INCREASE OF THE CAPITAL STOCK OF THE INLAND

WATERWAYS CORPORATION

WEDNESDAY, MARCH 28, 1928

UNITED STATES SENATE,

COMMITTEE ON COMMERCE,
Washington, D. C.

The committee met, pursuant to the call of the chairman, at 10 o'clock a. m., in the committee room, Capitol, Senator Wesley L. Jones presiding.

Present: Senators Jones (chairman), Gould, Sackett, Nye, Fletcher, Ransdell, Sheppard, Simmons, Hawes, and Tyson.

The CHAIRMAN. The committee is called this morning for the purpose of holding a hearing on Senate bill 1760, the purpose of which is to increase the capital stock of the Inland Waterways Corporation, to which bill an amendment is proposed by Senator Shipstead. We will have the bill and the amendment printed in the record.

(The bill and amendment are here printed in the record, as follows:)

[S. 1760, Seventieth Congress, first session]

A BILL To increase the capital stock of the Inland Waterways Corporation

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first sentence of section 2 of the act entitled "An act to create the Inland Waterways Corporation for the purpose of carrying out the mandate and purpose of Congress as expressed in sections 201 and 500 of the transportation act, and for other purposes," approved June 3, 1924, as amended, is amended to read as follows: The capital stock of the corporation shall be $15,000,000, all of which is hereby subscribed for by the United States."

Amendment intended to be proposed by Mr. Shipstead to the bill (S. 1760) to increase the capital stock o the Inland Waterways Corporation

On page 1, after line 10, insert the following:

"SEC. 2. The last sentence of such section is amended to read as follows: 'There is hereby authorized to be appropriated the sum of $10,000,000, in addition to the $5,000,000 already appropriated, for the purpose of paying such subscription.'

STATEMENT OF CLEVELAND A. NEWTON, GENERAL COUNSEL FOR THE MISSISSIPPI VALLEY ASSOCIATION

The CHAIRMAN. Give your name and occupation and the capacity in which you appear.

Mr. NEWTON. My name is Cleveland A. Newton. I am general counsel for the Mississippi Valley Association.

The CHAIRMAN. Please describe that association.

Mr. NEWTON. The Mississippi Valley Association is an organization made up of chambers of commerce, mayors of cities, business

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