Securities and Exchange Commission on title I of H.R. 5050, with

attachment consisting of letter dated April 16, 1973, from SEC

Chairman Cook to Chairman Staggers on considerations involved

in requests for access to Commission files..

Treasury Department, on title IV of H.R. 5050..

117

124

Statement of-

Arachtingi, M. James, chairman of the board and president, Auerbach,

Pollak & Richardson, Inc.-

1377

Baker, Donald I., Director of Policy Planning, Antitrust Division,
Department of Justice__

1525

Bayless, James L., president, Rauscher Pierce Securities Corp. 1457, 1471
Becker, George R., chairman, Midwest Stock Exchange, Inc.---
Berl, Warren H., industry director, New York Stock Exchange---- 867, 893
Bevan, Robert L., assistant Federal legislative counsel, American

499

Bankers Association__.

783, 1925

(III)

Statement of-Continued

Bevis, Herman W., member, Banking and Securities Industry Com- Page mittee (BASIC).

Bigler, Harold E., American Life Insurance Association _ _
Blanchard, Alan, Acting Executive Director-Designate, Securities and
Exchange Commission_.

1824, 1872

761

401

1738

Boyd, Michael, vice president and associate general counsel, Donaldson, Lufkin & Jenrette, Inc..

867, 873

Calvin, Donald L., vice president, New York Stock Exchange.
Cary, Professor William L., Columbia University School of Law,
former Chairman, Securities and Exchange Commission ---
Casey, John L., president, Investment Counsel Association of America,
Inc..

Celler, Hon. Emanuel, former Chairman, Committee on the Judiciary,
U.S. House of Representatives___

Chalmers, Jay L., chairman, operations committee, Securities Industry
Association__

125

740

1773

1943

Chapman, Merrill J., president, Association of Investment Brokers - - 1355 Cocchi, Raymond W., president, Independent Broker-Dealers Trade Association.

Cohen, Manuel F., former Chairman, Securities and Exchange Commission

822, 1415

237, 319

Coriaci, Joseph P., chairman, Working Committee, National Coordi-
nating Group for Comprehensive Securities Depositories.
Del Col, Peter, president, Bradford Computer & Systems, Inc.--
Derrickson, Lloyd J., senior vice president and general counsel,
National Association of Securities Dealers, Inc.
Donaldson, William, chairman, Donaldson, Lufkin & Jenrette, Inc.-
Donaty, Frank, Comptroller, Securities and Exchange Commission..
Evans, John R., Commissioner, Securities and Exchange Commission.

1824 1807

577

1738

401

297,

401, 1778

Fortas, Abe, general counsel, the Committee of Publicly Owned
Companies--

1599

Frank, Walter N., industry director, New York Stock Exchange. 867, 892 Friedman, Daniel M., First Deputy Solicitor General, Department of Justice.

272

Gardiner, Robert M., chairman, governing council and chairman,
ad hoc securities processing committee, Securities Industry Asso-
ciation __

1943

Garil, Bernard H., assistant to the managing partner, Oppenheimer
& Co...

1576

Gilligan, Pat, exchange specialist, National Stock Exchange_
Girard, John D., president, National Stock Exchange

Griswold, Hon. Erwin N., Solicitor General of the United States,
Department of Justice_

Hender, George S., vice president, PBW Stock Exchange, Inc.
Jones, T. Lawrence, president, American Insurance Association
Kauper, Thomas E., Assistant Attorney General, Antitrust Division,
Department of Justice_

Kendall, Leon T., president, Securities Industry Association__
Kimsey, James V., president, Bronwen Corp., and member, Inde-
pendent Broker-Dealers Trade Association...

822, 1415

Kolton, Paul, chairman of the board, American Stock Exchange, Inc. 535, 801
Kreps, Ms. Juanita M., Ph. D., public director, New York Stock
Exchange--

867, 887

492

492

272

619

717

1525

651

Landau, I., member, Corporate Trust Activities Committee, Trust
Division, American Bankers Association....

1925

Lee, John F., executive vice president, New York Clearing House
Association.

1961

Levenson, Alan, Director, Division of Corporation Finance, Securities
and Exchange Commission..

401

Liftin, John, Associate Director, Division of Market Regulation,
Securities and Exchange Commission_

425

Loomis, Philip A., Jr., Čommissioner, Securities and Exchange Com

mission __

297, 401, 425

MacIntyre, Hon. A. Everette, Commissioner, Federal Trade Com

mission.

333

Statement of-Continued

V

McKay, Peter H., executive officer, Bradford Computer & Systems,
Inc

Page

1807

Macklin, Gordin S., president, National Association of Securities
Dealers, Inc. __

577

Mason, Paul, Jr., associate general counsel, American Life Insurance
Association_

761

1925

1457

1

Milburn, William G., American Bankers Association -
Morin, Charles H., counsel, Committee for the Martin Report_.
Moss, Hon. John E., a Representative in Congress from the State of
California, as read by Hon. W. S. (Bill) Stuckey.

