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HEARINGS

BEFORE THE

COMMITTEE ON FINANCE
UNITED STATES SENATE

SEVENTY-SECOND CONGRESS

SECOND SESSION

PURSUANT TO

S. Res. 315

AUTHORIZING AND DIRECTING THE FINANCE COMMITTEE
TO MAKE AN INVESTIGATION AND STUDY OF THE PRESENT

ECONOMIC PROBLEMS OF THE UNITED STATES WITH
A VIEW TO SECURING CONSTRUCTIVE SUGGESTIONS

WITH RESPECT TO THE SOLUTION

OF SUCH PROBLEMS

FEBRUARY 13 TO 28, 1933

Printed for the use of the Committee on Finance

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON : 1933

169450

435423

COMMITTEE ON FINANCE

REED SMOOT, Utah, Chairman JAMES E. WATSON, Indiana.

PAT HARRISON, Mississippi. DAVID A. REED, Pennsylvania.

WILLIAM H. KING, Utah. SAMUEL M. SHORTRIDGE, California.

WALTER F. GEORGE, Georgia. JAMES COUZENS, Michigan.

DAVID I, WALSH, Massachusetts. HENRY W. KEYES, New Hampshire.

ALBEN W. BARKLEY, Kentucky. HIRAM BINGHAM, Connecticut.

TOM CONNALLY, Texas. ROBERT M. LA FOLLETTE, JR., Wisconsin. THOMAS P. GORE, Oklahoma. JOHN THOMAS, Idaho.

EDWARD P. COSTIGAN, Colorado. JESSE H. METCALF, Rhode Island.

CORDELL HULL, Tennessee. DANIEL 0. HASTINGS, Delaware.

ISAAC M. STEWART, Clerk

CONTENTS

Statement of—

Aldrich, Winthrop W., chairman of the Governing Board and presi-

dent Chase National Bank of New York..

521-555

Anderson, S. W., New York City--

162

Anderson, W. J., Macon, Ga. (letter)-

966

Arendtz, Dr. Herman F., Boston, Mass.---

82

Armstrong, George W., president Texas Steel Co., Ft. Worth, Texas,

and Natchez, Miss_-

1073

Atterbury, W. W., president of the Pennsylvania Railroad, Philadel-

phia, Pa.--

757

Baldus, S. A., Managing Editor Extension Magazine, Chicago, Ill_. 1078

Barker, Lewellys, M.D., Baltimore, Md__

395

Baruch, B. M., New York City---

1, 35

Beck, Thomas H., New York City (letter) -

969

Beinecke, Frederick W., New York City (brief).

893

Bell, James F., Minneapolis, Minn. (brief)

677

Benjamin, Edward B., President Maginnis Cotton Mills, New Orleans,

La-

1095

Block, Paul, New York City --

77

Brown, Harry G., University of Missouri, Columbia, Mo_

1100

Bullock. John G., Los Angeles, Calif. (letter) -

942
Butler, Nicholas Murray, President Columbia University, New York
City (letter)------

797

Clark, Victor S., Washington, D.C. (letter and brief).

968

Clayton, W. L., Houston, Tex. (letter).

941

Cochran, Lamont M., Long Island, N.Y. (letter and statement)

1060

Cone, Julius W., Greensboro, N.C_--

420

Cook, Frank B., Salt Lake City, Utah (article).

1022

Copeland, Morris A., Ann Arbor, Mich. (letter and brief)

1063

Coyle, David Cushman, consulting engineer, New York City.

1106

Davis, George H., President Davis-Noland-Merrill Grain Co., Kansas
City, MO

963

Davis, John W., New York City (telegram ) -

1060

Delapenha, R. U., New York City (letter and report)

951

Dennis, Lawrence, New York City----

733

Dennison, Harry S., Framington, Mass.

1109

Dewey, John., Washington, D.C. (letter)

961
Dickinson, Dr. H. C., President of the Society of Automotive Engi-
neers, Washington, D.C.---

264

Dodge, Martin, New York City (radio address).

942

Donham, Wallace B., Dean Harvard Business School, Cambridge,

Mass..

1123

Draper, Ernest G., New York City--

1125

Duffield, Edward D., President of the Prudential Life Insurance Co.,
South Orange, N.J.--.

248, 258

Durant. Will, Great Neck, N.Y..

1127

Eccles. M. S., President First Security Corporation, Ogden, Utah --- 703

Ezickson, Dr. William J., Philadelphia, Pa_.

1129

Fairchild, Fred R., political economist, Yale University, New Haven,
Conn.

800

Ferguson, Homer L.. Newport News, Va----

1133

Ferry, W. Mont, Vice President and managing director of the Silver

King Coalition Mines Co., Salt Lake City, Utah.

690

Figart, David M., New York City

1133

Filene. Edward A., Boston, Mass

1139

Fisher, Irving, New Haren. Conn..

1147

[graphic]

Statement of-Continued.

