In connection with the enclosed list, you should note that, while the aggregate holdings of our 30 largest stockholders of record amount to 10,811,882 shares, very few of those shares are owned beneficially by the stockholders of record. For example, 3,849,105 shares, or 35 percent thereof, were held by the nominee for the Central Certificate Service and a broker, substantially all of which represent shares held by brokers but owned beneficially by tens of thousands of their customers, and 5,016,292 shares, or 46 percent thereof, were held by 16 nominees for one or more mutual funds, the beneficial owners of which are the hundreds of thousands of their stockholders. BOISE CASCADE CORPORATION MAY 18, 1972. DEAR SENATOR METCALF: Mr. Hansberger has asked me to reply to your letter of May 2 requesting information about Boise Cascade stockholders and common stock. I regret that we cannot provide all the information you are seeking, but I am happy to supply an answer to one of your two requests. As of April 30, 1972, the total number of voting shares of Boise Cascade common stock was 31,110,038. You also requested a list of the 30 top stockholders of Boise Cascade. I am sorry that this information can't be supplied. We consider this information to be confidential, and would only reveal it to a Boise Cascade stockholder upon establishment of a proper business purpose. Thank you for your interest in Boise Cascade Corpora tion. Sincerely, ALICE E. HENNESSEY, Corporate Secretary. Number of Holder Nominee for central certificate service... 3,205,708 Nominee for mutual fund.. MAY 10, 1972. DEAR SENATOR METCALF: Reference is made to your letter of May 2, 1972, requesting certain information about our stockholders. We believe it is not proper to voluntarily furnish the names of our stockholders. Perhaps the following information, however, will substantially meet your requirements: We have outstanding 21,683,102 shares of stock. The 30 largest stockholders of record hold in the aggregate 6,074,411 shares which represents 28.01 percent of the outstanding shares. The 30 largest stockholders are comprised of 4 brokers, 25 nominees and 1 individual. The publication in the Congressional Record of the information disclosed to you compounds our problem. We believe that we cannot condition our response upon confidentiality. Accordingly, we most respectfully are unable to make this information available under these circumstances. We hope you will understand that our willingness to cooperate with you must be weighed against adherence to prescribed procedures under the laws of our state of incorporation affecting the legal rights of others. Very truly yours, BERNARD NEMTZOW, Vice President, General Counsel and Secretary. BURLINGTON INDUSTRIES, INC. May 17, 1972. DEAR MR. METCALF: This is in response to your letter of May 2, 1972 to Mr. Myers requesting certain information concerning the outstanding stock and stockholders of this Company. Ás of a recent date, there were outstanding 26,768,671 shares of common stock of the Company of which 270,380 shares were held in the treasury leaving a net of 26,498,291 shares outstanding in the hands of the public. The largest stockholder of the Company is the Profit Sharing Plan of the Company which held, at a recent date, 2,722,086 shares or a little over 10 percent of the outstanding stock. Such shares are held by Wachovia Bank & Trust Company, N.A., as Trustee under the Plan, through its nominee Mark & Co. for the benefit of some 14,000 employee members of the Plan. The Trustee affords the members of the Plan the opportunity to instruct the Trustee how they desire to have the shares which are allocated to their account voted at the annual meeting; in the absence of instructions the Trustee votes the shares in its discretion. The shares held by the Plan are being regularly distributed to members of the Plan or their beneficiaries upon retirement, death or termination of employment. With the exception of a few individual stockholders, none of whom hold more than one-half of 1 percent of the outstanding stock, the next largest stockholders of record of the Company among the top 30 are nominees, brokers or others who generally are not, as you know, beneficial owners of the securities held in their accounts but who may hold for any number of trusts, estates, mutual funds, insurance companies, individuals or others unknown to this Company. Only two of these hold more than 1,000,000 shares, the largest holding less than 1,200,000 shares. It is not our policy