Adequate, properly supervised playgrounds in every section of the city will do much to prevent juvenile delinquency and to promote a virile, intelligent, and patriotic citizenship.

PERCENTAGE OF DEVELOPMENT OF PROPERTY ACQUIRED UNDER ACT

Mr. WIGGLESWORTH. What percentage of the property acquired under this act is now developed? You told us about 49 percent a year Has that percentage changed materially?

ago.

Mr. NOLEN. I have here a list of 18 projects on land acquired by the Commission over a period of years, on which there has been very substantial progress in the way of development this past year. They are entirely recreation centers and playgrounds. We did not recommend any particular development of park areas at this time.

Mr. WIGGLESWORTH. Could you give any estimate of the total property acquired in terms of development?

Mr. NOLEN. You mean the value of the area?

Mr. WIGGLESWORTH. Either or both.

Mr. NOLEN. I could give you that; yes, sir.

Mr. WIGGLESWORTH. Furnish that for the record, please.

Mr. NOLEN. Very well.

(The statement requested is as follows:)

Development has taken place during the past year on 18 units of the recreation system which have been acquired by the National Capital Park and Planning Commission. These units include the more important recreation centers and playgrounds, comprise a total of 97 acres acquired at a cost of $2,993,247.35, and all are now being used except 2 close-in playgrounds where land acquisition has recently been completed and only the buildings demolished. The estimated cost of the improvements to date has been about $650,000, most of which have been undertaken with Public Works Administration, Work Projects Administration, or Civilian Conservation Corps funds.

Since 1924 the National Capital Park and Planning Commission has acquired land at 63 of the 160 units of the recreation system. Twenty of these areas were acquired as parts of larger parks, 36 as additions to existing playgrounds and school yards or jointly with new school sites, and 17 as independent units not related to parks or schools. Of the 63, 28 are usable, the remaining undeveloped units being largely in outlying areas which are now building up but which as yet do not fully justify improvement until further development of the surrounding community takes place. As intended by the act of May 29, 1930, these outlying areas have been acquired in accordance with a comprehensive plan for the whole of the District and in advance of private development, with material saving in cost.

AREAS

OCCUPIED BY GOVERNMENT INSTITUTIONS IN DISTRICT
COLUMBIA SUITABLE FOR PLAYGROUND PURPOSES

OF

Mr. CASE. Mr. Delano, referring to the conversation had some time ago with respect to the areas in the city which are occupied by institutions that hold large acreages within the boundaries of the District of Columbia, are any of those areas, described as the National Training School for Boys; National Training School for Girls; Farm at St. Elizabeths Hospital; United States Soldiers Home; Columbia Institution for the Deaf; Home for the Aged and Infirm; Industrial Home School, Colored; Industrial Home School, White-are any of those sites suitable for any of these playground purposes that you mention?

Mr. DELANO. Some of them, yes. They are not in this list, but where they are suitable for recreation, they have been included in our general plan.

Mr. NOLEN. I might cite a specific instance. By a transfer now being made to the War Department and to the Interior Department, the entire area of the St. Elizabeths farm goes to the War Department for a radio station and defense housing, and to the Interior Department for a playground-the entire area being some 60 acres.

Mr. CASE. What about the Columbia Institution for the Deaf, up there by Brentwood? If you were to acquire that, or if that were available for purposes of the Park and Planning Commission, would that aid in solving your playground problem any?

Mr. DELANO. I happen to be on the board of that institution. I do not think the area that that institution has is too large, considering that it is, in a sense, a college for the deaf, the leading college for the deaf in the United States. I think we are in a way to make progress in that. I have always felt that. I have been on that board now for nearly 20 years. I have always felt that the scientific work done on behalf of the deaf has not equalled the scientific work done on behalf of the blind and the partially blind.

Mr. CASE. I think that is probably true.

Mr. DELANO. Great progress has been made in the last 3 or 4 years. Mr. CASE. The question that is raised by House Joint Resolution 249 which I have introduced is whether or not these large tracts within the boundaries of the District of Columbia are put to their best

use.

