(47)-. GULF, MOBILE, & OHIO RAILROAD-Continued Franklin & Co.-- (Freer & Co.-- Trude & Co... Willin & Co.... Cust & Co. Orefund...... Intergoc & Co.... ford). Gunther & Co.-. Insurance Company of North America... STEN & Co..... St. Paul Companies.... Brown Brothers, Harriman & Co..... Cramp & Co. Inc. Hornblower & Weeks... William C. Stewart... Gulf Mobile & Ohio RR. Davis & Co.---- 1 Totals may not add due to rounding. : 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. 1 Voting shares, including common and first and second preferred stock. 13 Cede & Co. held 130,535 shares which are distributed below where applicable. 13 Voting shares, including common and preferred stock. Per cent 18. 9 Percent 6. 2 Percent Penn Central Company ing common stock. Only two holders held 2 or more per cent of this stock each as follows: In 1971 ranked by operating revenue Penn Central was Percent the largest transportation company in the Nation. It was Merrill Lynch, Pierce, Fenner & Smith Inc. 4. 4 also one of the few companies within the 324 of this Bank of Delaware, Wilmington... 2. 0 survey that operated at a loss during the year. The 30 top Six New York banks combined held 4.3 percent of the stockholders held 42.4 percent of the common stock of the stock. company. Five, none of them domestic banks, held 2 or more percent of the stock each as follows: Seaboard Coast Line Industries Cede and Company, (the nominee of the New York Stock Exchange) The top 30 stockholders of Seaboard Coast Line IndusCredit Suisse... 7. 1 tries accounted for 40.1 percent of the outstanding com(through two accounts) Richard J. Smith, trustee of the property of the New mon stock of the company. Seven, of which four are New York, New Haven and Ilartford Railroad Co., debtor. 4. O York banks, held 2 or more percent of the stock each as Societe de Banque Suisse. 3. 3 follows: (through two accounts) Merrill Lynch, Pierce, Fenner & Smith Inc.--. 2. 7 Chase Manhattan.. Four New York banks combined hold 1.7 percent of the (through two nominees) stock of the company. Two Swiss banks combined held Mercantile Safe Deposit and Trust, Baltimore. 5. 4 10.3 percent of the stock of the company. (through one nominee and one trust agreement) Code and Company.. 4. 4 (the nominee of the New York Stock Exchange) Burlington Northern Morgan Guaranty. 3. 2 (through three nominees) The 30 largest stockholders accounted for 36.0 percent First National City of New York.. 2. 8 (through two nominees) of the outstanding common stock of the company. Six Commerce Bank of Kansas City- 2.3 holders (the three top ones being New York bunks) beld (through two nominces) Manufacturers Hanover. 2, 1 2 or more percent of the stock of the company as follows: (through two nominees) Chase Manhattan.. 6. 7 Six New York banks combined held 15.8 percent of the Bank of New York.. 6. 1 stock of the company. (through two nominees) Bankers Trust.--. 4. 5 Southern Railway (through four nominees) State Street of Boston.. 4. 2 (through three nominees) The top 30 stockholders of the Southern Railway held Merrill Lynch, Pierce, Fenner & Smith Inc.-- 2.5 40.2 percent of the common stock of the company, a perManufacturers Hanover Bank.. 2. 2 centage almost the same as that of Seaboard Coast Line Eight New York banks combined held 22.1 percent of Industries. Here, too, seven holders held 2 percent or more the Burlington Northern's common stock, with the top of the stock each. Five of the seven are New York banks. three banks accounting for 17.3 percent." These holdings are: Percent Norfolk and Western Railway Chase Manhattan.. 8. 3 (through two nominees) State Street of Boston.. 7. 1 The top 30 stockholders of Norfolk and Western held (through four nominees) 37.0 percent of the cominon stock of the company. Nearly Morgan Guaranty- 3. 5 half, 15.3 percent, was held by the Pennsylvania Company, (through three nominees) a subsidiary of the Penn Central Railroad; however all Penn Virginia Corporation, Philadelphia.. 2. 8 Manufacturers Hanover. 2. 2 voting rights to these shares are held by independent (through two nominees) voting, trustees pursuant to the Interstate Commerce First National City--- 2. 0 Commission's Orders in Finance Docket No. 21510. Besides (through two nominees) this holding only three others hold 2 or more percent of Bank of New York. 2.0 the stock of the coinpany as follows: Six New York banks accounted for 18.5 percent of the Chase Manhattan. 4. 2 total with the top two accounting for 11.8 percent. Merrill Lynch, Pierce, Fenner & Smith Inc.. 2. 2 Morgan Guaranty. 2. 