KF27

15536

19731

yet. 1

COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

HARLEY O. STAGGERS, West Virginia, Chairman

TORBERT H. MACDONALD, Massachusetts

JOHN JARMAN, Oklahoma

JOHN E. MOSS, California

JOHN D. DINGELL, Michigan
PAUL G. ROGERS, Florida

LIONEL VAN DEERLIN, California
J. J. PICKLE, Texas

FRED B. ROONEY, Pennsylvania
JOHN M. MURPHY, New York

DAVID E. SATTERFIELD III, Virginia
BROCK ADAMS, Washington

W. S. (BILL) STUCKEY, JR., Georgia
PETER N. KYROS, Maine
BOB ECKHARDT, Texas
RICHARDSON PREYER, North Carolina
BERTRAM L. PODELL, New York
HENRY HELSTOSKI, New Jersey
JAMES W. SYMINGTON, Missouri
CHARLES J. CARNEY, Ohio
RALPH H. METCALFE, Illinois
GOODLOE E. BYRON, Maryland
WILLIAM R. ROY, Kansas
JOHN BRECKINRIDGE, Kentucky

SAMUEL L. DEVINE, Ohio
ANCHER NELSEN, Minnesota
JAMES T. BROYHILL, North Carolina
JAMES HARVEY, Michigan
TIM LEE CARTER, Kentucky
CLARENCE J. BROWN, Ohio
DAN KUYKENDALL, Tennessee
JOE SKUBITZ, Kansas

JAMES F. HASTINGS, New York
JAMES M. COLLINS, Texas
LOUIS FREY, JR., Florida
JOHN WARE, Pennsylvania

JOHN Y. MCCOLLISTER, Nebraska
DICK SHOUP, Montana

BARRY M. GOLDWATER, JR., California
NORMAN F. LENT, New York

H. JOHN HEINZ III, Pennsylvania
WILLIAM H. HUDNUT III, Indiana
SAMUEL H. YOUNG, Illinois

W. E. WILLIAMSON, Clerk

KENNETH J. PAINTER, Assistant Clerk

Report of-

H.R. 5050

8

H.R. 340

115

Securities and Exchange Commission on title I of H.R. 5050, with
attachment consisting of letter dated April 16, 1973, from SEC
Chairman Cook to Chairman Staggers on considerations involved
in requests for access to Commission files.
Treasury Department, on title IV of H.R. 5050.

117

124

Statement of—

Arachtingi, M. James, chairman of the board and president, Auerbach,
Pollak & Richardson, Inc____

1377

Baker, Donald I., Director of Policy Planning, Antitrust Division,
Department of Justice.

1525

Bayless, James L., president, Rauscher Pierce Securities Corp. 1457, 1471
Becker, George R., chairman, Midwest Stock Exchange, Inc..
Berl, Warren H., industry director, New York Stock Exchange... 867, 893
Bevan, Robert L., assistant Federal legislative counsel, American

499

Bankers Association__

783, 1925

2 Mr 24

Statement of-Continued

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

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

1824, 1872

761

401

1738

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

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

272

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

1943

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

1576

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...

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

492

492

272

619

717

1525

651

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

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

1925

1457

1

535, 801

867

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..
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..

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.

425, 1778

Pingree, Charles A., American Bankers Association.

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

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 (BASIĆ) –

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. -
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

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

1699, 1703

Shepheard, Eugene P., Rauscher Pierce Securities Corp--
Siegel, Barry, staff, the Committee of Publicly Owned Companies___
Smidt, Seymour, public governor, National Stock Exchange.
Smith, Irwin F., deputy treasurer-investments, State of Connecti-
cut

651, 1943 1457, 1480

1599 492

1699, 1707

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_-

1815

577

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

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

717

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

1543

Weithers, John G., executive vice president, Midwest Stock Exchange,
Inc..

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 Com-
panies.

1599

Young, Llewellyn P., vice president and counsel, Bradford Computer
& Systems, Inc...

1807

Additional material supplied for the record by-
American Bankers Association:

Zeder, Fred M., member, executive committee, the Committee of
Publicly Owned Companies --

1599

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