Nash, Gordon, counsel, American Stock Exchange, Inc..

535, 801

Needham, James J., chairman, board of directors, New York Stock
Exchange

O'Hara, Thomas E., chairman, board of trustees, National Association
of Investment Clubs..

O'Neill, James J., executive director, the Committee of Publicly Owned
Companies..

Owens, Hugh F., senior Commissioner, Securities and Exchange
Commission__

867

1686

1599

297, 401

1699, 1701

Payne, William E., executive officer, Public Employees' Retirement
System, State of California_.

Peake, Junius W., member, board of governors, National Association of Securities Dealers, Inc.

577

Pickard, Lee A., Director, Division of Market Regulation, Securities and Exchange Commission.

Pingree, Charles A., American Bankers Association.

Pitt, Harvey L., Chief Counsel, Division of Market Regulation,
Securities and Exchange Commission

425, 1778 783

425

535, 801

Poser, Norman S., senior vice president, policy planning, American
Stock Exchange, Inc. - -

Potter, Hamilton F., Jr., counsel, Banking and Securities Industry
Committee (BASIC)

Potts, Ramsay D., counsel, Investment Counsel Association of
America, Inc...

1824

740

Rappaport, Sheldon, Associate Director, Division of Market Regulation, Securities and Exchange Commission.......

425

Rasweiler, Donald J., senior vice president and treasurer, Auerbach,
Pollak & Richardson, Inc.---

1377

Redden, James A., treasurer, State of Oregon_

1699,

1700

Refsnes, Joseph L., executive vice president, Rauscher Pierce Securities Corp-

Regan, Donald T., chairman of the board, Merrill Lynch & Co____
Reinisch, Hans R., president, National Shareholders Association ___
Reycraft, George D., counsel, M. A. Schapiro & Co., Inc.-
Roche, James M., public director, New York Stock Exchange---- 867, 885
Russo, Thomas A., counsel, M. A. Schapiro & Co., Inc__
Saul, Ralph S., industry director, New York Stock Exchange....
Schapiro, Morris A., president, M. A. Schapiro & Co., Inc.-
Schneider, Carl W., special counsel, PBW Stock Exchange, Inc---
Schotland, Prof. Roy A., Georgetown University Law Center, Wash-
ington, D.C...

1555

1508

1430

1430

867, 889

1430

619

361

Scott, William T., executive director, New York City Teachers'
Retirement Board..

1699, 1703

Scribner, Richard O., general counsel, Securities Industry Association__.

Shepheard, Eugene P., Rauscher Pierce Securities Corp - - .
Siegel, Barry, staff, the Committee of Publicly Owned Companies___ 1599
Smidt, Seymour, public governor, National Stock Exchange.
Smith, Irwin F., deputy treasurer-investments, State of Connecti-
cut_

651, 1943 1457, 1480

492

1699, 1707

Solomon, Frederic, Director, Division of Supervision and Regulation,
Board of Governors, Federal Reserve System

1815

Sommer, A. A., Jr., member, board of governors, National Association of Securities Dealers, Inc.

577

Stephenson, Revis, member, executive committee, the Committee of
Publicly Owned Companies__

1599

Statement of—Continued

Stewart, Samuel B., member, National Coordinating Group for
Comprehensive Securities Depositories –

Page

1824

Theobald, Thomas C., American Bankers Association.
Thomas, Walter F., chairman, steering committee, New York Clear-
ing House Association_

783

1961

Tobin, Michael E., president, Midwest Stock Exchange, Inc__
Vinyard, Walter D., Jr., counsel, Washington office, American In-
surance Association___

499

717

Weeden, Donald E., chairman of the board, Weeden & Co.
Weeden, John D., executive vice president, Weeden & Co-

1543

1543, 1549

Weithers, John G., executive vice president, Midwest Stock Exchange,
Inc.

499

Wetherill, Elkins, president, PBW Stock Exchange, Inc..........
Whitehead, John C., chairman, Securities Industry Association.
Whitten, Stanley, Washington area representative, Association of
Investment Brokers..

619

651

1355

Wood, C. V., Jr., chairman, the Committee of Publicly Owned Companies.

1599

Young, Llewellyn P., vice president and counsel, Bradford Computer & Systems, Inc..

1807

Zeder, Fred M., member, executive committee, the Committee of
Publicly Owned Companies.

1599

Additional material supplied for the record by--
American Bankers Association:

Article from Wall Street Journal entitled "NASD To Propose
Rules To Tighten Broker Standards".

1933

Average brokerage fees as a percentage of the dollar value of
transactions paid by the First National Bank of Boston...
Letter dated October 5, 1973, from Robert L. Bevan, assistant
Federal legislative counsel, providing details concerning per-
centage of securities orders placed by bank trust departments
with brokers and number under $100,000 or over $300,000 ---
Negotiated commissions paid by First National City Bank, May 1
to June 15, 1973.

