1 Totals may not add due to rounding. Nominee of Swiss American Corp., subsidiary of Credit Suisse. 'All voting rights to these shares are held by independent voting trustees pursuant to the Interstate Commerce Commission's Orders in Finance Docket No. 21510, et al. Nominee of Bank of America International, New York, subsidiary of Bank of America. Includes Class A common and Class B preferred stock, both with equal voting rights. • Cede & Co. held 106,788 shares of class A stock on Dec. 31, 1971, which shares are reflected in holdings below, where applicable. 7 Exchange agent under Union Pacific Railroad Co. exchange offer of Sept. 1, 1964, as amended Oct. 1, 1964, for CRI & P Railroad Co. common stock. Exchange agent under Chicago & Northwestern Railroad offer of Sept. 23, 1963, as amended for CRI & P Railroad Co. common stock. • Parent company of Chicago, Milwaukee, St. Paul and Pacific Railroad Co. 10 Common and preferred stock, each with equal voting rights. "Voting shares, including common and first and second preferred stock. 12 Cede & Co. held 130,535 shares which are distributed below where applicable. 13 Voting shares, including common and preferred stock. 22, 176 22, 176 18, 014 18, 014 12, 400 12, 400 9, 600 9, 600 9, 100 9, 100 7, 708 7,708 7, 300 7, 300 7, 245 7, 245 5, 950 5,950 4, 940 4, 940 4, 685 4, 685 17299777O55 Eight New York banks combined held 22.1 percent of the Burlington Northern's common stock, with the top three banks accounting for 17.3 percent." Norfolk and Western Railway The top 30 stockholders of Norfolk and Western held 37.0 percent of the common stock of the company. Nearly half, 15.3 percent, was held by the Pennsylvania Company, a subsidiary of the Penn Central Railroad; however all voting rights to these shares are held by independent voting trustees pursuant to the Interstate Commerce Commission's Orders in Finance Docket No. 21510. Besides this holding only three others held 2 or more percent of the stock of the company as follows: The top 30 stockholders of the Southern Railway held 40.2 percent of the common stock of the company, a percentage almost the same as that of Seaboard Coast Line Industries. Here, too, seven holders held 2 percent or more of the stock each. Five of the seven are New York banks. These holdings are: Six New York banks accounted for 18.5 percent of the total with the top two accounting for 11.8 percent. Missouri Pacific Railroad Although the top 30 shareholders accounted for 72.2 percent of the outstanding voting stock of the company, there was only one holder with more than 2 percent of the shares, namely the Mississippi River Corporation of St. Louis which holds 60.8 percent of the shares. It should also be noted that Missouri Pacific reported that 5.6 percent of the stock was held in the name of Cede and Company, but that the shares were allocated to brokerage firms when stock was being held by Cede and Company where applicable. Chicago Rock Island and Pacific Railroad A situation somewhat similar to that of the Missouri Pacific cited above prevails in the case of the Chicago Rock Island and Pacific. Although the 30 top stockholders hold 92.0 percent of the outstanding common stock, the overwhelming amount, 77.4 percent, is held by the Chemical Bank of New York as exchange agent under the Union Pacific Railroad Company exchange offer of September 1, 1964, as amended October 1, 1964, for CRI & P Railroad Company common stock. Other holders of 2 or more percent of the stock are: Nelvana Corporation. First National Bank of Chicago_ Aside from the Chemical Bank holdings as agent under the Union Pacific exchange offer noted above, the three New York banks among the top 30 stockholders held only 0.7 percent of the stock of the Chicago Rock Island and Pacific Railroad. Chicago Milwaukee Corporation The Chicago Milwaukee Corporation holds 95 percent of the stock of the Chicago, Milwaukee, St. Paul and Pacific Railroad Company, and is thus its parent company. The 30 top stockholders of the Chicago Milwaukee Corporation accounted for 68.5 percent of its voting stock. Brokerage houses and Cede and Company, the nominee of the New York Stock Exchange, show up more prominently than with most other companies, and New York banks less so. Five stockholders held 2 percent or more each of the common stock of the company as follows: Three New York banks were among the top 30 stockholders; between them they accounted for 5.1 percent of the stock of the company. St. Louis-San Francisco Railroad The top 30 stockholders accounted for 48.2 percent of the outstanding common stock of the company. Of the six holders with 2 percent or more of the stock each, four are New York banks and two are brokerage firms as follows: Percent 6. 