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Statement of-Continued

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

1824, 1872 Bigler, Harold E., American Life Insurance Association.

761 Blanchard, Alan, Acting Executive Director-Designate, Securities and Exchange Commission.-

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

1738 Calvin, Donald L., vice president, New York Stock Exchange. 867, 873 Cary, Professor William L., Columbia University School of Law, former Chairman, Securities and Exchange Commission.

125 Casey, John L., president, In vestment Counsel Association of America, Inc.

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

1773 Chalmers, Jay L., chairman, operations committee, Securities Industry Association.

1943 Chapman, Merrill J., president, Association of Investment Brokers - 1355 Cocchi, Raymond W., president, Independent Broker-Dealers Trade Association

822, 1415 Cohen, Manuel F., former Chairman, Securities and Exchange Commission..

237, 319 Coriaci, Joseph P., chairman, Working Committee, National Coordinating Group for Comprehensive Securities Depositories.

1824 Del Col, Peter, president, Bradford Computer & Systems, Inc.

1807 Derrickson, Lloyd J., senior vice president and general counsel, National Association of Securities Dealers, Inc.

577 Donaldson, William, chairman, Donaldson, Lufkin & Jenrette, Inc. 1738 Donaty, Frank, Comptroller, Securities and Exchange Commission.. 401 Evans, John R., Commissioner, Securities and Exchange Commission. 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

272 Gardiner, Robert M., chairman, governing council and chairman,

ad hoc securities processing committee, Securities Industry Asso-
ciation..

1943 Garil, Bernard H., assistant to the managing partner, Oppenheimer & Co...

1576 Gilligan, Pat, exchange specialist, National Stock Exchange

492 Girard, John D., president, National Stock Exchange.

492 Griswold, Hon. Erwin N., Solicitor General of the United States, Department of Justice

272 Hender, George S., vice president, PBW Stock Exchange, Inc.

619 Jones, T. Lawrence, president, American Insurance Association. 717 Kauper, Thomas E., Assistant Attorney General, Antitrust Division, Department of Justice

1525 Kendall, Leon T., president, Securities Industry Association.

651 Kimsey, James V., president, Bronwen Corp., and member, Independent Broker-Dealers Trade Association

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
Liftin, John, Associate Director, Division of Market Regulation,
Securities and Exchange Commission.

425 Loomis, Philip A., Jr., Commissioner, Securities and Exchange Commission..

297, 401, 425 MacIntyre, Hon. A. Everette, Commissioner, Federal Trade Commission.

333

401 V

425,

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 Milburn, William G., American Bankers Association.

1925 Morin, Charles H., counsel, Committee for the Martin Report..

1457 Moss, Hon. John E., a Representative in Congress from the State of California, as read by Hon. W. S. (Bill) Stuckey -

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

535, 801 Needham, James J., chairman, board of directors, New York Stock Exchange

867 O'Hara, Thomas E., chairman, board of trustees, National Association of Investment Clubs..

1686 O'Neill, James J., executive director, the Committee of Publicly Owned Companies

1599 Owens, Hugh F., senior Commissioner, Securities and Exchange Commission..

297, 401 Payne, William E., executive icer, Public Employees' Retirement System, State of California.

1699, 1701 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.

1778 Pingree, Charles A., American Bankers Association..

783 Pitt, Harvey L., Chief Counsel, Division of Market Regulation, Securities and Exchange Commission.

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

535, 801 Potter, Hamilton F., Jr., counsel, Banking and Securities Industry Committee (BASIC).

1824 Potts, Ramsay D., counsel, Investment Counsel Association of America, Inc...

740 Rappaport, Sheldon, Associate Director, Division of Market Regulation, Securities and Exchange Commission.

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.- 1555 Reinisch, Hans R., president, National Shareholders Association.-- 1508 Reycraft, George D., counsel, M. A. Schapiro & Co., Inc.

