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COMMITTEE ON BANKING AND CURRENCY

A. WILLIS ROBERTSON, Virginia, Chairman JOHN SPARKMAN, Alabama

HOMER E. CAPEHART, Indiana PAUL H. DOUGLAS, Ilinois

WALLACE F. BENNETT, Utah JOSEPH S. CLARK, Pennsylvania

PRESCOTT BUSH, Connecticut WILLIAM PROXMIRE, Wisconsin

J. GLENN BEALL, Maryland HARRISON A. WILLIAMS, JR., New Jersey JACOB K. JAVITS, New York EDMUND S. MUSKIE, Maine

JOHN G. TOWER, Texas
EDWARD V. LONG, Missouri
MAURINE B. NEUBERGER, Oregon

MATTHEW HALE, Chief of Staf

SUBCOMMITTEE ON PRODUCTION AND STABILIZATION

PAUL H. DOUGLAS, Illinois, Chairman A. WILLIS ROBERTSON, Virginia

WALLACE F. BENNETT, Utah JOSEPH S. CLARK, Pennsylvania

HOMER E. CAPEHART, Indiana WILLIAM PROXMIRE, Wisconsin

PRESCOTT BUSH, Connecticut HARRISON A. WILLIAMS, JR., New Jersey J. GLENN BEALL, Maryland EDMUND 8. MUSKIE, Maine

CONTENTS

Page

4

725

215

828

156

533

3. 1740..

Statement of-

Barnard, Kenneth, chairman, Committee on Installment Contracts,

National Better Business Bureau, Inc., and the Association of

Better Business Bureaus, Inc.-

Beckman, Dr. Theodore N., National Retail Merchants Associa-

tion.

Biemiller, Andrew J., director, Department of Legislation; accom-

panied by Anne Draper, economist, Research Department,

AFL-C102

Black, Hillel, author.

Boushall, Thomas C., Consumer Bankers Association.

Bimson, Carl A., president; accompanied by J. 0. Elmer, Harry P.

Bergmann, and J. 0. Brott, general counsel, American Bankers

Association

Cheever, Herbert E., vice president, First National Bank, Brookings,

S. Dak
Clayman, Jacob, administrative director, Industrial Union Depart-

ment, AFL-CÍO..
Crawford, Morris D., Jr., chairman, Committee on Federal Legislation,

National Association of Mutual Savincs Banks; accompanied by
Raymond Rodgers, Lawrence U. Costiglio, Elmer H. Harmon,

James H. Kohlerman, and William F. McKenna.

Elmer, J. O., American Bankers Association..

Fischer, Robert A., executive director; accompanied by Ralph W.

Pitman and Thomas C. Boushall, Consumer Bankers Association..

Foley, William J., Maine Merchants Association, Inc.-

Frey, Edward J.; accompanied by Kirk Eads, manager, Taxation

and Finance Department; and R. Hilton Davis, manager,

Domestic Distribution Department, Chamber of Commerce of the

United States.

Fritz, E. C., attorney, Dallas, Tex...

Fusfeld, Daniel, Michigan Consumer Association.

Gosnell, John A., National Small Business Men's Association.

Grant, James W., member, national board of directors, Credit Union

National Association....

Hagan, Lt. Col. Willard J., treasurer-manager, Andrews Air Force

Base Credit Union in Maryland.

Harinz, Albert, consultant, National Retail Furniture Association --

Harris, Earl, and John A. Gosnell, National Small Business Men's

Association...

Hart, Philip A., a U.S. Senator from the State of Michigan..

Holthausen, Duncan McC., and Dr. Theodore N. Beckman, National

Retail Merchants Association.-

Johnson, Robert W., professor of financial administration, Graduate

School of Business Administration, Michigan State University ---
Kohlerman, James H., educational director, Life Office Management

Association, New York, N.Y..

Lamb, Andrew, treasurer; accompanied by Charles J. Barnhill,

counsel, Montgomery Ward & Co..

Lev, Mrs. Irving, Americans for Democratic Action --
Martin, William McChesney, Jr., Chairman, Board of Governors;

accompanied by Ralph A. Young, adviser to the Board, Federal

Reserve System

McEwen, Rev. Robert J., S.J.; accompanied by Virs. Martha E.

O'Neil, on behalf of Massachusetts Attorney General's Advisory
Consumer Council...

250

164

954

771

585

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Statement of Continued

Mitchell, Samuel M., Lawrence L. O'Connor, and J. H. Ducate, Page

Sears, Roebuck & Co., Chicago, Ill.

968

Morgan, R. C., president, Credit Union National Association.

505

Morse, Richard L. D., professor and head of Department of Family

Economics, Kansas State University

304

O'Neil, Mrs. Martha E., Massachusetts Attorney General's Advisory

Consumer Council.--

589

Pitman, Ralph, Consumer Bankers Association.

