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ANITED STATES OF AMEMCA

LETTER OF TRANSMITTAL

SECURITIES AND EXCHANGE COMMISSION,

Philadelphia, Pa., June 9, 1943.

Sir:

I have the honor to transmit to you the Eighth Annual Report of the Securities and Exchange Commission, required by the provisions of Section 23 (b) of the Securities Exchange Act of 1934, approved june 6, 1934, Section 23 of "he Public Utility Holding Company Act of 1935, approved August 26, 1935, Section 46 (a) of the Investment Company Act of 1940, approved August 22, 1940 and Section 216 of the Investment Advisers Act of 1940, approved August 22, 1940.

Because of war conditions, we are presenting the report in the most concise and least expensive manner we can devise. The statistical tables have also been substantially abridged. Data in statistical tables customarily shown in previous reports and now omitted are available on request.

In March 1942, the Commission was moved to Philadelphia by direction of the Director of the Bureau of the Budget. It was the Commission's hope that no issuer who was faced with a deadline in the marketing of securfties would be subjected to any delay by the Commission because of the moving. We are happy to report that our hope was realized.

Respectfully,

Ganson Purcell,

Chairman.

THE PRESIDENT OF THE SENATE
THE SPEAKER OF THE HOUSE OF REPRESENTATIVES

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