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CONTENTS

Page Adler, Paul, specialist and member of New York Stock Exchange, New York, N.Y.

6792 Altschul, Frank, chairman committee on stock list, New York Stock Exchange, New York, N.Y.

6677, 6700 Babbage, Richard G., attorney at law, representing the Real Estate Board of New York, New York City, N.Y.

6895 Bernheim, Alfred L., director of the securities markets survey of the Twentieth Century Fund, Inc., New York, N.Y.

6936 Booker, Y. E., vice president, Washington Stock Exchange, Washington, D.C.

6885; Butcher, Howard, Jr., vice president, Philadelphia Stock Exchange, Philadelphia, Pa.-

6963 Chinlund, Edwin F., representing the Controllers Institute of America, New York, N.Y..

7082 Clarke, Evans, executive director, Twentieth Century Fund, New York, NY

6962 Clark, Hon. William, United States judge for the District of New Jersey, Princeton, NJ

6927 Comstock, Louis K., president of the Merchants' Association of New York, New York, N.Y.

7051 Corcoran, Thomas Gardiner, in office of counsel for Reconstruction Finance Corporation, Washington, D.C..

6463, 6506, 6543 Filer, Herbert, dealer in puts and calls, 39 Broadway, New York, N.Y.. 7062 Fletcher, R. V., general counsel for the Association of Railway Executives, Washington, D.C.

7046 Gay, Thomas B., law firm of Hunton, Williams, Anderson, Gay & Moore, Richmond, Va..

6586 Goldenweiser, E. A., director, division of research and statistics, Federal Reserve Board..

6436 Gould, Theodore, member and secretary-treasurer, Baltimore Stock Exchange, Baltimore, Md..

6736 Grubb, E. Burd, president of the New York Curb Exchange, Summit, N.J.. 7097 Hoblitzelle, Harrison, president of the General Steel Castings Corporation, Eddystone, Pa.

7173 Hope, Frank R., president, Association of Stock Exchange Firms, New York, N.Y..

6899 Houston, George H., vice-president, National Association of Manufacturers, Philadelphia, Pa.

7241 Johnson, Frederic H., president San Francisco Curb Exchange, San Francisco, Calif.

6826 Johnston, Percy H., chairman of the board and president of the Chemical

Bank & Trust Co., and chairman of the New York Clearing House
Association, Montclair, N.J--

7236 Kinnicutt, Herman, member, Investment Bankers Association, New York, N.Y.

6860 Legg, John C., Jr., of the firm of Mackubin, Legg & Co., broker-dealers, Baltimore, Md., and member of New York, Baltimore, and Washington Stock Exchanges.-

6917 Leonard,

Franklin, member of the firm of Leonard, Cushman & Suydam, New York, N.Y.

7005 Lockwood, William A., counsel for the New York Curb Exchange, East Hampton, Long Island, N.Y

7123 Marsh, Benjamin C., executive secretary Peoples Lobby, Washington,

7144

D.C.

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Page May, George O., member of Price, Waterhouse & Co., certified public accountants, New York City, Southport, Conn.

7175 Moore, Harry H., partner in firm of Hallgarten & Co., New York, N.Y. 6797 Newbold, John S., member, firm of W. H. Newbold's Son & Co., Philadelphia, Pa., Jenkintown, Pa.

6741 Paul, W. G., secretary of Los Angeles Stock Exchange, Los Angeles, Calif.

6768 Potter, William C., chairman of the board, Guaranty Trust Co. of New York, Old Westbury, Long Island, N.Y..

7221 Reyburn, Samuel W., president Associated Dry Goods Corporation, New York, N.Y..

7023 Rich, George A., secretary and treasurer of the Boston Stock Exchange, Boston, Mass.

7032 Rippel, J. S., of J. S. Rippel & Co., investment securities, Newark, N.J.. 7248 Roosevelt, Archibald B., president of Roosevelt & Weigold, Inc., dealers

in municipal securities, New York, N.Y., and George B. Gibbons, president George B. Gibbons & Co., Inc., municipal bond dealers, New York, NY

7037 Sewall, Arthur W., Philadelphia, Pa

7165 Shaughnessy, Frank C., president San Francisco Stock Exchange, San Francisco, Calif.

6833 Shaw, A. Vere, of A. Vere Shaw & Co., investment counsellors, New York, N.Y.

7252 Sprague, Raymond, specialist and member of New York Stock Exchange, New York, NY..

6782, 6801, 6803 Stern, Lewis J., partner of Frank B. Cahn & Co., member, New York Stock Exchange, New York, N.Y.

6973 Thomas, Woodlief, division of research and statistics, Federal Reserve Board, Washington, D.C.

6449, 7188 Thompson, Eugene E., president of Associated Stock Exchanges, Washington, D.C..

