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

67-228 O

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

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 O. STAGGERS, West Virginia, Chairman

TORBERT H. MACDONALD, Massachusetts WILLIAM L. SPRINGER, Illinois

1318, 1413, 1490

1712

Bevis, Herman W., Executive Director, Banking and Securities Industry Committee.

William J., Chairman, Securities and Exchange

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

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

1639

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., ac-
companied by Donald L. Calvin, Vice President..
Howland, Richard B., President, Stock Clearing Corporation, New
York Stock Exchange, Inc.--.

1728

1325, 1413, 1490

1368, 1413, 1490

Kaestner, Frank W., Šenior Vice President, Manufacturers Hanover
Trust Company..
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___

Loomis, Hon. Philip A., Jr., Commissioner, Securities and Exchange
Commission_.

Macklin, Gordon S., President, National Association of Securities
Dealers, Inc., accompanied by Lloyd J. Derrickson, Vice President
and General Counsel.

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

1669

1712

1739

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

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

1316

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.; accompanied 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