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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.

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

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 registered investment companies.

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

IN PORTFOLIO COMPANIES 1
[Not Included in Institutional Investor Study Report)
Portfolio

Portfolio concentra

concentration ratio

lion ratio Name

(percent)
Name

(percent) American Broadcasting-31. 1 Mesa Petroleum Co.,

17. 7 ACF Industries...

30. 6
General Tire & Rubber.

17. 6 Diversified Industries. 29. 1 American Reserve Corp.

17. 5 Gibraltar Financial Corp. of Calif. 25. 9 Rochester Instruments..

17. 5 National Semiconductor Corp.. 25. 6 Bell & Howell.

17. Ogilvy & Mather, International 25. 3 Burlington Northern, Inc.

17. 4 Seaboard Coast Line Industries, Inc. 25. 2 Cutler-Hammer

17. 4 United Merchants and Mfrs.. 23. 5 Flintkote..

17. 3 Kaiser Cement & Gypsum. 23. 2 Levitz Furniture Corp

17. 0 Martin Marietta.. 23. 1 Bausch & Lomb, Inc.

16. 9 Gimbel Bros...

22. 8
Bucyrus-Erie Co..

16. 9 Pier I Imports, Inc.. 21. 7 Tandy Corp.

16. 8 House of Fabrics, Inc.21. 5 Texas Gas Transmission.

16. 8 U.S. Financial Corp.

21. 5
Savannah Electric & Power.

16. Great Northern-Nekoosa Corp21.4 Public Service of New Mexico.

16. 5 Macy (R.H.) & Co. 21. 4 Chase Manhattan Mtge. & Realty.

16. Mapco, Inc. 21. 0 Kayser-Roth Corp...

16. 4 Ryder System. 20. 9 Systron Corp

16. 4 Vornado, Inc.

20. 7
Kansas City Life Ins.

16. Standard Security Life. 20. 6 Cenco Instruments.

16. 2 Medusa Portland Cement.

20. 5
Kinney Services, Inc.

16. 2 Leasco Corp20. 3 Florida Power Corp..

16. 1 Philip Morris.. 20. 3 Mohasco Industries.

16. 1 Western Union International. 20. 3 National Kinney Corp.,

16. 1 Saxon Industries.

19.9
International Minerals & Chem.

16. 0 Braniff Airways.

19. 7
Block (H & R), Inc.

15. 9 Informatics, Inc.. 19. 4 Colwell Co..

15. 9 Pullman, Inc. 19. 4 Horizon Corp.

15. 9 Kerr-McGee Corp..

19. 2
Raychem Corp.

15. 8 Robertshaw Controls

19. 1
Equitable Life Mortage & Realty-

15. 7 Rex-Noreco, Inc.--.

19.0
Raytheon Co..

15. 7 General Instruments.

19.0
Viacom International

15. 6 Data General Corp.

18. 9
Colonial Life and Accident Ins.

15. 4 Empire Financial Corp..

18. 9
Ethyl Corp.---

15. 4 American Re-insurance.

18. 8
Volt Information Sciences

15. 4 Pacific Southwest Airlines.

18. 8
Addressograph-Multigraph_

15. 3 Panhandle Eastern Pipe Line.

18. 8
Columbia Broadcasting System.

15. 3 Petroleum Corp. of America..

18.8
General Battery Corp...

15. 2 Studebaker-Worthington.

18. 6
Milgo Electronics Corp-

15. 2 White Consolidated Industries.

18. 6
Chicago Pneumatic Tool.-

15. 1 Capital Cities Corp---

18. 5
National Starch & Chemical

15. 0 United Aircraft Corp.

18. 5 American Airlines.

18. 3 1 The percentage of the outstanding shares of some 1,600 comHost International

18. 3 panies held by open-end and closed-end regulated investment comPennsylvania Life Co..

18. 3 panies were tabulated. Those instances in which the total concentraSundstrand Corp

18. 2 tion ratio was 10% or above were reported. Only companies with MGIC Investment Corp.

18. 1

portfolio concentration ratios of 15% or above are included in this Dome Petroleum Ltd..

18. O

list. Midland-Ross Corp.

18. O American Medical Enterprise

17. 7 Source: Inveslment Companies/1972 (New York: Wiesenberger CMI Investments Corp.

17. 7 Services, Inc., 1972) p. 477.

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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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1 50 bank trust departments (BTD) are ranked by average per- ? Portfolio concentration percentage shown for BTD only when centage of sole only voting authority by all stocks held by the 1 or more of its holdings in the industry is 0.75 percent or larger. institution. These industry holdings are reported in the summary • Fiscal year ending Sept. 30, 1969, or next following fiscal year end. only if the BTD holds 0.75 percent or more of the stock of 1 company • Technically these data were furnished by the investment advisor in the sample.

of registered investment companies. 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, 2 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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1 50 bank trust departments (BTD) are ranked by average percentage of sole voting authority by all stocks held by the institution. These industry holdings are reported in the summary only if the BTD holds 0.75 percent or more of the stock of 1 company in the sample.

2 Portfolio concentration percentage shown for BTD only when 1 or more of its holdings in the industry is 0.75 percent or larger.

3 Fiscal year ending Sept. 30, 1969, or next following year end. • Technically these data were furnished by the investment adviser of registered investment companies.

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