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Thomas W. Rae, branch chief; and Robert J. Bretz, Charles A. Cole, Elaine Sameth, Judith Schoenberg, Warren S. Shantz, and John Woodward; the Division of Corporation Finance, including Edmund H. Worthy, Director; Walter Werner, Associate Director; Charles E. Shreve, Executive Assistant Director'; Robert H. Bagley, Assistant Director; Ralph C. Hocker, Assistant Director; Patrick J. Griffin, Jr., branch chief; Murray B. Weiner, branch chief; Stuart F. Feldman, Peter D. Lowenstein, and Joel J. Rabin; the Division of Corporate Regulation, including Allan F. Conwill, Director; Gordon Henderson, Associate Director; J. Arnold Pines, chief financial analyst, and Meyer Eisenberg, assistant chief counsel; the Office of General Counsel, including Peter A. Dammann, General Counsel; David Ferber, Associate General Counsel; and Walter P. North, Associate General Counsel; the executive staff of the Commission and particularly Arthur Fleischer, Jr., executive assistant to the Chairman; Orval L. DuBois, secretary; William E. Becker, chief management analyst; and James F. Duffy; Ernest L. Dessecker, records and service officer, and the duplicating unit and the graphic arts section under his direction; and Frank J. Donaty, Comptroller, and the machine tabulating unit under his direction. Assistance came also from each of the regional offices in suggestions and advice, and particular cooperation in investigations was extended by the administrators and staffs of the Boston regional office, the Chicago regional office, the Fort Worth regional office, the Los Angeles branch office, the New York regional office, the Seattle regional office, and the Washington regional office. Lastly, the Special Study is immeasurably indebted to the Commission itself for its suggestions, encouragement, constructive criticism, and patience.

The Special Study is indebted, also, to other agencies of the Federal Government for their cooperation. The Federal Reserve Board played a substantial role in the study's investigation of security credit and margin requirements, and particular advice and assistance were provided by Guy E. Noyes, Lewis N. Dembitz, J. Charles Partee and Ann P. Ulrey of its officers and staff. The Bureau of the Census and the Federal Trade Commission each rendered important assistance in the processing and tabulating of statistical data appearing in the report, and the U.S. Tariff Commission made available its facilities for the public hearings conducted by the Special Study.

In closing it is most appropriate to express the gratitude of the Special Study for the cooperation of the industry itself, without which the study could never have accomplished what it has. It is perhaps the best measure of the success of self-regulation in the securities industry that both the self-regulatory agencies and the members of the industry itself continuously assisted rather than obstructed the inquiries of the Special Study, and bore with far less protest than might have been anticipated all of the extra burdens which the study unavoidably imposed. It is the hope of the Special Study that the patience with which the industry bore its investigation may be rewarded through conclusions and recommendations of the Special Study which, if in some cases initially unwelcome, may ultimately

prove beneficial to the industry itself, to the investing public, and to the country as a whole. Respectfully submitted.



Associate Director,

Chief Counsel,

Chief Economist,

Assistant Director,
Special Study of Securities Markets.

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