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1973 i
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COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

HARLEY O. STAGGERS, West Virginia, Chairman TORBERT H. MACDONALD, Massachusetts SAMUEL L. DEVINE, Ohio JOHN JARMAN, Oklahoma

ANCHER NELSEN, Minnesota JOHN E. MOSS, California

JAMES T. BROYHILL, North Carolina JOHN D. DINGELL, Michigan

JAMES HARVEY, Michigan PAUL G. ROGERS, Florida

TIM LEE CARTER, Kentucky LIONEL VAN DEERLIN, California

CLARENCE J. BROWN, Ohio J.J. PICKLE, Texas

DAN KUYKENDALL, Tennessee FRED B. ROONEY, Pennsylvania

JOE SKUBITZ, Kansas JOHN M. MURPHY, New York

JAMES F. HASTINGS, New York DAVID E. SATTERFIELD III, Virginia JAMES M. COLLINS, Texas BROCK ADAMS, Washington

LOUIS FREY, JR., Florida W. S. (BILL) STUCKEY, JR., Georgia JOHN WARE, Pennsylvania PETER N. KYROS, Maine

JOHN Y. MCCOLLISTER, Nebraska BOB ECKHARDT, Texas

DICK SHOUP, Montana RICHARDSON PREYER, North Carolina BARRY M. GOLDWATER, JR., California BERTRAM L, PODELL, New York

NORMAN F. LENT, New York HENRY HELSTOSKI, New Jersey

H. JOHN HEINZ III, Pennsylvania JAMES W. SYMINGTON, Missouri

WILLIAM H. HUDNUT III, Indiana CHARLES J. CARNEY, Ohio

SAMUEL H. YOUNG, Illinois
RALPH H. METCALFE, Illinois
GOODLOE E. BYRON, Maryland
WILLIAM R. ROY, Kansas
JOHN BRECKINRIDGE, Kentucky

W. E. WILLIAMSON, Clerk
KENNETH J. PAINTER, A88istant Clerk

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SUBCOMMITTEE ON COMMERCE AND FINANCE

JOHN E. MOSS, California, Chairman W. S. (BILL) STUCKEY, JR., Georgia JAMES T. BROYHILL, North Carolina BOB ECKHARDT, Texas

JOHN WARE, Pennsylvania HENRY HELSTOSKI, New Jersey

JOHN Y. MCCOLLISTER, Nebraska JOHN BRECKINRIDGE, Kentucky

SAMUEL H. YOUNG, Illinois

(II)

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, Investment 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

401 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

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 officer, 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.

425, 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

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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 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.-

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

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