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APPENDIX TABLE 1-B.—CONCENTRATION OF STOCK HOLDINGS DATA FOR A SAMPLE OF 40 STOCKS HELD IN HIGH CONCENTRATIONS PRIMARILY BY 71 REGULATED INVESTMENT COMPANIES, SEPTEMBER 30, 1969—Continued

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*Figures may not total due to rounding.

1 Separate portfolio concentration percentage rankings were prepared for bank trust departments and regulated investment companies. These rankings were prepared as a part of the special tabulations made by the SEC at the request of Senator Metcalf. These rankings are ordered from high to low in terms of the percentage of voting stock held of each portfolio company in the sample held by each general type of financial institution. In the bank trust department case only shares for which sole voting authority was held were included in the ranking. For example, the 32.992 percent of Emery Industries stock was held by the bank trust departments was the largest percentage of any company's stock held by such institutions. General Reinsurance ranked second; 30.632 percent of its stock was held by the bank trust departments.

2 These 50 bank trust departments were the largest in the Nation at the date for which the data were prepared. These data were collected as a part of the 1971 Institutional Investor Study Report of the Securities and Exchange Commission. The special run of these

5 16. 122 20. 167 22. 743

data was provided by the SEC. Chairman Casey offered to provide these data during the 1972 Hearing on S. 448 because of the inadequacy of the data included in the Institutional Investors Study Report. These data were collected but they were neither published nor analyzed as a part of that Report.

The 50 trust departments had sole voting authority over approximately 80 percent of the stocks in employee benefit accounts, over less than 30 percent of the personnel trust accounts and over less than 10 percent of the assets in the agency accounts. Overall, these 50 trust departments had sole voting authority over 55 percent of the market value of the trust accounts. This percentage will increase because employee benefit accounts are the most rapidly growing part of the trust department accounts. The specific voting rights that the bank trusts had in these cases were not discussed. More exactly the shares reported to the Institutional Investors Study Report were those held by the investment advisors of regis tered investment companies.

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APPENDIX TABLE 1-C.—AGGREGATED HOLDINGS OF REGULATED INVESTMENT COMPANIES IN PORTFOLIO COMPANIES 1

Name

American Broadcasting..
ACF Industries..

Diversified Industries.

1

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Portfolio

concentration ratio (percent)

17. 7

Mesa Petroleum Co..

17.6

17.5

17.5

17. 4

17.4

17. 4

17.3

17.0

Martin Marietta.

Gimbel Bros..

23. 1

Bausch & Lomb, Inc.

16. 9

22. 8

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Tandy Corp.

16. 8

House of Fabrics, Inc..

21. 5

Texas Gas Transmission.

16. 8

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APPENDIX TABLE 2-A.-CONCENTRATION OF COMMON STOCK HOLDINGS BY LARGE BANK TRUST DEPARTMENTS: AIRLINE INDUSTRY,12 SEPT. 30, 1969

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APPENDIX TABLE 2-B.-CONCENTRATION OF COMMON STOCK HOLDINGS BY LARGE BANK TRUST DEPARTMENTS: BANKING, FINANCE, AND RELATED SERVICES,12 SEPT. 30, 1969

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APPENDIX TABLE 2-C.-CONCENTRATION OF COMMON STOCK HOLDINGS BY LARGE BANK TRUST DEPARTMENTS: BUILDING INDUSTRY,12 SEPT. 30, 1969

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APPENDIX TABLE 2-D.-CONCENTRATION OF COMMON STOCK HOLDINGS BY LARGE BANK TRUST DEPARTMENTS: CHEMICALS AND ALLIED PRODUCTS,12 SEPT. 30, 1969

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