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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, Mlinois

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 8. MUSKIE, Maine

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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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Page

126

183

224

127

526

537

545
548

174

62

Statement of-Continued

Shreve, Charles E., Chief, Branch of Interpretations and Review,

Division of Corporation Finance, Securities and Exchange Com-

mission.-

Stahl, F. A., president, and George C. Baron, counsel, Standard &

Poor's Corp
Wallace, David W., executive vice president and director; Thomas J.

Deegan, consultant; and David Hartfield and Morton Moskin, of
counsel, Alleghany Corp., New York, N.Y..
Woodle, Joseph C., Director, and Lawrence M. Greene, Assistant

Director, Division of Corporate Regulations, Securities and Ex-
change Commission.--

Woodside, Byron D., Director, Division of Corporation Finance,

Securities and Exchange Commission..

Yearley, Alexander IV, chairman; James G. Dern, member, board of

governors; Wallace H. Fulton, executive director; and Marc A.

White, counsel, National Association of Securities Dealers, Inc.-.

Letters, memorandums, statements, etc., submitted for the record by-

Alleghany Corp.:

Letter on modification of SEC amendments, S. 1181.

Annual report, 1958.

Memorandum on section 3(c)(9), Investment Company Act---

Supplemental memorandum..

American Bankers Association: Letter on Investment Counsel Asso-

ciation testimony--

American Bar Association:

Staternent of Mr. Nelson..

Proposed amendments to carry out Resolution No. 1 of asso-

ciation.

Letter containing comments on SEC testimony

Resolutions of house of delegates of association.

Report of section on resolutions.-

American Stock Exchange: Letter on amendments to Securities Ex-

change Act.
Atlantic Coast Line Co., Prime F. Osborn, counsel and attorney,

Wilmington, N.C.: Letter to Senator Robertson ---

Connell, John, vice president, Loomis Sayles & Co., Inc.: Statement

before the U.S. House of Representatives, Interstate and Foreign

Commerce Committee, Subcommittee on Commerce and Finance..

Delaware & Hudson Co., Donald D. Dart, general counsel, New York,

N.Y.: Letter to Senator Williams and reply-

Federal Deposit Insurance Corporation: Report on S. 1179.

Federal Reserve:

Report on S. 1179.

Report on S. 1181.

Report on S. 1182_

Hicks, Beryl C., president, Unified Funds, Inc., Indianapolis, Ind.:

Letter on section 24, S. 1181.-

Interstate Commerce Commission:

Comments on section 7, S.1181.

Letter on SEC amendments, S. 1181.

Provisions of ICC Act dealing with securities, including amend-

ments

Comparison of certain sections of Investment Company Act and

ICC Act--

Comparison of reports required by SEC under section 8, Invest-

ment Company Act, with reports required by ICC.

ICC and SEC and court decisions on Alleghany case-

Justice Department:

Report on S. 1180.

Report on S. 1182.

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

Francis Currie, attorney: Proposal for amendment of the Invest-
ment Advisers Act of 1940..
National Association of Investment Companies:

Letter on memorandum on S. 1181...
Letter on number of companies and shareholders represented by

241

150

180

154
Page

association.
Memorandum on S. 1181 amendments.

156
159

55

635

Letters, memorandums, statements, etc.—Continued
National Association of Securities Dealers:

Letter on section 15, S. 1179..

Memorandum on SEC proposals in S. 1178 and H.R. 5001.

Memorandum on SEC proposals in S. 1179 and H.R. 2480.

Supplemental statement on S. 1179..

New York Central: Letter on modification of SEC amendments,

S. 1181..-.

New York Stock Exchange:

Letter on amendment to section 8(d), Securities Exchange Act--

Letter on modification of SEC amendents to section 7 of S. 1179

and section 30 of S. 1178...

Supplemental statement on various sections of S. 1179 and S. 1178.

Rules and requirements related to segregation of customers'

securities

Letter on further amendments to Federal securities laws.

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

Report on S. 1178:

Section 3.

Sections 5 and 10.

Securities and Exchange Commission:

Proposed modifications of amendment to section 3(c)(a), Invest-

ment Company Act..

Letter to Mr. Dart on section 3(c)(9), Investment Company Act.

Statement of Mr. Gadsby --

Comparative print of proposed amendments, S. 1178.

Explanation of amendments.

Memorandums on-

Amendments to section 13, S. 1178, section 22, S. 1179, and

section 11 of S. 1182.

Comparative costs of securities issues under regulation A

and issues registered under section 6, S. 1178.

Comparative print of proposed amendments, S. 1179.

Explanation of amendments -

Memorandums on S. 1179 amendments:

Section 7 amendments..

Withdrawal of registration statements and applications for

registration.

Columbia General Investment Corp. v. SEC.

Section 13 amendments -

Section 15 amendments.

Section 20 amendments.

Section 30 amendments.

Net capital rule

Comparative print of proposed amendments, S. 1180.

Supplement to comparative print.--

Explanation of amendments

Memorandum on section 3, S. 1180.

Comparative print of proposed amendments, S. 1181.

Explanation of amendments..

Memorandum on sections 12, 13, and 16 amendments, S. 1181..

Comparative print of proposed amendments, S. 1182.

Explanation of amendments-

Letter on modification of proposed amendment to section 3(c)(9)

of Investment Company Act.-

Proposed modifications.-

Memorandum on proposed modifications ..

Comparison of reports required by SEC under section 8, Invest-

ment Company Act, with reports required by ICC.---

Memorandum on proposed amendments to section 3(c) (9), In-

vestment Company Act...

ICC and SEC and court decisions in Alleghany case.

Small Business Adiministration: Letter on S. 1178.

Treasury Department: Report on S. 1179.

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