STUDY OF THE SECURITIES INDUSTRY HEARINGS BEFORE THE SUBCOMMITTEE ON COMMERCE AND FINANCE OF THE COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE HOUSE OF REPRESENTATIVES NINETY-SECOND CONGRESS FIRST SESSION AUGUST 2 AND 3, 1971 Serial No. 92-37 Printed for the use of the Committee on Interstate and Foreign Commerce 67-228 STANFORD GOV'T UNIVERSITY DOCUMENT U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1971 DEPARTMENT For sale by the Superintendent of Documents, U.S. Government Printing Office 2 A 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 DAVID E. SATTERFIELD III, Virginia W. S. (BILL) STUCKEY, JR., Georgia WILLIAM L. SPRINGER, Illinois ANCHER NELSEN, Minnesota HASTINGS KEITH, Massachusetts JAMES T. BROYHILL, North Carolina TIM LEE CARTER, Kentucky FLETCHER THOMPSON, Georgia JOHN Y. MCCOLLISTER, Nebraska WILLIAM H. PAINTER, Special Counsel, Study of the Securities Industry CONTENTS Arning, Lee, Senior Vice President, New York Stock Exchange; accompanied by Donald L. Calvin, Vice President; and Robert Bishop, Director, Member Firms Department Calvin, Donald L., vice president, Member Firm Department, New Casey, Hon. William J., Chairman, Securities and Exchange Com- Derrickson, Lloyd J., vice president and general counsel, National Association of Securities Dealers, Inc Gilleran, Edward R., Vice President, Regulation, National Associa- tion of Securities Dealers, Inc.; accompanied by Lloyd J. Derrickson, Vice President and General Counsel, and Richard Peters, Associate Pollack, Irving, Director, Division of Trading and Markets, Securities and Exchange Commission; accompanied by Sheldon Rappaport, Associate Director, Division of Trading and Markets. Rappaport, Sheldon, Associate Director, Division of Trading and Mar- 4 Rohatyn, Felix G., General Partner, Lazard Freres & Co 69, 131 74 Scorese, Patrick, liquidator, Blair & Co.. Shinn, George, Vice Chairman of the Board of Directors, Merrill 65 72 Weiss, Ezra, Chief Counsel, Securities and Exchange Commission___ 134 National Association of Securities Dealers, Inc., with statistical 37 Felix G. Rohatyn: Letter dated June 11, 1971, to Ralph D. De Nunzio, Chairman of the Board; and Robert W. Haack, President, New York Stock Exchange, Inc.; to step down as chairman of Surveillance Letter dated August 10, 1971, from Richard Peters, Associate Director, Department of Regulation, responding to request to Member Firm Circular 336, with agreements.. Member Firm Educational Ci4cular, with attachments_. (日) Compilation of circulars from the Department of Member Firms covering the period of April 1968, through to present. 82, 155 |