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House of Representatives 4020 CONGRESSIONAL ;RECORD-HOUSE MAY 2~ UNITED STATES MARSHAL, NORTHERN. DISTRICT OF lNDIANA That the Senate recede from its disagreement to the Al w. Hosinski to be United States marshal, northern dis­ amendment of the House to the text of the bill and agree' trict of Indiana. to the same with an amendment as follows: After the word " academies ", at the end of the said amendment, insert the FEDERAL TRADE COMMISSIONER following: ", from and after the date of the accrediting of Ewin Lamar Davis to be Federal Trade Commissioner. said academies by the Association of American Universities"; and the House agree to the same. HOUSE OF REPRESENTATIVES That the Senate recede from its disagreement to the amendment of the House to the ti~e of the bill and agree to TUESDAY, MAY 23, 1933 the same. The House met at 12 o'clock noon. CARL VINSON, FRED A. BRITTEN, The Chaplain, Rev. James Shera Montgomery, D.D., offered the fallowing prayer: Managers on the part of the House. PARK TRAMMELL, Eternal God, who hast given us life with all its countless FREDERICK HALE, blessings and promises, we rejoice in Thee, knowing that Managers on the part of the Senate. Thou art the source of perfect peace and understanding; all good things cometh from Thy merciful and bountiful STATEMENT hand. We thank Thee for the kindly sunlight, for the The managers on the part of the House at the conferen~e beauty and the glory of the radiant sky. 0 teach us, our on the disagreeing votes of the two Houses on the amend­ Heavenly Father, the joy of that life made responsive to the ment of the House to the bill (S. 753) to confer the degree messages of the flowers, the songbirds, the fragrant hill­ of bachelor of science upon graduates of the Naval Academy sides and the sweet, quiet murmur of the valley. 0 for­ submit the following written statement in explanation of give 'us, Lord, for only man is out of harmony. By 'ti;ese the effect of the action agreed upon by the conferees and ministries may we be led to labor joyously and enter mto recommend in the accompanying conference report: helpful relations with every good thing that lives. Speak The Naval Academy and the Military Academy are now to us in the manifold voices of Thy loving creatures and approved and listed by the Association of American Uni­ allow nothing, o Lord, to preclude inward largeness, versities. strength, and vision. In the name of Jesus. Amen. The curriculum of the Coast Guard Academy has been. The Journal of the proceedings of yesterday was read submitted to the association, but its approval has not yet , and approved. been extended, pending further observation of the success l MESSAGE FROM THE SENATH of graduates of the Coast Guard Academy in post-graduate study. A message from the Senate, by Mr. Home, its enrolling CARL VINSON, clerk, announced that. the Senate insists upon its amend­ FRED A. BRITTEN, ment the bill (H.R. 4220) entitled "An act for the pro­ to Managers on the part of the House. tection of Government records", disagreed to by the House; agrees to the conference asked by the House on the dis­ Mr. SNELL. Mr. Speaker, will the gentleman yield? agreeing votes of the two Houses thereon, and appoints Mr. Mr. VINSON of Georgia. Yes. PITTMAN, Mr. ROBINSON of Arkansas, and Mr. BORAH to be Mr. SNELL. As I understand, this is agreeable to the the conferees on the part of the Senate. gentleman from Illinois [Mr. BRITTEN]? The message also announced that the Senate had passed, Mr. VINSON of Georgia. Yes. This merely requires the without amendment, a joint resolution of the House of the three institutions to be accredited in accordance w!th the following title: rules and regulations of the Association of American Uni­ H.J.Res.159. Joint resolution granting the consent of Con­ versities. gress to a compact or agreement between the State of Mr. GOSS. Mr. Speaker, will the gentleman yield? Kansas and the State of Missouri authorizing the acceptance Mr. VINSON of Georgia. Yes. for and on behalf of the States of Kansas and. Missouri of Mr. GOSS. What is going to happen to the degrees of title to a toll bridge across the Missouri River from a point bachelor of science to be conferred on the cadets of the in Platte County, Mo., to a point at or near Kansas City,. in Military Academy? That was in another bill. Wyandotte County, Kans., and specifying the conditions Mr. VlliSON of Georgia. This takes care of all of them. thereof. This takes care of the Coast Guard, the Military Academy, The message also announced that the Senate had passed and the Naval Academy. They may each issue the degree of a joint resolution of the following title, in which the con­ bachelor of science to the cadets when the institutions currence ·of the House is requested: qualify in accordance with the regulations of the American S.J.Res. 48. Joint resolution authorizing the Secretary of Association of Universities. War to receive for instruction at the United States Military Mr. GOSS. That is, all three of them? Academy at West Point, Posheng Yen, a citizen of China. Mr. VlliSON of Georgia. Yes. The Naval Academy and CONFERRING DEGREE OF BACHELOR OF SCIENCE ON GRADUATES OF the West Point Academy have already qualified. The Coast NAVAL ACADEMY Guard Academy has not yet qualified, and until it does the Mr. VINSON of Georgia. Mr. Speaker, I call up the con­ degree cannot be issued to the Coast Guard cadets. ference report upon the bill CS. 753) to confer the degree The SPEAKER.