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Full text of "Investigation of concentration of economic power; monograph no. 1[-43]"


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^^3d SeSfon^^} SENATE COMMITTEE PRINT 



INVESTIGATION OF CONCENTRATION 
OF ECONOMIC POWER 



TEMPORAKY NATIONAL ECONOMIC 
COMMITTEE 

A STUDY MADE UNDER THE AUSPICES OF THE SECURITIES 
AND EXCHANGE COMMISSION FOR TEE TEMPORARY 
NATIONAL ECONOMIC COMMITTEE, SEVENTY-SIXTH CON- 
GRESS, THIRD SESSION, PURSUANT TO PUBLIC RESOLUTION 
NO. 113 (SEVENTY-FIFTH CONGRESS) AUIHORIZING AND 
DIRECTING A SELECT COMMITTEE TO MAKE A FULL AND 
COMPLETE STUDY AND INVESTIGATION WITH FESPECT 
TO THE CONCENTRATION OF ECONOMIC POWER IN, AND 
FINANCIAL CONTROL OVER, PRODUCTION AND 
DISTRIBUTION OF GOODS AND SERVICES 



MONOGRAPH No. 29 PART II 

THE DISTRIBUTION OF OWNERSHIP IN THE 

200 LARGEST NONFINANCIAL 

CORPORATIONS 



Printed for the use of the 
Temporary National Economic Committee 




UNITED STATES 

GOVERNMENT PRINTING OFFICE 

WASHINGTON : 1940 



^.THEASTERN UNIVERSITY SCHOOlD? 



TEMPORARY NATIONAL ECONOMIC COMMITTEE 

(Created pursuant to Public Res. 113, 75th Cong.) 

JOSEPH C. O'MAHONEY, Senator from Wyoming, Chairman 

HATTON W. SUMMERS, Representative from Texas, Vice Chairman 

WILLIAM H. KINO, Senator from Utah 

WALLACE H. WHITE, Jr., Senator from Maine 

CLYDE WILLIAMS, Representative from Missouri 

B. CARROLL REECE, Representative from Tennessee 

THURMAN W. ARNOLD, Assistant Attorney General 

•WENDELL BERGE, Special Assistant to the Attorney General 

Representing the Department of Justice 

JEROME N. FRANK, Chairman 

•SUMNER T. PIKE, Commissioner 

Representing the Securities and Exchange Commission 

GARLAND S. FERGUSON, Commisrfoner 

•EWIN L. DAVIS, Chairman 
Representing the Federal Trade Commission 
ISADOR LUBIN, Commissioner of Labor Statistics . 

•A. FORD HINRICHS, Chief Economist, Bureau of Labor Statistics 1^^^' 

Representing the Department of Labor '^O 

JOSEPH J. O'CONNELL, Jr., Special Assistant to the General Counsel ^ 

•CHARLES L. KADES, Special Assistant to the General Counsel 

Representing the Department of the Treasury ' -^^ 

Representing the Deputanent of Commerce CJ) 

UJ 
LEON HENDERSON, Economic Coordinator Ci 

DEWEY ANDERSON, Executive Secretarr 
THEODORE J. KREPS, Economic Adviser 



•Alternates. 



Monograph No. 29 

THE DISTRIBUTION OF OWNERSHIP IN THE 200 LARGEST NON- 
FINANCIAL CORPORATIONS 

RAYMOND W. GOLDSMITH 

REXFORD C. PARMELEE 

IRWIN FRIEND 

JAMES QORHAM 

HELENE ORANBY 



REPRINTED 
BY 

WILLIAM S. HEIN & CO., INC 

BUFFALO, N. Y. 
1968 



CONCENTRATION OF ECONOMIC POWER 



731 



beneficial ownership in such holdings — Continued 
OHIO RAILROAD CO. 

outstanding as of Oct. 14, 1939: 2,562,953. Price as of December 1937: $10] 
Legal and Beneficial Holders 



'J"ype and name of holder 



individuals, personal and family holding companies, trusts, 

and estates 
1. \Vm. M. Potts _- 



OTHER CORPORATIONS, NONFINANCIAL 

2. Union Pacific Railroad Co 

INVE.STMENT TRUSTS AND INVESTMENT COMPANIES 

3. Maatschappij tot Beheer van liet Administratiekantoor van 

Ainerikaansche Spoorwegwaarden Opgericlit door Wertheim 
(fc Qoinpertz, Westendorp & Co., en F. W. Oewel, N. V 



BANKS, HROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

4. Swiss Bank Corporation^ 

5. Credit Suisse 

6. First National Bank of Sevf York 

7. J. P. Morgan & Co 

8. DyerHiidson & Co _ 

9. E. A. Pierce & Co 

10. Harris, I'pham & Co 

11. J. S. Bachc & Co 

12. Dominick & Dominick _.. 

13. Hornblower & Weeks 

14. Fenner & Beane 

15. Post& Flagg 

16. Thomson & McKinnon 

17. E. F. Hutton & Co 

18. Brown Bros., Harriman & Co 

19. Halle & Sie^litz. 



Holdings 



Number 
of shares 



Total. 



35, 941 



106, 260 



277. 955 

113,272 

18,500 

12, 455 
26, 693 
24, 494 
20, 060 
19, 648 

13, 772 
13, 522 
13. 375 
12, 646 
12, 323 
10, 596 

9,561 
9,353 

760, 426 



Value 



$100, 000 



359, 410 



1, 062, 600 



2, 779, .550 
1, 132, 720 
185. 000 
124,550 
266. 930 
244, 940 
203, 600 
196,480 
137, 720 
135, 220 
133, 750 
126,460 
123,230 
105, 960 
95,610 
93, 530 

7, 604, 260 



Percent 
of shares 
outstand- 
ing 



10.85 
4.42 
.72 
.49 
1.04 
.96 
.78 
.77 
.54 
.53 
.52 
.49 
.48 
.41 
.37 
.36 

29.67 



732 



CONCEISTTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
THE BALTIMORE AND 
[Siierank: 10. 4 percent NONCUMULATIVE PREFERRED (VOTING) as of Oct. 
Holders of Record 



Holdings 



Name of record holder 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Maatschappij tot Beheer van het Administratiekantoor van 

Amerikaansche Spoorwegwaarden Opgerieht door Wertheim 
& Qompertz, Westendorp & Co., en F. W. Oewel N. V 

2. Union Pacific R. R. Co ..i.. 

3. Reconstruction Finance Corporation 

4. J. S. Bache* Co : 

5. Metropolitan Life Insurance Co 

6. Barnes & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) _ 

7. Safe Deposit & Trust Co. of Baltimore and Henry Barton Jacobs, 

trustees u/w Mary F. Jacobs, deceased 

8. Goodbodv & Co 

9. White, Weld & Co 

10. Pearl Assurance Co., Ltd 

11. Harris, Upham & Co... 

12. Dominick & Dominick 

13. Myers & Co 

14. Thomson & McKiunon .. 

15. Fenner & Beane 

16. Henry Clews & Co.. 

17. Cyrus J. Lawrence & Sons.. 4 _ 

18. Josephtbal & Co 

19. E. A. Pierce & Co. 

20. Dyer, Hudson & Co 

Total 



33, 327 
24, 190 
11,368 
7,518 
6,900 

5,183 

5,000 
4,472 
4,350 
4,000 
3,961 
3,691 
3,600 
3,422 
3,270 
3,194 
3,150 
3,085 
3,055 
3,045 



139, 781 



$.'!99, 924 
2<tO. '280 
130,416 
90, 216 
82,800 

62, 196 

60,000 
53.664 
52,200 
48,000 
47, 532 
44,292 
43,200 
41,064 
39, 240 
38,328 
37,800 
37,020 
36,660 
36,540 



5.55 
4.03 
1.90 
1.25 
1.15 



.83 
.75 
.72 
.67 
.66 
.62 
.60 
.57 
.55 
.53 
.53 
.51 
.51 
.61 



1, 677, 372 



23.30 



CONCENTRATION OF ECONOMIC POWER 



733 



beneficial ownership in such holdings—Continued 
OHIO RAILROAD CO. 

U, 1939. Shares outstanding as of Oct. 14, 1939: 600,000. Price as of December 1937: $12] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts and 

ESTATES 

1. Safe Deposit <fe Trust Co. of Baltimore and Henry Barton Jacobs, 
trustees, u/w Mary F. Jacobs, deceased 



OTHER corporations, NONFINANCIAL 

2. Union Pacific R. R. Co 



INSURANCE COMPANIES 



3. Metropolitan Life Insurance Co. 

4. Pearl Assurance Co., Ltd 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

5. Maatschappij tot Beheer van het Administratiekantoor van 
Amerikaansche Spoorwegwaarden Opgericht door Wertheim 
& Gompertz, Westendorp & Co., en F. W. Oewel, N. V 



GOVERNMENTAL AGENCIES 

6. Reconstruction Finance Corporation... 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

7. City Bank Farmers Trust Co 

8. J. S. Bache& Co - 

9. Qoodbody & Co - 

10. White, Weld'A Co 

11. Harris, Upham & Co 

12. Dominick & Dominick - 

13. Myers & Co 

14. Thomson & McKinnon - 

15. Fenner & Beane - 

16. Henry Clews & Co.... 

17. Cyrus J. Lawrence & Sons 

18. Josephthal & Co. 

19. E. A. Pierce & Co 

20. Dyer, Hudson & Co - 



Total, 



5,000 
24, 190 



6,900 
4,000 



33, 327 



11,368 



5,183 
7,518 
4,472 
4,350 
3,961 
3,691 
3,600 
3,422 
3,270 
3,194 
3,150 
3,085 
3,055 
3,045 

139, 781 



$60,000 



290,280 



82,800 
48,000 



136, 416 



83 



4.03 



1.15 
.67 



5.56 



1.90 



62, 196 


.86 


90, 216 


1.25 


53,664 


.76 


52,200 


.72 


47,632 


.66 


44,292 


.62 


43,200 


.60 


41,064 


.57 


39,240 


.66 


38,328 


.53 


37,800 


.53 


37,020 


.61 


36,660 


.61 


36,540 


.61 



1, 677, 372 



23.80 



734 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
BETHLEHEM STEEL 
[Size rank: 22. COMMON (VOTING) as of Mar. 4, 1938. Shares outstand 
Holders of Record 



N ame of record holder 



1. N. V. Maatschappij toi Beheer van bet Administratiekantoor 

van Amerikaansche Fondsen Opgericht door Broes & Oosman, 
Ten Have & Van Essen & Zoonen 

2. Union Trust Co. of Pittsburgh, trustee u/d/t A. W. Mellon, Dec. 

28, 1934.. 

3. E. G. Grace - 

4. Charles D. Marshall.. 

5. Ince <5 Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) 

6. Dominick & Dominick 

7. Ger; "ine R. Dodge, Guy Cary, F. A. Goodhue, the New York 

Trust Co., trustees u/w Wiljiam Rockefeller, deceased 

8. J. W. Davis & Co . 

9. Hall & Co. (nominee for Commercial Trust Co. of New Jersey; 

beneficiaries not disclosed) 

10 Cudd & Co. aiominee for Chase National Bank; beneficiaries 
not disclosed; 

11 . Incorporated Investors 

12. Howard H. McCIintic. 

13. Brown Bros., Harrinian & Co 

H. Lynn & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) 

15. C. A. Buck 

16. Quincy Bent 

17. Trustees of the Massa';husetts Investors Trust - 

18. Lehman Bros 

19. E. A. Pierce& Co. : 

20. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

Total 



Holdings 



Number 
of shares 



203, 070 

70.000 
67,512 
36,200 

25, 459 
23,108 

20,000 
19,260 

17,800 

17, 263 
17,000 
16,700 
16,419 

16,000 
15,750 
15,750 
15,000 
13,950 
13, 728 

12, 867 



652, 836 



Value 



$11,854,211 

4, 086, 250 
3,941,013 
2, 113, 175 

1,486,169 
1, 348, 930 

1,167,500 
1, 124, 302 

1, 039, 075 

1,007,728 
992, 375 
974. 862 
958, 459 

93 1. 000 
919,406 
919,406 
875, 625 
814,331 
801,372 

751,111 



38,109,300 




6.40 

2.20 
2.13 
1.14 

.80 

.73 

.63 
.61 



.54 
.54 
.53 
.52 

.50 
.49 
.49 
.47 
.44 
.43 

.41 



20.56 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

CORPORATION (DELAWARE) 

ing as of Mar. 4, 1938: 3,175,418. Price as of December 1937: $583^] 

Legal and Beneficial Holders 



735 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts, 
and estates 

1. E. O. Grace-- - - 

2. C. A. Buck 

3. Quincy Bent - 

4. Union Trust Co. of Pittsburgh, trustees u/d/t A. W. 

Mellon, Dec. 28, 1934 (beneficiaries, R. S. Scott, guardi- 
an for: Shares 

Audrey Bruce - 35,000 

Catherine C. Mellon 35,000 

70,000) 

5. Charles D. Marshall.-. .- 

6. Howard H. McClintic 

7. Oeraldine R. Dodge, Guy Cary, F. A. Goodhue, and the New 

York Trust Co., trustees u/w William Rockefeller, deceased.-. 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

8. N. V. Maatschappij tot Beheer van bet Administratiekantoor 

van Amerikaansche Fondsen Op?ericht door Broes & Qosman, 
Ten Have & Van Essen & Zoonen 

9. Incorporated Investors... - 

10. Trustees of the Massachusetts Investors Trust 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

11. Guaranty Trust Co. of New York.. 

12. Commercial Trust Co. of New Jersey 

13. Chase National Bank. _ 

14. Dominick & Dominick _ 

15. J. W. Davis* Co 

16. Brown Bros., Harriman & Co _ 

17. Lehman Bros - 

18. E. A. Pierce & Co ... 

Total 



67, 512 
15,750 
15, 750 



70,000 
36,200 
16,700 

20,000 



203, 070 
17,000 
15, 000 



54, 326 
17,800 
17, 263 
23,108 
19, 260 
16,419 
13,950 
13,728 



$3,941,013 
919,406 
919,406 



4, 086, 250 

2,113,175 

974, 862 

1, 167, 500 



11,854,211 
992, 375 
875, 625 



3, 171, 280 

1,039,075 

1,007,728 

1, 348, 930 

1, 124, 302 

958, 459 

814,331 

801,372 



2.13 
.49 
.49 



2.20 
1.14 
.53 

.63 



6.40 
.54 
.47 



1.71 
.56 
.64 
.73 
.61 
.52 
.44 
.43 



652, 836 



38, 109, 300 



20.66 



268445 — 41— No. 29 48 



736 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
BETHLEHEM STEEL 
[Size rank: 22. 7 percent CUMULATIVE PREFERRED (VOTING) as of Mar. 4, 
Holders of Record 



Name of record holder 



Metropolitan Life Insurance Co 

The Equitable Life Assurance Society of the United States 

Barnes & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) ^ 

United Statea Tobacco Co -- 

Prudential Insurance Co - 

The Home Insurance Co 

N V. Maatschappij tot Beheer van het Administratiekantoor 
van Amerikaansche Fondsen Opgericht door Broes & Gosman, 

Ten Have & Van Essen En Jarman & Zoonen 

Cobb & Co. (nominee for New York Trust Co.; beneficiaries uot 

disclosed) 

C. M. Schwab 

Merrick & Co. (nominee for New York Trust Co.; beneficiaries 

not disclosed) 

Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) _ 

Heidelbach Ickelheimer & Co... 

A. Johnston 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclo-sed) _. 

Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

Sun Life Assurance Co. of Canada. - 

Ogden L. Mills 

Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 
ficiaries not disclosed) ■ 

Alvin Untermyer... 

Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 
disclosed). 

Total 



Holdings 



Number 
of shares 



20,000 
19,600 

14,129 
10,200 
10,000 
9,000 



8,850 



8,486 
8,178 



5,995 
4,874 
4,710 

4,439 

4,350 
4,000 
3,650 

3,605 
3,500 

3,468 



159,070 



Value 



$1, 852, 500 
1, 815, 450 

1,308,699 
944, 775 
926, 250 
833, 625 



819,731 

786, 016 
757, 487 

744, 334 

555, 287 
451.454 
436, 204 

411,162 

402,919 
370,500 
338, 081 

333,913 
324, 188 

321, 223 



14, 733, 858 



Percent 
of shares 
outstand- 
ing 



2.15 
2.11 

1.52 
1.09 
1.07 
.97 



.95 

.91 



.64 
.52 
.51 

.48 

.47 
.43 
.39 

.39 
.38 

.37 

17. C, 



CONCENTRATION OF ECONOMIC POWER 



737 



beneficial ownership in such holdings — Continued 
CORPORATION (DELAWARE) 

1938. Shares outstanding as of Mar. 4, 1938: 930,560. Price as of December 1937: $92^] 
Legal and Beneficial ^Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. C. M. Schwab 

2. A. Johnston 

3. Ogden L. Mills 

4. Alvin Untermyer 

OTHER CORPORATIONS, NONFINANCIAL 

6. United States Tobacco Co. (for details of ownership see this 
appendix, sec. II) 

INSURANCE COMPANIES 

6. Metropolitan Life In.surance Co - 

7. The Equitable Life Assurance Society of the United States 

8. Prudential Life Insurance Co 

9. The Home Insurance Co _ - 

10. Sun Life Assurance Co. of Canada 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

11. N. V. Maatschappij tot Beheer van het Administratiekantoor 

van Amerikaansche Fondsen Opgericht door Broes & Oosman, 
Ten Have & Van Essen En Jarman & Zoonen 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSEo 

12. The New York Trust Co 

13. City Bank Farmers Trust Co 

14. Bankers Trust Co 

15. Guaranty Trust Co of New York. , 

16. Central Hanover Bank & Trust Co 

17. Bank of Montreal 

18. Heidclbach Ickelheimer & Co. 

Tot a 



8,178 
4,710 
3,650 
3,500 



10.200 



20,000 
19, 600 
10,000 
9,000 
4,000 



8,850 



16, 522 
14,129 
7,818 
5,995 
4,439 
3,605 
4,874 



159,070 



$757, 487 
436,264 
338, 081 
324, 188 



944, 775 

1, 852, 500 

1,815,450 

926,250 

833, 625 

370,500 



819, 731 



1, 530, 350 
1. 308, 699 
724, 142 
555, 287 
411,162 
333, 913 
451, 454 



0.83 
.51 
.39 

.38 



1.09 



2.15 

2.11 

1.07 

.97 

.43 



.95 



1.77 
1.62 
.84 
.64 
.48 
.39 
.52 



14, 733, 858 



17.09 



738 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
BETHLEHEM STEEL 
[Size rank: 22. 5 percent CUMULATIVE PREFERRED (NONVOTING) as of 
Holders of Record 



Name of record holder 



1. Metropolitan Life Insurance Co 

2. Equitable Life Assurance Co 

3. Seliniidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

4. Prudential Life Insurance Co _._ 

5. C. M. Schwab - 

6. The Home Insurance Co 

7. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

no t d isclosed ) . ., 

8. Brown Bros., Harriman & Co - 

9. Cobb & Co. (nominee for New York Trust Co.; beneficiaries 

not disclosed) 

10. Charles, Frederic & Co. (nominee for Irving Trust Co.; benefi- 

ciaries not disclosed)- __ 

11. United States Tobacco Co 

12. A. Johnston 

13. Title Guarantee & Trust Co.; trustee u/d/t made by Mabel T. 

Brewster ^ 

14. Bankmont & Co. (nominee for Bank of Montreal; beneficiaries 

no t d isclosed ) _ _. 

15. Halladay & Co 

16. Merrick & Co. (nominee for New York Trust Co.; beneficiaries 

not disclosed) 

17. Salkeld & Co. (nominee for Bankers Trust Co. ; beneficiaries not 

disclosed ) 

18. Hurley & Co. (nominee for National City Bank; beneficiaries 

not disclosed) 

19. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

20. Carl M. Loeb & Co 

Total 



Holdings 



Number 
of shares 



20,000 
19,600 

11,630 
10,000 
9,178 
9,000 

6,753 
5,756 

5,429 

5,211 
5,000 
4,710 

4.400 

4,350 
3,930 

3,829 

3,296 

3,289 

3,271 
3,220 



141,852 



Value 



$292. 500 
286, 650 

170, 089 
146, 250 
134,228 
131,625 

98, 763 
84, 182 

79, 399 

76.211 
73, 125 



64, 350 

63, 619 
57, 476 

55, 999 

48,204 

48, 102 

47,838 
47, 092 



2, 074, 586 



Percent 
of shares 
outstand- 
ing 



2.15 
2.11 

1.25 
1.07 
.99 
.97 

.73 
.62 



.56 
.54 
.51 

.47 

.47 
.42 

.41 

.35 

.36 

.35 
.35 



15.25 



CONCENTRATION OF ECONOMIC POWER 



739 



beneficial ownership in such holdings — Continued 
CORPORATION (DELAWARE) 

Mar. i, 1938. Shares outstanding as of Mar. 4, 1938: 930,560. Price as of December 1937: $14^6] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. C. M. Schwab 

2. A. Johnston. 

3. Title Guarantee & Trust Co., trustee u/d/t made by Mabel T. 

Brewster - 

OTHER CORPORATIONS, NONFINANCIAL 

4. United States Tobacco Co. (for details of ownership see this 

appendix, sec. II.) _ 

INSURANCE COMPANIES 

5. Metropolitan Life Insurance Co 

6. Equitable Life Assurance Co 

7. Prudential Life Insurance Co 

8. The Home Insurance Co. 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

9. Guaranty Trust Co. of New York 

10. New York Trust Co _. 

11. Chase National Bank... 

12. Irving Trust Co 

13. Bank of Montreal 

14. Bankers Tra^t Co 

15. National City Bank... 

16. Central Hanover Bank & Trust Co 

17. Brown Bros., Harriman & Co 

18. Halladay & Co 

19. Carl M. Loeb Co. 

Total 



9,178 
4,710 

4,400 



5.000 



20,000 
19,600 
10,000 
9,000 



11,630 
9,258 
6,753 
5,211 
4,350 
3,296 
3,289 
3,271 
5,756 
3,930 
3,220 



141,852 



$134, 228 
68,884 



64,350 



73, 125 



292,500 
286,650 
146,250 
131, 625 



170, 089 
135, 398 
98. 763 
76, 211 
63,619 
48,204 
48, 102 
47.838 
84,182 
57, 476 
47, 092 



2, 074. 586 



0.99 
.51 



2.15 
2.11 
1.07 
.97 



1.25 
.99 
.73 
.56 
.47 
.35 
.35 
.35 
.62 
.42 
.35 



15.25 



740 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

THE BORDEN 
(Size rank: 146. COMMON (VOTING) as of Mar. 29, 1938. Shares 
Holders of Record 



Namt' of record holder 



1. Milbaak Memorial Fund 

2. Sun Life Assurance Co. of Canada .._ 

3. W.J. Weller 

4. Harry C. Horton _._ 

5. Lester Le Feber. 

6. Gerald M. Borden 

7. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) _.. 

