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Additional material supplied for the record by-Continued
Independent Brokers-Dealers Trade Association-Continued

Statement of Raymond W. Cocchi, president, before the Subcom

mittee on Government Regulation, Senate Select Committee Page on Small Business, July 12, 1973..

864 Interstate and Foreign Commerce Committee:

Exchange of correspondence between Chairman Moss and Charles

H. Mott, president, Baker, Weeks & Co., on the subjects of

competitively determined rates and salesmen's compensation.. 1760 Exchange of correspondence between Chairman Moss and

Charles King Mallory, Acting Executive Director, Securities
and Exchange Commission, concerning Commission personnel
who came to the agency from the executive branch..-

400 Exchange of correspondence between Chairman Moss and Hon.

Wright Patman, chairman, House Committee on Banking and
Currency, re banks forming brokerage subsidiaries for the
purpose of joining stock exchanges.-

793 Exchange of correspondence between Chairman Staggers and

SEC Acting Chairman Owens concerning appointment of new
general counsel, with attachments consisting of chronology of
events relating to the appointment and biographical and profes-
sional résumé of the appointee--

390 Exchange of correspondence between Chairman Moss and Sena

tor John Sparkman, chairman, Committee on Banking, Housing
and Urban Affairs, U.S. Senate, re Washington Post article
of May 23, 1973, raising question of whether high-level staff

appointments at the SEČ are dictated by the White House--- 271 Exchange of correspondence between Chairman Staggers and

the Securities and Exchange Commission on the subject of
personnel employed by the Commission who were previously
employed by an executive agency and procedures concerning
employment of lawyers--

393 Letter dated May 22, 1973, from Congressman Broyhill to

Congressman Talcott urging additional funds for SEC budget- 317
Letter dated June 22, 1973, from Congressman Stuckey, to

John C. Whitehead, chairman, Securities Industry Association,
re fixed minimum rates, institutional membership, and con-
trasting confidence level between commercial bankers and
broker executives as indicated in Harris poll of 1973-

694 Letter dated July 16, 1973, from Chairman Moss, to Paul Kolton,

chairman, American Stock Exchange, submitting questions in
writing from the staff.

818 Letter dated July 18, 1973, from Chairman Moss to Hon. Robert

E. Hampton, Chairman, Civil Service Commission, concerning
White House clearance of Schedule C positions at the SEC.-

422 Letter dated August 3, 1973, from Chairman Moss to the SEC

and NASD, Inc., requesting comments as to whether an article
in Institutional Investor magazine of July 1971 accurately
describes the situation regarding abuses in handling quotations
on the NASDAQ system..

984 Revenue losses of the securities industry, 1972–73.

708 Statement of Chairman Moss before the Committee on Appropria

tions Subcommittee on HUD-Space-Science-Veterans, May 16,
1973, respecting SEC budget...

310 Investment Counsel Association of America, Inc.: Article from New York Law Journal, June 11, 1973, entitled

Conflict Problem Should Mandate Separation of Manager,
Broker”

756
Exhibit A to Mr. Casey's statement-Letter dated April 19,
1973, to Chairman Moss, commenting on H.R. 5050.--

747 Exhibit B to Mr. Casey's statement-Standards of practice for member firms of the Association

749 Exhibit C to Mr. Casey's statement-Association directory, 1972–73--

751

Additional material supplied for the record by-Continued

Johnson, Parsons & Kruse, letter dated September 18, 1973, from Page Norman S. Johnson, to Chairman Moss.

1984 Justice Department:

Letter dated October 8, 1973, from Thomas E. Kauper, Assistant

Attorney General, Antitrust Division, to Chairman Moss,
stating Department's views with respect to proposal to provide
SEC with authority to postpone implementation of competitive
commission rates and what standards should be imposed

1541 Kansas Public Employees Retirement System, letter dated July 18,

1973, from John K. Corkhill, executive secretary, to Chairman
Moss, supporting H.R. 5050.--

1734 Kohlmeyer, Herman S., senior partner, Kohlmeyer & Co., statement. 1766 Merrill Lynch, Pierce, Fenner & Smith, Inc., letter dated November 13,

1973, from Joel Matcovsky, law department, to Chairman Moss,
commenting on propɔsals of title II of H.R. 5050.---

1560 Midwest Stock Exchange, Inc.:

Letter dated June 28, 1973, from Milton H. Cohen, counsel,

to Chairman Moss, responding to Congressman Eckhardt's
questions on sections 6 A and 23(A) of H. Ř. 5050.

531 Letter dated June 28, 1973, from Milton H. Cohen, counsel,

to Chairman Moss, suggesting language to be incorporated
in section 11 A of H.R. 5050.-

534
Mitchum, Jones & Templeton, Inc., comments on H.R. 5050.- 1768
National Association of Securities Dealers, Inc.:
Amendments to by-laws of NASD, draft-July 6, 1973..

