HEARINGS

BEFORE THE

COMMITTEE ON

INTERSTATE AND FOREIGN COMMERCE

HOUSE OF REPRESENTATIVES

SEVENTY-NINTH CONGRESS

FIRST SESSION

ON

H. R. 693

A BILL TO CLARIFY THE APPLICATION OF THE
SECURITIES EXCHANGE ACT OF 1934 TO
EXEMPTED SECURITIES, AND
FOR OTHER PURPOSES

70512

FEBRUARY 20 AND 21, 1945

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

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON: 1945

45-35777

Page

Text of the bill, H. R. 693.

Statement of-

O'Neal, Hon. Emmet, Member of Congress from State of Kentucky

Wood, David M., of Wood, Hoffman, King & Dason, attorneys, New

York City.

1

2

2, 24, 56

Arnold, Hazen S., chairman, municipal securities committee, Invest-
ment Bankers' Association, Toledo, Ohio.

20-26

Folger, Clifford, president, Investment Bankers' Association, Wash-

ington, D. C..

19-24

Weigold, Charles E., president, C. E. Weigold & Co., New York City.

Frye, Arnold, American Bar Association, New York City...

O'Keefe, Thomas G., Ohio State Teachers' Retirement System, Colum-

bus, Ohio...

Hage man, Earl E., director of finance, city of Dayton, Ohio..

Murphy, Hon. W. Tayloe, treasurer, State of Virginia, Richmond Va

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

sion___

Pike, Hon. Sumner T., member, Securities and Exchange Commission.

Communications and documents submitted:

Report on H. R. 1502, Seventy-eighth Congress, by the Securities and

Exchange Commission..

Analysis of above report submitted by David M. Wood, of New York

City...

Comments on above analysis of above report, submitted by Chairman

of Securities and Exchange Commission..

Text of proposed rule X-15Č1-10 of the Securities and Exchange Com-

mission...

Statement regarding above rule by the Investment Bankers' Associa-

tion of America

Resolution by American Bar Association.

Text of a resolution by Council of City of Cleveland Heights, Cleveland

Heights, Ohio...

Resolution by League of Ohio Municipalities.

Exchange of correspondance between Hon. Lyle H. Boren and Hon.

Ganson Purcell..

List of endorsers of the bill.

Letter dated February 17, 1945, from Hon. Jimmie H. Davis, Governor

of Louisiana_.

Letter dated February 16, 1945, from Austin J. Tobin, executive

director, the Port of New York Authority.

Letter dated February 15, 1945, from Hon. Bernard Samuel, mayor,

Philadelphia, Pa..

98

Resolution signed by Donald C. Scribner, executive secretary, County
Officers' Association, State of New York, dated February 9, 1945.
Letter dated February 20, 1945, from R. B. Upham, comptroller, of the
city of Chicago, Ill.

Rules relating to over the-counter markets:

Texts of Rules X-151 C1-1 to X-15C1–9.

III