Hearings, Reports and Prints of the Senate Committee on Appropriations

The holdings of investment companies and foundations usually were not listed in nominee name. Two funds used nominees; the other two funds which appeared among the top 10 security holders of utilities did not.

Banks appeared among the top 10 security holders in the largest number of companies (116). Banks also had a far greater concentration of holdings among the top 10 than did other institutional investors.

In 2 utilities, 100 percent of the top 10 were banks.
In 10 utilities, 90-99 percent of the top 10 were banks.
In 9 utilities, 80-89 percent of the top 10 were banks.
In 18 utilities, 70-79 percent of the top 10 were banks.
In 16 utilities, 60-69 percent of the top 10 were banks.
In 12 utilities, 50-59 percent of the top 10 were banks.
In 16 utilities, 40-49 percent of the top 10 were banks.
In 9 utilities, 30-39 percent of the top 10 were banks.
In 9 utilities, 20-29 percent of the top 10 were banks.
Investment companies and funds appeared among the
top 10 of 73 utilities. Their holdings usually amounted to
less than 20 percent of the stock held by the top 10.

Insurance companies appeared among the top 10 of 60 utilities. Their holdings usually did not amount to more than 15 percent of the stock held by the top 10.

CEDE AND COMPANY REGISTRATION

The New York Stock Exchange's Stock Clearing Corporation, under the nominee name of Cede & Co., appeared among the top 10 of 56 utilities. Some utilities, in their reports to the FPC, noted that stock registered in the name of Cede & Co. was included in another account.

Fourteen banks, three insurance companies, two investment houses and Cede & Co. each were among the top 10 stockholders of 10 or more utilities. Their holdingswith the name of each utility in which the stock was held, the number of shares and the nominee name, if usedappear below.

'See explanatory information re Cede & Co., p. 131 and 335.

BANKS WITH HOLDINGS AMONG THE TOP 10
SECURITY HOLDERS IN 10 OR MORE ELEC-
TRIC UTILITIES, AS OF DEC. 31, 1970

A. Summary