609 Appendix to prepared statement of Gordon S. Macklin, president- 585 Comments on H.R. 5050, dated April 23, 1973

590 Details respecting membership of NASD..

613 Letter dated September 7, 1973, from Gordon S. Macklin, presi

dent, responding to Chairman Moss' inquiry re article in July
1971 Institutional Investor magazine on abuses in handling of .
quotations on NASDAQ-

986
Statement to the Securities and Exchange Commission concerning
the publication of disciplinary actions, June 5, 1973.

596 National Coordinating Group for Comprehensive Securities Depositories: Brochure: Standardization of Funds Settlement for Securities Transactions...

1853 Letter dated November 17, 1972, from National Clearing Corp. to

Joseph P. Coriaci, chairman, working committee, presenting
findings and recommendations of Subcommittee on Insurance
and Protection..

1832 Report and recommendations concerning a financial industry number system (FINS) -

1834 Statement before the Subcommittee on Securities, Senate Com

mittee on Banking, Housing and Urban Affairs, July 1973, with
attachments consisting of minutes of meeting, June 4, 1973,
and letter dated July 5, 1973, from John H. Perkins, chairman,
to Chairman Moss-

1827 National Shareholders Association:

Article from New York Times, June 6, 1972, entitled “Market
Place—The Big Board and the Public".

1521 Article from the Wall Street Journal, May 10, 1973, entitled

“Most Securities Firms Oppose Boost in Fees on Small Trans-
actions''.

1514 Article from Wall Street Journal, July 2, 1973, entitled “Non-Big

Board Firms Urge an End to Fixed Stock-Brokerage Fees”. 1515 Article from the Wall Street Journal, August 30, 1972, entitled “Heard on the Street”.

1522 Letter dated May 9, 1973, from Mr. Reinisch to public members of

the 1972–73 NYSE board of governors, re commission rate
increase and its effect on small investors, and responses thereto.-

1516 Letter dated July 11, 1972, from Mr. Reinisch to public members

of the 1972-73 board of governors, re their position regarding
a corollary to Federal Reserve regulation T, and the responses
thereto.--

1518 Page 1515

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1003

Additional material supplied for the record by-Continued
National Shareholders Association—Continued

Letter dated August 3, 1970, from John J. Mulcahy, Jr., president,

NYSE, to Mr. Reinisch, indicating that 3 public representatives

sufficed to protect the public interest. New York City Teachers' Retirement System:

Guidelines for investing

Portfolio breakdown.New York Stock Exchange:

Comparison of 1972 financial and other data to that of other do

mestic exchanges..
Comparison of revenues to those of other domestic stock ex-

changes for the year ended December 31, 1972..
Documents submitted in support of testimony:

Memorandum of comments on H.R. 5050, May 18, 1973---
Article entitled "Is NASDAQ Really the ANSWER?” from

the Institutional Investor, July 1971.
Corporate America's Stake in Sound Securities Markets,

address by James M. Roche, director, General Motors

Corp., to the Securities Industry Association, May 9, 1973.
Marketing Securities to the Small Investor, a report to NYSE

member organizations--
Research report: Staff analysis of issues affecting the struc-

ture of a central exchange market for listed securities

discussion paper -
Recommendations regarding foreign access to the U.S. se-

curities markets..
The Urgent Need for a Securities Commission Rate Adjust-
ment in an Inflationary Setting, a report to the Securities

and Exchange Commission.-
Equal or uniform regulation and consolidated tape system for

listed securities ...
Extract from article entitled “Our Kind of a Central Auction

Market System, the Commercial and Financial Chronicle,

September 20, 1973.
Research report: Some Observations on the Competitiveness of

NASDAQ-
Status of Rosin v. New York Stock Exchange, et al .
Summary of inquiries and transactions effected pursuant to rule

394(b) from January 1969 to June 1973---
Ohio Public Employee Retirement Systems, statement in support of

H.R. 5050..
Ohio, State of, letter dated July 27, 1973, from Dennis Shaul, Director,

Denartment of Commerce, to Chairman Moss, in support of title II

of H R. 5050 but with suggested changes.Oppenheimer & Co.:

Letter dated April 23, 1973, from Bernard H. Garil, assistant to

the managing partner, to Chairman Moss, submitting com

ments on H.R. 5050..
Letter dated August 21, 1973, from Mr. Garil to Chairman Moss,

suggesting criteria to be used in determining whether fixed rates
should be reinstituted, and for the SEC to adopt in judging

reasonableness of competitive rates ---
Oregon, State of:
Letter dated September 27, 1973, from James A. Redden, State

treasurer, to Chairman Moss, enclosing list of all current stock

holdings
Letter dated October 8, 1973, from James A. Redden, State

treasurer, to Chairman Moss, enclosing summary of negotiated

trades over and under $300,000.

