а 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 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 9. 0 (the nominee of the New York Stock Exchange) S. C. Bergman.. 4. 3 Chase Manhattan Bank. 3. 1 4. O (through two nominees) H. E. Baker.. 3. 6 Warren Pack. 2. 8 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. 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. New York banks: Kabo & Co. (Kane & Co...- Cudd & Co. Gerlach & Co... King & Co... Sigler & Co.. Carson & Co.... Lerche & Co. Atwell & Co.. C.A. England & Co. Cross & Co.. Steere & Co.---. (Bark & Co. Touchstone & Co. PERC & Co... Carothers & Clark. (parent com- pany). Gunther & Co.. (parent com- (Rush & Co. Brown Brothers, Harriman & Co. Inc. Compensation Des Valeurs Mobiliers. Cadre & Co. Subtotal. Footnotes at end of table. New York banks: (Kane & Co... Cudd & Co.. (Stuart & Co... King & Co... Thomas & Co... Sigler & Co... Douglass & Co. Way & Co. Subtotal-New York Big Seven... C. A. England & Co. Steere & Co..... Chetco. sBark & Co.-.. (Peak & Co..... Firjer & Co..... Ash & Co... Carothers & Clark. Dean & Davis.... (Lack & Lindsay- Trussal & Co.-- Central National Bank of Cleveland. Parness & Co.. National City Bank of Cleveland... Sheldon & Co. Merchants National Bank of Cedar Rapids ... Brown Brothers, Harriman & Co... Inc. State Teachers Board (Retirement) of Ohio. Robert O. Driver. Mrs. Alice E. Adams... Sahara Coal Co., Inc.---- 510, 000 .3 359, 277 301, 700 Subtotal... |
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