Excerpt from Stock Exchange Practices, Vol. 4: Hearings Before a Subcommittee of the Committee on Banking and Currency, United States Senate, Seventy-Second Congress, Second Session; (Kruger and Toll); January 11 and 12, 1933
The subcommittee met, pursuant to call of the chai... rman, at 10 o'clock a. M., in the hearing room of the committee, Senate Office Building, Senator Peter N orbeck presiding.
Present: Senators Norbeck (chairman), Townsend, Blaine, Fletcher, and Costigan, and John Marrinan, economic adviser to the committee.
Present also: Senators Walcott, Watson, Carey, Goldsborough, Gore, and Reynolds.
The chairman. The committee will come to order. This hearing has been called on the subject of the Kreuger Toll bond issue, Which issue was headed in whole or in part in this country, and is said to have been for I have been informed that it was'a bond issue based upon a certain bunch of collateral. When those were deposited with the trustee it was done under a written agree ment providing that there might be substitutions. The usual phrase was not used, substituting securities of like value, but substitutions were permitted on a basis of par value. I think the evidence will Show plainly that good securities were taken out and poor securities substituted, with the result that the value of this bond issue has gone down to almost nothing. The issue I am told was approved by the lee-higginson banking house, by their attorneys, by attorneys for the New York Stock Exchange, and by the listing committee of the New York Stock Exchange.
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