ECONOMICS: Frank Proposal

In Washington last week highdomed SEC Commissioner Jerome Frank lay in bed suffering with pneumonia. But even as he did so he added a chapter to depression economic philosophy. Before a meeting of the National Association of Securities Commissioners in Kansas City, husky SEC Lawyer Chester Lane read a speech that Commissioner Frank had written, a speech that excited comment in financial circles, drew even an approving nod from the arch-Republican New York Herald Tribune.

Mr. Frank's thesis was embodied in a question "Is it perhaps not desirable that the bulk of...

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