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any kind whatsoever. And that is the point which Mr. Harris apparently wished to bring out.

Mr. PECORA. Do not the members of the economist's staff furnish material to the publicity committee?

Mr. REDMOND. As they do to all other departments of the exchange, when called upon.

Mr. PECORA. And its office?
Mr. REDMOND. Exactly.

Mr. PECORA. And are used in the preparation of speeches, I presume, that are deliverel by officers of the exchange from time to time!

Mr. REDMOND. Occasionally, but it is primarily work in the collection of statistics which appear in the monthly bulletin of the exchange, which consists of absolutely nothing but a mass of graphs and figures and charts. It is purely statistical.

Mr. PECORA. Is there any other statement or evidence or information you want to give the committee, Mr. Harris, without being specifically questioned for the purpose ?

Mr. HARRIS. No, sir. No, Mr. Pecora ; I do not think there is anything else.

Mr. PECORA. What is that?
Mr. HARRIS. No; there is nothing else.

Mr. PECORA. How about you, Mr. Redmond? Is there anything you would like to say to the committee on the subjects covered in the examination of Mr. Harris?

Mr. REDMOND. No, Mr. Pecora ; I think that I am appearing here as counsel, not precisely as a witness. Mr. Pecora. But you have given some answers to questions. Mr. REDMOND. Purely to facilitate the investigation.

Mr. PECORA. I know it. That is why I am extending now in behalf of the committee the invitation to you to make any statement, give

any information in regard to the general subject of the examination of Mr. Harris, that you might see fit to make.

Mr. REDMOND. I do not think there is anything I want to say at this time, Mr. Pecora.

Mr. PECORA. All right. The CHAIRMAX. Then Mr. Harris will be excused. Mr. PECORA. May I ask Mr. Harris just one question more: Mr. Harris, I have before me a printed document. Will you look at it and tell me if you recognize it to be a statement made by Mr. Whitney before the House committee in the hearings on the Fletcher-Rayburn bill held before that committee last week, and which sets forth in outline, at least, the proposal of Mr. Whitney for regulation of securities exchanges that was referred to by you in the course of your testimony?

Mr. HARRIS. Yes, sir: that is the document.
Mr. PECORA. I ask that it be marked in evidence.
The CHAIRMAN. Let it be admitted.

Mr. REDMOND. I would like to call your attention to the fact that that is just a proof. We would like to submit a final copy, as there may be some minor corrections made in that one.

Mr. PECORA. Very well then; we will just mark this for identification and supplement it with the final form to be submitted by Mr. Redmond.

(Document purporting to be statement of Mr. Richard Whitney before the House Committee on Interstate and Foreign Commerce was thereupon designated " Committee Exhibit No. 115 for identification, February 26, 1934 ", and the same appears in the printed record at the end of today's proceedings.)

(Document purporting to be finel proof of statement or proposal of Mr. Richard Whitney before the House Committee on Interstate and Foreign Commerce was later furnished by Mr. Redmond, designated “ Committee Exhibit No. 116, February 26, 1934”, and the same appears in the printed record at the end of today's proceedings.)

The CHAIRMAN. These hearings before the subcommittee will be resumed on call. At 2:30 today the full committee meets, and we will take up the bill S. 2693.

(Accordingly, at 1:03 p.m., the subcommittee adjourned, to meet again at the call of the chairman.)

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HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

SEVENTY-THIRD CONGRESS

FIRST SESSION

ON

S. Res. 84

(72d CONGRESS) A RESOLUTION TO INVESTIGATE PRACTICES OF STOCK EXCHANGES WITH RESPECT TO THE BUYING AND SELLING AND THE BORROWING AND LENDING

OF LISTED SECURITIES

AND
S. Res. 56 and S. Res. 97

(73d CONGRESS)
RESOLUTIONS TO INVESTIGATE THE MATTER OF BANKING
OPERATIONS AND PRACTICES, TRANSACTIONS RELATING TO
ANY SALE, EXCHANGE, PURCHASE, ACQUISITION, BORROW-
ING, LENDING, FINANCING, ISSUING, DISTRIBUTING, OR
OTHER DISPOSITION OF, OR DEALING IN, SECURITIES OR
CREDIT BY ANY PERSON OR FIRM, PARTNERSHIP, COMPANY,
ASSOCIATION, CORPORATION, OR OTHER ENTITY, WITH A
VIEW TO RECOMMENDING NECESSARY LEGISLATION, UNDER

THE TAXING POWER OR OTHER FEDERAL POWERS

PART 15

NATIONAL SECURITIES EXCHANGE ACT 1934

FEBRUARY 26 TO MARCH 16, 1934

Printed for the use of the Committee on Banking and Currency

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COMMITTEE ON BANKING AND CURRENCY

DUNCAN U. FLETCHER, Florida, Chairman

CARTER GLASS, Virginia

PETER NORBECK, South Dakota ROBERT F. WAGNER, New York

PHILLIPS LEE GOLDSBOROUGH, Maryland ALBEN W. BARKLEY, Kentucky

JOHN G. TOWNSEND, JR., Delaware ROBERT J. BULKLEY, Ohio

FREDERIC C. WALCOTT, Connecticut THOMAS P. GORE, Oklahoma

ROBERT D. CAREY, Wyoming EDWARD P. COSTIGAN, Colorado

JAMES COUZENS, Michigan
ROBERT R. REYNOLDS, North Carolina FREDERICK STEIWER, Oregon
JAMES F. BYRNES, South Carolina

HAMILTON F. KEAN, New Jersey
JOHN H. BANKHEAD, Alabama
WILLIAM GIBBS MCADOO, California
ALVA B. ADAMS, Colorado

WILLIAM L. HILL, Clerk
R. H. SPARK MAN, Acting Clerk

SUBCOMMITTEE ON STOCK EXCHANGE PRACTICES

DUNCAN U. FLETCHER, Florida, Chairman CARTER GLASS, Virginia

PETER NORBECK, South Dakota s ALBEN W. BARKLEY, Kentucky 1

JOHN G. TOWNSEND, JR., Delaware EDWARD P. COSTIGAN, Colorado

JAMES COUZENS, Michigan ALVA B. ADAMS, Colorado

1 Alternate, Thomas P. Gore, Oklaboma.
* Alternate, Phillips Lee Goldsborough, Maryland,

II

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