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Operation of the Nation, and Federal Reserve

Banking Systems

HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE
SEVENTY-SECOND CONGRESS

FIRST SESSION

ve

ON

S. 4115
A BILL TO PROVIDE FOR THE SAFER AND MORE
EFFECTIVE USE OF THE ASSETS OF FEDERAL RESERVE
BANKS AND OF NATIONAL BANKING ASSOCIATIONS, TO
REGULATE INTERBANK CONTROL, TO PREVENT THE
UNDUE DIVERSION OF FUNDS INTO SPECULATIVE

OPERATIONS, AND FOR OTHER PURPOSES

PART 1
MARCH 23 TO 25, 1932

.

Printed for the use of the Committee on Banking and Currency

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COMMITTEE ON BANKING AND CURRENCY

PETER NORBECK, (sågth Dakota, Chairman SMITH W. BROOKHART, Iowa.

DUNCAN U. FLETCHER, Florida. PHILLIPS LEE GOLDSBOROUGH, Maryland. CARTER GLASS, Virginia. lig

JOHN G. TOWNSEND, JR., Delaware. ROBERT F. WAGNER, New York.
- FREDERIC G-WALCOTT, Connecticat. TeGZALBEN W. BARKLEY, Kentucky. 1

JOHN J., BLAINE, Wisconsdag. JULIANA ROBERT; J. BULKLEY, Obio, 48
ROBERT D. CAREY, Wyoming soon

CAMERON MORRISON, North Carolina. JAMES E. WATSON, Indiana. T IOAT O'THOMAS P. GORE, Oklahoma. '

JAMES CODZENS; Michigan.(JTA 2 EDWARD P. ÇOSTIGAN, Colorado. - FREDERICK STEIWER, Oregon,

CORDELL FULL, Tennessee. -CUT ZULLIN' W. BLOUNT, Clerk'.

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CONTENTS

Statement of

Allendoerfer, G. W., vice president First National Bank of Kansas
City, Mo --- --- -

Edwards, George W., New York City------------------------------

Haas, Harry J., president American Bankers' Association, vice presi-

dent First National Bank, Philadelphia, Pa----------------------

Hawes, Richard S., president St. Louis Clearing House Association;
senior vice president First National Bank of St. Louis, St. Louis,
MO- ---------------------------- -------------

Johnston, Percy H., president Chemical Bank & Trust Co.; chairman

banking and currency committee of Merchants Association of New

York, New York, N. Y------------------------------------------

“Lord, Robert O., president Guardian Detroit Union Group and Guard-
ian National Bank of Commerce, Detroit, Mich-------------------
Mills, Wilson W., Detroit, Mich., chairman of the board of directors
of the First Wayne National Bank of Detroit--------------------
Pope, Allan M., president Investment Bankers' Association of Amer-
ica, Boston, Mass----------------------------------------------

Wolfe, Edmund S., president First National Bank, Bridgeport, Conn-

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