5 3.9 2.7 Delk Investment Corporation.. Percent 13. 9 5. 3 3.2 2.4 2.2 2. 1 Five New York banks combined held a total of 10.0 percent of the stock, more than half of this being accounted for by Chase Manhattan nominees. Soo Line The Soo Line is controlled by the Canadian Pacific Railroad which holds 55.7 percent of its voting stock. The second largest holder is Cede & Company, the nominee of the New York Stock Exchange, with 8.4 percent. No other holder has as much as 2 percent of the outstanding common stock of the Soo Line. The 30 largest held 73.7 percent. Only one New York bank is represented among the 30 largest holders, the Chemical Bank with 1.0 percent. Reading Railroad Here again the railroad is largely controlled by another 15. 0 railroad, in this case the Baltimore & Ohio Railroad, with 38.5 percent of its stock; and the parent company of the B&O, the Chesapeake & Ohio Railroad, with 7.2 percent of its stock. The only other holders of 2 or more percent of the stock each are two brokerage firms, Merrill Lynch, Pierce, Fenner & Smith with 3.6 percent, and Filor, Bullard & Smyth with 2.6 percent. The 30 largest altogether held 70.6 percent of the common stock of the Reading Railroad. Only two New York banks were among the top 30 holders with a combined total of 1.4 percent of the company's stock. 2. 6 2.5 Seven New York banks combined held 19.9 percent of the stock of the railroad, with the two top ones accounting for 10.4 percent. Gulf, Mobile and Ohio Railroad The 30 top holders of this railroad accounted for 52.0 percent of the outstanding voting stock of the company, with four holders having 2 or more percent each of the voting stock of the company. None are New York banks. The four are: Chicago Title and Trust Company. (through four nominees) Merrill Lynch, Pierce, Fenner & Smith Inc.. Percent 6.7 C. OTHER TRANSPORTATION COMPANIES Of the 14 other transportation companies among the top 50 by operating revenues in 1971, only two supplied the total information requested, one, Seatrain Lines, a shipping company, and the other, Spector Industries, a trucking company. Six freight companies, Consolidated Freightways, Inc., Roadway Express, Inc., Yellow Freight System, Inc., McLean Trucking Company, the Bekins 18. 8 Company, and Transcon Lines gave the names of the 10 shareholders who had the highest voting power in their companies, as required to be reported to the Interstate Commerce Commission. Pacific Intermountain Express reported that all of its shares were now owned by International Utilities of the U.S., Inc., a Delaware corporation. The American President Lines reported that Natomas Company is the beneficial owner of 51 percent of its voting stock and the Signal Companies about 48 percent, leaving the remaining 1 percent divided among about 150 individuals. Four, Leaseway Transportation, American Export Industries, National City Lines, and Associated Transport, did not respond. 5. 8 2. 1 Three New York banks combined held 3.2 percent of the stock of the company. From this survey it can be seen that New York banks, headed by Chase Manhattan, were predominant holders in the case of three of the railroads, brokers, directly and through Cede and Company in four cases, and other railroads or transportation companies in six cases. In the other two cases, no single type of holder appeared to predominate. Chase Manhattan was the top stockholder of four railroads and the top New York bank in the case of four others as well. In contrast to the airline and railroad companies discussed above, stock ownership in the two companies considered here, Seatrain Lines and Spector Industries, is much more heavily concentrated among specific individuals and less so among financial institutions. |