Графични страници
PDF файл
ePub

TO AMEND THE INTERSTATE COMMERCE ACT

MONDAY, JUNE 26, 1939

UNITED STATES SENATE,
SUBCOMMITTEE OF THE COMMITTEE
ON INTERSTATE COMMERCE

Washington, D. C. The subcommittee met, pursuant to call, at 10:30 a. m., in room 457, Senate Office Building, Senator Harry S. Truman presiding.

Present: Senators Truman (chairman of the subcommittee) and Tobey.

Senator TRUMAN (chairman of the subcommittee). The subcommittee will come to order. I have a brief statement to make for the record, but first will say that the subcommittee will be in session today and tomorrow, and if necessary on Wednesday, and then we will adjourn until Monday, July 10.

The bill on which we are opening these hearings is S. 2610, a bill to amend the Interstate Commerce Act, which was introduced jointly by Senator Wheeler and myself. I will put into the record a copy of the bill and also a copy of the committee print, the latter dated June 21, 1939, showing the changes which this bill proposes to make in the existing law.

(S. 2610, June 15, 1939, and S. 2610 (committee print), June 21, 1939, will here be printed, as follows:)

1

76TH CONGRESS

1st SESSION

S. 2610

IN THE SENATE OF THE UNITED STATES

JUNE 15, 1939

Mr. WHEELER (for himself and Mr. TRUMAN) introduced the

following bill; which was read twice and referred to the Committee on Interstate Commerce

A BILL
To amend the Interstate Commerce Act, and for other

purposes. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress asssmbled, 3 That paragraph (3) of section 1 of the Interstate Commerce 4 Act, as amended, is hereby amended by inserting “(a)" 5 before the first word, and by adding at the end the following: 6 “(b) The term 'person’ as used in this part means an 7 individual or a company. 8 "(c) The term 'company' as used in this part means a 9 corporation, partnership, association, joint-stock company 10 business trust, organized group of persons, whether incor,

(Page 2) 1 porated or not; or any receiver, trustee, or liquidating agent 2 of any of the foregoing in his capacity as such. "(d) The term 'subsidiary' as used in this part means

“(A) a company 10 per centum or more of the

outstanding voting securities of which are directly or 6 indirectly held with power to vote, owned, or controlled 7 by one or more carriers, by one or more persons which 8 are subsidiaries by virtue of this subparagraph (d), or 9 by one or more such persons and one or more carriers, 10 unless the Commission, as provided in subparagraph 11 (g) by order determines such company not to be a 12 subsidiary; or 13

"(B) a person which is controlled directly or 14 indirectly, by stock ownership, lease, agreement, or 15 voting trust, by common officers, directors, or stock16 holders, by reason of circumstances surrounding organ17 ization or operation, or by any method whatsoever, 18 by one or more carriers, by one or more persons which 19 are subsidiaries by virtue of this subparagraph (d), 20 by one or more such persons and one or more carriers, or 21

any other person or persons having such control

under any indenture, trust, or other agreement or ar23 rangement with, or by means of the assets of, one or 24 more such persons or carriers.

22

means

(Page 3) 1 "(e) The term 'controlling person'as used in this part 2 3 “(A) a person which directly or indirectly holds 4 with power to vote, owns, or controls, 10 per centum 5 or more of the outstanding voting securities of a carrier 6 or of a person which is a controlling person by virtue 7 of this subparagraph (e); or 8

“(B) a person which controls, directly or indirectly, 9 alone or pursuant to an arrangement or understanding 10 with one or more other persons, by stock ownership, 11 lease, agreement, or voting trust, by common officers, 12 directors, or stockholders, by reason of circumstances 13 surrounding organization or operation, or by any method 14 whatsoever, a carrier or a person which is a controlling 15 person within the meaning of this subparagraph (e). 16 (f) The term 'affiliate' as used in section 20 of this 17 part means18

“(A) a company 10 per centum or more of the out19 standing voting securities of which are directly or indi20 rectly held with power to vote, owned, or controlled, by 21 one or more controlling persons, by one or more persons 22 which are affiliates by virtue of this subparagraph (f), 23 or by one or more such persons and one or more control24 ling persons; or

(Page 4) 1 “(B) a person which is controlled, directly or indi2 rectly, by stock ownership, lease, agreement, or voting 3 trust, by common officers, directors, or stockholders, by 4 reason of circumstances surrounding organization or 5 operation, or by any method whatsoever, by one or more 6 controlling persons, by one or more persons which are 7 affiliates by virtue of this subparagraph (f), by one 8

more such persons and one or more controlling 9 persons, or by any other person or persons having such 10 control under any indenture, trust, or other agreement 11 or arrangement with, or by means of the assets of, one 12 or more such persons or controlling persons. 13 “(g) The Commission, upon application, shall by order 14 declare that a company is not a subsidiary under clause (A) 15 of subparagraph (d) if the Commission finds that the ap16 plicant is not controlled, directly or indirectly, by stock 17 ownership, lease, agreement, or voting trust, by common 18 officers, directors, or stockholders, by reason of circum19 stances surrounding organization or operation, or by any 20 method whatsoever, by one or more carriers, by one or 21 more subsidiaries, by one or more carriers and one or 22 more subsidiaries, or by any other person or persons having 23 such control under any indenture, trust, or other agreement

or arrangement with, or by means of the assets of, one or 25 more such carriers or subsidiaries. The filing of an applica

or

24

« ПредишнаНапред »