799

792

799

Report of the special committee on institutional membership of
stock exchanges-

789

Statement of April 23, 1973, on title II of H.R. 5050.
Statement of May 7, 1973, on title IV of H.R. 5050–

786

1929

American Institute of Certified Public Accountants, letter dated
April 20, 1973, from Edwin P. Fisher, chairman, to Chairman Moss-
American Insurance Association:

1770

AIA portfolio holdings.

727

Exhibit A to Mr. Jones' statement-Proposed subsection (e) of
section 205, H.R. 5050-

722

Letter dated July 10, 1973, from Walter D. Vinyard, Jr., counsel,
to Congressman McCollister, responding to questions on total
income from investments and underwritings..
Letter dated July 13, 1973, from Walter D. Vinyard, Jr., counsel,
to Congressman McCollister, concerning amount of portfolio
trading executed through broker-dealers_.

Letter dated August 21, 1973, from Walter D. Vinyard, Jr.,
counsel, to Chairman Moss, respecting the finding to be required
of the SEC in order to permit continuation of fixed rates, and
standard of review a court should follow in reviewing such a
SEC determination _ _

American Life Insurance Association:

Letter dated April 23, 1973, with attachments, to Chairman Moss,
commenting on H.R. 5050_.

728

730

737

767, 1976

Letter dated July 6, 1973, to Secretary, Securities and Exchange
Commission, commenting on NYSE interpretation of rule 318.
Life company stock trades under $100,000 and over $300,000,
January-June 1973..

Portfolio turnover in the separate accounts funding pension plans
for respondent life companies _ _

777

774

773

Additional material supplied for the record by-Continued
American Stock Exchange, Inc.:

Page

568, 815

Amex board of governors-biographical data
Letter dated September 6, 1973, from Paul Kolton, chairman, to
Chairman Moss, responding to questions re size of average
transaction on Amex during past 5 years, and comparative
impact on Amex and NYSE of withdrawal of individual
investor from the market__

Letter dated September 7, 1973, from Paul Kolton, chairman, to
Chairman Moss, responding to written questions of committee
staff.

Memorandum commenting on titles II and III of H.R. 5050..

Exhibit A-Letter dated December 22, 1972, from Paul
Kolton, president, to Chairman Moss, re proposal that
public governors be provided with independent staff
support.

Exhibit B-Letter dated March 6, 1973, from Paul Kolton,
president, to Lee A. Pickard, Associate Director, Division
of Market Regulation, Securities and Exchange Commis-
sion, commenting on SEC's proposed amendments to
rule 15c3-1.

Memorandum of comments on titles II, III, and V of H.R. 5050_
Supplemental statement relating to section 203 of H.R. 5050_-.
Ash, Roy L., Director, Office of Management and Budget, Executive
Office of the President, statement..

Asiel & Co., letter May 23, 1973, from Solomon Litt, senior partner, to Chairman Moss__.

Association of Investment Brokers, letter dated August 7, 1973, from Merrill J. Chapman, president, to Chairman Moss, with attachments consisting of suggested language and rationale therefor for section 15(b) (8) (D) __

Banking and Securities Industry Committee (BASIC):

Letter dated May 8, 1973, from James J. Needham, chairman,
NYSE, to John M. Meyer, Jr., chairman, BASIĆ, referring
to certain provisions of BASIC's model bill.
Memorandum of Comment on title IV of H.R. 5050.
Supplement to Memorandum of Comment__
Text of model bill..

807

819

543

549

550

553

572

417

1771

1371

1912

1876

1898

1899

Boston Stock Exchange, memorandum on the matter of membership
on national securities exchanges by foreign-owned entities.
Bradford Computer & Systems, Inc., proposed amendments to title
IV of H.R. 5050_

1761

1812

Budge, Hamer H., former Chairman, Securities and Exchange Commission, statement...

420

California, State of, Public Employees' Retirement System:

Letter dated August 14, 1973, from William E. Payne, executive
officer, to Chairman Moss, listing retrictions on types of
investment imposed by State_-

1716

Letter dated September 18, 1973, from Melvin W. Petersen,
Chief of Investments, to Chairman Moss, listing portfolio of
stocks held..

Letter dated October 11, 1973, from Melvin W. Petersen, Chief
of Investments, to Chairman Moss, setting forth an analysis
of stock trades below and above $300,000- - -
Cary, Professor William L., Columbia University School of Law
and former Chairman, Securities and Exchange Commission:
Outlook for Securities Markets, article from Harvard Business
Review, July-August 1971.

Politics and the Regulatory Agencies, chapters 1, 2, and 5..
Rulemaking and Administration, extract from 24 Administrative
Law Review, No. 4, June 1971.

Casey, William J., Under Secretary for Economic Affairs, Department of State, and former Chairman, Securities and Exchange Commission, statement.___.

1727

1733

212

130

203

419