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Mr. WHITE. Exactly; and that was

Senator JOHNSON. All right. They had refused to pay it, but they did pay it immediately, substantially, upon the Barco concession being settled. Call it a coincidence if you want to; it is immaterial to me. We can argue any phase of it that we desire; but the fact is that the bankers held up the credit that they were obligated to give. I grant you it was their duty to give it, but they would not give it.

Mr. WHITE. That is true.

Senator JOHNSON. And they did not give it until the Barco concession was settled. That is true, is it not?

Mr. WHITE. That is true.

Senator JOHNSON. That is all.

Mr. White, may I ask you to have Mr. Caffery here to-morrow morning? I would like Mr. Caffery and Mr. Matthews here to-morrow morning.

Mr. WHITE. I will endeavor to get in touch with them, sir.
Senator JOHNSON. Thank you.

The CHAIRMAN. We will hold a meeting of the full committee at at 10 o'clock in the morning, and then if you will be here at 10.30 we will go on.

Senator JOHNSON. Thank you, sir.

(Whereupon, at 3 o'clock p. m., the hearing was adjourned until January 27, 1932, at 10.30 o'clock a. m.)

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IN THE UNITED STATES

HEARINGS

BEFORE THE

COMMITTEE ON FINANCE
UNITED STATES SENATE

SEVENTY-SECOND CONGRESS

FIRST SESSION

PURSUANT TO

S. Res. 19

A RESOLUTION AUTHORIZING THE FINANCE COMMITTEE
OF THE SENATE TO INVESTIGATE THE SALE, FLOTA-
TION, AND ALLOCATION BY BANKS, BANKING
INSTITUTIONS, CORPORATIONS, OR INDIVID-
UALS OF FOREIGN BONDS OR SECURI-
TIES IN THE UNITED STATES

PART 4

JANUARY 27 AND FEBRUARY 10, 1932

Printed for the use of the Committee on Finance

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON: 1932

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