8. Lewis M. Borden (held by Marie Jaekel (Mrs. Lewis M.) 

Borden, executrix of the estate of Lewis M. Borden), 

9. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) _ 

10. Gail Borden. 

11. Brown Bros., Harriman & Co 

12. Cuddd: Co. (nominee for Chase National Bank; beneficiaries not 

disclosed) 

13. Wonham Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

14. John T. Cunningham 

15. Williams & Co. (nominee for Bank of New York & Trust Co.; 

beneficiaries not disclosed) _ 

16. Louis Alford Hamilton... 

17. E. A. Pierce* Co... 

18. Mrs. Edith P. LeFeber 

19. Milbank, Tweed, Hope & Webb _ 

20. Thomson & McKinnon 

Totnl 



Holdings 



Number 
of shares 


Value 


Percent 
of shares, 
outstand- 






ing 


1 17, 559 
110, 786 

40,cno 

30, 054 
30,000 
27, 644 


$1,998,503 
1,883,362 
680, 000 
510,918 
510,000 
469, 948 


2.67 
2.52 
.91 
.6& 
.6& 
.63 


22, 658 


385, 185 


.52 


21,610 


307, 070 


.4d 


20, 700 
19, 6G6 
19, 258 


351,900 
334, 322 
327, 386 


.47 
.45. 
.44 


18, 516 


314,772 


A2 


18,445 
18, 060 


313, 565 
307, 020 


A2 
.41 


16, 782 
16,000 
• 15,005 
14, 660 
14,548 
13,555 


285,294 
272, 000 
2.55.085 
249, 220 
247, 316 
230, 435 


.3* 
.36 
.34 
.33 

.3a 

.31 


605,506 


10, 293, 602 


13.76 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in svch holdings — Continued 
CO. 

outstanding as of Mar. 23, 1938: 4,396,704. Price as of December 1937: $17] 
Legal and BENEFinAL Holders 



741 





Holdings 


Type and name of holder 


Number 
of shares 


Value* 


Percent 
of shares 
outstand- 
ing 


INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. W. J. Weller 


40,000 

30,054 

30,000 
14,660 

27,644 

21,610 
19, 666 

18, 060 

16,000 

110.786 

117,559 

22, 6.58 
20,700 

18, 516 
18, 445 
16, 782 

19, 258 
15,005 
13, 555 

14,548 


$680, 000 

510,918 

510,000 
249, 220 

469, 948 

367, 370 
334, 322 

307, 020 

272. 000 

1, 883, 362 

1,998,503 

385, 186 
351, 900 
314,772 
313, 565 
285, 294 
327. 386 
255, 085 
230, 435 

247. 316 


0.91 


2. Harrv C. Horton 


.68 


3. Lester LeFeber , . 


.68 


4. (Mrs.) Edith P. LeFeber 


.33 


5. Gerald M. Borden 


.63 


6. Estate of Lewis M. Borden; executrix, Marie Jaekel (Mrs. Lewis 
M.) Borden 


.49 


7. Gail Borden . _ 


.45 


8. John T. Cunningham 


.41 


B. Louis Alford Hamilton . 


.36 


INSURANCn COMPANIES 


2.52 


FOUNDATIONS 


2.67 


BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

12. Central Hanover Bank & Trust Co 


.52 


13. United States Trust Co 


.47 


14. Chase National Bank 


.42 




.42 


16. Bank of New York & Trust Co 


.38 


17. Brown Bros., Harriman <fe Co .. . 


.44 


18. E. A. Pierce & Co 


.34 




.31 


20. Milbank, Tweed, Hope & Webb (legal representatives for the 
Borden Co.) . .... 


.33 






Total ---- 


605,506 


10, 293, 602 


13.76 



742 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

BOSTON & 
lSij:e rank: 194. COMMON (VOTING) as of Nov. 30, 1937. Shares 
Holders of Recoed 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. John Hancock Mutual I-ife Insurance Co 

2. Equitable Life Assurance Society of the United States 

3. Home Insurance Co 

4. Trustees of the estate of Quincy A. Shaw 

5. Harvard University..- 

6. G.-M. P. Murphy & Co 

7. Hartford Fire Insurance Co. 

8. National Fire Insurance Co 

9. Arthur H. Brooks and Chtrles F. Adams, trustees u/d/t Gordon 

McKay 

10. New F.nsland Mutual Life Insurance Co 

11. Boston Museum of Fine Arts 

12. .\etna Insurance Co 

13. Massachusetts Hospital Life Insurance Co 

14. Phoenix Mutual Life Insurance Co 

15. Hartford Accident & Indemnity Co. 

16. .Tohn Roessle 

17 New England Trust Co., trustee for its general trust fund 

18. Williams & Co. Cnominee for Bank of New York <fe Trust Co.; 

benefic-i.iries not disclosed) 

19. General Convention of the New Jerusalem 

20. Barnes & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

Total.. 



7,077 
4,750 
2,300 
2,000 
1,650 
1,616 
1,500 
1,500 

1,221 

1,200 

1,029 

1,000 

1,000 

1,000 

900 

800 

700 

697 
655 

650 



.$(■.56. 392 
-140, 562 
213. 325 
185, 500 
15?., 037 
149,884 
139,125 
139, 125 

113,248 
111,300 
95, 440 
92, 750 
92, 750 
92, 750 
83. 475 
74,200 
64, 925 

64, 647 
60, 751 



2.83 
1.90 
.92 
.80 
.66 
.65 
.60 
.fO 

.49 
.48 
.41 
.40 
.40 
.40 
.36 
.32 
.28 

.28 
.26 

.26 



33,245 



13.30 



CON'CSXTRATION OF ECONOMIC POWER 



743 



beneficial oirner ship in such holdings — Continued 

ALBANY R. K. CO. 

outsfandin? as of Xov. :<0, iy:57- 2.^i).000. Priec as of Dc-combor 1937: $92^sl 
Legal and BEXErrriAL Holders 



Holdings 



Type anil name nf lioldi-r 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


INDIVIDVALS, PERSOXAI, AND FAMILY HOLIUNi; lOMrAN-lKS. TrU'STS, 








AXI» ESTATES 








1. Trustet? of osiatc of Qiiincy A. Shaw 


2,000 


$185, 500 


0.80 


2. Arthur H. Brooks and Charles F. Adams, trustees u-d t Gordon 
McKav ■ 


1,221 
800 


113,248 
74,200 


.49 


3. .Tolin Roessle __ 


.32 


INSIRAXCE COMPANIES 




i. Jolin Hancock Mutual Life Insurance Co. ._ 


7,077 


656, 392 


2.83 


0. Equitable Life Assurance Society of the United States.. 


4,750 
2,300 


440, 562 
213, 325 


1.90 


6. Home Insurance Co 


.92 


7. Hartford Fire Insurance Co... 


1,500 
1, .500 
1,200 


139, 125 
139, 125 
111,300 


.60 


8. Xational Fire Insurance Co. 


.60 


9. New England Mutual Life Insurance Co 


.48 


10. .\etna Insurance Co 


1,000 


92, 750 


.40 


11. Massachusetts Hospital Life Insurance Co _. 


1,000 


92, 750 


.40 


12. Phoenix Mutual Life Insurance Co. _ 


1,000 


92. 750 


.40 


1.3. Hartford Accident & Indemnity Co 


900 


83, 475 


.36 


BANKS AS BENEFICIAL HOLDERS 








14. New England Trust Co., trustee for its general trust fund 


700 


64, 925 


.28 


ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 








15. Harvard University 


1,650 


153, 037 


.66 


16. Boston Museum of Fine Arts 


1,029 
655 


95,440 
60, 751 


.41 


17. General Convention of the New Jerusalem 


.26 


BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 






697 

650 

1,616 


64,647 
60,287 
149,884 


.28 


19. City Bank Farmers Trust Co . . . 


.26 


20. G.-M. P. Murphy & Co 


.65 


Total 


33,245 


3,083,473 


13.30 







744 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

BOSTON 
[Size rank: 117. COMMON (VOTING) as of Dec. 31, 1937. Shares 
Holders of Record 



Name of record holder 



Massachusetts Utilities Associates , _ 

Electrical Securities Corporation (100 percent owned by General 
Electric Co.) 

Trustees of the Massachusetts Investors Trust 

Sun Life Assurance Co. of Canada 

General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees) 

Massachusetts Lighting Companies (formerly a subsidiary 
utility holding company of Massachusetts Utilities Asso- 
ciates, liquidated Jan. 28, 1938 and stock holdings transferred 
to associates) 

New England Mutual Life Insurance Co 

F. S. Moseley & Co 

Arthur H. Brooks and Charles F. Adams, trustees u/d Gordon 
McKay, Nov. 30, 1887 

Quincy A. Shaw, Robert F. Herrick and Old Colony Trust Co., 
trustees u/w Quincy A. Shaw 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) 

Barry & Co 

Consolidated Investment Trust 

Yale Uni versify 

President and Felows of Harvard College 

John Moir 

Jackson & Curtis 

John Hancock Mutual Life Insurance Co.. 

Aetna Life Insurance Co. 

George P. Gardner and G. Peabody Gardner, Jr., trustees u/w 
George A. Gardner. 



Total. 



Holdings 



Number of 
shares 



25,814 

17,000 
6,600 
6,088 

5,000 



4,615 
2,500 
2,318 

2,307 

2,200 

2,108 
2,046 
2,000 
2,000 
1,860 
1,787 
1,517 
1,500 
1,500 

1,500 



Value 



$3, 097, 680 

2, 040, COO 
792,000 
730, 560 

600.000 



553,800 
300,000 
278, 160 

276, 840 

264, 000 

252, 960 
245, 520 
240, 000 
240, 000 
223, iOO 
214,440 
182.010 
180, 000 
180.000 

180,000 



PercMitof 
shares 
out- 
standing 



92,260 11,071,200 



4.18 

2.76 
1.07 
.99 

.81 



.75 
.41 
.38 

.37 

.36 

.34 
.33 
.32 
.32 
.30 
.29 
.25 
.24 
.24 

.24 

14.95 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

EDISON CO. 

■outstanding as of Mar. 15, 1937: 617,161. Price as of December 1937: $120] 

Legal and BsKEnciAL Holders 



745 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES 

1. Arthur H. Brooks and Charles F. Adams, trustees u/d Gordon 

McKay, Nov. 30, 1887 

2. Quincy A. Shaw, Robt. F. Herrick, and Old Colony Trust Co., 

trustees u/w Quincy A. Shaw 

3. John Moir.- 



4. George P. Gardner and G. Peabody Gardner, Jr., trustees u/w 
George A. Gardner... 



OTHER CORPORATIONS, NONHNANCLAL 

■5. General Electric Co.. through Electrical Securities Corporation 
(100 percent owned) 



INSURANCE COMPANIES 

6. Sun Life Assurance Co. of Canada 



7. New England Mutual Life Insurance Co. 

8. John Hancock Mutual Life Insurance Co. 

9. Aetna Life Insurance Co 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

10. Massachusetts Utilities Associates 

11. Massachusetts Lighting Companies (subsidiary of Massachu- 

setts Utilities Associates, liquidated Jan. 28, 1938, and stock 
holdings transferred to Massachusetts Utilities Associates) 

12. Trustees of the Massachusetts Investors Trust 

13. Consolidated Investment Trust. 



OTHER COMPANIES, EMPLOYEES WELFARE, STOCK PURCHASE PLANS, 
ETC. 

14. General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co., employees, the stock 
of which is 100 percent owned by General Electric Co.) 



ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

15. Yale University 

16. President and Fellows of Harvard University 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

17. Central Hanover Bank & Trust Co 

18. F. S. Moseley 

19. Barry & Co 

20. Jackson & Curtis.. 



Total. 



Holdings 



Number of 
shares 



2,307 



2,200 
1.787 



1,500 



17,000 



2,600 
1,500 
1,600 

26, 814 

4,615 
6,600 
2,000 



5,000 



2,000 
1,860 



2,108 
2,318 
2,046 
1,517 



Value 



$276, 840 

264,000 
214, 440 

180,000 



2,040,000 



730, 560 
300,000 
180,000 
180,000 



3,097,680 

553,800 
792,000 
240,000 



600,000 



240,000 
223,200 



252, 960 
278, 160 
245, 520 
182, 040 



Percent of 
shares 
out- 
standing 



92,260 11,071,200 



0.37 



.36 
.29 



2.76 



.41 
.24 
.24 



4.18 

.75 
1.07 
.32 



.32 
.30 



.34 
.38 
.33 
.25 



746 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
THE BROOKLYN 
[Size rank: 152. COMMON (VOTING) as of Dec. 31, 1937. Shares out 
Holders of Record 



Name of record holder 



Koppers Co 

Esmont Co. (100 percent owned by Koppers Co.) 

Falmouth Co. (100 percent owned by Koppers Co.) 

W. R. Coe ._. 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed). 

The Travelers Insurance Co 

The United Gas & Eleciric Corporation 

Bonner & Co. (nominee for the Brooklyn Trust Co.; beneficiaries 

not disclosed) 

J. S. Bache& Co 

William B. Jourdan 

John Day Jackson.. 

Whitehouse & Co.. 

Edward R. Jourdan 

Frank J. Lewis... .. 

Abbott, Proctor & Paine 

Taykair Corporation (holding company for members of the 

Benjamin family) 

John Gribbel, Inc. 

Henry W. Putnam. 

Henry Clews & Co. 

GriflSn Manufacturing Co., Inc 

Total 



Holdings 



Number 
of shares 



70,000 
57, 940 
50,000 



7,047 
6,000 
5,900 

3,500 
3,128 
2,880 
2,874 
2,758 
2,624 
2,600 
2,480 

2,404 
2,244 
2,240 
2,217 
2,100 



Value 



$1, 260, 000 

1,042,920 

900, 000 

161,064 

126, 846 
108,000 
106,200 

63,000 
56,304 
51, 840 
51, 732 
49,644 
47,232 
46,800 
44,640 

43,272 
40, 392 
40, 320 
39,906 
37,800 



239,884 



4,317,912 



Percent 
of shares 
outstand- 
ing 



9.39 
7.77 
6.71 
1.20 

.95 
.80 
.79 

.47 
.42 
.39 
.39 
.37 
.35 
.35 
.33 

.32 
.30 
.30 
.30 

.28 



32.18 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
UNION GAS CO. 

standing as of Dec. 31, 1937: 745,364. Price as of December 1937: $18] 
Legal and Beneficial Holders 



747 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family HOLDhjG COMPANIES, TRUSTS 

AND ESTATES ^i 

1 . John Day Jackson -/. 

2. Frank J. Lewis _ /. -_ 

3. W. R. Coe. -i. -- 

4. Taykair Corporation (a holding company for the Benjamin 

family; for details of ownership, see this appendix, sec. II).- .. 

5. William B. Jourdan _-. 

€. Edward R. Jourdan 

7. Henry W. Putnam _ 

CORPORATIONS, PARENT AND SUBSIDIARY 

8. Koppers Co 

9. Koppers Co., through Esmont Co. (100 percent owned) 

10. Koppers Co. through Falmouth Co. (100 percent owned) 

OTHER CORPORATIONS, NONFINANCIAL 

11. The United Oas & Electric Corporation (a utility holding com- 

pany, controlled through ownership of the common stock by 
Empire Power Corporation; the common stock of Empire 
Power is substantially owned by the Phillips and Olmstead 
families; for a detailed statement of the ownership of these two 
companies, see this appendi.x, sec. II) . 

12. Griffin Manufacturing Co., Inc _ 

INSURANCE COMPANIES 

13. The Travelers Insurance Co 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. Central Hanover Bank & Trust Co_ 

15. Brooklvn Trust Co __ 

16. J. S. Bache & Co 

17. Whitehouse & Co 

18. Abbott, Proctor & Paine _ 

19. John Gribbel. Inc.... _ 

20. Henry Clews & Co... 

Total _.-. 



2,874 
2,600 
8,948 

2,404 

2,880 
2,624 

2,240 



70,000 
57, 940 
50, 000 



5,900 
2, 100 



6,000 



$51, 732 
46, 800 
161, 064 

43, 272 

51,840 
47, 232 

40, 320 



1, 260, 000 

1, 042, 920 

9C0. 000 



106, 200 
37, 800 



108, 000 



U. 39 
.35 
1.20 

.32 

.39 
.35 



9,39 

7.77 
6.71 



.79 
.28 



7,047 


126, 846 


.95 


3,500 


63, 000 


.47 


3.128 


56,304 


.42 


2, 758 


49.644 


.37 


2,480 


44,640 


.33 


2,244 


40, 392 


.30 


2,217 


39, 906 


30 



239, 884 



4,317,912 



32.18 



748 



C50NCENTRATI0N OF ECONOMIC POWER 



Record holders and holders having legal and 
CALIFORNIA PACKING 
[Size rank: 195. COMMON (VOTING) as of May 25, 1938. Shares 
Holders of Record 



Name of record holder 



Raymond & Co. (nominee for Wells Fargo Bank & Union Trust 
Co.; beneficiaries not disclosed) 

Brown Bros., Harriman & Co 

Elizabeth J. Anderson 

American Trust Co., substitute trustee u/w of James Kendall 
Armsby, deceased, f/b/o Cornelia Wicker Armsby 

E. A. Pierce &.Co 

Balfour, Guthrie & Co., Ltd 

Wm. Fries 

The Bank of California, N. A., trustee under decree of distribu- 
tion in the estate of Frank B. Anderson, deceased, Dec. 30, 1936. 

Alaska Packers Association 

J. Barth & Co. 

Garret W. McEnerney 

Dean Witter &Co 

John Daniel, Jr., Louis C. Greene, and Wells Fargo Bank & Union 
Trust Co., as executors of the estate of Suzaime Niebaum, de- 
ceased - 

Margaret F. Cusbman _ 

Sweeney & Co. (nominee for National City Bank; beneficiaries 
not disclosed) , 

Mary D. Armsby 

Nellie T. Fontana 

C. O. G. Miller. L.. 

Mary E. Fitzhugh 

A. G. Griffin 



Holdings 



Total. 



Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


10,231 
9,755 
8,300 


$189, 273 
180, 467 
153, 550 


1.06. 
1.01 
.86- 


7,914 
7,080 
7,000 
6,800 


146, 409 
130, 980 
129,500 
125, 800 


.82 
.73 
.73 
.70- 


5,300 
4,600 
4,562 
4,300 
4,270 


98,050 
85,100 
84,397 
79.550 
78,995 


.56 
.48- 
.47- 
.45 
.44 


4,100 
4,000 


75,850 
74,000 


.42- 
.41 


4,000 
3,700 
3,637 
3,535 
3,500 
3,500 


74,000 
68,450 
67,284 
65, 397 
64,750 
64,750 


.41 
.38 
.38 
.37 
.36 
.36 


110,084 


2,036,552 


11. 3» 



CONCENTRATION OF ECONOMIC POWER 



749 



beneficial ownership in such holdings — Continued 
CORPORATION 

outstanding as of May 25, 1938: 965,073. Price as of December 1937: $18^1 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Wm. Fries - -- 

2. Elizabeth J. Anderson ._ ^ 

3. The Bank of California, N. A., trustee under decree of distribu- 

tion in the estate of Frank B. Anderson, deceased, Dec. 30, 
1936. - 

4. Garret W. McEnerney 

5. Cornelia Wicker Armsby through American Trust Co., sub- 

stitute, trustee u/w of James Kendall Armsby, deceased, f/b/o 
Cornelia Wicker Armsby.. 

6. Mary D . Armsby 

7. John Daniel, Jr., Louis C. Greene, and Wells Fargo Bank & 

Union Trust Co., as executors of the estate of Suzanne Nie- 
baum , deceased 

8. Margaret F. Cushman 

9. Nellie T. Fontana 

10. C. O. G. MUler , 

11. Mary E. Fitzhugh 

12. A. O. Griffin. 

CORPORATIONS, PARENT AND SUBSIDIARY 

13. Alaska Packers Association (subsidiary of California Packing 

Corporation, which owns 84.8 percent of its capital stock) 

BANKS, BROKERS, ETC.; BENEFICURIES NOT DISCLOSED 

14. Wells Fargo Bank & Union Trust Co 

15. National City Bank... , 

16. Brown Bros., Harriman <fe Co 

17. E. A. Pierce& Co.... , 

18. Balfour, Guthrie & Co., Ltd 

19. J. Barth & Co 

20. Dean, Witter & Co 

Total 



6,800 
8,300 

5,300 
4,300 

7,914 
3,700 

4,100 
4,000 
3,637 
3,535 
3,500 
3,500 



4,600 



10,231 
4,000 
9,755 
7,080 
7,000 
4,562 
4,270 



$125, 800 
153,550 

98,050 
79,550 

146,409 
68,450 

75,850 
74,000 
67,284 
65, 397 
64,750 
64,750 



85,100 



189, 273 
74,000 
180, 467 
130,980 
129,500 
84,397 
78,995 



0.70 



.48 



1.06 
.41 

1.01 
.73 
.73 
.47 
.44 



110,084 



2, 036, 552 



11.30 



750 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
CALIFORNIA PACKING 
[Size rank: 195. 5 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) 
Holders of Record 



Name of record holder 



1. Raymond & Co. (nominee for Wells Fargo & Union Trust 

Co.; beneficiaries not disclosed) ----. 

