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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

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

1738

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___

867,

873

125

740

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

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

1773

1943

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

822, 1415

237, 319

Cohen, Manuel F., former Chairman, Securities and Exchange Com-
mission _ _ _
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 1599

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

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

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

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

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...

272

1943

1576

492

492

272

619

717

1525

651

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

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

V

Statement of-Continued

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

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

425, 1778 783

425

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..

535, 801

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

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

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

Rappaport, Sheldon, Associate Director, Division of Market Regula-
tion, Securities and Exchange Commission_____

1824

740

425

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

1377

Redden, James A., treasurer, State of Oregon.
Refsnes, Joseph L., executive vice president, Rauscher Pierce Securi-
ties Corp.

1699, 1700

1457, 1471

1508

1430 867, 885 1430

Regan, Donald T., chairman of the board, Merrill Lynch & Co------ 1555
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.
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..

867, 889 1430

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

619

361

1699, 1703

651, 1943

Scribner, Richard O., general counsel, Securities Industry Association_... Shepheard, Eugene P., Rauscher Pierce Securities Corp-------- 1457, 1480 Siegel, Barry, staff, the Committee of Publicly Owned Companies. 1599 Smidt, Seymour, public governor, National Stock ExchangeSmith, Irwin F., deputy treasurer-investments, State of Connecticut___

492

1699, 1707

Solomon, Frederic, Director, Division of Supervision and Regulation,
Board of Governors, Federal Reserve System -
Sommer, A. A., Jr., member, board of governors, National Association
of Securities Dealers, Inc..

Stephenson, Revis, member, executive committee, the Committee of
Publicly Owned Companies.

1815

577

1599

Statement of-Continued

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

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

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

Page

1824

783

1961

499

717

Weeden, Donald E., chairman of the board, Weeden & Co....
Weeden, John D., executive vice president, Weeden & Co----- -
Weithers, John G., executive vice president, Midwest Stock Exchange,
Inc.

1543

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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"

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.

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

1933

799

792

799

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

786

1929

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.

728

730

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_-_.

737

767, 1976

Letter dated July 6, 1973, to Secretary, Securities and Exchange
Commission, commenting on NYSE interpretation of rule 318. 777
Life company stock trades under $100,000 and over $300,000,
January-June 1973____

774

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

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, 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....

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..

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____

1716

1727

1733

212

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

130

203

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

419

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