Page images
PDF
EPUB
[merged small][graphic][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][ocr errors][subsumed][subsumed]
[graphic]

INSTITUTIONAL MEMBERSHIP ON
NATIONAL SECURITIES EXCHANGES

HEARINGS

BEFORE THE

SUBCOMMITTEE ON SECURITIES

OF THE

COMMITTEE ON
BANKING, HOUSING AND URBAN AFFAIRS

UNITED STATES SENATE

NINETY-SECOND CONGRESS

SECOND SESSION

ON

S. 1164 and S. 3347

BILLS CONCERNING MEMBERSHIP ON NATIONAL SECURITIES

EXCHANGES

PART II

APRIL 18, 19, 20 AND 21, 1972

Includes responses to questionnaire

Printed for the use of the
Committee on Banking, Housing and Urban Affairs

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1972

78-946 0

COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS

JOHN SPARKMAN, Alabama, Chairman WILLIAM PROXMIRE, Wisconsin

JOHN TOWER, Texas HARRISON A. WILLIAMS, JR., New Jersey WALLACE F. BENNETT, Utah THOMAS J. MCINTYRE, New Hampshire EDWARD W. BROOKE, Massachusetts WALTER F. MONDALE, Minnesota

BOB PACKWOOD, Oregon ALAN CRANSTON, California

WILLIAM V. ROTH, JR., Delaware ADLAI E, STEVENSON III, Illinois

BILL BROCK, Tennessee
DAVID H. GAMBRELL, Georgia

ROBERT TAFT, JR., Ohio
DUDLEY L. O'NEAL, Jr., Staff Director and General Counsel

MICHAEL E. BURNS, Minority Counsel
STEPHEN J. PARADISE, Assistant Counsel

SUBCOMMITTEE ON SECURITIES

HARRISON A. WILLIAMS, JR., New Jersey, Chairman WILLIAM PROXMIRE, Wisconsin

EDWARD W. BROOKE, Massachusetts THOMAS J. MCINTYRE, New Hampshire JOHN TOWER, Texas WALTER F. MONDALE, Minnesota

WALLACE F. BENNETT, Utah ADLAI E. STEVENSON III, Illinois

BOB PACKWOOD, Oregon DAVID H. GAMBRELL, Georgia

WILLIAM V. ROTH, JR., Delaware

SECURITIES INDUSTRY STUDY
DAVID L. RATNER, Chief Counsel
ALTON B. HARRIS, A88istant Counsel
THOMAS C. NEW KIRK, Assistant Counsel

KENNETH D. STEPHENS, Assistant Counsel
HAMILTON H. Wood, Jr., Professional Staff Member

EDWARD B. CROSSLAND, Jr., Attorney

(II)

CONTENTS

(The same table of contents appears in parts I and II)

S. 1164.

Report from the Justice Department---
S. 3347.

Page

3
7
5

CHRONOLOGICAL LIST OF WITNESSES

TUESDAY, APRIL 18
T. Lawrence Jones, president, American Insurance Association; accom-

panied by Donald H. Whitney, senior vice president, Commercial Union
Insurance Co. of Boston, Mass.; Charles T. Bauer, senior vice president,
American General Insurance Co. of Houston, Tex.; and Walter D.
Vinyard, Jr., associate counsel, American Insurance Association, Wash-
ington office

9
Gustave L. Levy, Goldman, Sachs & Co., accompanied by Judith G.
Shepard.

23
Andrew G. C. Sage II, president, Lehman Bros., Inc., accompanied by
Cyrus Vance Counsel -

38, 56
Abraham L. Pomerantz, Pomerantz, Levy, Haudek & Block -

48
J. Walter Sherman, president, Sherman, Dean & Co., Inc..

60
WEDNESDAY, APRIL 19
Richard Lewisohn, finance administrator, city of New York -

75
Harold E. Bigler, Jr., American Life Convention and Life Insurance As-

sociation of America; accompanied by Paul J. Mason, associate general
counsel, Life Insurance Association of America; and Robert Routier,
associate general counsel, American Life Convention..

87
Robert M. Loeffler, senior vice president, Investors Diversified Services 99
Meyer Eisenberg, The Seaboard Corp. and Channing Management Corp-- 115

THURSDAY, APRIL 20
William J. Casey, Chairman, Securities and Exchange Commission,

accompanied by Hugh F. Owens, A. Sydney Herlong, Jr., and Philip A.
Loomis, Jr., Commissioners.

131
Schweiker, Richard S., U.S. Senator from the State of Pennsylvania

235
Elkins Wetherill, president, Philadelphia-Baltimore-Washington Stock

Exchange, accompanied by George S. Hender, vice president, and
Prof. Robert H. Mundheim, consultant-

236
Michael E. Tobin, president, Midwest Stock Exchange, Inc., accompanied

by Milton H. Cohen, partner of Schiff Hardin Waite Dorschel & Britton.- 245
Thomas Phelan, president, Pacific Coast Stock Exchange, accompanied

by Richard Jones, chairman, Pacific Coast Stock Exchange, and chair-
man of the board, Mitchum, Jones & Templeton, Inc.--

280
James W. Walker, Jr., executive vice president, American Stock Exchange,

accompanied by Robert J. Birnbaum, vice president and executive
assistant to the president.

292
FRIDAY, APRIL 21
William McChesney Martin, Jr., accompanied by Donald A. E. Beer,
consultant, and George Jensen, counsel

315
Robert W. Haack, president, New York Stock Exchange, accompanied
by David D. Huntoon.-

359

« PreviousContinue »