2. California Western States Life Insurance Co 

3. The Bank of California, N. A., trustee 

4. Elizabeth J. Anderson - - 

5. Great American Indemnity Co 

6. Brown Bros., Harriman & Co ' 

7. United States Fire Insurance Co 

8. San FrauMSco Protestant Orphanage Society.. _ - 

9. Wm. Fries 

10. Balfour, Guthrie & Co., Ltd - 

11. J. Barth & Co - 

12. Alaska Packers Association -• ,--;;,--.--■ 

13 John Daniel, Jr., Louis C. Greene, and Wells Fargo Bank & Union 

Trust Co., as executors of the estate of Suzanne Niebaum, 
deceased — 

14. Garret W. McEnerney 

15. Hooper & Co. (nominee for Crocker First National Bank; bene- 

ficiaries not disclosed) -- 

16. A. G. Griffin - - 

7. Margaret F. Cushman .-- .--..--- 

13. Sweeney & Co. (nominee for National City Bank; beneficiaries 

not, disclosed) , - 

19. MaryJ^ • Braverman - - 

20. Daniel J. Murphy. 



Holdings 




Total. 



2,285 
1,290 
1,104 
952 
905 
611 
520 
500 
468 
426 
414 
322 



321 
301 

278 
245 
240 

240 

224 
224 

11, 870 



$113,964 
64,339 
55,062 
47, 481 
45, 137 
30. 474 
25, 935 
24, 938 
23,342 
21,247 
20,648 
16 060 



16,010 
15.012 

13, 865 
12, 219 
11.970 

11.970 
11, 172 
11,172 

.592, 017 



3.77 

2.13 

1.82 

1.57 

1.49 

1.01 

.86 

.82 

.77 

.70 

.68 

.53 



.53 
.50 

.46 
.40 
.40 

.40 

.37 
.37 

19. 58 



CONCENTRATION OF ECONOMIC POWER 



751 



beneficial ownership in such holdings — Continued 
CORPORATION 

as of May 25, 1938. Shares outstanding as of May 25, 1938: 60,607. Price as of December 1937: $49ji] 
Legal and Benehqal Holders 



Typp and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



IKDIVIDUALS, PEHSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Elizabeth J. Anderson 

2. Wm. Fries 

3. John Daniel, Jr.. Louis C. Greene, and Wells Fargo Bank & 

Union Trust Co.. as executors of the estate of Suzanne Nie- 
baum, deceased _ 

4. Garret W. McEnerney.. 

5. A. G. Griffin 

6. Margaret F. Cushman _ _ 

7. Daniel J. Murphy _ 

8. Mary E. Braverman.. 

CORPORATIONS. PARENT AND SUBSIDIARY 

9. Alaska Packers Association (subsidiary of California Packing 

Corporation, which owns 84.8 percent of its capital stock) 

INSURANCE COMPANIES 

10. California Western States Life Insurance Co 

11. Great American Indemnity Co.. 

12. United States Fire Insurance Co.... 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

13. San Francisco Protestant Orphanage Society... 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. Wells Fargo Bank & Union Trust Co 

15. The Bank of California, N. A., trustee 

16. Crocker First National Bank of San Francisco 

17. National City Bank of New York 

18. Brown Bro.s., Harriman & Co _ 

19. Balfour. Guthrie & Co., Ltd 

20. J. Barth& Co 

Total 



952 
468 

321 
301 
245 
240 
224 
224 



322 



1,290 
905 
520 



2,285 
1,104 
278 
240 
611 
426 
414 



$47, 481 
23,342 

16, 010 
15,012 
12, 219 
11,970 
11, 172 
11, 172 



16,060 

64,339 
45, 137 
25,935 

24, 938 



113.964 
55,062 
13. 865 
11,970 
30. 474 
21,247 
20,648 



1.57 
.77 

.53 
.50 
.40 
.40 
.37 
.37 



.63 



2.13 
1.49 



.82 



3.77 
1.82 
.46 
.40 
LOI 
.70 
.68 



11,870 



592, 017 



19.58 



268445 — 41— No. 29- 



-49 



752 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
CAROLINA, CITING H 
[Size rank: 192. COMMON (VOTING) as of Jan. 10, 1938. Shares 
HOLDERiS or Recobd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



New York Life Insurance Co 

The Commonwealth Fund 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) . 

The Equitable Life Assurance Society of the United States 

Catton & Co. (nominee for Second National Bank oi Boston; 

bene;pciaries not disclosed) 

The Penn Mutual Life Insurance Co 

Yale University 

Wyndham Realty Corporation (holding company for members 

of the Ream family) 

The Mutual Benefit Life Insurance Co 

William M.Ritter _... 

King & Co. (nominee for City Bank Farmers Trust Co.: bene- 
ficiaries not disclosed) 

The Delaware & Hudson Co 

The Home Insurance Co ..- 

John Hancock Mutual Life Ins. Co 

GriflELn & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) 

Niagara Fire Insurance Co ^ -. 

Phoenix Mutual Life Insurance Co 

U. S. Fidelity & Guaranty Co. - 

University of Rochester 

Francis B. Hart, Philip Dexter, T. Jeflerson Coolidge, trustees, 
u/iAug.9, 1911 

Total 



25,000 
6,000 

5,800 
4,850 

4,676 
4,000 
4,000 

3,077 
3,000 
2,532 

2,317 
2,000 
2,000 
2,000 

2,000 
2,000 
2,000 
2.000 
2,000 

1,763 



83, 015 



$2, 125, 000 
■ 510,000 

493,000 
412, 250 

397, 460 
340,000 
340,000 

261, 545 
255,000 
215. 220 

196, 945 
170, 000 
170,000 
170,000 

170, 000 
170. 000 
170,000 
170,000 
170,000 

149, 855 



10.00 
2.40 

2.32 
1.94 

1.87 
1.60 
1.60 

1.23 
1.20 
1.01 

.93 
.80 
.80 
.80 



.80 

.80 
.80 
.80 

.70 



7,056.275 



33.20 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
FIELD & OHIO RY. 

outstanding as of Jan. 10, 1938: 250,000. Price as of December 1937: $85] 
Legal and Beneficul Holders 



753 



Type and name of holder 



Holdings 




Percent 
of shares 
outstand- 
ing 



fNDIVIDUALS, PLRSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. WiUiamM.Ritter 



2. Wyndham Realty Corporation (a holding company the stock of 
which is owned by: 



Ives, Alfred E., Jr 

Ream, Norman P . 

Ream, Robert C 

Ream, Norman P., and Robert C. Ream, trustees 
under 7 deeds of trust, dated Jan. 14, 1921, for the 
respective benefit of the following: 

Frances R. Kemrherer 

Edward K. Ream 

Louis M. Ream 

Norman P. Ream 

Robert C. Ream 

Marion R. Vonsiatsky 

Marion R. Stephens 

The New York Trust Co., Norman P. Ream, and 
Robert C. Ream, trustees, u/w Caroline P. Ream 
for the respect! ve benefit of the following : 

Marion R. Vonsiatsky 

Robert C. Ream 

Louis M. Ream 

Edward K. Ream _.. 

Frances R. Kemmerer 

Norman P. Ream 

Ream. Norman P., and Robert C. Ream, trustees, 

u/d/t Nov. 12, 1921 

The New York Trust Co., Norman P. Ream and 
Robert C. Ream, trustees u/w Norman B. Ream. . 



Percent 

0.004 

.004 

.004 



10. 210 
10. 023 
10. 210 
10. 210 
10. 210 
9.876 
.334 



6.033 
6.033 
6.029 
6.066 
6.030 
6.030 

2.644 

.150 



Total , 100.00) 

3. Francis B. Hart, Philip Dexter, T. Jefferson Coolidge, trustees 
u/iAug.9, 1911 



OTHER CORPORATIONS, NONFINANCIAL 

4. The Delaware & Hudson Co - 



insurance companies 
6. New York Life Insurance Co.- 

6. The Equitable Life Assurance Society 

7. The Penn Mutual Life Insurance Co 

8. The Mutual Benefit Life Insurance Co 

9. The Home Insurance Co 

10. John Hancock Mutual Life Insurance Co . 

11. Niagara Fire Insurance Co 

12. Phoenix Mutual Life Insurance Co 

13. U. S. Fidelity & Guaranty Co 



FOUNDATIONS 

14. The Commonwealth Fund (Uarkness) 

OTHER eleemosynary AND EDUCATIONAL INSTITUTIONS 

15. Yale University 

16. University of Rochester 



BANKS, BROKERS, ETC.: BENEFICIARIES NOT DISCLOSED 

17. Central Hanover Bank & Trust Co . 

18. Second National Bank of Boston. 

19. .City Bank Farmers Trust Co.- 



2,632 



3,077 
1,763 



$215, 220 



261, 545 
149, 855 



Total- 



2,000 


170,000 


.80 


25,000 


2,125,000 


10. OO 


4,850 


412, 260 


L94 


4,000 


340,000 


1. 6a 


3,000 


255,000 


1.20 


2,000 


170,000 


.80- 


2,000 


170,000 


.80 


2,000 


170,000 


.80 


2,000 


170,000 


.80 


2,000 


170,000 


.8a 


6,000 


510,000 


2.4a 


4,000 


340,000 


1.60 


2,000 


170,000 


.80 


5,800 
4,676 
4,317 


493,000 
397, 460 
366, 945 


2.32 
1.87 
1.7a 


83, 015 


7,066,275 


33.2a 



754 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
THE CENTRAL RAILROAD 
[Size rank: 112. COMMON (VOTING) as of Jan. 1, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. The Pennsylvania Co. for Insurances on Lives and Granting 

Annuities, as trustee under Jersey Central Collateral Trust 
Deed of Reading Co. dated Apr. 1, 1901 

2. Eastern Real Estate Co. (owned 100 percent by Reading Co.)-- 

3. Travelers Insurance Co. --- 

4. Chas. D. Barney & Co 

5. Appenzellar, Allen & Hill _ 

6. Fahnestock A Co _.- 

7. Helen F. Hubbard - 

8. Fidelity-Phenix Fire Insurance Co 

9. Estate of James A. Garland 

10. Dyer, Hudson & Co . . 

11. Leonie Guggenheim 

12. Whitehouse & Co _.- 

13. Jacquelin & De Coppet 

14. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

15. Martha H. Reybine... 

16. J. S. Bache & Co 

17. Goodbody &Co-- - -- 

18. Estate of Hancke Hencken .,... 

19. A. C. Wood, Jr. & Co - - 

30. Luke, Banks & Weeks - 

Total 



145,000 
7,200 
7,000 
2,800 
2,600 
2,494 
2,120 
2,000 
2.000 
1,905 
1,800 
1,575 
1,558 

1,274 
1,250 
1,205 
1,145 
1,100 
1,100 
. 1, 045 



,431,875 
71,100 
69, 125 
27, 650 
25, 675 
24, 628 
20, 935 
19, 750 
19, 750 
18, 812 
17. 775 
15, 553 
15, 385 

12, 581 
12, 344 
11,899 
11,307 
10, 862 
10, 862 
10, 319 



52. 85 
2.62 
2.55 
1.02 
.95 
.91 
.77 
.73 
.73 
.69 
.66 
.57 
.57 

.46 
.46 
.44 
.42 
.40 
.40 
.38 



188, 171 



1, 858, 187 



.58 



CONCENTRATION OF ECONOMIC POWER 



755 



beneficial oiDoiership in such holdings — Continued 
CO. OF NEW JERSEY 

outstanding as of Jan. 1, 1938: 274,368. Price as of December 1937: $eji] 
Legal and BENEncuL Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. Helen F. Hubbard 

2. Estate of James A. Qarland - -- 

3. Leonie Guggenheim 

4. Martha H. Reybine 

5. Estate of Hancke Heneken.. 

CORPORATIONS, PARENT AND SUBSIDIARY 

6. Reading Co. (parent of the Central R. R. of New Jersey. This 

stock is pledged with the Pennsylvania Co. for Insurances on 
Lives and Granting Annuities as trustee under the Reading 
Co.'s Jersey Central collateral trust indenture of Apr. 1, 1901). 

7. Reading Co., through Eastern Real Estate Co. (100 percent 

owned) , 

INSURANCE COMPANIES 

8. Travelers Insurance Co - 

9. Fidelity-Phenix Fire Insurance Co 

BANKS, BROKERS, ETC.; BENEFICLARIES NOT DISCLOSED 

10. Central Hanover Bank & Trust Co 

11. Chas. D. Barney & Co_ 

12. Appenzellar, Allen & Hill 1 

13. Fahnestock & Co 

14. Dyer, Hudson & Co _._ 

15. Whitehouse & Co.. 

16. Jacquelin & De Coppet 

17. J. S. Bache & Co 

18. Qoodbody & Co 

19. A. C. Wood, Jr. & Co 

20. Luke, Banks, <fe Weeks 

Total 



2,120 
2,000 
1,800 
1,250 
1,100 



145,000 
7,200 

7,000. 
2,000 



1, 274 
2,800 
2,600 
2,494 
1,905 
1,575 
1,558 
1,205 
1.145 
1,100 
1,045 



$20, 935 
19,750 
17, 775 
12,344 
10,862 



1, 431, 875 
71,100 



69, 125 

19,750 



12,581 
27,650 
25,675 
24,628 
18, 812 
15, 553 
15, 386 
11, 899 
11, 307 
10, 862 
10, 319 



0.77 
.73 
.68 
.46 
.40 



53.85 

2.62 



2.65 
.73 



.46 
1.02 
.95 
.91 
.69 
.57 
.57 
.44 
.42 
.40 
.38 



8,171 



1, 858, 187 



68.58 



756 



CONCENTRATION OF ECONOMIC POWER 



[Size rank: 



Record holders and holders having legal and 
CENTRAL AND SOUTH 
COMMON (VOTING) as of Mar. 31, 1938. Shares outstanding 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. The Middle West Corporation 

2. Jason & Co. (nominee for Continental Illinois National Bank & 

Trust Co., pledgee of Midland United Co.) 

3. John J. Feeley (nominee for First National Bank of Chicago, the 

beneficial owner) 

4. W. R. Irwin (not the beneficial owner; present ownership of these 

shares unknown). 

5. John A. Sloyan (nominee for Central Hanover Bank & Trust 

Co., the beneficial owm-r) 

«. Camp & Co. (nominee for City National Bank & Trust Co.; 
beneficiaries not d isclosed) - 

7. Paine, Webber & Co - 

8. Henry Schultz (disclaims beneficial ownership; present owner- 

ship of these shares unknown) 

■9. Louis R. Myers (nominee for the Yorkport Corporation, a 
holding company for the Couch family) 

10. E. A. Pierce & Co. 

11. Blake Bros. & Co 

12. Oude, WinmillA Co 

13. Ounn & Co (nominee for Bank of Manhattan Co.; beneficiaries 

not d isclosed ) 

14. Jackson & Curtis.. 

15. Paul H. Davis & Co... 

IC. David A. Noycs & Co. , 

17. Sincere & Co 

18. S. B. Chapin & Co 

19. Thomson & McKinnon. 

20. Winthrop, Mitchell & Co 

Total 



2, 057; 679 

153, 810 

138,905 

31,606 

27,600 

24, 455 
22, 549 

21,000 

20,600 
16, 832 
14, 490 
12, 130 

9,030 
8,880 
8,679 
8,616 
8,548 
7,656 
7,489 
6.812 



$3, 858, 148 
288,394 



59, 261 

51,750 

45, 853 
42, 279 

39; 375 

38, 625 
31,660 
27, 169 
22, 744 

16, 931 
16,650 
16, 273 
16, 155 
16, 027 
14, 355 
14, 042 
12, 772 



61.03 

4.56 

4.12 

.94 

.81 

.72 

.67 



.61 
.50 
.42 
.36 

.27 
.26 
.25 
.25 
.25 
.22 
.22 
.20 



2, 607, 366 



4, 888. 810 



77.28 



CONCENTRATION OF ECONOMIC POWER 



757 



beneficial ownership in such holdings — Continued 

WEST UTILITIES CO. 

as of Mar. 31, 1938: 3,371,486. Price as of December 1937: $1^] 

Legal and Benefictal Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



raDIVIDUALS, i-KKSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Yorkport Corporation (a holding company the stock of which 

is held by Harvey C. Couch, approximately 80 percent; C. P. 
Couch, 8 percent; C. H. Moses and J. O. Couch, 12 percent). 

CORPORATIONS, PARENT AND SUBSIDURT 

2. The Middle West Corporation (parent of Central & South West 

Utilities Co.) 

OTHER COMPANIES, NONFINANOAL 

3. Midland United Co. (this stock is pledged with the Continental 

Illinois Bank & Trust Co.) -.. 

BANKS AS BENEFICIAL HOLDERS 

4. First National Bank of Chicago. 

5. Central Hanover Bank & Trust Co 

BANKS, BROKERS, ETC.; BENEFIOARIES NOT DISCLOSED 

6. City National Bank & Trust Co 

7. Bank of Manhattan Co 

8. Paine, Webber & Co -- 

9. E. A. Pierce & Co 

10. Blake Bros. & Co. 

11. Gude. Winmill & Co -.- 

12. Jackson & Curtis - 

13. Sincere & Co 

14. David A. Noyes <fe Co - 

15. PaulH. DavisA Co 

16. Chapin & Co... 

17. Thomson & McKiimon 

18. Winthrop, Mitchell & Co 

19. Henry Schultz. 

20. W. R. Irwin 

Total 



20,600 



2, 057, 679 



153, 810 



138, 905 
27,600 



24, 455 
9,030 
22,549 
16,832 
14,490 
12, 130 
8,880 
8,548 
8,616 
8,679 
7,656 
7,489 
6,812 
21,000 
31,606 



$38, 625 



3,858,148 



288,394 



260,447 
51,750 



45, 853 
16, 931 
42, 279 
31, 560 
27, 169 
22,744 
16, 650 
16, 027 
16, 155 
16,273 
14, 355 
14,042 
12, 772 
39, 375 
59, 261 



0.61 



4.56 



4.12 
.81 



.72 
.27 
.67 
.50 
.42 
.36 
.26 
.25 
.25 
.25 
.22 
.22 
.20 
.62 
.94 



2, 607, 366 



4, 888, 810 



77.28 



758 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

CENTRAL AND SOUTH 

[Size rank: 98. $7 CUMULATIVE PRIOK LIEN PREFERRED (CONTINOENT VOTENQ) 

Holders or Recoed 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. The Middle West Corporation 

2. Electrical Securities Corporation (100 percent owned by General 

Electric Co.) _ 

3. Qeneral Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees) 

4. Wonhara, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) _ 

5. I/ce & Co. (noiiiihee for the Chase National Bank for ac- 

count of— Shares 

British Steamship Investment Trust, Ltd 700 

Second British Steamship Trust, Ltd 500 



Total .- 1,200 

6. Percy William TulIoch._ .:. 

7. Frances S. Green 

8. Robert Benson & Co., nominee for — Shares 

Merchants Trust, Ltd 300 

Traction & General Investment Trust, Ltd 300 

Trust & Mortgage Co. of Iowa, Ltd 100 

Total 700 

9. Harvey T. Hill 

10. Samara Corporation 

11. Jackson & Curtis 

12. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

13. Scranton Lackawanna Trust Co.- 

14. Helen Sunny McKibbin & Geo. B. McKibbin, trustees of Helen 

Sunny McKibbin Trust 

15. Brown Bros.. Harriman & Co ^ 

16. Ralph C. Carey (nominee for Scottish American Investment 

Co.) _ 

17. Glyns Nominees, Ltd. nominee for— Sharex 

Railway Debenture & General Trust 250 

Railway Share Trust & Agency 250 

Total. - 500 

18. Rowe A Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

19. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

d isclosed) 

20. Cudd & Co. (nominee for the Chase National Bank; beneficiaries 

not disclosed)... 



Total. 



44,373 
5,000 
5,000 
4,040 



1,200 
1,140 
1,000 



700 
700 
700 
695 

650 
612 

550 
500 

500 

500 
444 
400 
350 
69,054 



$4, 237, 621 
477, 500 
477, 500 
385,820 



114, 600 
108, 870 
95,500 



66,850 
66,850 
66,850 
66,372 

62, 075 
58,446 

52,525 
47, 750 

47, 750 



47, 750 
42,402 
38,200 
33,425 
6, 594, 656 



37.80 
4.26 
4.26 
3.44 



1.02 
.97 
.85 



.60 
.60 
.60 
.60 



.47 
.42 



.42 
.38 
.34 
.29 
58.81 



CONCENTRATION OF ECONOMIC POWER 



759 



beneficial ownership in such holdings- — Continued 

WEST UTILITIES CO. 

as of Mar. 31, 1938. Shares outstanding as of Mar. 31, 1938: 117,400. Price as of December 1937: $95^] 
Legal and BENEnciAL Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS PERSONAL AND FAMILY HOLDINO COMPANIES, TRUSTS 
AND ESTATES 

1. Percy William Tulloeh_ 

2. Francis S. Oreerr 

3. Harvey T. Hill 

4. Samara Corpor.-vtion 

fi. Helen Sunny McKibbin & Geo. B. McKibbin, trustees of Helen 
Sunny McKibbin Trust 



CORPORATIONS, PARENT AND SUBSIDIARY 

6. The Middle West Corporation (parent of Central & South West 
Utilities Co.)- 



OTHER CORPORATIONS, NONFINANaAL 

7. General Electric Co., through Electrical Securities Corporation 
( 100 percent owned) - 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

8. British Steamship Investment Trust, Ltd 

9. Second British Steamship Trust, Ltd 

10. Scottish American Investment Co 



OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

11. General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.) 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

12. B ank of Mont real _ 

13. Bankers Trust Co...- 

14. Scranton Lackawanna Trust Co _. 

15. Central Hanover Bank & Trust Co 

16. J. P. Morgan & Co _.. 

17. Chase National Bank. 

18. Jackson & Curtis 

19. Brown Bros., Harriman & Co - -. 



Subtotal 

Total record holdings not included above. 



