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Securities and Exchange Commission-Continued

Supplemental budget estimates for fiscal years 1977 and 1978.--
Unconsolidated income and expense data of NYSE member

firms.--
Securities Industry Association:

Appendix A- Operational improvements and procedures imple

mented within securities firms, 1966–73----
Appendix B-Operational improvements implemented by major

securities industry organizations, 1966–73_---
Article from Business Week, June 2, 1973, entitled “Special

Report: The Impact of the Funds and Trusts Buying in Colossal

Blocks-Are the Institutions Wrecking Wall Street?----
Commission discount for institutional orders above the $300,000

level.---
Editorial from Business Week dated June 2, 1973, entitled

“Giants that Rock the Market”.-
Exhibit 1-Individual v. institutional commission charges on a

$40 stock, 1967-today-----
Exhibit 2-Turnover rates.---
Exhibit 3—Common stock activity ratios of major institutions.-
Exhibit 4-Public trading volume—NYSE.--
Exhibit 5—Leading institutional investors -----
Exhibit 6-Comparative stock market averages
Exhibit 7—Comparative price/earnings ratios----
Exhibit 8-Oddlot transactions------
Exhibit 9 Sales and redemptions of mutual funds, 1966–1972
Exhibit 10—Stock exchange volume-----
Exhibit 11–NYSE member firm pretax income-----
Exhibit 12-Monthly overall profit data for all member firms
Exhibit 13—Members of SIA that merged or dissolved during the

period July 1, 1972, to June 12, 1973----------
Extract from results of survey on membership views.----
Letter dated September 11, 1973, from John C. Whitehead,

665 667

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668 669 670 671 672 672 673 674 675

676 661

June 22, 1973, requesting more detailed comments on three

DOIN US-------------------------------------------------

697

1957 663 1948 712

1986

Letter dated September 28, 1973, from Richard O. Scribner, vice

president and general counsel, to Chairman Moss, updating
information supplied during the hearings with attached table

showing transfer turnaround time, 1973-------
Principal officers for 1973 ----
Proposed national securities processing system.---

The decline of individual participation in the market----
Securities Processing Services, Inc., letter dated May 4, 1973, with

appendix, from Michael V. Caggiano, president, to Interstate and

Foreign Commerce Committee ---
Stock Transfer Association, Inc., letter dated May 4, 1973, from

Thomas W. Stanley, president, to Chairman Moss ----
U.S. Banknote Corp., Bernard O'Connor, senior vice president, state-
ment.--

-------
U.S. Civil Service Commission, letter dated August 16, 1973, from

Robert E. Hampton, Chairman, responding to Chairman Moss'
letter of July 18, 1973, re White House clearance of Schedule C

positions at the SEC.---Weeden & Co.:

Analysis of New York Stock Exchange trading volume.--------
Letter dated September 14, 1973, from Donald E. Weeden, to

Congressman Stuckey, in response to written questions-----
Western Stock Transfer Association, Inc.:

Comments of legal and legislative committee-----
Letter dated October 2, 1973, from James R. Cleaveland, vice

president and responsible director for legal and legislative

1989 1972

-------

422

1550

1553

1975

1990

Appendix.—Testimony submitted in a hearing conducted by Hon. Samuel

H. Young, a member of the subcommittee, on August 30, 1973, in
Chicago, Ill. ------

Appendix.— Testimtee, to Chairman la director for lega, Cleaveland, vice

1993

ORGANIZATIONS REPRESENTED AT THE HEARINGS
American Bankers Association:

Bevan, Robert L., assistant Federal legislative counsel.
Landau, Robert I., member, corporate trust activities committee, trust

division.
Milburn, William G.

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.
American Stock Exchange, Inc.:

Kolton, Paul, chairman of the board.
Nash, Gordon, counsel.

Poser, Norman S., senior vice president, policy planning.
Association of Investment Brokers:

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.
Bradford Computer & Systems Inc.:

Del Col, Peter, president.
McKay, Peter H., executive officer.

Young, Llewellyn P., vice president and counsel.
California, State of, William E. Payne, executive officer, Public Employees'

Retirement System.

Fortas, Abe, general counsel.
O'Neill, James J., executive director.
Siegel, Barry, staff.
Stephenson, Revis, member, executive committee.
Wood, C. V., Jr., chairman.

