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New York banks Continued

STEGGE & Co....
Morgan Guaranty..

Schmidt & Co....

(Hare & Co.----Bank of New York..

Birney & Co.

Williams & Co...
U.S. Trust Company-----

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

C.A. England &

Irving Trust.

Leslie & Co...
Philadelphia banks:
Provident National..

Melhoun & Co.--
Minneapolis banks :
First National...

Bruch & Co.-.-.
Marquette National Bank.....

Marsay & Co....
Chicago banks:
Continental Illinois National..

Alsta & Co.
First National.

sOlen & Co...

Eagle & Co..
California banks:

Southern California First National Bank Lane & Co......

(San Diego). Other banks :

North Carolina National Bank (Char- Barfox & Co....

lotte, N.C.).

First Trust Company, (St. Paul) -- Brack & Co......
New York insurance companies:

Metropolitan Life...
Other insurance companies:

Pacific Mutual Life Ins. Co...--

Brown Brothers, Harriman & Co.---..
Individuals :

Stanley A. Owens.
Hale S. Coughlin, Jr..
William G. Winters.
L. John Denney--


12, 682, 450 New York Stock Exchange.

Cede & Co...

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New York banks:

Bankers Trust...

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Chase Manhattan...

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First National City..
Manufacturers Hanover.
Morgan Guaranty...
Bank of New York.
U.S. Trust Company.

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(42) --------- WESTERN UNION CORPORATION—Continued

Minneapolis banks:
First National.

Bruch & Co...
Chicago banks:
Continental Illinois National..

Freer & Co...
Harris Trust..

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

Carothers &

Cleveland banks:

Central National Bank of Cleveland..... Parness & Co....
Other banks :

First National Bank of Topeka, Kans.... Sefi & Co...
First National (Denver)---

Hamilfund &

New York insurance companies:

Home Insurance....

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

Oppenheimer & Co...

Donaldson, Lufkin & Jenrette, Inc.....

The Controller of the State of New York

in Trust for the Common Retirement

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American Telephone & Telegraph Company

General Telephone & Electronics Corporation American Telephone and Telegraph is widely known General Telephone and Electronics was listed by for the dispersion of its stock; its stock is probably the Fortune for the first time as a utility in 1972, since in 1971 most widely held of all corporate securities. At the end revenues from its telephone business exceeded revenues of 1971 there were reported to be 3,009,768 holders of from its electronics business. In its case the top 30 holders common stock and 696,545 of preferred. Thus it is not held 18.1 percent of the total stock, and only three surprising that the percentage of total stock held by the stockholders held 2 percent or more of the total each as top 30, 7.5 percent, is substantially under the percentage follows: held in other utilities or in corporations generally. The largest single block of stock is that held by the Chase

Cede and Company


(the nominee of the New York Stock Exchange) Manhattan Bank (through three nominees), totaling

First National City Bank.

2.3 5,906,510 shares, or 1.1 percent of the 549,310,000 shares (through three nominees) of common outstanding. Eight New York banks held a Sahara Coal Company, Chicago, Ill..

2.1 total of 3.0 percent of AT&T common. Merrill Lynch, Six New York banks combined held 4.9 percent of Pierce, Fenner and Smith held in its own account 4,363,971 GT & E voting stock. shares or 0.8 percent of the total. However, if the 2,894,746 shares held for it by Cede and Company were added to the Continental Telephone Corporation amount in its own account, the total of 7,258,717 would be 1.3 percent and would make Merrill Lynch, Pierce, The top 30 stockholders held 29.4 percent of ContiFenner and Smith outrank Chase Manhattan as the chief nental Telephone common stock. Now York banks were bolder of AT&T's common stock.

considerably more significant in the proportion of their

2. 7

stockholdings of Continental Telephone compared to

Percent their holdings in the two larger communications com

Cede and Company


(the nominee of the New York Stock Exchange) panies just discussed. Three New York banks lead the

Bankers Trust.--.

6. 2 seven holders with 2 or more percent each of the stock of (through two nominees) the company as follows:

Chase Manhattan..

4.3 Porcont

(through two nominees) First National City--

State Street of Boston.

4. 1 5. 1 (through three nominees)

(through four nominees)

U.S. Trust Company Chase Manhattan..

3. 7 4.9 (through two nominees)

(through two nominees)
First National Bank of Minneapolis.--

2. 2 Bank of New York,


Controller of the State of New York in trust for the (through three nominees) Provident Bank, Philadelphia.

