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Fourth Annual Report Fourth Annual. Report of the Securities and Exchange Commissio'n Fiscal Year Ended Jnne 30, 1938 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1938 For sale by the Superintendent of Documents. Washington. D. C. " " " " " " ." • Price 15 cenla SECURITIES AND EXCHANGE COMMISSION OfDoe: 1778 PeDDSy\vanla Avenue NW. Washington, D. O. COMMISSIONERS WILLIAM O. DOUGLAS, Ohairman GEORGE C. MATHEWS ROBERT E. HEALY JEROME N. FRANK JOHN W. HANES 1 FRANCIS P. BRASSOR, Secretary Address Ail Communications SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. I Resigned June 30,-1938. LETTER OF TRANSMITTAL SECURITIES AND EXCHANGE COMMISSION, Washington, January 3, 1939. SIR: I have the honor to transmit to you the Fourth Annual Report of the SE'curities and Exchange Commission, in compliance with the provisions of Section 23 (b) of the Securities Exchange Act of 1934, approved June 6, 1934, and Section 23 of the Public Utility Holding Company Act of 1935, approved August 26, 1935. Respectfully, WILLIAM O. DOUGLAS, Chairman. The PRESIDENT OF THE SENATE, The SPEAKER OF THE HOUSE OF REPRESENTATIVES, Washington, D. O. m CONTENTS Fagt Introduction______________________________________________________ 1 Registration of Public Utility Holding Companies______________________ 6 Orders Granting Exemptions from Registration under the Public Utility Holding Company Act of 1935____________________________________ 8 Reorganization, Simplification, and Integration of Registered Public Util- ity Holdillg Companies and Subsidiaries_ _ _ _ _ _ ____ _____ ____ _ _ _ ___ ___ 9 Rulcs, Regulations, and Forms under the Public Utility Holding Company Act of 1935_ _ _ _ _ _ _ _ ___ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ __ __ ___ ___ ____ _ _ _ _ __ __ _ ___ 13 Issuance of Securities by Registered Holding Companies and Their Sub- sidiaries _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 16 Acquisitioll of Sccurities or Utility Assets and Other Interests by Regis- tered Holding Companies or Their Subsidiaries_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 17 Uniform System of Accounts for Public Utility Holding Companies_______ 17 Service Companies__ _ _ _ _ _ _____ _ _ _ _ _ _ _ _ _ __ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ __ __ 18 Statements Required Pursuant to Section 12" (i) of the Public Utility Hold- ing Company Act of 1935_________________________________________ 19 National Securities Exchangcs_____ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ __ _ _ _ _ _ __ _ _ _ __ _ _ 20 Exchange Reorganization___ _ _ _ _ _ _ _ __ _ ___ _ __ _ _ _ _ ___ _ _ _ _ _ _ _ ____ 20 Round Table Conferences ____________________________ ~ _ _ _ _ _ _ _ _ 21 Exchanges Registered_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 22 Exchanges Exempted from Registration_ _ __ _ ___ ___ _ _ _ _ _ _ _ _ __ __ _ 24 Registration of Securities on Ex-changes _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 24 Applications for Registration of Securities on Exchanges_ _ _ _ _ _ _ _ _ _ 24 Statistics of Securities Registered or Exempt from Registration on Exchanges________________________________________________ 26 Applications for the Withdrawal or Striking from Listing and Regis- tration of Securities on Exchanges_____ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 30 Applications for the Granting, Extension, and Termination of Un- listed Trading Privileges on Exchanges_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 30 Regulation of the Over-the-Counter Markets__________________________ _ ~2 The Maloney Amendment and Rules Thereunder _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 32 Registration of Brokers and Dealers_ ~ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 34 Registration of Securities Under the Securities Act of 1933______________ 35 -Examination of Securities Act Registration Statements_ _ _ _ _ _ _ _ _ _ _ 35 Statistics of Securities Registered under the Securities Ac.t_ _ _ _ _ _ _ _ 40 Exemption from Registration Requirements of Securities Act of 1933_____ 43 Securities Act and Securities Exchange Act Forms, Rules, and Regulations_ 45 Litigation under the Public Utility Holding Company Act of 1935______ 46 Litigation under the Securities Act of 1933 and the Securities Exchange Act of 1934_________________________________________________________ ~O Complaints, Informal and Formal Investigations_ _ _ __ ___ _ __ ___ _ ________ 59 Public Hearings_ ___ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ __ _ _ ___ _ _ _ ___ __ _ __________ 60 Formal Opinions _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 60 Securities Act of 1933, as Amended _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 60 Securities Exchange Act of 1934, as Amended_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 61 Public Utility Holding Company Act of 1935___________________ 63 Miscellaneous_______________________________________________ 66 y VI CONTENTS ,Page Reports of Officers, Directors, and Principal Stockholders ______________ _ 66 General Scope of Reporting Requiremcnts _____________________ _ 66 Volume of Reports __________________________________________ _ 67 Decline in Reports Needing Amendment ______________________ _ 67 Decline in Late Filing of Reports _____________________________ _ 67 Extent of Compliance with Reporting Requirements ____________ _ 68 Publication of Security Ownership Reports ____________________ _ 68 'Solicitation of Proxies, Consents, and Authorizations under the Securities Exchange Act of 1934 and the Publi~ Utility Holding Company Act of 1935 __________________________________________________________ _ 69 Confidential Treatment of Applications, Reports, or Documents ________ _ 73 Report on the Study and Investiga:tion of Protective and Reorganization Committees ___________ ,_________________________________________ _ 74 Study of Inve~tment Trusts and Investment Companies ________________ ' 76 Margin Regulations _______________________________________________ _ 80 Detection of ManipUlative and Deceptive Practices ___________________ _ 80 Market Survcillance ________________________________________ _ 80 Trading Investigations ______________________________________ _ 81 Disposition of Trading Cases _________________________________ _ 82 'Miscellaneous _____________ -, ________________________________ _ 86 Special Studies and the Preparation of Rules _________________________ _ 87 Short Selling _______________________________________________ _ 87 Trading by Officers, Directors, and Principal Stockholders ________ _ 88 Segregation ________________________________________________ _ 88 Financial Safeguards-Richard Whitney & Company __ '_________ _ 89 Margins ___________________________________________________ _ 90 Miscellaneous Exchange Studies and Rules ____________________ _ 91 Over-the-Counter Studies ______________ ,______________________ _ 91 Admission to Practice as Attorney or Agent Before the Commission _____ _ 92 Public Reference Rooms ___________________________________________ _ 93 Publications _____________________________________________________ _ 94 Information Releases ________________________________________ _ 94 Registration Record, Securities Act of 1933 ____________________ _ 95 Other Publications __________________________________________ _ 95 Personnel ________________________________________________________ _ 96 Fiscal Affairs _____________________________________________________ _ 96 APPENDIXES ApPENDIX I. Rules of Practice _ _ _ _ __ _ _ _ __ _ _ __ _ __ __ _ _ _ __ _ _ __ __ _ _ _ __ 99 ApPENDIX II. Guides to Forms _ _ _ _________________________________ 113 ApPENDIX III. Securities Act Registration Statements as to which stop orders. consent refusal orders, and withdrawal orders were issued JUly -1,1937, to June 30,1938_____________ 136 ApPENDIX IV. List of Publications as of December 9, 1938_____________ 141 ApPENDIX V. Statistical tables: Table 1. Effective registrations of new securities-totals, from September 1934 to June 1938, by months_____________________ 143 T'able 2. Effective registrations of new securities, by types of securi- 'ties, from July 1937 to June 1938, by months_ ________________ 144 Table 3. Effective registrations of new securities, by major indus- . trial groups. from July 1937 to June 1938, by months ________ ,__ 145 Table 4. Effective registrations of new securities--reduction of - gross amount of all 'effective securities to estimated net cash pro- ceeds accruing to issuers, from July 1937 to June 1938, by months_ 147 CONTENTS VII 'ApPENDIX V. Statistical tables-Continued. Page Table 5, part 1. Effective registrations of new securities-proposzd uses of estimated net cash proceeds of new securities registered for account of issuers, from July 1937 to June 1938, by months__ 148 Table 5, part 2. Effective registrations of new securities-proposed uses of estimated net cash proceeds of new securities rellistered for account of issuers, from .Tuly 1937 to June 1938, by months__ 149 Table 6. Effective registrations of new securities-detailed statistics by industries-fiscal year ended June 30,1938________________ 150 Table 7.
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