CONTENTS Arnould, Prof. Richard J., department of economics, University of Illinois. Backman, Dr. Jules, research professor of economics, New York University.. Blair, Dr. John M., chief economist, Subcommittee on Antitrust and Briloff, Dr. Abraham J., professor of accountancy, Baruch College, City Budge, Hon. Hamer H., Chairman, Securities and Exchange Commission.. Eslick, Prof. Donald F., department of finance, Loyola University.. Garoian, Dr. Leon, professor of agricultural economics and chairman, extension marketing and utilization sciences, Oregon State University-- Hogarty, Prof. Thomas F., department of economics, Northern Illinois Kelly, Dr. Eamon M., program advisor on social development, the Ford Mueller, Dr. Willard F., professor of economics, University of Wisconsin (formerly director, Bureau of Economics, Federal Trade Commission) _ _ 4544 Nicholson, Hon. James M., Wald, Harkrader, Nicholson & Ross, Wash- ington, D.C. (formerly Commissioner, Federal Trade Commission) _____ 4859 Reid, Dr. Samuel Richardson, professor of business and economics, Whittemore School of Business and Economics, University of New Turner, Hon. Donald F., Harvard Law School (formerly Assistant Attorney Weinberger, Hon. Caspar W., Chairman, Federal Trade Commission... Weston, Dr. J. Fred, professor of economics, University of California, Letter from the chairman to Hon. Paul Rand Dixon, Chairman, Federal 4532 Chart: Trends in large firms acquired compared with total large corpora- 4547 Chart: Change in concentration of corporate manufacturing assets com- Chart: Share of corporate manufacturing assets held by 100 largest in 1948-68____ Page 4549 4551 4552 4553 Chart: Distribution of total acquired assets in large mergers, by type, 4556 Chart: Distribution of assets acquired by 200 largest manufacturing corporations 1961-68__. 4559 Chart: Share of value added held by top 200 in 135 manufacturing industries, 1963... 4561 Chart: Distribution of the 200 largest manufacturing corporations by headquarters State, 1968- 4571 Chart: Distribution of the 200 largest manufacturing corporations by headquarters region, 1968 4572 Chart: Share of value added by manufacture accounted for by 200 largest manufacturing companies, 1947–66- - 4579 Article: "The Problem of Control in Large American Corporations" by 4930 4948 White House Task Force Report on Antitrust Policy (the Neal Task Article: "Antitrust in Dubious Battle," Fortune, September 1969. Excerpts from report of Task Force on Productivity and Competition (the Stigler Task Force) 4921 5034 5053 Table 1.-Manufacturing and nonmanufacturing acquisitions of the 200 largest manufacturers of 1968, by period 1948-68 4895 Table 2.-Share of manufacturing assets held by the 200 largest corporations, 1925-41; 1947-68_ 4896 Table 3.-200 largest manufacturing corporations share of manufacturing 4897 4898 4899 4900 4901 Table 8.-Merger activity and change in industry concentration by major group within manufacturing 1954-66-.. 4902 Table 9.-Acquisitions of large manufacturing and mining firms by com- Table 12. The number of leading industry positions held by companies ranking among the 100 largest manufacturers 4903 4904 4905 4906 Table 13.-The number of leading positions of manufacturing product classes, grouped by level of concentration, that were held by the 100 largest manufacturers, 1963..... 4907 4908 4909 Table 14.-Profit rates of food manufacturing firms associated with various levels of industry concentration and advertising-to-sales ratios-Table 15.-Overall merger activity by State and region, 1955-68. Table 16.-Manufacturing and mining firms with over $25 million in assets, acquired during 1948-68 by 200 largest manufacturers of 1968. 4910 Table 17.-Acquisitions by the 200 largest of firms over $25 million in asset size, by headquarters State of acquired and acquiring company, selected States, 1948-68-- 4911 V Chart: Firm disappearance by merger in the manufacturing and mining industries, 1895-1967-.-. Table: Number of reported mergers and acquisitions in manufacturing and mining, 1895-1968-- Page 4611 4961 Table: Number of reported mergers and merger cases instituted and tried by the Department of Justice and the Federal Trade Commission under section 7 of the Clayton Act, 1914-June 30, 1966. 