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HEARINGS

BEFORE THE

SELECT COMMITTEE ON SMALL BUSINESS HOUSE OF REPRESENTATIVES

... EIGHTY-EIGHTH CONGRESS
SECOND SESSION

PURSUANT TO

H. Res. 13 . . . . o

A RESOLUTION CREATING A SELECT COMMITTEE TO CONDUCT
STUDIES AND INVESTIGATIONS OF THE PROBLEMS
OF SMALL BUSINESS

WASHINGTON, D.C.
MARCH 17 AND 18, 1964

Printed for the use of the Select Committee on Small Business

U.S. GOVERNMENT PRINTING OFFICE 33-440 WASHINGTON : 1964

For sale by the Superintendent of Documents, U.S. Government Printing Office
Washington, D.C., 20402 - Price 60 cents

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SELECT COMMITTEE ON SMALL BUSINESS
JOE L. EWINS, Tennessee, Chairman

WRIGHT PATMAN, Texas WILLIAM M. McCULLOCH, Ohio
ABRAHAM J. MULTER, New York ARCH A. MOORE, JR., West Virginia
TOM STEED, Oklahoma WILLIAM. H. AVERY, Kansas
JAMES ROOSEVELT, California H. ALLEN SMITH, California
JOHN C. KLUCZYNSKI, Illinois HOWARD W. ROBISON, New York
JOHN D. DINGELL, Michigan RALPH HARVEY, Indiana

BRYAN HAsKELL JACQUEs, Staff Director
RICHARD L. MITCHELL, General Counsel
HARRY OLSHER, Consultant
JUSTINUs Gould, Counsel
GREgg PoTWIN, Counsel
CHARLEs E. O'ConnoE, Counsel
HENRY A. Robinson, Counsel
MYRTLE RUTH FouTcH, Clerk

John J. WILLIAMs, Minority Counsel

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Bezanson, Peter, president, Iowa Growth Investment Co., Cedar Page

Rapids, Iowa----------------------------------------------- 87

Brimacombe, F. C., Chief, Financial Reports Division, Small Business

Administration---------------------------------------------- 202

Burlage, D. H., president, Small Business Investment Corp. of Nor-

folk, Norfolk, Va.------------------------------------------- 58

Davis, Lee, president, Lee Davis & Associates, Inc., Nashville, Tenn- 3
Foley, Eugene P., Administrator, Small Business Administration,
Washington, D.C.------------------------------------------- 143
Kelley, Richard E., Deputy Administrator for Investment Division,
Small Business Administration, Washington, D.C.-------------- 150

Lord, Grogan, president, Texas Capital Corp., Georgetown, Tex----- 130

Moro George A., president, Florida Capital Corp., Palm Beach, 7

a-------------------------------------------------------- 6

Phelan, James, Chief of Compliance Section, Small Business Adminis-
tration, Washington, D.C.------------------------------------- 204
Pratt, Robert H., president, Virginia Capital Corp., Richmond, Va.-- 112
Puett, Nelson, Jr., Austin, Tex---------------------------------- 31
Ruvelson, Alan K., president, First Midwest Capital Corp., Minne-
apolis, Minn------------------------------------------------ 22
Smith, T. Eugene, executive vice president, Potomac Small Business
Funds, Inc., Annandale, Va.----------------------------------- 99

Tsui, T. L., president, General Business Investment Corp., Washing-

ton, D.C.--------------------------------------------------- 80

Williams, Carrington, counsel, Potomac Small Business Funds, Inc.,
Annandale, Va.---------------------------------------------- 99
Additional information:
Brown Engineering Co., Inc., Huntsville, Ala., letter to Hon. Joe L.
Evins, March 16, 1964-------------------------------------- 140
Cummings, Milton K., statement-------------------------------- 141
Gulf–Southwest Capital Corp., Houston, Tex.:
Directors (list)-------------------------------------------- 48
To Our Stockholders, letter of January 24, 1964--------------- 45
Tyson, A. Knox, letter to Richard L. Mitchell, committee counsel,
March 5, 1964------------------------------------------ 49
House Select Committee on Small Business, authorizing resolution.-- 1
Levy County, Fla., Chamber of Commerce, letter to SBA, March 3,
1964 (excerpt)----------------------------------------------- 148

Morris Plan § of Cedar Rapids, consolidated statement of condi-

tion, January 31, 1964--------------------------------------- 95

NASBIC News, March 1964, “House Committee Begins Hearing on

SBIC Program”--------------------------------------------- 97

National Association of Small Business Investment Companies,
Washington, D.C., letter from Walter B. Stults and Charles M.
Noone to Hon. Joe L. Evins, March 25, 1964------------------- 239

Potomac Small Business Funds, Inc., résumé of operations (table)--- 101

Pratt, Robert H., exhibits:

Exhibit A, Virginia Capital Corp., balance sheet, January 31,

1964, and operating statement for the 10-month period ended

January 31, 1964-------------------------------------- 119, 120

Exhibit B, firms financed by Virginia Capital Corp., with interest

rate and type of financing-------------------------------- 121

Exhibit C, letter from Houston Instrument Corp. to Senator

John J. Sparkman, September 23, 1964, re S. 298------------ 122

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Additional information—Continued
Public Law 88–273, amending the Small Business Investment Act of Page

1958------------------------------------------------------- 212

Public Law 88–273, section 312, conflicts of interest.---------------- 22

Puett, Nelson, Jr., Austin, Tex:

Statement------------------------------------------------ 31

Revised schedule 14D, filed with SEC------------------------ 39

Schedule 14B Questionnaire, filed with SEC------------------ 41

Letter to Kenneth S. Battye, February 26, 1964--------------- 36
Letter to Joseph Bernstein, January 7, 1964------------------- 35
Letter to fellow stockholders, December 14, 1963-------------- 33
Letter to Gulf-Southwest directors, January 6, 1964----------- 34
Letter to Willard O. Hunter, January 13, 1964---------------- 35

SBA regulation 107.716, self-dealing limitation--------------------- 22

SBIC Newsletter, “House Small Business Committee Schedules 2-day

SBIC Hearing”--------------------------------------------- 98

SBIC's publicly held—vital statistics (table) (from SBIC market
report, March 1964)----------------------------------------- 51–53

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CONTENTS

Additional information—Continued

Small Business Administration—Continued

Exhibit 4—Affiliated transactions—SBA’s reply to Wall Street

Journal's criticism

Small Business Administration, letter from John E. Horne, to Senator

William Proxmire, July 9, 1963-------------------------------

Exhibit 5–Location and capitalization of small business invest-

ment companies, March 31, 1963--------------------------

so Investment Corp. of Norfolk, loans made, by industry

table)-----------------------------------------------------

soon Capital Corp., Nashville, Tenn., proxy statement, July

y 3----------------------------------------------------

Tennessee Investors, Inc., investments approved in 1960 by, prior to
T .."; to Southeastern Capital Corp
exas

apital Corp., company's proposal submitted to SBA (excerpt) -

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