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commission of any crime, if he is unable satisfactorily to account for the possession of the implement." The defendant had been found in the possession of a sledge hammer, ax, and hacksaw. The court interpreted the statute as allowing the jury to presume the existence of an intent to use the instrument for a felonious purpose from the mere fact of possession of the instrument. The court, in reversing the conviction, held that no rational inference of criminal intent could be drawn from the mere possession of tools which "reasonably may he employed" in crime. The court did not reach the question of whether the inference of criminal intent could be drawn from the possession of tools or implements which in themselves give rise to sinister inferences.

Some of the views expressed in this report were stated in substance by U.S. Attorney Acheson when he appeared before a subcommittee of the House District of Columbia Committee on May 6. However, I hope this written presentation of them will be of further assistance to the committee in its deliberations.

The Bureau of the Budget has advised that there is no objection to the submission of this report from the standpoint of the administration's program. Sincerely yours,

NICHOLAS DEB. KATZENBACH,

Deputy Attorney General. (Whereupon, at 12:10 p.m., the subcommittee concluded the hearings.)

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TO PROVIDE FOR THE REGULATION OF THE BUSINESS OF
SELLING SECURITIES IN THE DISTRICT OF COLUMBIA AND
FOR THE LICENSING OF PERSONS ENGAGED THEREIN,

AND FOR OTHER PURPOSES

MAY 2, 1963

Printed for the use of the Committee on the District of Columbia

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1964

29-313

HOUSE COMMITTEE ON THE DISTRICT OF COLUMBIA

JOHN L. MCMILLAN, South Carolina, Chairman THOMAS G. ABERNETHY, Mississippi JOEL T. BROYHILL, Virginia HOWARD W. SMITH, Virginia

JAMES C. AUCHINCLOSS, New Jersey WILLIAM L. DAWSON, Illinois

WILLIAM L. SPRINGER, Illinois JOHN BELL WILLIAMS, Mississippi ANCHER NELSEN, Minnesota ABRAHAM J. MULTER, New York

ALVIN E. O'KONSKI, Wisconsin JOHN DOWDY, Texas

WILLIAM H. HARSHA, Ohio
GEORGE HUDDLESTON, JR., Alabama CHARLES McC. MATHIAS, JR., Maryland
BASIL L. WHITENER, North Carolina FRED SCHWENGEL, Iowa
JEFFERY COHELAN, California

FRANK J. HORTON, New York
FERNAND J. ST GERMAIN, Rhode Island RICHARD L. ROUDEBUSH, Indiana
JAMES W. TRIMBLE, Arkansas
B. F. SISK, California
CHARLES C. DIGGS, JR., Michigan
G. ELLIOTT HAGAN, Georgia

JAMES T. CLARK, Clerk
CLAYTON GASQUE, Staff Director

HAYDEN S. GARBER, Counsel

SUBCOMMITTEE No. 2

THOMAS G. ABERNETHY, Mississippi, Chairman JOHN DOWDY, Texas

WILLIAM L. SPRINGER, Illinois FERNAND J. ST GERMAIN, Rhode Island CHARLES MCC. MATHIAS, JR., Maryland JAMES W. TRIMBLE, Arkansas

WILLIAM H. HARSHA, Ohio B. F. SISK, California

ALVIN E. O'KONSKI, Wisconsin G. ELLIOTT HAGAN, Georgia

UNITED STATES OF AMERICA

CONTENTS

H.R. 4200, a bill to provide for the regulation of the business of selling

securities in the District of Columbia and for the licensing of persons

engaged therein, and for other purposes--House committee staff memoranda--

Page

1 12

16

74 45

131

STATEMENTS
Acheson, David C., Esq., U.S. attorney for the District of Columbia--
Bastable, Edwin F., partner, Harris, Upham & Co---
District of Columbia government: Bryan, Irving, Office of the Corporation.
Gilbertson, Larry D., vice president and general counsel, Variable Annuity

Life Insurance Co-----
Investment Bankers Association of America :

Calvert, Gordon L., assistant general counsel

Nees, Bernard, chairman, Washington Legislative Committee_
Johnson, George E.
Metropolitan Washington Board of Trade: Press, William H., executive

vice president-
Securities and Exchange Commission:

Brown, Alexander, Washington regional office.
Cary, William L., Chairman -
Loomis, Philip A., Director, Division of Trading and Exchanges-

Michaely, George, special counsel..
Shaw, Clarence E., president, Clarence E. Shaw & Co.-

61 61 86

60

38 38 38 38 76

85

62

63

36 153 29

37

MATERIAL SUBMITTED FOR THE RECORD Association of Casualty & Surety Companies : Marsh, David M., assistant

counsel, letter dated March 27, 1963, to Chairman McMillan.--. Better Business Bureau of Metropolitan Washington :

McCarthy, Leland S., managing director, letter dated May 2, 1963, to

Chairman Abernathy

Resolution of March 27, 1961.
Department of Justice:
Acheson, David C., U.S. attorney for the District of Columbia :

Letter dated May 17, 1963, to Chairman Abernethy-
Letter dated June 21, 1963, to Chairman Abernethy (appendix)--

Complete statement submitted for the record..
Katzenbach, Nicholas deB., Deputy Attorney General: Letter dated

May 2, 1963, to Chairman McMillan---
District of Columbia government:

Bryan, Irving, Assistant Corporation Counsel : Separate statement,

dated July 15, 1963 (appendix)----
Clarke, E. J., Acting President, Board of Commissioners : Letter dated

February 25, 1963, to Hon. John W. McCormack, Speaker, U.S.

House of Representatives, enclosing draft of proposed legislation---
Tobriner, Walter X., President, Board of Commissioners : Letter dated

July 22, 1963, to Chairman Abernethy (appendix)-
Department of Insurance Rates and Regulations re variable annuity

contracts---
Gilbertson, Larry D., vice president and general counsel, Variable Annuity
Life Insurance Co. of America.
Commerce Clearing House, Inc., General Guide:

Excerpt from, re securities regulation ---
Letter dated May 7, 1963, to James T. Clark, clerk, enclosing rules

under the Maryland Securities Act---
Senate Report 2109, 82d Congress, 2d session, "Constructive Sale

Price for Purposes of Certain Manufacturers Excise Tax”----
Statement of Larry D. Gilbertson --

160

45

159

139

133

148

134 132

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