We come now to the largest single group in this report, the 81 industrial companies that are not oil companies. Of these 81, complete responses were received from 21, or 26 percent. However, two of them requested that their responses be considered confidential with respect to individual stockholders. Therefore there is a full tabulation for each of 19 companies, with the other two being included in the text on partial responses. There were 14 such Seven New York banks combined accounted for 17.4 partial or incomplete responses. A full 30 companies repercent of the outstanding common stock. fused to divulge information on stockholdings on grounds of confidentiality. Fifteen failed to respond to Senator Metcalf's letter of inquiry; however none of the top 22 companies of the 81 companies falls within the group failing to respond. One company, Western Electric, is a wholly owned subsidiary of American Telephone and Telegraph Company, and is therefore excluded. Percent 5.8 (through two nominees one of which held 4.3 percent of the total shares for the account of Newmont Mining Corporation).. Five other New York banks. Two Boston banks.. Cede and Company. 4. 4 Two Chicago banks.. (the nominee of the New York Stock Exchange) Texas Commerce Bank N.A....... (with its nominee as trustee of the company's Thrift Plan) Morgan Guaranty.. 2.2 Three funds, individuals, and miscellaneous firms.......... (through three nominees) Nine New York banks combined held 13.3 percent. Seven other United States banks Merrill Lynch, Pierce, Fenner & Smith Inc. Three other brokers.. Percent 20. 5 8.0 2.7 16. 3 3. 3 8.8 1. 2 2.5 1.6 4. 6 Ashland Oil, Inc. Ashland Oil, in its response, listed the 14 largest accounts which were in the names of nominees or other intermediary accounts. Of the 16 other accounts, it was simply indicated that they were held by individuals, who remain unnamed. The 30 largest stockholders account for 22.6 percent of the voting shares of the company. Only three held more than 2 percent of the stock each. They were: An indication of the kind of information provided by the 14 companies which gave only limited data provided is shown in the following summaries. United States Steel Corporation indicated that its largest stockholder account was held by a nominee for the Trustee of the Corporation's Savings Fund Plan for Salaried Employees, with 10.2 percent of total shares. Further no individual was reported to hold as much as 2 percent of the common stock of the company. No information on the amount held by nominees of banks and other institutions, or by other institutional investors or funds was disclosed. We come now to the largest single group in this report, the 81 industrial companies that are not oil companies. Of these 81, complete responses were received from 21, or 26 percent. However, two of them requested that their responses be considered confidential with respect to individual stockholders. Therefore there is a full tabulation for each of 19 companies, with the other two being included in the text on partial responses. There were 14 such Seven New York banks combined accounted for 17.4 partial or incomplete responses. A full 30 companies repercent of the outstanding common stock. fused to divulge information on stockholdings on grounds of confidentiality. Fifteen failed to respond to Senator Metcalf's letter of inquiry; however none of the top 22 companies of the 81 companies falls within the group failing to respond. One company, Western Electric, is a wholly owned subsidiary of American Telephone and Telegraph Company, and is therefore excluded. Percent Bankers Trust. 5.8 (through two nominees one of which held 4.3 percent of the total shares for the account of Newmont Mining Corporation)............ Five other New York banks. Two Boston banks.. Cede and Company... (the nominee of the New York Stock Exchange) Seven other United States banks. Texas Commerce Bank N.A.. (through three nominees) Percent 20. 5 8.0 2.7 16. 3 3. 3 8.8 1. 2 2.5 1. 6 4. 6 Nine New York banks combined held 13.3 percent. Ashland Oil, Inc. Ashland Oil, in its response, listed the 14 largest accounts which were in the names of nominees or other intermediary accounts. Of the 16 other accounts, it was simply indicated that they were held by individuals, who remain unnamed. The 30 largest stockholders account for 22.6 percent of the voting shares of the company. Only three held more than 2 percent of the stock each. They were: An indication of the kind of information provided by the 14 companies which gave only limited data provided is shown in the following summaries. United States Steel Corporation indicated that its largest stockholder account was held by a nominee for the Trustee of the Corporation's Savings Fund Plan for Salaried Employees, with 10.2 percent of total shares. Further no individual was reported to hold as much as 2 percent of the common stock of the company. No information on the amount held by nominees of banks and other institutions, or by other institutional investors or funds was disclosed. Ling-Temco-Vought reported that the only holder of more than 10 percent of the outstanding shares of common stock was Cede and Company, the nominee of the New York Stock Exchange, with 39 percent of such stock. Boeing Company reported that the 30 largest stockholders are comprised of four brokers, 25 nominees and one individual who among them hold 28.0 percent of the company's outstanding shares. No names of stockholders were disclosed. E. I. Du Pont de Nemours & Company reported that Christiana Securities Company holds about 28.2 percent of its shares and that the remaining 29 top stockholders are institutions and nominees, most of whom hold shares in a fiduciary capacity. Swift and Company indicated that the 30 largest stockholders accounted for 39.0 percent of common shares outstanding. This total can be broken down into 32.5 percent in 22 nominee or broker accounts and 6.5 percent in the remaining eight presumably individual or