Total. 



1,140 

1,000 

700 

700 

550 



44,373 



5,000 



700 
500 



5,000 



,040 
050 
612 
444 
400 
350 
695 
500 



67, 854 
1,200 



69, 054 



$108, 870 
95,500- 
66,850 
66,850 

52, 525 



477, 500 



66.850 
47. 750 



385, 820 
62, 075 
58, 446 
42, 402 
38,200 
33,425 
66,372 
47, 750 



6, 480, 056 
114,600 



0.97 
.85 
.60 
.60 

.47 



37.80 



4.26 



.60 
.42 



4.26 



3.44 
.55 
.52 
.38 
.34 
.29 
.60 
.42 



57.79 
1.02 



58.81 



760 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

CENTRAL AND SOUTH 

(Size rank: 98. $6 CUMULATIVE PRIOR LIEN PREFERRED (CONTINGENT VOTING) as of 

Holders of Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 

of shares 

oi^tstand- 

ing 


1 The Middle West Corporation - 


11,500 


$1, 150, 000 


100.00 







[$7 CUMULA'l YE PREFERRED (CONTINGENT VOTING) as of Mar. 31, 



1. The Middle West Corporation 

2. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not d isclosed) _ - 

3. Frederick W. Croll, Jr. (disclaims beneficial ownership but has 

no information on actual ownership of these shares), 

4. United States Trust Co. of New York as trustee u/d/t Edward 

F. Swift, Apr. 1, 1918 

5. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees) 

6. Harry L. Irwin (beneficial ownership not disclosed) 

7. Edward F. Swift, Jr 

8. Annie May Swift Henry 

9. Blake Bros. & Co_. 

10. R. J. Baumel (nominee for the La Salle Ouincy Corporation). . 

11. Lee & Co. (nominee for Chase National Bank for account of 

British Steamship Investment Trust, Ltd.) 

12. Alfred Trayford, Id K. Trayford, and David Snyder, as trus- 

tees u/t/a Sept. 2. 937 

13. Robert Benson & Co., nominee for — Shares 

Merchants Trust. Ltd - --. 195 

Traction & General Investment Trust, Ltd 195 

Trust & Mortgage Co. of Iowa, Ltd 65 

Total. - - - 455 

14. Alfred L. Baker & Co., nominee for— 

F. W. Krohn. 300 

E. A. Howard 100 

Total 400 

15. Paine, Webber & Co 

16. Art Institute of Chicago .-. 

17. T. Philip Swift-- , 

18. Thomas R. Wolf - , 

19. Clarence E. Rohrer 

20. Albin A. Benning 

Total 



54,444 

4,165 

3,000 

1,200 

1,000 
1,000 
937 
683 
652 
555 

500 

500 



71, 326 



$1, 633, 320 

124, 9.50 

90,000 

36,000 

30,000 
30,000 
28, 110 
20.490 
19,560 
16,650 

15,000 

15,000 



13,650 



400 


12,000 


.30 


348 


10, 440 


.26 


340 


10.200 


.25 


300 


9,000 


.22 


295 


8.850 


.22 


280 


8,400 


.21 


272 


8,160 


.20 



2, 139, 780 



40.86 

3.13 

2.25 

.90 

.75 
.76 
.70 
.51 
.50 
.41 

.37 

.37 



.33 



53.49 



CONCENTRATION OF ECONOMIC POWER 



761 



beneficial ownership in such holdings — Continued 
WEST UTILITIES CO. 

Mar. 31, 1938. Shares outstanding as of Mar. 31, 1938: 11,500. Price (assigned) as of December 1937: $100) 
Legal and Beneficial Holders 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


CORPORATIONS, PARENT AND SUBSIDIARY 

1. The Middle West Corporation (parent of Central & South West 
Utilities Corporation) ... ... .. 


11, 500 


$1,150,000 


100. OO 







1938. Shares outstanding as of Mar. 31, 1938: 133,250. Price as of December 1937 


:$30] 




INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 








1. Alfred Trayford, Ida R. Trayford, and David Snyder as trus- 
tees u/t/a Sept. 2, 1937 - 


500 


$15,000 


0.37 


2. United States Trust Co. of New York as trustee u/d/t Edward 
F. Swift, Apr. 1, 1918 


1,200 
937 
683 
300 


36,000 

28,110 

20,490 

9,000 


.90 


3. Edward L. Swift, Jr_. 


.70 


4. Annie May Swift Henry . . . . ... 


.51 


5. T. Philip Swift 


.22 


6. F. W. Krohn 


300 


9,000 


.22 


7. Thomas R. Wolf .. 


295 
280 
272 


8,850 
8,400 
8,160 


.22 


8. Clarence E. Rohrer . 


.21 


9. Albin A. Benning.. 


.20 


CORPORATIONS, PARENT AND SUBSIDIARY 








10. The Middle West Corporation (parent of Central & South West 
Utilities Corporation) 


54, 444 


1, 633, 320 


40.86 


INVESTMENT TRUSTS AND INVESTMENT COMPANIES 








11. La Salle Quincy Corporation, care of R. J. Baumd 


655 


16,660 


.41 


12. British Steamship Investment Trust, Ltd 


500 


16,000 


.37 


OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 








13. General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees, the stock of 
which is 100 percent owned by General Electric Co.) 


1,000 


30,000 


.75 


ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 








14. .\rt Institute of Chicago 


340 


10,200 


.25 


BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 




15. Bank of Montreal 


4,165 

662 

348 

3,000 

1,000 


124,950 
19,560 
10,440 
90,000 
30,000 


3.13; 


16. Blake Bros. & Co 


.50 


17. Paine, Webber & Co . . 


.2ft 


18. Frederick W. Croll, Jr 


2.25 


19. Harry L. Irwin _ 


.75 






Subtotal 


70, 771 
555 


2, 123, 130 
16, 650 


63. OS 


Total record holdings not included above 


.41 






Total _ 


71,326 


2, 139, 780 


53.49 



762 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal anc 

THE CHESAPEAKE & 

[Size rank: 28. COMMON (VOTING) as of Dec. 31, 1937. Shares 

Holders of Record 



Name of record holder 



1 The Chesapeake Corporation (The Chesapeake CorporaUon re- 

ports, under sec. 16-A of the Securmes Exchange Act of 1934 
holdings of 2,359,480 shares, as of this date. It is proDaDie 
?ha? the 94,138 shares in the name of Shaw & Co. (riomme^Jor 
J P Morgan & Co.) and the 30,722 shares in the name of 
Paine Webber & Co. include the 103,382 shares Chesapeake 
Corporation did not hold as of record)- - v.-^-v" V.In'pftriar 

2 Shaw & Co. (nominee for J. P. Morgan & Co.; for benenciai 
^- ^ownership see note under The Chesapeake Corporation above . 

3. Douglass & Co. (nominee for Guaranty Trust Co., for beneficial 

ownership see Guaranty Trust Co. as trustee under Alleghany 
Corporation bond indenture below) — 

4. N. V. Algemeene Trust Maatschappij y----W'i^i~i 

I Guaranty Trust Co. of New York as trustee under conateral 

trust indenture of Alleghany Corporation, June \, 1929 (the 
Guaranty Trust Co. held as trustee under indenture of the 
Alleghany Corporation for AUeghany's bond issue (5 s of 1949), 
93.8W shares, and as trustee under the indenture o Alleghany 
Corporation 5's of 1944, 156,020 shares; it had also impounded 
as collateral under Alleghany Corporation 5 s of 1950, 8 78o 
shares of Chesapeake & Ohio; the entire holdi°|s of Alleghany 
Corporation were 255,600 shares of Chesapeafo & Ohio as of this 
date; in addition to Guaranty Trust's record hddings of 77,620 
shares Guaranty Trust held through Schmidt & Co. and 
Dougl'ass^& Co. 125,615 shares, or a total of 203,235 shares: the 
remaining 52,365 shares were apparently held through other 
nominees) — - '■i^"'C' i" Tf :..V,.i'ri,C " 

6. Siglpr & Co. (nominee for Central Hanover Bank & Trust Co., 

beneficiaries not disclosed) ri, 'l'h>~'"i.lW^" 

7. King & Co. (nominee for City Bank Farmers Trust Co., bene- 

ficiaries not disclosed) — - - - - 'A w:,:,„«;;!V,'i^i' 

8. Salkeld & Co. (nominee for Bankers Trust Co., beneficiaries 

not disclosed) 

9. Gordon Palmer. _.-.-- 

10. Herbert E. Twyeflort - — 

11. Brown Bros., Harriman & Co - 

12. J. & W. Seligman & Co ;„----/ V,"""i"""i;"'"fl-:;;V 

13 Schmidt & Co. (nominee for Guaranty Trust Co.; for beneficial 

ownership, see Guaranty Trust Co. as trustee under Alleghany 

Corporation bond indenture above) 

14. Dominick & Dominick -~:->;c r'W;;.V,o' 

16. Paine, Webber & Co. (see note under The Chesapeake Corpora- 
tion above) - hV'V.' 

16. Mllbank & Co. (nominee for— oo ^ 

Dunlevy Milbank. f^XX 

Katherine F. Milbank '^■°^ 

Katherine S. Milbank """ 



Total 27,600) 

17. Miami Corporation "(a holding company for the Deering estate) . . 

18. The Cleveland Trust Co ;-^;---^ v-^-- «; V ""■; 

19. Hurley & Co. (nominee for National City Bank; bereficiaries not 

disclosed) - — 

20. The Home Insurance Co - 



Subtotal :--;-v-i--i: 

Total legal and beneficial holdings not Included above. 



Holdings 



Number 
of shares 



Value 



2, 256, 098 $75, 579, 283 
94, 138 3, 153, 623 



Percent 
of shares 
outstand- 
ing 



92,160 
85, 140 



3, 087, 360 
2, 852, 190 



77,620 

67, 091 

48,322 

46, 534 
40,000 
40,000 
39, 489 
34, 619 



33, 455 
30, 921 



30,722 



27,600 
26,000 
22, 875 

21,546 
20,880 



3, 135, 210 
52, 365 



Total 3,187,575 



2, 600, 270 

2, 247, 548 

1,618,787 

1,558,839 
1,. 340, 000 
1,340,000 
1,322,882 
1, 159, 736 



1, 120, 742 
1, 035, 854 



1,029,187 



924,600 
871.000 
766, 312 

721. 791 
699, 480 



105, 029. 534 
1, 754. 228 



106, 783, 762 



29.46 
1.23 



1.20 
1.11 



1.01 



.63 

.61 
.52 
.52 
.52 
.45 



.44 
.40 



.36 
.34 
.30 

.28 
.27 



40.93 
.68 



41.61 



CONCENTRATION OF ECONOMIC POWER 



763 



beneficial ownership in such holdings — Continued 
OHIO RY. CO. 

outstanding as of Dec. 31, 1937: 7,657,674. Price as of December 1937: $33^^] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Gordon Palmer. 

2. Herbert E. Twyeflort - 

3. Miami Corporation (a holding company for the Deering estate) . . 

4. Dunlevy Milbank 

5. Katherine F. Milbank 

6. Katherine S. Milbank., 

INSURANCE COMPANIES 

7. The Home Insurance Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

8. Chesapeake Corporation 

9. Alleghany Corporation (of this amount, 156,020 shares were 

pledged with Guaranty Trust Co. of New York under the 5's 
of 1944. 90.800 under the 5's of 1949, and 8,700 were impounded 
by Guaranty Trust Co. as collateral under the 5's of 1950) 

10. N. V. Algemoene Trust Maatschappij... 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

11. Central Hanover Bank & Trust Co 

12. City Bank Farmers Trust Co 

13. Bankers Trust Co 

14. The Cleveland Trust Co 

15. National City Bank of New York 

16. Brown Bros., Harriman & Co 

17. J. & W. Seligman & Co. 

18. Dominick & Dominick 

19. Paine, Webber & Co 

Total 



Holdings 



Number 
of shares 



40,000 

40,000 

26, 000 

22, 500 

4,500 

600 



2, 359, 480 



255,600 
85, 140 



67, 091 
48, 322 
46, 534 
22, 875 
21,546 
39, 489 
34, 619 
30, 921 
21, 478 



3, 187, 575 



Value 



$1,340,000 

1, 340, 000 

871,000 

753, 750 
150. 750 
20,100 



79. 042, 580 



8, 562, 600 
2, 852, 190 



2, 247. 548 

1, 618, 787 

1, 558, 889 

766, 312 

721, 791 

1,322,882 

1,159,736 

1, 035, 854 

719, 513 



106, 783, 762 



Percent 
of shares 
outstand- 
ing 



0.52 

.52 

.34 

.29 
.06 
.01 



30.81 



3.33 
1. U 



.88 
.63 
.61 
.30 
.28 
.52 
.45 
.40 
.28 



41.61 



754 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
THE CHESAPEAKE & 
[Size rank: 28. $4 NONCUMULATIVE PREFERENCE A (VOTING) as of Dec. 
Holders of Recobd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Chesapeake Corporation (as of this date, Chesapeake Corpora- 

tion reported under sec. 16-A of the Securities Exchange Act 
of 1934, ownership of 60,490 shares. The difference between 
60,490 shares anrt its record holding of 58,423 shares is probably 
Included in the 1,839 shares in the name of Shaw & Co. (nomi- 
nee for J. P. Morgan <?' Co.) and the 503 shares in the name of 
Paine, Webber & Co.) 

2. Atwell & Co. (nominee fo." United States Trust Co.; beneficiaries 

not disclosed) -- — 

3. The Commonwealth Fund . . - - 

4. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) - 

5. Oriffm & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) — — 

6. Shaw & Co. (nominee for J. P. Morgan & Co. For beneficial 

ownership, see note under Chesapeake Corporation above) 

7. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

■S. Fidelity-Phenix Fire Insurance Co. of New York. 

'9. New England Mutual Life Insurance Co 

10. The New Jersey Zinc Co ■ 

11. Miami Corporation (holding company for the Deering estate) .. 

12. Steere & Co. (nominee for Girard Trust Co.; beneficiaries not 

disclosed) 

13. Insurance Co. of North America 

14. Milbank & Co.— Nominee for: 

Shares 

Dunlevy Milbank 450 

Katherine F; Milbank 90 

Katharines. Milbank 12 

Total 552 

16. Paine, Webber* Co , 

16. American Central Insurance Co.... 

17. Hartford Accident & Indemnity Co 

18. Hartford Fire Insurance Co 

19. The Lincoln National Life Insurance Co... 

20. Boehm <fe Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

Total.... 



58, 423 

4,286 
3,000 

2,757 

2,621 

1,839 

1,494 
1.000 
1,000 
1.000 
700 

694 
600 



.$5, 236, 16! 

384, 133 

268, 875 

247, 096 

23?, 907 

164, 820 

133, 900 
89,625 
89, 625 
89, 625 
62, 738 

62,200 
53, 775 



38.41 

2.82 
1.97 

1.81 

1.72 

1.21 

.98 
.66 
.66 
.66 
.46 

.46 
.39 



552 


49, 473 


.36 


503 


45,081 


.33 


500 


4-1, 812 


.3.? 


500 


44,812 


.33 


500 


44,812 


.33 


500 


44.812 


.33 


416 


37,284 


.27 



82,885 



7, 428, 566 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
OHIO RY. CO. 

31, 1937. Shares outstanding as of Dec. 31, 1837: 152,095. Price as of December 1937: $89H] 
Legal and Bknehcial Holdeks 



765 



Type and name of holder 



< Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Miami Corporation (holding company for the Deering estate).... 

2. Dunlevy Milbank 

3. Katherine F. Milbank. 

4. Katherine S. Milbank 



OTHER CORPORATIONS, NONFINANCIAL 

5. The New Jersey Zinc Co - 

INSURANCE COMPANIES 

6. Fidelity-Phenix Fire Insurance Co. of New York., 

7. New England Mutual Life Insurance Co 

8. Insurance Co. of North America. 

9. American Central Insurance Co... 

10. Hartford Accident & Indemnity Co 

11. Hartford Fire Insurance Co - 

12. The Lincoln National Life Insurance Co 



INVESTMENT TRUST.S AND INVESTMENT COMPANIES 

13. Chesapeake Corporation. 

FOUNDATIONS 

14. The Commonwealth Fund (Harkncss) 

BANKS, BROKERS, ETC.: BENEFICIARIES NOT DISCLOSED 

15. United States Trust Co 

16. City Bank Farmers Trust Co 

17. Central Hanover Bank & Trust Co 

18. Girard Trust Co 

19. Bankers Trust Co 



Subtotal -^ 

Total record holdings not included above. 

Total 



700 

450 
90 
12 



1,000 



1,000 
1,000 
600 
500 
500 
500 
500 



60,490 



3,000 



4,286 

4,115 

2,757 

694 

416 



82, 610 
275 



82,885 



$62, 738 

40,331 
8,066 
1,076 



89,625 



6. 421, 416 



268, 875 



384, 133 
368,807 
247,096 
62,200 
37,284 



7, 403, 920 
24,646 



7, 428. 566 



0.46 

.29 
.06 
.01 



.66 



89,625 


66 


89,625 


66 


53,775 


39 


44, 812 


33 


44, 812 


33 


44,812 


33 


44,812 


33 



1.97 



2.82 
2.70 
1.81 
.46 
.27 



54.31 
.18 



54.49 



766 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

CHRYSLER 
(Size rank: 97. COMMON (VOTING) as of Mar. 29, 1938. Shares outstanding 
Holders of Record 



Name of record holder 



1. J. S. Bache & Co., as nominee for: Shares 

Wenonah Development Co 85,501 

JuIesS. Dache 13,200 

George & Barbara Lambert _ 1, 500 

H. n. Butterman 1,000 

Paul J. and Eleanor M. Rich _ 1,000 

Edouard Brandus, deceased T.- 800 

Charles L. Suhr 600 

Frank Seamon - 500 

ThelTorvitz Co _ 500 

Charles Arpels 500 

Subtotal -... 105,101 

300 other clients. 17,206 

Total 122,307 

Shares not yet transferred out of its name but not in 
possession of J. S. Bache & Co 58, 168 

Grand total _-.- .- 180,475 

2. Chrysler Management Trust (a stock purchase plan for Chrysler 

Corporation management employees) 

3. Shippee & Rawson 

4. Paine, Webber & Co -.. 

5. Salkcld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

6. Central Hanover Bank & Trust Co - -.. 

7. J. & W. Scligman & Co 

8. Laidlaw & Co 

9. .\. H. Caspary & Co 

10. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

11. E. F. Hutton 

12. Dominick & Domlnick . . . 

13. E. A. Pierce & Co 



Holdings 



Number 
of shares 




180, 475 

131,790 
59. 223 
50,350 

49,829 
46, 932 
41,911 
40,608 
36,200 

35, 159 
34,500 
29,333 
29,314 



$8, 595, 122 

6, 276, 499 
2, 820, 495 
2, 397, 919 

2, 373, 106 
2,235,136 
1,996,011 
1,933.956 
1,724,025 

1, 674. 447 
1,643.062 
1, 396, 984 
1,396,079 



Percent 
of shares 
outstand- 
ing 



4.15 

3.03 
1.36 
1.16 

1.15 

1.08 

.96 

.93 

.83 

.81 
.79 
.67 
.67 



CONCENTRATION OF ECONOMIC POWER 



767 



beneficial ownership in such holdings — Continued 

CORPORATION 

as of Mar. 29, 1938: 4,351,132. Price as of December 1937: U7H] 

Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, personal, AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. E. F. Hutton 



2. Walter P. Chrysler 

3. Jules S. Bache 

4. Wenonah Development Co. (a holding company the stock of 

which is owned by Jules S. Bache (20 percent), 2 trusts f/b/o 
Mrs. Ilazpl Bache Beckman (40 percent), 2 trusts f/b/o Mrs. 
Kathryn Bache Miller (40 percent)) 



.INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

5. Maatschappij tot Beheer van bet Administratiekantoor Opge- 

richt door Hubrecht Van Harenscarpel & Van Visser- 

6. State Street Investment Co 



CHRYSLER CORPORATION EMPLOYEES WELFARE AND STOCK PURCHASE 
PLANS, ETC. 