to release information concerning the individual stockholdings of our stockholders without the consent of our stockholders. However, we trust that the foregoing general information, although not specifically in the form you requested, will be useful to you. Very truly yours, LEWIS E. BOROUGHS, Secretary and Associate General Counsel. CPC INTERNATIONAL INC. MAY 24, 1972. DEAR SENATOR METCALF: We are pleased to respond to your request of our Chairman, Howard C. Harder, for a list of our 30 largest stockholders and the extent of their holdings. The enclosed list, compiled as of April 30, 1972, indicates not surprisingly that most of the largest holders are institutions which are nominees for undetermined but undoubtedly large numbers of beneficial owners. Where we are aware of it, we have shown the major accounts for whom these nominees hold stock. We do not know, however, which of these nominees seek the voting instructions of the beneficial owners, and which cast an "uninstructed" vote. The number of our common voting shares outstanding is approximately 23,687,000 and the number of shareholders some 83,600. Sincerely, HOWARD F. HARRIS, 30 LARGEST HOLDERS OF COMMON STOCK AS OF APRIL 30, 1972 [In thousands and in descending order] Holder National Bank of Detroit.. Number of shares Mutual Income Fund (Heritage Securities, Inc.)... Other accounts..... 732 30 702 DEAR SENATOR METCALF: This is in reply to your letter of May 2, 1972, addressed to Mr. William Blackie. Attached is a list of our top 30 shareholder accounts as of April 24. Where the account stands in the name of a nominee we have listed under the name of the registered owner the name of its principal, with one possible exception. Judging from the name, Carson & Co. may be a nominee, but we cannot identify it as such. Our total number of voting shares of common stock outstanding on April 24, 1972, was 56,916,130, all common stock. Kane & Co. care of the Chase Manhattan Bank.. Gerlach & Co. care of National City Bank of New York.. 483, 300 481, 031 30 LARGEST ACCOUNTS AS OF APRIL 24, 1972 (Caterpillar Tractor Co.) Holder Finat & Co., care of the First National Bank of Chicago. Sigler & Co., care of Manufacturers Hanover Trust Company, New York.. Stuart & Co., care of First National City Bank, New York.. Atwell & Co., care of U.S. Trust Co. of New York... Dean & Davis, care of Wilmington Trust Co............. King & Co., care of First National City Bank, New Trussal & Co., care of National Bank of Detroit.. KARL R. BENDETSEN, Chairman and Chief Executive Officer. CHRYSLER CORPORATION 406, 191 APRIL 5, 1972. DEAR SENATOR METCALF: Per your request to our President, Mr. John J. Riccardo, I enclose a list showing the thirty top stockholders of Chrysler Corporation as of February 25, 1972, the record date for our Annual Meeting, and the number of shares of common stock each holds. As of that date, there were outstanding a total of 51,128,876 shares of Chrysler Corporation common stock. Yours very truly, PAUL A. HEINEN, Associate General Counsel and Secretary. 331, 457 Bark & Co. care of State Street Bank & Trust Co.... Olen & Co. care of First National Bank of Chicago. Kelly & Co. care of Morgan Guaranty Trust Company of New York. Calpers & Co. care of the Bank of California, North U.S. PLYWOOD-CHAMPION PAPERS INC. MAY 24, 1972. DEAR SENATOR METCALF: Thank you for your letter of May 2, 1972, regarding certain information contained in our shareholder records. The name of our corporation was changed from "U.S. Plywood-Champion Papers Inc." to "Champion International Corporation" on May 12, 1972. At the close of business on March 23, 1972, our company had outstanding 28,986,841 shares of Common Stock and 8,122,820 shares of $1.20 Convertible Preference Stock. Your request for a list of our 30 top shareholders has been considered at length, including consultation with legal counsel regarding the Company's right to disclose such information. We have been advised that the Company bears a fiduciary relationship to its shareholders in this respect and that disclosure of shareholdings otherwise than as provided by law, and without the consent of the owner, would be improper. As an illustration of the legal limitations imposed on us, our counsel has pointed out that even a shareholder of the Company must meet certain specific tests under the Business Corporation Law of New York before being permitted to inspect the list of shareholders, including furnishing an affidavit that the inspection is not desired "for a purpose which is in the interest of a business or object other than the business of the corporation. . . 