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DEPOSITED BY THE ITED STATES OF AMERICA 6-14-45

Sir:

LETTER OF TRANSMITTAL

SECURITIES AND EXCHANGE COMMISSION,
Philadelphia, Pa., June 9, 1943.

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 the 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 securities would be subjected to any delay by the Commission because of the moving. We are happy to report that our hope was realized.

Respectfully,

THE PRESIDENT OF THE SENATE

THE SPEAKER OF THE HOUSE OF REPRESENTATIVES

Washington, D. C.

Ganson Purcell,
Chairman.

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