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CLEVELAND ELECTRIC ILLUMINATING
COMPANY—Continued
Hartford banks:
Hartford National.

Pride & Co.
Minneapolis banks:
First National.

Var & Co....
Pittsburgh banks:
Mellon National.

MAC & Co.
Pittsburgh National..

Elm & Co..
Detroit banks:

Detroit Trust.
Washington, D.C., banks:
American Security & Trust..

Johol & Co.
Wilmington banks:
Bank of Delaware.

Carothers &

Clark.
Detroit banks:
National Bank of Detroit..

Trussall & Co.----
Cleveland banks:
Cleveland Trust...

F. J. Haffner &

Co.
National City Bank..

Sheldon & Co.....
Baltimore banks:
Mercantile Safe.

Safe & Co..
Other banks:

Rhode Island Hospital Trust National Gage & Co...

Bank.
Philadelphia insurance companies:
Insurance Co. of N.A.

STEN & Co.....
Newark insurance companies:

Prudential Insurance..
Other insurance companies:

Buckeye Union Insurance Co......
Funds:

CEI Employee Savings Plan...
Public Employees Retirement BD. of Ohio.
Trustees of UMWA Welfare & Retire-

ment Fund of 1950.
Miscellaneous:

A. A. Welch & Co..

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Subtotal..

2, 401, 451

2, 401, 451

17. 6

• Trustee of Transcontinental Gas Pipe Line Corporation's Employees Thrift Plan.

Includes 154,687 shares held by Merrill Lynch, Pierce, Fenner and Smith and '70,140 shares held by Abraham and Co. that are registered in the name of Cede & Co.

Excludes 154,687 shares registered in the name of Cede & Co. • Excludes 70,140 shares registered in the name of Cede & Co. 10 Includes preferred stock with voting privileges. 11 Rank in 1970; not among top 50 in 1971.

1 Totals may not add due to rounding.
* Trustee of Employees' Stock Purchase Plan.

*Don & Co. was nominee of Old Colony Trust Co. of Boston which merged in 1972 with First National Bank of Boston.

*As nominee for American Natural Gas System Employees' Save ings Plan.

Voting stock consists of common stock and preference common stock. Shares shown are the total of both as calculated on a fully diluted basis with each preference common share equal to 1.44 shares of common. Preference common has preference over common in regards to dividends and the right, in case of default of 4 quarterly dividends, to elect a majority of directors. American Electric Power Company

The top 30 stockholders accounted for 25.5 percent of the company's common stock. Only three had 2 percent or more of the stock each:

Percent Cede and Company.

5. 5 (the nominee of the New York Stock Exchange) Manufacturers Hanover Trust..

3.5 (through two nominees) Chase Manbattan..

2. 8 (through two nominees) Nine New York banks combined held 13.3 percent of the stock.

Virginia Electric and Power Company

The top 30 stockholders accounted for 29.9 percent of the company's common stock. Four companies had more than 2 percent of the company's outstanding common stock each, three of them being New York banks and the fourth a brokerage firm:

Percont First National City..

5. 6 (through four nominees) Merrill Lynch, Pierce, Fenner & Smith Inc.

3. 7 Manufacturers Hanover..

3. 1 (through two nominees) Morgan Guaranty.

3. 1 (through four nominees)

Peroont

Eight New York banks combined held 16.1 percent Pennzoil Company of the common stock.

The Pennzoil Company, until June 1, 1972, Pennzoil Teras Eastern Transmission Corporation

United, Inc., was formed through merger of the former The top 30 shareholders held 26.9 percent of this Pennzoil Company and United Gas Corporation. As company's common stock. Only three of these shareholders such it is a major public utility in the natural gas transheld as much as 2 percent of the stock:

mission field, a producer of motor oil and related products,

and active in mining and oil and gas exploration. It is Bank of New York..

2. 6 included here under public utilities since Fortune in 1972 (through two nominees)

classified it among the 50 largest public utilities, alChemical Bank, New York...

2. 4

though Moody's Investors Service includes it in its (through four nominees) First National Bank of Shreveport, Louisiana..

2. 2

Industrial Manual for 1972 rather than in its Utilities (acting as trustee of the Employee's Stock Purchase

Manual. Plan)

The top 30 stockholders accounted for 40.9 percent of Six New York banks combined held a total of 9.8 the voting stock (common and preference common) of the percent of the company's common stock.

company, nearly half of this amount, 18.6 percent, con

sisting of holdings of 10 New York banks. Two of these Texas Utilities Company

and three other holders had 2 percent or more of the voting

stock each as follows: The top 30 stockholders accounted for 25.8 percent of

Percent the company's common stock. The only holders of 2 or First National City-

7. 5

3. 7 more percent of the common stock are one Chicago and

Commerce Bank of Kansas City.
Merrill Lynch, Pierce, Fenner & Smith Inc....

3.0 three New York banks as follows:

Chase Manhattan.

