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COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

CLARENCE F. LEA, California, Chairman
ROBERT CROSSER, Ohio CHARLES A. WOLVERTON, New Jersey-
ALFRED L. BULWINKLE, North Carolina PEHR G. HOLMES, Massachusetts
VIRGIL CHAPMAN, Kentucky B. CARROLL REECE, Tennessee

WILLIAM P. COLE, JR., Maryland JAMES W. WADSWORTH, New York
EDWARD A. KELLY, Illinois CHARLES A. HALLECK, Indiana
HERRON PEARSON, Tennessee OSCAR YOUNGDAHL, Minnesota
LYLE. H. BOREN, Oklahoma CARL HINSHAW, California
MARTIN J. KENNEDY, New York CLARENCE J. BROWN, Ohio
CHARLES L. SOUTH, Texas RICHARD M. SIMPSON, Pennsylvania.
JAMES P. McGRANERY, Pennsylvania GEORGE A. PADDOCK, Illinois

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MISCELLANEOUS

Statements of-

Friedman, Elisha, consulting economist, New York City---

1299

Schwartz, Sidney L., president, San Francisco Stock Exchange-

1318

Cunningham, Russell I., president, Cleveland Stock Exchange..

1327

Smith, Kenneth L., president, Chicago Stock Exchange---

1331

Purcell

, Hon. Ganson, Chairman, Securities and Exchange Commis-

sion (re participation by regional exchanges in the amendment

program)

1348

Barbour, Marshall R., president, Pittsburgh Stock Exchange.

1351

Geer, W. Montague, 90 Wall Street, New York City-

1352

Stewart, R. McLean, Chairman, Securities Acts Committee, Invest-

ment Bankers Association of America, New York City -

1360

Javitz, Benjamin A., 165 Broadway, New York City ---

1362

Communication submitted:

Federal Reserve System, Board of Governors (letter re fraud in reports

to security holders-proposed Securities Act, section 17 (c))----- 1366

Supplemental data submitted by the Securities and Exchange Commission:

(a) Letters from companies which have registered securities under the

Securities Act.

1367

(6) Letters received by Commission expressing attitude of the invest-

ing public on the proposed amendments.

1374

(c) Data on item 16 (g) of Form U5S.

1374

(d) Commission's rules on trading by Commission employees.-

1376

(e) Commission's rules and regulations under Securities Act of 1933

and Securities Exchange Act of 1934.

1377

(f) Information on Commission's releases and supervisor of informa-

tion research.

1377

(g) Rule as to the use of Form A-2--

1380

(h) Stock offering of Louisville Gas & Electric Co.:

Statement, Hon. Lyle H. Boren.--

1381

Statement, Chairman Ganson Purcell -

1381

Newspaper clippings inserted by Thomas Graham, Louisville. 1383

(2) Average amount of registered issues of $500,000 and under for 18

industries during 4-year period.---

1385

(j) Break-down by industries of Commission's fraud cases involving

$500,000 or less..

1386

(k) Rule U-50—Competitive bidding -

1386

(1) Statement of Chairman Purcell on Representative Boren's pro-

posed section 3 (a) (10)--

1386

(m) Utility of disclosure provisions in railroad financing-

1390

(n) Registration statements classified by size..

1390

(0) Transcripts of staff interviews on rule U-50-Competitive bidding 1390

(p) Yields on utility securities--

1391

(9) Former Commission employees with Associated Gas & Electric

Co. trustees..

1392

(r) Status of open-end investment company securities under proposed

amendments to sections 4 and 5 of Securities Act of 1933

1394

Statement, Chairman Gansen Purcell --

1394

Statement, National Association of Investment Companies. 1394

Statement, Asiel & Co...

1396

GENERAL DISCUSSION OF THE BILL H. R. 4344

Statements of

Page Putney, William B., 3d, of Putney, Twombly & Hall, New York City 1412, 142 Comstock, Louis K., chairman, committee on reemployment of men

and money, Commerce and Industry Association of New York--- 1432 Mount, Wadsworth W., secretary, committee on reemployment of

men and money, Commerce and Industry Association of New York. 1438 Twombly, Edward B., counsel for committee on reemployment of men

and money, Commerce and Industry Association of New York -- 1444 Purcell, Hon. Ganson, Chairman, Securities & Exchange CommissionRegarding Mr. Twombly's statement on section 203 of H. R. 4344.

1490 Regarding Mr. Twombly's testimony on Transamerica Corporation.

1492 Communications submitted: President, Federation Bank & Trust Co., telegram from

1434 Grant, John M., president, Transamerica Corporation, letter to---- 1519 Giannini, L. Mario, in regard to Transamerica Corporation, letter to.. 1520 Lane, Chester T., letter to, from. L. Mario Giannini...

1521 Kelley, W. T., Chief Counsel of Federal Trade Commission, letter byDocuments: Pamphlet entitled "Analysis of H. R. 4344".

1399 Green, Mr. William, president, American Federation of Labor, text of

speech entitled "The Preservation of Free Enterprise - The Com-
mon Objective of Capital and Labor".

1435 Joint statement by Securities and Exchange Commission and repre

sentatives of the securities industry, memorandum on amendments
to the Securities Act of 1933 and the Securities Exchange Act of
1934.-'---

1439 Wadsworth, Hon. James W., extension of remarks in the Congressional

Record entitled “New Capital Raised Through the Sale of Securi-
ties”

1442 Newspaper article entitled “Transamerica Motions Denied in S. E. C. Ruling”

1469 Newspaper article entitled “S. E. C. Calls Hearing on Transamerica". 1470 Newspaper article entitled "S. E. C. Charge Cites White, Weld & Co.". 1481 Securities and Exchange Commission press releases and documents in the matter of the Transamerica Corporation.

1499 Court decision in the Transamerica Corporation et al. case

1514 Press release by Securities and Exchange Commission in regard to the

American Viscose Corporation and rule 143 under the Securities Act
of 1933..

1539

MISCELLANEOUS

NoTE.—The following pages contain miscellaneous statements made by various witnesses on the proposals as a whole. They contain also material supplied in answer to questions appearing in the earlier volumes. Some of this material relates to matters which were not included in the formal agenda. The remainder was submitted by way of supplementation after the printing of the record on the items of

the agenda concerned. V

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