1430 Roche, James M., public director, New York Stock Exchange.- 867, 885 Russo, Thomas A., counsel, M. A. Schapiro & Co., Inc.,

1430 Saul, Ralph S., industry director, New York Stock Exchange. 867, 889 Schapiro, Morris A., president, M. A. Schapiro & Co., Inc.

1430 Schneider, Carl W., special counsel, PBW Stock Exchange, Inc. 619 Schotland, Prof. Roy A., Georgetown University Law Center, Washington, D.C..

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

1699, 1703 Scribner, Richard O., general counsel, Securities Industry Association...

651, 1943 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 Exchange

492 Smith, Irwin F., deputy treasurer-investments, State of Connecticut.

1699, 1707 Solomon, Frederic, Director, Division of Supervision and Regulation, Board of Governors, Federal Reserve System

1815 Sommer, A. A., Jr., member, board of governors, National Association of Securities Dealers, Inc.

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

1599 Statement of Continued

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

1824 Theobald, Thomas C., American Bankers Association.

783 Thomas, Walter F., chairman, steering committee, New York Clearing House Association.

1961 Tobin, Michael E., president, Midwest Stock Exchange, Inc.

499 Vinyard, Walter D., Jr., counsel, Washington office, American Insurance Association..

717 Weeden, Donald E., chairman of the board, Weeden & Co.

1543
Weeden, John D., executive vice president, Weeden & Co.- 1543, 1549
Weithers, John G., executive vice president, Midwest Stock Exchange,
Inc.

499 Wetherill, Elkins, president, PBW Stock Exchange, Inc.

619 Whitehead, John C., chairman, Securities Industry Association..

651 Whitten, Stanley, Washington area representative, Association of Investment Brokers.

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 byAmerican 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...

799 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. 792
Negotiated commissions paid by First National City Bank, May 1
to June 15, 1973.--.

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.

786 Statement of May 7, 1973, on title IV of H.R. 5050_

1929 American Institute of Certified Public Accountants, letter dated

April 20, 1973, from Edwin P. Fisher, chairman, to Chairman Moss. 1770
American Insurance Association:
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

728 Letter dated July 13, 1973, from Walter D. Vinyard, Jr., counsel,

to Congressman McCollister, concerning amount of portfolio
trading executed through broker-dealers-

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..

737 American Life Insurance Association:

Letter dated April 23, 1973, with attachments, to Chairman Moss,
commenting on H.R. 5050..

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
Amex board of governors—biographical data-

568, 815 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..

807 Letter dated September 7, 1973, from Paul Kolton, chairman, to

Chairman Moss, responding to written questions of committee
staff ..

819 Memorandum commenting on titles II and III of H.R. 5050.- 543

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

549 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.

550 Memorandum of comments on titles II, III, and V of H.R. 5050. 553

Supplemental statement relating to section 203 of H.R. 5050.--. 572 Ash, Roy L., Director, Office of Management and Budget, Executive Office of the President, statement..

417 Asiel & Co., letter May 23, 1973, from Solomon Litt, senior partner, to Chairman Moss...

1771 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)

1371 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

1912 Memorandum of Comment on title IV of H.R. 5050_

1876 Supplement to Memorandum of Comment..

1898 Text of model bill ..

1899 Boston Stock Exchange, memorandum on the matter of membership on national securities exchanges by foreign-owned entities ..

1761 Bradford Computer & Systems, Inc., proposed amendments to title IV of H.R. 5050.

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.

1733 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.-

212 Politics and the Regulatory Agencies, chapters 1, 2, and 5.

130 Rulemaking and Administration, extract from 24 Administrative Law Review, No. 4, June 1971.

203 Casey, William J., Under Secretary for Economic Affairs, Depart

ment of State, and former Chairman, Securities and Exchange
Commission, statement.-

419 Page 1466

1469

1482

1467 1473 1467

1666 1660

1672 1679

1980

1716

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.
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.. 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.. Corporate Fiduciary Association of Illinois Transfer Agency and Regis

trar 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, proposi:ng

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 (9) (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.

1727

1971

1982

1758

1746

1821 1824

354

355

1983

825

864

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