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Securities and 'Exchange Commission Twentieth Annual Report of the Securities and 'Exchange Commission Fiscal Year Ended. June.. 30, 1954 UNITED STATES GOVERNMENT PRINTING OFFICE, WASHINGTON~: 1955 For sale by the Superintendent of Documents, U. S. Governn>ent Printing Office Washington 25, D. C. - Price 4S cents (Paper cover) SECURITIES AND EXCHANGE COMMISSION Headquarters Office 425 Second Street NW. Washington 25, D. C. COMMISSIONERS RALPH H. DEMMLER, Chairman PAUL R. ROWEN CLARENCE H. ADAMS J. SINCLAIR ARMSTRONG A. JACKSON GOODWIN, JR. ORVAL L. DuBoIS, Secretary II LEITER OF TRANSMIITAL SE,CURITIES AND EXCHANGE COMMISSION, Washington, D. C., January 31,1955. SIR: I have the honor to transmit to you the Twentieth Annual . Report of the Securities and Exchange Commission, covering the fiscal year July 1, 1953 to June 30, 1954, in accordance with the pro­ visions of section 23 (b) of the Securities Exchange Act of 1934, approved June 6, 1934; section 23 of the Public Utility Holding Company Act of 1935, approved August 26, 1935; section 46 (a) of the Investment Company Act of 1940, approved August 22, 1940; section 216 of the Investment Advisers Act of 1940, approved August 22, 1940; and section 3 of the act of June 29, 1949, amending the Bretton Woods Agreements Act. Respectfully, RALPH H. DEMlIILER, Chairman. THE PRESIDENT OF THE SENATE, THE SPEAKER OF THE HOUSF OF REPRESENTATIVES, Washington, D. C. III TABLE OF CONTENTS Page Foreword_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ XI Commissioners and staff officers_ _ __ _ _ _ _ _ _ _ _ _ __ _ __ __ _ _ _ _____ _____ ____ XII Regional and branch offices_________________________________________ XII Biographies of commissioners _________________________________ ~ _ _ _ _ _ XIII PART I AMENDMENT OF SECURITIES LA WS AND REVISION OF RULES AND FORMS Amendment of securities laws___________________________________ 1 Dissemination of information during waiting period____________ 1 Use of prospectuses after effective date of registration__________ 2 Simplification of information requirements for prospectuses used more than 13 months________________________________ 2 Extension of credit by dealers in new issues_ _ _ _ _ _ _ _ _ __ __ _ _ _ _ _ _ _ 2 When-issued trading _________________________________ ~ _ _ _ _ _ 2 The offering of institutional type of debt securities____________ 3 Simplified registration procedures for in vestment companies_ _ _ _ 3 Revision of rules and forms_____________________________________ 3 Form 8-5_________________________________________________ 3 Form S-9_________________________________________________ 4 Rule 173_________________________________________________ 4 Rule 415_________________________________________________ 4 Regulation D _ _ __ _ _ _ _ _ _ _ _ _ _ __ __ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ __ __ __ __ _ 4 When-issued trading _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 5 Class registration of securities_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 5 Forms 8-K and lQ-IL_____ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ 6 Rule X-12A-l_ _ _ _ _ _ _ _ _ _ _ __ __ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ 7 Rescission of Form 9-K and of Rules X-13A-13 and X-15D-13__ 7 Proxy rules_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 7 Rule X-16B-6_ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ __ __ _ _ _ _ _ __ _ __ __ _ __ _____ __ _ 8 Form N-8B-L____ _ _ _ __ __ __ _ _ _ _ _ _ _ _ __ _ _ __ _ _ __ ____ _ _ __ __ __ _ 8 Forms N-30A-l and N-30B-L_____________________________ 8 PART II ADMINISTRATION OF THE SECURITIES ACT OF 1933 Description of the registration process____ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 9 Registration statement and prospectus_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 9 Examination procedure____ _ _ __ _ _ _ _ _ _ _ _ __ __ _ __ __ _ __ _ _ _ _ _ _ _ __ 10 Time required to complete registration____ _ _ _ _ _ _ __ _ _ __ _ _ _ _ __ _ 10 Volume of securities registered_ _ _ __ _ _ _ _ __ __ __ _ _ _ _ _ _ __ _ _ __ _ _ _ __ _ _ 11 Registration statements filed___ _ _ __ __ _ _ _ _ _ _ __ __ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ 13 Disclosure obtained by the registration process_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 13 Exemption from registration under the act____ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 16 Litigation under the Securities AcL______________________________ 19 Injuncti ve actions _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 19 Participation as amicus curiae_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 21 V VI TABLE OF CONTENTS PART III Pag~ ADMINISTRATION OF THE SECURITIES EXCHANGE ACT OF 1934 Regulation of exchanges and exchange trading _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 