Draft Statement of Senator Harry S. Truman Before the Securities and Exchange Commission
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OCR Page 1 of 91)
statement
of Sen Hanny S. Tauman
5 SEC-86-41
state for the record of the
I am pleased indeed to give this Commission the benefit
securities and Exchange Commession
of receiving into the record some facts developed by
the Senate Railroad Investigation, That investigation has to
date published 23 volumes of hearings and exhibits, plus xome
25 or more preliminary and additional reports. * Naturally
Hearings pursuant to S. Res. 71, 74th Cong., and continuing
resolutions.
I cannot summarize XM thi afte nnoon all the material in the
today
subeommittee's record pertaining to competitive bidding VS.
"continuing banker relationships," as the present practice is
described.
sometimes called. But I can outline for you a few typical situ-
ations as developed in our record.
"Continuing banker relationships" ax have be en defended
by witnesseses before the Senate Railroad Investigation, and perhaps
here too, on the ground that a railroad or other xanxkar industry enterprise
can "in time of need" turn to its continuing bankers for short-term
accomodations or other aid. The incident I
have in mind in this connection comes from my own state, the state
of Missouri. In testimony at a hearing before the Missouri Public
in
Service Commission cap , about 1931 it was urged that the Missouri
Pacific would benefit by establishment of such a relationship
with XXXXX a New York banking firm. Said one witness:
o
PART
"The Missouri Pacific in times of prosperity
can finance its own needs. Nevertheless ) they
Relations
belongs_to