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work offered, failing without good cause to comply with directions of the Board to apply for suitable work or to report to an employment office, and knowingly making or aiding in making a fraudulent claim for benefits. Furthermore, with respect to any individual, days of unemployment do not include any Sunday or holiday or two or more such successive days unless such day is, or days are, both immediately preceded and followed by days of unemployment or unless a registration period ends with such day or days.

Benefit scale. The daily benefit rate is scaled from $1.75 to $4 according to the total amount of earnings in the base year. As benefits are payable for a maximum of 10 days in a registration period of 14 days, the maximum benefits for any such period vary from 10 times $1.75 to 10 times $4, or from $17.50 to $40, according to base-year earnings. The maximum amount of benefits payable in a benefit year is 100 times the daily benefit rate, or from $175 to $400.

Columns I and II of the following table show, respectively, the several compensation ranges in the base year and the resulting daily benefit rates, as set forth in the act. Columns III and IV show, respectively, the maximum benefits payable with respect to a registration period of 14 days and a benefit year.

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Source of benefits and administrative expenses. To support the unemploymentinsurance system, the act levies on covered employers a contribution, which is collected by the Railroad Retirement Board, equal to 3 percent of the compensation, excluding any excess over $300 a month, payable to an employee. Of the proceeds, 90 percent is credited, for the payment of benefits, to a special account designated as the Railroad Unemployment Insurance Account, maintained in the Unemployment Trust Fund established by section 904 of the Social Security Act. The remaining 10 percent is deposited, to meet the expenses of administering the act, in a special fund designated as the Railroad Unemployment Insurance Administration Fund.

Under the act, transfers have been and are being made to the Railroad Unemployment Insurance Account from the State accounts maintained in the Unemployment Trust Fund of (a) a share of the balance in the State-pooled funds as of June 30, 1939, equal to the ratio of contributions from employers and employees covered by the act to total contributions collected and credited to such fund as of that date; (b) balances in reserve accounts of covered employers as of June 30, 1939; and (c) all contributions from covered employers and employees collected in the second half of 1939. Similarly, the Railroad Unemployment Insurance Administration Fund is credited with the amounts collected or collectible by the Treasury under title IX of the Social Security Act from covered employers with respect to the calendar years 1936, 1937, 1938, and the first half of 1939, less certain amounts. Also, there is transferred to the Railroad Unemployment Insurance Account so much of the balance of the Railroad Unemployment Insurance Administration Fund as of June 30 of each year as is in excess of $6,000,000.

SECURITIES AND EXCHANGE COMMISSION

Creation and authority.-The Securities and Exchange Commission was created under its organic act, the Securities Exchange Act of 1934 (Public, No. 291, 73d Cong.), approved June 6, 1934, for the purpose of administering that act and the

Securities Act of 1933, which was previously administered by the Federal Trade Commission. The scope of the duties and powers of the Commission was enlarged through the passage of subsequent legislative enactments, namely, the Public Utility Holding Company Act of 1935 (Public, No. 333, 74th Cong.), approved August 26, 1935; chapter X of the bankruptcy act, as amended by the Chandler Act (Public, No. 696, 75th Cong.), approved June 22, 1938; the Trust Indenture Act of 1939 (Public, No. 253, 76th Cong.), approved August 3, 1939; the Investment Company Act of 1940 (title I, Public, No. 768, 76th Cong.), approved August 22, 1940; and the Investment Advisers Act of 1940 (title II, Public, No. 768, 76th Cong.), approved August 22, 1940.

Functions of the Commission.-The functions of the Commission generally embrace the following five categories: Supervision of registration of security issues, qualification of trust indentures covering particular types of security issues, and suppression of fraudulent practices in the sale of securities under the Securities Act of 1933 and the Trust Indenture Act of 1939; supervision and regulation of transactions and trading in outstanding securities, both on the stock exchanges and the over-the-counter markets, as provided by the Securities Exchange Act of 1934; regulation of public utility holding companies as provided in the Public Utility Holding Company Act of 1935; preparation and submission to the courts of advisory reports on plans of reorganization, and participation as a party in corporate reorganizations under chapter X of the bankruptcy act, as amended; and the registration and regulation of investment companies and investment advisers under the Investment Company Act of 1940 and the Investment Advisers Act of 1940.

