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FRANKLIN COLE & COMPANY INCORPORATED 12O BROADWAY N E W Y O R K 5, M Y . March 7, 1347 Mr. Elliott Thurston, Asst. to the Chairman Board of Governors of the Federal Reserve System Washington, D. G. Dear Mr. Thurston: lay I trouble you for a copy of the Chairmanfs testimony before the House Banking Committee? One of these days I should like to have your ear on the subject of financing small and medium sized business. I note that legislation again centers around guaranteed loans» It is my conviction that small and medium sized business should have equity capital and that investment banking mechanism does not function properly - witness the drastic decline in many of the stocks offered last year which are now selling at less than 50 per cent and in a number of instances at only one-third of the offering price, despite the fact the business activity level is exceptionally high. This experience merely repeats what took place in 1956 and in 1928-9 when security offerings were large. With best regards, I am, Sincerely yours Rudolph L. Weissman RLW:lg March 10, 19A7- MR. Rudolph L. ^eissman, Franklin Cole & Company, Inc., IkO Broadway, New York 5, New iork. Dear Mr. meissman: In accordance with your letter of March 7> 1 enclose a copy of Mr. Eccles1 prepared statement on the second day of his appearance before the House banking and Currency Committee. I do not have copies of the complete testimony. I should like very much to have a talk with you about the problem of equity versus working capital. i/dth best regards, Sincerely yours, Elliott Ahurston, assistant to the Chairman. Enclosure ET:b
@FedFRASER