MODIFICATION OF RAILROAD FINANCIAL STRUCTURES HEARINGS BEFORE 4. S.Con SUBCOMMITTEE OF THE COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE UNITED STATES SENATE EIGHTIETH CONGRESS FIRST SESSION ON S. 249 A BILL TO AMEND THE INTERSTATE COMMERCE ACT, AS AMENDED, AND FOR OTHER PURPOSES MAY 21, 23, 27, 28, 29, JUNE 4, 5, AND 6, 1947 Printed for the use of the UNITED STATES WASHINGTON : 1947 62410 COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE WALLACE H. WHITE, JR., Maine, Chairman CHARLES W. TOBEY, New Hampshire EDWIN C. JOHNSON, Colorado CLYDE M. REED, Kansas TOM STEWART, Tennessee OWEN BREWSTER, Maine ERNEST W, MCFARLAND, Arizona ALBERT W. HAWKES, New Jersey WARREN G. MAGNUSON, Washington E, U. MOORE, Oklahoma FRANCIS J. MYERS, Pennsylvania HOMER E. CAPEHART, Indiana BRIEN MCMAHON, Connecticut SUBCOMMITTEE ON S. 249 CLYDE M. REED, Kansas, Chair man ALBERT W. HAWKES, New Jersey FRANCIS J. MYERS, Pennsylvania EDWARD COOPER, Professional Staff Member CONTENTS Statement of - Page of the Chicago, Rock Island & Pacific bonds, 120 Broadway, New 384 group of insurance companies holding Chicago, Rock Island & 286 211 238 Cocke, W. C., trustee, Seaboard Air Line Railway Co., Norfolk, Va.. 245 Colnon, Aaron, trustee, Chicago, Rock Island & Pacific Railway Co., Cunningham, Thomas M., counsel for M. P. Callaway, trustee of 225 323 Ely, Hon. Joseph B., protective committee for bonds of the Old Colony Railroad Co., Westfield, Mass. Fletcher, Robert J., general counsel, Boston & Maine Railroad, Forbes, B. C., Forbes Magazine, president Investors League, Engle- Fort, J. Carter, vice president Association of American Railroads, Gerdes, John, Gerdes & Montgomery, representing Chicago, Rock 463 361 ington, D. C., representing Alabama, Georgia & Florida Railway-- 271 97 482 276 264 Loomis, James Lee, chairman, board of directors, Connecticut Mutual Life Insurance Co., Hartford, and trustee, New York, New Haven, & Hartford Railroad Co., New Haven, Conn.. Mecartney, Malcolm, associate counsel, preferred stock committee, 116, 351, 508 Miller, Paul, counsel, St. Louis Southwestern Railway, New York, Minton, A. Albert, counsel, protective committee, Wisconsin, Central first mortgage bonds, New York, N. Y. Morfa, R. J., chairman of the board of directors, Missouri-Kansas- Texas Railroad Co., Dallas, Tex... Noble, John, Jr., counsel for the trustee, Boston & Providence Rail- road Corp.; Warren, Garfield, Whiteside & Lamson, Canton, Mass - 53 Norton, Henry K., trustee, New York, Susquehanna & Western Railroad Co., 140 Cedar Street, New York, N. Y... O'Connell, J. Harlin, representing a group of general mortgage bond- holders of the New York, Susquehanna & Western Railroad Co., Oliver, Fred N., general counsel, National Association of Mutual Savings Banks, New York, N. Y. Purcell, Robert T., vice chairman, Alleghany Corp.; vice chairman and general counsel, Chesapeake & Ohio Railway Co., Cleveland, |