Chapter Vi PUBLIC UTILITIES Senator Metcalf's letter requesting the names of their 30 largest shareholders went to the 51 largest public utilities in 1970 based on assets. Five of these are in the communications field (American Telephone and Telegraph, General Telephone and Electronics, Continental Telephone, United Telecommunications formerly United Utilities, Inc.-and Western Union). The remaining 46 are in electric power, natural gas, pipelines, or a combination of more than one of those three businesses. Twenty companies, including four of the five in communications utilities, responded in full to Senator Metcalf's letter. PARTIAL RESPONSE Twenty-two gave more limited information, 10 listing only the 10 largest stockholders as required by the Fed eral Power Commission, and four listing those with more than 1 percent of the shares, as required to be reported to the Securities and Exchange Commission under the Public Utility Holding Company Act of 1935. The 10 companies which specifically limited their stockholder information to the 10 largest were: (five stockholders listed), the Southern Company (one stockholder listed), New England Electric System (three stockholders listed) and Central and Southwest Corporation (five stockholders listed). The Columbia Gas System did not identify its major stockholders by name but did provide some description of the kinds of institutions and individuals that comprise the top 30 stockholders. Thus, the largest with 3.2 percent of the stock is the nominee for the trustee under the thrift plar of the company, second is a brokerage firm, third is Cede and Company. The 27 others are insurance companies, banks, mutual funds, and investment corporations. Detroit Edison listed its top 30 stockholders, but failed to indicate the number of shares in each of these 30 stockholders' accounts. Middle South Utilities disclosed only that the largest beneficial holding by any stockholder (not identified) is less than 12 percent and that all other beneficial holdings are less than 1 percent. Northern Natural Gas supplied more information, specifically the names of the 20 largest common stockholders of record on December 31, 1971, plus an indication Consolidated Edison (listed 11 largest shareholders) of the type of holder for the 21st through the 30th largest Pacific Gas and Electric Commonwealth Edison Public Service Electric and Gas El Paso Natural Gas Florida Power and Light Union Electric Panhandle Eastern Pipe Line The Philadelphia Electric Company provided, beyond the highest 10, the names of seven additional holders (with ranks of 21, 23, and 26-30) who gave permission to disclose the number of their shares. The remaining 13 did not give such permission. Carolina Power and Light Company indicated, beyond the top 10 stockholders, that the next 20 in the aggregate owned 11.6 percent of all shares outstanding, compared to 19.7 percent for the 10 shown. Companies which listed only all persons holding 1 percent or more of the company's stock, as required for holding companies by the Securities and Exchange Commission under the Public Utility Holding Company Act of 1935, included Consolidated! Natural Gas Company 1 These are the 50 public utilities listed in the Fortune list of largest companies plus General Telephone and Electronics, which was until 1972 listed among industrials. common stockholders, which included one mutual fund, one insurance company, and eight nominees. Northern States Power Company declined to list the names of the 30 largest stockholders and the amount of their stockholdings without specific authority of the stockholder. As a result it listed 17 stockholders by name; for the other 13 it indicated that eight were nominees for trust departments of national banks, and one each a nominee for a brokerage firm, nominee for mutual fund. brokerage firm, nominee for trust, and nominee for bank. Pacific Lighting indicated only that the top 30 stockholders held about 22 percent of the company's shares, and that the largest shareholder of record is the Pacific Lighting Corporation Employees Retirement Savings Pian with 5.5 percent of the outstanding shares. CONFIDENTIALITY AND NO RESPONSE Six companies (Southern California Edison, Consumers Power, United Telecommunications, Peoples Gas, Ohio Edison, and Gulf State Utilities) refused any stockholder information on the grounds of confidentiality. Three companies (General Public Utilities, Duke Fower, and Houston Lighting and Power) did not reply to Senator Metcalf's letter. We turn now to the 20 utilities (four in communications and 16 in electric and gas energy) which responded fully to the request for their 30 largest stockholders. 29-553 O 74-7 |