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14:39

DIV.

SUBCOMMITTEE OF THE

COMMITTEE ON
INTERSTATE AND FOREIGN COMMERCE
HOUSE OF REPRESENTATIVES
SEVENTY-SIXTH CONGRESS

FIRST SESSION

ON

fee

H. R. 2191 and H. R. 5220

TO PROVIDE FOR THE REGULATION OF THE SALE OF CER-
TAIN SECURITIES IN INTERSTATE AND FOREIGN COM-
MERCE AND THROUGH THE MAILS, AND THE
REGULATION OF THE TRUST INDENTURES
UNDER WHICH THE SAME ARE ISSUED

AND FOR OTHER PURPOSES

APRIL 4, 5, 6, 7, AND 11, 1939

Printed for the use of the
Committee on Interstate and Foreign Commerce

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON : 1939

142833

COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

CLARENCE F.LEA, California, Chairman ROBERT CROSSER, Ohio

CARL E. MAPES, Michigan ALFRED L. BCLWINKLE, North Carolina CHARLES A. WOLVERTON, New Jersey VIRGIL CHAPMAN, Kentucky

JAMES WOLFENDEN. Pennsylvania WILLIAM P. COLE, JR., Maryland

PEHR G. HOLMES, Massachusetts EDWARD A KELLY, Illinois

B. CARROLL REECE, Tennessee JOHN A. MARTIN, Colorado

JAMES W.WADSWORTE. New York HERRON PEARSON, Tennessee

CFARLES A. HALLECK, Indians LYLE H. BOREN, Oklahoma

OSCAR YOCNGDAHL, Minnesota MARTIN J. KENNEDY, New York

CARL HINSHAF, California
ELMERJ, RYAN, Minnesota

CLARENCE J. BROWN, Ohio
CHARLES L, SOCTH, Texas
JAMES P. MORANERY, Pennsylvania
DONALD L. O'TOOLE, New York
LUTHER PATRICK, Alabama

ELTON J. LATION, Cierk

SC BCOMMITTEE

WILLIAM P.COLE, JR., Maryland, Chairman LYLE H. BOREN, Oklahoma

CARL E. MAPES, Michigan DONALD L. OTOOLE, New York

B. CARROLL REECE, Teanessee

CONTENTS

35

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Statement of-

Page

Harold V. Amberg, Chicago First National Bank -

145

William E. Anderson, Cincinnati Corporate Fiduciaries' Association.. 139

Edmund Burke, Jr., Securities and Exchange Commission.-

207

G. S. Canright, Continental Illinois National Bank & Trust Co.,

Chicago.

116

F. W. Denio, Boston, Mass-

183

Richard S. Douglas, Cleveland Trust Co---

135

Harold Eckhart, Harris Trust & Savings Bank, Chicago..

131

Hon. Edward C. Eicher, Securities and Exchange Commission-
G. R. Helffrich, City National Bank & Trust Co., Chicago.

138
R. L. Kirkpatrick, Pittsburgh Banking Houses -

188
Harold J. Miller, St. Louis Union Trust Co.-

172

Colis Mitchum, Investment Bankers Association

91

Fred N. Oliver, Mutual Savings Bank Association

197
R. G. Page, American Bankers Association...

55, 164, 203

Thomas Quinn Beesley, Business Mail Users.

60

F. Brian Reuter, Union Trust Co., Pittsburgh.

107
John K. Starkweather, Investment Bankers Association.

65
John J. Sullivan, Investment Bankers Association..

101
Communication from-
Ellsworth C. Alvord and Robert J. Dodds.

295
American Bar Association..

314

G. S. Canright, supplemental statement-

292

Chicago Northern Trust Co.-

168

Cleveland Clearing House Association.

136

Cleveland, Ohio: Central National Bank, Cleveland Trust Co.,

National City Bank.

135

Columbus, Ohio, City National Bank and Trust Co.

136

William D. Eaton..

307
Hon. Carl Hinshaw

290
Los Angeles Security First National Bank.

169

H. C. McCollom..

311

Minneapolis First National Bank & Trust Co.

167

Securities and Exchange Commission.

35

Hon. Oscar Youngdahl.-

306

Report of -

Treasury Department.

291

Federal Deposit Insurance Corporation..

178

Federal Reserve System.

179

Exhibits:

H. R. 2191

2

H. R. 5220.

17

Sectional analysis of H. R. 5220.-

208

Analysis of expense of flotation of indenture securities

48

Summary of defects in trust indentures -

224

Geographical distribution of trusteeships

97

Analysis of Securities Act registration statements-

98

Case histories:

Detroit International Bridge Co.---

247

R. Hoe & Co., Inc.

248

Frye Investment Co.

249

McKesson & Robbins, Inc.

250

Union Power Corporation.

250

National Electric Power Co...

251

Krueger & Toll Co.

252

Analyses of sample Securities Act indentures:

The Texas Corporation.

253

Pittsburgh Coke & Iron Co.

256

Michigan Consolidated Gas Co..

259

Analysis of expense of flotation.

263

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