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New York banks:

Bankers Trust.
Chase Manhattan.

Cudd & Co.
First National City-.
Manufacturers Hanover.

(Ince & Co..

Kelly & Co...
Morgan Guaranty..

Reing & Co...
Ruch & Co.

(Shaw & Co...
Bank of New York..

Way & Co...
U.S. Trust Company..

Subtotal-New York Big Seven.....
Chemical Bank....

Cummings &

Co.
Irving Trust

Gilmet & Co...
Philadelphia banks:
Provident National.

Saxon & Co.--.
Boston banks:
First National..

WESTON & Co......
New England Merchant.

Elac & Co.....
Minneapolis banks:
First National..

Bruch & Co...
Northwestern National.

PERC & Co...
New Jersey banks:
First Jersey Bank.

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

Pace & Co....
California banks:
Seattle First National.....

Seafirst & Co...---
Other banks:

Colonial Bank & Trust Co. (Waterbury, Coltru & Co.

Conn.)
Commerce Bank of Kansas City

Don & Co.
(Missouri)

1GoCo... Foreign banks:

Canadian Imperial Bank of Commerce... Group & Co...

Canadian Bank of Commerce Trust Co.. Yonge & Co...
Brokers:

J. & W. Seligman & Co..--...
Funds:

Permanent University Fund of the Uni

versity of Texas.
Individuals:

Mrs. Dorothy B. Melville..
Ward Melville
Murray M. Rosenberg.

Samuel H. Rosenberg-
Miscellaneous:

Father Flanagans Boys Home...

322, 538
100, 000

2.8 .9

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Subtotal...

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(47)-----

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44, 500 30, 000 71, 265 200, 000 438, 214

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PUEBLO INTERNATIONAL-Continued
Philadelphia banks:
First Pennsylvania..

Mull & Co.-----
Boston banks:
National Shawmut.

Bayco.

SPintel & Co...
State Street......

(Halyard & Co..
California banks :
Bank of America (California).

Ajet & Co.---
Other banks:
South Carolina National Bank.

Henry & Co...
Rhode Island Hospital Trust Co.. Gerry & Co.....
Brokers:
Brown Brothers, Harriman & Co...

& Co.
Merrill Lynch, Pierce, Fenner & Smith

Inc.
Legg Mason & Co., Inc. (Baltimore).
Bache & Co...
Burnham & Co., Inc..
Donald Lufkin & Jenrette, Inc.

Eastman Dillon Union Securities & Co., Inc.
Individuals :

Harold Toppel (NYC)-
Milton Toppel (NYC).
George Toppel (Puerto Rico)”.
Manuel I. Vallecillo....
Murray Leiman (Puerto Rico)-
Sergio Camero (Puerto Rico)
Edwin E. Epstein.

Salvatore Coletta..
Miscellaneous:

Pueblo Supermarket, Inc. (Puerto Rico).
Hills Supermarkets, Inc. (Puerto Rico)..
Daylin, Inc. (California).

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Percent

Safeway Stores

Gamble-Skogmo The 30 largest stockholders accounted for 33.5 percent The 30 largest stockholders accounted for 55.1 percent of the common stock of the company. Five holders had of the common stock outstanding of the company. With 2 or more percent of such stock, topped by Chase Man- this high a percentage, it is not surprising that there are hattan (through three nominees) with 10.5 percent. nine holders with 2 or more percent of the stock. Eight This 10.5 percent is comprised of 8.6 percent in the nomi- of the nine are banks, but only one a New York bank. nee account of Kane and Company, representing the In order of size these nine holders are: company employees' profit sharing plan, and 1.9 percent in two other nominee accounts. Following Chase Man

Continental Illinois National Bank

7.9

7.1 hattan were:

Skogmo Foundation..
First National of Denver.

3. 3 State Street of Boston..

3. 1 Code and Company-

5. 4

(through three nominees) (the nominee of the New York Stock Exchange)

Republic National Bank of Dallas..

2.6 Morgan Guaranty--3. O Irving Trust Company.-

2. 5 (through three nominees)

Northwestern National Bank of Minneapolis.

2. 3 Merrill Lynch, Pierce, Fenner & Smith Inc.

2. 5
Wells Fargo Bank, San Francisco...

2. 2 State Street of Boston.

2. 2

(through two nominees) (through two nominees)

Pittsburgh National Bank..

2. 1 Seven New York banks combined accounted for 18.4 Five New York banks combined held 7.2 percent of the percent of the company's outstanding common stock. company's outstanding common stock.

