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Mr. HARRIS (counting them). I think there are only 12.

Mr. PECORA. Well, I will take your figures. Perhaps I jotted down portions of titles as being a full title. There were 12, then. Mr. HARRIS. Yes, sir.

Mr. PECORA. Have you read those 12?

Mr. HARRIS. Yes, sir.

Mr. PECORA. When?

Mr. HARRIS. Oh, I beg pardon. I misunderstood your question. Have I read all 12 of those?

Mr. PECORA. Yes.

Mr. HARRIS. I would not say that I have read all 12 of them. Mr. PECORA. How many of the 12 have you read?

Mr. HARRIS I would say I have read 50 percent of them, or six. Mr. PECORA, You have read six of them.

Mr. HARRIS. Yes, sir.

Mr. PECORA. How many of the different pamphlets or publications were distributed by the stock exchange to the public in the year

1932?

Mr. HARRIS. Six pamphlets.

Mr. PECORA. Can you give the titles of them?

Mr. HARRIS. Yes, sir. Those distributed in 1932 were:

Statement of Richard Whitney, president.

Statement of Richard Whitney, president, before the Committee on Finance of the United States Senate.

Statement of Richard Whitney, president, made to the governing committee and the membership.

New York Stock Exchange, address by the president.

Report of the president.

New York Stock Exchange Year Book.

Mr. PECORA. Are you familiar with the contents of those six pamphlets or publications?

Mr. HARRIS. I was at the time.

Mr. PECORA. Did you read all six of them?

Mr. HARRIS. I think I have read all six of those; yes.

Some time has passed and I don't remember now all of their contents.

Mr. PECORA. Now, in 1933 how many pamphlets, documents, or publications were distributed to the public by the New York Stock Exchange?

Mr. HARRIS. Three altogether, as follows:

Writing Down Assets and Writing Off Losses.

Securities Investors in the Future.

Statement of Richard Whitney, president.

Mr. PECORA. Did you read those?

Mr. HARRIS. I believe I only read one of them entirely.

Mr. PECORA. Which one was that?

Mr. HARRIS. The Statement of Richard Whitney, president. No; I read two of them, which includes Securities Investors in the Future. So I read two of the three.

Mr. PECORA. Which one was it that you did not read?

Mr. HARRIS. I did not read the one entitled "Writing Down Assets and Writing Off Losses ", being an address by Mr. Hoxsey.

Mr. PECORA. Now, in 1930, how many different pamphlets, documents, or publications, were circulated among the public by the New York Stock Exchange?

Mr. HARRIS. There were 13 altogether. They were:

The Principal Causes of the Stock Market Crisis of 1929

Mr. PECORA (interposing). Whose address was that?

Mr. HARRIS. An address by Mr. E. H. H. Simmons, who was then the president of the New York Stock Exchange.

Mr. PECORA. Was that the one delivered in January of 1930 before the Transportation Club?

Mr. HARRIS. Yes, sir.

Mr. PECORA. Have you read that address?

Mr. HARRIS. That was some time ago, but I think I did read it. I have forgotten the details of it.

Mr. PECORA. Have you any recollection of the contents of that speech that would enable you to summarize it for the benefit of this committee now, as to what Mr. Simmons' claimed were the causes of the stock market panic of 1929?

Mr. HARRIS. I am sorry, but I cannot remember the details of that speech.

Mr. PECORA. All right. Now, Mr. Harris, how many of the 13 pamphlets, speeches, or publications that were distributed in 1930 have you read?

Mr. HARRIS. Mr. Pecora, it is very difficult for me to say now as to that. That was 3 years ago and I would not want to guess at it. I don't know.

Mr. PECORA. Would you guess that you read all of them?

Mr. HARRIS. I do not think I read all of them, but I may have. Mr. PECORA. How many different pamphlets, documents, or publications were circulated by the stock exchange in 1929?

Mr. HARRIS. Eleven altogether.

Mr. PECORA. How many of them have you read, if you can tell us? Mr. HARRIS. I cannot tell you. It was too long ago.