1 Now Champion International Corporation. Pitt & Co., care of Bankers Trust Co., Box 2444 Church Cudd & Co., care of the Chase Manhattan Bank, P.O. Perc & Co., care of Northwestern National Bank of Minneapolis, 7th and Marquette Avenue, Minneapolis, Minn. Chine & Co., care of State Street Bank & Trust Co., P.O. Societe de Banque Suisse, Basle, Switzerland_ Hare & Co., care of Bank of New York, P.O. Box 1364, Sigler & Co., care of Manufacturers Hanover Trust Montreal Trust Co., Trustee of the Thrift-Stock Owner- 205, 910 Gunther & Co., 15 Nassau Street, New York, N.Y............ 204, 517 200, 000 200, 000 200, 000 Secretary and Treasurer. COCA-COLA BOTTLING COMPANY OF NEW YORK, INC. MAY 10, 1972. DEAR SENATOR METCALF: This refers to your letter of May 2, 1972, addressed to Mr. Charles E. F. Millard, requesting certain information regarding our Company's stockholders. We must advise that we consider our stockholders' names and stockholdings to be privileged and confidential information to be divulged only upon a showing of proper purpose in accordance with applicable provisions of the law. No such purpose is indicated by your letter, and we must therefore respectfully decline your request. We wish to point out that our name as indicated on the letter you addressed to Mr. Millard is incorrect. We are The Coca-Cola Bottling Company of New York, Inc. as contrasted with The Coca-Cola Company of Atlanta, Georgia, with which we are not affiliated. Very truly yours, WILLIAM C. GOULDSBURY, DOW CHEMICAL COMPANY MAY 24, 1972. DEAR SENATOR: Your letter of May 2 written to Mr. Herbert D. Doan has been referred to me for reply. Incidentally, Mr. Doan is no longer President of The Dow Chemical Company since Mr. C. B. Branch took his place in February of 1971. I am pleased to enclose a list of our top 30 stockholders. As you will recognize, some of these are nominees and we do not know the actual owner of the stock. Merrill Lynch, Pierce, Fenner and Smith, for instance, appears on the list and while we know that they own some Dow stock, we assume their total holdings represent hundreds or even thousands of separate stockholders. Please let us know if we can provide you any further information. The Herbert H. Grace, a Dow Foundation, 414 Town- Dorothy D. Arbury, R.F.D. 6, Midland, Mich. Number of shares 1,006,959 880,948 702,302 600,000 567,935 553,870 Merrill Lynch, Pierce, Fenner & Smith, Inc., 70 Pine St., Division Collection Unit, 7th floor, New York, N.Y 485,237 Margaret Dow Towsley, 1000 Berkshire Rd., Ann Arbor, Mich.. 475,390 CONSOLIDATED FOODS CORPORATION MAY 18, 1972. DEAR SENATOR METCALF: We have your letter of May 2, 1972 addressed to Mr. William A. Buzick, Jr., Chairman of the Board and Chief Executive Officer, requesting certain information concerning our Company's stockholders. While we consider the identity of the 30 largest stockholders of our Company and their respective holdings to be confidential information with which we are entrusted and of which we have an obligation not to disclose without their prior consent, we are pleased to furnish you with the following information which may be helpful to your inquiry. The number of voting shares of Common Stock of our Company held by 41,832 stockholders was 25,281,576 as of March 13, 1972, our most recent record date. Of the 30 largest stockholders, 17 are nominees, 2 are retirement funds, one is a publicly-held corporation, one is a major broker-dealer, 2 are private foundations and 7 are individuals. These 30 stockholders are the record_owners of approximately 31 percent of the Common Stock outstanding. We trust that the foregoing information will be of use to you. Yours very truly, GORDON H. NEWMAN, Vice President and Secretary. Vada B. Dow, 315 Post St., Midland, Mich.. Emp & Co., care of Harris Trust & Savings Bank, Trust Gem & Co., Box 2016, Boston, Mass. Kane & Co., care of The Chase Manhattan Bank, Thomas & Co., care of First National City Bank, 20 Exchange Pl., New York, N. Y.. 456,966 453, 450 Don & Co., Box 2016, Boston, Mass. Herbert Henry Dow 2d, 2301 West Sugnet Rd., Midland Mich... 407, 134 397, 485 Pitt & Co., care of Bankers Trust Co., Box 2444, Church Street Station, New York, N. Y. Atwell & Co., 45/47 Wall St., New York, N. Y. Sheldon & Co., care of The National City Bank of 209, 068 203, 788 E. I. DU PONT DE NEMOURS & COMPANY, INC. DEAR SENATOR METCALF: In response to your letter of May 2 to Mr. Charles