1 Figures may not add due to rounding. In addition Class B stock, all owned by Ford family interests, has voting rights and accounts for 40 percent of all voting stock. The common stock reported in this table accounts for 60 percent of all voting stock. Nominee for the company's savings and stock investment plan for salaried employees. Treasury shares; cannot be voted. $4,815,394 of these shares are held by this nominee for account of the Trustees of General Electric Savings and Security Trust. Trustee for Chrysler under agreement dated May 18, 1956. * Included individually as well as a trustee. Nominee for Litton's Pension Plan, Treasury shares which are not voted. 10 Nominee for Bendix's Salaried Employees' Savings and Stock Ownership Plan. Ford Motor Company This is the third largest industrial firm in the United States, ranked by sales, exceeded only by General Motors and Standard Oil of New Jersey. It is the largest such firm to report its 30 largest holders of common stock. These 30 accounted for 35.7 percent of its common stock. It does include 443,789 treasury shares or 0.6 percent of the total which is nonvoting. By far the largest holding, accounting for 12.2 percent of total common stock of the company is held by a nominee of the National Bank of Detroit, on behalf of the company's savings and stock investment plan for salaried employees. There are three other holdings of 2 or more percent of Ford's common stock: Chase Manhattan.. (through two nominees) First National City.... (through three nominees) State Street of Boston. (through three nominees) Percent 2.9 4,737, 400 4,737, 400 11 Nominee for the Textron Employee Stock Savings Program. 12 Affiliated Fund (Lord Abbett & Co.) 300,000 shares. Abacus Fund 44,000 shares. 13 Guardian Mutual (Cedar Street Consultants, Inc.) 8,000 shares. Other accounts 169,000 shares. 14 Group Securities (U.S. Life Mutual Funds Management) 128,000 shares. 15 Decatur Income Fund Inc. (Delaware Management Co., Inc.) 85,000 shares. 16 Mutual Income Fund (Heritage Securities, Inc.) 30,000 shares. Other accounts 702,000 shares. 17 Hamilton Fund, 217,000 shares. Founders Mutual, 88,000 shares. 18 Penn Square Mutual Fund, 135,000 shares. Other accounts, 4,000 shares. Almost all of this latter holding is held by the bank's nominee for the account of the Trustees of General Electric Savings and Security Trust. Seven New York banks combined held 12.8 percent of the stock of the company. Chrysler Corporation This is the seventh largest industrial company, ranked 3.5 by sales, and third largest company in the automobile field. The 30 largest stockholders accounted for 41.2 percent of the outstanding shares of the company. Five holders held 2 or more percent of the stock of the company. In rank order they were: 2.2 Six New York banks combined held a total of 11.2 percent of the company's common stock. General Electric Company General Electric ranks next to Ford in size of industrial companies, ranked by sales. Its top 30 stockholders In its response, the Ford Company did not indicate that Class B stock, all of which is owned by Ford family interests, is also voting stock and has 40 percent of the voting power in the company. The common stock, reported by the company, has 60 percent of the voting power of the company. Class A stock, held by the Ford foundation, is nonvoting stock. 29-553 O - 74-5 The 30 largest stockholders combined accounted for 27.6 percent of the common stock of the company. In this case New York banks played a less prominent part than in many of the other industrial companies considered in this section. Only three holders had 2 or more percent of the stock of the company, as follows: Wachovia Bank and Trust Company of Winston-Salem Mercantile Safe of Baltimore___. Chase Manhattan.. (through three nominees) Only two New York banks were represented among the top 30 stockholders, both noted above. Between them they accounted for 6.3 percent of the common stock of the company. CPC International The 30 largest holders accounted for 23.2 percent of the common stock of this company. Only one holder held as much as 2 percent of the stock, National Bank of Detroit with 3.1 percent. Eight New York banks combined held a total of 6.6 percent. Warner-Lambert Company The 30 largest stockholders accounted for 28.3 percent of the common stock outstanding of this company. The five holders with 2 or more percent of the stock were all New York banks plus Cede and Company, the nominee of the New York Stock Exchange. In rank order they were: Chase Manhattan. (through three nominees) Bankers Trust... Percent 7.5 3.0 2.8 Seven New York banks combined held 7.1 percent of the total common stock of the company. (the nominee of the New York Stock Exchange) Manufacturers Hanover.. U.S. Trust Company.. Six New York banks combined held a total of 14.3 percent of the stock of the company, over half of the total held by the 30 largest. Chapter V TRANSPORTATION COMPANIES Of the 50 transportation companies to whom Senator Metcalf's letter of May 8, 1972, was addressed, 17 were airlines, 19 railroads, and the remaining 14 a variety of other transportation companies, including trucking firms, maritime companies, freight forwarders, and transit companies. This threefold division will be followed below. Of all the major categories of firms contacted (industrial, retail, banking, insurance, transportation, and utilities), the response was most complete from the transportation sector. Twenty-six companies (9 airlines, 15 railroads and 2 other transportation companies) responded completely to the list of 30 top stockholders. Eleven (three airlines, two railroads, and six other transportation companies) provided some stockholder data but not to the extent requested. Four companies were subsidiary firms. Nine companies (four airlines, one railroad, and four other transportation companies) failed to respond or gave an entirely negative reply. A. AIRLINES As already noted, of the 17 airlines among the 50 largest transportation companies, a full response to the request for the 50 largest stockholders was received from nine, just over half. Of the other eight, three (Continental Airlines, Allegheny Airlines, and Flying Tiger) did not respond at all. Three (Trans World Airlines, Eastern, and Delta) submitted only the names of those holding 5 or more percent of the capital stock, which is information required to be submitted to the Civil Aeronautics Board under section 407 (b) of the Federal Aviation Act. One, National Airlines, refused to list any stockholders. One, Northeast Airlines, reported that 86.1 percent of its stock is owned by Storer Broadcasting Company. Since then Northeast Airlines has been merged into Delta Air Lines. A summary of the holders of airline stock shows that the 30 largest stockholders in most cases accounted for about 50 percent of the holdings and that New York banks are prominent in the stockholdings of six of the nine companies included in the committee tabulation. These indications of concentration are generally substantially greater than for industrial companies. The following tabulations and summaries of individual airlines are arranged by size of company according to operating revenues in 1971. |