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STUDY OF RECONSTRUCTION FINANCE CORPORATION

HEARINGS

BEFORE A

SUBCOMMITTEE OF THE
COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

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COMMITTEE ON BANKING AND CURRENCY

BURNET R. MAYBANK, South Carolina, Chairman GLEN H. TAYLOR, Idaho

CHARLES W. TOBEY, New Hampshire J. W. FULBRIGHT, Arkansas

HOMER E. CAPEHART, Indiana A. WILLIS ROBERTSON, Virginia

RALPH E. FLANDERS, Vermont JOHN SPARKMAN, Alabama

JOHN W. BRICKER, Ohio
J. ALLEN FREAR, JR., Delaware

IRVING M. IVES, New York
PAUL H. DOUGLAS, Illinois
RUSSELL B. LONG, Louisiana

A. LEE PARSONS, Clerk
Jos. P. MCMURRAY, Staj Director

SUBCOMMITTEE ON RECONSTRUCTION FINANCE CORPORATION

J. W. FULBRIGHT, Arkansas, Chairman BURNET R. MAYBANK, South Carolina CHARLES W. TOBEY, New Hampshire J. ALLEN FREAR, JR., Delaware

HOMER E. CAPEHART, Indiana
PAUL H. DOUGLAS, Illinois

GEORGE MEADER, Counsel
II

Page

Senate Resolution 219.

1

Resolution of Senate Committee on Banking and Currency--

2

Statement of

Considine, J. W., Comptroller, Reconstruction Finance Corporation.. 22

Dougherty, James L., general counsel, Reconstruction Finance

Corporation..

22

Dunham, Walter L., member, Board of Directors, Reconstruction

Finance Corporation..

22, 78

Glidden, L. B., manager, Dallas Loan Agency, Reconstruction

Finance Corporation.

22

Gunderson, Harvey J., member, Board of Directors, Reconstruction

Finance Corporation.

79

Heller, Harry, Assistant Director, Division of Corporation Finance,

Securities and Exchange Commission.

12

Hise, Harley, Chairman, Board of Directors, Reconstruction Finance

Corporation

22, 57

Mack, W. H., attorney, Securities and Exchange Commission.

17
Murrell, John H., DeGolyer & MacNaughton, Dallas, Tex----

181
Warren, Lindsay C., Comptroller General of the United States -

5
White, Tell T., engineering staff, SEC.

167

Letters, statements, exhibits, reports, etc., submitted for the record-

Davis, Ralph E., Houston, Tex.: Letter to Senator Fulbright re-

garding Mr. White..

166

Fulbright, J. William, a United States Senator from the State of

Arkansas: Letter to Comptroller General Warren regarding Tex-
mass loan

4
Garrett, Malvin M., consulting geologist, RFC:
Report, September 15, 1950, to RFC on Texmass.

35
Letter, September 15, 1949, to R. E. Burton, RFC, with attached
schedule of income, costs, etc., of Texmass.

38

Letter, February 3, 1950, to R. E. Burton, RFC, regarding Tex-

40

Herrington, C. E., Dallas agency examiner, RFC:

Formal report on Texmass application, June 8, 1949--

212

Supplemental report, June 24, 1949.

244

Second supplemental report, September 12, 1949-

248

Herz, Theodore, director of staff of subcommittee: Memorandum on

Texmass loan...

200

Kravis, Raymond F., Tulsa, Okla.: Letter to Senator Fulbright

regarding Mr. White..

166

MacDonald, Harry A., Chairman, SEC: Letter to Senate Fulbright
enclosing 'Mr. White's analysis of Mr. Garrett's report

205

MacNaughton, Lewis W., DeGolyer & MacNaughton, Dallas, Tex.:

Telegram to Senator Fulbright regarding Mr. White.

165

Reconstruction Finance Corporation:

Statement on Texmass loan, with appendixes--

Dallas loan agency:

Examiner's report of June 8, 1949..

212

Examiner's supplemental report of June 24, 1949-

244

Examiner's second supplemental report of September 12,

1949..

248

Business loan branch, Washington office:

Report of September 29, 1949..

254

Lettergram from Mr. Glidden, September 13, 1949- 263

Previous report of July 24, 1949.

264

Memorandum of Mr. Willard, September 16, 1949- 270

Rochelle, William J., examiner, Washington office, RFC: Report on

Texmass application, with comments of review committee - 43, 261

Warren, Lindsay C., Comptroller General of the United States: Letter
to Senator Fulbright regarding Texmass loan.---

6

White, Tell. T., engineering staff, SEC: Analysis of Mr. Garrett's

report.

205

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