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Securities and Exchange Commission-Continued
Supplemental budget estimates for fiscal years 1977 and 1978.--
Appendix A- Operational improvements and procedures imple
mented within securities firms, 1966–73----
securities industry organizations, 1966–73_---
Report: The Impact of the Funds and Trusts Buying in Colossal
Blocks-Are the Institutions Wrecking Wall Street?”----
“Giants that Rock the Market”.-
$40 stock, 1967-today-----
period July 1, 1972, to June 12, 1973----------
668 669 670 671 672 672 673 674 675
June 22, 1973, requesting more detailed comments on three
1957 663 1948 712
Letter dated September 28, 1973, from Richard O. Scribner, vice
president and general counsel, to Chairman Moss, updating
showing transfer turnaround time, 1973-------
The decline of individual participation in the market----
appendix, from Michael V. Caggiano, president, to Interstate and
Foreign Commerce Committee ---
Thomas W. Stanley, president, to Chairman Moss ----
Robert E. Hampton, Chairman, responding to Chairman Moss'
positions at the SEC.---Weeden & Co.:
Analysis of New York Stock Exchange trading volume.--------
Congressman Stuckey, in response to written questions-----
Comments of legal and legislative committee-----
president and responsible director for legal and legislative
Appendix.—Testimony submitted in a hearing conducted by Hon. Samuel
H. Young, a member of the subcommittee, on August 30, 1973, in
Appendix.— Testimtee, to Chairman la director for lega, Cleaveland, vice
ORGANIZATIONS REPRESENTED AT THE HEARINGS
Bevan, Robert L., assistant Federal legislative counsel.
Theobald, Thomas C. American Insurance Association:
Jones, T. Lawrence, president.
Vinyard, Walter D., Jr., counsel, Washington office. American Life Insurance Association :
Bigler, Harold E., Jr.
Mason, Paul, associate general counsel.
Kolton, Paul, chairman of the board.
Poser, Norman S., senior vice president, policy planning.
Chapman, Merrill J., president.
Whitten, Stanley, Washington area representative. Auerbach, Pollak & Richardson, Inc.:
Arachtingi, M. James, chairman of the board and president.
Rasweiler, Donald J., senior vice president and treasurer. Banking & Securities Industry Committee (BASIC):
Bevis, Herman W., member.
Potter, Hamilton F., Jr., counsel.
Del Col, Peter, president.
Young, Llewellyn P., vice president and counsel.
Fortas, Abe, general counsel.
Zeder, Fred M., member, executive committee.
Bayless, James L., president, Rauscher Pierce Securities Corp.
Shepheard, Eugene P., Rauscher Pierce Securities Corp. Connecticut, State of, Irwin F. Smith, deputy treasurer-investments. Donaldson, Lufkin & Jenrette, Inc.:
Boyd, Michael, vice president and associate general counsel.
Donaldson, William, chairman. Federal Reserve System, Frederic Solomon, Director, Division of Supervision
and Regulation, Board of Governors. Federal Trade Commission, Hon. A. Everette MacIntyre, Commissioner. Independent Broker-Dealers Trade Association:
Cocchi, Raymond W., president.
Kimsey, James V., member.
Casey, John L., president.
Potts, Ramsay D., counsel.
Baker, Donald I., Director of Policy Planning.
Kauper, Thomas E., Assistant Attorney General.
Friedman, Daniel M., First Deputy Solicitor General.
Griswold, Erwin N., Solicitor General.
., me presi
ational per a
ORGANIZATIONS REPRESENTED AT THE HEARINGS—Continued
Becker, George R., chairman:
Weithers, John G., executive vice president.
Derrickson, Lloyd J:, senior vice president and general counsel.
Sommer, A. A., Jr., member, board of governors.
Coriaci, Joseph P., chairman, working committee.
Stewart, Samuel B., member.
Gilligan, Pat, exchange specialist.
Smidt, Seymour, public governor.
Lee, John F., executive vice president.
Thomas, Walter F., chairman, steering committee.
Berl, Warren H., industry director.
Saul, Ralph S., industry director.
Hender, George S., vice president.
Wetherill, Elkins, president.
Bayless, James L., president.
Shepheard, Eugene P.
Reycraft, George D., counsel.
Schapiro, Morris A., president.
Blanchard, Alan, Acting Executive Director-Designate.
Rappaport, Sheldon, Associate Director, Division of Market Regulation. Securities Industry Association:
Chalmers, Jay L., chairman, operations committee.
securities processing committee.
Whitehead, John C., chairman.
Weeden, Donald E., chairman of the board.
SECURITIES EXCHANGE ACT AMENDMENTS OF 1973
TUESDAY, SEPTEMBER 11, 1973
HOUSE OF REPRESENTATIVES,
This morning the Subcommittee on Commerce and Finance begins the final stage of its hearings on H.R. 5050, the Securities Exchange Act Amendments of 1973. Our first witness this morning was to have been Hon. Emanuel Celler, who, for 21 years, chaired the House Judiciary Committee. Unhappily, a recent illness prevents Mr. Celler from appearing here this morning. He has, however, filed a statement for the record and without objection that statement will be inserted in the record at this point as though read.
STATEMENT OF HON. EMANUEL CELLER, FORMER CHAIRMAN,
HOUSE COMMITTEE ON THE JUDICIARY
Mr. CELLER. Mr. Chairman and members of the subcommittee, 22 months ago, as chairman of the House Committee on the Judiciary, I appeared before this distinguished and energetic panel because I believed its ambitious study of the securities industry was of monumental importance to the future of our economic system. That the work products emanating from the study to date the report issued last August and the bill, H.R. 5050, introduced in this Congress—are such valuable and constructive documents is splendid evidence that the enormity of your task is ably matched by the breadth of your wisdom.
I am delighted, therefore, to have this second opportunity to make a contribution to your efforts as you reach the crucial legislative stages of your undertaking.
For many years, as you know, I have been concerned with the antitrust implications of many activities of the national stock exchanges and with those of the New York Stock Exchange in particular. In November 1971, I urged upon this subcommittee the central point essential to a healthy market: That the securities industry is governed most consistently with the public interest by competitive principles, not by exchange rules such as those that restrict trading and fix commission rates. And I warned most emphatically that any grant of antitrust immunity to the activities of the exchange would be a “great leap
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