Objectives of the Securities Act of 1933.-The Securities Act of 1933 is designed to compel full and fair disclosure to investors of material facts regarding securities publicly offered and sold in interstate commerce or through the mails. Its provisions are also designed to prevent fraud in the sale of securities. Issuers of securities to be publicly offered and sold in interstate commerce are required to file registration statements with the Commission. These registration statements are required to contain specified information, including financial statements, certain exhibits, and the form of prospectus proposed to be used in selling the securities. These registration statements are available for public inspection.

Objectives of the Securities Exchange Act of 1934.-The Securities Exchange Act of 1934 is designed to eliminate manipulation and other abuses in the securities markets; to make available currently to the investing public sufficient information regarding the affairs and financial condition of the corporations whose securities are traded in the securities markets to enable the investor to act intelligently in making or retaining his investments and in exercising his rights as a security holder; and to prevent the diversion into security transactions of a disproportionate amount of the Nation's credit resources.

Objectives of the Public Utility Holding Company Act of 1935.-The Public Utility Holding Company Act of 1935 is designed to eliminate abuses and to provide a greater degree of protection for investors and consumers in the field of public utility holding company finance and operation. In addition to requiring full and fair disclosure of financial transactions, the act provides for Commission supervision of security transactions by holding companies and subsidiaries; supervision of acquisitions of securities, utility assets, and other interests by holding companies and their subsidiaries; and supervision of dividend payments, solicitation of proxies, intercompany loans, and the making of service, sales, and construction contracts. The act also calls for simplification of uneconomic holding company structures.

Objectives of the provisions of chapter X of the bankruptcy act, as amended, relating to the Securities and Exchange Commission.-Chapter X of the bankruptcy act, as amended, which chapter supersedes section 77B of that act, affords the appropriate machinery for the reorganization of corporations (other than railroads) in the Federal courts under the bankruptcy act. The Commission's duties under the chapter are, first, at the request or with the approval of the court, to act as a participant in proceedings thereunder in order to provide independent, expert assistance on matters arising in such proceedings. Second, the Commission is empowered to prepare, for the benefit of the courts and investors, advisory reports on plans of reorganization submitted in such proceedings.

Objectives of the Trust Indenture Act of 1939.-Briefly, the Trust Indenture Act of 1939, which adds a new title (title III) to the act of May 27, 1933, as amended, (title I of which is the Securities Act of 1933), requires that bonds, notes, debentures, and similar securities publicly offered for sale, sold, or delivered after sale through the mails or in interstate commerce, except as specifically exempted by the act, be

issued under an indenture which meets the requirements of the act and has been duly qualified with the Commission. The provisions of those two acts are so integrated that registration pursuant to the Securities Act of 1933 of such securities to be issued under a trust indenture shall not be permitted to become effective unless the indenture conforms to the specific statutory requirements expressed in the Trust Indenture Act of 1939. The indenture is automatically "qualified" when registration becomes effective as to the securities themselves.

Objectives of the Investment Company Act of 1940.-The Investment Company Act of 1940 provides for the registration and regulation of investment companies. Investment companies, unless exempted, or unless registered as provided in the act, are forbidden to conduct their activities through use of the mails or instrumentalities of interstate commerce. Registration of investment companies becomes effective upon the filing with the Commission of notifications of registration. Complete forms of registration statements are required to be filed by registered investment companies. These registration statements are required to contain certain specified information, which includes information with respect to the business affiliations and experience of the officers and directors of the companies. Annual and special reports are required to be filed for the purpose of keeping reasonably current the data contained in these registration statements. The act also contains certain prohibitions and regulatory provisions applicable to registered investment companies.

Objectives of the Investment Advisers Act of 1940.-The Investment Advisers Act of 1940 provides for the registration and regulation of investment advisers. Investment advisers, except as specifically exempted by the act, who make use of the mails or instrumentalities of interstate commerce in connection with the investment advisory business are required to register by filing with the Commission applications for registration containing certain specified information. The administrative machinery for registration under this act is similar to that provided in the Securities Exchange Act of 1934 for the registration of over-thecounter brokers and dealers.