7. Chrysler Management Trust reports holdings of its trust cer- 

tificates as follows: 

Equioalent 

Trust Chrysler 

Holder share? shares 

K.T.Keller 1,800 9,000 

. B.E.Hutchinson... 1,800 9,000 

F. M. Zeder 1,800 9,000 

J. E. Fields 1,800 9,000 

AV. L. Mitchell-. 1,500 7,500 

B. C. Foy. 1,100 5,500 

Carl Brecr.. - 1,000 5,000 

O. R. Skelton 1,000 5,000 

Chrysler Corporation 715 3,575 

A.C.Downey 620 3,100 

10 holders, total 13,135 65,675 

lOOothers 16,865 84,325 

110 holders, grand total. 30,000 150,000 

Less shares in name of nominees 18, 210 

131,790 

8. First Adjustment Chry.^ler Management Trust 

reports holdings of its trust certificates as 

follows: Equivalent 

Trust Chrysler 

Holder shares shares 

B. C. Foy... 900 1,858.77 

CarlBrecr.. 500 1,032.65 

W.L.Mitchell.. 500 1,032.65 

O. R. Skelton 500 1,032.65 

C. E. nieicher 335 691.87 

A. C. Downey... 300 619.59 

A. P. Hascall 300 619.59 

U. L. Weckler 275 567.96 

F. W. Slack 250 516.33 

D.A.Samson 235 485.34 

10 holders, total 4, 095 8, 457. 40 

115others 8.905 18.392.60 

125 holders, grand total .. 13,000 2^, 850. 00 

Loss shares in name of nominees . 850.00 

26, 000. 00 

9. Executive Chrysler Management Trust reports 

holdings of its trust certificate as follows: 

EguivaleTU 

Trust ■ Chrysler 

Holder shares shares 

K. T. Keller 3,000 6.000 

B. E. Hutchinson 3.000 6.000 

F. M. Zi^dcr 3,000 6.000 

Total 9,000 18.000 

2««45— 11— No. 29 5t> 



Holdings 



Number 
of shares 




34,500 
22,300 
13,200 

85, 501 



24,630 
21,100 



131,790 



26.000 



18.000 



$1, 643, 062 

1, 062, 038 

628, 650 



4, 071, 985 



1,173,004 
1, 004. 888 



G, 276, 499 



1,238,250 



857. 2.'.0 



Percent 
of shares 
outstand- 
ing 



0.79 
.51 
.30 



1.97 



.57 

.48 



3.03 



.60 



.41 



768 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

CHRYSLER 

[Size rank: 97. COMMON (VOTING) as of Mar. 29, 1938. Shares outstanding 
Holders of Record— Continued 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


14. First Adjustment Chrysler Management Trust (a stock pur- 

chase plan for Chrysler Corporation management employees).. 

15. Maatschappij tot Beheer van het Administratiekantoor Opge- 

richt door Uubrecht Van Harenscarpel & Van VLsser 


26,000 

24,630 

23,704 
22,300 
21,100 
19, 197 

18,000 


$1, 238. 250 

1,173,004 

1,128.903 

1,062,038 

1,004,888 

914, 257 

857, 250 


.60 
.57 


16. King & Co. (nominee for City Bank Farmers '''rust Co.: bene- 


.54 


17. Walter P. Chrysler . . 


.51 


18. Arthur E . Spence (nominee for the State Street Investment Co.) . 

19. Hornblower & Weeks 


.48 
.44 


20. Executive Chrysler Management Trust (a stock purchase plan 
for Chrysler Corporation management employees) 


.41 






Total 


920, 555 


43,841,431 


21.14 







CONCENTRATION OF ECONOMIC POWER 



769 



beneficial ownership in such holdings — Continued 

CORPORATION— Continued 

as of Mar. 29, 1938: 4,361,132. Price as of December 1937: 47^6] 

Legal and BENEnciAL Holdkes— Continued 



Type and name of holder 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

10. Bankers Trust Co 

11. Central Hanover Bank & Trust Co 

12. Chase National Bank 

13. City Bank Farmers Trust Co..- 

14. Shippee & Rawson.. 

15. Paine, Webber & Co 

16. J. & W. Seligman & Go 

17. Laidlaw & Co 

18. A. H. Caspary & Co 

19. Dominick & Dominick 

20. E. A. Pierce <Sc Co 

21. Hornblower & Weeks , 

Subtotal 

Total record holdings not included above , 

Total 



Holdings 



Number 
of shares 



49,829 
46,932 
35, 159 
23,704 
59,223 
50,350 
41,911 
40,608 
36,200 
29,333 
29,314 
19, 197 



838, 781 
81, 774 



Value 



$2, 373, 106 
2, 235, 136 
1, 674, 447 
1,128,903 
2, 820, 495 
2, 397, 919 
1,996,011 
1, 933, 956 
1, 724. 025 
1, 396, 984 
1, 396, 079 
914, 257 



39, 946, 944 
3, 894, 487 



43,841,431 



Percent 
of shares 
outstand- 
ing 



1.15 
1.08 
.81 
.54 
1.36 
1.16 
.96 
.93 
.83 
.67 
.67 
.44 



19.26 
1.88 



770 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

THE CINCINNATI 

[Size rank: 140. COMMON (VOTING) as of Dec. 31, 1937. Shares out 

HOLDEBS OF RECOBD 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 




759,000 


$37,875,000 


100.00 







[5 Percent CUMULATIVE PREFERRED A (CONTINGENT VOTING) as of Dec. IS, 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



The Prudential Insurance Co. of America.. 

John Hancock Mutual Life Insurance Co 

The Penn Mutual Life Insurance Co.. 

Atvveli & Co. (nominee for United .States Trust Co.: beneficiaries 

not disclosed) _ 

Hettrich & Co _ 

Steere & Co. (nominee for Qirard Trust Co.; beneficiaries not 

disclosed) _ 

Cincinnati Equitable Insurance Co ... 

Louise Taft Semple. .. _ 

Aetna Life Insurance Co 

Modern Woodmen of America. _ 

New England Mutual Life Insurance Co 

Teachers Insurance <fe Annuity Association of America 

Ya'.e University _ 

Estate of Casimir L. Werk; C. M. Werk and George H. Werk, 

executors _ 

Sigler A Co. (nominee for Central Hanover Bank & Trust Co.; 

beneflciaries not disclosed) 

Jane Taft Ingalls 

Juilliard M usical Foundation 

Llewellyn B. Reakirt 

Bankers Trust Co. (nominee for Bankers Trust Co.; beneficiaries 

not disclosed) ._ 

Fifth Third Union Trust Co. as trustee of Jacob O. Schmidlapp 

Trust u/t/a June 20, 1905 

Totfll 



8,900 
4, 500 
3,000 

2,800 
2,637 

2,318 
2.250 
2,106 
2,000 
2,000 
2,000 
2,000 
2,000 

1,812 

1,625 
1.607 
1,500 
1,478 

1,400 

1,200 



$858, 850 
434, 253 
289, 50O 

270. 200 
254, 470 

223.687 
217. 125 
203, 229 
193, 030 
193,000 
193,000 
193,000 
193, 000 

174,858 

156, 812 
155. 075 
144. 750 
142, 627 

135, 100 

115,800 



49,133 



4. 741, 333 



2.23 
1. 1'J 
.75 

.70 
.05 

.57 
.56 
.53 
.50 
.50 
.50 
.SO 
.50 

.45 

.41 
.40 
.38 
.37 

.35 

.30 

12.28 



CONCENTRATION OF ECONOMIC POWER 



771 



beneficial ownership in such holdings — Continued 

GAS & ELECTRIC CO. 

Standing as of Dec. 31, 1937: 750,000. Price (assigned) as of December 1937: $505^1] 
Legal and Benefioal Holders 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


CORPOHATIONS, PARENT AND SUBSIDIARY 

1. Columbia Qas & Electric Corporation (statutory subsidiary of 
United Corporation (see pp. 1480-2); for details of ownership of 
Columbia Oas & Electric Corporation, parent of Cincinnati 
Qas & Electric Co., see pp. 796-803) 


760,000 


$37,875,000 


100.00 







1937. Shares outstanding as of Dec. 15, 1937: 400,000. Price as of December 1937: 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Estate of Casimir L. Werk; C. M. Werk and George H. Werk, 
executors. (Held by executors under a 25-year trust which 
expires in 1944. The following share equally in the income 
and in the ultimate distribution of the principal: C. Michel 
Werk. George H. Werk, Emile E. Werk, Casimir L. Werk, 
Jr., Pauline Werk Klene, and Lillian Werk Price) 

■2. Louise Taft Semple -.- 

3. Jane Taft Ingalls_ 

4. Llewellyn B.Reakirt - 

5. Fifth Third Union Trust Co., as trustee of Jacob 0. Schmidlapp 

Trust u/t/a June 20, 1905. , 

INSURANCE COMPANIES 

6. The Prudential Insurance Co. of America 

7. John Hancock Mutual Life Insurance Co 

8. The Penn Mutual Life Insurance Co 

9. Cincinnati Equitable Insurance Co 

10. Aetna Life Insurance Co 

11. Modern Woodmen of America 

12. New England Mutual Life Insurance Co 

13. Teachers Insurance & Annuity Association of America 

FOUNDATIONS 

14. Juilliard Musical Foundation 

OTHER ELEEMOSYNARY AND EDUCATIONAL INSHTUTIONS 

16. Yale University 

BANES, BROKERS, ETC.; BENEHCIARIES NOT DISCLOSED 

16. United States Trust Co 

17. Oirard Trust Co... 

18. Central Hanover Dank & Trust Co 

19. Bankers Trust Co 

20. HettricbA Co 

Total 



1,812 

2,106 
1,607 

1,478 
1,200 



8,900 
4,500 
3,000 
2,250 
2,000 
2,000 
2,000 
2,000 



1,500 



2,000 



2,800 
2,318 
1,625 
1,400 
2,637 



$174, 858 

203,229 
165, 075 
142, 627 

115,800 



858,850 
434,250 
289,500 
217, 126 
193,000 
193,000 
193,000 
193,000 



193,000 



270.300 
223,687 
150,812 
135, 100 
254, 470 



49,133 



4,741,333 



0.45 

.53 
.40 

.37 
.30 



2.23 
1.13 
.75 
.66 
.50 
.50 
.50 
.50 

.38 



.70 
.57 
.41 
.36 
.65 



12.28 



772 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

CITIES SERV 
[Site rank: 12. COMMON (VOTING) as of Mar. 15, 1938. Shares outstand 
Holders of Record 



Name of record holder 



1. Broekmans Administratiekantoor, N. V_ 

2. Q. Gordon Brownell, nominee for— 

Henry L. Doherty, since deceased, through Henry Shares 
L.Doherty& Co. (100 percent owned) 426,428 

Gas & Electric Securities Co. (a holding company 
for Henry L. Doherty and others) 1, 064, .Wo 

Participation fund (71 individuals) . - 26. 95H 

Total 1,517,892 

3. R. Raphael & Sons,.. 

4. Henry L. Doherty - 

5. Bankers Trust Co., depository ..- -- 

6. Nela Alpha Anticipation Co. (a holding company, the principal 

stockholder of which is Henry L. Doherty ACo.) .-. 

7. E. A. Pierce & Co _ 

8. Harris Upham & Co - 

9. Herbert Knieht&Co. (nominee for the Foster family) 

10. Paine, Webber & Co 

11. Halsey, Foster & Co. (held for the Foster family) _. 

12. J. S. Bache & Co 

13. Fenner & Beane.. 

14. Victor Hill & Co. _ 

15. LindenberR & Co 

16. Cassell & Co 

17. Thomson & McKinnon 

18. Sir Edward Paulet Stracey, Bart., 

19. Chase Nominees, Ltd 

20. F. E. Foster 



Holding'; 



Number 
of shares 



Total. 



2, 201. 156 



1.517.892 
289,048 
226, 558 
204,400 

15.5. 4fi4 
123, 981 
99.964 
97, 414 
94, 913 
91,926 
86.490 
84, 712 
78, 340 
57. 313 
57,234 
55.958 
62. 877 
51, 475 
50,427 

5, 677, 542 



Value 



$4, 127, 168 



2. 846, 048 
541. 965 
424, 796 
383, 250 

291. 495 
232.404 
187, 432 
182, 651 
177, 902 
172. 361 
162. 169 
158,835 
146. 888 
107, 462 
107, 314 
104,921 
99,144 
96.516 
94,551 

10, 645, 392 



J Percent 
I of shares 
j outstand- 
I ing 

I 5.93 



4.09 
.78 
.61 
.55 

.42 
.33 
.27 
.26 
.26 
.25 
.23 
.23 
.21 
.15 
.15 
.15 
.14 
.14 
.14 

15.29 



CONCENTRATION OF ECONOMIC POWER 



773 



beneficial ownership in such holdings— Couthwied 

ICE CO. 

ingasof Mar. 16, 1938: 37,136,051. Price as of December 1937: $1J«] 

Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, FEESONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Sir Edward Paulet Stracey, Bart 



2. Henry L. Doherty (since deceased) . _ 

3. Henry L. Doherty through Henry L. Doherty & Co. (100 per- 

cent owned) 

4. Gas and Electric Securities Co. (a holding company for Doherty; 

for details of ownership, see this appendix, sec. II) 

5. Nela Alpha Anticipation Co. (a holding company, the principal 

stockholder of which, as of Sept. 30, 1939, was Henry L. Do- 
herty (through Henry L. Doherty & Co., a 100 percent owned 
holding company); Henry L. Doherty & Co. owned 99.81 per- 
cent of the common, 99.69 percent of the first preferred and 
100 percent of the second preferred of Nela Alpha Anticipation 
Co.)-. - - — 



6. F. E. Foster- - 

7. Herbert Knight & Co. (nominee for the Foster family) . . . 

8. Halsey, Foster & Co. (nominee for the Foster family) 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

9. Broekmans Administratiekantoor, N.V 



BANKS, BBOKEHS, ETC.; BENEFICIARIES NOT DISCLOSED 



10. Bankers Trust Company, depository. 

11. R. Raphael & Sons - 

12. E. A. Pierce & Co -. 

13. Harris Upham & Co 

14. Paine, Webber & Co - 

15. J. S. Bache & Co 

16. Fenner & Beane 

17. Lindenberg & Co 

18. Cassell & Co 

19. Thomson & McKiimon 

20. Chase Nominees, Ltd .-- 

21. Victor Hill & Co 



Subtotal.. 

Total record holdings not included above. 



Holdings 



Number 
of shares 



52, 877 
226, 558 

426, 428 

1, 064, 505 



155, 464 

50,427 
97, 414 
91, 926 



2, 201, 166 



204,400 
289,048 
123, 981 
99,964 
94, 913 
86,490 
84,712 
67, 313 
57,234 
55, 958 
51, 475 
78, 340 



5, 650, 583 
26,959 



Total 6,677,542 



Value 



$99,144 
424, 796 

799, 553 

1, 995, 947 



291, 495 

94, 551 
182, 651 
172, 361 



4, 127, 168 



383,250 
541,965 
232, 464 
187, 432 
177, 962 
162, 169 
158, 835 
107, 462 
107,314 
104, 921 
96, 516 
146,888 



10, 594, 844 
50,548 



10, 645, 392 



Percent 
of shares 
outstand- 
ing 



0.14 
.61 

1.15 

2.87 



.42 

.14 
.29 



5.93 



.55 
.78 
.33 
.27 
.26 
.23 
.23 
.15 
.15 
.15 
.14 
.21 



15.22 
.07 



15.29 



774 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

CITIES SERV 
PREFERRED (VOTING) as of Mar. 
[Size rank: 12. $6 CUMULATIVE 
Holders of Record 



Name of record holder 



1. Broekmans Administratiekantoor N. V - 

2. Moore & Schley - 

3. Fernand Petit - --- 

4. Electrical Securities Corporation (100 percent owned by General 

Electric Co.) -. --- 

5. General Electric Employees Securities Corporation (an invest- 

ment company for Ge.ieral Electric Co. employees) 

6. Q. Gordon Brownell, nominee for — 

Henry L. Doherty & Co. (100 percent owned by Shares 
Henry L. Doherty) 63 

Gas & Electric Securities Co. (a holding company for 
Henry L. Doherty and others) 3,000 

Total - - 3,063 

7. Charles Haehnle -.- 

8. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) _-- 

9. Lazard Frere; & Co - 

10. Harris Uphai i & Co - 

11. First Doherty Organization Investing Co. (a holding company, 

the principal stockholder of which is Henry L. Doherty & 
Co.) 

12. Brown Bros., Harriman & Co - -- - 

13. Hurley & Co. (nominee for National City Bank of New York; 

beneficiaries not disclosed) - - 

14. Atlas Corporation - 

16. Paine. Webber & Co 

16. John Gribbel, Inc - -- 

17. John C. Lincoln.-. - - 

18. C. D. Barney & Co 

19. Cities Service Securities Co - 

20. Fenner & Beane - 

Total.. 



Holdings 



Number 
of shares 



92,008 
6,310 
5,611 

4,000 

4,000 



3,063 
2,468 

2,369 
2,300 
2,264 



2,030 
1,856 

1,520 
1,400 
1.360 
1,354 
1,351 
1,215 
1,183 
1,172 



138, 834 



Value 



$3. 496, 304 
239, 780 
21.3, 218 

152,000 

152,000 



116,394 
93,784 

90,022 
87, 400 
86, 032 



77, 140 
70,528 

57,760 
53,200 
51, 680 
51, 452 
51, 338 
46, 170 
44,954 
44,536 



5, 275, 692 



Percent 
of shares 
outstand- 
ing 



9.92 
.68 
.60 

.43 

.43 



.33 

.27 

.26 
.25 
.24 



.22 
.20 

.16 
.15 
.15 
.15 
.15 
.13 
.13 
.13 



14.98 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

ICE CO. 

15, 1938. Shares outstanding as of Mar. 15, 1938: 

927,527. Price as of December 1937: $38] 

Legal and Beneficial Holders 



775 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. Femand Petit... 

2. Henry L. Doherty, through Henry L. Doherty & Co. (100 per- 

cent owned). 

3. Gas & Electric Securities Co. (a holding company for Doherty; 

for details of ownership see this appendix, sec. II) 

4. First Doherty Organization Investing Co. (a holding company 

the principal stockholder of which as of Sept. 30, 1939 was — 
Henry L. Doherty (through Henry L. Doherty & 
Co.) (100 percent owned): Percent 

Common - 65. 34 

Preferred 41.68) 

5. Charles Haehnle 

6. John C. Lincoln 

CORPORATIONS, PARENT AND SUBSIDIARY 

7. Cities Service Securities Co. (wholly owned subsidiary of Cities 

Service Co.) 

OTHER CORPORATIONS, NONFINANCIAL 

8. General Electric Co., through Electrical Securities Corporation 

(100 percent owned) .-. 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

9. Broekmans Administratiekantoor N. V 

10. A tlas Corporation _ - 

OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, 
ETC. 

11. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees, the stock 
of which is lUO percent owned by the General Electric Co.) 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

12. Chase National Bank 

13. National City Bank of New York.. '. 

14. Moore & Schley 

15. Lazard Freres & Co 

16. Harris Upham & Co ._ 

17. Brown Bros., Harriman & Co 

18. Paine, Webber & Co .' 

19. C. D. Barney & Co.... 

20. Fenner & Beane 

21. John Gribbel, Inc 

Total 



5,611 

63 
3,000 



2,030 
2,468 
1,361 



1,183 

4,000 

92,008 
1,400 

4,000 



$213, 218 

2,394 
114,000 



77, 140 
93, 784 
51, 338 



44,954 



152,000 



3, 496, 304 
53,200 



152,000 



2,369 


90,022 


1,520 


'57,760 


6,310 


239, 780 


2,300 


87, 400 


2,264 


86, 032 


1,856 


70,528 


1,360 


51,680 


1,215 


46. 170 


1,172 


44,536 


1,354 


51, 452 



.60 

.01 
.32 



.43 



.43 



.26 
.16 
.68 
.25 
.24 
.20 
.16 
.13 
.13 
.16 



138, 834 



5, 275, 692 



776 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

CITIES SERV 
[Size rank: 12. 60 cents CUMULATIVE PREFERENCE B (VOTING) ae of Mar. 16, 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Mary Baxter Wright - 

Charles A. Shitrson 

Rathbone Brothers 

James F. Baldwin 

Ernest J. Berg 

Claude Colton 

William H. Brown 

Clara Qoldschmidt 

Charles W. Holton 

Liz^ta Ratterman -. 

Augustus Jones 

Fenner & Beane 

Mary E. Gish 

John M. Loffland - 

Mrs. Josephine Davis Mell 

Charles W. Stephenson ^ 

George B. Stephenson 

John J. Stephenson 

The Academy of the New Church, Bryn Athyn, Pa 
Archibald P. Black 

Total 



3,900 

2,300 

2,000 

1,200 

1,150 

1,100 

1,000 

800 

800 

800 

700 

655 

600 

600 

600 

545 

543 

543 

500 

500 



$13, 650 
8,050 
7,000 
4,200 
4,026 
3,850 
3,500 
2,800 
2,800 
2,800 
2,450 
2,292 
2,100 
2,100 
2,100 
1,907 
1,900 
1,900 
1,750 
1,750 



3.02 
1.78 
1.56 
.93 
.89 
.85 
.77 
.62 
.62 
.62 
.54 
.51 
.46 
.46 
.46 
.42 
.42 
.42 
.39 
.39 



20,836 



72,924 



16.12 



CONCENTRATION OF ECONOMIC POWER 



777 



beneficial ownership in such holdings — Continued 
ICE CO. 

1938. Shares outstanding as of Mar. 15, 1938: 129,046. Price as of December 1937: $3^6] 
Legal and Benefihal Holdebs 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Mary Baxter Wright 

2. Charles A. Shierson 

3. James F. Baldwin 

4. Ernest J. Berg 

5. Claude Colton 

6. Williair H. Brown 

7. Clara Qoldschmidt - 

8. Charles W. Holton 

9. Lizetta Ratterman 

10. Augustus Jones 

11. Mary E. Gish 

12. John M. LofiBand 

13. Mrs. Josephine Davis Mell 

14. Charles W. Stephenson 

15. George B. Stephenson 

16. John J. Stephenson 

17. Archibald P. Black 



ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

18. The Academy of the New Church, Bryn Athyn, Pa 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

19. Rathbone Bros .- 

20. Fenner & Beane. 



Total. 