569

Rodgers, Raymond, professor of banking, Graduate School of Business

Administration, New York University-..

163

Rothschild, Louis, National Association of Retail Clothiers & Fur-
nishers...

605

Schuchat, Theodor, member, board of directors, National Consumers

League..

303

Steadman, Charles W., American Bar Association; accompanied by
Robert H. S. French, attorney --

793

Stone, Julius, chairman, legal and legislative committee; R. C. Mor-

gan, president; James W. Grant, member, national board of direc-

tors, Credit Union National Association; and Lt. Col. Willard J.

Hagan

487, 560

Terrill, Capt. Ralph B., president; accompanied by Morris Shrader,

treasurer; and Thomas Landers, general manager, Navy Federal

Credit Union.--

137

Tobin, James, Member, Council of Economics Advisors..

45

Letters, statements, memorandums, etc., submitted for the record by-

Appendix:

Speeches by Senator Douglas and Senator Bennett on S. 1740.-- 1110

Paper, "Credit Costs: The Case for True Disclosure," by David

Hamilton..

1159

Article, "The Influence of Moral and Social Responsibility on

Selling Consumer Credit," by Arch W. Troelstrup-

1166

Gushee, Charles H., president, Financial Publishing Co., Boston,

Mass.:

Statement.

1175

Brochure, "The Computation of Charges for Personal Loan

Departments and for Consumer Finance Loans".

1182

Brochure, “Financial Rate Translator and Guide to Legal

Installment Sales Rates”.

1201

Excerpts from "Insured Monthly Payment Chart, Including

Life Insurance, Accident and Health Insurance'

1205

Excerpts from "Wisconsin 115.09 Repayment Schedules". 1235

Article, Northwestern University Law Review, "Consumer

Credit, Symposium: Developments in the Law,” excerpts.--- 1238

Memorandum, “Reply to Assertions of Opponents of the Finance

Charge Disclosure Bill”.

1306

Memorandum, "Definition of 'Incident to the Extension of

Credit' and Application to Various Credit Transactions". 1309

Excerpt from housing hearings of 1961..

1312

Article, "The Monster Spiegel Keeps, Keeps Spiegel," by Carl

Rieser..

1314

Article, “Consumer Finance-Recent Trends in State Regula-

tion of 'istallment Credit” by Wallace P. Mors..

1324

Article The Cost of Consumer Installment Credit," by Dr.

Jr i Mayer and Dr. R. E. Glos.

1369

Retail installment sales acts, goods other than motor

hicles, 21 States.-

1374

able, Motor vehicle retail installment sales acts—38 States and

District of Columbia and Rhode Island by administrative

regulation..

1376

Table, Trends in sales finance legislation.

1380

Table, Trends in consumer loan legislation..

1386

Aeronautical Industrial District Lodge 751, Walter E. Berg, district

secretary-treasurer, Seattle, Wash.: Letter to Senator Douglas... 1071

AFL-CIO Auxiliaries, Mrs. Winnie Christmas, chairman, legislative

committee: Statement.

486

Agriculture Department: Report on S. 1740.

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558

Letters, statements, memorandums, etc.—Continued

American Bankers Association:

Page

Consumer credit standards of practice.---

527

Consumer credit creed...

528

Statement concerning conversion chart of South Dakota State

Bankers Association.

554

Correspondence on bank advertising -
American Bar Association:
Testimony and exhibits of Mr. Steadman.

793
Resolution on legislation.

826
American Home Economics Association, Dorothy S. Lyle, president:
Letter to Senator Douglas.

1021
American Home Laundry Manufacturers' Association: Statement- 1020
American Retail Federation, William C. McCamant, director of
trade and public relations: Letter to Senator Douglas -

1031
Anderson, Paul E., Brooklyn, N.Y.: Letter to Senator Douglas... 1072
Archer, Robert L., Beaver, Pa.: Letter to Senator Douglas..

1070
Baldwin, Charles A., Brown University: Letter to Senator Douglas.. 1078
Bernard, Kenneth, National Better Business Bureau, Inc.: Report,
"Automobile Credit Life Insurance in Installment Selling”.

743
Baruch, Bernard M.: Telegram to Senator Douglas.-

725
Beall, J. Glenn, a U.S. Senator from the State of Maryland: Com-
parison of Maryland retail installment sales law with Š. 1740...

380
Beckman, Dr. Theodore N. (See National Retail Merchants Asso-

ciation.)

Bennett, Wallace F., a U.S. Senator from the State of Utah:

Opening statement.

42

Relationship between changes in rates on prime paper and volume

of consumer credit.

54

Memorandum, Southern Retail Furniture Association, "Credit

Selling Costs”.

71

Letters received on Mr. Black.

103

Advertisement, Dalmo, Inc., Washington, D.C...

128

Statement regarding Household Finance Corp., consumer credit

cost calculator..

196

Advertisements, Goudcheaux, Baton Rouge, La.

