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

Serial No. 92-37d

Printed for the use of the

Committee on Interstate and Foreign Commerce

67-228 O

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

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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Kaestner, Frank W., Senior 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

Weinberg, Eli, Partner, Lybrand, Ross Bros. & Montgomery Co.-- 1540, 1613

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