Conclusion

The average level of institutional holdings probably cannot be affected except by radical and/or punitive legislation, both of which appear to be most unlikely. Some of the undesirable consequences of the prospective increasing portfolio concentrations can still be reduced by publishing the institutional holdings concentrations above the 1 percent level for each company, by further limiting portfolio concentrations, and by limiting the concentration percentages of portfolio companies that are in a single industry when the percentage held in any one of these competing companies exceeds some reasonable level which remains to be determined.

DEAR SENATOR METCALF: As discussed with Mr. Reinemer of your office and Mr. Kitzmiller and Mr. Ryan of the Commission's staff, I hereby transmit a list of the stockholdings of the 25 largest banks (by trust holdings) as shown by the Commission's ownership files as of July 5, 1972. Holdings of 1 percent or more must be reported. The number of shares shown is for common stock unless otherwise specified. [See list (Bank Holdings) referred to on p. 165-167.]

Should there be any questions concerning this matter, please do not hesitate to let me know.

Sincerely,

Chairman, Federal Communications Commission,
Washington, D.C.

DEAR MR. BURCH: On October 6, 1972, you sent Senator Metcalf a list of the stockholdings in broadcast companies of the 25 largest banks (by trust holdings) as shown by the Commission's ownership files as of July 5, 1972. We would appreciate clarification of two matters regarding the transmittal:

(1) Do the reported holdings include stock in which the banks have both partial and sole voting rights?

(2) Do the reported holdings exclude stock in which the banks do not have either sole or partial voting rights? Very truly yours,

VIC REINEMER, Staff Director.

DEAR SENATOR METCALF: In your letter of August 22, 973, you asked for clarification about the list of stockholdings in broadcast companies by the 25 largest banks. The two questions that you posed are:

(1) Do the reported holdings include stock in which the banks have both partial and sole voting rights?

(2) Do the reported holdings exclude stock in which the banks do not have either sole or partial voting rights?

Stock that is held by banks, in their trust departments, is attributed to the banks if they have any right, either

partial or sole, to vote the stock. Holdings that the bank does not have the right to vote, either partial or sole, are not attributed to the bank. Thus the answer to both of your questions is yes.

I trust that the foregoing information satisfactorily answers your questions. If not, please do not hesitate to let me know.

Sincerely,

DEAN BURCH, Chairman.

The Oct. 6, 1972 transmittal from Chairman Burch to Senator Metcalf follows:

BANK HOLDINGS

Kansas City Southern Industries_
Providence Journal_.

Chase Manhattan Bank