28 Peroont Brown Brothers, Harriman and Company.

2.4 Chase Manhattan...

2.9 (through two nominees) First National of Chicago.

2. 7

Baltimore Gas and Electric Company (through three nominees) First National City of New York..

2. 4

The top 30 stockholders accounted for 24.6 percent of (through three nominees) Morgan Guaranty-

2.1

the company's common stock, about the average concen(through two nominees)

tration among reporting utilities. Only three holders acSeven New York banks combined held 11.0 percent of counted for 2 percent of the stock:

Percent the common stock.

Cede and Company.

4. 2

(the nominee of the New York Stock Exchange) American Natural Gas Company

Chase Manhattan Bank..

2. 1 Bank of California....

2. O The top 30 stockholders accounted for 29.3 percent of Five Now York banks combined held 4.8 percent; four the company's common stock. Only two holders ac

Baltimore banks combined held 3.2 percent of the comcounted for 2 or more percent of the common stock:

pany's common stock.

Peroont Cede and Company.-

6. 4 Allegheny Power System (the nominee of the New York Stock Exchange) Savings Bank and Trust Company of New York.... 2. 3 Nine New York banks combined held 10.1 percent of

The top 30 stockholders accounted for 27.9 percent of the outstanding common stock.

the company's common stock. As in Baltimore Gas and

Electric, only three holders accounted for 2 or more perNiagara Mohawk Power Corporation

cent of this stock:

Peroont The top 30 stockholders accounted for 16.9 percent of

Cede and Company

5. 9

(the nominee of the New York Stock Exchange) the company's common stock. Only two companies First National City Bank.

3.6 accounted for more than 2 percent of the company's (through four nominees) common stock.

First Jersey Bank...

2.0

Six New York banks combined held a total of 9.3 perCede and Company.

6.9 (the nominee of the New York Stock Exchange)

cent of the company's common stock. Marine Midland Bank, New York....

2. 7 Nine New York banks combined held 7.5 percent of

Transcontinental Gas Pipe Line Corporation the company's common stock.

The top 30 stockholders accounted for 27.1 percent of Northeast Utilities

the company's common stock. Four holders held 2 or more

percent of this stock: With the top 30 stockholders accounting for 14.1 per

Peroent cent of the company's common stock, less concentration

Stone and Webster.

8. 2 First City National Bank of Houston.

4. 3 of ownership is evident than for most utilities. In fact

(whose nominee, Hamill and Company, acts as the Cede and Company, the nominee of the New York Stock

trustee of the Transcontinental Gas Pipe Line Exchange, with 3.0 percent of Northeast Utilities' com

Corporation Employees Thrift Plan) mon stock, was the only holder of more than 2 percent of

Cede and Company

4. 3 such stock. Six New York banks combined held 2.8 per

(the nominee of the New York Stock Exchange) Bankers Trust.co.

2.0 cent of the company's common stock.

(through two nominees)

Poroont

Four New York banks combined held a total of 2.5 Eight New York banks combined held 14.3 percent of percent of the company's common stock.

the common stock of Long Island Lighting, with the top

three, as noted above, holding 11.5 percent. Pennsylvania Power and Light Company

Potomac Electric Power Company Concentration of stock ownership in this company is relatively low among utilities, the top 30 holders account- Only 14.8 percent of the common stock of Potomac ing for 18.6 percent of total shares of common stock Electric Power is held by the 30 largest stockholders. Cede outstanding. Aside from Cede and Company, the nominee and Company, the nominee of the New York Stock Exof the New York Stock Exchange, with 3.8 percent of the change, accounted for 6.1 percent. No other holder was total, all of the holders with i or more percent of the reported to be holding as much as 1 percent of the stocks. shares are Philadelphia banks, led by Girard Trust Three New York banks combined held 1.2 percent of the with 2.1 percent and First Pennsylvania with 2.0 percent. stock and four Washington banks 2.4 percent. Six Philadelphia banks combined held 7.8 percent, and seven other Pennsylvania banks an additional 2.7 percent. Pacific Power and Light Company Five New York banks combined held a total of 2.1 percent of this company's common stock.

Among utilities, except for AT&T, Pacific Power and

Light ranked lowest in concentration of voting stock Long Island Lighting Company

among reporting utility companies, the top 30 stockholders

holding only 10.0 percent of such stock. Only one holder This company appears quite typical of the concentra- held as much as 2 percent; Merrill Lynch, Pierce, Fenner tion pattern among electric and gas utility stock owner- and Smith with 2.5 percent. Two New York banks comship, with somewhat greater emphasis on participation bined held 0.4 percent of the company's voting stock. of New York banks, which its geographical location would suggest in any case. Holding 2 or more percent of Long Cleveland Electric Illuminating Company Island Lighting's common stock are only three New York banks and Cede and Company:

The top 30 stockholders accounted for 24.1 percent of

the company's common stock. Only two holders had 2 or Chase Manhattan..

