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PORT OF NEW YORK AUTHORITY v. BAKER, WATTS & CO.

No. 20870.

392 F.2d 497 (1968)

The PORT OF NEW YORK AUTHORITY, Appellant, v. BAKER, WATTS & CO. et al., Appellees.

United States Court of Appeals District of Columbia Circuit.

Decided March 8, 1968.

Attorney(s) appearing for the Case

Mr. Daniel B. Goldberg, New York City, of the bar of the Court of Appeals of New York, pro hac vice, by special leave of court, with whom Mr. Sidney Goldstein, New York City, was on the brief, for appellant. Messrs. James M. Henderson and Arthur L. Winn, Jr., Washington, D. C., also entered appearances for appellant.

Mr. Gerhard A. Gesell, Washington, D. C., with whom Messrs. W. Graham Claytor, Jr., and Cyril V. Smith, Jr., Washington, D. C., were on the brief, for appellees.

Before BAZELON, Chief Judge, and PRETTYMAN, Senior Circuit Judge, and TAMM, Circuit Judge.

TAMM, Circuit Judge.

The Banking Act of 19331 (also known as the Glass-Steagall Act of 1933) prohibits commercial banks2 from underwriting or dealing in investment securities. Specifically excepted from that prohibition are bonds issued by the United States, certain federal agencies, and "general obligations of any State or of any political subdivision thereof." 12...

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