3,900 

2,300 

1,200 

1,150 

1,100 

1,000 

800 

800 

800 

700 

600 

600 

600 

545 
543 
543 

600 



500 



2,U00 
666 

20,836 



$13, 660 

8,060 

4,200 

4,025 

3,860 

3,600 

2,800 

2,800 

2,800 

2,460 

2,100 

2,100 

2,100 

1,907 
1,900 
1,900 

1,750 



1,750 



7,000 
2,292 



72,924 



3.02 

1.78 

.93 

.89 

.85 

.77 

.62 

.62 

.62 

.54 

.46 

.46 

.46 

.42 
.42 
.42 

.39 



.39 



1.65 
.51 



16.12 



778 



CONCENTRATION OF ECONOMIC POWER 



[Size rank: 12. 



Record holders and holders having legal and 

CITIES SERV 
. CUMULATIVE PREFERENCE BB (VOTING) as of Mar. 15, 
HoLDEBS OF Record 







Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Herbert Knight & Co., nominee for— 

A. Bam -- 

F. E. Foster 

M. F. Foster 

S. Foster ...- - 

S. M. Foster - .. 

W. W. Foster - 


Shares 
75 
... 1,185 
... 1,125 
... 160 
... 910 
...1,025 


4,480 
690 
483 
444 
317 
300 
300 
293 
248 
240 
220 
200 
200 
200 
195 
189 
159 
150 
132 
122 


$147, 840 
22, 770 
15, 939 
14, 652 
10, 461 
9,900 
9,900 
9,669 
8,184 
7,920 
7,260 
6,600 
6,600 
6,600 
6,435 
6,237 
5,247 
4,950 
4,356 
4,026 




Total.. - 

2. Walter L. Zust - 


... 4,480 


19.31 
2.97 




2.08 


4. Peter A. Wagner . -- .- 


1.91 


5. John F. Zust -- - 


1.37 


6. Halsey, Foster & Co. (nominee for the Foster family) . . 


1.29 


7. Jose Simon - . 


1.29 


8. M. & E. Foster 


1.26 


9. Charles A. Frueauff - 


1.07 


10. Broekmans Administratiekantoor, N. V... , 

11. Howard H. Hewitt 


1.03 
.95 


12. Julius S. Berkman 


.86 


13. Mollie Foeelson 


.86 


14. Daniel J. McCarthy 


.86 


15. Frank D. Weatherwax.. 


.84 


16. Herbert T. Kehew 


.81 


17. Cities Service Securities Co - 


.69 


18. Edwin H. Hewitt 


.65 


19. A. & S. Foster 


.57 


20. Nettie Marie Jones 


.63 








Total 


9,562 


315, 546 


41.20 









CONCENTRATION OF ECONOMIC POWER 



779 



beneficial ownership in such holdings — Continued 
ICE CO. 

1938. Shares outstanding as of Mar. 15, 1938: 23,208. Price as of December 1937: $33) 
Lkqal and Benehcial Holders 



Type and name of liolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. David and Grace Lyman -. 

2. F. E. Foster - -.- 

3. M. F. Foster 

4. W. W. Foster - 

6. S. M. Foster.. 

e. Halsey, Foster & Co. (nominee for members of the Foster family, 

4 of whom account for 85 percent of the 300 shares in the name of 
Halsey, Foster & Co. , with no one holding over 80 shares) 

7. M. & E. Foster... 

8. S. Foster 

9. A. & S. Foster ..- 

10. Walter L. Zust 

11. John F. Zust 

12. Peter A. Wagner - - 

13. Jose Simon _. 

14. Charles A. Frueaufl ^.- 

15. Howard H. Hewitt 

16. Edwin H. Hewitt.. 

17. Julius S. Berkman _ 

18. Mollie Fogelson 

19. David J. McCarthy.... 

20. Frank D. Weatherwar 

21. Herbert T. Kehew 

22. Nettie Marie Jones 

CORPORATIONS, PARENT AND SUBSIDIAKT 

23. Cities Service Securities Co. (a wholly owned subsidiary of Cities 

Service Co.) 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

24. Broekmans Administraiiekantoor, N. V 

Subtotal. - 

Total record holdings not included above 

Total 



483 

1,185 

1,125 

1,025 

910 



300 
293 
160 
132 

690 
317 

444 

300 

248 

220 
150 

200 

200 

200 

195 

189 

122 



159 



240 



9,487 
75 



$15, 939 

39, 105 
37, 125 
33, 825 
30, 030 



9,900 
9,669 
5,280 
4,356 

22, 770 
10, 461 

14, 652 

9,900 

8,184 

7,260 
4,950 

6,600 

6,600 

6,600 

6,435 

6,237 

4,026 



fi,247 



9,562 



313, 071 
2,475 



2.08 

5.11 
4.85 
4.42 
3.92 



1.29 
1.26 



2.97 
1.37 

1.91 

1.29 

1.07 

.95 
.65 



.84 
.81 
.53 



40.88 
.32 



315, 546 



41.30 



780 



CONCENTRATION OP ECONOMIC POWER 



Record holders and holders having legal anp 
THE CLEVELAND ELECTRIC 
[Size rank: 142. COMMON (VOTING) as of Dec. 10, 1937. Shares out 
Holders or Record 



Name of record holder 



North American Edison Co 

John Day Jackson 

The Houghton Co - 

William S. Steams - - 

S. Maude Metcalf _ 

Julius K. Lawwill 

Elizabeth W. H. Chatfield 

The Home Insurance Co. 

Yale University.. 

John B. Hollister, Ancillary Administrator De Bonis Non of 

the estate of Eloise Fiaminco, deceased 

The Fifth Third Union Trust Co. of Cincinnati, as trustee for 

Virginia S. Nye et al. 

The Rhode Island School of Design 

Ella L. Schaefer. 

William H. Fillmore 

Mrs. Emma Buchanan Holmes 

WendeU B. Campbell 

Natalie Lincoln 

Merrick & Co (nominee for New York Trust Co.; beneficiaries 

not disclosed) ^ 

Mrs. Greta Stearns Kinsey 

WUlard W. Howe... 

Total 



Holdings 



Number 
of shares 



1, 847, 908 
12,520 
11, 752 
8,026 
5,460 
5,241 
5,000 
5,000 
6,000 

4,459 

4,300 
4.147 
4,000 
3,750 
3,750 
3,455 
3,412 

3,335 
3,262 
3,155 



1,943,932 



Value 



$57, 747. 125 
391, 250 
367, 250 
250,812 
170.625 
163,781 
156,250 
156,250 
156,250 

139, 344 

134, 375 
129,594 
125,000 
117, 188 
117,188 
107, 969 
106,625 

104, 219 
101,938 
98,594 



60, 841, 627 



Percent 
of shares 
outstand- 
ing 



79.49 
.54 
.50 
.34 
.23 
.22 
.22 
.22 
.22 

.19 

.18 
.18 
.17 
.16 
.16 
.15 
.15 

.14 
.14 
.14 



83.74 



CONCENTRATION OF ECONOMIC POWER 



781 



beneficial ownership in such holdings — Continued 
ILLUMINATING CO. 

standing as of Dec. 10, 1937: 2,324,564. Price as of December 1937: $31^] 
Legal and Beneficial Holders 



Type and name of holder 



Holding!? 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. John Day Jackson... 

2. William S. Stearns. , 

3. S. Maude Metcalf 

4. Julius K. Lawwill 

5. Elizabeth W. H. Chatfield. 

6. John B. HoUister, Ancillary Administrator De Bonis Non of 

the estate of Eloise Flamingo, deceased 

7. Virginia S. Nye et al., through the Fifth Third Union Trust 

Co. as trustee 

8. EUaL. Schaefer.. 

9. Mrs. Emma Buchanan Holmes 

10. William H. Fillmore 

11. Wendell B. Campbell.... 

12. Natalie Lincoln... _ 

13. Mrs. Greta Stearns Kinsey 

14. Willard W. Howe 

CORPORATIONS, PARENT AND SUBSIDIARY 

15. North American Edison Co. (parent of Cleveland Electric 

Illuminating Co. and a subsidiary of North American Co.)... 

INSURANCE COMPANIES 

16. The Home Insurance Co 

ELEEMOSYNARY AND EDUCATIONAL 5NSTITUTION3 

17. Yale University 

18. The Rhode Island School of Design 

BANKS, BROKERS, ETC; BENEFICTAKIES NOT DISCLOSED 

19. New York Trust Co ^ 

20. The Houghton Co 

Total 



12,520 
8,026 
5,460 
5,241 
5,000 

4,459 



1, 847, 908 
5,000 



6,000 
4.147 



3,335 
11,762 



$391,250 
250,812 
170, 625 
163, 781 
156,250 

139, 344 



4,300 


134, 375 


4,000 


125, 000 


3,750 


117, 188 


3,750 


117, 188 


3,455 


107.969 


3,412 


106, 625 


3,262 


101, 938 


3,155 


98,594 



67, 747, 125 
156,250 



156,250 
129,594 



104,219 
367,250 



0.64 
.34 
.23 
.22 

■P 

.19 

.18 
.17 
.16 
.16 
.16 
.15 
.14 
.14 



79.49 



.22 



.22 

.18 



.14 
.60 



1, 946, 932 



60,841,627 



83.74 



782 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
THE CLEVELAND 
[Size rank- 142. $4.50 CUMULATIVE PREFERRED (VOTING) as of Dec. 20, 1937. Shares 
Holders or Record 



Name of record bolder 



1. Metropolitan Life Insurance Co. -.. - 

2. The Cleveland Trust Co -.. 

3. Rush & Co., nominee for: Shares 

Insurance Co. of North America , 1,300 

The Alliance Insurance Co. of Philadelphia 2,500 

Philadelphia Fire & Marine Insurance Co.. 2,500 

Qentral Insurance Co. of Baltimore.. 500 

Indemnity Insurance Co. of North America.. 3,000 

Total. 9,800 

Insurance Co. of North America owns 100 percent of all the 
above companies 

4. New York Life Insurance Co 

5. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

6. John Hancock Mutual Life Insurance Co.. 

7. Penn Mutual Life Insurance Co. 

8. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

9. The Mutual Life Insurance Co. of New York 

10. Buckley & Co. (nominee for Fiduciary Trust Co., New York; 

beneficiaries not disclosed) 

11. Aetna Life Insurance Co 

12. The New England Mutual Life Insurance Co 

13. Provident Mutual Life Insurance Co. of Philadelphia 

14. Shaw & Co (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed) 

15. Leslie & Co. (nominee for Irving Trust Co.; beneficiaries not 

disclosed) 

16. Bonner & Co. (nominee foi Brooklyn Trust Co.; beneficiaries not 

d isclosed) 

17. Universitv of Rochester. 

18. Charles W. Mills, Eben O. Crawford, and Harry W. Hough, 

trustees of the Employees Fund of the Cleveland Electric 
Illuminating Co 

19. United Statfts Fidelity & Guaranty Co 

20. Church Pension Fund 

Total 



Holdings 



Number 
of shares 



20,000 
13, 071 



9,800 
6,790 

6,260 
5,000 
5.000 

2,972 
2,500 

2,075 
2,000 
2.000 
2,000 

1,700 

1,235 

1.225 
1,200 



1,140 
1,100 
1,000 



88,068 



Value 



$2, 120, 000 
1, 385, 526 



1, 038, 800 
719, 740 

663,560 
530,000 
530,000 

315,032 
205,000 

219, 950 
212,000 
212,000 
212,000 

180,200 

130, 910 

129, 850 
127,200 



120, 840 
116,600 
106,000 



9, 335, 208 



Percent 
of shares 
outstand- 
ing 



7.84 
5.12 



3.84 
2.66 

2.45 
1.98 
1.96 

1.16 



.81 

.78 
.78 
.78 

.66 

.48 

.48 
.47 



.44 
.43 
.39 



34.47 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
ELECTRIC ILLUMINATING CO. 

outstanding as of Dec. 20, 1937: 254,989. Price as of December 1937: $106] 
Legal and Beneficial Holders 



783 



Type and name of holder 



insurance companies 

1. Metropolitan Life Insurance Co - - 

2. New York Life Insurance Co. - 

3. John Hancock Mutual Life Insurance Co 

4. Penn Mutual Life Insurance Co 

5. Insurance Co. of North America 

6. Indemnity Insurance Co. of North America (whoUy owned sub- 

sidiary of Insurance Co. of North America).- 

7. The Alliance Insurance Co. of Philadelphia (wholly owned sub- 

sidiary of Insurance Co. of North America) 

8. The Philadelphia Fire & Marine Insurance Co. (wholly owned 

subsidiary of Insurance Co. of North America) - -- 

9. Central Insurance Co. of Baltimore (wholly owned subsidiwy 

of Insurance Co. of North America).. - 

10. The Mutual Life Insurance Co. of New York 

11. Aetna Life Insurance Co - 

12. The New England Mutual Life Insurance Co 

13. Provident Mutual Life Insurance Co. of Philadelphia 

14. United States Fidelity & Guaranty Co --- 

THE CLEVELAND ELECTRIC ILLUMINATING CO., EMPLOYEES WELFARE, 
STOCK PURCHASING PLAN, ETC. 

15. Charles W. Mills, Eben G. Crawford, and Harry W. Hough, 

trustees of the Employees Fund of the Cleveland Electric 
Illuminating Co - 

ELEEMOSTNAET AND EDUCATIONAL INSTITUTIONS 

16. University of Rochester 

17. Church Pension Fund - 

BANKS, BROKERS, ETC; BENEFIOABIES NOT DISCLOSED 

18. The Cleveland Trust Co 

19. United States Trust Co 

20. Central Hanover Bank & Trust Co-. 

21. Fiduciary Trust Co. of New York 

22. J. P. Morgan & Co 

23. Irving Trust Co 

24. Brooklyn Trust Co 

Total 



Holdings 



Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


20,000 


$2, 120, 000 


7.84 


6,790 


719, 740 


2.66 


5,000 


530,000 


1.96 


6,000 


630,000 


1.96 


1,300 


137,800 


.50 


3,000 


318,000 


1.18 


2,500 


265,000 


.98 


2,500 


265,000 


.98 


500 


53,000 


.20 


2,500 


265,000 


.98 


2,000 


212,000 


.78 


2,000 


212,000 


.78 


2,000 


212,000 


.78 


1,100 


116.600 


.43 



1,140 



1,200 
1,000 



13, 071 
6,260 
2,972 
2,075 
1,700 
1,235 
1,225 



88,068 



120,840 



127,200 
106.000 



1, 385, 526 
663,560 
315, 032 
219, 950 
180,200 
130. 910 
129,850 



9, 335, 208 



.44 



.47 
.39 



6.12 
2.45 
1.16 
.81 
.66 
.48 
.48 



34.47 



2«8446— 41— No. 29- 



-61 



784 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
CLIMAX MOLYB 
[Size rank: 178. COMMON (VOTING) as of Dec. 16, 1937. Shares out 
Holders of Record 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



The American Metal Co., Ltd 

Trust estate created by Car! M. Loeb, Jr., and Henry A. Loeb 

prantorf, Jan. 16, 1929 - 

Harold K. Hochschild... - -- 

O. Sussman --. - - 

Gertrude Hochschild 

Siegmund Adler 

Julius Goldman - 

Max Schott... 

Manda Levi Roos - - 

Hilda N. Loeb ... - 

Julie Ammon Bernstorfl.. 

Walter Hochschild 

Alice F. Schott- 

Ruth A. Phillipson 

Edith Heberlein 

Mrs. J. W. Harris 

Margaret L. Sussman 

Elizabeth Finkl 

Janice R. Loeb 

Richard A. Loeb 

Total 



225,000 

200,220 
144, 922 
90,738 
69,642 
69, 000 
60,000 
56,949 
49,000 
45, 000 
43,600 
43. 125 
40, 000 
39, 810 
35.000 
33,390 
30.900 
30,000 
30.000 
30, 000 



$8, 381, 250 

7. 458, 195 
5. 398, 344 
3, 379, 990 
2, 594, 164 
2, 570. 250 
2, 235, 000 
2,121,350 
1. 825, 250 
1. 676, 250 
1, 624, 100 
1, 606, 406 
1,490,000 
1. 482, 922 
1, 303, 750 
1, 243, 778 
1,151,025 
1, 117, 500 
1,117,500 
1,117.500 



8.93 

7.95 
5.75 
3.60 
2.76 
2.74 
2.38 
2.26 
1.94 
1.79 
1.73 
1.71 
1.59 
1.58 
1.39 
1.32 
1.23 
1.19 
1.19 
1.19 



1, 366, 296 



50. S94, 524 



54.22 



CONCENTRATION OF ECONOMIC POWER 



785 



beneficial ownership in such holdings — Continued 

DENUM CO. 

Standing as of Dec. 16, 1937: 2,520,000. Price as of December 1937: $3756' 
Legal and BENEnciAi. Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDrvroUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Siegmund Adler ..- 

2. John L. Loeb and Adeline M. Loeb, trustees of trust estate 

created by Carl M. Loeb, Jr., and Henry A. Loeb, grantors, 
Jan. 16, 1929. Beneficiaries: Income from the trust is divided 
equally among 5 beneficiaries; upon dissolution, the principal 
is divided equally among the last 4 named beneficiaries; 
income distribution is as follows: Percent 

Adeline M. Loeb 20 

Margaret Loeb Kempner 20 

John L. Loeb 20 

Carl M. Loeb, Jr 20 

Henry A. Loeb.- 20 

Total. 100 

3. Hilda N. Loeb 

4. Richard A. Loeb.. 

6. Janice R. Loeb 

6. Julius Ooldman 

7. Harold K, Hochschild 

8. Gertrude Hochschild 

8. Walter Hochschild 

10. Manda Levi Roos 

11 . Otto Sussman 

12. Margaret L. Suesmao 

13. Julie Ammon Bernstorfl. 

14. Max Scholt 

16. Alice F. Schott 

16. Ruth A. Phillipson 

17. Edith Heberlein.. .: 

18. Mrs. J. W. Harris 

19. Elizabeth Flnkl 

OTHER CORPORATIONS, NONFINANCIAL 

20. The American MeUl Co., Ltd 

Total 



69,000 



200,220 
45,000 
30,000 
30,000 

60,000 

144, 922 
69,642 
43, 125 



90,738 
30,900 



56,949 
40,000 

39, 810 

35,000 

33,390 

30,000 



225,000 



1, 366, 296 



$2. 570, 250 



7, 458, 195 

1, 676, 250 
1,117,500 
1,117,600 

2, 235, 000 

6, 398, 344 

2, mi, 164 
1, 606, 406 

1, 825, 250 

3, 379, 990 
1, 151, 025 

1, 624, 100 

2, 121, 350 
1, 490, 000 

1, 482, 922 

1, 303, 750 

1, 243, 778 

1,117,600 



8, 381. 250 



2.74 



7.95 
1.79 
1.19 
1.19 

2.38 

5.75 
2.76 
1.71 

L94 

3.60 
1.23 

1.73 

2.26 
1.59 

1.68 

1.39 

1.32 

L19 



8.93 



50, 894, 624 



64.22 



786 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

THE COCA- 
[Slze rank: 181. COMMON (VOTING) as of Nov. 26, 1937. Shares out 
Holders of Kecord 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Coca-Cola International Corporation — 

Whitehead Holding Co. (a holding company for the Whitehead 
family). — 

Central Shares Corporation (a holding company for Cartter 
Lupton) - 

Chaflora, Inc. (a holding company for the Candler family) 

Orvis Bros. & Co - 

Post & Flagg --. 

Piedmont Securities Co. (a holding company for the Woodruff 
family which reports ownership of 832 shares in name of the 
Trust Co. of Georgia) ._ 

Lee & Co., nominee for Chase National Bank; Piedmont Securi- 
ties Co. reports holding 500 shares in name of Chase National 
Bank: Shares 

Nominee for Piedmont Securities Co. 500 

Others 32,088 

Total 32,588 

J. Thomas Lupton, care Edward Finlay and Cartter Lupton, 

Administrators 

T. Cartter Lupton 

Harriman & Keech 

Dobbs & Co 

Ince & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) 

E. F. Hutton & Co 

Fenner & Beane 

Garner & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

Continental Gin C!o 

Ernest Woodruff 

Mrs. Emily C. Woodruff 

Rowe & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 



1, 5^9, 296 

137, 400 

73, 260 
64.000 
58,775 
45, 262 

34, 132 



32.588 

27, 120 
27, 120 
25, 559 
24. 010 

23,235 
20, 382 
19, 798 

19,200 
18,100 
18, 052 
16,900 

16, 544 



$177,759,744 

15, 663, 600 

8, 351, 640 
7, 296, 000 
6, 700, 350 
5, 159, 868 

3,891,048 



3, 716, 032 

3, 091, 680 
3, 091, 680 
2, 913. 726 
2, 737, 140 

2, 648, 790 
2, 323, 548 
2, 256, 972 

2, 188, 800 
2, 063, 400 
2, 057, 928 
1,926.600 

1, 886, 016 



39.06 

3.44 

1.84 
1.60 
1.47 
1.13 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
COLA CO. 

standing as of Nov. 26, 1937: 3,901,900. Price as of December 1937: $114] 
Legal and Beneficial Holders 



787 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of sbares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Whitehead Holding Co., a holding company, the stock of which 

is held by— Percent 

C. P. Whitehead ^.... 33H 

(Mrs.) Lettie P. Evans 33)^ 

Estate of Jas. B. Whitehead, Citizens & Southern 
National Bank, executors 33H 

Total 100 

2. T. Cartter Lupton 

3. Cartter Lupton, through Central Shares Corporation (100 per- 

cent owned) - 

4. J. Thomas Lupton 

5. Arthur Montgomery, through Artmont, Inc. (100 percent 

owned).-. •. 

