v2436-553

No. 11173

ciniteb states

Circuit Court of appeals

Jfor tte i^intf) Circuit.

SECURITIES AND EXCHANGE COMMIS-

SION,

Appellant,

vs.

THE PENFIELD COMPANY OF CALIFOR-

NIA and A. W. YOUNG,

Appellees.

tIDranscript of Eccorti

Upon Appeal from the District Court of the United States

for the Southern District of California,

Central Division

FILED

DEC 2 8 1945

PAULP.O'BkjEN,

CUERK

Rotary Colorprint, 661 Howard Street, San Francisco

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