Additional material supplied for the record by-Continued
American Stock Exchange, Inc.:
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, BASIC, 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.
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.
Budge, Hamer H., former Chairman, Securities and Exchange Commission, statement...
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__
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.___.
Additional material supplied for the record by-Continued
Committee for the Martin Report:
Appendix A to statement-Memorandum in support of proposed Page
amendment to section 19(b) of the Securities Exchange Act....
Attachment to supplemental statement-Memorandum in sup-
port of and proposed amendments to section 36 of the Invest-
ment Company Act of 1940 and section 206 of the Investment
Advisers Act of 1940.
Municipal bonds sold at competitive sale in the State of Texas,
January 1972-June 1973__
Proposed amendment to section 19(b) of the Securities Exchange
Act..
Record of Arizona bond issue sales, 1970–73_
Supplemental statement...
Committee of Publicly Owned Companies:
Analysis of potential reduction in brokerage industry annual
income as a result of fully negotiated rates..
H.R. 5050-Specific recommendations-
Letter dated August 13, 1973, from B. F. Siegel, staff counsel,
to Chairman Moss, discussing percentage of trades of $300,000
or over handled by investment firms among the first 10 percent
in size..
Statement of Abe Fortas, counsel. Conference of State Bank Supervisors, letter dated September 19, 1973, from Lawrence E. Kreider, executive vice president-economist, to Chairman Moss
Letter dated September 7, 1973, from I. F. Smith, Chief Invest-
ment Officer, Office of the Treasurer, to Chairman Moss,
re restrictions on investment of trust funds, with attachments
consisting of sec. 45-88 Investment of Trust Funds and Public
Act 73-594 of Connecticut...
Letter dated October 4, 1973, from I. F. Smith, Chief Investment
Officer, to Chairman Moss, regarding practice on negotiated
rates for trades in excess of $300,000 _ _
Corporate Fiduciary Association of Illinois Transfer Agency and Registrar Committee, statement..
Corporate Transfer Agents Association, Inc., letter dated April 25, 1973, from Henry Van Dam, president, to Chairman Moss - - Donaldson, Lufkin & Jenrette, Inc.:
Letter dated September 24, 1973, from Michael A. Boyd, vice
president and associate general counsel, to Chairman Moss,
responding to questions asked during hearing....
Memorandum to statement of William Donaldson, proposing
various changes in section 205 of H.R. 5050 - -
Letter dated October 3, 1973, from Frederic Solomon, Director,
Division of Supervision and Regulation, to Chairman Moss,
commenting on suggested delegation to SEC authority to
establish rules pertaining to safekeeping and custody but per-
mitting banking regulatory agency to establish higher and ad-
ditional requirements...
Possible draft language to clarify section 17A (q) (2) -
Federal Trade Commission:
List of cases in which the Department of Justice granted the
FTC's request to petition the Supreme Court for certiorari - - - - -
List of cases in which the Justice Department denied the FTC's re-
quest to petition the Supreme Court for certiorari___
Illinois Stock Transfer Co., letter dated August 23, 1973, from G. D.
Pearson, president, to Chairman Moss-
Independent Broker-Dealers Trade Association:
Booklet: Transcript of proceedings, The Fundamental Problems
of Regional Securities Firms-a presentation before the staff of
the Senate and House Select Committees on Small Business – –
Opening statement of Senator Thomas J. McIntyre, chairman,
Subcommittee on Government Regulation, Senate Select Com-
mittee on Small Business, re hearing on the Federal paperwork
burden, July 12, 1973.
Additional material supplied for the record by-Continued
Independent Brokers-Dealers Trade Association-Continued Statement of Raymond W. Cocchi, president, before the Subcommittee on Government Regulation, Senate Select Committee on Small Business, July 12, 1973_
Interstate and Foreign Commerce Committee:
Exchange of correspondence between Chairman Moss and Charles
H. Mott, president, Baker, Weeks & Co., on the subjects of
competitively determined rates and salesmen's compensation. 1760
Exchange of correspondence between Chairman Moss and
Charles King Mallory, Acting Executive Director, Securities
and Exchange Commission, concerning Commission personnel
who came to the agency from the executive branch...
Exchange of correspondence between Chairman Moss and Hon.
Wright Patman, chairman, House Committee on Banking and
Currency, re banks forming brokerage subsidiaries for the
purpose of joining stock exchanges..
