v3381-553

In the United States Court of Appeals

for the Ninth Circuit

No. 20,930

San Francisco Mining Exchange, petitioner

BRIEF FOR RESPONDENT SECURITIES AND

EXCHANGE COMMISSION

Philip A. Loomis, Jr.,

General Counsel,

iOV 1 ^ '"^ Edward B. Wagnek.

David Ferber,

Solicitor

Special Counsel,

1. LUCK, cut Leonard S. Machtinger,

Attorney,

Of Counsel:

Securities and Exchange Cow^m'-x

Washington, B.C. 205U''

Frank E. Ivennamer, Jr.

Assistant General Counsel,

Secui^.^sV^if$, Bx(^i^^ Commission,

San Francisco, California 9U102

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