COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS
JOHN SPARKMAN, Alabama, Chairman
WILLIAM PROXMIRE, Wisconsin HARRISON A. WILLIAMS, JR., New Jersey THOMAS J. MCINTYRE, New Hampshire WALTER F. MONDALE, Minnesota ALAN CRANSTON, California
ADLAI E. STEVENSON III, Illinois
DAVID H. GAMBRELL, Georgia
JOHN TOWER, Texas
WALLACE F. BENNETT, Utah EDWARD W. BROOKE, Massachusetts BOB PACKWOOD, Oregon
WILLIAM V. ROTH, JR., Delaware
BILL BROCK, Tennessee
ROBERT TAFT, JR., Ohio
DUDLEY L. O'NEAL, Jr., Staff Director and General Counsel MICHAEL E. BURNS, Minority Counsel STEPHEN J. PARADISE, Assistant Counsel
SUBCOMMITTEE ON SECURITIES
HARRISON A. WILLIAMS, JR., New Jersey, Chairman
WILLIAM PROXMIRE, Wisconsin THOMAS J. MCINTYRE, New Hampshire WALTER F. MONDALE, Minnesota ADLAI E. STEVENSON III, Illinois DAVID H. GAMBRELL, Georgia
EDWARD W. BROOKE, Massachusetts JOHN G. TOWER, Texas WALLACE F. BENNETT, Utah BOB PACKWOOD, Oregon WILLIAM V. ROTH, JR., Delaware
SECURITIES INDUSTRY STUDY
DAVID L. RATNER, Chief Counsel ALTON B. HARRIS, Assistant Counsel THOMAS C. NEWKIRK, Assistant Counsel
KENNETH D. STEPHENS, Assistant Counsel
HAMILTON H. WOOD, Jr., Professional Staff Member
Charles H. Percy, U.S. Senator from the State of Illinois_
William J. Casey, Chairman, Securities and Exchange Commission; accom-
panied by Commissioners Hugh F. Owens, James J. Needham, A. Sydney
Herlong, and Philip A. Loomis___
Thomas P. Phelan, president, Pacific Coast Stock Exchange; accompanied
by C. J. Delahunty, president, Pacific Coast Stock Exchange Clearing
Corp.
Robert M. Gardiner, Chairman of the Board of Directors, Securities Indus-
try Association; accompanied by Leon T. Kendall, president, Securities
Industry Association; and Roger E. Birk, vice president and director,
operations division, Merrill Lynch, Pierce, Fenner & Smith, Inc------
Eli Weinberg, partner, Lybrand, Ross Bros. & Montgomery__
Richard B. Howland, president, Stock Clearing Corporation and executive
vice president, New York Stock Exchange, Inc__--
John M. Cookenbach, president, Trust Division, American Bankers Asso-
ciation; accompanied by Frank W. Kaestner, senior vice president, Manu-
facturers Hanover Trust Co., New York; chairman, American Bankers
Association Trust Division Corporate Trust Activities Committee; and
William G. Milburn, vice president, Mellon National Bank and Trust Co.,
Pittsburgh
Walter F. Thomas, vice chairman, Manufacturers Hanover Trust Co. on
behalf of New York Clearing House Association; accompanied by John
F. Lee, executive vice president; New York Clearing House Association,
and David G. Gray, counsel, Manufacturers Hanover Trust Co‒‒‒‒‒‒
Thomas W. Stanley, president, Stock Transfer Association, Inc., accom-
panied by Clayton M. Nicholson, vice president, Chemical Bank and the
Stock Transfer Association, Inc.; Edward J. McNamara, assistant
secretary and assistant treasurer, Bethlehem Steel Corp.; Francis T.
