RELIEF OF THE FLORIDA CITRUS EXCHANGE, THE GROWERS LOAN & GUARANTY CO., AND HEARING BEFORE A Congres S SUBCOMMITTEE OF THE >COMMITTEE ON CLAIMS SEVENTY-SEVENTH CONGRESS FIRST SESSION ON S. 996 A BILL FOR THE RELIEF OF THE FLORIDA CITRUS NOVEMBER 18, 1941 Printed for the use of the Committee on Claims UNITED STATES WASHINGTON: 1941 R4 M4 F42 .C54455 Copy 2 CONTENTS i Hon. Claude Pepper, a Senator of the United States from the State B. F. Viehmann, representing the Farm Credit Administration, C. C. Commander, general manager, Florida Citrus Exchange_ John Sniveley, former president, Florida Citrus Exchange_ III RELIEF OF THE FLORIDA CITRUS EXCHANGE, THE GROWERS LOAN & GUARANTY CO., AND THE GUARANTY OPERATING CO. TUESDAY, NOVEMBER 18, 1941 UNITED STATES SENATE, SUBCOMMITTEE OF THE COMMITTEE ON CLAIMS, Washington, D. C. The subcommittee met at 10:30 a. m., pursuant to call, in room 457, Senate Office Building, Senator James H. Hughes (chairman of the subcommittee)_presiding. Present: Senators Hughes (chairman of the subcommittee), Stewart, Spencer, and Rosier. Present also: Senator Claude Pepper, of Florida. Senator HUGHES. Gentlemen, we have before us this morning S. 996, a bill for the relief of the Florida Citrus Exchange, the Growers Loan & Guaranty Co., and the Guaranty Operating Co., which I will ask to have inserted in the record at this point. (S. 996 is here printed in full, as follows:) [S. 996, 77th Cong., 1st sess.] A BILL For the relief of the Florida Citrus Exchange, the Growers Loan and Guaranty Company, and the Guaranty Operating Company Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the Farm Credit Administration be, and it is hereby, authorized and directed to credit the indebtedness of the Florida Citrus Exchange, the Growers Loan and Guaranty Company, and the Guaranty Operating Company, all incorporated in the State of Florida, in connection with the loan made by the Federal Farm Board under the Agricultural Marketing Act of 1929 and evidenced by the collateral trust serial 3% per centum notes of the Florida Citrus Exchange, such credit to amount to $512,984.49, which sum represents the actual and estimated losses sustained by the above-mentioned organizations through March 31, 1940, such losses having resulted from the peculiar hardships experienced by such organizations in an effort to meet certain restrictive conditions imposed at the time such loan was made. (b) The relief granted to such organizations by the provisions of this Act shall be in full satisfaction of all their joint and several claims against the United States for losses sustained by them as a result of the afore-mentioned peculiar hardships experienced by them in an effort to meet the aforementioned restrictive conditions imposed at the time such loan was made. Senator HUGHES. In 1940 there was before the committee S. 3956. I was appointed as a subcommittee to hear evidence and consider the claim involved. Shortly after the bill was referred I arranged for a hearing, and quite a number of persons attended with their counsel, and a brief was filed by Mr. Counts Johnson, the general counsel of the Florida Citrus Exchange, which brief you will find in the copy of |