6979 Troster, Oliver J., member of firm of Hoit, Rose & Troster, New York, N.Y...

7068 Weicker, Theodore, Jr., member, New York Stock Exchange, New York, N.Y.

6824 Wetsel, A. W., Wetsel Advisory Service, Inc., and J. J. Mitchell, attorney for Wetsel Advisory Service, Inc., New York, N.Y

7136 Whitney, Richard, president of the New York Stock Exchange, New York, N.Y

6582, 6600, 6657, 6709, 6779, 6844, 6870, 7211, 7405 Witter, Dean, member, Dean Witter & Co., San Francisco, Calif..

6748

LIST OF STATEMENTS INSERTED

1

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Beach, Robert B., executive secretary, National Association of Building

Owners and Managers, Chicago, Ill.
Blumenthal, Sidney, chairman, Sidney Blumenthal & Co., Inc., New York,

7263 N.Y.... Gay, Thomas B., counsel, Hunton, Williams, Anderson, Gay & Moore,

7264 1 Richmond, Va Knighton, Samuel, president of the New York Produce Exchange, New

6647 York, N.Y. Longmire, Russell G., Banker's Building, Chicago, Ill..

7269

7272 McCann, Gene.

7408 May, George O., member of Price, Waterhouse & Co., certified public accountants, New York City, N.Y., Southport, Conn..

7183 Merle-Smith, Van S., 30 Pine Street, New York, N.Y..

6829 Oliver, Fred N., counsel, National Association of Mutual Savings Banks, New York, N.Y.

7273 Owens, Robert L., Hon., Washington, D. C.

7277 Whitney, Richard, President of the New York Stock Exchange

7401-7402

EXHIBITS AND COMMUNICATIONS

Richard Whitney, exhibit no. 1, price and earnings index.
Graph of sales in aviation stocks-----
Letter to Senator Duncan U, Fletcher from the United Fruit Co---

67 10 6850, 6851, 6832. 69.53

6888

Page Memorandum submitted by Starkweather & Co ---

6889 Letter of D. E. Fritz to Senator Duncan U. Fletcher, Mar. 1, 1934_

6890 Clipping from New York Evening Post---

6891 Letter from S. P. Bope to Senator Duncan U. Fletcher, Mar. 2, 1934. 6891 Clipping from St. Louis Star Times--

6892 Letter from S. L. Bernstein to Senator Duncan U, Fletcher, Feb. 27, 1934. 6892 Michales Haass, letter of..

6899 Stock value charts and tables.

6957–6962 Chart showing volume of transactions in par value of bonds listed on Exchanges outside of New York City--

7003 Letter from the New York Airbrake Co., Feb. 27, 1934, to Hon. Hamilton F. Kean, United States Senate..

7020 Letter to Hon. Duncan U. Fletcher from Garland S. Ferguson, chairman Federal Trade Commission, March 6, 1934.

7089 Appendix no. 1.

7092 Appendix no. 2

7093 Communications received by Senate Banking and Currency Committee from the Federal Trade Commission --

7089, 7090, 7091, 7092 Letter to Senator Phillips Lee Goldsborough from the Baltimore Chamber of Commerce, March 5, 1934..

7135 Pamphlet entitled “German Regulation of Stock Exchanges, 1896–1908 7159 Telegram from Leland Lyon, president Atlas Powder Co., to Hon. John G. Townsend

7203 Litter from J. P. Morgan & Co. to Hon. Duncan U. Fletcher, March 8, 1934.

7204 Letter from the Swartwout (0., Cleveland Ohio, to Hon. Duncan U. Fletcher, March 5, 1934_

7201 ('riticisms and recommendations of the bill submitted by Mr. Bernard Winfield..

7205 Letter and memorandum by Judge J. Harry Covington submitted to Committee on Banking and Currency, March 8, 1934_

7207 Several volumes of original replies submitted, being answers received from

members of the New York Stock Exchange in response to its questionnaire under date of March 3, 1934.-

7213 Compilation for the United Aircraft & Transport Corporation stock_ 7213 Report of the committee on publicity of the New York Stock Exchange, dated April 21, 1931.-

721+ Minute book of the conference committee of the New York Stock Exchange from June of 1925 to date

721+ Minute book of the governing committee of the New York Stock Exchange from June 27, 1929, to May 3, 1933..

721+ Minute book no, 11 of the governing committee of the New York Stock Exchange

7215 Vinute book of the committee on business conduct of the New York Stock Exchange from December 29, 1930, to September 21, 1931.