Mr. DELANO. I think all of those problems ought to be studied. Mr. CASE. Mr. Chairman, I would like to place in the record, if I may, at this time, a letter which I have from the Auditor for the District of Columbia, which lists these large acreages with their assessed valuation of the improvements on the acreages. That is important, because it indicates in some instance a very small amount of physical improvement and a very large tract of ground.

Mr. WOODRUM. Without objection, the matter may be placed in the record.

(The matter referred to is as follows:)

Hon. FRANCIS CASE,

GOVERNMENT OF THE DISTRICT OF COLUMBIA,
OFFICE OF THE AUDITOR,

House of Representatives, Washington, D. C.

December 5, 1941.

MY DEAR MR. CASE: Your letter of December 2, 1941, was received, enclosing copy of House Joint Resolution 249, requesting the following information for use in connection with consideration of your bill:

1. A map showing the location of the areas referred to in the resolution.

2. A list of the tracts of land showing: (a) The total area; (b) the proportion of the area occupied by buildings; (c) the value of the improvements and the basis for the evaluation.

There is enclosed a map of the permanent system of highways in the District of Columbia on which there has been marked in red the areas indicated in your bill, with the exception of "that part of the former Arlington Experimental Farm, Washington-Hoover Airport, and adjoining Federal lands, not essential to the needs of the War Department." It may take some time to develop this information, since it is not within the confines of the District of Columbia. An effort will be made to obtain this information for you at an early date.

I might add that it is not possible from the existing records to ascertain the areas occupied by buildings on these sites. This would require a complete physical survey of the premises. If this is essential to the consideration of your bül, I shall try to have that information developed for you.

There is indicated below a tabulation of the area, as well as the assessed and actual cost of the improvements:

Mr. SETTLE. Mr. Chairman, I would like to add just this one word. This appropriation of $700,000 is repaid to the Federal Government by the District taxpayers. So we are providing out of this money, during the time of emergency, for the people of the District, who probably will be more prosperous in the next few years than at any other time in their history.

Mr. WOODRUM. Or any other people.

Mr. SETTLE. Yes; or any other people.

Mr. WIGGLESWORTH. This $700,000 item, will there be any specific item needed or is it part of a general year-to-year program?

Mr. SETTLE. A great many of them, if they are not acquired speedily, will be lost entirely, because when a subdivision goes into an area, you lose out.

Mr. WIGGLESWORTH. That is the same argument that always confronts us, it is a question of how far we are going to go.

Mr. SETTLE. The whole idea is that the sooner we can buy these

areas, the less expensive it will be.

Mr. WIGGLESWORTH. It is part of a general program.

Mr. SETTLE. It is part of a general program.

Mr. DELANO. Except this, that we cut this down this year on

account of the emergency.

Mr. WIGGLESWORTH. You cut it down from $850,000.

Mr. DELANO. Yes.

Mr. WIGGLESWORTH. You cut it from $850,000 to $700,000?
Mr. DELANO. Yes.

Mr. WOODRUM. Thank you, gentlemen.

DECEMBER 9, 1941.

SECURITIES AND EXCHANGE COMMISSION

STATEMENTS OF EDWARD C. EICHER, CHAIRMAN, FRANCIS P. BRASSOR, SECRETARY, AND JAMES J. RIORDAN, CHIEF, BUDGET AND ACCOUNTING SECTION, OF THE SECURITIES AND EXCHANGE COMMISSION

SALARIES AND EXPENSES

Mr. WOODRUM. We now have before us the 1943 Budget estimates of the Securities and Exchange Commission, which are as follows:

For five Commissioners, and other personal services in the District of Columbia, and for other authorized expenditures of the Securities and Exchange Commission in performing the duties imposed by law or in pursuance of law, including employment of experts when necessary; contract stenographic reporting services; purchase and exchange of lawbooks, books of reference, directories, periodicals, and newspapers; travel expenses, including the expense of attendance, when specifically authorized by the Commission, at meetings concerned with the work of the Securities and Exchange Commission; garage rental; foreign postage; mileage and witness fees; rental of equipment; purchese, including exchange, of one, and operation, maintenance, and repair of two motor-propelled passengercarrying vehicles; transfer of household goods and effects as provided by the Act of October 10, 1940 (54 Stat. 1105), and regulations promulgated thereunder; purchase of rubber gloves; and other necessary expenses; $5,380,000.