Restrictions on investments of trust funds.
PBW Stock Exchange, Inc., letter dated June 22, 1973, from Carl W.

Schneider, special counsel, to Chairman Moss, re proposed sec

tion 6A. Schapiro, M. A., & Co., Inc.:

Article from New York Times, February 2, 1973, entitled “A 3d

Market Sale Upsets Big Board”.

1034

989 908

1037

1737

1735

1582

1597

1729

1734 1720

649

1439 Page 1449

1452

1435

380

443 1784

1800

1803 1804

1794

1805 410

1802

Additional material supplied for the record hy-Continued
Schapiro, M. A., & Co., Inc.-Continued

Letter dated October 3, 1973, from Morris A. Schapiro, presi

dent, to Chairman Moss, providing additional comments on
rule 394 of the NYSE, the third market makers, and the "book”

of floor specialist--
Letter dated October 3, 1973, from Morris A. Schapiro, presi-

dent, to Chairman Moss, re NYSE submission on equal or

uniform regulation.--
Text of advertisement appearing in New York Times on Janu-

ary 22, 1973–Exchange Chairman Offers “Fishbowl” Plan to

Bring All Securities Transactions Out Into the Open.-
Schotland, Prof. Roy A., Georgetown University Law Center, letter

dated June 14, 1973, tó Congressman McCollister, concerning impo-
sition of a tax to encourage reasonable holding period for institu-

tional portfolios --
Securities and Exchange Commission:

Comments on titles II, III, and V of H.R. 5050.
Comments on title IV of H.R. 5050.--
Commission review of discussion about the division rulemaking

authority between the Commission and Federal bank regu

lators...
Discussion of the Commission's concern regarding section 405 of

H.R. 5050.-
Draft statutory language regarding transfer agent depositories.--
Draft statutory language to provide the Commission with author-

ity over independent service bureaus.
Explanation of the lack of variance in cost estimates regarding

the Commission's regulatory responsibilities under H.R. 14567,

14826, and S. 3876..
Instances in which OMB has disallowed an SEC budget request..
Interpretation of the term “public administrative proceedings”

as used in section 17(A) (k). -
Letter dated April 2, 1973, from Walter P. North, Acting General

Counsel to Harvey A. Rowen, staff counsel, Committee on
Interstate and Foreign Commerce, providing requested statis-

tical information..
Letter dated April 13, 1973, from former SEC Chairman G.

Bradford Cook, to Congressman James T. Broyhill, estimating
budgetary needs for fiscal years 1974-76 with attachment
giving divisional breakdown of cost of implementing H.R. 5050

if enacted.
Letter dated June 19, 1973, from Walter P. North, Acting General

Counsel, to Chairman Moss, expressing opinion as to whether
White House clearance for top-level appointees to staff would

be consistent with Reorganization Plan No. 10 of 1950...
Letter dated June 25, 1973, from Theodore C. Barreaux, policy

planning specialist, to Chairman Moss, clarifying his pre

Government employment political activities -
Letter dated October 12, 1973, from Lee A. Pickard, Director,

Division of Market Regulation, responding to Chairman Moss'
inquiry re article in July 1971 Institutional Investor magazine
concerning abuses in quotations on NASDAQ-
Manpower and cost estimates for 5 fiscal years in connection with

the Commission's proposed regulatory responsibilities under

title IV of H.R. 5050..
Pay rates of the general schedule, December 15, 1973, executive

order adjustment..
Policy statement of the Securities and Exchange Commission on
the Structure of a Central Market System, March 29, 1973..--
Extract from SEC policy statement referred to by Donald

L. Calvin, vice president, New York Stock Exchange.
Principal steps in budget preparation and approval.-
Procedures of clearing agencies and securities depositories for

obtaining public comment on their rule proposals -
Staffing summary -
Statement of allocated supergrade positions, fiscal years 1964 to

1973, inclusive..

307

401

408

399

984

1795

379

912

908 391

1801 379

391 Page 405

1397

1948

1949

678

714

685

665 667 667 668 669 670 671 672 672 673 674 675

676 661

Additional material supplied for the record hy—Continued
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 6Comparative stock market averages -
Exhibit 7—Comparative price/earnings ratios -
Exhibit 8-Odalot transactions--r.
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,

chairman, to Congressman Stuckey, responding to letter of
June 22, 1973, requesting more detailed comments on three

points.
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

committee, to Chairman Moss.-
Appendix. - Testimony submitted in a hearing conducted by Hon. Samuel
H. Young, a member of the subcommittee, on August 30, 1973, in
Chicago, ill..

697

1957

663 1948 712

1986

1989

1972

422

1550

1553

1975

1990

1993

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