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Printed for the use of the Committee on Interstate Commerce

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON

1928

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INVESTIGATION OF PUBLIC UTILITY CORPORATIONS

TUESDAY, JANUARY 17, 1928

UNITED STATES SENATE,

COMMITTEE ON INTERSTATE COMMERCE,
Washington, D. C.

The committee met, pursuant to adjournment, in room 212, Senate Office Building, at 10 o'clock a. m., Senator James E. Watson presiding.

Present: Senators Watson (chairman), Pine, Couzens, Fess, Sackett, Smith of South Carolina, Bruce, Dill, Wheeler, Mayfield, Hawes, Black, and Wagner.

Present also: Senator Walsh of Montana.

The CHAIRMAN. The committee will please come to order. Other members will probably drop in from time to time. All the Chair hopes is that those present do not drop out.

I am told that Mr. Hayes, of New York, wants to make a statement, and desires to get away, and that it is agreeable to Senator Lenroot. Will Mr. Hayes please come forward?

STATEMENT OF HENRY R. HAYES, PRESIDENT INVESTMENT BANKERS ASSOCIATION OF AMERICA, NEW YORK CITY

The CHAIRMAN. Please tell the committee your name, Mr. Hayes, and whom you represent, if anyone, and then proceed with any statement respecting the questions at issue that you have to make.

Mr. HAYES. My name is Henry R. Hayes. I am president of the Investment Bankers Association. We have an active interest, a continuing interest, in the industry, and, in behalf of the association, I have the privilege of presenting their views.

Senator SMITH. Excuse me. I did not get your place of business. Where is your association located?

Mr. HAYES. In New York.

Mr. Chairman and gentlemen of the committee, to a very considerable and responsible degree the organized investment banking business of the Nation is a custodian of the public interest, as that interest relates to the public-utility industry and, also, to other worthy business enterprise of the country. It is in response to that moral and, in addition, economic obligation that I have, as president of the Investment Bankers Association of America, the privilege of coming before you to-day to present some few thoughts and principles from the many years of experience of this association's membership. We hope and believe that this action may have in it some measure of helpfulness to this discussion of or inquiry into the

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