Investigation of Concentration of Economic Power

260 764.5 TNEC E20 PT22-24

OF ECONOMIC POWER

HEARINGS

BEFORE THE

TEMPORARY NATIONAL ECONOMIC COMMITTEE
CONGRESS OF THE UNITED STATES

SEVENTY-SIXTH CONGRESS

SECOND SESSION

PURSUANT TO

Public Resolution No. 113
(Seventy-fifth Congress)

AUTHORIZING AND DIRECTING A SELECT COMMITTEE TO
MAKE A FULL AND COMPLETE STUDY AND INVESTIGA-
TION WITH RESPECT TO THE CONCENTRATION OF
ECONOMIC POWER IN, AND FINANCIAL CONTROL
OVER, PRODUCTION AND DISTRIBUTION
OF GOODS AND SERVICES

PART 22

INVESTMENT BANKING

BROWN BROTHERS HARRIMAN & CO.
HARRIMAN RIPLEY & CO., INCORPORATED
FINANCING OF CHICAGO UNION STATION CO.
AND PACIFIC GAS AND ELECTRIC CO.
CHARLES E. MITCHELL-BLYTHE & CO., INC.

DECEMBER 12, 13, AND 14, 1939

Printed for the use of the Temporary National Economic Committee

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1940

из 265 E20 938

TEMPORARY NATIONAL ECONOMIC COMMITTEE

(Created pursuant to Public Res. 113, 75th Cong.)

JOSEPH C. O’MAHONEY, Senator from Wyoming, Chairman
HATTON W. SUMNERS, Representative from Texas, Vice Chairman
WILLIAM H. KING, Senator from Utah
WILLIAM E. BORAH, Senator from Idaho

CLYDE WILLIAMS, Representative from Missouri
B. CARROLL REECE, Representative from Tennessee
THURMAN W. ARNOLD, Assistant Attorney General
*WENDELL BERGE, Special Assistant to the Attorney General
Representing the Department of Justice

JEROME N. FRANK, Chairman
*LEON HENDERSON, Commissioner

Representing the Securities and Exchange Commission
GARLAND S. FERGUSON, Commissioner
*EWIN L. DAVIS, Commissioner

Representing the Federal Trade Commission

ISADOR LUBIN, Commissioner of Labor Statistics
*A. FORD HINRICHS, Chief Economist, Bureau of Labor Statistics
Representing the Department of Labor

JOSEPH J. O'CONNELL, JR., Special Assistant to the General Counsel
Representing the Department of the Treasury

CLARENCE AVILDSEN, Special Adviser to the Secretary
Representing the Department of Commerce

JAMES R. BRACKETT, Executive Secretary

Alternates.

MAR 21 1941

CONTENTS

Testimony of:

Page

Bovenizer, George W., Kuhn & Loeb Co., New York, N. Y.---- 11427-11478
Evans, Lewis N., associate attorney, Securities and Exchange Com-
mission, Washington, D. C..

11490

Glore, Charles F., Glore, Forgan & Co., Chicago, Ill
11427-11478
Harriman, W. Averell, Brown Brothers Harriman & Co., New York,
N. Y
11384-11391, 11393-11408, 11417-11425

Huff, Charles H., associate utilities financial analyst, Investment

Banking Section, Securities and Exchange Commission, Washing-

ton, D. C...
11391-11393, 11439, 11547-11549

Jesup, Edward N., vice president, Lee Higginson Corporation, New
York, N. Y.

11427-11478

Leib, George C., vice president and director, Blyth & Co., Inc., New
York, N. Y.

11485-11510

11521

11549-11604

Mathers, Lloyd, security analyst, Securities and Exchange Com-
mission, Washington, D. C..........
Mitchell, Charles E., chairman, Blyth & Co., Inc. New York,
N. Y...
Ripley, Joseph P., president and director, Harriman Ripley & Co.
Incorporated, New York, N. Y..
11408-11417, 11425-11426
Russell, Stanley A., Lazard Frères & Co., New York, N. Y.
11479-
11485, 11511

Stewart, Percy M., Kuhn, Loeb & Co., New York, N. Y.. 11456-11478
Sturgis, Henry S., vice president, First National Bank of New York,
New York, N. Y.

11427-11478

Whitehead, W. S., security analyst, Securities and Exchange Com-
mission, Washington, D. C.

11439

11502-11505, 11512-11545

Woods, George D., vice president and director, The First Boston Cor-
poration, New York, N. Y...

Statement of—

Henderson, Leon, commissioner, Securities and Exchange Commission,

Washington, D. C..