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Subtotal-New York Big Seven...
Minneapolis banks :
Northwestern National.

EMSEG & Co.......
New Jersey banks:
First Jersey Bank.

Dean & Co.
Pittsburgh banks:
Mellon National.

Pace & Co....
Other insurances companies:

North American Life & Casualty Co.'..
Brokers:

Merrill Lynch, Pierce, Fenner & Smith, Inc...
William C. Roney & Co...
Paine, Webber, Jackson & Smith, Inc..
Dain, Kalman & Quail, Inc.
Piper, Jaffray & Hopwood..
Walston & Co....
Hornblower & Weeks-Hemphill Noyes.
First of Michigan Corp---
Loeb, Rhoades, & Co...
Loewi & Co.
Hambrecht & Quist.
Dean Witter & Co. Inc.--.

Eppler Guerin & Turner, Inc...
Foundations :

The Phillips Foundation....
Individuals:

Hal N. Carr, director, North Central

Airlines.
Howell P. Skoglund, director, Search

Inv. Corp; Raven Ind., Inc.; Ryroil
Co.; Royal Stationery Co.; and MSL
Industries, Inc.
Thomas Crooker..
Garnet F. DeCousin, director, North

Central Airlines.
Theodore Van Lith and Anna C. Van Lith.
Henry J. Dow.---
Richard O. Mueller, Kathry H. Mueller

and Harrold J. McComas, c/o Foley

Sammond & Lardner.
Florence L. Crooker..
Harry H. Costello..

Anne E. Ehle..
Miscellaneous:

Wheat First Securities, Inc..

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Subtotal..

1, 932, 057

1, 932, 057

15. 5

Footnotes at end of table.

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Other banks :
Mercantile National Bank at Dallas. Clarence

Arthur & Co.
Brokers:

Merrill Lynch, Pierce, Fenner & Smith

Inc.
B. C. Christopher & Co...
Manley, Bennett, McDonald & Co.
Dominick & Dominick, Inc.
William C. Roney & Co.
Roosevelt & Son, Inc..
Bache & Co., Inc.-
Smith, Hague & Co...
H. 0. Peet & Co., Inc..

H. Hentz, Inc...
Individuals :

Lewis W. Dymond, director, Central

Bank & Trust Co.; director, Frontier

Airlines, Inc.
Fred Boston, director, City National

Bank & Trust, Oklahoma.
Keith Hayes Kahle...
Mrs. Berniel Ragsdale, trustee for Ver-

nal A. Ragsdale Trust.
Irving Rubin, vice president, Hochchild

Kohn & Co.
Mrs. Mary Jo Roederer.
Robert S. Brennand.
Walter J. Osterhoudt.
Jerrold R. Berger.
Janet M. Hoelzer.
G. James Forbes, director, Bank of Lara-

mie, Wyoming.
M. Lamar Muse..
Mary Jo Kern..
William D. Lewis and Mrs. Alice B.

Lewis.
Miscellaneous:

RKO General Inc.?.
Burlington Holding Co...
Nelson Enterprises..

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UAL

Northwest Airlines

Percent

3. 3

The 30 largest holders of outstanding common stock of The 30 largest holders of Northwest Airlines accounted UAL accounted for 47.1 percent of such stock. Nine held for 53.0 percent of its outstanding common stock. Eleven 2 percent or more of the stock, all but one being banks, had 2 or more percent of the stock, all but one a bank, and and four of them New York banks. Ranked by size they the three largest being New York banks, as the following were:

ranking shows: Chase Manhattan. 8. 3

Percent (through three nominees)

Chase Manhattan

6.9 Bankers Trust...

6. 3

(through two nominees) (through two nominees)

Bank of New York.

6. 5 First National Bank of Chicago.

4. 6

(through four nominees) Cede and Company, 3. 7 Bankers Trust

4. 9 (the nominee of the New York Stock Exchange)

(through three nominees) First Jersey Bank of Jersey City3. 1 Cede and Company.

4. 8 First National City of New York..

3. 1

(the nominee of the New York Stock Exchange) (through three nominees)

National Bank of Detroit.

3. 6 Continental Illinois National Bank...

2. 5 First Jersey Bank of Jersey City Morgan Guaranty.. 2. 5 Northwestern National of Minneapolis.

3. O (through three nominees)

National Shawmut of Boston.

2. 8 State Street of Boston.. 2.4 Continental Illinois Bank of Chicago

2. 2 (through two nominees)

Morgan Guaranty-.

2.1

(through three nominees) The New York banks combined held 21.9 percent of the

Wilmington Trust, Wilmington, Delaware..

2. 0 stock. The two top New York banks, as can be seen, held 14.6 percent. Almost all of the First National Bank of

Six New York banks combined held 22.5 percent, the Chicago holding represents stockholdings of the United three largest alone accounting for 18.3 percent of the Air Lines, Inc., Employees Stock Purchase Plan.

company's outstanding common stock. American Airlines

Braniff Airways The 30 largest stockholders accounted for 44.6 percent The top 30 stockholders of Braniff accounted for 56.1 of outstanding common stock of American Airlines. Seven percent of the outstanding voting shares of the company. held 2 or more percent of the stock, all but two being New Eight holders held 2 percent or more of the stock each, York banks. In order they were:

Percent

five of them being banks. In order of size of holdings they Chase Manhattan.

9. 0

were:
(through three nominees)
Bankers Trust...

8. 1
Cede and Company..

15. 3 (through four nominees)

(the nominee of the New York Stock Exchange) Bank of New York.

4. 7
Bankers Trust of New York...

5. 8 (through two nominees)

(through three nominees) Morgan Guaranty.

4. 3
Bank of New York..