· The question is on agreeing to the con­ of bachelor of science upon the graduates of the ~aval ference report. Academy and move its adoption. The conference report was agreed to. The SPEAKER. The gentleman from Georgia calls up PURCHASE OF PREFERRED STOCK OF INSURANCE COMPANIES BY a conference report, which the Clerk will report. RECONSTRUCTION FINANCE CORPORATION The Clerk read the conference report. Mr. O'CONNOR. Mr. Speaker, I ask unanimous consent to proceed for a few minutes. CONFERENCE REPORT The SPEAKER. Is there objection? The committee of conference on the disagreeing votes of There was no objection. the two Houses on the amendments of the House to the bill Mr. O'CONNOR. Mr. Speaker, yesterday I introduced in (S. 753) to confer the degree of bachelor of science upon the House H.Res. 156, providing for the consideration of s. , graduates of the Naval Academy, having met, after full and 1094, a bill from the Committee on Banking and Currency !free conference, have agreed to recommend and do recom- authorizing the Reconstruction Finance Corporation to pur- 1mend to their respective Houses as follows: , chase the preferred stock of certain insurance companies. 1933 CONGRESSIONAL RECORD-HOUSE 4021 Public confidence in American insurance companies, par­ Accordingly the American companies are suffering solely ticularly fire and casualty companies, has been shaken by from their confidence in American investments and institu­ rumors and also by rehabilitation proceedings against the tions, and unless they are given assistance and stabilized third largest American fire company and one of the great and sustained by the Government through the Reconstruc­ American casualty companies, namely, Globe & Rutgers Fire tion Finance Corporation they will become more and more Insurance Co. and the National aurety Co. subject to inroads of competition from foreign fire and The result of this loss of confidence has been to cause casualty companies. more or less serious runs on American insurance companies It is freely stated by important insurance agents and similar in nature to runs on banks; that is, policyholders brokers that unless the important companies which are now cancel policies and demand payment of unearned premiums. in rehabilitation are put in a position to resume business it The effect is to seriously threaten the ability of the insur­ will be a black eye to all the American fire and casualty ance companies to continue in business because of the cash companies and a severe blow to that field of American drain, irrespective of whether their assets at a fair value business. exceed their liabilities. There are not only these large and imponderable effects There are many unfortunate effects :flowing from such of a failure to rehabilitate these companies through a lack wholesale cancelations of policies. In the first place, the of legislation permitting the Reconstruction Finance Cor­ insurance companies throw into the securities market their poration to purchase their preferred stock, but there is a best securities in order to provide cash to meet the demands direct effect through the freezing of assets of other Amer­ for return of unearned premiums, and this has a depressing ican insurance companies which have direct claims against effect upon the market. the companies in present difficulties. Moreover, just as in the case of banks, the insurance If this bill permitting the Reconstruction Finance Cor­ companies have a vast network of interlocking credits and poration to purchase preferred stock in insurance companies debits; that is to say, each reinsures in other companies. is passed and the purchase is made in a few cases, in all Accordingly, if one substantial company is threatened, it in­ probability confidence in American companies will be re­ jures the credit of a number of other companies, and the stored by the belief in the determination of the Govern­ danger pyramids as in the case of the failure of a large ment to stabilize and protect them, and there will be no metropolitan bank.
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