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The extent of response to the request of Senator Metcalf for the holdings of the 30 largest stockholders of each of these 324 companies can be indicated as follows:

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of 324

VOTING STOCKS

In the great majority of cases, the common stock as reported was the voting stock of the company. Where preferred or otherwise designated stock also had voting As percent rights, they are included in the attached tabulations. In instances where treasury stock was included by respondents, this was noted and deducted from reported totals, since treasury stock has no voting rights attached to it. (Treasury stock is stock of a corporation that has been authorized, issued, outstanding, and subsequently re25. 6 acquired for management disposition. The latter usually is effected by purchase or by donation.)

27.5
22.8

6.2

17.9

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The report that follows concentrates on the 89 full replies. For these replies a tabulation has been prepared indicating the number and percentage of shares held by the top 30 stockholders, their names and amounts of stock held by each; where there are more than one nominee of banks or other financial institutions, these have been consolidated. In addition, an indication of the nature of other responses (or extent of nonresponse) is also supplied.

INDUSTRY GROUPINGS

The report is divided into the following industry groups: industrial companies (divided into petroleum and all other), transportation (divided into airlines, railroads, and all other), public utilities (divided into communications and electric and gas utilities), retailing firms, banks, and insurance. In terms of response, table 2 provides the same information as the aggregate information shown above for all 324 companies contacted.

Table 2-SUMMARY OF INFORMATION SUPPLIED IN RESPONSE TO REQUEST FOR 30 LARGEST

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groups which failed to respond to Senator Metcalf's inquiry were retail companies. Highlights of the tabulations which follow can be found in the four following summary tables. The first summarizes the identities of the largest stockholder of all the companies responding which supplied this information-132 in all. The second and third give data on all holders of 2 percent or more of the stock of the 89 fully

reporting companies. The fourth is a general summary of the data in the main section of the report, specifically indicating the percentage of outstanding voting stock of each of the 89 fully reporting companies held (1) by the 30 largest holders, (2) by all New York banks combined that were among the 30 largest holders, and (3) the largest single holder.

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Chapter III

SUMMARY TABLES

In this part of the report the information gleaned from the responses to Senator Metcalf's letter is summarized in four tables. The more detailed information follows under the six industry headings already referred to: industrial corporations, transportation, public utilities, retail trade, banks, and insurance.

PRECAUTIONARY NOTE

A precautionary note needs to be stressed at the outset, one which applies to all of the tables in this report. The data showing holdings by trust departments of banks and other financial institutions indicate aggregate holdings without any indication as to the voting power inherent in such holdings. These holdings will include some with full voting authority, some with contingent or partial voting power, and some with no voting rights.'

This precaution is especially important in interpretation of data on Cede and Company, the nominee of the New York Stock Exchange through its subsidiary corporation, the Depository Trust Company. Under the rules of the stock exchange, Cede and Company only votes stock on the instruction of member firms belonging to the Depository Trust Company in whose name the stock is registered, even though there is no legal restriction to Cede's right to vote stock it holds. Thus the fact that Cede and Company is the largest, or a sizeable, holder of stock in a given company should not be interpreted as giving it actual voting strength in the stock of such a company.

[For further discussion of Cede and Company and the Depository Trust Company, see Appendix Ĉ, p. 335.]

The first table of this section, Table 3, provides a list of the single largest stockholder of each company reported by any of the respondents supplying this information. Since many of the respondents who did not supply a list of the 30 largest stockholders did indicate the identity of the largest one, it is possible in this table to provide information on 132 companies. This is the only table where there is this broad a company coverage.

STOCKHOLDER IN MORE THAN ONE COMPANY

The table is arranged in two parts. The first includes all instances in which a holder is the top stockholder in more than one company; this part is arranged with the holders in the order of the number of companies in which they were the top stockholder, starting with Cede and Company, the nominee of the New York Stock Exchange, the largest holder in 36 companies, followed second by Chase

1 Part II of this document deals with stock in which institutional investors have sole voting rights. Part III deals with stock in which institutional investors have sole or partial voting rights.