Information available to the public.-Information contained in registration statements, prospectuses, applications, reports, and other public documents, filed pursuant to the provisions of the acts administered by the Commission is available for inspection in the public reference room of the Washington office of the Commission. Photocopies of such public information may be procured at nominal rates from the Washington office only. Public reference rooms are also maintained in the New York and Chicago regional offices, where a great deal of information relating to securities registered on exchanges is available for examination by the public.

SMITHSONIAN INSTITUTION, THE

The Smithsonian Institution was created by act of Congress in 1846, under the terms of the will of James Smithson, an Englishman, who in 1826 bequeathed his fortune to the United States to found, at Washington, under the name of the "Smithsonian Institution,' an establishment for the "increase and diffusion of knowledge among men." The Institution is legally an establishment, having as its members the President of the United States, the Vice President, the Chief Justice, and the President's Cabinet. It is governed by a Board of Regents, consisting of the Vice President, the Chief Justice, three Members of the United States Senate, three Members of the House of Representatives, and six citizens of the United States appointed by joint resolution of Congress. The Secretary of the Smithsonian Institution is its executive officer and the director of its activities.

The "increase of knowledge" the Institution accomplishes through researches in many branches of science and through scientific exploration in all parts of the world. Much of the research is now conducted in the laboratories and offices of the several bureaus listed below that originated from the early work of the Institution and are administered by it.

The "diffusion of knowledge" is carried on through several series of publications based on its researches and collections, through its museum and art gallery exhibits, and through an extensive correspondence.

Through the Hodgkins fund, the income of $100,000 of which is for the increase and diffusion of knowledge in regard to the nature and properties of atmospheric air in connection with the welfare of man, grants have been made, publications issued, and medals and prizes awarded.

The library of the Smithsonian Institution (of which the Smithsonian Deposit in the Library of Congress and the libraries of the United States National Museum and the Bureau of American Ethnology are the chief units) consists mainly of scientific publications, including especially the reports, proceedings, and transactions of the learned societies and institutions of the world, and numbers over 860,000 volumes, pamphlets, and charts.

GOVERNMENT BUREAUS UNDER THE DIRECTION OF THE SMITHSONIAN INSTITUTION

UNITED STATES NATIONAL MUSEUM

The United States National Museum is the depository of the national collections. It is especially rich in the natural science of America, including zoology, entomology, botany, geology, paleontology, archaeology, ethnology, and physical anthropology, and has extensive series relating to the arts and industries, the fine arts, and history. The great study series in the various fields of natural science form the basis for fundamental researches in pure science upon which the structure of applied science is built. The collections in the field of history comprise art, antiquarian, military, naval, numismatic, and philatelic materials, and include many historic objects relating to the period of the World War. The arts and industries collections consist of objects relating to engineering, textiles, graphic arts, and medicine, and include raw materials, processes of manufacture, and finished products. The aircraft display includes among others historic airplanes of Langley, Wright, and Curtiss, Lindbergh's "Spirit of St. Louis," and Wiley Post's "Winnie Mae.

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NATIONAL GALLERY OF ART

The National Gallery of Art is a bureau of the Smithsonian Institution created by joint resolution of Congress approved March 24, 1937, as a result of Andrew W. Mellon's gift to the Nation of his art collection and a monumental gallery building being constructed therefor. The above act accepting Mr. Mellon's gift provided that the art collections already in possession of the Smithsonian Institution and theretofore designated the National Gallery of Art should thereafter be known as the National Collection of Fine Arts.

The National Gallery of Art is administered for the Smithsonian Institution, in which title is vested, by a board of trustees (nine in number).

Briefly, the collection which Mr. Mellon had been over 40 years in bringing together consists of some of the best examples of the work of the great masters of the Italian, Flemish, Dutch, Spanish, and English schools. The important Dreyfus collection of Renaissance sculpture was obtained by Mr. Mellon as well as large bronzes by Sansovino and Giovanni da Bologna. He also acquired a number of portraits by distinguished American painters, such as Gilbert Stuart, Copley, West, Sully, and others.

