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Johns Hopkins University,
Baltimore, Maryland.
January 2, 1939,

Mr. Marriner Ecoles,
Chairman, Federal "Reserve Board,
Washington, D.C.

Dear Sir:
Would you he so kind as to send me a copy of your
recently puhlieized reply to Senator's ByrdTs

Boston speech

on Federal expenditures?
I am very interested in its contents and should like
to study them in derail.




Respectfully,

Arthur A. Maass,
Johns Hopkins University,
Baltimore, Maryland.