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Other insurance companies :

Maryland Casualty Co..
Southwestern Life Insurance Co. (Texas).

United States Fidelity & Guaranty Co. Brokers :

A. D. Martin Properties (Texas). Funds:

Employees Retirement Fund of the City of

Dallas,
Individuals :

N. P. Powell.
Edwin L. Cox..
Trustees of Jack C. Vaughn, Trust No.1.
Trustees of Jack C. Vaughn, Trust No.2.
Trustees of Grady H. Vaughn, Trust No.1
Trustees of Grady H. Vaughn, Trust No.2
Eva Easterwood.

Subtotal.

122, 100
32, 150
30, 000
30, 000
25, 000
25, 000
24, 411

288, 661

6. O

1, 018, 194

1, 018, 194

21. 0

Footnotes at end of table.

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Bank of New York.
U.S. Trust Company.

Subtotal-New York Big Seven.

Irving Trust Co.--. Philadelphia banks:

Fidelity Bank Boston banks:

Fiduciary Trust Co.---Minneapolis banks:

Northwestern National.. Chicago banks:

First National..

Harris Trust Pittsburgh banks:

Mellon National..

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SFinat & Co.
Eagle & Co.
ELD & Co...
(Pace & Co.---
Cost & Co..
(MAC & Co....

52, 707

42 52, 707 384, 090 89, 605 45, 866

}

Carothers &

Clark.

Wilmington banks:

Bank of Delaware.. Baltimore banks:

Mercantile Safe. Atlanta banks:

Sacom & Co....

(Hilson & Co..
SAV & Co...
Love & Co..
Gann & Co.
Bibb & Co.
ALB & Co.---
Val & Co..
Brady & Co.
ATH & Co.
AUG & Co...
LAG & Co.
Trustee for Mills

Bee Lane for
Edward Com
mer Lane,

Citizens & Southern National.

519, 561

4. 5

226, 000

226, 000

1. 9

44,000

44,000 462, 191 368, 889 141, 747 117, 106 59, 973

459 1, 353 3, 820 11, 069 12, 583 24, 274 53, 213

1, 256, 677

10.8

Footnotes at end of table.

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Other banks :

Atlantic National Bank, Jacksonville.--Atnaba Co....
Charlestown Savings Bank..

Chasaba & Co..
Columbus Bank & Trust-Trustees for

Elizabeth Bradley Turner.
Foreign banks:
Bank of Montreal..

Wonham Albert

& Co. New York insurance companies:

Fidelity & Casualty

Continental Insurance.
Other insurance companies:
Liberty Mutual Insurance Co...

Libmutco.
United States Fidelity and Guaranty Co....
Brokers:

Merrill Lynch, Pierce, Fenner & Smith Inc...
Individuals:

Benjamin Tarbutton, Jr...
Hugh M. Tarbutton..

Mary C. Freeman.
Miscellaneous:

Sandersville Railroad Co.--
Emory University, c/o Trust Co. of Ga..

Subtotal..

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Boston banks:
National Shawmut.

Olsen & Co...
Boston Five Cents Savings Bank.

W.S. & B. Co..
Eliot Savings Bank..
Union Warren Savings Bank.

Home Savings Bank..
California banks:

Bank of America (California)..... ... Cook & Co....
Other banks:

Essex Broadway Savings Bank (Law

rence, Mass.)
First Security Bank of Utah..

Smith & Co..
Amoskeag Savings Bank (Manchester,

N.H.).
Framingham Savings Bank
Lynn Institution for Savings-

Lisco..
Savings Bank of Danbury-
Citizens Savings Bank (Fall River, Mass.).
Cambridge Savings Bank (Cambridge,

Mass.).
East Boston Savings Bank ---
First Bank & Trust Co. of Hampden Brosler & Co...

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County. ?
Berkshire County Savings Bank (Pitts-

field, Mass.).
Watertowi Savings Bank-
Brookline Savings Bank..

Lynn Five Cents Savings Bank..
Footnotes at end of table.

