Statement of—Continued

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

1824, 1872

761

401

Bigler, Harold E., American Life Insurance Association__
Blanchard, Alan, Acting Executive Director-Designate, Securities and
Exchange Commission.......

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

1738 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__

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

125

740

1773

1943

1355

822, 1415

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

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..

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

272

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..

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., Commissioner, 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

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-

1925

1457

1

535, 801

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

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_

1699, 1700

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

1457, 1471

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..
Russo, Thomas A., counsel, M. A. Schapiro & Co., Inc...

1555

1508

1430

867, 885

1430

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.......

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

1699, 1703

Scribner, Richard O., general counsel, Securities Industry Associa-
tion...

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-

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...

Page

1824

783

1961

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

499

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..

717 1543

1543, 1549

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.
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.
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..

1727

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...

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

Additional material supplied for the record by-Continued
Committee for the Martin Report:

Appendix A to statement-Memorandum in support of proposed
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_.

Page

1466

1469

1482

Proposed amendment to section 19(b) of the Securities Exchange
Act

1467

Record of Arizona bond issue sales, 1970-73

1473

Supplemental statement...

1467

Committee of Publicly Owned Companies:

Analysis of potential reduction in brokerage industry annual
income as a result of fully negotiated rates..

1666

1660

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..

Connecticut, State of:

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... -

1672

1679

1980

1716

1727

Corporate Fiduciary Association of Illinois Transfer Agency and Registrar Committee, statement____

1971

Corporate Transfer Agents Association, Inc., letter dated April 25, 1973, from Henry Van Dam, president, to Chairman Moss -Donaldson, Lufkin & Jenrette, Inc.:

1982

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 - -

Federal Reserve System:

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.

355

1983

825

864