 1937* Mr. Gerard 5wope, President, General Electric Company, 570 Lexington avenue, New York City. Dear Mr. Swope: I have your letter of December kd relative to news release by the associated Press headed t1£>wope Opposes Insurance Out to Aid Housing11. I have no ide<jt where this information came from. No one around here has given out such information to ruy knowledge, HS a matter of fact, there was no opposition whatever, but approval by you and Mr. Colt on the cut in the insurance rate. Your opposition, as I understood it, was to subsidizing any of the insurance because of budgetary reasons.. I am hoping taat before very long, vdth tne legislation assured, we can get our committee together again for the purpose of developing a plan vtfiich we can recommend to the President for dealing with the other aspects of the nousing program which are not covered by the legislation. kind regards, Sincerely yours, M. b. Eccles, Chairman.
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