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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
JOHN M. MURPHY, New York

DAVID E. SATTERFIELD III, Virginia
BROCK ADAMS, Washington
RAY BLANTON, Tennessee

W. S. (BILL) STUCKEY, JR., Georgia
PETER N. KYROS, Maine
BOB ECKHARDT, Texas
ROBERT O. TIERNAN, Rhode Island
RICHARDSON PREYER, North Carolina
BERTRAM L. PODELL, New York
HENRY HELSTOSKI, New Jersey
JAMES W. SYMINGTON, Missouri
CHARLES J. CARNEY, Ohio
RALPH H. METCALFE, Illinois
GOODLOE E. BYRON, Maryland
WILLIAM R. ROY, Kansas

WILLIAM L. SPRINGER, Illinois
SAMUEL L. DEVINE, Ohio

ANCHER NELSEN, Minnesota
HASTINGS KEITH, Massachusetts
JAMES T. BROYHILL, North Carolina
JAMES HARVEY, Michigan

TIM LEE CARTER, Kentucky
CLARENCE J. BROWN, Ohio
DAN KUYKENDALL, Tennessee
JOE SKUBITZ, Kansas

FLETCHER THOMPSON, Georgia
JAMES F. HASTINGS, New York
JOHN G. SCHMITZ, California
JAMES M. COLLINS, Texas
LOUIS FREY, JR., Florida
JOHN WARE, Pennsylvania

JOHN Y. MCCOLLISTER, Nebraska
RICHARD G. SHOUP, Montana

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SUBCOMMITTEE ON COMMERCE AND FINANCE

JOHN E. MOSS, California, Chairman

JAMES T. BROYHILL, North Carolina
JOHN WARE, Pennsylvania
JOHN Y. MCCOLLISTER, Nebraska

W. S. (BILL) STUCKEY, JR., Georgia
BOB ECKHARDT, Texas
CHARLES J. CARNEY, Ohio

Study of the Securities Industry

Staff

WILLIAM H. PAINTER, Special Counsel

HARVEY A. ROWEN, Counsel
ROBERT L. STERN, Special Consultant
J. WILLIAM GADSBY, Professional Adviser

JOHN N. BALAKOS, Professional Adviser ROBERT J. CANTER, Professional Adviser

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

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Casey, Hon. William J., Chairman, Securities and Exchange
Commission....

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

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

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

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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..

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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..

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

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Morgan, David H., President, National Clearing Corporation,
NASD..

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Needham, James J.,

Commissioner, Securities and Exchange

Commission...

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

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O'Connor, Bernard, Vice President and General Manager, United
States Banknote Corporation__.

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

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

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Schapiro, Morris A., President, M. A. Schapiro & Co., Inc.; accompanied by George D. Reycraft, Esq., and Thomas A, Russo, Esq,, of Cadwalder, Wickersham & Taft..

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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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Noyes, Clifford H..

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O'Connor, Bernard, to include an article; illustrations; a speech by

Fred R. Esty, Chairman of the Board, United States Banknote
Corporation; and releases.

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Peake, Junius W.

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Reinisch, Hans Randolph, to include article and attachments with illustrations_.

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List of all members and top staff, including their places of residence
and business addresses___

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Banking and Securities Industry Committee (BASIC):

List of all members and top staff, including their places of residence
and business addresses.

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Notes submitted by Herman W. Bevis on his study of the German,
French, and of Morgan Guaranty's Euro-Clear depository.
Calvert, Gordon L., Investment Bankers Association of America:
Letter dated October 6, 1971, urging prompt enactment of legis-
lation abolishing stock certificate for use in interstate commerce--
Celler, Hon! Emanuel: Letter dated November 12, 1971, to Richard
W. McLaren, re concern of antitrust implications of the New York
Stock Exchange_

Ernst, Martin L., Vice President, Arthur D. Little, Inc.: Letter dated
October 15, 1971, elaborating on industry's automation problems..
Federal Bar Journal: Article entitled "The Status of Regulatory
Independence," by A. Everette MacIntyre.......

McLaren, Richard W.: Letter dated November 19, 1971, in reply
to letter of November 12, 1971, from Hon. Emanuel Celler.
McNeill, Charles R.: Letter dated November 16, 1971, clarifying
misunderstanding of testimony of October 18, 19, and 20__
National Association of Securities Dealers, Inc. (NASD):

Letter dated July 22, 1971, from Gordon S. Macklin, in reply
to the NYSE letter of July 8, 1971..

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List of all members and top staff including their places of residence
and business addresses_

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Letter dated November 18, 1971, submitting views in planning a
clearing facility in New York.

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National Clearing Corporation: List of all members and top staff,
including their places of residence and business addresses..
New York Stock Exchange:

Letter dated July 8, 1971, setting forth NYSE thoughts on the
forthcoming introduction of a continuous net settlement system
in New York.....

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Letter dated October 22, 1971, setting forth a listing of the names,
business addresses, home addresses of the governors, president,
etc. of the exchange.

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Material relating to the incorporation of the New York Stock
Exchange..

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Nicholson, Clayton M., Vice President of the Stock Transfer Associa-
tion, Inc.: Letter dated November 19, 1971, explaining action taken
by his organization in the problems of the securities industry-
O'Connor, Bernard, article entitled "Optical Speed Reading"
Peat, Marwick, Mitchell & Co.: Letter dated June 21, 1971, re material
submitted pertaining to various proposals for dealing with security

certificate..