6, 000 5, 290

5, 222

5, 000 5, 000 7,000

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Percent

Percent

First National City Corporation

Four stockholders held 2 or more percent of such stock, This, the second largest commercial bank in the nation, led again by the bank itself through three nominees and was the largest bank reporting its 30 largest stockholders

one trust account, with 5.7 percent; followed by: as requested. Subtracting the treasury stock, as noted above, the remaining 29 stockholders accounted for 22.4 Commerce Bank of Kansas

2. 6

(through three nominee accounts) percent of all voting common stock of the corporation.

Chase Manhattan..

2. 4 Only three stockholders (all were banks listed under their State Street Bank of Boston.

2. 1 nominees) held 2 or more percent of the stock of First (through two nominees) National City. These were:

Eight New York banks combined ld a total of 15.6 First National City itself.

4. 3 percent of the common stock of Bankers Trust. (in 4 nominee accounts) Chase Manhattan..

2. 7 First Bank System (Minneapolis) (in 3 nominee accounts) Morgan Guaranty --

2. O The First Bank System (Minneapolis) identified by (in 3 nominee accounts)

name the 19 of the largest stockholders that were bank Eight New York banks through their nominee accounts nominees and beyond that designated the kind of holder held 14.0 percent of the voting stock of First National and amount of shares (e.g., insurance company, mutual City.

fund, charitable foundation, individual, family estate) of

the other 11 holders without disclosing the names of such Chemical New York Corporation

holders. The 29 largest holders of voting stock of Chemical New The 30 largest shareholders accounted for 40.6 percent York Corporation, the seventh largest bank in the United of First Bank System's capital stock. By far the largest States, held 23.8 percent of such stock. Only two stock- holder was the First Bank System itself, through the holders held 2 or more percent of the voting shares of

various nominees of the member banks of the System. common stock:

These include: (1) two nominees of the First Trust Com

Percent pany of St. Paul, Brack and Company with 7.1 percent of Chemical New York Bank...

5.4 the stock,' and Sod and Company with 1.2 percent of the (through four nominees of its subsidiary, Chemical stock; (2) two nominees of First National Bank of Minne

Bank (New York)) Cede and Company

2. 2

apolis, with 5.1 percent of the stock between them; and (the nominee of the New York Stock Exchange)

(3) one nominee of the Northern City National Bank of Eight New York banks combined held 11.1 percent; of three member banks of the First Bank System held

Duluth with 1.1 percent of the stock. Thus, the nominees as already noted nearly half of that was held by nominees of Chemical New York Corporation itself.

among them 14.6 percent of the stock of the System.

The only other holders of more than 2 percent of the Bankers Trust Company (New York)

stock were two New York banks, First National City The picture here is quite similar to that of Chemical

1 The largest single account in Brack and Company was the New York. The 30 largest holders of Bankers Trust

Employee's Deferred Payment Profitsharing Trust Plan, with 2 common stock account for 28.4 percent of such stock. percent of the total stock of the First Bank System.

Percent

Percent

10.8

Percent

with 3.9 percent in three nominee accounts, and Morgan at least 54 nominee accounts including 17 in Morgan Guaranty with 2.8 percent in two nominee accounts. Guaranty of New York, and 11 of Citizens and Southern, Five New York banks held a total of 8.5 percent of the itself. The inclusion of all nominees would tend to increase shares of the First Bank System.

the concentration of holdings among the top 30 companies, Republic National Bank of Dallas

and of those banks with many nominees in particular, as

compared with other reporting banks. The 30 largest stockholders accounted for 35.8 percent

With this caveat, it can be seen that Citizens and of the outstanding common capital stock of the bank. Five Southern National Bank reported that 42.5 percent of its shareholders held 2 or more percent of the stock, headed, stock was held by the 30 largest stockholders. Five firms, as in the case of the other banks mentioned above, by the all banks through their nominees, held over 2 percent of bank itself which, through two nominees, held 6.4 percent

the total stock of Citizens and Southern National Bank. of the stock, followed by:

They were, in order of size of holdings: Hoblitzelle Foundation of Dallas..

