v2350-683

IN THE

United States Circuit Court of Appeals

For the Ninth Circuit

The Penfield Company of California,

a corporation,

Appellant,

Securities and Exchange Commission,

Appellee.

No. 10487

BRIEF FOR APPELLEE

MAR "U 1344

Roger S. Foster,

Solicitor.

Milton V. Freeman,

Assistant Solicitor.

Louis Loss,

Special Counsel.

^--Securities & Exchange Commission,

18th and Locust Streets,

Philadelphia 3, Pa.

Charles J. Odenweller, Jr.,

Regional Administrator.

Securities & Exchange Commission,

1370 Ontario Street,

Cleveland 13, Ohio.

The Legal Intelligencer, 222 N. 15th St.. Phila. 2.

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