Perkins, John H., Chairman of the National Coordinating Group for
Comprehensive Depositories: Letter dated December 23, 1971, to
Chairman Moss advising him of their interest in the subject of
immobilizing certificate in depositories. -
Securities and Exchange Commission:

Letter dated December 15, 1971, setting forth SEC opinion re-
garding statutory authority of SEC to compel NASD to adopt
uniform rules for clearance and settlement procedures by all
NASD members for both O-T-C and listed stocks, with
attachment___

Material relating to the incorporation of the New York Stock
Exchange

Reply to letter of October 4, 1971, to Hon. John E. Moss, with
attachments__

Report of the SEC regarding comments on pending legislation,
submitted to the Office of Management and Budget for clearance.
Securities Exchange Act of 1934, Release No. 9426.

SEC data showing number of firms which went out of business
from late 1968 to 1970, where data processing was a significant
factor in failure, with attachments__.

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Securities Exchange Act release 8543 and other sundry releases. 1450
Steadman, John M., The Law School, University of Pennsylvania:
Letter dated April 5, 1971, to Commissioner Smith, SEC, regarding
views to eliminate all stock certificates__
Subcommittee on Commerce and Finance:

Article entitled "Securities Struggle-Battle for Influence Over
Stock Trading Looms on Wall Street".
Correspondence between staff of Subcommittee on Commerce and
Finance and the SEC, re policy of placing rule 17a-8 proposals
in a public file...

Letter dated October 4, 1971, from Hon. John E. Moss to Hon.
William J. Casey, to inform him as to the statutory basis for
clearing its budgetary requests with the Office of Management
and Budget..

Letter dated October 20, 1971, from Hon. John E. Moss, to George
P. Shultz, Director, Office of Management and Budget, re-
questing to be informed why SEC has to submit to the OMB
proposed legislation, legislative comments, etc., prior to or
simultaneously with submitting such material to Congress _ _
Letter dated October 20, 1971, from Hon. John E. Moss to the
Chief Justice of the United States, asking his views re what
effect there would be if SEC were empowered to conduct its
Supreme Court litigation independently of the Solicitor Gen-
eral's Office..

Shultz, George P.: Letter dated November 10, 1971, in reply to
letter from Hon. John E. Moss, dated October 20, 1971__
Supreme Court of the United States: Letter dated November 9,
1971, replying to letter of October 20, 1971, from Hon. John E.
Moss

Van Dam, Henry, Corporate Transfer Agents Association: Letter
dated October 19, 1971, submitting position papers to Subcommittee
on Commerce and Finance...

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Weinberg, Eli, article from Bank Administration, May 1971, en-
titled "A System of Certificateless Stock Transfers"

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PARTS 4 AND 5

APPENDIXES

M. Answers to Questions, by Herman W. Bevis, Executor Director, Page BASIC 1833

N. Comprehensive Securities Depository System Study of Canceled

Stock Certificates, with statistical tables, exhibits, and charts... 1838 O. Making the Certificate Machine-Readable (Discussion Paper, September 9, 1970)

P. Research Report on Making the Certificate Machine-Readable_
Q. The Machine-Readable Certificate Project...__

R. Four Proposed Uniform Forms-Transfer Instruction Delivery Ticket
Comparison Reclamation Form__

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S. The Billion-Share Automated Securities Depository (Central Certificate
Service).-

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T. Memorandum of Understanding on a Comprehensive Securities Depository System..

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U. Chronology of the New York Stock Exchange, Stock Clearing Corpo

ration__.

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V. Operating Rules of the National Clearing Corporation.

W. Report and Recommendations of the Security Imprinting and Processing Task Force of the Committee on Uniform Security Identification Procedures___

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X. OCR Equipment for Reading Stock Certificates (Report to BASIC-
July 1970), with charts, tables, and exhibits--

1971

Y. Letter from Chairman Casey of SEC to Mr. Moss regarding fails, with charts, tables, and exhibits_

2012

Z. Suggest approach to the National Clearing Problem, with charts and exhibits

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AA. Securities Industry Overview Study.

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BB. Paper Crisis in the Securities Industry: Causes and Cures--
CC. The Role of Banking in Elimination of the Stock Certificate_-_.
DD. Seminar-Is the Stock Certificate Necessary?.

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EE. The Multiple Causes of Fails in Stock Clearing in the United States (Volumes I and II)____

2413

FF. A Securities Handling System for the 1975 Era-Report to New
York Stock Exchange.

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GG. Reducing Costs of Stock Transactions: A Study of Alternative Trade
Completion Systems-Vol. I: Summary of Results___.
HH. Reducing Costs of Stock Transactions: A Study of Alternative Trade
Completion Systems-Vol. II: Evaluation of Selected Alternatives_
II. Reducing Costs of Stock Transactions: A Study of Alternative Trade
Completion Systems-Vol. III: The Trade Completion Simulation
Model...

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JJ. Reducing Costs of Stock Transactions: A Study of Alternative Trade
Completion Systems-Supplement to Vol. III: The Computer
Program.

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KK. A Presentation for the Elimination of the Stock Certificate, by
Compute-O-Gram Systems, Inc.-

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