Draft of Statement of Senator Harry S. Truman Before the Securities and Exchange Commission
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OCR Page 1 of 11STATEMENT BY SENATOR HARRY S. TRUMAN
BEFORE THE SECURITIES AND EXCHANGE COMMISSION
FEBRUARY 6, 1941
FOR RELEASE ON DELIVERY
I am pleased indeed to state for the record of the Securities
and Exchange Commission some facts developed by the Senate Railroad
resulted in the publication of
Investigation. That investigation has to date/mbliskeit 23 volumes of
hearings and exhibits, plus 25 or more preliminary and additional reports. *
Naturally, I cannot summarize today all the material in the subcommittee'
record pertaining to competitive bidding vs. "continuing banker relation-
ships," as the present practice is sometimes described. But I can outline
for you a few typical situations as developed in our record.
"Continuing banker relationships" have been defended by witnesses
before the Senate Railroad Investigation, and perhaps here too, on the
ground that a railroad or other enterprise can "in time of need" turn to
its continuing bankers for short-term accomodations or other aid. The
incident Il have in mind in this connection comes from my own state, the
State of Missouri. In testimony at a hearing before the Missouri Public
*Hearings pursuant to S. Res. 71, 74th Congress, and continuing
TRUMAN NARA
resolutions.
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