INVESTMENT COMPANIES

HEARINGS

BEFORE A

SUBCOMMITTEE OF THE

COMMITTEE ON BANKING AND CURRENCY
UNITED STATES SENATE

SEVENTY-SIXTH CONGRESS

THIRD SESSION

ON

S. 3580

A BILL TO PROVIDE FOR THE REGISTRATION AND
REGULATION OF INVESTMENT COMPANIES AND
INVESTMENT ADVISERS, AND FOR
OTHER PURPOSES

PART 1

APRIL 2, 3, 4, 5, 8, 9, AND 10, 1940

Printed for the use of the Committee on Banking and Currency

COMMITTEE ON BANKING AND CURRENCY

ROBERT F. WAGNER, New York, Chairman

SEPIO '42

Statement of-

Page

Bane, Baldwin B., Director, Registration Division, Securities and

Exchange Commission. .

135

162

57

Boland, John, attorney, Securities and Exchange Commission_

Cook, Alfred A., trustee for the Continental Securities Corporation,

New York City.

Fulton, Hugh, assistant United States attorney, southern district of

New York

Healy, Robert E., Commissioner, Securities and Exchange Commis-

sion..

70

32, 161, 306
Hollands, John H., attorney, Securities and Exchange Commission... 280
Mathews, George C., Commissioner, Securities and Exchange Com-
mission..

131

Schenker, David, Chief Counsel, Securities and Exchange Commis-

sion, investment-trust study..
47, 121, 174, 193, 225, 245, 308

Smith, L. M. C., associate counsel, investment-trust study, Securi-

ties Exchange Commission...

Stern, Carl S., attorney, Securities and Exchange Commission..

A copy of S. 3580.

EXHIBITS

206, 265, 277

Chart submitted by Securities and Exchange Commission entitled "North
American Companies and Subsidiaries".

Chart submitted by Mr. Cook on Continental Securities Corporation_

Chart submitted by Securities and Exchange Commission entitled "Per-

formance and Control of the Principal Companies of the United Founders

Corporation Group".

Chart submitted by Securities and Exchange Commission entitled "Inter-

company Transactions in International Securities Corporation of

America Class B Common Stock".

Chart Submitted by Securities and Exchange Commission entitled "Inter-

company Transactions in United States Electric Power Corporation

Rights and Common Stock".

Opinion of Securities and Exchange Commission in matter of H. M.

Byllesby & Co...

81

Chart submitted by Securities and Exchange Commission entitled “Equity

Corporation"

123

Opinion of the Securities and Exchange Commission in the matter of T. I. S.

Management Corporation... –

146

Chart submitted by Securities and Exchange Commission entitled "The

Goldman Sachs Trading Corporation 1929",

229

Chart submitted by Securities and Exchange Commission entitled "J. &

W. Seligman & Company",

280

Memorandum submitted by Securities and Exchange Commission on cost

of study and description of work completed by the investment-trust

study..

306