Manhattan, the top stockholder in 21 companies. In each case the percentage held by the top stockholder of outstanding voting stock (usually common stock) is indicated. The companies are arranged in the industry sequence followed in the rest of the report.

The second part lists first the 14 cases in which a company's own stock or savings plan is the largest stockholder of the particular company; second, the 13 banks which were the largest stockholder of only one of the 132 reporting companies; third, the eight nonfinancial corporations that were the top stockholder of reporting companies; fourth, the six individuals that were the top stockholder of reporting companies; fifth, the two funds which were the top stockholder of reporting companies; and sixth, the two other financial institutions that were the top stockholder of reporting companies. Where a bank is named as its own leading stockholder, it should be noted that this refers to stock held within the trust department of the bank but does not indicate that the bank itself exercises voting rights of such stock.

Tables 4 and 5 provide an overview of the extent to which major institutions hold 2 or more percent of the stock of the 89 reporting companies. Table 4 includes all those institutional investors which held 2 or more percent of the voting stock of three or more of the 89 reporting companies. The totals are broken down into the industry categories which are utilized in this report.

Thus it can be seen that, based on returns from 89 corporations, Cede and Company held 2 or more percent of 55 out of these companies, followed by Chase Manhattan with 2 percent or more of 46 companies, Morgan Guaranty with 2 percent or more of 29 companies, and First National City Bank with 2 percent or more of 28 companies. Twenty-four institutional investors held 2 percent or more of at least three companies among the 89 reporting companies. These include (besides Cede and Company, the nominee of the New York Stock Exchange) eight New York banks, three Boston banks, two Chicago banks, two Minneapolis banks, six other banks, and two New York brokerage houses.

TOP INSTITUTIONAL HOLDERS

More detail is shown in Table 5 which takes the top eight institutional holders of this table, those with 2 percent or more of more than 10 out of the 89 reporting companies, and shows the actual percentages of total voting stock held by these eight holders in specific companies, arranged in the same sequence followed throughout the main body of the report, that is by industry group and within the group by size of company. Thus it can be seen, for example, that Cede and Company, among the 55 companies in which it held 2 percent or more of the voting stock, held 32.6 (21)

percent of the stock of the Chicago Milwaukee Corporation; 21.3 percent of the stock of Pacific Southwestern Airlines; 20.5 percent of the stock of United Brands; and 15 or more percent of the stock of five other companies. Similarly it can be seen that Chase Manhattan Bank, among the 46 companies in which it held 2 or more percent of the stock, includes five airlines, in four of which its holdings ranked between 9.0 and 6.9 percent; eight railroads, in six of which its holdings ranked between 8.3 and 5.3 percent; and 17 industrial companies, in five of which its holdings exceeded 5 percent of the company's outstanding stock.

SUMMARY INFORMATION

Table 6 (p.26) is a more general summary table of the information supplied by the 89 respondents that provided information on their top 30 stockholders of record. The information is arranged by industry division and subdivision (e.g., industrial corporations are divided into oil companies and all other industrial companies) and within each division companies are arranged by size. Five columns of data are provided as follows: (1) the percentage of total voting stock held by 30 top stockholders; (2) the percentage of total voting stock held by New York banks that are among the 30 top stockholders; (3) the percentage of total voting stock held by the single largest stockholder; this is divided into three groups: (a) where the largest stockholder is a New York bank; in this case the particular bank is indicated by a letter symbol; (b) where the largest stockholder is Cede and Company, the nominee of the New York Stock Exchange; and (c) where the largest stockholder is neither a New York bank nor Cede and Company. All of the data in this table are taken from the individual tabulations and text which comprise the following, and main, section of this report.

Table 3.-THE LARGEST STOCKHOLDER OF 132 COMPANIES IN 1972 AS REPORTED BY RESPONDENTS TO SENATOR METCALF'S

LETTER

I. HOLDERS WHICH ARE THE LARGEST STOCKHOLDER OF MORE THAN ONE COMPANY

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Carolina Power & Light.

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First National City...

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by top

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stockholder

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39. 0

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Chemical Bank (3)

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