From the following copy of a letter written by MIT President Karl Taylor Compton in June 1942 to the distinguished professor of international finance at Princeton, Frank D. Graham (1890-1949), we see that MIT at least considered adding a prominent senior person to its economic department but in the end decided to stick with the strategy of hiring young economists of promise. Graham, a Frank Taussig student, earned his Ph.D. from Harvard in 1920.
In Memoriam: Frank Dunstone Graham 1890-1949, The American Economic Review, Vol. 40, No. 2, Papers and Proceedings of the Sixty-second Annual Meeting of the American Economic Asociation (May, 1950), pp. 585-587.
____________________
Office of the President
Massachusetts Institute of Technology
COPY
June 23, 1942
Personal
Professor Frank D. Graham
Department of Economics and Social Institutions
Princeton University
Princeton, N.J.
Dear Frank:
I am returning the copy of the very fine testimonial to you from your recent group of graduate students, and was interested to receive your letter supplementing our conversation at the time of your visit.
So far as I can evaluate our situation in Economics, I do not believe that we would be justified or able to offer you a position which would be anywhere near appropriate to a person of your attainments and distinction. With the limitations of our resources it is generally agreed that our best procedure is to try to assemble a group of very promising younger men, giving them the best opportunities for professional development which we can offer and hoping to hold at least some of them permanently on the staff. This is the program which Professor Freeman has been following and I am decidedly enthusiastic about the younger group which he has in the department at the present time.
It is conceivable that some situation might develop which would require a reevaluation of our program. In fact, we have scheduled for early July a thorough study of our personnel situation in this department. It seems to me, however, that any change in the situation which would make it possible for us to offer you an appropriate position would be the result of some presently unexpected occurrence.
I am sorry that this reply is not more constructive because the possibility of your attachment to our staff is very intriguing to me, both on personal and on professional grounds. Professor Freeman and I are both glad to have had this possibility suggested to us, even though it seems remote, and I shall certainly let you know it there is any turn in the situation which might open up the possibility which we have discussed.
Very sincerely yours
President
KTC/L
Source: Massachusetts Institute of Technology Libraries. MIT. Office of the President, 1930-1956. Records, 1930-1959. Box 93, Folder 7 “Freeman, R. E.”.
Image Source: Princeton Yearbook, The Bric-a-Brack 1942.