4. 9

Citizens and Southern. Manufacturers Hanover of New York.

3. 2

(itself, through 11 nominees, as noted above, and as (through 2 nominee accounts)

trustee in one instance) Bank of Delaware, Wilmington..

3. 2
First National City.

6. 7 Southland Life Insurance Co...

2. 9

(in three nominee accounts) Mellon National Bank, Pittsburgh..

4. 5 Four New York banks combined held 6.6 percent of the (in three nominee accounts) stock of Republic National Bank of Dallas.

Morgan Guaranty

3. 6

(in 17 nominee accounts) Girard Bank

Bankers Trust..

2. 3

(in four nominee accounts) The 30 top stockholders accounted for 29.1 percent of Six New York banks combined held 14.1 percent of the the common stock of the Girard Bank. Six held 2 or more

common stock of Citizens and First National, with the percent of the stock, led again by the bank itself with 5.7

three New York banks just mentioned accounting for 12.6 percent through two nominee accounts of its subsidiary,

percent. Girard Trust Bank. Other leading holders are:

Shawmut Association First National City of New York..

3. 2 (through 2 nominees)

In reporting its largest stockholders, Shawmut actually Providence National of Philadelphia..

3.0 listed 31 holders (the 29th, 30th, and 31st all holding (through 2 nominees) First Pennsylvania Bank, Philadelphia.

equally 5,000 shares). Omitted was the holding of one un

2. 8 Fidelity Bank, Philadelphia

named individual with 5,460 shares, or 0.2 percent of the

2. O Insurance Co. of North America, Philadelphia.

2. O total outstanding: Four New York banks accounted for 4.5 percent of the

On the basis of this tabulation, Shawmut Association stock of the Girard Bank, and six Philadelphia banks, in

has far less concentration of its common stock holdings cluding Girard itself through nominees, 14.5 percent.

than the other reporting banks with the top 31 holders

accounting for only 15.0 percent of the stock. No single First National Bank in Dallas

holder had as much as 2 percent of the shares. Three New

York banks combined held 1.6 percent and five Boston The top 30 stockholders accounted for 34.4 percent of banks held 3.4 percent of the shares. Olsen & Company, a the common stock of the First National Bank in Dallas.

nominee of National Shawmut Bank of Boston, Trust Four of these 30 held 2 or more percent of the stock of the Department, subsidiary of Shawmut Association, was the bank:

largest holder with 24,206 shares or 1.3 percent of the total;

this represents primarily shares held for employees of First National City of New York...

10. 2

affiliated banks in the holding company under profit (through four nominees) First National Bank in Dallas.

5. 1

sharing and stock purchase plans. (in five nominee accounts)

A few at least tentative conclusions can be reached from Bank of Delaware, Wilmington.

3. 1 N. P. Powell of Tyler, Texas...

2. 5

the information in this section of the report. Perhaps most Four New York banks combined held 13.3 percent of

striking is the small number of banks supplying the infor

mation requested, and the fact that those that did report the common stock of First National Bank in Dallas.

fully were spread fairly evenly by size among the 50 banks Citizens and Southern National Bank

circulated (i.e. three in the first quintile; one in the second

quintile; two in the third quintile; one in the fourth quinThe response from Citizens and Southern National Bank tile; and two in the fifth quintile). Second is the fact that of Atlanta, Georgia, is not strictly comparable to the other the principal holder in eight of the nine reporting banks eight banks (or any of the other reporting companies) was the bank itself through various nominee accounts. whose tabulations are summarized here. In some ways it is The extent of bank discretion in voting or influencing the the most informative response received. Instead of treating voting of such shares would be worthy of further a single nominee account as one of the largest stockholders, exploration. Citizens and Southern chose to consider all of the nominees A concomitant question also worthy of consideration is of a single bank or other financial institution as one why so rarely any holders outside of banks appear in the account. Thus, information is supplied on the holdings of list of holders of more than 2 percent of bank stock.

Percent

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