4. 4 (through four nominees) First National City..

3. 3

(through three nominees) State Street of Boston.

4. 1 (through two nominees) Cede and Company.

2. 9

(through two nominees) First National City Bank

3. 7 (the nominee of the New York Stock Exchange)

3. 5 Prudential Insurance.-

2. 8

Merrill Lynch, Pierce, Fenner & Smith, Inc.
National Shawmut of Boston...

3. 1 Seven New York banks combined held 30.8 percent, State Teachers Retirement Board of Ohio.

2. 3 the largest two accounting for 17.1 percent.

Seven New York banks combined held 17.1 percent of Pan American World Airways

the total stock outstanding of Braniff Airways.

Percent

The 30 largest holders of Pan American World Airways Western Air Lines accounted for 49.2 percent of outstanding capital stock. Ten held 2 or more percent of the total each as follows: The top 30 stockholders of Western Air Lines held 64.0

Percent percent of the outstanding voting stock of the company, Cede and Company

15. O (the nominee of the New York Stock Exchange)

over 25 percent being held by the chairman of the board Bankers Trust...

3. 7 of the company. Only four holders held 2 percent or more (through two nominees) Northwestern National of Minneapolis..

of the stock. In order of size they are:

3. 7 Bank of New York.. 3. 7

Percent State Street of Boston.

3. 6 Kirk Kerkorian, chairman of the board, Western Air (through three nominees)

Lines

26. 9 Resorts International. 3. O Chase Manhattan.

7. 3 Chase Manhattan.

2. 7

(through two nominees) (through two nominees)

Merrill Lynch, Pierce, Fenner & Smith Inc.

5. 7 National Shawmut of Boston.

2. 5
Morgan Guaranty..

5. 1 Merrill Lynch, Pierce, Fenner & Smith Inc....

2. 3

(through three nominees) Morgan Guaranty..

2.0 (through four nominees)

Four New York banks combined held 13.8 percent, Six New York banks combined held 13.6 percent of the

with two of them, as noted above, holding 12.4 percent outstanding capital stock of Pan American World Airways. of the company's outstanding voting stock.

Percent

Pacific Southwest Airlines

However, one holder, RKO General, alone accounted for

46.8 percent of the total. There were only two other holdThe top 30 stockholders held 56.8 percent of the ort- ers with 2 or more percent, Cede and Company, the standing stock of Pacific Southwest Airlines. In contrast nominee of the New York Stock Exchange, with 10.7 perto most other airlines, there was no New York bank that cent and First National of Boston (through three nomiheld as much as 2 percent of the stock of Pacific Southwest 1095) with 2.2 percent. Only one New York bank is among Airlines. The five holders with 2 percent or more of the the top 30, with 0.2 percent of the total stock outstanding. stock each are as follows:

B. RAILROADS Cede and Company

21. 3 (the nominee of the New York Stock Exchange)

The almost complete response from railroads is readily State Street of Boston...

6. 5 accounted for by the fact that the information requested (through three nominees) Thomas Friedkin, a director of Pacific Southwest.

by the committee is reported annually to the Interstate

4. 1 National Shawmut of Boston..

3. 2 Commerce Commission on form 109 "Voting Powers and (through three nominees)

Elections." Hartford National, Hartford, Connecticut...

2. 6 Included are tabulations of the 30 largest stockholders Two New York banks combined held 2.9 percent of the

of 15 of the 19 railroads reporting. One company, Santa company's stock. As shown above, two Boston banks coin- Fe Industries, failed to respond. Also excluded are: (1) bined held 9.6 percent.

the Southern Pacific Company, the parent company of the

Southern Pacific Transportation Company, which reported North Central Airlines

only the 10 largest stockholders, (2) the Union Pacific

Corporation which reported only the aggregates of the 30 Of the reporting airlines North Central shows by far the largest stockholders (22 banks and their nominees, 2 least concentration of stockholdings, with the top 30 brokers, and 6 others), and also submitted a list of the holders accounting for only 26.1 percent of the company's 30 largest stockholders of its subsidiary, the Union Pacific common stock. Only one holder is listed with as much as 2 Railroad Company, of which the Union Pacific Corporapercent of the stock, Cede and Company, the nominee of tion held 27,924,848 or 93.3 percent of the total of 29,929,the New York Stock Exchange, with 10.6 percent. No New

235 shares, and (3) the Louisville and Nashville Railroad, York bank was among the top 30 stockholders.

a subsidiary of the Seaboard Coast Line Company which, Frontier Airlines

as of the end of 1971, held 2,448,000 or 98.3 percent of a

total of 2,490,328 Louisville and Nashville shares. The top 30 stockholders of Frontier Airlines accounted We turn now to the 15 railroads in the tabulation that for 66.2 percent of the outstanding stock of the company. follows:

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(1).

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PENN CENTRAL COMPANY-Continued
Brokers:

Brown Brothers, Harriman & Co.
Merrill Lynch, Pierce, Fenner & Smith

Inc.
Paine Webber Jackson & Curtis, Inc.
Loeb Rhoades & Co...
Lazard Freres & Co.....
Carl Marks & Co.....
Bear Stearns & Co.....
Clark Dodge & Co., Inc.--

William C. Roney & Co....
Individuals:

Edward J. Piszek..
R. Walter Graham Jr.
Stuart T. Saunders.

Earl Knudsen.---
Miscellaneous:

Richard Joyce Smith, Trustee of the

Property of the New York New Haven

and Hartford Railroad Co.
Polk Bros. Inc., Melrose Park, Ill..
F. H. Prince & Co., Inc., Chicago.
March & Co c/o Stock Clearing of Boston.
Maatschappij, etc. c/o Kuhn Loeb & Co...

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