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STUDY OF THE SECURITIES INDUSTRY

APPENDIX TO
HEARINGS

BEFORE THE

SUBCOMMITTEE ON COMMERCE AND FINANCE

OF THE

COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

HOUSE OF REPRESENTATIVES

NINETY-SECOND CONGRESS

FIRST SESSION

OCTOBER 18, 19, 20, 26, 27; NOVEMBER 16, 17, 1971

Serial No. 92–37c

Printed for the use of the
Committee on Interstate and Foreign Commerce

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1972

67-228 O

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

Washington, D.C. 20402 - Price $2.25

COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

HARLEY 0. STAGGERS, West Virginia, Chairman TORBERT H. MACDONALD, Massachusetts WILLIAM L. SPRINGER, Illinois JOHN JARMAN, Oklahoma

SAMUEL L. DEVINE, Ohio JOHN E. MOSS, California

ANCHER NELSEN, Minnesota JOHN D. DINGELL, Michigan

HASTINGS KEITH, Massachusetts PAUL G. ROGERS, Florida

JAMES T. BROYHILL, North Carolina LIONEL VAN DEERLIN, California

JAMES HARVEY, Michigan J. J. PICKLE, Texas

TIM LEE CARTER, Kentucky FRED B. ROONEY, Pennsylvania

CLARENCE J. BROWN, Ohio
JOHN M. MURPHY, New York

DAN KUYKENDALL, Tennessee
DAVID E. SATTERFIELD III, Virginia JOE SKUBITZ, Kansas
BROCK ADAMS, Washington

FLETCHER THOMPSON, Georgia
RAY BLANTON, Tennessee

JAMES F. HASTINGS, New York W. S. (BILL) STUCKEY, JR., Georgia JOHN G. SCHMITZ, California PETER N. KYROS, Maine

JAMES M. COLLINS, Texas BOB ECKHARDT, Texas

LOUIS FREY, JR., Florida ROBERT 0. TIERNAN, Rhode Island

JOHN WARE, Pennsylvania RICHARDSON PREYER, North Carolina JOHN Y. McCOLLISTER, Nebraska BERTRAM L. PODELL, New York

RICHARD G. SHOUP, Montana
HENRY HELSTOSKI, New Jersey
JAMES W. SYMINGTON, Missouri
CHARLES J. CARNEY, Ohio
RALPH H. METCALFE, Illinois
GOODLOE E. BYRON, Maryland
WILLIAM R. ROY, Kansas

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

Professional Staff
JAMES M. MENGER, Jr.
WILLIAM J. DIXON

CHARLES B. CURTIS

ROBERT F. GUTHRIE
KURT BORCHARDT

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 CHARLES J. CARNEY, Ohio

JOHN Y. McCOLLISTER, Nebraska

Study of the Securities Industry

Stall

WILLIAM H. PAINTER, Special Counsel HARVEY A. Rowen, Counsel

John N. BALAKOS, Professional Adviser ROBERT L. STERN, Special Consultant

ROBERT J. CANTER, Professional Adviser J. WILLIAM GADSBY, Professional Adviser

CONTENTS

(The same table of contents appears in parts 3, 4, and 5)

PART 3 Hearings held on

Page October 18.

1315 October 19

1413 October 20.

1489 October 26

1537 October 27

1613 November 16.

1639 November 17.

1711 Statements of — Bevis, Herman W., Executive Director, Banking and Securities Industry Committee.

1318, 1413, 1490 Casey, Hon. William J., Chairman, Securities and Exchange Commission..

1712 Celler, Hon. Emanuel, a Representative in Congress from the State of New York.

1639 Delahunty, Christopher J., President, Pacific Coast Stock Exchange Clearing Corporation..

1352, 1413, 1490 Du Pont, Henry W., Chairman of the Board and President, SCI-TEK, Incorporated..

1380, 1413, 1490 Haack, Robert W., President, New York Stock Exchange, Inc., accompanied by Donald L. Calvin, Vice President.

1728 Howland, Richard B., President, Stock Clearing Corporation, New York Stock Exchange, Inc.

1325, 1413, 1490 Kaestner, Frank W., Senior Vice President, Manufacturers Hanover Trust Company

1368, 1413, 1490 Loeffler, Robert M., Senior Vice President-Law, Investors Diversified

Services, Inc.; accompanied by Richard M. Phillips, Esq., of Hill,
Christopher & Phillips, Special Counsel to IDS..

1669 Loomis, Hon. Philip A., Jr., Commissioner, Securities and Exchange Commission.

1712 Macklin, Gordon S., President, National Association of Securities

Dealers, Inc., accompanied by Lloyd J. Derrickson, Vice President and General Counsel...

1739 Maller, Robert R., Senior Vice President, United States Trust Company of New York..

1555, 1613 Montross, Phillips M., President, Midwest Stock Exchange Clearing Corporation

1343, 1413, 1490 Morgan, David H., President, National Clearing Corporation, NASD...

1362, 1413, 1490 Needham, James J., Commissioner, Securities and Exchange Commission.

1316 Noyes, Clifford H., Regional Vice President, North American Rockwell Information Systems Company.

1548, 1613 O'Connor, Bernard, Vice President and General Manager, United States Banknote Corporation.

1561, 1613 Peake, Junius W., General Partner, Shields & Company - 1373, 1413, 1490 Pollack, Irving M., Director, Division of Trading and Markets, Securities and Exchange Commission.

1712 Reinisch, Hans Randolph, President, National Shareholders Association, New York...

1685 Schapiro, Morris A., President, M. A. Schapiro & Co., Inc.; accom

panied by George D. Reycraft, Esq., and Thomas A. Russo, Esq., of Cadwalder, Wickersham & Taft.

1652 Sporkin, Stanley, Associate Director, Division of Trading and Markets, Securities and Exchange Commission..

1413, 1490, 1538, 1613 Weinberg, Eli, Partner, Lybrand, Ross Bros. & Montgomery Co.--' 1540, 1613

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