Common Retirement Fund....

2. 1 Cede and Company-

2.4 Seven New York banks combined held 17.8 percent of (the nominee of the New York Stock Exchange)

Western Union's common stock. Metropolitan Life Insurance Company-

2.0 Seven New York banks combined held 15.2 percent of

B. ELECTRIC AND GAS UTILITIES Continental Telephone's common stock, or more than half of the amount held by the top 30 holders.

For the 16 electric and gas utilities indicating the 30

largest shareholders and the amount of such holdings, the Western Union Corporation

range in the percentage of voting stock held by the 30 top

stockholders was from 10.0 to 42.5 percent, with 10 Western Union's top 30 stockholders held 43.0 percent falling within the range of 24.1

to 29.9 percent. Following

the tabulations on these 16 companies will be brief sumof its common stock. Seven holders accounted for 2 percent maries of each, the companies being arranged by size of or more each of the stock as follows:

assets in 1971.

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Chemical Bank..

Irving Trust Co....
Philadelphia banks:

First Pennsylvania.
Girard Trust
Provident National.

Fidelity Trust Co..
Boston banks:

Boston Safe Deposit..

State Street...
Other banks:

St. Louis Union Trust...
Ohio National City Bank.....

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TNOM & Co...
Buckeye Nom-

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inee Co.

Footnotes at end of table.

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Brokers :
Brown Brothers, Harriman & Co...

255, 255 255, 255
Merrill Lynch, Pierce, Fenner & Smith

394, 803 394, 803
INA Corporation..

Gur & Cound

217, 000 Kinney Services..

200, 000 Subtotal.....

5, 316, 819 5, 316, 819 (15).......... VIRGINIA ELECTRIC AND POWER COMPANY.

40, 575, 282 12, 106, 922 12, 106, 922 New York Stock Exchange....

Cede & Co. --

} 417,000




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New York banks:
Bankers Trust...

Pitt & Co...
Chase Manhattan.

Cudd & Co.
Kane & Co.--

Stuart & Co....
First National City...

King & Co.
Thomas & Co.---.

Chave & Co....
Manufacturers Hanover....

Sigler & Co...
(Sloyan & Co...

(Lynn & Co.
Morgan Guaranty.....

Douglass & Co...
Schmidt & Co....

Carson & Co.--..
Bank of New York...
U.S. Trust Company..

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

(C.A. England &
Chemical Bank...


Cummings & Co.....
Fiduciary Trust Bank of New York..... Dengel & Co.-...-
Philadelphia banks:
Girard Trust

Steere & Co.-
Fidelity Banks.

Anderson & Co....
Boston banks:
Boston Safe Deposit.

Bost & Co..

Gem & Co.
First National..

Don & Co.
Detroit banks :
National Bank of Detroit----

Trussal & Co......
Cleveland banks:

Central National Bank of Cleveland..... Parness & Co.-----
Other banks:

United Virginia Bank, Richmond, Va.... Hamac & Co....
First & Merchants National, Richmond, Map & Co...

New York insurance companies:

Equitable Life..
Newark insurance companies :

Prudential Insurance..
Hartford insurance companies:

Hartford Accident Co...

Merrill Lynch, Pierce, Fenner & Smith

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1, 497, 186

1, 497, 186

3. 7


6, 204, 486

6, 204, 486

15. 3

Footnotes at end of table.

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Jenkins & Co..
Cummings &

Chemical Bank....

H. A. Whitten

& Co.
C. A England

& Co.
Philadelphia banks:
Girard Trust

Steere & Co.
Boston banks:
National Shawmut.

Edal & Co..
John Hancock Mutual Life..

Copley & Co.
Minneapolis banks :
Northwestern National.

Perc & Co.-----
Chicago banks:

Continental Illinois National..--- ---- Alsta & Co..
Other banks:

First National Bank of Shreveport (La.)'.
Republic National Bank of Dallas... R. J. Thomas &

First National City Bank of Houston.... Hamill & Co.-----

Merrill Lynch, Pierce, Fenner & Smith

Brown Brothers, Harriman & Co..
Bessemer Securities Corp.---

Bess & Co.
Funds :

The State Teachers Retirement Board of


George R. Brown (executive director,

Texas Eastern).
John F. Lynch (director, Texas Eastern).

William A. Smith..

Brown & Root, Inc.-
William Marsh-Rice University --- WMR & Co...


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