Zeder, Fred M., member, executive committee.
Committee for the Martin Report:

Bayless, James L., president, Rauscher Pierce Securities Corp.
Morin, Charles H., counsel.

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.
Investment Counsel Association of America, Inc.:

Casey, John L., president.

Potts, Ramsay D., counsel.
Justice Department:
Antitrust Division:

Baker, Donald I., Director of Policy Planning.

Kauper, Thomas E., Assistant Attorney General.
Office of the Solicitor General:

Friedman, Daniel M., First Deputy Solicitor General.

Griswold, Erwin N., Solicitor General.
Merrill Lynch & Co., Donald T. Regan, chairman of the board.

., me presi

ational per a

ORGANIZATIONS REPRESENTED AT THE HEARINGS—Continued
Midwest Stock Exchange, Inc.:

Becker, George R., chairman:
Tobin, Michael E., president.

Weithers, John G., executive vice president.
National Association of Investment Clubs, Thomas E. O'Hara, chairman, board

of trustees.
National Association of Securities Dealers, Inc.:

Derrickson, Lloyd J:, senior vice president and general counsel.
Macklin, Gordon S., president.
Peake, Junius W., member, board of governors.

Sommer, A. A., Jr., member, board of governors.
National Coordinating Group for Comprehensive Securities Depositories:

Coriaci, Joseph P., chairman, working committee.

Stewart, Samuel B., member.
National Shareholders Association, Hans R. Reinisch, president.
National Stock Exchange:

Gilligan, Pat, exchange specialist.
Girard, John D., president.

Smidt, Seymour, public governor.
New York City Teachers' Retirement Board, William T. Scott, executive director.
New York Clearing House Association:

Lee, John F., executive vice president.

Thomas, Walter F., chairman, steering committee.
New York Stock Exchange:

Berl, Warren H., industry director.
Calvin, Donald L., vice president.
Frank, Walter N., industry director.
Kreps, Ms. Juanita M., Ph. D., public director.
Needham, James J., chairman, board of directors.
Roche, James M., public director.

Saul, Ralph S., industry director.
Oppenheimer & Co., Bernard H. Garil, assistant to the managing partner.
Oregon, State of, James A. Redden, Treasurer.
PBW Stock Exchange, Inc.:

Hender, George S., vice president.
Schneider, Carl W., special counsel.

Wetherill, Elkins, president.
Rauscher Pierce Securities Corp. of Texas:

Bayless, James L., president.
Refsnes, Joseph L., executive vice president.

Shepheard, Eugene P.
Schapiro, M. A., & Co., Inc.:

Reycraft, George D., counsel.
Russo, Thomas A., counsel.

Schapiro, Morris A., president.
Securities and Exchange Commission:

Blanchard, Alan, Acting Executive Director-Designate.
Donaty, Frank, Comptroller.
Evans, John R., Commissioner.
Levenson, Alan, Director, Division of Corporation Finance.
Liftin, John, Associate Director, Division of Market Regulation.
Loomis, Philip A., Jr., Commissioner.
Owens, Hugh F., Senior Commissioner.
Pickard, Lee A., Director, Division of Market Regulation.
Pitt, Harvey L., Chief Counsel, Division of Market Regulation.

Rappaport, Sheldon, Associate Director, Division of Market Regulation. Securities Industry Association:

Chalmers, Jay L., chairman, operations committee.
Gardiner, Robert M., chairman, governing council and chairman, ad hoc

securities processing committee.
Kendall, Leon T., president.
Scribner, Richard O., general counsel.

Whitehead, John C., chairman.
Weeden & Co.:'

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

SECURITIES EXCHANGE ACT AMENDMENTS OF 1973

TUESDAY, SEPTEMBER 11, 1973

HOUSE OF REPRESENTATIVES,
SUBCOMMITTEE ON COMMERCE AND FINANCE,
COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE,

Washington, D.C.
The subcommittee met at 10 a.m., pursuant to notice, in room 2322,
Rayburn House Office Building, Hon. John E. Moss, chairman,
presiding.
Mr. Moss. The subcommittee will be in order.

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

20-306 O - 74 - 2 -- pt. 5

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