other beneficial accounts. Bethlehem Steel Company disclosed the name of its top holder only, but did indicate the amount held by each of the top 30 holders, with each holder indicated by type. This information is summarized as follows: 1 Includes one nominee for a mutual fund accounting for 2.5 percent of common stock outstanding. Eastman Kodak Company indicated only that the 30 largest holders of its shares are registered in "street names" and the names of banks and nominees. The largest of these 30 holders represented 1.1 percent of the total outstanding voting shares of the company. North American Rockwell reported that the 30 largest holders accounted for about 26.2 percent of the corporation's total outstanding shares of common stock, headed by the nominee of the corporation's savings plan for employees and Cede and Company, the nominee for the New York Stock Exchange. Singer Company listed without any identification the number of shares held by each of the 30 largest shareholders of common stock of the company which in total account for 33.6 percent of the total stock of the company. These 30 holders are reported to "include Cede and Company, the New York Stock Exchange Stock Clearing Corporation, an insurance company, a retirement trust fund for governmental employees, an investment company, one individual and 25 street name or nominee firms which we believe hold stock in our company on behalf of many beneficial owners of the shares." McDonnell Douglas Corporation provided information showing that the 30 largest stockholders accounted for 57.1 percent of the total shares of common stock outstanding, with a breakdown from which the percentages could be calculated as follows: Burlington Industries reported that the largest stockholder of the company was the Profit Sharing Plan of the Company, held by the Wachovia Bank and Trust Company as trustee, with 10.3 percent of the outstanding stock. The company reported further: "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 beneficial owners of the securities held in their accounts." Sperry Rand Corporation reported that its largest shareholder is Cede and Company, nominee of the New York Stock Exchange. The next largest account has about 3 percent of the shares outstanding, and the smallest of the 30 has 0.5 percent of the corporation's total outstanding shares. Besides Cede and Company, the 30 largest consist of 20 nominees of banks, two investment firms, one insurance company, three nominees of insurance companies, two foreign banks and one other foreign institution. Consolidated Foods Corporation reported only that the 30 largest stockholders of common stock consisted of 17 nominees, two retirement funds, one publicly-held corporation, one major broker-dealer, two private foundations, and seven individuals. These 30 held about 31 percent of the common stock outstanding of the company. American Standard indicated the number of shares held by each of the top 30 holders but did not identify the holders beyond classifying them into two insurance companies, nine banks, seven brokerage firms, seven individuals, and five as miscellaneous. The 30 combined held 33.7 percent of the shares outstanding, led by an insurance company with 4.5 percent, second by a bank, with 3.6 percent, and third by a bank, with 3.1 percent. Altogether the two insurance companies accounted for 4.8 percent of shares outstanding, the nine banks for 11.8 percent, the seven brokerage firms for 6.9 percent, the seven individuals for 5.3 percent, and miscellaneous for 4.8 percent. CLAIM OF CONFIDENTIALITY The following are the 30 companies which declined to provide the information requested on grounds of confidentiality. In some cases, where leading companies in the same or related industries provided full information this is indicated by way of contrast. General Motors Corporation, although both Ford and International Business Machines Corporation, al- International Telephone and Telegraph Corporation, although General Telephone and Electronics reported fully. Goodyear Tire and Rubber Company. Procter and Gamble. Lockheed Aircraft Corporation, although United Aircraft reported fully. Tenneco, Inc. Firestone Tire and Rubber Company. W. R. Grace and Company. International Paper Company. Borden, Inc., although United Brands reported fully. Minnesota Mining and Manufacturing Company. Armco Steel Corporation. Republic Steel Corporation. U.S. Plywood-Champion Papers, Inc.' American Home Products Corporation. Allied Chemical Corporation. National Steel Corporation. Weyerhaeuser Company. B. F. Goodrich Company. 1 Letter was sent in error to this company instead of to Coca Cola Company, Atlanta, Georgia. Now Champion International Corporation; company did indicate that Theodore J. Munchak, Nathan I. Lipson, and Dwight J. Thomson are large stockholders, based on filings with the Securities and Exchange Commission; no specific shareholdings data given. FAILURE TO RESPOND The 15 companies from whom no reply to Senator Metcalf's letter of inquiry was received were the following: International Harvester. General Foods. Continental Can. Gulf and Western Industries. Aluminum Company of America. National Cash Register. U.S. Industries, Inc. Georgia Pacific Corporation. The 21 industrial companies (excluding oil companies) that provided information on their 30 top stockholders appear to be fairly representative of the 99 to whom inquiries were addressed. They include some of the very largest, some of the smallest of these, and cover a wide spectrum of industries. Some major industries, such as rubber, are not represented. A brief discussion of the highlights from each of the 19 tables compiled from fully reporting companies follows, with the companies ranked in order of size of sales in 1971. Two companies, which requested that the information they supplied be kept confidential, are not included here but have been discussed above under partially reporting companies. Tabulation on these 19 companies follow: |