CONTENTS Page Andrews, W. S., vice president and treasurer, Transamerica Corp--- Brumbaugh, D. Emmert, chairman, legislative committee, National Cocke, C. Francis, chairman, committee on Federal legislation, 112, 278 Du Bois, Ben, secretary, Independent Bankers Association. Eaton, E. J., vice president, First National Bank, White River Gregory, William S., representing Associate Bankers of St. Louis, Mo. Harding, Harry J., president, First National Bank of Pleasanton, Huntington, Ellery C. Jr., president, Morris Plan Corp. of America 200, 232 Husbands, Sam H., president, Transamerica Corp- McCabe, Thomas B., Chairman, Board of Governors, Federal Reserve Needham, D. J., general counsel, American Banking Association__ 277 137, 298 219 Watkins, Arthur V., a United States Senator from the State of Utah, Letters, telegrams, statements, etc., submitted for the record by- Andrews, W. L., vice president and treasurer Transamerica Corp.: 64 80 65 Letter from F. B. Balzar, Governor of Nevada to Transamerica. Telegram from Lieutenant Governor Griswold to Mr. Giannini__ Table, majority-owned nonbanking interests of Transamerica....... Blyth & Co., Inc., Bert S. Kampert, vice president, San Francisco, 340 Brumbaugh, D. Emmert, chairman, legislative committee, National Association of Supervisors of State Banks: Resolution... Button, C. A., president, Security State Bank, Woodland, Wash.: Cain, Harry P., a United States Senator from the State of Washington: Letters, telegrams, statements, etc.—Continued Cocke, C. Francis, chairman, committee on Federal legislation, Statement of executive council American Bankers Association__ Huntington, Ellery C., Jr., president, Morris Plan Corp. of America: Table, Morris Plan Corp. investments in banks and banking com- Jaffin, George, Securities Exchange Commission: Memorandum to Mr. Loss on statutory standard of control of subsidiary company under Public Utility Holding Company Act--- Maybank, Burnet R., a United States Senator from the State of South McCabe, Thomas B., Chairman, Board of Governors, Federal Reserve Report of Senate Banking and Currency Committee on S. 829__ Opinion of Federal Advisory Council on S. 2318. 263 215 Moberly, John R., Watson, Ess, Whittaker, Marshall & Enggas, Kansas City, Mo.: Letter to Senator Maybank Reserve City Bankers Association, William A. McDonnell, president, Robertson, A. Willis, a United States Senator from the State of Analysis of differences between S. 2318 and S. 829 Staff summary of testimony on S. 829. Snyder, John W., Secretary of the Treasury: Letter on S. 2318. Table I, Occupancy of market for commercial bank deposits by 158 Table II, 25 banks in United States holding largest deposits Table III, Concentration of banking in United States. Letters, telegrams, statements, etc.-Continued Stewart, Samuel B. Jr., consul, Transamerica Corp.-Continued Table, Distribution of Bank of America branches by propulation Table, Towns and cities served in which only 1 bank is located.. Table, Analysis of deposits and loans of 25 largest banks, etc.___ Letter and memorandum to Senator Cain regarding bank-holding List of 20 holding companies controlling banks. Statement in reply to Mr. McCabe.. Letter and circular from Blyth & Co.. Memorandum prepared by George H. Koster, tax counsel, on proposed sections amending Internal Revenue Code.. Page 313 317 362 Letter enclosing memorandum on statutory standard of control of Washington Bankers Association: Resolution_. 135 136 BANK HOLDING BILL WEDNESDAY, MARCH 1, 1950 UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, SUBCOMMITTEE ON FEDERAL RESERVE MATTERS, Washington, D. C. The subcommittee met, pursuant to notice, at 10 a. m., in room 301, Senate Office Building, Senator A. Willis Robertson, chairman, presiding. Present: Senators Robertson, Maybank, Douglas, Tobey, and Flanders. Senator ROBERTSON. The committee will please come to order. Pursuant to public announcement, this subcommittee will commence hearings today on a bill introduced last year by Senator Maybank and the chairman of the subcommittee, S. 2318. (The bill referred to is as follows:) [S. 2318, 81st Cong., 1st sess.] A BILL To provide for control and regulation of bank holding companies, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Bank Holding Company Act of 1949." SEC. 2. DEFINITIONS.-(a) "Bank holding company" means (1) any company which directly or indirectly owns, controls, or holds with power to vote 15 per centum or more of the voting shares of each of two or more banks or of a company which is a bank holding company by virtue of this section, or any company which is a bank and which directly or indirectly owns, controls, or holds with power to vote 15 per centum or more of the voting shares of one or more other banks, or any company which directly or indirectly owns, controls, or holds with power to vote 15 per centum or more of the voting shares of one bank provided such bank operates four or more branches, unless the Board as hereinafter provided by order declares such company not to be a bank holding company; (2) any company which the Board determines, after notice and opportunity for hearing, directly or indirectly, exercises (either alone or pursuant to an arrangement or understanding with one or more other persons) such a controlling influence over the management or policies of two or more banks or of only one bank if such bank operates four or more branches as to make it necessary or appropriate in the public interest or for the protection of investors or depositors that such company be subject to the obligations, duties, and liabilities imposed in this Act upon bank holding companies; and (3) any company which is a bank and which the Board determines, after notice and opportunity for hearing, directly or indirectly, exercises (either alone or pursuant to an arrangement or understanding with one or more other persons) such a controlling influence over the management or policies of one or more other banks as to make it necessary or appropriate in the public interest or for the protection of investors or depositors that such company be subject to the obligations, duties, and liabilities imposed in this Act upon bank holding companies. 1 |