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Seatrain Lines

Four New York banks combined held 11.0 percent, the

two largest combined accounting for 7.5 percent. The top 29 stockholders accounted for 88.3 percent of the stock, by far most of it held by individuals. Of the Spector Industries nine holders with 2 percent or more of the total, six, including the five largest, are individuals, two are New The pattern of ownership among the top 30 stockYork banks and one is Cede and Company, nominee of holders is very similar to that for Seatrain Lines. The 30 the New York Stock Exchange. Ranked in order they are: top holders accounted for 72.0 percent of the common

Percent stock outstanding. Of the nine holders of 2 percent or more Howard M. Pack, president of Seatrain Lines..

26. 5

each of the stock, seven are individuals, one is Cede and Joseph Kahn, chairman of the board of Seatrain Lines.. 14. 9 Samuel Kahn, executive vice president of Seatrain Lines. 10.3 Company, and one is a bank. In order of size, these are: Norman Kahn, vice chairman and vice president of

Percont Seatrain Lines

7.0
Cede and Company.

15. 1 Leonard Kahn.

5. O

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

4. 4

W. Stanhaus, chairman and president of Spector Indus(through three nominees)

tries.

13. 1 Cede and Company

4. 2
M. Goldman.

9. 0 (the nominee of the New York Stock Exchange)

S. C. Bergman..

4. 3 Chase Manhattan Bank.

3. 1
Hartford National Bank, Hartford, Connecticut..

4. O (through two nominees)

H. E. Baker..

3. 6 Warren Pack.

2. 8
J. Pritzker.

3.4 F. I. Dupont.

2. 9 C. Vernon, director of Spector Industries.

2. 4 * One of the 30 largest stockholders, Transeastern Associates, Inc., is a wholly owned subsidiary whose stockholdings it is not entitled

Only one New York bank was among the top 30 holders to vote and which are therefore excluded from this tabulation. with 0.3 percent of total common stock of the company.

Chapter vi

PUBLIC UTILITIES

PARTIAL RESPONSE

Senator Metcalf's letter requesting the names of their 30 (five stockholders listed), the Southern Company (one largest shareholders went to the 51 largest public utilities stockholder listed), New England Electric System (three in 1970 based on assets. Five of these are in the com- stockholders listed, and Central and Southwest Corporamunications field (American Telephone and Telegraph, tion (five stockholders listed). General Telephone and Electronics, Continental Tele- The Columbia Gas System did not identify its mejor phone, United Telecommunications-formerly United stockholders by name but did provide some description Utilities, Inc.--and Western Union). The remaining 46 of the kinds of institutions and individuals that comprise are in electric power, natural gas, pipelines, or a combina- the top 30 stockholders. Thus, the largest with 3.2 percent tion of more than one of those three businesses.

of the stock is the nominee for the trustee under the Twenty companies, including four of the five in com- thrifi plor of the company, second is a brokerage firm, munications utilities, responded in full to Senator Metcalf's third is Cede and Company. The 27 others are insurance letter.

companies, banks, mutual funds, and investment corporations.

Detroit Edison listed its top 30 stockholders, but failed Twenty-two gave more limited information, 10 listing to indicate the number of shares in each of these 30 stockonly the 10 largest stockholders as required by the Fed. holders' accounts. eral Power Commission, and four listing those with Middle South Utilities disclosed only that the largest more than 1 percent of the shares, as required to be beneficial holding by any stockholder (not identified, is reported to the Securities and Exchange Commission less than 12 percent and that all other beneficial holdings under the Public Utility Holding Company Act of 1935.

are less than 1 percent. The 10 companies which specifically limited their stock- Northern Natural Gas supplied more information, holder information to the 10 largest were:

specifically the names of the 20 largest common stock

holders of record on December 3!, 1971, plus an indication Consolidated Edison (listed 11 largest shareholders) of the type of holder for the 21st through the 3011 largest Pacific Gas and Electric

common stockholders, which included one mutual fund, Commonwealth Edison

one insurance company, and eight nominees. Public Service Electric and Gas

Northern States Power Company declined to list the El Paso Natural Gas

names of the 30 largest stockholders and the annount of Florida Power and Light Union Electric

their stockholdings without specific authority of the stock

holder. As a result it listed 17 stockholders by name; for Panhandle Eastern Pipe Line

the other 13 it indicated that eight were nominees for Wisconsin Electric Power Illinois Power

trust departments of national banks, and one each :

nominee for a brokerage firm, nominee foi mutual fund, The Philadelphia Electric Company provided, beyond brokerage firm, nominee for trust, and nominer for bank the highest 10, the names of seven additional holders

Pacific Lighting indicated only that the top 30 stock(with ranks of 21, 23, and 26-30) who gave permission holders held aboui 22 percent of the company's shares, and to disclose the number of their shares. The remaining 13

that the largest shareholder of record is the Pacific Liglitdid not give such permission.

ing Corporation Employees Retirement Savings Plan Carolina Power and Light Company indicated, beyond

with 5.5 percent of the outstanding shares. the top 10 stockholders, that the next 20 in the aggregato

CONFIDENTIALITY AND NO RESPONSE owned 11.6 percent of all shares outstanding, compared to 19.7 percent for the 10 shown.