Exchange of correspondence between Chairman Staggers and
SEC Acting Chairman Owens concerning appointment of new
general counsel, with attachments consisting of chronology of
events relating to the appointment and biographical and profes-
sional résumé of the appointee
Exchange of correspondence between Chairman Moss and Sena-
tor John Sparkman, chairman, Committee on Banking, Housing
and Urban Affairs, U.S. Senate, re Washington Post article
of May 23, 1973, raising question of whether high-level staff
appointments at the SEC are dictated by the White House..-
Exchange of correspondence between Chairman Staggers and
the Securities and Exchange Commission on the subject of
personnel employed by the Commission who were previously
employed by an executive agency and procedures concerning
employment of lawyers--
Letter dated May 22, 1973, from Congressman Broyhill to
Congressman Talcott urging additional funds for SEC budget-
Letter dated June 22, 1973, from Congressman Stuckey, to
John C. Whitehead, chairman, Securities Industry Association,
re fixed minimum rates, institutional membership, and con-
trasting confidence level between commercial bankers and
broker executives as indicated in Harris poll of 1973.
Letter dated July 16, 1973, from Chairman Moss, to Paul Kolton,
chairman, American Stock Exchange, submitting questions in
writing from the staff.
Letter dated July 18, 1973, from Chairman Moss to Hon. Robert
E. Hampton, Chairman, Civil Service Commission, concerning
White House clearance of Schedule C positions at the SEC.---
Letter dated August 3, 1973, from Chairman Moss to the SEC
and NASD, Inc., requesting comments as to whether an article
in Institutional Investor magazine of July 1971 accurately
describes the situation regarding abuses in handling quotations
on the NASDAQ system-
Revenue losses of the securities industry, 1972-73
Statement of Chairman Moss before the Committee on Appropria-
tions Subcommittee on HUD-Space-Science-Veterans, May 16,
1973, respecting SEC budget.......
Investment Counsel Association of America, Inc.:
Article from New York Law Journal, June 11, 1973, entitled
"Conflict Problem Should Mandate Separation of Manager,
Broker".
Exhibit A to Mr. Casey's statement-Letter dated April 19,
1973, to Chairman Moss, commenting on H.R. 5050__
Exhibit B to Mr. Casey's statement-Standards of practice for
member firms of the Association.
Exhibit C to Mr. Casey's statement- Association directory,
1972-73
Additional material supplied for the record by-Continued
Johnson, Parsons & Kruse, letter dated September 18, 1973, from
Norman S. Johnson, to Chairman Moss.
Letter dated October 8, 1973, from Thomas E. Kauper, Assistant
Attorney General, Antitrust Division, to Chairman Moss,
stating Department's views with respect to proposal to provide
SEC with authority to postpone implementation of competitive
commission rates and what standards should be imposed.
Kansas Public Employees Retirement System, letter dated July 18,
1973, from John K. Corkhill, executive secretary, to Chairman
Moss, supporting H.R. 5050___
Kohlmeyer, Herman S., senior partner, Kohlmeyer & Co., statement.
Merrill Lynch, Pierce, Fenner & Smith, Inc., letter dated November 13,
1973, from Joel Matcovsky, law department, to Chairman Moss,
commenting on proposals of title II of H.R. 5050..........
Midwest Stock Exchange, Inc.:
Letter dated June 28, 1973, from Milton H. Cohen, counsel,
to Chairman Moss, responding to Congressman Eckhardt's
questions on sections 6A and 23(A) of H.R. 5050_.
Letter dated June 28, 1973, from Milton H. Cohen, counsel,
to Chairman Moss, suggesting language to be incorporated
in section 11A of H.R. 5050..
Mitchum, Jones & Templeton, Inc., comments on H.R. 5050 ... ... ....
National Association of Securities Dealers, Inc.:
Amendments to by-laws of NASD, draft- July 6, 1973.
Appendix to prepared statement of Gordon S. Macklin, president_
Comments on H.R. 5050, dated April 23, 1973.
Details respecting membership of NASD.
Letter dated September 7, 1973, from Gordon S. Macklin, presi-
dent, responding to Chairman Moss' inquiry re article in July
1971 Institutional Investor magazine on abuses in handling of
quotations on NASDAQ..
