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that he sometimes had some thing to contribute. He was a good pen-pusher.

I knew that Baruch really worked on a number of speeches. I think what the Governor had to say about railroads - the reorganization and refurbishing of the railroads - came directly out of that report. I'm in no position to compare the speeches now with that report, but it can be done by any interested person. I think they came out of that report on the railroad reorganization. That report was not too friendly to railroad management. It pointed out that there had been terrific defects and the most ignorant kind of administration of railroads, and that they has never tried to pay back their original loans. It laid particular emphasis upon the financing and upon the fact that in their financing they had never amortized any of their debts. They had just compiled debt on debt, and debt on debt. It had, of course, brought about a situation in which when things weren't lovely you has nothing to fall back on. Some of the Governor's speeches reflect that. He said one of the things that he was going to do was to refurbish, reorganize and revive the railroads.

I think twice the Governor spoke about balancing the budget and sound financial policies and programs. I think those came from Baruch. I don't know what other ones came from Baruch. There may have been several other things that came directly from Baruch.