1 Missouri Pacific Railroad (through two nominees) Six New York banks combined held 9.1 percent, with Although the top 30 shareholders accounted for 72.2 perthe two above mentioned together holding 6.3 percent. cent of the outstanding voting stock of the company, there was only one holder with more than 2 percent of the shares, Chesapeake and Ohio Railway namely the Mississippi River Corporation of St. Louis Chesapeake and Ohio in its submission of the 30 largest which holds 60.8 percent of the shares. It should also be stockholders showed far less concentration of ownership noted that Missouri Pacific reported that 5.6 percent of than most of the other railroads with the top 30 stock the stock was held in the name of Cede and Company, but holders accounting for only 19.7 percent of the outstand that the shares were allocated to brokerage firms when stock was being held by Cede and Company where ap" The ownership report filed by the Burlington Northern with the ICC and SEC in 1973 and discussion regarding it begins on p. 4. plicable. Percent Chicago Rock Island and Pacific Railroad Rio Grande Industries Percent Percent A situation somewhat similar to that of the Missouri The top 30 stockholders of Rio Grande Industries acPacific cited above prevails in the case of the Chicago counted for 54.2 percent of the outstanding common stock Rock Island and Pacific. of the company. Nine holders held 2 or more percent of Although the 30 top stockholders hold 92.0 percent of the stock each, three of them being New York banks. In the outstanding common stock, the overwhelming amount, order of size of holdings they were: Percent 77.4 percent, is held by the Chemical Bank of New York as Cede and Company: 7.7 exchange agent under the Union Pacific Railroad Com (the nominee of the New York Stock Exchange) pany exchange offer of September 1, 1964, as amended Spokane International Railroad Company 7. 3 October 1, 1964, for CRI & P Railroad Company common Chase Manhattan.. 5. 7 (through two nominees) stock. Other holders of 2 or more percent of the stock are: Bank of New York. 5. 4 (through two nominees) Nelvana Corporation.2. 1 First National City Bank.. 4.0 Bem and Company. 2. O (through two nominees) Marguerite N. Riker... 2. 0 3. O First National Bank of Chicago.. 2.0 2. 1 Karl W. Bacon. 2. O Aside from the Chemical Bank holdings as agent under Edgar A. and Elizabeth Morgan.. 2. the Union Pacific exchange offer noted above, the three Seven New York banks combined held 19.2 percent of New York banks among the top 30 stockholders held the stock of the company, with the three largest accountonly 0.7 percent of the stock of the Chicago Rock Island ing for 15.0 percent. and Pacific Railroad. Kansas City Southern Industries Chicago Milwaukee Corporation The top 30 stockholders of Kansas City Southern The Chicago Milwaukee Corporation holds 95 percent Industries accounted for almost half, 49.3 percent, of the of the stock of the Chicago, Milwaukee, St. Paul and total common stock outstanding of the company. Six Pacific Railroad Company, and is thus its parent company. holders held 2 percent or more each of the common stock The 30 top stockholders of the Chicago Milwaukee of the company as follows: Corporation accounted for 68.5 percent of its voting Cede and Company. 13. 9 stock. Brokerage houses and Cede and Company, the (the nominee of the New York Stock Exchange) Chase Manhattan. 5. 3 nominee of the New York Stock Exchange, show up more (through four nominees) prominently than with most other companies, and New Commerce Bank of Kansas City -- 3. 2 York banks less so. Five stockholders held 2 percent or City National Bank and Trust of Kansas City. 2. 4 more each of the common stock of the company as follows: (through three nominees) Delk Investment Corporation.. 2. 2 Manufacturers Hanover Bank.. 2. 1 Cede and Company. 32. 6 Five New York banks combined held a total of 10.0 (the nominee of the New York Stock Exchange) Merrill Lynch, Pierce, Fenner & Smith Inc., 4.4 percent of the stock, more than half of this being accounted Loeb Rhoades and Company for by Chase Manhattan nominees. Chase Manhattan Bank. 2. 