HEARINGS BEFORE THE SPECIAL COMMITTEE INVESTIGATING THE MUNITIONS INDUSTRY UNITED STATES SENATE SEVENTY-FOURTH CONGRESS SECOND SESSION PURSUANT TO S. Res. 206 (73d Congress) A RESOLUTION TO MAKE CERTAIN INVESTIGATIONS OF ARMS AND OTHER WAR MUNITIONS SPECIAL COMMITTEE INVESTIGATING THE MUNITIONS INDUSTRY GERALD P. NYE, North Dakota, Chairman ARTHUR H. VANDENBERG, Michigan WALTER F. GEORGE, Georgia STEPHEN RAUSHENBUSH, Secretary Wardwell, Allen, member firm of Davis, Polk, Wardwell, Gardner & NOTE.-Accounts and various financial data relating to the subject matter herein discussed will be found among "Exhibits Nos. 4202 through 4205, 4213, and 4214", Hearings, Part XXXIII; "Exhibit No. 4217", Hearings, Part XXXIV; and "Exhibits Nos. 4220, 4221, INVESTIGATION OF MUNITIONS INDUSTRY MONDAY, JANUARY 13, 1936 UNITED STATES SENATE, SPECIAL COMMITTEE TO INVESTIGATE THE MUNITIONS INDUSTRY, Washington, D. C. The hearing was resumed at 10 a. m., in the Caucus Room, Senate Office Building, pursuant to adjournment, Senator Gerald P. Nye presiding. Present: Senators Nye (chairman), Clark, Vandenberg, and Barbour. Also present: Stephen Raushenbush, secretary, and Lawrence Brown, financial assistant to Committee, and Robert Wohlforth, assistant to the secretary. The CHAIRMAN. The committee will be in order. Mr. Brown, you may proceed at this time. TESTIMONY OF J. P. MORGAN, THOMAS W. LAMONT, AND GEORGE WHITNEY-Resumed ANGLO-FRENCH LOANS OF 1915 Mr. BROWN. There are a few little details 1 Mr. LAMONT. Mr. Chairman, before Mr. Brown proceeds, may I be permitted to read into the record photostats of newspaper clippings that bear upon one phase of the examination on Thursday? The CHAIRMAN. These are clippings of that date? Mr. LAMONT. No; newspaper clippings dating back to August 9 and 10, 1915. The CHAIRMAN. That is what I mean. Mr. LAMONT. Yes; quite. The CHAIRMAN. All right. Mr. LAMONT. Because there was a good deal of discussion, you will recall, in regard to Mr. Davison's visit with Secretary McAdoo in regard to the question of exchange. The impression was created that it followed more or less the break in exchange. The CHAIRMAN. In that connection, Mr. Lamont, when Mr. Davison called upon Mr. McAdoo, was there anything more than one thing that Mr. McAdoo could have done, that would have been in response to what appeared to be the need at that time? Mr. LAMONT. I cannot answer that, Senator. May I try to answer it in part by reading this? The CHAIRMAN. All right. 1 For previous discussion of this subject see Hearings, Part XXVI, p. 7873 et seq. |