Mr. PECORA. Now, in 1929, according to the information furnished by the New York Stock Exchange to this committee in answer to a questionnaire that the committee caused to be submitted to it, there were distributed 466,000 copies, approximately, of the 11 pamphlets that you have referred to, were there not?

Mr. HARRIS. There were.

Mr. PECORA. And in the following year, 1930, there were distributed approximately 790,000 copies of the 13 publications, were there not?

Mr. HARRIS. That is correct.

Mr. PECORA. And in the year 1931 there were distributed 2,250,000 copies, approximately, of all the 12 publication that were circulated to the public by the New York Stock Exchange.

Mr. HARRIS. Yes, sir.

Mr. PECORA. And in the year 1932 there were only 260,000 copies. approximately, of the six pamphlets distributed for the year. Mr. HARRIS. That is true.

Mr. PECORA. And for the year 1933, or, rather, the first 9 months of the year 1933, there were 55,000 copies, approximately, of the three publications distributed in that year.

Mr. HARRIS. That is true.

Mr. PECORA. Mr. Harris, what was the reason for the tremendous increase in the number of copies of pamphlets distributed by the New York Stock Exchange to the public in the year 1930 over the preceding year, 1929?

Mr. HARRIS. It happened that in the year 1930 there were two speeches made for which there was an enormous demand from the public, many requests coming in for additional copies of those. pamphlets.

Mr. PECORA. The approximate number of copies of pamphlets distributed in the year 1929 was 466,000, while in 1930 it was 790,000.

Mr. HARRIS. Yes, sir.

Mr. PECORA. Is that accounted for entirely by this demand that you speak of?

Mr. HARRIS. I believe it is.

Mr. PECORA. Now, Mr. Harris, in the year 1931 there was a much greater increase in the circulation or distribution of copies of pamphlets over the number for the year 1930, because in 1931 there were 2.250.000 copies of the 12 different pamphlets distributed.

Mr. HARRIS. That is right.

Mr. PECORA. What was the reason for that tremendous increase over the preceding year?

Mr. HARRIS. In that year there were two addresses given by the president, Mr. Whitney, for which there was, again, an enormous public demand. In one case I know that 400,000 requests came into the exchange for additional copies.

Mr. PECORA. Yes. And in the year 1932 the number of copies of pamphlets distributed by the New York Stock Exhange dwindled from the number of 214 million in 1931 to 260,000 in 1932. Was that due to the fact that the public had lost interest to a considerable degree in speeches of officers of the stock exchange and that that curtailed and lessened their demand for copies of them.

Mr. HARRIS. No; not entirely. There were only half as many pamphlets sent out in 1932 as were sent out in 1931.

Mr. PECORA. That is, there were 6 sent out in 1932 as compared to 12 in 1931?

Mr. HARRIS. Yes, sir.

Mr. PECORA. But there were, approximately, one eighth the aggregate number went out.

Mr. HARRIS. That is right. That also just happened; that is, as to the speeches made by the president of the exchange, there wasn't the popular demand for them as was the case in the 2 preceding

years.

Mr. PECORA. What were the titles of the speeches that were distributed in 1932?

Mr. HARRIS. The one that had the largest circulation was the statement made by Richard Whitney, president of the New York Stock Exchange, before the Committee on Finance of the United States Senate in regard to the Revenue Act of 1932.

Mr. PECORA. What were the other five phamphlets sent out in 1932?

Mr. HARRIS. There was the statement of Richard Whitney, president, made to the governing committee and the membership, in regard to the investigation of stock exchange practices by the Committee on Banking and Currency of the United States Senate, which was August 24. The other one that had a rather large circulation was the address made by Richard Whitney, president, before the Industrial Club of St. Louis and the chamber of commerce of St. Louis, St. Louis, Mo., entitled "New York Stock Exchange."

Mr. PECORA. What I am trying to find out from you, Mr. Harris, if you can possibly help us to learn the fact, is why in the year 1932 there was such a considerable falling off of distribution of pamphlets to the public by the New York Stock Exchange. Mr. HARRIS. Well, a part of that was

Mr. PECORA (Continuing). A falling off measured by a difference between 2,250,000 copies distributed in 1931 and only 260,000 copies distributed in 1932.

