Study of the Securities Industry, Part 3: Hearings Before the Subcommittee on Commerce and Finance of the Committee on Interstate and Foreign Commerce, House of Representatives, Ninety-Second Congress, First Session, October 18-20, 26-27 and November 16-17, 1971   [open pdf - 400MB]

This is from the October 18-20, 26-27 and November 16-17, 1971 hearings on the "Study of the Securities Industry, Part 3," held before the Subcommittee on Commerce and Finance of the U.S. House Committee on Interstate and Foreign Commerce. From the opening statement of John E. Moss: "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." Statements, letters, and materials submitted for the record include those of the following: Herman W. Bevis, William J. Casey, Emanuel Celler, Christopher J. Delahunty, Henry W. Du Pont, Robert W. Haack, Richard B. Howland, Frank W. Kaestner, Robert M. Loeffler, Philip A. Loomis, Jr., Gordon S. Macklin, Robert R. Mailer, Phillips M. Montross, David H. Morgan, James J. Needham, Clifford H. Noyes, Bernard O'Connor, Junius W. Peake, Irving M. Pollack, Hans Randolph Reinisch, Morris A. Schapiro, Stanley Sporkin, and Eli Weinberg.

Report Number:
Serial No. 92-37b
Public Domain
Retrieved From:
U.S. Government Publishing Office: http://www.gpo.gov/
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