p.c. 9/11/37
Y4.J89/1 :B 22/15
CONSERVATOR IN BANKRUPTCY

SEP
HEARING 1937

BEFORE THE POCUMENT
COMMITTEE ON THE JUDICIARY
HOUSE OF REPRESENTATIVES

COMMITTEE ON THE JUDICIARY

HATTON W. SUMNERS, Texas, Chairman EMANUEL CELLER, New York

U. S. GUYER, Kansas ZEBULON WEAVER, North Carolina CLARENCE E. HANCOCK, New York JOHN E. MILLER, Arkansas

EARL C. MICHENER, Michigan
ARTHUR D. HEALEY, Massachusetts JOHN M. ROBSION, Kentucky
ROBERT L. RAMSAY, West Virginia

CHAUNCEY W. REED, Illinois
FRANCIS E. WALTER, Pennsylvania JOHN W. GWYNNE, Iowa
WALTER CHANDLER, Tennessee
CHARLES F. MCLAUGHLIN, Nebraska
WILLIAM M. CITRON, Connecticut
SAM HOBBS, Alabama
ABE MURDOCK, Utah
JOHN H. TOLAN, California
EDWARD W. CREAL, Kentucky
ROBERT P. HILL, Oklahoma
WILLIAM T. BYRNE, New York
GEORGE D. O'BRIEN, Michigan
FRANK W. TOWEY, JR., New Jersey
EDWIN V. CHAMPION, Illinois

ELMORE WHITEHURST, Clerk

SUBCOMMITTEE ON BANKRUPTCY AND REORGANIZATION

Mr. CHANDLER, Tennessee, Chairman Mr. MCLAUGHLIN, Nebraska

Mr. MICHENER, Michigan
Mr. CITRON, Connecticut

Mr. REED, Illinois
Mr. HOBBS, Alabama
Mr. TOWEY, New Jersey

II

CONTENTS

Statements of

Page

Hon. Adolph J. Sabath, a Representative in Congress from the State

of Illinois..

11

Hon. Claude A. Fuller, a Representative in Congress from the State of

Arkansas.

16, 26

Hon. Everett M. Dirksen, a Representative in Congress from the

State of Illinois...

16

Henry M. Garsson, analyst for the Sabath committee.--

32

Hon. Francis Culkin, a Representative in Congress from the State of

New York..

64

Hon. Ralph E. Church, a Representative in Congress from the State of

Illinois ..

65

89

SEVENTY-FOURTH CONGRESS HEARINGS

Statements of —

Hon. Adolph J. Sabath, a Representative in Congress from the

State of Illinois.--

67

Hon. Claude A. Fuller, a Representative in Congress from the State

of Arkansas.

75

Hon. Everett M. Dirksen, a Representative in Congress from the

State of Illinois..

80

Hon. Thomas O'Malley, a Representative in Congress from the State

of Wisconsin---

85

W. Peandolph Montgomery, counsel for the National Association of

Credit Men ---

Jacob I. Weinstein, member of the Philadelphia bar, member of the

bankruptcy committee of the Commercial Law League of America-- 111

Henry C. Shull, chairman of the committee on bankruptcy of the

American Bar Association.-

117

Allen R. Memhard, representing the Bar Association of the City of

New York,

120

H. H. Haylett, business manager, Chicago Real Estate Board..

122

Henry R. Robins, president of the American Title Insurance Associa-

tion, Philadelphia ..

124

Clyde W. Savery, representing the Association of Life Insurance

Presidents, New York City.

125

Hon. Adolph J. Sabath (resumed) -

126

William J. Powers, Chicago counsel for the Sabath committee.--- 134, 147

Hon. Adolph J. Sabath (resumed) -

146, 169

Henry M. Garsson.-

177

Hon. Kit Williams, assistant general counsel, Office of the Comp-

troller of the Currency -

195

L. A. Kelly, counsel, Office of the Comptroller of the Currency.

200

Hon. Thomas O'Malley (resumed).

200

John Gerdes, New York City --

202

Brace Bennitt, representing the National Association of Credit Men.. 205

W. Randolph Montgomery (resumed).

206

ITT