people found some sense in them. We are not saying that everybody who appeared was for us. Senator HUGHES. I see no objection to using that at the end, after we have heard the other witnesses. Senator WAGNER. Why not hold that until the end? Mr. SCHENKER. I beg your pardon? Senator WAGNER. Do you want to offer it, or hold it until a later date? What is the final judgment about it? Mr. HEALY. My judgment, in view of the suggestions made here, is to hold it until a later time, and not to offer it at this time. Senator WAGNER. Very well. Mr. SCHENKER. I think that completes our presentation. Mr. HEALY. I suppose it is understood that we can be heard at a later time, if desired? Senator WAGNER (chairman of the subcommittee). Oh, yes; we do not conduct this in an inflexible manner. What the committee seeks is information. Senator HUGHES. We probably shall want to hear them again. Senator WAGNER. Yes. Mr. HEALY. We shortened our presentation at the suggestion of the chairman. Senator WAGNER. Yes; I might say that Judge Healy had a number of other examples to give us; but I thought that for the present the committee had sufficient, at least, upon which to hear the other side. Senator HUGHES. We have had a good many. Senator WAGNER (chairman of the subcommittee). We have finished with you? Then who is to speak for the other side? Mr. BUNKER. I am to speak; my name is Bunker. Senator WAGNER. I suggest that we go on on Friday morning; that will give you all day tomorrow to prepare your presentation. Mr. BUNKER. Yes; Mr. Chairman. Of course, we do not want to hold things up. Senator WAGNER. Yes; I know that you do not want to do that. Very well. You are going to open the presentation, Mr. Bunker? Will you be the first witness? Mr. BUNKER. Yes; the first witness. Senator WAGNER. Very well. Of course, we cannot regulate the time, because we do not know just how late we shall sit or how long you will take. We are not going to limit anybody. Mr. BUNKER. Do you want some more names? Senator WAGNER. We have here Mr. Bellamy, Mr. Quinn, and Mr. Bunker. Mr. BUNKER. And then we can reappear? Senator WAGNER. Oh, yes; we shall not be rigid about it. The only thing is that you should avoid, I think, any cumulative matter. Mr. BUNKER. Of course. Senator WAGNER (chairman of the subcommittee). Yes; we shall not have any difficulty about that; this is no court. Very well; then the committee will meet on Friday morning at 10:30. Mr. Bunker will be the first witness. (Thereupon, at 4:05 p. m., a recess was taken until Friday, April 12, 1940, at 10:30 a. m.) 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 PART 2 APRIL 12, 15, 16, 17, 18, 19, 22, 23, 24, 25 and 26, 1940 Printed for the use of the Committee on Banking and Currency CONTENTS Bolton-Smith, Carlile, attorney, Securities and Exchange Commis- Statement of— Page Adams, Hon. Charles F., Boston, Mass__ Adler, Robert S., president and director, Selected American Shares, Amory, Roger, Boston, Mass Anderson, O. Kelley, president, Consolidated Investment Trust, 557 534, 537 580 642 Andrews, T. Coleman, member of committee of the American Institute 689 Bane, Baldwin B., director of the Registration Division, Securities and 835 Bellamy, F. Wilder, president, National Bond & Share Corporation, 418 Berle, Rudolf, general counsel, Investment Counsel Association of 742 893 509 623 325, 399, 1052 463 589 546 621 765 595 567 543 Bullock, Hugh, vice president, Calvin Bullock Co., New York City. Bundy, Harvey H., chairman of the trustees, Boston Personal Property Trust, Boston, Mass_ Bunker, Arthur H., executive vice president, The Lehman Corpora- Cabot, Paul C., president, State Street Investment Corporation, Curtis, Charles P., trustee, Century Shares Trust, Boston, Mass.. Dodd, Prof. E. Merrick, Harvard Law School, Cambridge, Mass.. Eberstadt, Ferdinand, president of F. Eberstadt & Co., New York Gardiner, William Tudor, chairman, Incorporated Investors, Boston, Goldsmith, Raymond W., assistant director, Trading and Exchange Griswold, Merrill, chairman, Massachusetts Investors Trust of Healy, Robert E., Commissioner, Securities and Exchange Com- 812 863 847 930, 1047, 1050 Hollands, John H., attorney, Securities and Exchange Commission - Long, Hugh W., president, New York Stocks, Inc., and Manhattan Loomis, Robert H., president, Loomis, Sayles & Co., Inc., Boston, 1049 711 584 706, 760 Lord, Andrew J., president, Lord, Abbett & Co., Inc., and president, 617 McGrath, Raymond D., executive vice president, General American 425 Motley, Warren, counsel, Massachusetts Investors Trust, Boston, 651 |