STUDY OF THE SECURITIES INDUSTRY United States. Congress. House. Committee on Interstate HEARINGS BEFORE THE SUBCOMMITTEE ON COMMERCE AND FINANCE OF THE COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE NINETY-SECOND CONGRESS FIRST SESSION SEPTEMBER 14, 16, AND 27, 1971 Serial No. 92-37a Printed for the use of the Committee on Interstate and Foreign Commerce 67--228 U.S. GOVERNMENT PRINTING OFFICE For sale by the Superintendent of Documents, U.S. Government Printing Office 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 ROBERT O. TIERNAN, Rhode Island WILLIAM L. SPRINGER, Illinois SAMUEL L. DEVINE, Ohio ANCHER NELSEN, Minnesota HASTINGS KEITH, Massachusetts JAMES T. BROYHILL, North Carolina TIM LEE CARTER, Kentucky FLETCHER THOMPSON, Georgia JOHN Y. MCCOLLISTER, Nebraska Barr, Andrew, Chief Accountant, Securities and Exchange Com- Birk, Roger E., Vice President and Director of the Operations Division Clurman, David, Assistant Attorney General, State of New York, Bureau of Securities and Public Financing... Dill, S. Leland, Peat, Marwick, Mitchell & Co., Chairman, Committee on Stockbrokerage Accounting and Auditing, American Institute of Certified Public Accountants.. Fisher, Edwin P., Arthur Andersen & Co., member of the Committee on Stockbrokerage Accounting and Auditing of the American Institute of Certified Public Accountants.. Gilleran, Edward R., Vice President, Regulation, National Association Grannis, Frederic W., Chief Examiner, New York Stock Exchange, Inc., Department of Member Firms.. Keefe, Harry V., Jr., President of Keefe, Bruyette & Woods, Inc.. Litt, Solomon, Asiel & Co., member of the Board of Governors and 757 Stock, Fred J., Jr., Assistant Vice President, New York Stock Ex- Prepared statement submitted by- 780, 876 Andrew Barr, with attachments__ 1025 S. Leland Dill, with attachments and charts- 999 Edwin P. Fisher, with statistical tables and charts.. 828 1039 Merrill Lynch, Pierce, Fenner & Smith, Inc., with attachments and 836 Louis J. Lefkowitz, New York Attorney General_ 1034 National Association of Securities Dealers, Inc., with statistical tables New York Stock Exchange, Inc., with statistical tables, charts, and 760 781 |