Nos. 73-1116, 73-1165, 73-1266 and 73-1267.

485 F.2d 718 (1973)

PBW STOCK EXCHANGE, INC., Petitioner, v. SECURITIES AND EXCHANGE COMMISSION, Respondent. EQUITY SERVICES, INC., et al., Petitioners, v. SECURITIES AND EXCHANGE COMMISSION, Respondent. CONNECTICUT NUTMEG SECURITIES, INC., Petitioner, v. SECURITIES AND EXCHANGE COMMISSION, Respondent. Robert I. BERDON as Treasurer of the State of Connecticut, and President of Connecticut Nutmeg Securities, Inc., Petitioner, v. SECURITIES AND EXCHANGE COMMISSION, Respondent.

United States Court of Appeals, Third Circuit.

Decided September 28, 1973.

Attorney(s) appearing for the Case

Franklin Poul, Judith R. Cohn, Carl W. Schneider, Philadelphia, Pa., for petitioner, PBW Stock Exchange, Inc., No. 73-1116; Wolf, Block, Schorr & Solis-Cohen, Philadelphia, Pa., of counsel.

Daniel J. McCauley, Jr., Blank, Rome, Klaus & Comisky, Philadelphia, Pa., Milton V. Freeman, Jeffrey D. Bauman, Arnold & Porter, Washington, D. C., for petitioners in No. 73-1165.

Cadwalader, Wickersham & Taft, Washington, D. C., for petitioner in No. 73-1266.

Robert K. Killian, Atty. Gen., Bernard F. McGovern, Jr., Asst. Atty. Gen., State of Connecticut, for petitioner in No. 73-1267.

Walter P. North, Acting Gen. Counsel, David Ferber, Sol., Harvey L. Pitt, Sp. Counsel, Washington, D. C., David J. Romanski, Martin S. Berglas, Charles R. Manzoni, Jr., Washington, D. C., for respondent, Securities and Exchange Commission in No. 73-1116, No. 73-1165, No. 73-1266 and No. 73-1267.

Before SEITZ, Chief Judge, and STALEY and ADAMS, Circuit Judges.


SEITZ, Chief Judge.

Petitioners here appeal directly from the promulgation of Rule 19b-21 by the Securities and Exchange Commission, effective January 16, 1973. Petitioners invoke the jurisdiction of this court under § 25(a) of the Securities Exchange Act of 19342 and § 10 of the Administrative Procedure Act. 15 U.S.C. §

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