"PROFESSIONAL RESPONSIBILITY AND THE SECURITIES LAWS"
THE OPENING PAGES OF THIS SPEECH AND OTHERS, GIVING A PERSONAL IMPRESSION OF RAY GARRETT, JR., HAVE BEEN GRACIOUSLY PROVIDED BY HARVEY L. PITT.

An Address by
Ray Garrett, Jr., Chairman
Securities and Exchange Commission

Presented before
THE STATE BAR OF TEXAS
Hilton Palacio del Rio Hotel
July 4, 1974
San Antonio, Texas

I cannot quite claim to be a naturalized Texan, but I do have strong ties to the state. The U. S. Army can claim credit for starting it all. In early 1943, I was sent to Camp Swift, near Bastrop, some 35 miles east of Austin, to help form a new field artillery battalion. Naturally, we went to Austin whenever there were sufficient time and gasoline rationing coupons, and there I met my wife, whose family home was Rockdale, up in Milam County.

Virginia's mother still lives in Rockdale, and we will be visiting her there tomorrrow evening. Members of Virginia's family live in Houston and Corpus Christi. One of our daughters married into a family in Kingsville. All of this has given us occasion for many happy days in Texas, including dove hunting around Rockdale and quail shooting on the King Ranch. My effort in this regard characteristically do more to increase the revenues of the manufacturers of shells than to decrease the supply of flying wildlife, but they have provided great moments. I have never been quite sure why I didn't settle here when I returned from the war. Bad judgment and lack of foresight, I imagine.

But even though I think I know Texas and Texans pretty well, I was surprised to learn that your bar association would be meeting on the 4th of July. I realize, now, that this has been your custom, but it seemed somehow a bit inconsistent with the heroic patriotism of your soldiers -- A & M supplied more field artillery officers in World War II than any other institution, and they were magnificent -- and with the way the day is celebrated up in Rockdale with a great barbecue, a local rodeo, and a good, tub-thumping, run-up-the-flag oration by some local political leader under a huge tent fly. I can't remember anything any of those fellows said as they pointed with pride and viewed with alarm, but I can remember well their organ tones rolling across the sub-baked fields as we sat there sipping a Pearl, swatting lies, or dozing off -- conscius that we were somehow doing our duty to the day.

Virginia, knowing better, has set my mind at ease. It's really all right to talk law on the 4th of July. After all, she said, it isn't as though it were San Jacinto Day. Indeed, it's not. So if you are willing to sit inside for these few minutes and listen to me, and to Carl, I am quite happy to be here....

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