Percent

Percent

Grand Union Company

company. Eight of the holders, all but one of them banks,

held, through their nominees, 2 percent or more of this The 30 largest stockholders accounted for 45.2 percent stock. In rank order they were: of the common stock of the company. Six holdings had

Percent 2 or more percent of the total outstanding common stock Cleveland Trust...

11. 7 of the company. In rank order they were:

(through two nominees)
First National Bank of Chicago.

7. 2
Percent
Cede and Company

6.0 Cede and Company

13. 6

(the nominee of the New York Stock Exchange) (the nominee of the New York Stock Exchange)

Bankers Trust....

4. 2 Northwestern National Bank of Minneapolis.....

4. 5

(through two nominees) Evelyn Green..

3. 8
Girard Bank of Philadelphia.

3. 9 (if four accounts in the name of Evelyn Green and

National City Bank of Cleveland..

3. 2 other members of the Green family are combined

State Street of Boston..

2.9 they would account for 7.1 percent)

Bank of New York.

2. 2 Morgan Guaranty-

3. 3 Chemical Bank.

2. 8 Four New York banks combined accounted for 8.5 (through two nominees)

percent of the outstanding common stock of Cook United, Chase Manhattan...

2. 5

Inc.; three Cleveland banks combined accounted for (through two nominees)

15.6 percent. Six New York banks combined accounted for 10.1 percent of Grand Union's outstanding stock.

Melville Shoe Corporation R. H. Macy and Company

This company, which ranked 43rd among retailing

companies, is in fact a leading integrated manufacturingThe 30 largest stockholders accounted for 44.5 percent retail establishment in leather footwear. The 30 largest of the common stock of the company. There were nine stockholders account for 42.9 percent of the outstanding holders with 2 or more percent of the stock of the company. common stock. There were seven holders of 2 percent or In order of rank these were:

more of the common stock of the company ranked as

Percent follows: Morgan Guaranty ---

6. 2 (though four nominees)

Ward Melville..

8. 3 Northwestern National of Minneapolis...

4.8

(including shares beneficially held in trusts; if shares Prudential Insurance Company..

4.7

of Ward Melville and Mrs. Dorothy B. Melville (through three nominees)

are combined, they amount to 9.7 percent) Chase Manhattan... 3.4 Morgan Guaranty-

6.7 (through two dominees, one of which held 1.5 percent

(through five nominees) of total shares for the account of the Retirement

Mellon National Bank, Pittsburgh..

2. 9 System for Employees of R. H. Macy & Co. and

First National Bank of Minneapolis.

2. 8 Affiliates)

First Jersey Bank, Jersey City

2.4 Bank of New York....

3. 3
Cede and Company-

2. 2 State Street Bank of Boston..

2.6

(the nominee of the New York Stock Exchange) (through two nominees)

Murray M. Rosenberg..

2. O Commerce Bank of Kansas City

2.4 Cede and Company

2. 4

Five New York banks combined held 10.2 percent of (the nominee of the New York Stock Exchange)

the stock, compared to 13.4 percent held by four individNational Shawmut of Boston

2. 3

uals (including shares beneficially held in trusts). Seven New York banks combined held a total of 15.5 percent of the common stock of R. H. Macy and Co. Pueblo International Interstate Stores

Pueblo International operates supermarkets in Puerto

Rico and neighboring islands and in the New York The 30 largest shareholders of Interstate Stores' stock accounted for 63.6 percent of total stock outstanding. holders of stock in this company, in contrast to individuals

metropolitan area. Banks are relatively unimportant as Nine holders, of which six were New York banks, accounted for more than 2 percent each. In order of size they were:

and brokers. The 30 largest stock holders accounted for

76.9 percent of the outstanding stock of the company. Cede and Company

18. 7 Eight are holders of 2 percent or more of the stock as (the nominee of the New York Stock Exchange)

follows: Bank of New York..

5. 1 First Jersey Bank, Jersey City.

4. 6 Morgan Guaranty-

4. 1
Harold Toppel.

23. 2 (through two Dominees)

(Chairman of Pueblo) First National City-

4.0
Merrill Lynch, Pierce, Fenner & Smith Inc.

9. 7 (through two nominees)

George Toppel.

8. 2 Chase Manbattan...

3. 7

(President of Pueblo) (through two nominees)

Milton Toppel...

7. 2 Bankers Trust.

2. 7

(Executive Vice President aud General Counsel of Irving Trust..

2. 3

Pueblo) Brown Brothers, Harriman. 2. 2 Brown Brothers, Harriman.

6. O Pueblo Supermarket, Inc.,

4. 5 Nine New York banks combined held 24.4 percent of (a subsidiary of Pueblo International) the outstanding stock of Interstate Stores.

State Street of Boston..