4962 Table: Bank mergers, bank entry, and number of commercial banks from 1960 to 1968.. 4962 Table: The five leading States in approved bank holding company mergers, Article, "Conglomerates," Business Week, Nov. 30, 1968. 4963 Appendixes to Statement of Dr. Eamon Kelly: A. Sample of merging and nonmerging companies__. 4976 B. Indicators of market valuation and rates of return for merging and Table: The extent of synergy in terms of profits and sales by merger type. 4992 4992 Table: Ownership specialization ratios based on employees of establishments in each enterprise industry category in SIC 20, food and kindred products, 1963 and 1958___ Table: Industry specialization ratios, based on employment, for companies classified in each enterprise industry category in SIC 20, 1963 and 1958__ Table: Simple correlation coefficients for diversification, size, and profitability.. Table: Simple correlation coefficients between weighted concentration, size, and profitability. Table: Major industry groups and selected enterprise industry categories: Share of value added by companies among 200 largest primarily engaged therein, 1963____. 4992 4994 4994 4995 4995 4668 Chart: Examples of conglomerate concentration, 1963: Shares of output by companies among eight leaders primarily engaged in the specified industry and in other industries_ Chart 1. The relationship qetween the level of diversification, D1, and 4671 4687 4688 Chart 3.-The relationship between diversification, D1, and asset size of firm for 104 food processing firms____ 4689 Chart: Diversification and the average return on equity, 1959-61, for the 500 largest industrial firms.. 5009 Appendix to Statement of Professor Eslick 5015 Table: Growth performance of 60 "Conglomerates" compared with all manufacturing firms, 1958-67- Table: Frequency distribution of rates of return on "Funny Money" and Table: Rates of return on "Funny Money" and the Standard & Poor's composite index, 1954-67.. 4748 4749 4738 4738 Table: Comparison of relative performance results of conglomerate firms utilizing three measures of averages_ Table: Earning power analysis of 60 "Conglomerates" compared with all manufacturing firms, 1967- Table: Earnings per share growth and valuation relations of 60 "Conglomerates" and DJIA companies, 1958-67-. Table: Performance comparisons between multicompanies and Forbes' 500, 1963-68__. Page 4743 Table: Comparisons of the performance of 64 conglomerate with the 4743 Article, "The Scope of Antitrust and other Economic Regulatory Policies" Speech by Hon. John N. Mitchell, Attorney General of the United States, "Merger Guidelines,” issued by Department of Justice, May 30, 1968. Statement by Leonard M. Savoie, executive vice president of the American Institute of Certified Public Accountants__ 5083 5121 5122 5126 5167 Article, "Conglomerate Mergers and Competition", by Jules Backman, 5269 5299 - Article, "J. & L. Denies It Plans to Close Steel Works," Wall Street Journal, Feb. 5, 1970.. 5169 Article, "Continental Insurance Pays $465 Million Dividend to Parent," Chart: The long-term trend of aggregate concentration. 4809 4808 5183 Statement by Hon. Paul Rand Dixon, Commissioner, Federal Trade 4821 Statement by Hon. Everette MacIntyre, Commissioner, Federal Trade 4823 Article, "The Federal Trade Commission's Antitrust Functions: Some 5185 Draft of "Proposed APB Opinion: Business Combinations and Intangible Article, "Instantaneous Merger Profit as a Conglomerate Merger Motive," 5203 5237 5249 Article, "Some Causes and Consequences of Conglomerate Merger" by 5253 4874 Memorandum by Walter S. Measday, "Oil Companies' Entry into Nuclear 5267 Table: Assets acquired by eight "new conglomerates," 1961-68.. 4877 4879 Chart: 200 largest manufacturing corporations: share of total assets, and assets acquired as percent of total assets, 1948-68 4888 Chart: Share of value added accounted for by 200 largest manufacturing companies and total number of companies in individual industries, 1963__ 4891 Resolution of the General Board, Conference of Transportation Trades, Note by Dr. Frank J. Kottke, "Estimation of Weighted Average Market 5383 5384 |