6. L. F. Montgomery, through Lafmont, Inc. (100 percent owned). 

7. Chaflora, Inc., a holding company, the stock of which is 

held by— Percent 

Charles H. Candler 24.28 

Mrs. Flora O. Candler 24. ■28 

C. H. Candler, Jr..- 16.85 

Mrs. Catherine C. Warren... 17.74 

Mrs. Louisa C. Eldredge 16.85 

Total 100.00 

8. Ernest Woodruff 

9. Mrs. Emily C. Woodruff 

10. Piedmont Securities Co., a holding company, the stock 

of which is held by— Percent 

Mrs. Emily C. Woodruff 24. 17 

George W. Woodruff 24. 17 

Henry F. Woodrufl 24. 17 

Robert W. Woodruff 24. 17 

Acmaro Securities Corporation (100 percent owned 

by R. W. Woodruff) 3.32 

Total 100.00 

OTHER CORPORATIONS, NONFINANaAL 

11. Continental Gin Co 



137, 400 
27,120 



73,260 
27, 120 



12, 800 
10,120 



64,000 

18, 052 
16,900 



35,464 



18, 100 



$15,663,600 
3, 091, 680 

8, 351, 640 
3, 091, 680 

1, 459, 200 
1, 153, 680 



7,296,000 

2, 057, 928 
1.926,600 



4, 042, 896 



2, 063, 400 



3.44 



1.84 
.68 



.32 
.25 



L60 

.45 
.43 



.45 



788 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
THE COCA-COLA 
[Size rank: 181. COMMON (VOTING) as of Nov. 26, 1937. Shares outstanding 
HoLDEES OF Record— Continued 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


Note.— Artmont, Inc., and Lafmont, Inc., holders of record of 
the class A stock, report holdings in the common stock as 
follows: 
Artmont, Inc. (holding company for Arthur Mont- Shares 

gomery) _ 12,800 

Lafmont, Inc. (holding company for L. F. Mont- 
gomery) 10,120 








Subtotal - 


2, 260, 733 
23,752 


$257, 723, 562 
2. 707, 728 


56.63 


Total legal and beneficial holdings not included above 


.60 






Total 


2, 284, 485 


260, 431, 290 


57.23 







CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

CO.— Continued 

as of Nov. 26, 1037: 3,991,900. Price as of December 1937: $114] 

Legal and Beneficial Holder— Continued 



789 



Type and name of holder 



investment trusts and investment companies 

12. Coca-Cola International Corporation, (see pp. 

1456-7) an investment company, the prin- Percent 

cipal stockholders of which are — . , 

Piedmont Securities Co. (Woodruff Common Class A 

family) 9.91 17.90 

Guaranty Investment Co. (owned by 

George W. Woodruff, Robt. W. Wood- 
ruff (through Acmaro Security Corpo- 
ration, 100 percent owned) and Guaranty 

Trust Co., probably as trastee for Henry 

F. Woodruff, ".i each).. 2.39 4.84 

O. W. Woodruff -- - 2.12 

Mrs. Emily C. Woodruff 1.44 

Henry F. Woodruff, through Guaranty 

Trust Co., trustee u/d/t Mar. 12, 1927, by 

H. F. Woodruff.. ..- .85 1.54 

lUges Securities (hold. ..g company for 

Illges family, including Mrs. J. W. 

Woodruff and J. W. Woodruff, Jr., for 

details see this appendix, sec. II) 67 1.35 

Charles H. Candler... : 1.16 

Winship Nunnally 99 2.09 

Nunnally Investment Co 2.61 4.17 

Mrs. Isabel Nunnally.. .10 

Estate of Charles T. Nunnally; Trust Co. 

of Georgia, Hugh P. Nunnally, and 

Charles B. Nunnally, executors 1.19 .98 

Laura Berry Campbell through Central 

Hanover Bank & Trust Co., trustee. 

u/i, Apr. 15, 1925, by Laura Berry 

Campbell 1.54 1.88 

Virginia Orme Campbell through Central 

Hanover Bank & Trust, trustee u/i 

July 5, 1922, by J. Bulow Campbell 1.00 1.21 

J. Bulow Campbell through George B. 

Pearson, Jr., trustee u/d/t Dec. 27, 1937.. 2.21 

Thomas K. Glenn... 2.09 

W. C. Bradley Co 3.74 

D. A. Tanner, care Bradley Manufacturing 

Co 1.25 

Subtotal 33.14 38.08 

Others 66.86 61.92 

Total 100.00 100.00 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

13. Guaranty Trust Co. of New York 

14. Chase National Bank 

15. Central Hanover Bank & Trust Co 

16. Orvis Bros. & Co 

17. Post & Flagg 

18. Harriman & Keech 

19. DobbsA Co 

20. E. F. Hutton A Co 

21. Fenner & Beane 



Holdings 



Number 
of shares 



Total. 



Value 



Percent 
of shares 
outstand- 
ing 



1, 559, 296 



42, 435 
32,088 
16.544 
58, 775 
45. 262 
25,559 
24,010 
20,382 
19, 798 

2, 284, 485 



$177, 759, 744 



4, 837, 590 
3, 658, 032 
' 1, 886, 016 
6, 700, 350 
5, 159. 868 
2, 913, 726 
2, 737, 140 
2, 323, 548 
2, 256, 972 

260, 431, 290 



39.06 



1.06 
.81 
.42 
1.47 
1.13 
.64 
.60 
.51 
.50 

67.23 



790 OONOENTRATION OF ECJONOMIC POWER 

Record holders and holders having legal and 

THE OOOA- 
(Size rank: 181. $3 CUMULATIVE CLASS A (COffTINQENT VOTING) as of 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Coca-Cola International Corporation 

2. Chaflora, Inc. (a holding company for the Candler family) 

3. Freer & Co. (nominee for Continental Dlinois Bank &Trust Co.; 

beneficiaries not disclosed) 

4. The Acmaro Securities Corporation (a holding company for 

Robert W. Woodruff; reports the following additional hold- 
ings: 8 shares through Lee & Co. (Chase National Bank), 
16 shares through Tegge & Co. (Guaranty Trust Co.) 

5. Jefferson Standard Life Insurance Co 

6. St. Louis Union Trust Co.. , 

7. Mrs. Emily C. Woodruff 

8. Rowe & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

9. First National Bank of Montgomery, Ala., trustee for Mary 

Elmore Ballingrath etal 

10. Artmont. Inc. (holding company for Arthur Montgomery) 

11. Luther F. Carson , 

12. E. F. HuttonA Co 

13. Trust Co. of Georgia, trustee for the Henrietta Egleston Memo- 

rial Hospital Support Fund u/w of Thomas Egleston 

14. Garner & Co. (nominee for Guaranty Trust Co. for account of 

Acmaro Securities Corporation, a holding company for Robert 
W. Woodruff) _ , 

15. Lftfmont, Inc. (holding company for L. F. Montgomery) 

15. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) ._ 

17. Ince & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) _ 

18. March Investment Corporation (a holding company for Mr. and 

Mrs. J. B. Weil) 

19. Miss Jennie L. Hamilton 

20. Lummus Cotton Gin Co 

Subtotal 

Total legal and beneficial holdings not included above 

Total 



191, 944 
12,500 

4,400 



3,600 
3,600 
2,954 
2,800 

2,718 

2,710 
2,500 
2,250 
2,250 

2,000 



2,000 
1,830 

1,828 

1,642 

1,600 
1,500 
1,500 



248,126 
24 



$11, 132, 752 
725,000 

255,200 



208,800 
208,800 
171, 332 
162,400 

157, 644 

157, 180 
145,000 
130, 500 
130, 500 

116,000 



116,000 
106,140 

106, 024 

95,236 

92.800 
87,000 
87,000 



14, 391, 308 
1,392 



31.99 
2.08 



.73 



.60 
.60 
.49 
.47 

.45 

.45 
.42 
.38 
.38 

.33 



.33 
.31 

.30 

.27 

.27 
.25 
.25 



41.35 
.00 



248,150 



14, 392, 700 



41.35 



CONCENTRATION OF ECONOMIC POWER 



791 



beneficial ownership in such holdings — Continued 
COLA CO. 

Nov. 26, 1937. Shares outstanding as of Nov. 26, 1937: 600,000. Price as of December 1937: $68] 
Legal and BENEriaAL Holdeks 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. First National Bank of Montgomery, Ala., trustee for Mary 

Elmore Billingrath et al 

2. Chaflora Inc. (a holding company; for details of ownership see 

information given under common stock, above) 

3. Robert W. Woodruff through Acmaro Securities Corporation 

(100 percent owned) 

4. Mrs. Emily C. Woodruff - -.. 

6. Arthur Montgomery, through Artmont, Inc. (100 percent owned) . 

6. L. F. Montgomery, through Lafmont, Inc. (100 percent owned)... 

7. Luther F. Carson 

8. March Investment Corporation (a holding company, the stock 

of which is held by: 

Percent 

J. B. Weil.... 41 

(Mrs.) J. B. Weil 59 

Total 100) 

9. Miss Jennie L. Hamilton 

OTHER COMPANIES, NONFINANCIAL 

10. Lummus Cotton Gin Co 

INSURANCE COMPANIES 

11. Jefferson Standard Life Insurance Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

12. Coca-Cola International Corporation (an investment company; 

for details of ownership see information given under common 
stock, above) 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

13. Henrietta Egleston Memorial Hospital Support Fund, through 

Trust Co. of Georgia, trustee u/w Thomas Egleston 

BANKS, BROKERS, ETC.; BENEFICTARIES NOT DISCLOSED 

14. Continental Illinois Bank & Trust Co 

16. St. Louis Union Trust Co 

16. Central Hanover Bank & Trust Co 

17. City Bank Farmers Trust Co_ 

18. Guaranty Trust Co. of New York 

19. E. F. Button & Co 

Total 



Holdings 



Number 
of shares 



2,710 

12,500 

5,624 
2,800 

2,500 
1,830 

2,250 



1,600 
1,500 

1,600 

3,600 

191,944 
2,000 



Value 



$157, 180 

725,000 

326,192 
162, 400 

145,000 
106, 140 

130, 500 



92,800 
87,000 

87,000 

208, 800 

11,132,752 
116,000 



4,400 


255, 200 


.73 


2,954 


171,332 


.49 


2,718 


157, 644 


.45 


1,828 


106, 024 


.30 


1,642 


95,236 


.27 


2,250 


130,500 


.38 


248,150 


14,392,700 


41.35 



Percent 
of shares 
outstand- 
ing 



0.45 



.93 
.47 

.42 
.31 

.38 



.27 
.28 



.60 



31.99 



792 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
COLGATE-PALM 
(Size rank: 191. COMMON (VOTING) as of Dec. 6, 1937. Shares out 
Holders of Record 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



1. Beechwood Securities (a holding company for members of the 

Colgate family, which reports ownership, in addition to shares 
held of record, of 4,600 shares held in the name of a nominee, 
Sidney & Co.) - --- 

2. Oakbrook Co. (a holding company for members of the Colgate 

family; in addition to record holdings, Oakbrook Co. reports 
ownership of 11,000 shares in name of a nominee, Russell & Co., 
and 13,382 shares in the name of Wildwood Security Co., a 100 
percent owned subsidiary). _ 

3. Bertco Corporation (a holding company for members of the 

Colgate family) 

4. Robert F. Carney, trustee u/d/t made by Charles S. Pearce as of 

May 8, 1940 (the successor trustee under this trust was J. E. 

Chapman) - - 

6. Holly Security Co. (a holding company owned 100 percent by 
Filston Security Co., a holding company for members of the 
Colgate family; in addition to record holding, Holly Security 
Co. reports ownership of 1,697 shares in the name of a nominee, 
Henry & Co.; Filston Security Co. owned 8,574 shares directly 
and 10,000 through a broker) 

6. Colgate University 

7. Orange Security C o. (a holding company owned 100 percent by 

Beechwood Sec rities Co.. a holding company for members of 
the Colgate family; in addition to record holding. Orange 
Security Co. reports ownership of 2,226 shares in the name of a 
nominee, Sidney & Co.) 

8. Miss Isabel R. Scott 

9. Jas. B. Colgate & Co., held for— Shares 

Mr. Everett A. Bush. 50 

Mr. Henry F. Elberfeld.... 200 

Mrs. Elmore I. Johnson 18, 174 

Mr. S. M. Lip.scomb... - 100 

Mr. Jas. C. Colgate 2.600 

21,124 
Shares sold but not yet transferred out of name of J. B. 
Colgate & Co 100 

Total 21,224 

10. La Bouchere & Co. (held for Trust En Administratiomaats- 

chappij) 

11. Wm. T. Kester 

12. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

13. John B. Hoeger 

14. Marie Antoinette Dohman 

15. Miss Louise Hoeger. 

16. Lehman Bros. 

17. Mrs. Edith R. Johnson 

18. E. A. Pierce & Co 

19. Peddie School-. 

20. Yale University 

Subtotal 

Total legal and beneficial holdings not included above 

Total 



92, 089 



76,188 
61,000 

58,793 



27,834 
23,832 



22,400 
21,840 



21,224 

18,920 
16,500 

16,000 
15,500 
15,450 
15,440 
14,947 
14,700 
14,229 
13,416 
13, 416 



573, 718 
51,479 



$828, 801 



685, 692 
549,000 

529, 137 



250,506 
214, 488 



201,600 
196, 560 



191,016 

170,280 
148,500 

144,000 
139,500 
139, 050 
138,960 
134, 623 
132,300 
128,061 
120, 744 
120,744 



5, 163, 462 
463,311 



625, 197 



5, 626, 773 



CONCEN^TRATION OF ECONOMIC POWER 



793 



beneficial ownership in such holdings — Continued 

OLIVEPEET CO. 

standing as of Dec. 6, 1937: 1,962,807. Price as of December 1937: $9] 
Legal and Bemeficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUAL.*). PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 

AND ESTATES 

1. Robert F. Carney, trastee u/d/t made by Charles S, Pearee 



2. Beechwood Securities Co., a holding company which reports 

ownership of Us stock as follows: Percent 

S. Bayard Colgate. . 25 

Margaret C. Eagan Residuary Trust 25 

Caroline C. Tavlor Residuary Trust 25 

Caroline Bayard D. Colgate Trust 18 

Sidney M. Colgate Six Hundred Trust 7 

Total. 100 

3. Beechwood Securities Co. through Orange Securities Co. (100 

percent owned) _ 

4. Oakbrook Co., a holding company which reports ownership of 

its stock as follows: Percent 

Russell Colgate 82 

John K. Colgate 6 

Josephine K. Colgate 6 

Josephine Colgate. 6 

Total 100 

5. Oakbrook Co. through Wlldwood Security Co. (100 percent 

owned) 

6. Bertco Corporation, a holding company, liquidated Dec. 23, 1938, 

which reports ownership of its stock, as of Dec. 6, 1937, as follows: 

Percent 

Robert B. Colgate. 32.79 

Grace Colgate Rumbough 21.31 

Elizabeth Colgate Rumbough 16.39 

Florance Colgate Qreble 22.95 

Nina King Colgate... 6.56 



Total 100.00 

V. Filston Security Co. (a holding company, the stock of which is 
100 percent owned by Henry A. Colgate) 

8. Filston Security Co. through Holly Security Co. (100 percent 

owned) 

9. Jas. C. Colgate 

10. Miss Isabel R. Scott 

11. Wm. T. Kester 



12. Mrs. Elmore I. Johnson 

13. Mrs. Edith R.Johnson 

14. John B. Hoeper... 

15. Miss Louise Hoeger 

16. Marie Antoinette Dohman. 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

17. Trust En Administratiomaatschappij 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

18. Colgate University 

Ifl. Peddle School ... 



20. Yale University 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

21. Central Hanover Bank & Trust Co 

22. Lehman Bros 

23. K. A. Pierce <fi Co 



Subtotal 

Total record holdings not included above. 

Total 



96, 689 
24, 626 



87,188 
13, 382 



61,000 

IS, 574 

29,531 
2,600 

21, 840 

16,500 

18, 174 
14,700 

15,500 
15, 440 

15,450 



18, 920 



23,832 
13,416 

13,416 



16,000 
14,947 
14,229 



624, 747 
450 



$529, 137 



870, 201 
221, 634 



784, 692 
120,438 



549,000 

167, 166 

265, 779 
23,400 

196, 560 

148,500 

163, 566 
132, 300 

139. 500 
138. 960 

139, 050 



170,280 



214,488 
120, 744 



144,000 
134, 523 
128,061 



5, 622, 723 
4,050 



5, 626, 773 



794 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

COLGATE-PALM 

[Size rank: 191. 6 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) as 

B0LD£R8 OF RECORD 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Klrkman & Son Corporation (Colgate-Palmolive-Peet Co. pur- 
chased substantially all of the business and assets of Klrkman 
& Son (New York) on Oct. 1, 1930, for 25,000 shares preferred 
stock and cash)- 

Mutual Life Insurance Co. of New York 

Wonham Albert & Co. (nominee for Bank of Montreal; bene- 
ficiaries not disclosed) --- 

Mrs. Josephine K. Colgate 

Metropolitan Life Insiu'ance Co.. - 

Cobb & Co. (nominee for New York Trust Co.; beneficiaries not 
disclosed) 

Atweli & Co. (nominee for IJnited States Trust Co.; beneficiaries 
not disclosed) 

Mrs. Orelle S. Peet 

La Bouchere & Co. (held for Trust En Admlnlstratiomaatschap- 
Pij)- 



Cudd & Co. (nominee for Chase National Bank; beneficiaries 
not disclosed) 

Williams & Co. (nominee for bank of New York & Trust Co.; 
beneficiaries not disclosed) 

James M. Hopkins 

Hare & Co. (nominee for Bank of New York & Trust Co.; bene- 
ficiaries not disclosed) - 

Indemnity Insurance (3o. of North America 

Bankmont & Co. (nominee for bank of Montreal; beneficiaries 
not disclosed) - 

Chesebrough Manufacturing Co. (Colgate-Palmolive-Peet Co. 
is sole selling agent in the United States for "Vaseline" prod- 
ducts made by Chesebrough Manufacturing Co.) 

Cornell University 

Fireman's Fund Insurance Co 

Frederick T. Fisher (customarily nominee for Corn Products 
Refining Co.) 

Great American Insurance Co 

Leroy & Co. (nominee for National Newark & Essex Banking 
Co., which holds for Chartered Investors, Inc.) 

Nipoch Corporation (a holding company 100 percent owned by 
Ellis P. Earle) 

Oakbrook Co., trustee (held as trustee for Josephine Colgate 
trust. In addition Oakbrook, a holding company for members 
of the Colgate family, reports ownership of 500 shares) 

Chas. Pfizer & Co 

Provident Trust Co. 

Religious Education Foundation 

Voss & Co. (nominee for Lumberman's Insurance Co.) 

Subtotal 

Total legal and beneficial holdings not included above 



Total. 



17,600 
3,300 

3,060 
3,000 
2,500 

2,115 

2,016 
1,739 

1,710 

1,602 

1,330 
1,200 

1,050 
1,001 

1,000 



1,000 
1,000 
1,000 

1,000 
1,000 

1,000 

1,000 



1,000 
1,000 
1,000 
1,000 
1,000 



66, 123 
600 



56,623 



1, 689, 600 
316,800 

293,760 
288,000 
240,000 

203,040 

193, 636 
166, 944 

164,160 

144, 192 

127,680 
116,200 

100,800 
96,096 

96,000 



96,000 
96,000 
96,000 

96,000 
96,000 

96,000 

96,000 



96,000 
96,000 
96,000 
96,000 
96,000 



5, 387, 808 
48,000 

6,436,808 



7.18 
1.35 

1.25 
1.23 
1.02 



.82 
.71 



.54 
.49 



.43 
.41 



.41 
.41 
.41 

.41 
.41 

.41 

.41 



.41 
.41 
.41 
.41 
.41 



22.93 
.21 



23.14 



CONCENTRATION OF ECONOMIC POWER 



795 



beneficial ownership in such holdings — Continued 
OLIVE-PEET CO. 

of Dec. 6, 1937. Shares outstanding as of Dec. 6, 1937: 244,817. Price as of December 1937: $96] 
Leoai. and BENEnoAL Holders 



l^pe and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDITIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. Mrs. Orelle S. Peet - 

2. Mrs. Josephine K. Colgate -- 

3. Oakbrook Co., trustee of Josephine Colgate Trust 

4. Oakbrook Co. (a holding company for Colgate family; for details 

of ownership see information given under "Common stock" 

above) - --- 

6. James M. Hopkins. -- - 

6. Ellis P. Earle through Nipoch Corporation (100 percent owned) 

7. Kirkman & Son Corporation 

OTHER CORPORATIONS, NONFINANCIAL 

8. Chesebrough Manufacturing Co - 

9. Com Products Refining Co - 

INSURANCE COMPANIES 

10. Mutual Life Insurance Co. of New York 

11. Metropolitan Life Insurance Co 

12. Indemnity Insurance Co. of North America... 

13. Fireman's Fund Insurance Co 

14. Great American Insurance Co , - 

16. Lumberman's Insurance Co 

INVESTMENT TRUSTS AND IlfVESTMENT COMPANIES 

16. Trust En Administratiomaatschappij 

17. Chartered Investors, Inc 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

18. Religious Education Foundation ..- 

19. Cornell University - 

BANKS, BROKERS, ETC.; BENEnCIARIES NOT DISCLOSED 

20. Bank of Montreal.. 

21. Bank of New York & Trust Co 

22. New York Trust Co - 

23. United States Trust Co - 

24. Chase National Bank - -. 

25. Provident Trust Co 

26. Chas. Pfizer & Co - ..- 

Total 



1,739 

3,000 
1,000 

500 

1,200 

1,000 

17,600 



1,000 
1,000 



3,300 
2,500 
1,001 
1,000 
1,000 
1,000 



1,710 
1,000 



1,000 
1,000 



4,060 
2,380 
2,115 
2,016 
1,502 
1,000 
1,000 



56,623 



$166, 944 

288,000 
96,000 

48,000 

115,200 

96,000 

1, 689, 600 



96,000 
96,000 



316,800 
240,000 
96,096 
96,000 
96,000 
96,000 

164,160 
96,000 

96,000 
96,000 



389, 760 
228,480 
203,040 
193, 536 
144, 192 
96,000 
96,000 



a 71 

1.23 
.41 



.21 
.49 
.41 

7.18 



.41 
.41 

1.35 
1.02 
.41 
.41 
.41 
.41 



.70 
.41 



.41 
.41 



1.66 
.97 
.86 
.82 
.61 
.41 
.41 



6, 435, 808 



2a 14 



796 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
COLUMBIA GAS & 
[Size rank: 33. COMMON (VOTING) as of Jan. 20, 1938. Shares out 
Holders of Record 







Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. The United Corporation (in addition, the United Corporation 
owns 24,925 shares in the name of L. S. Leeds, 10,130 shares in 
the name of Frank Rhodes, 10,125 shares in the name of A. C. 
Lange, and 195 shares in the name of J. O. Sullivan^ 


2,110,482 

112,836 

87, 426 

79,600 
76, 716 
72, 027 
67, 233 
62,208 

60, 462 

60. 426 
55, 752 
52, 805 
52, 345 

48, 810 

47,880 

45,054 
42, 555 

41, 575 

40, 551 
39, 740 


$16, 620, 046 

888,584 

688,480 

626,850 
604,138 
567, 213 
529, 460 
489,888 

476, 138 

475, 855 
439. 047 
415, 839 
412, 217 

384, 379 

377, 055 

054,800 
^5, 121 

327,403 

319, 339 
312,952 


17.16 


2. W. E. Hutton & Co., nominee for: 

J. M. Hutton - 

Columbia Corporation (which also holds 30,508 

shares in the name of Francis B. Flahive) 

Others (none of whii-h hold over 2,300'shares) 


Shares 
20,400 

43,900 
48, 536 




Total : 

3. F. K. Gibbons, nominee for J. P. Morgan & Co., which 
holds for the account of: 

United Corporation 

JOthers 


112,836 

Shares 

86, 857 

569 


.92 


Total 87.426 

4. Sun Life Assurance Co. of Canada (also reports holding 5,094 
shares in name of Rath & Co.) . . 


.71 
.65 


5 E A. Pierce & Co - -- 


.62 


6 Philip G Gossler 


.59 


7 The Edwards Manufacturing Co :. . 


.55 




.51 


9. Shaw-t (JO., nominee for J. P. Morgan & Co., which holds 
for the account of: 

United Corporation 

Others 


Shares 
54, 962 
5,500 




Total.- - 

10. E. F. Hutton & Co., nominee for: 

Philip Gossler . .... 


