United States Senate, Subcommittee of the Committee ON Banking and Currency, Washington D.C. The subcommittee met, pursuant to the call of the chairman at 10 oclock a.m., in the hearing room of the committee, Room 301 Senate Office Building, Senator Duncan U. Fletcher, presiding. Present: Senators Fletcher (chairman), Glass, Barkley, Costigan, Townsend, and Couzens. Present also: Senators Bulkley, Gore, Reynolds, Byrnes, Bankhead, McA doo, A dams, Goldsborough, Walcott, andS teiwer. Present also: Ferdinand Pecora, counsel to the committee, Julius Silver, David Saperstein, and James B. McD onough, Jr., associate counsel to the committee. John W. Davis, counsel for J. P. Morgan Co., Randall J. LeB ouef, Jr., andE arle J. Machold, counsel for the United Corporation and for George H. Howard, president of the United Corporation. The Chairman. The committee will come to order. It is a little unprecedented perhaps but might be just as well to swear in the official reporters of the committee. They will please stand, hold up their right hand and be sworn: You, and each of you, solemnly swear that you will accurately write in shorthand and true and complete typewritten transcript make of all the proceedings of the committee. So help you God. Mr. Hart. I do. Mr. Carlson. I do. Mr. WiLFONG. I do. The Chairman. Let the proceedings today show as hearings resumed on what is known as the investigation of stock exchange practices, under resolutions of theS enate, particularly Senate Resolution 56, which will be made a part of the record at this point: SENATE RESOLUTION 50 Resolved, That the Committee on Bunking and Currency, or any duly authorized subcommittee thereof, in addition to the authority granted under S.R es. 84, Seventy-second Congress, agreed tM arch 4, 1932, and continued in force by S.R es. 239, Seventy-second Congress, agreed to June 21, 1932, and further cont(Typographical errors above are due to OCR software and don't occur in the book.)