22 Registration and exemption of exchanges_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 22 Disciplinary action by exchanges_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 24- Registration of securities on exchanges ________________ '_ _ _ _ _ _ _ _ _ _ _ 25' . S'uspension of trading_ ____ __ _ ___ _ _ __ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 26 . Market value and volume of securities traded on exchanges_________ 27 . Market value of stocks on exchanges_________________________ 27 Comparative volumes on exchanges___ ___ _ ____ __ _ _ _ _ _ _ _ _ __ _ _ _ 28 Block distributions reported by stock exchanges_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 29 Unlisted trading privileges on exchanges_~ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 3~' Number of issues admitted to unlisted trading __________ .------ 31 Volume of unlisted trading in·stocks on exchanges _____ ·________ 32 Application for unlisted trading pri vileges_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 32 Changes in securities admitted to unlisted trading privileges _ _ _ _ 33 Delisting of securities from exchanges ______________ ·______________ 33 -Securities delisted by application____________________________ 33 Securities delisted by notification ________________ '_ _ _ _ _ _ _ _ _ _ _ _ 33 Manipulation and stabilization_ ____ ______ __ _ _ __ _ _ __ __ _ _ __ __ _ _ __ _ 33 Manipulation_ _ ________ ____ ______ _ _ __ _ _ _ _ _ _ _ _ _ _ __ _ __ _ _ ___ _ 33 Stabilization _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 34 Security ownership by corporation insiders__ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 35 Recovery of insiders' profits by company_____________________ 36 Regulation of proxies_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 37 Scope of proxy regulation __________________ "~_______________ 37 Statistics relating to proxy statements___ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 37 Regulation of brokers and dealers in over-the-'counter markets_______ 38 Registration_ _ _ ____ ____ _ _ __ _ _ __ _ _ __ _ _ _ _ __ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ 38 Simplification of forms arid rules applicable to the registration of broker-dealers______ ___ _ __ _ _ __ _ _ __ ____ ___ _ __ __ _ _ __ _ _ __ _ _ _ 38 Administrative proceeuings ______________________ : _ __ _ _ __ _ _ _ 39 , Broker-dealer inspections ___________________________ ~ ____ ~ _ _ 42 Investigaiions ___________ ~__ _ ___ __ _ ___ _ ___ _ _ __ ____ ____ __ _ _ _ 43 FinanCial reports ________________ ~ _________ ~ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 44 Supervision of activities of National Association of Secnrities Dealers, Inc _______________________________________ ~________________ 44 Membership______________________________________________ 44 Disciplinary actions_____ __ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ __ _ 44 Commission review of NASD disciplinary actions______________ 45 Commission review of action on membership__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 45 Commission action on N ASD rules _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 46 Changes in Commission rules applicable to N AS D ___ ~ _ _ _ _ _ _ _ _ _ 47 Litigation under the Securities Exchange Act_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 47 PART IV ADMINISTRATION OF THE PUBLIC UTILITY HOLDING COM­ PANY ACT OF 1935 Composition of registered holding company systems________________ 5(} Summary of changes ________________ ~ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 5~ TABLE OF CONTENTS -Vll ADMINISTRATION OF THE PUBLIC UTILITY HOLDING COM- PANY ACT OF 1935-Contin).led , -: Page Significant developments in and litigation involving holding company systems____________________________________________________ 52 Revision of rules, forms and procedures ________ : __ __ _ __ _ __ _ __ _ __ _ 70 Pending proposals for revision ___________ ~___________________ 72 Revisions of forms_________________________________________ 75 Processing of fee applications for services rendered in section 11 ' reorganization proceedings ____________________ .: _ _ __ __ __ _ __ 76 Cooperation with State and local regulatory authorities ______ ,_______ 77 Financing of registered public utility holding company systems______ 78 FinanCing of electric generating companies supplying facilities of the Atomic Energy Commission __________ ~--- _____ ~-------------- 86 PART V, PARTICIPATION OF THE COMMISSION IN CORPORATE RE­ ORGANIZATIONS UNDER CHAPTER X OF THE BANKRUPTCY ACT, AS AMENDED Summary of activities___ _ ___ __ _ ____ __ _ __ __ _ _ __ __ ___ _ __ ____ _____ 88 Problems in the administration of the estate _ _ _ _ __ __ _ __ _ __ __ __ 89 Activities with respect to allowances_________________________
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