5. 1 more percent of such stock: (through two nominees) Morgan Guaranty-. 3. 9 Cede and Company

3. 3 (through six nominees)

(the nominee of the New York Stock Exchange) First National City-. 3.0 A. A. Welch and Co...

2.0 (through three nominees) Cede and Company.

4.6

Four New York banks combined held 3.2 percent of the (the nominee of the New York Stock Exchange)

company's common stock.

Peroont

Porcent

Chapter VII

RETAIL TRADE

The response to Senator Metcalf's letter of May 8, 1972, Thus the 30 largest holders accounted for 41.8 percent to the 50 largest retailing companies in 1970, ranked by of the outstanding common stock, and banks and bank sales, was less complete than for any other category of nominees (among the top 30 holders) accounted for 33.0 firms contacted, except for insurance. In fact 18, or over a percent. third, failed to respond at all. Of the 32 who did answer Lucky Stores, Dublin, California, indicated only that the letter, 12 refused to give any information on stock- the largest holder of its stock is an individual with just holders, largely on the grounds of confidentiality, 10 over 6 percent of the total outstanding shares, and that provided only limited information, and two indicated they of the 30 largest, 11 are individuals and not institutions. were subsidiaries of other companies. Only eight companies Forty-four percent of the voting stock of the Daytoncomplied fully with Senator Metcalf's request; and of Hudson Corporation is held by five members of the these only one, Safeway Stores, the third ranking company, Dayton family, all of whom are directors of the company, was among the top 15 retail companies.

and members of their families. No other single shareholder

is believed to account for as much as 5 percent of the PARTIAL RESPONSES

stock.

Arlen Realty and Development Corporation referred to The gist of the 10 partial responses can be indicated as the proxy statement it enclosed which indicated that follows:

Arthur Cohen, chairman of the board, directly and through Sears Roebuck, the largest retailer, indicated only that family trusts, owned beneficially about 29.3 percent of the the largest block of its stock, 31,228,627 shares, or 20 percent voting securities of the company. And Arthur N. Levien, of the total outstanding, was held by the Savings and chairman of the operations committee of the company, Profit Sharing Pension Fund of Sears, Roebuck and directly and through family trusts, owned beneficially Company employees. The next 29 shareholders held about 14.3 percent of the voting securities of the company. 22,857,441 common shares or 14.7 percent of the total shares No other officer or director held

as much as 2 percent of the outstanding. No further detail of these 29 shareholders was voting securities of the company. No other holdings were offered.

disclosed. J. C. Penney answered in a similar vein and indicated

Associated Dry Goods Corporation only listed the numthat the single largest stockholder is the trustee under

ber of shares in each of the 30 largest shareholdings. It the Company's Savings and Profit Sharing Plan, with about 3.6 million shares or about 6.4 percent of the total

gave no indication of the name or even of the kind of outstanding

holder (e.g. bank nominee, corporation, individual). The S. S. Kresge Company also provided only the name of 30 largest shareholders accounted for 36.9 percent of the the largest stockholder, the Kresge Foundation holding

common stock of Associated Dry Goods; the top six 3,403,900 shares of common stock, or about 9.3 percent of the total outstanding.

holders ranged from 3.5 to 2.1 percent of the stock each, Marcor, the parent company of Montgomery Ward

with a total of 15.4 percent between them. and Container Corporation of America, indicated the First National Stores, Somerville, Massachusetts, disamount of shares in each of the 30 largest shareholdings, closed only that the Madison Fund owned about 20 percent but designated only the kinds of holders. Thus the three largest holders were each a bank nominee, with 4.1, 4.0,

of its stock and that no other stockholder owned 10 percent and 4.0 percent of the outstanding stock, respectively, with or more. Thus it did no more than fulfill the regulation of the fourth largest being Ward's

Profit Sharing Plan with the Securities and Exchange Commission for disclosure of 3.7 percent of the total. The largest accounts can be sum- names of persons owning 10 percent or more of a corporamarized as follows:

tion's stock. Percent

Borman's, Inc., reported that the Borman family Number of

of total owned beneficially over 600,000 shares (or over 20 pershares outstanding

cent) of the 2,965,048 shares of the common stock out

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30.5 standing

8, 390, 491
1, 008, 756

682, 109
407, 840

3. 7 2. 5 1. 5

21 bank nominees..
Ward's profit sharing plan..
3 banks..
1 broker.
State governmental retirement

fund..
Trustees of the Container Com-

mon Stock Trust Fund B..... 1 insurance company.-Trustees of the Container Com

mon Stock Trust Fund A..

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The two respondents that indicated they were subsidiaries of other companies were National Tea Company, 4,186,016 or 55.2 percent of its total of 7,583,693 common shares outstanding being held by the Canadian firm, Loblaw Groceterias, Co., Limited, through two wholly owned subsidiaries, and City Products Corporation, a wholly owned subsidiary of Household Finance Corporation.

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