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Statements of Page Starkweather, John K., Investment Bankers Association, New York-, 9 683, 1, 754 Stewart, R. McLean, Investment Bankers Association, New York-- - - 704, 801, 1004 Purcell, Hon. Ganson, Commissioner, Securities and Exchange Commission------------------------------------------------- 722, 727,

781, 805, 833, 842, 865, 887, 917 McLaren, Norman Loyall, American Institute of Accountants, San

Francisco, Calif--------------------------------------------- 819 Jones, Frayser, National Association of Manufacturers, New York---- 824, 858, 996

Page, Robert G., Investment Bankers Association, New York----- 825, 839

Latimer, Hon. Murray W., Chairman, Railroad Retirement Board - - 866, 885
Fletcher, R. V., Association of American Railroads, Washington, D.C.- 920

Cass, C. D., American Transit Association, Washington, D.C.------ 931. Goldstein, Meyer M., National Association of Life Underwriters, New York------------------------------------------------------- 941 Durig, Stanley W., Comptrollers' Institute of America, New York---- 949 Sturtevant, Richard D., Jewel Tea Co., Barrington, Ill------------ 956, Amberg, Harold V., American Bankers Association, Chicago, Ill------ 976 Cobb, A. S., American Bankers Association, New York------------ 991 Putney, William B., 3d, Commerce and Industry Association of New York, Inc., New York City----------------------------------- 1006 Communications submitted from— Salomon Bros. and Hutzler, New York City---------------------- 733 Minnesota Society of Certified Public Accountants, Minneapolis, Minn------------------------------------------------------ 823 George L. Harrison, New York City----------------------------- 842

Joint statement by representatives of Investment Bankers Associa-
tion, National Association of Security Dealers, New York Curb
Exchange, and New York Stock Exchange----------------------- 805

Joint statement by the Securities and Exchange Commission, the
representatives of the Investment Bankers Association, the Na-
tional Association of Securities Dealers Inc., the New York Curb

Exchange, and the New York Stock Exchange (2 statements)------ 810
846, 851

Hon. George A. Paddock, copy of speech delivered by-------------- 975
Memorandum by Harold W. Amberg----------------------------- 989
Resolution adopted by the Congress of American Industry, December

4, 1941----------------------------------------------------- 1002 R. T. Allcutt, Los Angeles, Calif.-------------------------------- 1009 A. L. M. Wiggins, for the American Bankers Association, New York

City------------------------------------------------------- 1017

Reports, documents, statistical data:

Special committee of the American Bar Association on securities
laws and regulations----------------------------------------- 704.

Notice of and order for hearing by the Securities and Exchange Com-
mission in the matter of Mississippi Power Co., The Commonwealth
and Southern Corporation, Declarants--------------------------- 757

Notice of and order for hearing by the Securities and Exchange Com-
mission in the matter of Gulf Power Co., The Commonwealth and

Southern Corporation, Declarants------------------------------- 769

Proposed amendment as sec. 3 (a) (1)---------------------------- 908

Employee welfare plans, proposed amendment relative to----------- 940

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PROPOSED AMENDMENTS TO SECURITIES ACT OF 1933

AND THE SECURITIES EXCHANGE ACT OF 1934

CONTINUATION OF TUESDAY, NOVEMBER 25, 1941 BEGINNING ITEM NO. 4 ON AGENDA FOR AMENDMENTS

TO SECURITIES ACT OF 1933 STATEMENT OF JOHN K. STARKWEATHER, NEW YORK, N. Y.

PROPOSALS TO AMEND DEFINITION OF “UNDERWRITER".

The CHAIRMAN. We have a witness on the next topic. Mr. STARKWEATHER. I believe I am the first witness on that subject, Mr. Chairman.

The CHAIRMAN. We will be pleased to hear from you now, Mr. Starkweather.

Mr. STARKWEATHER. Mr. Chairman and gentlemen of the committee: My name is John K. Starkweather. I am a partner of Starkweather & Co., 111 Broadway, New York City. I am also vice president of the Investment Bankers Association and chairman of its Federal legislative committee.

I am appearing before you today on behalf of that association.

Before starting the statement on the next subject, I should like to make one remark in connection with the table presented by Mr. Purcell, if I may, Mr. Chairman. That is, there is one thing that astonishes me about this table more than anything else, and that is the fact that in the 3-year period—and I assume that this includes all of the common-stock issues which were floated during that period, because it obviously would not be proper to select particular casesbut in that 3-year period only 178 companies, or 178 issues, have been made an average of but 60 a year-of issues up to $1,000,000. It is amazing to me, and it indicates to me two things, which are, first, no national economy can be healthy when there are but 60 small companies a year in a country of 120,000,000 or 130,000,000 people who want to raise any money, and it indicates another thing to me, and that is that there must be something in what all of the witnesses who have been before you have said; there must be something in the securities procedure in addition to the economic conditions which produce such a very small amount of financing of this type. [Since this statement was made, I have been informed by the Securities and Exchange Commission that its compiliation of 178 cases was not complete and that the actual total for the 3 years was 335 issues. In my opinion this does not alter the situation much as it still means only that on the average only two small companies per State of the Union per year have entered the public market for funds by means of the registration method.]

You will note from the agenda that the next subject is divided into three parts. The first two are sections 2 (11) (b) (4) and 2 (11) (b) (5).

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