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Statements of —
Bevis, Herman W., Executive Director, Banking and Securities In-
1318, 1413, 1490
Prepared statement submitted by
Page Bevis, Herman W.
1321 Delahunty, Christopher J
1354 Du Pont, Henry W., with exhibits and charts.
1382 Haack, Robert W.
1732 Howland, Richard B., with exhibits
1328 Kaestner, Frank W.
1369 Loeffler, Robert M.
1669 Macklin, Gordon S.
1739 Maller, Robert R..
1555 Montross, Phillips M.
1346 Morgan, David H.
1364 Needham, James J.
1317 Noyes, Clifford H..
1549 O'Connor, Bernard, to include an article; illustrations; a speech by
Fred R. Esty, Chairman of the Board, United States Banknote
1561 Peake, Junius W.
1377 Reinisch, Hans Randolph, to include article and attachments with illustrations.
1696 Securities and Exchange Commission, with extracts.
1713 Sporkin, Stanley
1539 Weinberg, Eli.
1542 Additional material submitted for the record byAmerican Stock Exchange:
List of all members and top staff, including their places of residence
1496 Banking and Securities Industry Committee (BASIC):
List of all members and top staff, including their places of residence
1494 Notes submitted by Herman W. Bevis on his study of the German,
French, and of Morgan Guaranty's Euro-Clear depository --- 1509 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.. 1580 Celler, Hon! Emanuel: Letter dated November 12, 1971, to Richard
W. McLaren, re concern of antitrust implications of the New York
1646 Ernst, Martin L., Vice President, Arthur D. Little, Inc.: Letter dated
October 15, 1971, elaborating on industry's automation problems.- 1577 Federal Bar Journal: Article entitled “The Status of Regulatory Independence,” by A. Everette MacIntyre--
1811 McLaren, Richard W.: Letter dated November 19, 1971, in reply to letter of November 12, 1971, from Hon. Emanuel Celler..
1650 McNeill, Charles R.: Letter dated November 16, 1971, clarifying misunderstanding of testimony of October 18, 19, and 20.
1524 National Association of Securities Dealers, Inc. (NASD):
Letter dated July 22, 1971, from Gordon S. Macklin, in reply
1498 Letter dated November 18, 1971, submitting views in planning a clearing facility in New York.
1531 National Clearing Corporation: List of all members and top staff, including their places of residence and business addresses..
1499 New York Stock Exchange:
Letter dated July 8, 1971, setting forth N YSE thoughts on the
forthcoming introduction of a continuous net settlement system
1424 Letter dated October 22, 1971, setting forth a listing of the names,
business addresses, home addresses of the governors, president,
1494 Material relating to the incorporation of the New York Stock Exchange
Page 1534 1632
Additional material submitted for the record by-Continued
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 industryO'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
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
submitted to the Office of Management and Budget for clearance
from late 1968 to 1970, where data processing was a significant
factor in failure, with attachments...
Securities Exchange Act release 8543 and other sundry releases-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”
Finance and the SEC, re policy of placing rule 17a-8 proposals
in a public file-
William J. Casey, to inform him as to the statutory basis for
P. Shultz, Director, Office of Management and Budget, re-
simultaneously with submitting such material to Congress----
Chief Justice of the United States, asking his views re what
letter from Hon. John E. Moss, dated October 20, 1971.
1971, replying to letter of October 20, 1971, from Hon. John E.
dated October 19, 1971, submitting position papers to Subcommittee
titled “A System of Certificateless Stock Transfers'
1581 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 0. Making the Certificate Machine-Readable (Discussion Paper, September 9, 1970)
1869 P. Research Report on Making the Certificate Machine-Readable. 1888 Q. The Machine-Readable Certificate Project
1893 Ř. Four Proposed Uniform Forms—Transfer Instruction Delivery Ticket Comparison Reclamation Form..
1895 S. The Billion-Share Automated Securities Depository (Central Certificate Service)
1908 T. Memorandum of Understanding on a Comprehensive Securities De pository System..
1922 U. Chronology of the New York Stock Exchange, Stock Clearing Corpo ration.
1929 V. Operating Rules of the National Clearing Corporation.
1935 W. Report and Recommendations of the Security Imprinting and Process
ing Task Force of the Committee on Uniform Security Identifica-
1960 X. OCR Equipment for Reading Stock Certificates (Report to BASICJuly 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
2039 AA. Securities Industry Overview Study
2055 BB. Paper Crisis in the Securities Industry: Causes and Cures..
2159 CC. The Role of Banking in Elimination of the Stock Certificate..-.. 2306 DD. Seminar—Is the Stock Certificate Necessary?--
2367 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
2560 GG. Reducing Costs of Stock Transactions: A Study of Alternative Trade Completion Systems—Vol. I: Summary of Results
2596 HH. Reducing Costs of Stock Transactions: A Study of Alternative Trade
Completion Systems—Vol. II: Evaluation of Selected Alternatives. 2616 II. Reducing Costs of Stock Transactions: A Study of Alternative Trade
Completion Systems—Vol. III: The Trade Completion Simulation
2676 JJ. Reducing Costs of Stock Transactions: A Study of Alternative Trade
Completion Systems—Supplement to Vol. III: The Computer
2768 KK. A Presentation for the Elimination of the Stock Certificate, by Compute-O-Gram Systems, Inc.-
STUDY OF THE SECURITIES INDUSTRY
MONDAY, OCTOBER 18, 1971
HOUSE OF REPRESENTATIVES,
Washington, D.C. The subcommittee met at 10:15 a.m., pursuant to notice, in room 2321, Rayburn House Office Building, Hon. John E. Moss (chairman) presiding.
Mr. Moss. The subcommittee will be in order.
This morning the Subcommittee on Commerce and Finance of the House Committee on Interstate and Foreign Commerce opens the fourth in its series of hearings in its study of the securities industry.
In our last hearing we focused on problems of accounting, specifically the need for uniform accounting procedures and uniform and more extensive disclosure to customers of broker-dealers' financial condition, as well as the adequacy of audit procedures. Now we shall turn to another important problem, namely, the
pervasive effect of the stock certificate as a primary factor in back office difficulties and an obstacle to the rapid and efficient processing of transactions both on the exchanges and over the counter.
These hearings will focus on the feasibility and desirability of one or more depositories to immobilize stock certificates, the development of a machine-readable certificate and accompanying documents, and the development of a more efficient system for clearance, settlement, delivery, and transfer of securities.
A later hearing, scheduled for October 26 and 27, will consider the possibility of totally eliminating the stock certificate.
As in our prior hearings, we have determined that this hearing will take the form of a panel discussion rather than the usual formal presentation of statements. In this way, the subcommittee hopes, it will be possible to achieve an interchange of views, both between this subcommittee and the panelists and between the panelists themselves. At the outset, each panelist has been asked to present a brief summary of his views. The written statements will, of course, be made a part of the record and the Chair, at this point, requests unanimous consent to include such statements in the record as they are presented.
Is there objection! Hearing none, that will be the order of the committee
I appreciate the difficulties inherent in the next request, but I ask that you keep your summaries as brief as possible. I hope that 10 minutes will suffice. If there are points left uncovered, you may pick them up at a later stage in our discussion.