Christy, Christy, Frey & Christy; and Robert S. Appel, Christy, Frey &
Christy
John H. Perkins, vice chairman, Continental Illinois National Bank & Trust Co. of Chicago, and chairman, National Coordinating Group for Comprehensive Securities Depositories, accompanied by Joseph P. Coriaci, second vice president, Continental Illinois National Bank & Trust Co. of Chicago, and Hamilton F. Potter, Jr., Sullivan & Cromwell- John M. Meyer, Jr., chairman, Banking and Securities Industry Committee (BASIC), accompanied by Herman W. Bevis, executive director‒‒‒‒ R. John Cunningham, director of financial services, Arthur Young & Co--- Junius W. Peake, partner, Shields & Co‒‒‒‒
ALPHABETICAL LIST OF WITNESSES
Cookenbach, John M., president, Trust Division, American Bankers Asso-
ciation
Coriaci, Joseph P., second vice president, Continental Illinois National
Bank and Trust Co. of Chicago--.
Cunningham, R. John director of financial services, Arthur Young & Co__
Delahunty, C. J., president, Pacific Coast Stock Exchange Clearing Corp--
Derrickson, Lloyd J., vice president and general counsel, National Associa-
tion of Securities Dealers, Inc---
Gardiner, Robert M., chairman of the board of directors, Securities Indus-
try Association....
Meyer, John M., Jr., chairman, Banking and Securities Industry Commit- tee
Needham, James J., Commissioner, Securities and Exchange Commission__ Nicholson, Clayton M., vice president, Chemical Bank and the Stock Trans- fer Association, Inc---.
Stanley, Thomas W., president, Stock Transfer Association, Inc---
Thomas, Walter F., vice chairman, Manufacturers Hanover Trust Co----
Van Dam, Henry, president, Corporate Transfer Agents Association, Inc__
Weinberg, Eli, partner, Lybrand, Ross Brothers & Montgomery..
Exhibit D-Memorandum dated February 7, 1972, from the Trust
Division of the American Bankers Association as to the proposed
amendments to the U.C.C. and estates, powers and trust law__
Exhibit E-Letters and enclosure from Securities Industry As-
sociation dated February 11, 1972, as to the legislative changes
necessary to accomplish the concept of user-owned and operated
depositories
Exhibit F-Letter dated February 24, 1972, from American So-
ciety of Corporate Secretaries as to the proposed amendment
to the U.C.C__
Exhibit G-Memorandum dated March 16, 1972, from New York
State Bankers Association as to the proposed amendment to the
U.C.C. and estates, powers and trusts law---
Exhibit H-Report of Ad Hoc Communications Committee dated
March 17, 1972 "Applicability of Electrical Communications
Within a Depository System”.
Exhibit I-Communication dated March 3, 1972, from American
Stock Exchange Clearing Corporation to clearing members as
the CUSIP__
Exhibit J-Communication dated March 7, 1972, from NASD to
to CUSIP..
Exhibit K-Book dated October 1, 1971, prepared by NYSE Stock
Clearing Corporation for clearing members, associate members
and nonmember banks as to CUSIP..
Banking and Securities Industry Committee Continued
Exhibit O-Communication dated February 1, 1972, from NASD to its members as to uniform forms__. Exhibit P-Joint communication dated January 27, 1972, from NYSE and AMEX to their members as to uniform forms___ Exhibit Q-January 13, 1972, memorandum of New York Clear- ing House as to uniform forms_.
Letter from John M. Meyer, Jr., to Senator Williams.. Letter to the Federal Reserve Board, from John M. Meyer, Jr____ Letter to Chairman Casey of the Securities and Exchange Commis- sion
Letter to Senator Williams from Mr. Meyer and Mr. Bevis.. Mellon National Bank presentation__-
Memorandum of changes to S. 3412
Outline of possible regulation of depository with Federal Reserve
Boston Clearing House Association, letter to Senator Williams, from
George B. Rockwell, president__
Boston Clearing House Banks, position paper_.
Boston Stock Exchange Clearing Corporation, statement of position on S. 2551 and S. 3412----
California Legislature, draft of proposed bill_
Chicago Daily News, reprint of article_.
Comptroller of the Currency, letter from William P. Camp with views on S. 2551, S. 3297, and S. 3412__.
"Special" Withdrawal of Nominee Stock (COD)- "Special" Transfer Control Form (W/T TCF).
"Special" Miscellaneous Deliver Order (MDO).
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