8 (through two nominees) Soo Line Bache and Company -- 2.8 Three New York banks were among the top 30 stock- The Soo Line is controlled by the Canadian Pacific holders; between them they accounted for 5.1 percent Railroad which holds 55.7 percent of its voting stock. The of the stock of the company. second largest holder is Cede & Company, the nominee of the New York Stock Exchange, with 8.4 percent. No St. Louis-San Francisco Railroad other holder has as much as 2 percent of the outstanding common stock of the Soo Line. The 30 largest held 73.7 The top 30 stockholders accounted for 48.2 percent of percent. Only one New York bank is represented among the outstanding common stock of the company. Of the the 30 largest holders, the Chemical Bank with 1.0 percent. six holders with 2 percent or more of the stock each, four are New York banks and two are brokerage firms as Reading Railroad follows: Here again the railroad is largely controlled by another Scherck, Stein and Franc, Inc.. 15.0 railroad, in this case the Baltimore & Ohio Railroad, with Chase Manhattan.. 6. 5 38.5 percent of its stock; and the parent company of (through two nominees) the B&O, the Chesapeake & Ohio Railroad, with 7.2 perBankers Trust. 3. 9 (through four nominees) cent of its stock. The only other holders of 2 or more perChemical Bank.. 2. 7 cent of the stock each are two brokerage firms, Merrill Bank of New York... 2. 6 Lynch, Pierce, Fenner & Smith with 3.6 percent, and (through three nominees) Filor, Bullard & Smyth with 2.6 percent. The 30 largest Merrill Lynch, Pierce, Fenner & Smith Inc.-- 2. 5 altogether held 70.6 percent of the common stock of the Seven New York banks combined held 19.9 percent of Reading Railroad. Only two New York banks were among the stock of the railroad, with the two top ones accounting the top 30 holders with a combined total of 1.4 percent of for 10.4 percent. the company's stock. Percent 3.1 Percent Percent Gulf, Mobile and Ohio Railroad C. OTHER TRANSPORTATION COMPANIES The 30 top holders of this railroad accounted for 52.0 Of the 14 other transportation companies among the percent of the outstanding voting stock of the company, top 50 by operating revenues in 1971, only two supplied with four holders having 2 or more percent each of the shipping company, and the other, Spector Industries, a the total information requested, one, Seatrain Lines, a voting stock of the company. None are New York banks. trucking company. Six freight companies, Consolidated The four are: Freightways, Inc., Roadway Express, Inc., Yellow Freight System, Inc., McLean Trucking Company, the Bekins Chicago Title and Trust Company.. 18. 8 Company, and Transcon Lines gave the names of the 10 Continental Minois National Bank. 6. 7 shareholders who had the highest voting power in their (through four nominees) companies, as required to be reported to the Interstate Merrill Lynch, Pierce, Fenner & Smith Inc. 5. 8 H. Hentz and Company Commerce Commission. Pacific Intermountain Express 2. 1 reported that all of its shares were now owned by Three New York banks combined held 3.2 percent of International Utilities of the U.S., Inc., a Delaware corthe stock of the company. poration. The American President Lines reported that From this survey it can be seen that New York banks, Natomas Company is the beneficial owner of 51 percent of headed by Chase Manhattan, were predominant holders percent, leaving the remaining 1 percent divided among its voting stock and the Signal Companies about 48 in the case of three of the railroads, brokers, directly and about 150 individuals. Four, Leaseway Transportation, through Cede and Company in four cases, and other American Export Industries, National City Lines, and railroads or transportation companies in six cases. In the Associated Transport, did not respond. other two cases, no single type of holder appeared to pre- cussed above, stock ownership in the two companies con In contrast to the airline and railroad companies disdominate. Chase Manhattan was the top stockholder of sidered here, Seatrain Lines and Spector Industries, is four railroads and the top New York bank in the case much more heavily concentrated among specific individof four others as well. uals and less so among financial institutions. Subtotal-New York Big Seven.. Special & Co..... Olen & Co.--- Nadart & Co..... Crocker National Bank (Los Angeles).... Kemp & Co.----- Merrill Lynch, Pierce, Fenner & Smith Inc. Baco. Loeb Rhoades & Co.... Howard M. Pack Foundation... (36). SEATRAIN LINES-Continued Howard M. Pack.. Pack Pack. Pack. Susan Kahn. Subtotal... Cede & Co.---- Bankers Trust... Egger & Co... (45) 1, 047, 813 72.0 Total-New York Big Seven. Milk & Co.---- Spel & Co.--- Bal Harbour, Fla. Merrill Lynch, Pierce, Fenner & Smith Inc. Citizens Securities... W. Stanhaus. R. Gerling- Polish Roman Catholic Union. Subtotal.-- 1 Totals may not add due to rounding. Associates, Inc., a wholly owned subsidiary of Seatrain Lines, Inc. |
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