B. McCoy, President of this Company, the total number of voting shares of our Common stock was 47,443,992 as of March 1, 1972, the record date for our April 10 annual meeting. You also requested a list of "the 30 top stockholders" in the Du Pont Company. Such information concerning our stockholders has always been regarded by this Company as confidential and not to be disclosed except as required by law or regulations. A well publicized example of this, involving holdings we have long been required to disclose in our proxy statements, is Christiana Securities Company, a publicly owned corporation with over 8,000 stockholders of its own. Christiana owned, as of March 1, 1972, 13,417,120 or about 28.2 percent of our shares. The balance of our "30 top shareholders" are institutions and nominees, most of whom undoubtedly hold their shares in a fiduciary capacity for numerous beneficial owners, and whose names, if for no other reason than the possibly misleading implications as to the number of real owners, we do not believe we should disclose. I hope you will understand our position in this matter and that the information we have furnished you will be helpful. Sincerely, H. T. BUSH, Jr., Secretary. As you have already been informed, the law regards the names and stock ownership of shareholders as confidential and not to be disclosed, even to stockholders, except upon showing of a proper purpose. We have always felt required to respect the right of our shareholders to be protected against invasion of that confidence. In response to your request, however, we have assembled a list of the names and holdings of the 30 largest registered holders of our shares. We have found, as expected, that no individuals appear as registered owners on such a list. We can confirm to you, however, that the 30 largest holdings of our shares are registered in "street name" and the names of banks and nominees. Since this seems to be the point you wished to make in your report on other companies as indicated in the Congressional Record, perhaps this information will serve your purposes. We would not wish to disclose the holdings of any shareholder of record without his express consent. In response to your further question, we have outstanding 161,145,436 voting shares. It may be relevant to point out that the largest registered holdings of our shares DEAR SENATOR METCALF: Your letter of May 2 to Mr. J. M. Pope, our former president, has been referred by his successor to me for reply. It is our practice to respect the privacy of our shareholders, both as to their identity and the amounts of their holdings, in the absence of a showing of legitimate purpose and compelling need. To answer your second question, FMC Corporation had outstanding as of April 3, 1972 a total of 31,173,214 shares, all of them voting shares While these shares were held by more than 30,000 shareholders, no individual shareholder of record owned as much as one percent of them. Sincerely, LLOYD C. HARTMAN, General Counsel. FIRESTONE TIRE & RUBBER COMPANY JUNE 13, 1972. DEAR SENATOR METCALF: Mr. Raymond C. Firestone, Chief Executive Officer of this Company, is out of the country on a business trip and I am responding on his behalf to your letter of May 2 to him. Firestone is an Ohio corporation and access to its shareholder list is controlled by Section 1701.37 of the Ohio particularly in light of the restrictive comments of the General Corporation Law. As I read that statute, and Committee at the time of its most recent re-enactment, non-stockholders for information from our stockholder I doubt that we are free to comply with requests from list. I therefore feel that I cannot respond affirmatively to your request. I regret the necessity of being negative in this reply, but I see no alternative. Respectfully, JOHN F. FLOBERG, Vice President, Secretary, and General Counsel. FORD MOTOR COMPANY MARCH 28, 1972. DEAR SENATOR METCALF: Mr. Ford has asked me to reply to your letter of March 11 requesting a list of the top 30 holders of Common Stock of the Company and the number of shares held by each. For reasons that I am sure you will understand, it is our policy to keep information about our stockholders confidential, except as public disclosure may be required by law or regulation. Under Delaware law, the list of stockholders is available for inspection by a stockholder, but only subject to the protective provisions of the statute. In this instance, however, in view of your request, we have prepared and are enclosing the list you sought. |