v2798-497

Nos. 12716, 1281 :*

In the United States Court of Appeals

for the Ninth Circuit

Si; 1:1111- M) EXCHANGE COMMISSION, APPELLANT

William J. ( '*; in, appell

William J. Cogan, appellant

Securities and Exchange 1 Iommission, Market Street Railway

Company et al., appellees

Charges T. Jones, appellant

Seci 'imtips .i) Exchange Commission, Market Street Railway

Company et al., appellees

William J. Cogan and Chablbs T. Jones, appellants

Skci Kirns xd Exchange Commission, Market Street Railway

Company et al., appellees

ANSWERING BRIEF FOR SECURITIES AND EXCHANGE

COMMISSION

ROGER S. FOSTER,

General Counsel,

MYRON S. ISAACS,

Chief Counsel, Division of Public Utilities,

1. VICTOR RODIN,

Attorney,

Securities and Exchange Commission,

U Second Street NW Washington 25, D. C.

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