Page Flanders, Ralph E., President Jones & Lamson Machine Co., Springfield, Vt--

427, 975 Flick, Franklin, New York City--

1148 Foster, Dr. William T., Newton, Mass.

1152 Frank, Glenn, President of the University of Wisconsin, Madison, Wis--

760 Garrison, Flint, Director General of the Wholesale Drygoods Institute, New York

374 Garvan, Francis P., President Chemical Foundation, New York City- 597 Gephart, W. F., St. Louis, Mo. (brief)

932 Graham, Benjamin, New York City-

1154 Graham, M. K., Graham, Tex. (letter and brief) -

954 Grimes, Edward J., Vice President Cargill Elevator Co., Minneapolis, Min.-

657 Harvey, Edward F., Gwynedd Valley, Pa-

923 Haskell, Henry J., Editor of the Kansas City Star.

446 Hillman, Sidney, 15 Union Square, New York City-

873 Hogan, T. S., Midland, Tex_

876 Holderby, Rev. William Matthew, Washington, D.C.

1163 Houston, David F., President of the Mutual Life Insurance Co. of New York, New York City

273 Hylan, Hon. John F., former Mayor of New York City

223 Ise, John, Lawrence, Kans. (letter)

1070 Keezer, Dexter M., economist and associate editor Baltimore Sun, Baltimore, Md.-

464 Kemmerer, E. W., Princeton University, Princeton, N.J.

1168 King, Willford I., New York City (letter and statement)

1049 Kingsley, Charles F., Brooklyn, N.Y. (report).

945 Kiwanis Club of Elizabeth, N.J. (brief).

939 Knapp, Joseph P., New York City (brief)-

970 Kunnecke, F. J., University of Dayton, Dayton, Ohio----

1180 Legge, Alexander, President International Harvester Co., Chicago, Ill. 564 Leon, Rene, New York City-

171 Lewis, John L., President United Mine Workers of America

299 Lieberkind, Max, New York City (letter and statement).

1040 Litchfield, P. W., President the Goodyear Tire & Rubber Co., Akron, Ohio---

496 Lombard, Norman, New York City (brief)

959 Loree, L. F., President the Delaware & Hudson Railroad Corporation, New York City

333 Merkle, Frederick B., Brooklyn, N. Y. (letter)-

945 Morrison, Rev. H. C., D.D., Louisville, Ky. (letter).

938 Noyes, A. D., journalist, New York Times...

809 Norvell, Saunders, New York City (letter and article)

963 O'Neal, Edward A., President American Farm Bureau Federation, Munsey Building, Washington, D.C..

401 Peek, George N., Moline, II.-

108 Pelley, J. J., President New York, New Haven & Hartford Railroad Co., New Haven, Conn.---

469 Persons, Warren M., New York City

1190 Peters, A. C., World Trade League of United States, New York City

1197 Rand, James H., chairman--

652 Remington Rand, Inc., New York City (letter and brief).

652 Reynolds, Jackson, New York City

203 Rogers, James Harvey, of Yale University.

1238 Richberg, Donald R. (brief)

643 Royster, W. W., chairman Railroad Employees National Pension Association, Chicago, Ill.--

818 Romfh, E. C., President First National Bank, Miami, Florida

1199 Sexton, Robert H., New York City.

922 Silberling, Dr. Norman J., San Francisco, Calif. (letter and brief)

928 Simonds, A. T., Fitchburg, Mass

1200 Simonds, Frank H-----

505 Simpson, John A., President National Farmers Union, Washington, D.C---

582

Statement of_Continued.

Pago
Smith, Alfred E., New York City ---

836, 1219
Smith, Dick, managing editor Kansas City Journal-Post, Kansas
City, Mo-----

831

Stearns, W. D., Ph.D., Washington, D.C. (magazine article and

brief).

634

Stern, J. David, editor and publisher Philadelphia Record and Cam-

bridge Courier-Post..

682

Taber, L. J., Columbus, Ohio, master the National Grange.

305
Taylor, A. E., Stanford University, Calif. (letter and brief) ----

448
Taylor, Myron C., chairman United States Steel Corporation, New

York City

213

Teague, C. C., Santa Paula, Calif.

Tippets, Charles S., Buffalo, N.Y. (letter and articles)

1042

Trimble, South...

1229

Turner, D. Walter--

1232

Van Kleeck, Mary, director department of industrial studies, Russell

Sage Foundation..

855

Waldeck, Herman, Chicago, Ill ----

931

Waller, John R----

1224

Weber, Orlando F., New York City (letter)-----

938

Weir, E. T., chairman National Steel Corporation, Pittsburgh, Pa.. 821
Willard, Daniel, President Baltimore & Ohio Railroad, Baltimore,
Md.

202

Willis, H. A., Chicago, Ill. (letter and article)--

1008

Woll, Matthew, Vice President American Federation of Labor..

776

Wilson, Dr. Walter L., Kansas City, Mo.-----

1201

Wright, Dr. Ivan, University of Illinois, Urban, Ill.

1202

York, George W., Albuquerque, N.Mex..--

1204

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