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SECURITIES AND EXCHANGE COMMISSION WASHINGTON JEROME N. FRANK .n o_ -yr\r?r\ April 21, 1939 COMMISSIONER Honorable Karriner S. Bccles Chairman Board of Governors of t h e Federal Reserve System Washington, D. C . cvz p, ^ § ® § •jj| £ ® ^ •° . •£| *° g b ^ !§ •g & £j g Tj •§ ^ g §H § -g o g *jj rt As you are no doubt aware, the Temporary National Economic Committee has directed this Commission to prepare certain studies dealing with the problem of capital formation and public financing* The Commissions Investment Banking Section will shortly present these data in public hearings before the Committee• Our first witness will be Professor Alvin Hansen of Harvard University with whose recent work "Full Recovery or Stagnation" you are familiar* Dr. Hansen will present the thesis that we are today confronted with a matured economy and there are no longer available to us the same areas for capital investment which accompanied the industrialization of the American continent (and a large part o f the rest o f the w o r l d ) during the 19th and early 20th centuries. He will also discuss the serious implications o f our approaching stationary population which> when coupled with the fact that capital replacement today occupies a large part of gross i n v e s t m e n t ' s directly affecting the avenues available for n e w capital outlays* Hansen will also present the need for developing new financial mechanisms for expanding capital investment, In connection w i t h Hansen f s testimony, w e should like to avail ourselves o f t h e technical knowledge o f Mr# Lauchlin Currie to supply certain factual data which w i l l lend additional support t o various aspects o f the Hansen testimony* M r . Currie is t h e one economist in Washington w h o is equipped to furnish the Committee with this essential factual material. We should all of u s , w h o are concerned w i t h the w o r k o f the Coniaittee, deem it a distinct privilege t o have M r , Currie appear before the Committee* In addition t o Professor Hansen, ym shall be calling, among others, upon the following w i t n e s s e s : professor Donald Davenport o f the Harvard Business School; M r . Henry Dennison, President, Dennison Manufacturing Company; M r . Edward Stettinius; M r . Otoren Dm Young as well as other outstanding representatives of the business and financial world* - c - Honorable Marriner S» Eccles April Zl9 1939 I should be more than delighted if you could spare a few moments and let me go over with you our whole programs I am certain that you will have some valuable suggestions for us. With kindest regards* Sincerely yours, rome N. Prank Dirmissioner
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