Mr. HARRIS. Well, a part of that was in deference to the committee that was investigating the stock exchange. The president did not make as many speeches as he had made theretofore.

Mr. PECORA. As a matter of fact, one of the six pamphlets I believe, the one that you stated had the greatest circulation in 1932, was his report based upon the investigation that had proceeded up to that time, wasn't it?

Mr. HARRIS. Yes. One was just a stenographic copy, and the other was a statement made to the governing committee and the membership in regard to the investigation.

Mr. PECORA. How does that support your reasoning that the lessening in the distribution of pamphlets was due to the desire of the committee on publication to accord deference to this Senate committee which was conducting the stock-market investigation?

Mr. HARRIS. Well, I think it was a sort of forbearance on the part of the officers of the exchange. There was the investigation going on here in Washington that we all knew about. As a consequence the president did not make as many speeches as he normally does. Mr. PECORA. But he did make some speeches and some reports, that were printed and distributed to the public, did he not?

Mr. HARRIS. That is true.

Mr. PECORA. It was not to be expected that every speech he was going to make that year was going to deal with this investigation, was it?

Mr. HARRIS. No.

Mr. PECORA. As a matter of fact, he did make one speech or report which covered his observations on the investigation?

Mr. HARRIS. That is true.

Mr. PECORA. Up to the date of the delivery of that report by him?

Mr. HARRIS. That is true.

Mr. PECORA. So, where was that a deference to the committee, that you speak of?

Mr. HARRIS. I do not see how I could explain it any more clearly. It seems to me that was obvious.

Mr. PECORA. All right. Now, Mr. Harris, for the first 9 months of the year 1933 there were only 55,000 copies of pamphlets distrib

uted by the New York Stock Exchange. What was the reason for that very considerable reduction from the number distributed in the preceding year?

Mr. HARRIS. In 1933, during the entire year, the president only made one address, and there was one statement issued by him to the board of estimate and apportionment of the city of New York. Mr. PECORA. And that had to do with the attempt of the municipal authorities of the city of New York early last fall to impose some tax on the business of the members of the New York Stock Exchange. Mr. HARRIS. That is true.

Mr. PECORA. Well, didn't the president of the New York Stock Exchange make speeches throughout the country during the year 1933?

Mr. HARRIS. No, sir. According to my figures here he only made one address, and there was very little public demand for it. Mr. PECORA, What was the title of that address?

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Mr. HARRIS. The title was Securities Investors in the Future." Mr. PECORA. There was very little demand for that?

Mr. HARRIS. Only 45,000 copies, which in comparison with other speeches was very small.

Mr. PECORA. Who was the author of those speeches?

Mr. HARRIS. Mr. Whitney, of the one I just referred to, if that is what you have in mind?

Mr. PECORA. Yes.

Mr. HARRIS. Mr. Whitney was the author of it.

Mr. PECORA. Who was the author of the speeches delivered by Mr. Simmons in 1928 and 1929, if you know?

Mr. HARRIS. I am not certain, but I imagine the author was Mr. Simmons.

The CHAIRMAN. Public interest in securities had diminished a good deal in 1933, hadn't it?

Mr. HARRIS. Well, there seemed to be less interest on the part of the public so far as judged by their asking for copies of the various speeches.

Mr. PECORA. Well, in order that the chairman's question may be more fully answered, let me ask: Isn't it fair to say that trading on the New York Stock Exchange in the year 1933 showed a measurable increase over that which was done during the year 1932?

Mr. HARRIS. It did. As to whether or not that would have anything to do with demand for those speeches, I don't know.

Mr. PECORA. No; except that it might reflect the interest of the public in the stock market.

Mr. HARRIS. It might do so, but I don't know it.

Mr. PECORA. How often does the board of governors of the New York Stock Exchange meet?

Mr. HARRIS. They have a regular meeting every 2 weeks.

Mr. PECORA. Every 2 weeks?

Mr. HARRIS. Yes, sir.

Mr. PECORA. And special meetings at other times?

Mr. HARRIS. Yes, sir.

Mr. PECORA. Those special meetings are held at the call of the president?

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