HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

EIGHTY-THIRD CONGRESS

SECOND SESSION

ON

S. 76 and S. 1118

BILLS TO PROVIDE FOR THE CONTROL AND REGULATION
OF BANK HOLDING COMPANIES, TO REQUIRE

DIVESTMENT OF NONBANKING ASSETS,
AND FOR OTHER PURPOSES

34937

PART 3

JUNE 21, 22, AND 23, 1954

Printed for the use of the Committee on Banking and Currency

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON: 1954

COMMITTEE ON BANKING AND CURRENCY

HOMER E. CAPEHART, Indiana, Chairman

IRA DIXON, Chief Clerk
RAY S. DONALDSON, Staff Director

S. 76

S. 1118.

CONTENTS

Committee print of proposed bill..

Statement of

Amberg, Harold V., vice president, First National Bank of Chicago,
Association of Reserve City Bankers.. -

Page

259

261

267

270

Belgrano, Frank N., Jr., president and chairman of the board,
Transamerica Corp--.

674

Burtelow, Walter E., executive vice president, General Contract Corp. and Bank of St. Louis, Mo..

631

Du Bois, Ben, secretary, Independent Bankers Association of America_
Harding, Harry J., president, Independent Bankers Association, 12th
Federal Reserve District_

Huntington, Ellery C., Jr., president, Morris Plan Corp. of America
Jenkins, E. O., president, First Bank Stock Corp..

Morris, Arthur J., chairman of the board, Morris Plan Corp. of
America.

Oliver, Fred N., general counsel, National Association of Mutual
Savings Banks..

Thomson, J. Cameron, president, Northwest Bancorporation_.
Letters, telegrams, statements, etc., submitted for the record by-
Amberg, Harold V., vice president, First National Bank of Chicago,
Association of Reserve City Bankers:

Association of Reserve City Bankers: Report on bank holding company legislation...

296

Brumder, William G., president, Wisconsin Bankshares Corp., Milwaukee, Wis.: Letter enclosing report of corporation__.

362

Burger, George J., vice president, National Federation of Independent
Business: Telegram to chairman__

359

Burtelow, Walter E., executive vice president, General Contract
Corp. and Bank of St. Louis, Mo.:

Statement

645

Telegram to committee on statement of Mr. Du Bois and Mr.
Harding.

655

Capehart, Homer E., a United States Senator from the State of
Indiana: Public Law 968, 76th Congress--

754

First National Bank Trustees, Louisville, Ky., Henry Offut, secretary:
Statement..

661

Harding, Harry J., president, Independent Bankers Association, 12th
Federal Reserve District: Statement..

740

Jenkins, E. O., president, First Bank Stock Corp.: Statement.
Morris Plan Corp. of America:

308

Huntington, Ellery C., president: Statement..
Morris, Arthur J., chairman of the board: Statement_

New Hampshire Bankshares, Inc., Nashua, N. H., Harry A. Gregg,
chairman of the board and Richard J. Vogt, president: Letter to
chairman...

396

626

753

Oliver, Fred N., general counsel, National Association of Mutual
Savings Banks: Summary by States of powers of savings banks to
invest in bank stocks_

320

Pope, Bayard F., chairman of the board, Marine Midland Corp.:
Statement...

360

Transamerica Corp., Frank N. Belgrano, president and chairman of
the board: Material submitted with statement_.

Wisconsin Bankshares Corp., Milwaukee, Wis.: Letter enclosing
report of corporation.......

687

362