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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
Committee on Interstate and Foreign Commerce

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON : 1947

62410

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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
EDWARD S. JARRETT, Clerk

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
Bourne, Edward W., Alexander & Green, for protective committee

of the Chicago, Rock Island & Pacific bonds, 120 Broadway, New
York, N. Y...

384
Bushby, Wilkie, Root, Clark, Buckner & Ballantine, representing a

group of insurance companies holding Chicago, Rock Island &
Pacific bonds, New York, N. Y...

286
Callaway, M. P., trustee, Central of Georgia Railway Co., Savannah,
Ga

211
Carmichael, George T., vice president, New York, New Haven &
Hartford Railroad Co., New Haven, Conn.

238

Cocke, W. C., trustee, Seaboard Air Line Railway Co., Norfolk, Va.. 245

Colnon, Aaron, trustee, Chicago, Rock Island & Pacific Railway Co.,

debtor, Chicago, Ill.

15

Cunningham, Thomas M., counsel for M. P. Callaway, trustee of
Central of Georgia Railway Co., Savannah, Ga.

225
Davis, C. McD., president, Atlantic Coast Line Railroad Co., Wil-
mington, N. Ć.

323

Ely, Hon. Joseph B., protective committee for bonds of the Old Colony

Railroad Co., Westfield, Mass.

137

Fletcher, Robert J., general counsel, Boston & Maine Railroad,

Boston, Mass.

203

Forbes, B. C., Forbes Magazine, president Investors League, Engle-

wood, N. J..

133

Fort, J. Carter, vice president Association of American Railroads,

Washington, D. C.

283

Gerdes, John, Gerdes & Montgomery, representing Chicago, Rock
Island & Pacific Railway Co., New York, N. Y.,

463
Hagerty, Harry, Metropolitan Life Insurance Co., New York, N. Y.

361
Hand, Frank B. Jr., attorney at law, Transportation Building, Wash-

ington, D. C., representing Alabama, Georgia & Florida Railway-- 271
Harrison, Carter H., Jr., chairman, protective committee, Chicago
Rock Ísland & Pacific preferred stock, Chicago, Ill...-

97
Henwood, Berryman, trustee, St. Louis Southwestern Railway, St.
Louis, Mo...?

482
Jansen, Arthur, Barrons Magazine, New York, N. Y.

276
La Roe, Wilbur, attorney at law, Investment Building, Washington,
D. C., representing Susquehanna & Western Railroad.

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..

243

Mecartney, Malcolm, associate counsel, preferred stock committee,
Chicago, Rock Island & Pacific Railway Co....

116, 351, 508

Miller, Paul, counsel, St. Louis Southwestern Railway, New York,

N. Y.

495

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...

187

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...

265

O'Connell, J. Harlin, representing a group of general mortgage bond-

holders of the New York, Susquehanna & Western Railroad Co.,

120 Broadway, New York, N. Y.

259

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

Savings Banks, New York, N. Y.

331

Purcell, Robert T., vice chairman, Alleghany Corp.; vice chairman

and general counsel, Chesapeake & Ohio Railway Co., Cleveland,

Ohio..

158

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