Six companies (Southern Californie Edison, Consumers Companies which listed only all persons holding 1 Power, United Telecommunications, Peoples Gas, Ohio percent or more of the company's stock, as required for

Edison, and Gulf State Utilities) refused any stockholder holding companies by the Securities and Exchange Com

information on the grounds of confidentiality. Three mission under the Public Utility Holding Company

companies (General Pullic Utilities, Duke Power, and Act of 1935, included Consolidated Natural Gas Company

Houston Lighting and Power) did not reply to Senator

Metcalf's letter. 1 These are the 50 public utilities listed in the Fortune list of

We turn now to the 2C utilities (four in communications largest companies plus General Telephone and Electronics, which

and 16 in electric and gas energy, which responded fully was until 1972 listed among industrials.

to the request for their 30 largest stockholders.

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29-553 0.74 - 7

A. COMMUNICATIONS

utility. The complete response by four out of five com

munications companies is probably due to the fact that These four companies include the American Telephone and Telegraph Company which is the largest company

the same information requested by Senator Metcalf is in the United States ranked by assets and br net income, reported regularly to the Federal Communications Comand General Telephone and Electronics, the second ranking mission. The tabulations of the four companies follow.

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New York banks:
Bankers Trust..

Kabo & Co.

(Kane & Co...-
Chase Manhattan....

Cudd & Co.
Egger & Co....

Gerlach & Co...
First National City.--

King & Co...
Manufacturers Hanover..

Sigler & Co..
Morgan Guaranty-

Carson & Co....
Bank of New York.

Lerche & Co.
U.S. Trust Company.

Atwell & Co..
Subtotal-New York Big Seven.
Chemical Bank.....

C.A. England &

Co.
Philadelphia banks:
First Pennsylvania.

Cross & Co..
Girard Trust

Steere & Co.---.
Boston banks:

(Bark & Co.
State Street.

Touchstone &

Co.
Minneapolis banks:
Northwestern National.

PERC & Co...
Wilmington banks:
Bank of Delaware..

Carothers &

Clark.
Foreign banks:

(parent com-
Societe de Banque Suisse..--

pany). Gunther & Co..

(parent com-
Credit Suisse (Swiss American Corp.)---- pany).

(Rush & Co.
Union Bank of Switzerland.---
Brokers:

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

Inc.
Loeb Rhoades & Co....
Bache & Co.---
Societe Interprofessionnelle Pour La

Compensation Des Valeurs Mobiliers.
Miscellaneous:

Cadre & Co.

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Subtotal.

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Footnotes at end of table.

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New York banks:
Bankers Trust...

(Kane & Co...
Chase Manhattan..

Cudd & Co..
(Egger & Co...

(Stuart & Co...
First National City-.--.

King & Co...

Thomas & Co...
Manufacturers Hanover..

Sigler & Co...
Morgan Guaranty.

Douglass & Co.
Bank of New York.

Way & Co.
U.S. Trust Company..

Subtotal-New York Big Seven...
Chemical Bank.

C. A. England

& Co.
Philadelphia banks:

Steere & Co.....
Boston banks :
National Shawmut..

Chetco.
State Street ---

sBark & Co.-..

(Peak & Co.....
New Jersey banks:
First Jersey Bank.

Firjer & Co.....
Pittsburgh banks:
Pittsburgh National..

Ash & Co...
Wilmington banks:
Bank of Delaware..

Carothers &

Clark.
Wilmington Trust..

Dean & Davis....

(Lack & Lindsay-
Detroit banks:
National Bank of Detroit...

Trussal & Co.--
Cleveland banks:

Central National Bank of Cleveland. Parness & Co..

National City Bank of Cleveland... Sheldon & Co.
Other banks:

Merchants National Bank of Cedar Rapids ...
Brokers:

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

Inc.
Funds:

State Teachers Board (Retirement) of

Ohio.
Individuals:

Robert O. Driver.

Mrs. Alice E. Adams...
Miscellaneous :

Sahara Coal Co., Inc.----

510, 000
359, 277

.3

359, 277 301, 700

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Subtotal...

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