DISSEMINATION OF COMMISSION DECISIONS Mr. Cook. If I might make this further statement with regard to the dissemination of our printed material, Mr. Chairman, I would like to, and this is not to be taken to mean that we are not going to undertake to establish a charge and collect the fair face value of our services on all of our materials distributed, but much of the work of the Commission is of substantial interest to all investors. For that reason it has been felt that there should be as wide dissemination of the Commission's decisions as possible, particularly of those bearing on matters of widespread interest. It was for that reason we undertook to establish mailing lists on which persons could be listed. Those lists are revised from time to time. Unless we are affirmatively advised by the persons who are on those lists that they desire to continue on them, they are taken off of the lists, so that while we believe there should be widespread dissemination of the Commission's decisions we try to make sure we have current lists and not dead ones. TRAVEL AND TRANSPORTATION OF THINGS Mr. THOMAS. Mr. Reporter, please insert in the record at this point page 129 of the justifications showing the itemization of the travel expenses and transportation of things. (The matter referred to is as follows:) Itemization of travel expenses Mr. THOMAS. You want $40,000 for 1953 for the transportation of persons, for subsistence expenses, $77,000, for incidental travel expenses, $8,000, and for mileage for the use of privately owned automobiles, $10,000, a total of $135,000. I notice in the estimate for transportation of things, transportation of household goods and effects is $700. PERSONNEL TURN-OVER What is your average turn-over of personnel in 1952? Mr. RIORDAN. During the last 6 months, from July 1 to December 31, the turn-over was high because we had a reduction in force dur ng that time. There was an 11-percent turn-over in that period. We expect that during the next 6 months we will have about a 4-percent *arn-over. Mr. THOMAS. What was it in 1951? Mr. RIORDAN. Around 8 or 9 percent. Mr. THOMAS. Well, that certainly is a fine record for the Commisson. We are interested in knowing why your turn-over is small while the general turn-over averages from 16 to 24 or 25 percent. Mr. RIORDAN. Maybe a good answer is in the fact that in the last 5 or 6 years our staff has been well shaken down chiefly because of appropriation reductions. Most of our people have had many years f service with the Commission. We analyzed our employment recently, and we found that out of 900 employees only 45 of them had less than 3 years' service with the Commission. Mr. THOMAS. On the surface, your answer seems to be a very good one, with the exception that the Commission has not been "shaken wn" very badly in numbers. After looking at many agencies other than your one, we find turn-over in jobs from grade 9 and above just does not happen. When they get in they just stay. The turn-over in the very low grades, such as file clerks and some other jobs of that kind. Mr. RIORDAN. I think our turn-over is almost even below grade 9 and above grade 9. A certain number of people above grade 9 are always leaving. Mr. Cook. I would like to say this, Mr. Chairman, that the Commission Mr. THOMAS. If I may interrupt you right there, Mr. Cook, in king over this chart it seems that you have a generous number of G-15's, GS-14's, GS-13's and GS-12's. Now, they are very high grades, and maybe that accounts, to some extent, for the smallness of your turn-over. Mr. Cook. I think an analysis of the figures, Mr. Chairman, would show that there has been quite a substantial amount of turnover in those grades also. Mr. THOMAS. Your turn-over figure does not bear out your statement. For your agency it is 8 or 9 percent and in other Government ancies it varies from 16 to 24 or 25 percent. We are not complaining about a small percentage of turn-over, because a high percentage of turn-over is a very great economic waste. Mr. Cook. I want to make the point, Mr. Chairman, that the turnover in the Commission has been on a more uniform basis than in her agencies, so far as we know. Secondly, I would like to say that the reason the turn-over in the Commission has been as low as it has been, in my judgment, is because the Commission has always La very interesting work to do, and there has been a spirit on the part of the people employed in that agency, which I think is not to be found in many other agencies. You may recall that the Securities and Exchange Commission was called by the Commission investigating administrative agencies throughout the Government as an outstanding example of the adm istrative agency at its best. It earned that reputation by being good employer and by having people interested in the work of t Commission. I