William McChesney Martin, Jr., Chairman, Board of Governors, Federal Reserve System, accompanied by David B. Hexter, Assistant General James J. Saxon, Comptroller of the Currency, Treasury Department, ac- TUESDAY, JUNE 25 William F. Kelly, president of the First Pennsylvania Banking & Trust Co., 171 228 241 247 ALPHABETICAL LIST OF WITNESSES Ames, Amyas, president, Investment Bankers Association of America; Cary, William L., Chairman, Securities and Exchange Commission: accompanied by Byron D. Woodside, Commissioner, J. Allen Frear, Jr., Commissioner, Manual F. Cohen, Commissioner, Jack Whitney II, Commissioner, Philip A. Loomis, Director, Division of Trading and Exchanges, Milton H. Cohen, Director, Special Study of the Securities Coleman, Ralph P., Jr., publisher and editor, Over-the-Counter Securities Day, James E., president, Midwest Stock Exchange; accompanied by Dominick, Bayard, Dominick & Dominick, New York, N. Y., and president, Association of Stock Exchange Firms; accompanied by George J. Otto, Irving Lundborg & Co., San Francisco, Calif., chairman of the Pacific Coast Stock Exchange, G. Shelby Friedrichs, Howard, Weil, Labouisse, Friedrichs & Co., New Orleans, La., a current governor of National Association of Securities Dealers, Inc., James Crane Kellogg III, Spear, Leeds & Kellogg, New York, N. Y., former chairman of New York Stock Exchange, Francis J. Hughes, general counsel, Association of Stock Etherington, Edwin D., president, American Stock Exchange; accompanied Funston, G. Keith, president, New York Stock Exchange, accompanied by Edward C. Gray, executive vice president, and Samuel L. Rosenberry, Gilbert, Lewis D., appearing as a shareholder_ Kelly, William F., president of the First Pennsylvania Banking & Trust Co., Philadelphia, Pa., and vice president of the American Bankers Lemkau, Hudson B., vice chairman, board of governors, National Asso- ciation of Securities Dealers, Inc.; accompanied by Avery Rockefeller, Jr., chairman, advisory committee to the board of governors, A. Jackson Goodwin, Jr., member, board of governors, Robert W. Haack, member, board of governors, Wallace H. Fulton, executive director, Marc A. LeShane, Albert H., treasurer, Employers' Group Associates.. Martin, William McChesney, Jr., Chairman, Board of Governors, Federal Reserve System; accompanied by David B. Hexter, Assistant General Murphy, Dennis E., vice president, the Ohio Co.. 119 Ney, Richard, Richard Ney & Associates... 126 Saxon, James J., Comptroller of the Currency, Treasury Department; Ridgway, William C., Jr., on behalf of Association of Casualty & Surety Schapiro, Morris A., president, M. A. Schapiro & Co., Inc.. 228 99 93 LETTERS, STATEMENTS, AND DATA SUBMITTED FOR THE RECORD American Stock Exchange, Edwin D. Etherington, president: Letter from J. P. Cummings, partner, Peat, Marwick, Mitchell & Co., Association of Mutual Fund Plan Sponsors, Inc., New York, N.Y.: Letter Bills: Earlier Senate Frear-Fulbright proposals considered by the Banking Page 268 146 271 262 Boston Stock Exchange: Telegram from Weston W. Adams, president 257 277 Harris Trust & Savings Bank, Chicago, Ill.: Letter from Kenneth V. 259 Investors Diversified Services, Inc., Minneapolis, Minn.: Letter consti- Life Insurance Association of America, New York, N.Y.: Letter and Life Insurers Conference, Richmond, Va.: Letter and statement from Martin B. Williams, executive vice president, along with Glendon E. Johnson, American Life Convention, and Eugene M. Thoré, Life Insur- 273 271 268 National Association of Independent Insurers, Chicago, Ill.: Arthur C. 267 National Association of Life Companies, Inc.: Statement by Devereaux F. 275 National Association of Real Estate Boards, Chicago, Ill.: Resolution entitled "Real Estate Securities," submitted by John C. Williamson, National Stock Exchange, New York, N.Y.: Letter from Lawrence H. 257 Oregon Bankers Association: Telegram from Lester E. Thayer, executive 260 Pacific Coast Stock Exchange: Letter from Thomas P. Phelan, president_ Schapiro, Morris A., president, M. A. Schapiro & Co., Inc.: Commerical banks listed in order of capital accounts on March 18, 1963: Table listing 45 banks.. "Don't Tell the Stockholders": Article from Bank Stock Quarterly, Pago Comparative print of proposed amendments - Cary, William L., Chairman: Letter transmitting legislative proposals Modifications of S. 1642 proposed by Investment Bankers Asso- Prepared statement__. Classification of registered broker-dealers who are not members of "Extension of Securities Regulation": Editorial from Journal of Ac- 308 281 49 44 371 38 Insurance companies presently subject to the reporting requirements of the Securities Exchange Act of 1934 and to be covered by S. 1642 Over-the-counter securities: Letter and statement with respect Technical corrections in S. 1642: Letter and memorandum on... Modifications of S. 1642 proposed by Investment Bankers Association of America: Letter and memorandum on. Over-the-counter securities: Letter and statement with respect to Sections 12, 13, 14, 15, 16, 20(c), and 32(b) of the Securities Resolution proposed to and adopted by the Midwest Securities Ad- Sections 12, 13, 14, 15, 16, 20(c), and 32(b) of the Securities Exchange Act of 1934 and section 4(1) of the Securities Act of 1933: Statement Section 15 (a) and (b) and section 15A of the Securities Exchange Act of 1934: Statement on proposed amendments to- Statement with respect to legislative proposals of the SEC to amend 309 278 352 Whitney, Jack M., II, Commissioner: Letter relating to the prospec- 286 Securities Act of 1933, Public Law 22, 73d Congress_ Securities Exchange Act of 1934, Public Law 291, 73d Congress- Thill Securities Corp., Elm Grove, Wis.: Statement by Lewis D. Thill, United States Savings & Loan League, Washington, D.C.: Letter from 272 Letter from James J. Saxon, Comptroller, in regard to his testimony-- 183 184 199 256 Williams, Harrison A., Jr., U.S. Senator from the State of New Jersey, Business Outlook: "If This Is Bad for Banks, Is It Good for General Page 254 253 256 255 252 253 INDEX OF ORGANIZATIONS Association of Casualty Surety Companies- Association of Mutual Fund Plan Sponsors, Inc., New York, N.Y Landis, Feldman, Reilly & Akers.. National Association of Life Companies, Inc.. Federation of Women Shareholders in American Business, Inc.. Harris Trust & Savings Bank, Chicago, Ill.. Investment Bankers Association of America_. Investors Diversified Services, Inc., Minneapolis, Minn.. 271 National Association of Independent Insurers, Chicago, Ill.. 275 |