On July 14, 1939, a further important gift to the National Gallery of Art was announced, that of the Samuel H. Kress collection of Italian paintings and sculpture, including 375 paintings and 18 pieces of sculpture. Thus the Gallery will have some 600 pieces of the world's finest works of art when it is opened to the public. Almost all of the important painters of the Italian school, from the middle of the thirteenth through the eighteenth centuries, are represented in the Kress collection.

The National Gallery building, designed by the late John Russell Pope, is now nearing completion on the site on the north side of the Mall between Fourth and Seventh Streets, as provided in the joint resolution mentioned above, and it is planned that the building will be completed and occupied late in 1940, and opened to the public in the spring of 1941.

NATIONAL COLLECTION OF FINE ARTS

The National Collection of Fine Arts is the depository for those portions of the national collections now in the custody of the Smithsonian Institution, relating to the fine arts, including principally paintings and sculpture. It contains among other exhibits the George P. Marsh collection of etchings, engravings, and books on art; the Harriet Lane Johnston collection, including a number of portraits by British masters; the Ralph Cross Johnson collection of paintings by Italian, French, English, Flemish, and Dutch masters; the William T. Evans collection of paintings by contemporary American artists; and the gift of Mr. John Gellatly, of New York, made in June 1929, of his notable art collection,

containing more than 150 pictures by eminent American and foreign artists, large collections of glass, jewels, oriental specimens, antique furniture, and other valuable and interesting material. By the terms of the gift, the collection was brought to Washington on April 30, 1933. A considerable addition was made by Mr. Gellatly in August 1930 to his original gift.

The Freer Gallery of Art is contained in a separate building provided by the late Charles L. Freer, of Detroit, especially designed and constructed to house the notable collection also presented by him. This comprises numerous paintings, etchings, etc., by Whistler, Tryon, Dewing, Thayer, and other American artists, and extensive examples of Japanese and Chinese art. This collection is to the art and archeology of the Far East what the Cairo Museum is to that of Egypt.

BUREAU OF AMERICAN ETHNOLOGY

The Bureau of American Ethnology is engaged in the collection and publication of information relating to the American Indians and the natives of Hawaii.

INTERNATIONAL EXCHANGE SERVICE

The International Exchange Service is the agency of the United States Government for the exchange of scientific, literary, and governmental publications with foreign governments, institutions, and investigators. It receives and dispatches about 700,000 pounds of printed matter annually.

NATIONAL ZOOLOGICAL PARK

The National Zoological Park has an area of 175 acres, and is located in the Rock Creek Valley, 2 miles north of the center of Washington. Its collection comprises about 3,000 animals.

ASTROPHYSICAL OBSERVATORY

The Astrophysical Observatory investigates solar radiation and other solar phenomena. The work of this observatory is carried on partly in Washington, D. C., and partly at stations on Mount Wilson and Table Mountain, in California; Mount Montezuma, near Calama, Chile; and Burro Mountain near Tyrone, N. Mex.

DIVISION OF RADIATION AND ORGANISMS

(Supported by Smithsonian private funds)

The Division of Radiation and Organisms was established during the year 1929 for the purpose of making scientific investigations relating to the effect of radiation on the growth and life of plants and animals.

TARIFF COMMISSION, UNITED STATES

The Tariff. Commission is an independent establishment of the Government created by the provisions of title VII of the Revenue Act of September 8, 1916. The creation of the Tariff Commission was prompted by a realization of the need of a bipartisan organization to supply the President, the Congress, interested committees in both Houses of Congress, and the public with factual information on which to base tariff and trade policies of the United States, and to act, wherever needed, in an advisory capacity, particularly in technical matters relating to tariff legislation. The Tariff Acts of 1922 and 1930 reenacted provisions similar to those in the Organic Act, and thus continue the Commission's primary function which is to act as a fact-finding agency. These two tariff acts assigned additional duties to the Commission, notably under the so-called flexible tariff provisions constituting section 315 of the act of 1922 and section 336 of the act of 1930. The Trade Agreements Act approved June 12, 1934, provides that before a trade agreement is concluded the President shall seek information and advice thereon from the Tariff Commission.

MEMBERSHIP AND ORGANIZATION

The membership consists of six commissioners appointed by the President with the consent of the Senate. These appointments are for 6 years, one term ex

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