During the fiscal year 1961, the Commission issued 167 opinions and other rulings of an adjudicatory nature.

DISSEMINATION OF INFORMATION

The objective of the laws administered by the Commission of providing public disclosure of pertinent financial and other information concerning securities offered for public sale and those traded on exchanges so that they may be realistically evaluated by the investing public, is furthered by various activities of the Commission which facilitate the dissemination of such information. This is accomplished in part, of course, through the requirements of the law and Commission rules for the distribution of the prospectus or offering circular on new offerings and the filing of annual and other periodic reports. All registration statements and reports are available for public inspection. Much of the data also is reprinted and receives general circulation through published securities manuals, investment advisory services and statistical services, which are reference material for securities analysts and investment advisers.

To facilitate public dissemination of the financial and other proposals filed with and actions taken by it, the Commission issues a daily News Digest containing a résumé of these filings and actions. The Digest is distributed daily to the press; and it also is distributed on a daily, subscription basis through the Government Printing Office (1,195 copies) and on a weekly basis by the Commission to a mailing list comprising the names of over 11,000 individuals and firms. Included in the Digests issued during the year were summary reports on the 1,674 registration statements filed during the year (not including amendments pursuant to section 24 (e) of the Investment Company Act) which proposed the public offering of $16.5 billion of securities. Also included were résumés of the 1,302 notices, orders, decisions, rules, and other announcements issued by the Commission. Much of the information is published in the daily press and in financial and other periodicals. The texts of the Commission's pronouncements are available to the press and given more limited distribution to registrants, practicing lawyers, and others.

Members of the Commission and its staff frequently deliver addresses before professional, business, and other groups, and participate in "briefing" and other conferences in order to explain the Commission's functions and activities, explain important rules and policies, and otherwise contribute to a better understanding by individuals and firms subject to its jurisdiction as well as the investing public of the role of the Commission.

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Information Available for Public Inspection

The many thousands of registration statements, applications, declarations, and annual and other periodic reports filed each year are available for public inspection at the Commission's principal office in Washington, D.C. In addition, copies of recent reports filed by companies having securities listed on exchanges other than the New York Stock Exchange and the American Stock Exchange, and copies of current reports of many nonlisted companies which have registered securities for public offering under the Securities Act, may be examined in the Commission's New York regional office; and recent reports filed by companies whose securities are listed on the New York and American Stock Exchanges may be examined in the Commission's Chicago regional office. Moreover, there are available for examination in all regional offices copies of prospectuses relating to recent public offerings of securities registered under the Securities Act; and all regional offices have copies of broker-dealer and investment adviser registration applications, broker-dealer annual financial reports and regulation A letters of notification filed in their respective regions. Reports of companies whose securities are listed on the various exchanges may be seen at their respective offices.

Photocopies of reports or portions thereof and other material in the public files of the Commission may be obtained upon request directed to the Commission's public reference room in Washington. The charge per page for photocopies varies from 15 cents to 50 cents depending upon the size of the page being copied. A minimum charge of $1 is made for less than seven pages (legal size). The charge for each certification of any such document by the Commission is $2. Each year many thousands of requests for photocopies of and information from the public files of the Commission are received by the public reference room in Washington, D.C. During the year 5,848 persons examined material on file in the Washington office, and several thousand others examined files in the New York and Chicago regional offices. About 210,251 photocopy pages were sold pursuant to 3,444 individual orders.

PUBLICATIONS

Publications currently being issued include:

Weekly : Index of Weekly Closing Prices.

Monthly:

Statistical Bulletin.1

Official Summary of Security Transactions and Holdings of Officers, Directors, and Principal Stockholders.'

1 Must be ordered from the Superintendent of Documents, Government Printing Office. Washington 25, D.C.

Quarterly:

Financial Report, U.S. Manufacturing Corporations (jointly with the Federal Trade Commission).

Plant and Equipment Expenditures of U.S. Corporations (jointly with the Department of Commerce).

New Securities Offered for Cash.

Volume and Composition of Individual's Saving.

Working Capital of U.S. Corporations.

Annually:

Annual Report of the Commission.1

Securities Traded on Exchanges under the Securities Exchange Act of 1934. Companies Registered under the Investment Company Act of 1940. Corporate Pension Funds.

Directory of Companies Filing Annual Reports.

Other publications:

Decisions and Reports of the Commission.'

The Work of the Securities and Exchange Commission.

ORGANIZATION

The Commission's staff consists of attorneys, security analysts, accountants, engineers, investigators, and administrative and clerical personnel.

The following organizational changes have been made since June 30, 1960, in accordance with the Commission's policy of continuing review of its organization and functional alignments:

In August 1960, the Commission established an additional Branch of Investigations and an additional Branch of Enforcement in the New York regional office. This action was designed to permit improved utilization of available personnel for the mounting workload of cases requiring investigative and enforcement action and for the regulation A, corporate reorganization and interpretative functions. of the New York regional office.

In November 1960, the position of Adviser to the Commission was abolished and the functions were transferred to other staff officials. In June 1961, the positions of Executive Director and Associate Executive Director were abolished and certain functions thereof were delegated to other members of the staff.

In August 1961, the Commission established three additional Branches of Corporate Analysis and Examination in the Division of Corporation Finance to handle the increased volume of filings on proposed new financing under the Securities Act of 1933.

In October 1961, the Commission established a special study of securities markets to conduct the study and investigation of the adequacy of the rules of the national securities exchanges and na

1 Must be ordered from the Superintendent of Documents, Government Printing Office, Washington 25, D.C.

tional securities associations provided for by Public Law 87-196, dated September 5, 1961.

Also in October 1961, the Commission established two new branches, the Branch of Special Investigations, Trial and Enforcement, and the Branch of Criminal References, in the Division of Trading and Exchanges. This action was designed to consolidate in one division the Commission's investigation and enforcement activities in the headquarters office and to contribute to more effective coordination of such activities in the several regional offices.

PERSONNEL, BUDGET, AND FINANCE

In fiscal 1961, the Commission continued its efforts to recruit outstanding college and law school students with the specialized academic training required for its fields of work. Recruitment brochures covering specific positions were prepared and articles in the recruiting literature published by the Civil Service Commission updated. Close contacts with placement officers and finance and law professors of various colleges and law schools enabled the Commission to hire a number of high-caliber recent finance and law graduates to fill positions at the entrance levels.

Early in the fiscal year, an attorney honors program was adopted, aimed directly at those law school graduates whose academic achievements, special training and career objectives indicated an unusual suitability for the work involved in carrying out the objectives of the Federal securities laws. On June 19, 1961, hiring procedures for filling attorney positions were further revised to provide for giving an examination to those candidates who, on initial review and evaluation of their applications, are considered to be well qualified for employment on the Commission's staff.

The Federal service entrance examination conducted by the U.S. Civil Service Commission continues to be an excellent source of supply for the filling of competitive positions at the GS-5 and GS-7 levels, particularly in the financial analyst category. Appointments also are made from the lists of eligibles established under this examination to investigator (trainee) and other professional job categories at the entrance levels.

Training activities in fiscal 1961 were conducted in accordance with the Commission's basic policies of (1) training employees to do their work more efficiently and effectively, (2) stimulating and encouraging employee self-development and self-training to the fullest extent. and (3) affording equal opportunities for development. Supervisory officials were enrolled in a special training course for middle and top management officials. Professional training, though largely on the job, was supplemented by special critique and instructional sessions