Statement to the Securities and Exchange Commission concerning
the publication of disciplinary actions, June 5, 1973-
National Coordinating Group for Comprehensive Securities De-
positories:
Brochure: Standardization of Funds Settlement for Securities
Letter dated November 17, 1972, from National Clearing Corp. to
Joseph P. Coriaci, chairman, working committee, presenting
findings and recommendations of Subcommittee on Insurance
and Protection -
Report and recommendations concerning a financial industry
number system (FINS).
Statement before the Subcommittee on Securities, Senate Com-
mittee on Banking, Housing and Urban Affairs, July 1973, with
attachments consisting of minutes of meeting, June 4, 1973,
and letter dated July 5, 1973, from John H. Perkins, chairman,
to Chairman Moss...
National Shareholders Association:
Article from New York Times, June 6, 1972, entitled "Market
Place The Big Board and the Public".
Article from the Wall Street Journal, May 10, 1973, entitled
"Most Securities Firms Oppose Boost in Fees on Small Trans-
actions"
Article from Wall Street Journal, July 2, 1973, entitled "Non-Big
Board Firms Urge an End to Fixed Stock-Brokerage Fees”.
Article from the Wall Street Journal, August 30, 1972, entitled
"Heard on the Street"
Letter dated May 9, 1973, from Mr. Reinisch to public members of
the 1972-73 NYSE board of governors, re commission rate
increase and its effect on small investors, and responses thereto.-
Letter dated July 11, 1972, from Mr. Reinisch to public members
of the 1972-73 board of governors, re their position regarding
a corollary to Federal Reserve regulation T, and the responses
thereto..
New York City Teachers' Retirement System:
Additional material supplied for the record by-Continued
National Shareholders Association-Continued
Letter dated August 3, 1970, from John J. Mulcahy, Jr., president,
NYSE, to Mr. Reinisch, indicating that 3 public representatives
sufficed to protect the public interest.
Guidelines for investing-.
Comparison of 1972 financial and other data to that of other do
Comparison of revenues to those of other domestic stock ex-
changes for the year ended December 31, 1972.
Documents submitted in support of testimony:
Memorandum of comments on H.R. 5050, May 18, 1973...
Article entitled “Is NASDAQ Really the ANSWER?" from
the Institutional Investor, July 1971..
Corporate America's Stake in Sound Securities Markets,
address by James M. Roche, director, General Motors
Corp., to the Securities Industry Association, May 9, 1973.
Marketing Securities to the Small Investor, a report to NYSE
member organizations..
Research report: Staff analysis of issues affecting the struc-
ture of a central exchange market for listed securities-a
discussion paper –
Recommendations regarding foreign access to the U.S. se-
curities markets...
The Urgent Need for a Securities Commission Rate Adjust-
ment in an Inflationary Setting, a report to the Securities
and Exchange Commission.
Equal or uniform regulation and consolidated tape system for
listed securities _ _
Extract from article entitled "Our Kind of a Central Auction
Market System," the Commercial and Financial Chronicle,
September 20, 1973.
Research report: Some Observations on the Competitiveness of
NASDAQ-
Status of Rosin v. New York Stock Exchange, et al.
Summary of inquiries and transactions effected pursuant to rule
394 (b) from January 1969 to June 1973...
Ohio Public Employee Retirement Systems, statement in support of
H.R. 5050___
Ohio, State of, letter dated July 27, 1973, from Dennis Shaul, Director,
Department of Commerce, to Chairman Moss, in support of title II
of HR. 5050 but with suggested changes_
Oppenheimer & Co.:
Letter dated April 23, 1973, from Bernard H. Garil, assistant to
the managing partner, to Chairman Moss, submitting com-
ments on H.R. 5050
Letter dated August 21, 1973, from Mr. Garil to Chairman Moss,
suggesting criteria to be used in determining whether fixed rates
should be reinstituted, and for the SEC to adopt in judging
reasonableness of competitive rates---
Letter dated September 27, 1973, from James A. Redden, State
treasurer, to Chairman Moss, enclosing list of all current stock
holdings..
Letter dated October 8, 1973, from James A. Redden, State
treasurer, to Chairman Moss, enclosing summary of negotiated
trades over and under $300,000 _ _
Restrictions on investments of trust funds.
PBW Stock Exchange, Inc., letter dated June 22, 1973, from Carl W.
Schneider, special counsel, to Chairman Moss, re proposed sec-
tion 6A..
Schapiro, M. A., & Co., Inc.:
Article from New York Times, February 2, 1973, entitled "A 3d
Market Sale Upsets Big Board".
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