296

Number of models, possible prices, possible combinations of

options of Chevrolet, Falcon, Ford, and Corvair.

410

Statement regarding Commercial Credit Corp. Handbook, “In-

stallment Financing”,

439

Additional statement, same.

440

Article, “Ten Commandments Given for All Who Borrow”.

525

Excerpts from forthcoming revised edition of Dr. Beckman's
"Principles of Marketing

671

List of States having little Douglas bills.

802

Letters from members of Mr. Šteadman's bar association com-

mittee..

802

Statement on Professor Hassell's problems and table-sample.-- 856

Article, “Extra Session on Loan Bill,” etc., Houston, Tex., Press. 880

Article, "Special Session for Tax and 'Loan Shark” Bills Almost

Sure," Houston, Tex., Post..

880

Comparison of Utah law on secured retail installment sales with

S. 1740...

822

Speech on S. 1740.

1139

Biemiller, Andrew H., director, Department of Legislation, AFL-

CIO:

Article, "The Boom in Bankruptcy",

416

Pamphlet, "Consumer Beware!"

463

Black, Hillel, author:

Brochure, "You Save Money-If You Know What Audit Costs.. 118
Statement and sources.

131

Botts, Ralph R., and Fred L. Garlock, Agricultural Economists,

Agriculture Department: Article, “Interest Rates on Installment
Purchases"

1359

Bowers, H. C., Louisville, Ky.: Letter to Senator Douglas.

1077
Brown, Harley R., Mobile, Ala.: Letter to Senator Hill.

1034
Budget Bureau: Letter to Federal Trade Commission on S. 1740. 22
Burke, Richard J., Portland, Oreg.: Letter to Senator Douglas.. 1078
Letters, statements, memorandums, etc.--Continued

Bush, Prescott, a U.S. Senator from the State of Connecticut: Con- Page
necticut statute on consumer credit...

67
Caterpillar Tractor Co., M. Sargent, Peoria, Ill.: Letter to Senator
Robertson..

1037
Cheever, Herbert E., vice president, First National Bank, Brookings,
S. Dak.:
Statement of transaction...

216
Table, percent yield or return per annum.

241
Brochure, First National City Bank, New York, "If You Ever
Want To Borrow”.

249
CIT Financial Corp., Melbourne Bergerman, vice president, New
York, N.Y.: Statement.

1052

Clayman, Jacob, administrative director, Industrial Union Depart-

ment, AFL-CÍO:

Pamphlet, “In Your Interest, the Need for the 'Truth in Lending'

Bill”.

931

Letter and analysis of effect of Ohio Small Loans Act...

848
Colorado Automobile Dealers Association, Clive Bradford, general
manager: Letter and statement..

1048

Commerce Department: Report on S. 1740.

11

Commercial Credit Corp., Baltimore: Excerpt from handbook, "In-

stallment Financing”.

431, 538

Consumer Bankers Association: Resolution on lending practices. 566

Consumer Council of the State of California: Brochure on cost of

credit.-

118

Consumer Credit Statistics.

35

Cooperative League of USA, Dwight Townsend, director, Washington

office: Statement.

1005

Cordray, C. K., Ogden, Utah: Letter to Senator Robertson

1047

Cour cil of Economic Advisers: Report on S. 1740.-

15

Courtney, T. E., De Kalb, Ill.:

Letter to committee.

1043

Letter to State officials..

10414

Credit Union National Association:

"Lightning” Loan Computer..

100

Excerpts from "Credit Union Calculator".

492

Ten cases of loan transactions submitted by Mr. Morgan..

511

Six cases of loan transactions submitted by Lieutenant Colonel

Hagan.

524

Dauer, Ernst A., president, Household Finance Corp.:

Letter to Senator Bennett on Mr. Black.

102

Letter to Senator Douglas on legislation.

950

Dauten, Carl, Washington University: Article, “Recent Institutional

Developments in the Field of Consumer Credit”.

1330

De Rosa, Joseph J., Racine, Wis.: Letter to Senator Douglas

1069

Douglas, Paul H., a U.S. Senator from the State of Illinois:

Opening statement...

1

Consumer Credit Statistics:

Table 1, Consumer credit and other debt..

35

Table 2, Distribution of domestic deht, by debtor groups. 36

Table 3, Consumer debt by types..

36

Table 4, Consumer credit, by major parts.

37

Table 5, Installment credit, by holder..

38

Table 6, Installment credit held by commercial banks, by

type of credit...

39

Table 7, Installment credit held by sales finance companies,

by type of credit.-

39

Table 8, Installment credit held by financial institutions other

than commercial banks and sales finance companies, by

type of credit.

40

Table 9, Noninstallment credit.

Table 10, Selected consumer expenditures by types.

41

Table 11, Selected payment commitments of consumers

Table 12, Consumer installment credit, and gross national

product...

42

Consumer credit cost calculator, Household Finance Corp-

191

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