think that explains, in large measure, why there has been such continuity in employment there, and I dare say for an agency whi has had as short a life as the SEC, having been created only in 19 I dare say that we have more people with long years of continuo service than any other agency you will find in Washington. Because of my interest in it personally, I get a list of all the peop in the agency when they have been there for 15 years, and I ha never ceased to be amazed at the regularity with which those li come through, and the number of people whose names are on them. Fifteen years, you see, would take you away back to 1937, ju 3 years after the Commission was organized. Judge Bane a Mr. Lund were with the Federal Trade Commission when the Tra Commission was beginning the job of administering the Securities A of 1933 before the Commission itself was created, and they first car to the Commission in 1934. How long have you been with the Commission, Mr. Riordan? Mr. Cook. Mr. Loss when did you come with the Commission? Mr. Cook. And Mr. Yohalem when did you come with the Con mission? Mr. YOHALEM. In 1938. Mr. Cook. So, you see among the people who are here most of have very long tenures. Mr. THOMAS. Well, that is fine. WORKLOAD IN 1952 AND 1953 Now, we would like for the record, if you gentlemen will be s kind, to have you give us a little rundown on your workload for 19.1 and 1953. We have heard from Judge Bane regarding the Corporation Finan Division. We would also like to hear from the Division of Tradin and Exchanges, and the Division of Public Utilities. Of course, as have said before, these are the three main operating divisions, an the other divisions, such as General Counsel's office, Office of th Chief Accountant, executive offices and Office of the Secretar Division of Opinion Writing, Division of Hearing Examiners, Divisio of Personnel, Division of Budget and Finance, Division of Adminis trative Services and the 10 regional offices are part and parcel of th Commission, but they are ancillary to the three main operatin divisions. DIVISION OF CORPORATION FINANCE WORKLOAD Judge, do you want to amplify on what you said a while ago? Mr. BANE. Surely. In 1949 we received 455 registration stat ments under the Securities Act of 1933. In 1950 we received 49 In 1951 we received 544. Those are each for the fiscal year. If you take the calendar year a an indication of the work volume for those 3 years, in 1949 we receive 41 such registration statements, in 1950, 506, and in 1951, 620. This, while not exact, is a very fair indication of the increase in filing of all other types. The Division receives and processes 52 major types f filing. The volume of work coming in under the 1933 act for regisration statements is a fair index, not an exact one of the volume of work coming in. You will notice from the tables furnished on pages 22, 23, 24, 29, 30, and 31, that there has been an increase in those years of filings over the last year's filings and in practically all instances, in fact in all instances save three minor ones. We have had at the same time a reduction in staff. We have had a large increase in the last year of what we call time limit work. That time limit work is work that either by statute or rule must be processed within a certain length of time. Incoming work in fiscal 1952 as compared with fiscal 1951 increased something like 10 percent. For the last 5 months of the calendar year 1951 the incoming work increased about 21 percent over the corresponding period for 1950. Mr. THOMAS. Judge, if I may interrupt you, you have shown it very graphically on pages 22 and 23, and we will insert those pages in the record. That gives it by years, by number of cases, and the dollar amounts. Does not that give the picture? Mr. BANE. Yes, for those acts, but over on page 29 and 30 there are some additional figures with reference to the Investment Company Act of 1940, and I think those ought to go in also. Mr. THOMAS. All right, we will follow the other pages with those that you suggest. (The matter referred to is as follows:) Serurities Act of 1933-Number of registration statements filed, disposed of, and pending, and aggregate dollar amount of securities as filed, for the fiscal years 1947 to 1951, inclusive NUMBER OF REGISTRATION STATEMENTS Trust Indenture Act of 1939-Number of indentures for qualification filed, disposed of, and pending, and aggregate dollar amount of securities covered by indentures fled for the fiscal years 1947 to 1951, inclusive Proxy statements, various acts-Number of proxy statements filed and examine during the fiscal years 1947 through 1951 Fiscal year ended June 30: 1947. 1948 1949. 1950 1951. Number of pra statements files 1. 67 1, 67 1, 70 In addition many supplemental statements are filed. Investment Company Act of 1940 1,71 1,78 |