JUSTIFICATION OF ESTIMATES

Mr. EICHER. Mr. Chairman, I offer the following justification for the record:

JUSTIFICATIONS OF THE 1943 ESTIMATES OF THE SECURITIES AND EXCHANGE COMMISSION FOR SALARIES AND EXPENSES

The Securities and Exchange Commission, created by section 4 of the Securities Exchange Act of 1934, is charged with the duty of administering the following legislation:

(a) The Securities Exchange Act of 1934, as amended (48 Stat. 881; 49 Stat. 1375; 52 Stat. 1070; 15 U. S. C. 78a-78jj).

(b) The Securities Act of 1933, as amended (48 Stat. 74; 48 Stat. 905; 49 Stat. 557; 15 U. S. C. 77a-77aa).

(c) The trust Indenture Act of 1939 (53 Stat. 1149; 15 U. S. C. 77aaa-77bbbb). (d) The Public Utility Holding Company Act of 1935 (49 Stat. 803; 15 U. S. C. 79-79z-6).

(e) The Investment Company Act of 1940 (54 Stat. 789; 15 U. S. C. 80a180a52).

(f) The Investment Advisers Act of 1940 (54 Stat. 847; 15 U. S. C. 80b180b21).

(g) Certain provisions of chapter X of the National Bankruptcy Act, as amended by the act of June 22, 1938 (52 Stat. 840; 11 U. S. C. 501-676).

GENERAL STATEMENT

For the fiscal year 1943, the Commission is requesting an appropriation of $5,380,000, exclusive of printing and binding, which is the amount appropriated for the current fiscal year.

These justifications are presented by projects and include, among other things, a general explanation of the Commission's work, where and possible, statistics on the volume of work performed under each act during the fiscal years 1941, 1940, and 1939.

These statistics reveal that while the volume of work under one or two of the acts in 1941 was approximately the same as that performed in the fiscal year 1940, they also indicate that there has been a substantial increase in work under other of the acts. Particularly is the latter true with respect to the work under chapter X of the Bankruptcy Act. The justifications for the Public Utility Holding Company Act reveal a rather broad increase with respect to the simplification and integration program, which in itself involves a tremendous amount of imponderables and work not susceptible to statistical measurement. Intensive and vast research and survey work must be performed before a simplification or integration case is even brought to the preliminary stage in hearings, and the time required in the preparation for and conduct of such hearings is of rather extensive magnitude. The Investment Company Act and the Investment Advisers Act did not become effective until November 1, 1940. Perhaps our problems under these acts will be better understood when it is considered that this legislation is new and is fraught with all the additional burdens attendant upon the launching of a new regulatory program under new legislation.

In considering the workload of the Commission, it must be remembered that the greater portion of the volume of work required to be performed is a matter over which the Commission has no control. Registration statements, applications, and various other documents are required to be filed with the Commission pursuant to the provisions of the several acts mentioned above, by corporations, applicants, and brokers and dealers. The Commission has no discretion in setting the number of such statements, applications, and other filings to be examined. Many Government agencies have some control over the number of proceedings to be instituted during a given period and thereby can increase or reduce the volume of their work. For the most part, the Securities and Exchange Commission cannot do this. The Commission must examine and handle, in accordance with the requirements of existing legislation, all statements, applications, and other documents submitted to it.

FEES

The Commission receives fees for the sale of photocopies of material filed with it under the provisions of the various acts; for the registration of securities under the Securities Act of 1933; from registered nation.al securities exchanges under section 31 of the Securities Exchange Act of 1934; and for filings under the Trust Indenture Act of 1939. The fees received during the last three 3 years are indicated below:

Justification of estimates by projects and by classification of expenditures

For the purpose of administering the legislation under the jurisdiction of this Commission, the functions and work have been assigned to various divisions and offices. The divisions or offices, or portions thereof, performing functions conveniently chargeable to one of the acts which the Commission administers are treated in these justifications as component parts of a single project. The first five projects pertain to activities directly applicable to particular acts and the