Second Emergency Bond Issue; Hearings on H.R. 5901. an ACT to Authorize an Additional Issue of Bonds to Meet Expenditures for the National Security and Defense, And, for the Purpose of Assisting in the Prosectution of the War, to Extend Additional Credit t (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917. Excerpt: ... THE WAR FINANCE CORPORATION BILL. TUESDAY, FEBRUARY 12, 1918. Committee Ox Finance, United States Senate, Washington, D. C. The committee met, pursuant to adjournment, at 10 o'clock a. m., in the committee room, Capitol, Senator F. M. Simmons presiding. Present: Senators Simmons (chairman), Williams, Thomas, Gore, Jones, Gerry, Lodge, McCumber, Smoot, Gallinger, and Townsend. Present also: Mr. S. It. Bertron, member of the Excess Profits Tax Advisory Board. The Chairman. Mr. Bertron, I think we promised to hear you this morning. STATEMENT OF ME. S. R. BERTRON, BANKER, OF NEW YORK AND PHILADELPHIA. Senator Townsend. Whom do you represent? Mr. Bektkon. I am a banker of New York and Philadelphia. I have no affiliation with the Government except I was recently on a diplomatic mission to Russia, and I am now on the Excess Profits Tax Advisory Board. I was asked to come here--I do not know just why--to discuss this matter with you, but not that I am an authority. The Chairman. The Secretary asked you as a representative of the banking interests? Mr. Bertron. I think so; yes. I have no affiliations with the department other than that which I have stated. I have kept rather closely in touch with the financial situation here and in New York, by reason of my interests. When the Government preempted the market for securities and that fact was realized by the financial community immediately it was the expectation that some measure to care for the necessary corporate financing would be enacted, as has been the case in England and France and other countries. Our railway situation and our public-service companies were the two most important interests that required attention, especially so because of the fact that they have insufficient rates of income to offset the incr...