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HEARINGS

BEFORE A

SUBCOMMITTEE OF THE COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

EIGHTY-SIXTH CONGRESS

FIRST SESSION

ON

S. 1178, S. 1179, S. 1180, S. 1181, and S. 1182
BILLS TO AMEND THE SECURITIES ACT OF 1933, THE
SECURITIES EXCHANGE ACT OF 1934, THE TRUST INDEN-
TURE ACT OF 1939, THE INVESTMENT COMPANY ACT OF

1940, AND THE INVESTMENT ADVISERS ACT OF 1940

JUNE 15, 16, 17, 18, 23, 24, AND 25, 1959

Printed for the use of the Committee on Banking and Currency

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON : 1959

42560

COMMITTEE ON BANKING AND CURRENCY

A. WILLIS ROBERTSON, Virginia, Chairman J. W. FULBRIGHT, Arkansas

HOMER E. CAPEHART, Indiana JOHN SPARKMAN, Alabama

WALLACE F. BENNETT, Utah J. ALLEN FREAR, JR., Delaware

PRESCOTT BUSH, Connecticut PAUL H. DOUGLAS, Ilinois

J. GLENN BEALL, Maryland JOSEPH S. CLARK, Pennsylvania

JACOB K, JAVITS, New York
WILLIAM PROXMIRE, Wisconsin
ROBERT C. BYRD, West Virginia
HARRISON A. WILLIAMS, JR., New Jersey
EDMUND S. MUSKIE, Maine

J, H, YINGLING, Chief of Staff
MATTHEW HALE, Chief Counsel

SUBOOMMITTEE ON SECURITIES

HARRISON A. WILLIAMS, JR., New Jersey, Chairman A. WILLIS ROBERTSON, Virginia

JACOB K. JAVITS, New York JOHN SPARKMAN, Alabama

HOMER E. CAPEHART, Indiana J. ALLEN FREAR, JR., Delaware

PRESCOTT BUSH, Connecticut ROBERT C. BYRD, West Virginia EDMUND S. MUSKIE, Maine

II

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Page

S. 1178..

251

Comparative print of proposed amendments (SEC).

253

Securities Act of 1933.

256

Explanation of amendments to act and related memorandums (SEC) 272

Staff memorandum on amendments.-

281

S. 1179...

288

Comparative print of proposed amendments (SEC)-

293

Securities Exchange Act of 1934.--

300

Explanation of amendments to act and related memorandums (SEC). 328

Staff memorandum on amendments ---

355

S. 1180..

372

Comparative print of proposed amendments (SEC).

373

Supplement to comparative print (SEC)--

374

Trust Indenture Act of 1939

376

Explanation of amendments to act and related memorandum (SEC). 399

Staff memorandum on amendments..

401

S. 1181..-

403

Comparative print of proposed amendments (SEC).

408

Investment Company Act of 1940.,

414

Explanation of amendments and related memorandum (SEC).

461

Staff memorandum on amendments.

483

S. 1182.-

491

Comparative print of proposed amendments (SEC).

494

Investment Advisers Act of 1940..

498

Explanation of amendments (SEC).

507

Staff memorandum on amendments.

512

Statement of-

Ayer, Hazen H., president; Dwight Rogers, chairman of committee

on legislation; and Peter S. Heller, attorney, Investment Counsel

Association of America, Inc.-

167

Baker, Vernon V., Director, Bureau of Finance, and Robert W.

Ginnane, general counsel, Interstate Commerce Commission.--- 193, 207

Crane, Philip S., Jr., attorney, Pacific Gas & Electric Co.----

204

Eaton, Charles F., Jr., governor, and Charles Jackson, Jr., counsel,

National Association of Investment Companies

150

Gadsby, Edward N., chairman, Securities and Exchange Commission.. 2, 243

Gray, Edward C., executive vice president; Edwin I. Etherington, vice

president; and Samuel L. Rosenberry, counsel, New York Stock

Exchange

37

Gray, James B., general counsel, New York Central Railroad Co., 215

Greene, Francis T., attorney, Washington, D.C..

199

Halsted, Jess, counsel, Midwest Stock Exchange, Chicago, Ill.-

81

Loomis, Philip A., Jr., Director, Division of Trading and Exchanges,

Securities and Exchange Commission.

11, 134

McCormick, Edward T., president; James R. Dyer, chairman, board

of governors; and Michael E. Mooney, general counsel, American

Stock Exchange-

59

McCruden, Donald B., president, and Francis Currie, attorney,
Moody's Investors Service.

175
Nelson, C. Roger, Esq., chairman; and Smith W. Brookhart, mem-

ber, Securities Committee, Section of Administrative Law, Ameri-
can Bar Association..

91

Orrick, Andrew Downey, Commissioner, Securities and Exchange

Commission.

123

Patterson, Harold C., Commissioner, Securities and Exchange Com-

mission

123

Robinson, James W., attorney, New York, N.Y.

113
Ross, Bradford, counsel, the United States Independent Telephone
Association, Washington, D.C ---

110

Sargent, James S., Commissioner, Securities and Exchange Commis-

sion.

123

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