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BEFORE A

HEARINGS
.S. Congress. Senate.

SUBCOMMITTEE OF THE
COMMITTEE ON BANKING AND CURRENCY.

UNITED STATES SENATE

EIGHTY-EIGHTH CONGRESS

FIRST SESSION

ON

S. 1642

A BILL TO AMEND THE SECURITIES ACT OF 1933, AS AMENDED,
AND THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
TO EXTEND DISCLOSURE REQUIREMENTS TO THE ISSUERS OF
ADDITIONAL PUBLICLY TRADED SECURITIES, TO PROVIDE
FOR IMPROVED QUALIFICATION AND DISCIPLINARY PROCE-
DURES FOR REGISTERED BROKERS AND DEALERS, AND FOR

OTHER PURPOSES

JUNE 18, 19, 20, 21, 24, AND 25, 1963

Printed for the use of the Committee on Banking and Currency

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1963

20-226

For sale by the Superintendent of Documents, U.S. Government Printing Office

Washington 25, D.C. - Price $1.50

B3

1963 a

COMMITTEE ON BANKING AND CURRENCY

A. WILLIS ROBERTSON, Virginia, Chairman JOHN SPARKMAN, Alabama

WALLACE F. BENNETT, Utah PAUL H. DOUGLAS, Illinois

JOHN G. TOWER, Texas JOSEPH S. CLARK, Pennsylvania

JACOB K. JAVITS, New York
WILLIAM PROXMIRE, Wisconsin

MILWARD L. SIMPSON, Wyoming-
HARRISON A. WILLIAMS, JR., New Jersey PETER H. DOMINICK, Colorado.
EDMUND S. MUSKIE, Maine
EDWARD V. LONG, Missouri
MAURINE B. NEUBERGER, Oregon
THOMAS J. MCINTYRE, New Hampshire

MATTHEW HALE, Chief of Staf

SUBCOMMITTEE ON SECURITIES

HARRISON A. WILLIAMS, JR., New Jersey, Chairman A. WILLIS ROBERTSON, Virginia

JACOB K. JAVITS, New York EDMUND S. MUSKIE, Maine

WALLACE F. BENNETT, Utah.
EDWARD V. LONG, Missouri

JOHN G. TOWER, Texas.
MAURINE B. NEUBERGER, Oregon
THOMAS J. MCINTYRE, New Hampshire

II

Page

313

WITNESSES

TUESDAY, JUNE 18

William L. Cary, Chairman, Securities and Exchange Commission, ac-

companied by Byron D. Woodside, Commissioner, J. Allen Frear, Jr.,

Commissioner, Manuel F. Cohen, Commissioner, Jack Whitney II,

Commissioner, Philip A. Loomis, Director, Division of Trading and Ex-

changes, Milton H. Cohen, Director, Special Study of the Securities

Markets.

WEDNESDAY, JUNE 19

Hudson B. Lemkau, vice chairman, board of governors, National Associa-

tion of Securities Dealers, Inc., accompanied by Avery Rockefeller, Jr.,

chairman, advisory committee to the board of governors, A. Jackson

Goodwin, Jr., member, board of governors, Robert W. Haack, member

board of governors, Wallace H. Fulton, executive director, Marc A.

White, general counsel.

Bayard Dominick, Dominick & Dominick, New York, N.Y., and president,

Association of Stock Exchange

Firms, accompanied by George J. Otto,

Irving Lundborg & Co., San Francisco, Calif., chairman of the Pacific

Coast Stock Exchange, G. Shelby Friedrichs, Howard, Weil, Labouisse,

Friedrichs & Co., New Orleans, La., a current governor of National

Association of Securities Dealers, Inc., James Crane Kellogg III, Spear,

Leeds & Kellogg, New York, N.Y., former chairman of New York Stock

Exchange, Francis J. Hughes, general counsel, Association of Stock

Exchange Firms.--.

Amyas Ames, president, Investment Bankers Association of America,

accompanied by Murray Hanson, managing director and general

counsel, Willia Ward Foshay, partner, Sullivan & Cromwell, New York,

N.Y., special counsel...

THURSDAY, JUNE 20

John C. Williamson, director of governmental relations, National Associa-

tion of Real Estate Boards...

Morris A. Schapiro, president, M. A. Schapiro & Co., Inc.--

Ralph P. Coleman, Jr., publisher and editor, Over-the-Counter Securities

Review

Dennis E. Murphy, vice president, the Ohio Co.--.

Richard Ney, Richard Ney & Associates---

FRIDAY, JUNE 21

G. Keith Funston, president, New York Stock Exchange, accompanied by

Edward C. Gray, executive vice president, and Samuel L. Rosenberry,

counsel.

Edwin D. Etherington, president, American Stock Exchange, accompanied

by Martin J. Keena, vice president, and Peter G. Schmidt, staff member.

James E. Day, president, Midwest Stock Exchange, accompanied by

John G. Weithers, secretary, and Joseph N. Morency, Jr., counsel..

Albert H. LeShane, treasurer, Employers Group Associates.-

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