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The detail in the Wiesenberger summary shows the

Conclusion following number of companies in each of the portfolio concentration intervals utilized in this report:

The average level of institutional holdings probably NUMBER OF

cannot be affected except by radical and/or punitive legisPORTFOLIO CONCENTRATION

COMPANIES lation, both of which appear to be most unlikely. Some of RANGE (PERCENT)

IN RANGE

the undesirable consequences of the prospective increasing 30.0–34.9.

portfolio concentrations can still be reduced by publishing 25.0-29.9. 20.0–24.9.

the institutional holdings concentrations above the 1 per15.0-19.9.

cent level for each company, by further limiting portfolio As the average percentage of the market value of concentrations, and by limiting the concentration percommon stock held by institutional investors continues to

centages of portfolio companies that are in a single industry move upward along the rapid growth path that has been developed on the basis of past information and analysis of when the percentage held in any one of these competing the likely shape of relevant events, the portfolio concen- companies exceeds some reasonable level which remains trations will follow along as projected also.

to be determined.

2 5 17 68

Part III

Holdings of 25 Largest Bank Trust Departments in

Broadcast Industry

and

Analysis of Bank Stock Holdings in Broadcast Companies

29-553 0.74 - 12

Part IIIHoldings of 25 Largest Bank Trust Departments in Broadcast Industry and Analysis of Bank Stock Holdings in Broadcast Companies As of July 5, 1972

FEDERAL COMMUNICATIONS COMMISSION, partial or sole, to vote the stock. Holdings that the bank

Washington, D.C., October 6, 1972. does not have the right to vote, either partial or sole, are Hon. LEE METCALF,

not attributed to the bank. Thus the answer to both of U.S. Senate,

your questions is yes. Washington, D.C.

I trust that the foregoing information satisfactorily DEAR SENATOR METCALF: As discussed with Mr. answers your questions. If not, please do not hesitate to Reinemer of your office and Mr. Kitzmiller and Mr. Ryan let me know. of the Commission's staff, I hereby transmit a list of the

Sincerely, stockholdings of the 25 largest banks (by trust holdings)

DEAN BURCH, Chairman. 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 The Oct. 6, 1972 transmittal from Chairman Burch to otherwise specified. (See list (Bank Holdings) referred to

Senator Metcalf follows: on p. 165–167.) Should there be any questions concerning this matter,

BANK HOLDINGS please do not hesitate to let me know.

(Broadcast Company and Number of Shares Held by Bank) Sincerely,

Morgan Guaranty Trust
DEAN BURCH, Chairman.
Times Mirror.

654, 048 New York Times-Other.

101, 200 SUBCOMMITTEE ON BUDGETING,

Dun & Bradstreet..

901, 207 MANAGEMENT, AND EXPENDITURES,

Downe Communications.

150, 000 August 22, 1978. Westinghouse

3, 381, 646 Mr. Dean BURCH,

CBS.

494, 115 GCC Communications of Philadelphia.

531, 400 Chairman, Federal Communications Commission,

Taft Broadcasting -

41, 806 Washington, D.C.

Capital Cities Broadcasting

372, 500 Small Business Investment Corporation.

10, 869 DEAR MR. BURCH: On October 6, 1972, you sent Senator Travelers Insurance-Common..

5, 026, 439 Metcalf a list of the stockholdings in broadcast companies Travelers Insurance-Preferred.

5, 710 of the 25 largest banks (by trust holdings) as shown by

Post Newsweek.

45, 000 the Commission's ownership files as of July 5, 1972. We

Combined Communications..

40, 000

Time-Life would appreciate clarification of two matters regarding

537, 632 Schering-Plough.

533, 170 the transmittal:

NLT Corporation.

174, 553 (1) Do the reported holdings include stock in which the Evening News-Detroit.

7, 600 banks have both partial and sole voting rights?

Pueblo International Broadcasting

224, 800 (2) Do the reported holdings exclude stock in which the

Golden West Broadcasting

718, 200 RKO General..

930, 584 banks do not have either sole or partial voting rights?

Avco Corp-Common.

131, 402 Very truly yours,

Avco Corp-Preferred.

110, 001 Vic REINEMER, Transamerica

774, 138 Kansas City Southern Industries.

24, 500 Staff Director. Providence Journal..

160 Chase Manhattan Bank FEDERAL COMMUNICATIONS COMMISSION,

RCA.

3, 309, 683 Washington, D.C., September 12, 1978. ABC..

475, 294 Hon. LEE METCALF,

Westinghouse-Common.

2, 276, 795 Westinghouse-Preferred.

1, 716 U.S. Senate,

CBS.

3, 897, 908 Washington, D.C.

Taft Broadcasting

124, 984 (Attention: Vic Reinemer).

Travelers Insurance Common.

2,912, 611 Travelers Insurance-Preferred.

9, 916 DEAR SENATOR METCALF: In your letter of August 22, Lin Broadcasting

32, 600 973, you asked for clarification about the list of stock

Kaiser..

443, 429 holdings in broadcast companies by the 25 largest banks.

Time-Life

398, 073

Pacific SW Airlines. The two questions that you posed are:

44, 800 GE...

6, 480, 132 (1) Do the reported holdings include stock in which New York Times--Other

270, 150 the banks have both partial and sole voting Capital Cities.

88, 136 rights?

Fuqua Industries..

606, 638 (2) Do the reported holdings exclude stock in which

RKO General.

299, 169

Zenith. the banks do not have either sole or partial voting

245, 634 Kansas City Southern Industries-Common..

61, 750 rights?

Kansas City Southern Industries-Preferred.

2, 800 Stock that is held by banks, in their trust departments,

4, 500 is attributed to the banks if they have any right, either

Founders Corporation..

NLT Corporation.

760, 973 Wometco...

51, 405

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