7215 Minute book of the committee on business conduct of the New York Stock

Exchange for the period from September 22, 1931, to June 30, 1933. 7215 Minute book of the committee on business conduct of the New York Stock

Exchange for the period from February 2, 1933, to February 21, 1934.- 7215 Financial report of the New York Stock Exchange for 1931 and 1932 - 7216 Financial report of the New York Stock Exchange for the year ending December 31, 1933_

7216 Reports of the financial condition of the New York Stock Exchange Building Co. for the years 1931 and 1932

7216 Financial statement of the New York Stock Exchange Building Co. for

the year ended December 31, 1933, together with a balance sheet of No. 39 Broad Street Corporation, a subsidiary of the New York Stock Exchange Building Co--

7216 Financial statement of the Stock Clearing Corporation, a subsidiary of the

New York Stock Exchange for the year ended December 31, 1931.-- 7217 Financial statement of the Stock Clearing Corporation, a subsidiary of the New York Stock Exchange, for the year 1932.

7217 Financial statement of the Stock Clearing Corporation, a subsidiary of

the New York Stock Exchange, for the year ended December 31, 1933_- 7217 Financial statement of the New York Quotation Co., and affiliate of the

New York Stock Exchange, for the year ended December 31, 1931 .. 7217

Page Financial statement of the New York Quotation Co., and affiliate of the

New York Stock Exchange, for the year ended December 31, 1932------ 7217 Financial statement of the New York Quotation Co., an affiliate of the

New York Stock Exchange, for the year ended December 31, 1933_- 7217 Financial statement of the New York Stock Exchange Safe Deposit Co.,

an affiliate of the New York Stock Exchange, for the year ended December 31, 1931.

7217 Financial statement of the New York Stock Exchange Safe Deposit Co.,

an affiliate of the New York Stock Exchange, for the year ended December 31, 1932.-

7218 Financial statement of the New York Stock Exchange Safe Deposit Co.,

an affiliate of the New York Stock Exchange, for the year ended December 31, 1933_

7218 Report of the trustees of the Gratuity Fund of the New York Stock Exchange for the year ended December 31, 1931.

7218 Report of the trustees of the Gratuity Fund of the New York Stock Exchange for the year ended December 31, 1932_

7218 Report of the trustees of the Gratuity Fund of the New York Stock Exchange for the year ended December 31, 1933_

7219 Letter to the New York Stock Exchange from J. P. Morgan & Co., March 8, 1934.

7259 Letter to Banking and Currency Committee of Senate from Richard Whitney-

7281 Letter to the presidents of all listed corporations from Richard Whitney 7283 Momorandum in regard to effect of National Securities Exchange Act on

persons or firms not members of an exchange and on corporations whose securities are not listed on any exchange---

7286 Answers submitted by New York Stock Exchange to the questions asked of it by counsel for the United States Committee on Banking and Currency-

7288 Letter dated November 27, 1933, from Charles E. Hudson, president, San Francisco Mining Exchange to Ferdinand Pecora.

7398 Letters from J. R. Edwards & Co. to Senator Duncan U. Fletcher--- 7260_7203

STOCK EXCHANGE PRACTICES

MONDAY, FEBRUARY 26, 1934

UNITED STATES SENATE,
COMMITTEE ON BANKING AND CURRENCY,

Washington, D.C. The committee met at 2:50 p.m., pursuant to call, in room 301 of the Senate Office Building, Senator Duncan U. Fletcher presiding.

Present: Senators Fletcher (chairman), Wagner, Barkley, Bulkley, Gore, Costigan, Adams, Carey, and Kean.

Present also: Ferdinand Pecora, counsel to the committee; Julius Silver and David Saperstein, associate counsel to the committee, and Frank J. Meehan, chief statistician to the committee.

The CHAIRMAN. The committee will come to order. The matter now coming before the committee for consideration is S. 2693, a bill, which if enacted into law will be entitled "National Securities Exchange Act of 1934."

These hearings now being begun will continue day after day, except Saturdays and Sundays, until we conclude, and those who wish to be heard, either for or against the bill, will please signify their intention to Mr. Sparkman, the acting clerk of the committee, give their names, and generally if you will, the subject which you wish to discuss. In other words, there is no need of duplicating and repeating over and over again the same arguments and the same views on any particular subject.

We want to speed the hearings as rapidly as we can, but we do not wish to deny anyone the opportunity to be heard if he signifies a wish to be heard. Those who are not insistent upon being heard orally may submit papers and the committee will insert such papers in the record as a part of our hearings.

I think it proper to begin the hearings with the printing of the bill, and then to have some outline of the bill or explanation regarding certain provisions of the bill made so that the committee will understand fully just what we have before us; and perhaps we should begin with an appropriate reference to the economic background of the proposed legislation, and for that purpose we will first hear from Dr. E. A. Goldenweiser, director of the division of research and statistics, Federal Reserve Board.

Now, Dr. Goldenweiser, you may take a seat where you are, opposite the microphone on the committee table, and we will be glad if you will give the members of the committee the benefit of your views regarding the economic background of the bill. I presume you have familiarized yourself with the bill and understand it, and we will now be very glad to hear from you.

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