4. B22 3: Laa

DISCLOSURE ACT

HEARINGS

BEFORE A

SUBCOMMITTEE OF THE

COMMITTEE ON BANKING AND CURRENCY
UNITED STATES SENATE

EIGHTY-NINTH CONGRESS

SECOND SESSION

ON

S. 2672

A BILL TO PROVIDE FULL AND FAIR DISCLOSURE OF THE
NATURE OF INTERESTS IN REAL ESTATE SUBDIVISIONS
SOLD THROUGH THE MAILS AND INSTRUMENTS OF TRANS-
PORTATION OR COMMUNICATION IN INTERSTATE COM-
MERCE, AND TO PREVENT FRAUDS IN THE SALE THEREOF,
AND FOR OTHER PURPOSES

66-628 O

JUNE 21, 22, AND AUGUST 18, 1966

Printed for the use of the
Committee on Banking and Currency

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON: 1966

HARRISON A. WILLIAMS, JR., New Jersey BOURKE B. HICKENLOOPER, Iowa

EDMUND S. MUSKIE, Maine

EDWARD V. LONG, Missouri

MAURINE B. NEUBERGER, Oregon

THOMAS J. MCINTYRE, New Hampshire

WALTER F. MONDALE, Minnesota

MATTHEW HALE, Chief of Staff
WOODLIEF THOMAS, Chief Economist
JOHN R. EVANS, Minority Chief of Staff
HENRIETTA S. CHASE, Chief Clerk

SUBCOMMITTEE ON SECURITIES

HARRISON A. WILLIAMS, JR., New Jersey, Chairman

A. WILLIS ROBERTSON, Virginia
EDMUND S. MUSKIE, Maine
EDWARD V. LONG, Missouri
MAURINE B. NEUBERGER, Oregon
THOMAS J. MCINTYRE, New Hampshire
WALTER F. MONDALE, Minnesota

II

STROM THURMOND, South Carolina
WALLACE F. BENNETT, Utah
BOURKE B. HICKENLOOPER, Iowa

Morton C. Paulson, business editor, News-Journal, Daytona Beach, Fla..

Samuel T. Frear, formerly with the Eugene (Oreg.) Register-Guard...

Fred Fogarty, real estate editor, the Miami (Fla.) Herald__

Alton W. Van Horn, president, New Jersey Real Estate Commission_..

T. C. Dickson, administrator, Indiana Real Estate Commission _ _

Kenneth N. Hynes, chief, east coast section, American Republics Division,

Office of International Regional Economics, Bureau of International

Commerce, accompanied by Alan Kay, Office of General Counsel,

Department of Commerce..

Alan L. Emlen, chairman, Realtors' Washington Committee, National

Association of Real Estate Boards, accompanied by John C. Williamson,

director, department of governmental relations..

WEDNESDAY, JUNE 22

Carlton L. Shipley, attorney, Washington, D.C....

Walter F. Mondale, U.S. Senator from the State of Minnesota..

Manuel F. Cohen, Chairman of the Securities and Exchange Commission_

Herndon P. Jeffreys, Jr., American Realty Service Corp., Richmond, Va..

Herbert E. Wenig, assistant attorney general for the State of California....

J. R. Hoffman, vice president, National Better Business Bureau, Inc.____

Carl A. Bertoch, executive director, Florida Installment Land Sales

Board, accompanied by Jon Moyle, counsel to the board...

Ralph Smathers, president and general manager, Better Business Bureau

of South Florida..

THURSDAY, AUGUST 18

Nathaniel E. Kossack, first assistant, Criminal Division, Department of

Justice; accompanied by Herbert Edelhertz, Chief, Fraud Section_-_-

Robert P. McCulloch, Jr., vice president, McCulloch Properties, Inc.,

Los Angeles, Calif

Gunter David, Newark Evening News, Newark, N.J.

Stanley Selig, Selig Brothers Real Estate Co., Indianapolis, Ind....

ALPHABETICAL LIST OF WITNESSES

Bertoch, Carl, executive director, Florida Installment Land Sales Board;

accompanied by Jon Moyle, counsel to the board..

Cohen, Manuel F., Chairman of the Securities and Exchange Commission..

David, Gunter, Newark Evening News, Newark, N.J..

Dickson, T. C., administrator, Indiana Real Estate Commission.

Emlen, Alan L., chairman, Realtors' Washington Committee, National

Association of Real Estate Boards; accompanied by John C. William-

son, director, Department of Governmental Relations___

84

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