3. 4 (through two nominees)

2. 7

Morgan Guaranty-Cook United

(the only New York bank among the top 30 holders) The 30 largest shareholders accounted for 57.4 percent As can be seen the three Toppel brothers between them of the common shares outstanding of this Cleveland-based owned 38.6 percent of the shares of the company.

Percent

Percent

Chapter VIII

BANKS

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Requests for the names of top stockholders and amounts J. P. Morgan & Co., reporting somewhat along the lines of holdings went from Senator Metcalf to the 50 largest of Chase Manhattan, but not in as much detail on an indibanks in 1970 based on assets. Twenty-four of the 50 de- vidual account basis, disclosed that 4,871,000 or 27 percent clined to provide any of the information requested, mostly of the 18,267,207 shares of the company were held by due to reasons of confidentiality. Frequently cited as the top 30 stockholders. These 30 stockholders consisted authority for not supplying the information were the of 17 nominees of 10 commercial banks, the nominees of National Banking Act (12 U.S.C. 484), and regulations of three insurance companies, a nominee of the Stock Clearthe Comptroller of the Currency (Ruling 7.6025), which ing Corporation (Cede & Company), two insurance limit the disclosure of bank records by banks to anyone companies, a stock exchange member firm, and five nomother than the Comptroller of the Currency except as inees of Morgan Guaranty Trust Company of New York, authorized by law.

a wholly owned subsidiary of J. P. Morgan & Co., Inc. Nevertheless, nine banks did provide the information Charter New York Corporation indicated that the two requested, including three of the 10 largest banks in the largest holders of its shares were a nominee for a national United States which also happen to be three of the six securities exchange (almost certainly Cede and Comlargest banks in New York City. Thus it would appear pany), with 300,433 or 4.1 percent of the total of 7,210,028 that there was, to say the least, considerable divergence of shares outstanding, and a bank nominee with 250,000 interpretation as to what barriers, real or imaginary, exist shares, about 3.4 percent. No other entity owned as much in providing the information requested. It may also be of as 100,000 shares or 1.4 percent of the total. interest to note that two of the nine fully reporting banks Wells Fargo of San Francisco reported along the same are in Dallas, Texas, where the county requires banks to pattern as Chase Manhattan. It indicated that the top file a certified list of shareholders which then becomes a 30 stockholders held 3,049,946 or 32.6 percent of the total matter of public record.

of 9,287,040 outstanding shares, with the following

breakdown: PARTIAL RESPONSES Eleven of the banks provided very limited information,

Percent of information they believed might be helpful without at the

Number of total stock

shares same time being specific as to particular holdings. Thus

outstanding the Bank of America, the largest bank in the United States, indicated that no shareholder held more than 6 percent of

21 bank nominees.

2, 399, 861

25. 8 the 69,003,590 outstanding shares, with the largest block

4 insurance companies

282, 625

3. 0

New York Stock Exchange (Cede of shares, 3,855,576, or 5.6 percent of the outstanding and Co.)

168, 400

1.8 shares held by a trustee in trust for the employees of the 2 individuals.

123, 951

1. 3 bank.

1 corporation.

39, 200 1 stockbroker.

35, 509

. 3 Chase Manhattan, the third largest bank, did not name the 30 top holders of its stock, but did indicate the amount held by type of holder, e.g., bank nominees, insurance Franklin New York Corporation reported two major companies, brokers. From the data it supplied the follow- holders of voting securities, Loews Corporation with 20.2 ing information can be gleaned: of the total of 31,881,747 percent of the outstanding voting securities, and Sol Kitcommon shares outstanding, 6,508,219, or 20.0 percent tay, a director of the corpora tion, with 1.7 percent of the were held by the top 30 holders as follows:

outstanding voting securities. In July 1972 Loews sold most of its holdings to Fasco International Holding, S.A.,

controlled by the Italian financier, Michele Sindora. As

Percent of of Dec. 31, 1972, Fasco International owned about 18.3 Number of total stock

percent of Franklin New York Corporation's voting stock. shares outstanding

No other person is believed to control or hold power to

vote 5 percent or more of the outstanding voting securities 22 bank nominees.

4,839, 047

15. 1 3 insurance companies.

of the corporation. 463, 790

1. 3 2 in vestment bankers and brokers. 428, 251

1. 3

First Pennsylvania reported the same kind of informa1 individual (David Rockefeller).. 337, 500

1. 0 tion as Chase Manhattan and Wells Fargo. The 30 largest I nominee (unspecified)

245, 703

7 stockholders accounted for 3,859,298 or 31.5 percent of the I corporation

193, 928

.6

12,241,922 shares of voting common stock outstanding.

This is broken down into the following categories: (115)

4

29-553 O - 74 - 9

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