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RAILROAD OBLIGATIONS

HEARINGS

BEFORE THE

SUBCOMMITTEE ON
BANKRUPTCY AND REORGANIZATION

OF THE

COMMITTEE ON THE JUDICIARY
ité HOUSE OF REPRESENTATIVES

SEVENTY-SIXTH CONGRESS

FIRST SESSION

ON

H. R. 3704
SUBSEQUENTLY AMENDED AND REINTRODUCED AS

H. R. 5407

A BILL TO AMEND AN ACT ENTITLED “AN ACT TO
ESTABLISH A UNIFORM SYSTEM OF BANKRUPTCY
THROUGHOUT THE UNITED STATES," APPROVED
JULY 1, 1898, AND ACTS AMENDATORY THERE-

OF AND SUPPLEMENTARY THERETO

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197

COMMITTEE ON THE JUDICIARY

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HATTON W. SUMNERS, Texas, Chairman EMANUEL CELLER, New York

U.S. GUYER, Kansas ZEBULON WEAVER, North Carolina

CLARENCE E. HANCOCK, New York ARTHUR D. HEALEY, Massachusetts

EARL C. MICHENER, Michigan FRANCIS E. WALTER, Pennsylvania

JOHN M. ROBSION, Kentucky WALTER CHANDLER, Tennessee

CHAUNCEY W. REED, Illinois CHARLES F. McLAUGHLIN, Nebraska JOIN W. GWYNNE, Iowa SAM HOBBS, Alabama

LOUIS E. GRAHAM, Pennsylvania ABE MURDOCK, Utah

WALLACE E. PIERCE, New York JOHN H. TOLAN, California

B.J. MONKIEWICZ, Connecticut
EDWARD W. CREAL, Kentucky

RAYMOND S. SPRINGER, Indiana
WILLIAM T. BYRNE, New York
SAM C. MASSINGALE, Oklahoma
DAVE E. SATTERFIELD, Jr., Virginia
JAMES M. BARNES, Illinois
W. BEN GIBBS, Georgia

ELMORE WHITEHURST, Clerk

SUBCOMMITTEE ON BANKRUPTCY AND REORGANIZATION

WALTER CHANDLER, Tennessee, Chair man
OHARLES F. MCLAUGHLIN, Nebraska EARL C. MICHENER, Michigan
HOBBS, Alabama

CHAUNCEY W. EEED, Illinois

II

LIBRARY OF CONGRESS
APR 271939

DIVISION OF DOCUMENTS

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Statement by

Page R. V. Fletcher, general counsel, Association of American Railroads.. 9 Henry W. Anderson, attorney, Richmond, Va

22, 86 Luther M. Walter, general counsel, National Industrial Traffic League

27 Hon. James E. Van Zandt, a Representative in Congress from the State of Pennsylvania

31 Frank L. Mulholland, Toledo, Ohio, representing the Railway Employee Executives Association.

32 Stanley R. Jacobs, New York.

34 A. B. Barber, manager of the Transportation and Communication Department of the Chamber of Commerce of the United States.

36 J. D. Shatford, chairman, Railroad Owners' Association, Washington, D. C..

39 Letter from Hon. Jesse H. Jones, Chairman, Reconstruction Finance Corporation.

40 Statement by

Thomas T. Tarleau, legislative counsel, office of the Secretary of the
Treasury --

41
Leslie Craven, Railway Security Owners' Association, savings banks,
and insurance companies

43 Fred N. Oliver, representing the mutual savings banks.

57 Communication from the Treasury Department.

79 Communication from the Interstate Commerce Commission.

82

III

VOLUNTARY ADJUSTMENT OF RAILROAD OBLIGATIONS

WEDNESDAY, MARCH 1, 1939

HOUSE OF REPRESENTATIVES, SUBCOMMITTEE OF THE COMMITTEE ON THE JUDICIARY,

Washington, D. C. The subcommittee met at 10 a. m., Hon. Hatton W. Sumners (chairman of the Judiciary Committee) presiding.

The bill under consideration was H. R. 3704, the text of which is as follows:

(H. R. 3704, 76th Cong., Ist sess.) A BILL To amend an Act entitled "An Act to establish a uniform system of bankruptcy throughout the

Cnited States", approved July 1, 1898, and Acts amendatory thereof and supplementary thereto Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Act of July 1, 1898, entitled “An Act to establish a uniform system of bankruptcy throughout the United States”, as amended, is hereby further amended by adding thereto a new chapter, to be designated chapter XV, and to read as follows:

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“Sec. 700. In addition to the jurisdiction otherwise exercised, courts of bankruptcy shall exercise original jurisdiction, as provided in this chapter, for postponements or modifications of debt, interest, rent, and maturities or modifications of the capital structures of railroads.

ARTICLE II-DEFINITIONS

“Sec. 705. The following terms, as used in this chapter, unless a different meaning is plainly required by the context, shall be construed as follows:

“(1) Petitioner' means any carrier as defined in section 20a of the Interstate Commerce Act, including any corporation in equity receivership, petitioning for a plan of adjustment, as hereinafter defined.

"(2) 'Claims' includes debts whether liquidated or unliquidated, certificates of deposits of securities (other than stock and option warrants to subscribe to stock), including demands and obligations of whatever character made, assumed or guaranteed by the petitioner.

"(3) 'Debt shall be considered to include all claims held or owned by 'creditors' as hereinafter defined.

“(4) 'Creditors' shall include all holders of claims, demands, and obligations of whatever character against the petitioner or its property, whether or not such claims would otherwise constitute probable claims in bankruptcy, including the holders of claims made, assumed, or guaranteed by the petitioner.

“(5) Securities' shall include those defined in section 20a of the Interstate Commerce Act, as amended, and also certificates of deposit and all other evidences of ownership of or interest in securities.

(6) 'Commission' refers to the Interstate Commerce Commission.

(7) 'Adjustment' shall include postponements or modifications of debt, interest, rent, and maturities and modifications of the capital structures.

“Sec. 706. No creditor shall be deemed to be 'affected by any plan unless such plan proposes a modification of the evidence of debt or other instrument defining the rights of such creditor, or a modification of the security, if any, for the claim of such creditor.

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