60, 462 
Shares 
10,000 
5,000 
4,700 
40, 726 


.49 


Thomas A . W halen 

The George M. Jones Co 












Total.. --.- 

11. J. S. Bache & Co 


60,426 


.49 
.45 




.43 


13. Dominick & Dominick 


.43 


14. Thomson & McKinnon, nominee for; 

P. H. Hanes... 

Gardiner Wardrop & Co 

Others (none holding over 2,5(K) shares) 


Shares 
3,700 
4,775 

40,335 








Total.. 

15: Archie E. Mackintosh, nominee for the Oil City Trust 
Co., which holds as trustee for the following accounts: 
Samuel Justus Estate 


48,810 

Shares 
6.232 
3,750 
6,006 
3,432 
3,432 
2,500 
5,000 

17,528 


.40 


Howard R. Merritt Estate 




Minnie E. Splane Estate 




Myra S. Galbraith Estate 




Howard S. Splane Estate 




Clarence E. Oliver Estate 

Mary J. Lewis et al Estate 




Held for others (none holding more than 2,500 shares) . 




Total. 47,880 

the account of the United Corporation) 


.39 
.37 


17. Fenner & Beane 


.35 


18. R. R. Reed, nominee for J. P. Morgan & Co., which holds 

for the account of: Shares 

The United Corporation 41,275 

Others 300 




Total 

19. R. A. Yetmen, nominee for J. P. Morgan & Co., whicl 
holds for the account of: 
The United Corporation 


41, 575 
1 

Shares 
. 40,351 
. 200 


.34 


Others 




Total 

20. Henry MeSweeney 


40, 551 


.33 
.32 








Subtotal 


3, 256, 483 
80,977 


25, 644, 804 
637, 694 


26 49 


Total legal and beneficial holdings not included above 


66 








Total 


3, 337. 460 


26, 282, 498 


27 15 







CONCENTRATION OF ECONOMIC POWER 



797 



beneficial ownership in such holdings — Continued 
ELECTRIC CORPORATION 

standing as of Jan. 20, 1938: 12,304,282. Price as of December 1937: $m] 
Legal and BENEFiaAL Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. Philip O. Gossler _ 

2. Henry McSweeney 

3. James O. Campbell -.. _ - i. 

CORPORATIONS, PARENT AND SUBSIDIARY 

4. Tiie United Corporation (see pp. 1480-2) (statutory parent of 

Columbia Gas & Electric Corporation) 

5. Columbia Corporation {a subsidiary of Columbia Gas & Electric 

Corporicion) 

OTHER CORPORATIONS, NONFINANCIAL 

6. The Edwards Manufacturing Co. _ - 

INSURANCE COMPANIES 

7. Sun T-ife Assurance Co. of Canada - 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

8. E, A. Pierce & Co 

9. Harris Upham & Co 

10. J. S. Bnche & Co 

11. Doniinick & Dominick 

12. W. E. Ilutton & Co.- 

13. Fenner (t Beane __. 

14. E. F. Hutton & Co ___ 

15. Thomson & McKinnon _.. _. 

Subtotal - - - 

Total record holdings not included abo%'e - 

Total 



Holdings 



Number 
of shares 



82,027 
■'9, 740 
52, 805 



2, 424, 356 

74, 408 

67,233 
84, 694 



76, 716 
62. 208 
55, 752 
52, 345 
48, 536 
42, 555 
40, 726 
40, 335 



3, 244, 436 
93, 024 



3, 337, 460 



V'alue 



$645,963 
312. 952 
415,839 



19, 091, 804 
£85,963 

529,460 

666,965 



604, 138 
489, 888 
439, 047 
412,217 
382. 221 
335, 121 
320.717 
317,638 



25, 549, 933 
732, 565 



26, 282. 498 



Percent 
of shares 
outstand- 
ing 



0.63 
.32 
.43 



19.70 
.60 



.62 
.51 
.45 
.43 
.40 
.35 
.33 
.33 



26.39 
.76 



27.15 



ygg CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
COLUMBIA GAS & 
[Size rank: 33. 6 percent CUMULATIVE PREFERRED A (CONTINGENT VOTING) 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Union Trust Co. of Pittsburgh and Aimie Laurie Crawford, 

executors of the estate of Geo. W. Crawford, deceased 

2. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) -^ 

3. Archie E. Mackintosh, (nominee for the Oil City Trust Co., 

trustee for the following accounts: Shares 

Samuel Justus Estate - 800 

Howard R. Merriti Estate. 1, 032^ 

John L. Bracken EUate - - 500 

Minnie E. Splane Estate - 1, 197 

Myra S. Galbraith Estate 684 

Howard S. Splane Estate , 684 

Clarence E. Oliver Estate -.. 600 

Grace L. Merritt Estate 967^4 

Held for others (none holding over 500 shares) 5, 425 



Total 11,890) 

4. Brown Bros., Harriman & Co 

6. T. B. Gregory... 

6. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

7. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) _.. 

8. Griffin & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

9. Henry McS weeney 

10. The Pitcairn Co. (a holding company for members of the Pit- 
cairn family) _ 

Francis B. Flahive, nominee for: 

Columbia Corpor;i;ion (which also holds 525 shares Shares 

in name of Edward Reynolds) 4, 600 

Columbia Corporation, custodian for Columbia Sys- 

• - Fund 900 



11 



Total ,'5,500 

12. Electrical Securities Corporation (100 percent owned by General 

Electric Co.)... 

13. Frank M. Tait 

14. The Travelers Insurance Co 

15. University of liedlands 

16. Mrs. Marie H. Meyran 

17. L. A. Meyran 

18. Kane & Co. (nominee for Chase National Bank of City of New 

York; beneficiaries not disclosed) 

19. Steere & r-> (nominee for Girard Trust Co ; beneficiaries not 

disclosed) _ . . 

20. Eddy & Co., (nominee for Bankers Trust Co., which holds Shares 

as trustee f/L,o Marcia Myers Brady Tucker... 3,500 

For accounts of others) 931 



Total 4,431 

21. H. J. Crawford (held in trust for Katherine and Louise Crawford 
Biery) 



Subt.^tal 

'^''otal legal and beneficial holdings not included above. 

Total 



28,730 
23,170 



11,890 
9, OtiO 
7,500 

6,170 

6,149 

5,952 
5,746 

5,700 



5,500 

5,000 
5,000 
5,000 
4,775 
4,688 
4,582 

4,466 

4,449 



4,431 
4,261 



162, 219 
525 

162,744 



$2, 097, 290 
1, 691, 410 



867, 970 
661, 380 
547, 500 

450, 410 

448, 877 

434, 496 
419, 458 

416, 100 



401, 500 

365,000 
365,000 
365,000 
348, 575 
342, 224 
334, 486 

326, 918 

324,777 



323,463 
311,053 



11, 841, 987 
38,325 

11, 880, 312 



CONCEISrTRATION OF ECONOMIC POWER 



799 



beneficial ownership in such holdings — Continued 
ELECTRIC CORPORATION 

as of Jan. 20, 1938. Shares outstanding as of Apr. 20, 1937: 947,845. Price as of December 1937: $73] 
Legal and Benehcial Holders 



Type and name of holder 



INDIVIDUALS, PEESONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Estate of Geo. W. Crawford, deceased; Union Trust Co. of Pitts- 

burgh and Annie Laurie Crawford, executors: 
Beneficiaries: Shares 

Annie Laurie Crawford 14,365 

Martha Sharpe Crawford (a minor) 14,365 

Total 28,730 

2. Katherine and Louise Crawford Biery, through H. J. Crawford, 

trustee 

3. T. B. Gregory -- 

4. Henry McSweeney - — 

5. The Pitcairn Co. (a holding company for the Pitcairn family. 

For details of ownership, see this appendix, sec. II.) 

6. Frank M. Tait • 

7. Mrs. Marie H. Meyran - 

8. L. A. Meyran --- 



COKPOEATIONS. PABENT AND RllK-I'D ATIV 

9. Columbia Corporation (subsidiary of Columbia Gas & Electric 
Corporation) 



OTHER CORPORATIONS, NONFINANCIAL 

10. General Electric Co., through Electrical Securities Corporation 
(100 percent owned) 



INSURANCE COMPANIES 

11. The Travelers Insurance Co 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

12. University of Redlands 

BANKS, BROKERS, ETC.; BENEnCIARIES NOT DISCLOSED 

13. City Bank Farmers Trust Co - 

14. Bank of Montreal 

15. Central Hanover Bank & Trust Co 

16. Chase National Bank 

17. Girard Trust Co 

18. Brown Bros., Harriman & Co 



Subtotal 

Total record holdings not included above. 



Holdings 



Number 
of shares 



Total. 



5,125 



5,000 



5,000 



4,775 



29,122 
6,170 
6,149 
4,466 
4,449 
9,060 



145, 623 
17,221 



162, 744 



Value 



28,730 


$2, 097, 290 


3.03 


4,261 


311,053 


.45 


7,500 


547,500 


.79 


5,746 


419,458 


.61 


5,700 


416, 100 


.60 


5,000 


365,000 


.53 


4,688 


342,224 


.49 


4. .'iS2 


334. 48fi 


.48 



374, 125 

365,000 
365,000 
348, 075 



2, 125, 906 
450, 410 
448, 877 
326, 018 
324, 777 
661,380 



Percent 
of shares 
outstand- 
ing 



10,623,179 
1, 257, 133 



11,880,312 



.54 



.53 



.53 



.50 



3.07 
.65 
.65 
.47 
.47 
.95 



15.34 
1.82 



17.1t> 



268445 — *1— No. 29- 



-82 



gQQ CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
COLUMBIA GAS & 
[Size rank: 33. 5 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) as 
Holders or Recoed 



Name of record holder 



1. The board of directors of the University of Cincinnati 

2. Francis B. Flahive, (nominee for: Shares 

Columbia Corporation - 1,616 

Columbia ■Corporation. Custodian for Columbia 
System Protection Fund .-. -.. 125 

Total... - 1,771) 

3. Louise Taft Semple 

4. Steere & Co., (nominee for Oirard Trust Co., which holds 

for the account of: Shares 

Frederick L. Baily, trustee u/w 2,50 

thers (none holding over 200 shares) 694 

Total _fl44) 

5. The English Association of American Bond & Share Hold- 

ers, Ltd., (nominee for: Shares 

Royal Bank of Scotland 500 

Others 120 

Total -.- 623) 

6. T. B. Gregory 

7. The Board of Foreign Missions of the Presbyterian Church in the 

United States of America. 

8. David S. Ingalls.. 

9. L. A. Meyran. 

10. Anne Ingalls Warburton 

Shares 

11. Coggeshall & Hicks, (nominee for F. C. Hinkel, Sr 400 

Others 25 

Total - 425) 

12. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

13. Max C . Fleischmann _ _ 

14. Willard S. Augsbury 

15. Susanna P. Bennett (also holds 50 shares in the name James H. 

Oliphant) 

16. Albert S. Ingalls, Jr 

17. Mrs. Alison M. Walter. 

18. Shaw & Co., (nominee for J. P. Morgan & Co., which 

holds for the account of— Shares 

Nassau Hospital Association 190 

Others 100 

Total... 290) 

19. White & Co. (nominee for Bank of Manhattan Co.; beneficiaries 

not disclosed) , 

20 Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) 

Subtotal .- 

Total legal and beneficial holdings not included above 

Total 



Holdings 



Number 
of shares 



2,000 



1,771 
1,500 



620 
550 

500 
500 
500 
500 



365 
355 
300 

300 
300 
300 



290 
280 

225 



12, 525 
50 



12, 575 



Value 



$129,000 



114,229 
96,750 



39, 990 
35, 475 

32, 250 
32, 250 
32, 250 
32, 2W 



27,412 

23, 542 
22,897 
19, 3.50 

19, 3.50 
19,350 
19,350 



18,705 
18,060 
14,512 



Percent 
of shares 
outstand- 
ing 



807,860 
3,225 



811,085 



4.38 
3.71 



2.33 



1. ,53 
1.36 

1.24 
1.24 
1.24 
1.24 



.90 
.88 
.74 

.74 
.74 
.74 



.72 



30.97 
.12 



31 09 



CONCENTRATION OF ECONOMIC POWER 



801 



beneficial ownership in such holdings — Continued 
ELECTRIC CORPORATION 

of Jan. 20, 1938. Shares outstanding as of Apr. 20, 1937: 40,466. Price as of December 1937: $MH] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



INDIVIDUALS, PEESONAL AND FAMILY HOLDr^fQ COMPANIES, TRUSTS 
AND ESTATES 

1. Louise Taft Semple - 

2. T. B. Gregory ---- 

3. Anne Ingalls Warburton 

4. David S. Ingalls.- 

5. Albert S. Ingalls. Jr 

6. L. A. Meyran - 

7. F. C. Hinkel. Sr - ...- 

8. Max C. Fleischmann 

9. Susanna P. Bennett -• 

10. Willard S. Augsbury .- 

11. Mrs. Alison M. Walter -. 

12. Frederick L. Baily, trustee u/w - 

CORPORATIONS. PARENT AND SUBSIDIARY 

13. Columbia Corporation. (A subsidiary of Columbia Gas & 

Electric Corporation.) 

BANKS AS BENEFICIAL HOLDERS 

U. Royal Bank of Scotland 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

15. University of Cincinnati - 

16. The Board of Foreign Missions of the Presbyterian Church in the 

Unite' States of America 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

17. Chase National Bank 

18. Bank of Manhattan Co 

19. Central Hanover Bank & Trust Co.. 

Subtotal 

Total record holdings not included above 

Total... 



1,500 

550 

500 
500 
300 

500 

400 

355 

350 

300 

300 

250 



2,000 
500 



365 
280 
225 



11,321 
1,254 



12, 575 



Value 



$96,750 

35, 475 

32,250 
32,250 
19,350 

32, 250 

25,800 

22, 897 

k2, 575 

19,350 

19,350 

16, 125 



106. 167 



32. 250 



129,000 
32,250 



23,542 
18,060 
14, 512 



730, 203 
80,882 



811,085 



Percent 
of shares 
outstand- 
ing 



3.71 

1.36 

1.24 
1.24 
.74 



.74 
.74 
.62 



4.07 



4.94 
1.24 



.90 
.69 
.56 



28.00 
3.09 



31.09 



g02 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
COLUMBIA GAS & 
[Size rank: 33. 5 percent CUMULATIVE CONVERTIBLE PREFERENCE (VOTING) 
Holders of Recokd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Union Trust Co. of Pittsburgh and Annie L. Crawford, execu- 

tors of the estate of Geo. W. Crawford, deceased -.. 

2. T. B. Gregory ..- - 

3. Matthew C. Brush 

4. Francis B. Flahive, held for: 

Columbia Corporation (which in addition owns 1,229 Shares 

shares) - -- 791 

Columbia Gas & Electric Corporation -- 151 

Total - 942 

6. Frederic O. Pick (nominee for George Pick & Co) 

6. Archie E. Mackintosh, (nominee for the Oil City Trust 

Co., which holds as trustee for the following accounts: Shares 

Samuel Justus Estate 133 

Minnie E. Splane Estate 106 

Held for others (none holding over 100 shares) 643 

Total .-- 882) 

7. Brown Bros., Harriman & Co 

8. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed).-.. 

9. Henry McSweeney _ 

10. George Q. Mason. ._ 

11. Merrick & Co. (nominee for New York Trust Co.; beneficiaries 

net disclosed) 

12. Elizabeth C. Wilkin. - 

13. President and Fellows of Harvard' College 

14. Edward V. Peters 

15. United States Fire Insurance Co 

16. Westchester Fire Insurance Co 

17. Richard E. Crawford 

18. Rodney Chase & Co., held for: Shares 

Mildred C. Ely 120 

Edith M. Chase 120 

Anne Hart 120 

Rodney Chase 120 

Total 480 

19. The Chase National Bank, trustee u/a Feb. 21, 1925, Mila T. 

Palmer : 

20. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

Subtotal 

Total legal and beneficial holdings not included above 

Total. ._ 



2,994 
1,100 
1,000 



942 
900 



480 
478 
463 



16,234 
1,229 



$173, 652 
63,800 
58,000 



54,636 
52,200 



27, 840 
27, 724 
26,854 



941. 572 
71, 282 



2.41 
.89 
.81 



882 


51, 156 


.71 


880 


51, 040 


.71 


862 


49, 996 


.70 


854 


49, 532 


.69 


700 


40,600 


.56 


581 


33, 698 


.47 


575 


33,350 


.46 


557 


32, 306 


.45 


504 


29,232 


.41 


500 


29,000 


.40 


500 


29,000 


.40 


482 


27, 956 


.39 



.39 
.39 
.37 



13.10 
.99 



17, 463 



1, 012, 854 



CONCENTRATION OF ECONOMIC POWER 



803 



beneficial ownership in such holdings — Continued 
ELECTRIC CORPORATION 

as of Jan. 20, 1938. Shares outstanding as of Apr. 20, 1937: 123,860. Price as of December 1937: $58J 
Leoal and BENF.nriAL Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 

of shares"- 

outstand 

ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Estate of Geo. W. Crawford, deceased; Union Trust Co. of 

Pittsburgh and Annie Laurie Crawford, executors: 
Beneficiaries: Shares 

Annie Laurie Crawford 1,497 

Martha Sharp Crawford (a minor) 1, 497 

Total - --- 2,994 

2. Richard E. Crawford 

3. T. B. Gregory - 

4. Matthew C. Brush - 

5. Henry McSweeney - 

6. George G. Mason - 

7. Edward V. Peters 

8. Elizabeth C. Wilkin - - 

9. The Chase National Bank, trustee u/a Feb. 21, 1925, Mila T. 

Palmer - 

COEPOEATIONS, PARENT AND SUBSIDIARY 

10. Columbia Corporation (wholly owned subsidiary of Columbia 

Gas & Electric Corporation) 

INSURANCE COMPANIES 

11. Westchester Fire Insurance Co - 

12. United States Fire Insurance Co -.- 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

13. Harvard University - 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. City Bank Farmers Trust Co... 

15. New York Trust Co - -- 

16. Central Hanover Bank & Trust Co - 

17. Brown Bros., Harriman & Co - 

18. George Pick & Co - 

Subtotal 

Total record holdings not included above 

Total 



2,994 
482 


$173, 652 
27,956 


2.41 
.39 


1,100 


63,800 


.89 


1,000 


68,000 


.81 


854 


49, 532 


.69 


700 


40, 600 


.56 


504 


29,232 


.41 


575 


33, 350 


.46 



2,020 



500 
500 



657 



862 
581 
463 
880 
900 



15, 960 
1,513 



27,724 



117, 160 



29,000 
29,000 



32,306 



49, 996 
33, 698 
26, 854 
61, 040 
52, 200 



925, 100 
87, 754 



.39 



1.63 



.40 
.40 



.70 
.47 
.37 
.71 
.73 



12.87 
1.22 



17, 463 



1. 012, 854 



14.09 



804 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
COMMONWEALTH 

[Size rank: 27. COMMON (VOTING) as of Oct. 13. 1939. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Continental Illinois National Bank & Trust Co. of Chicago 

2. First National Bank of Chicago. _ 

3. Central Hanover Bank &. Trust Co 

4. Guaranty Trust Co. of New York _ 

5. United States Tru'^t Co. of New York 

6. Sun Life /.ssurancc Co. of Canada _.. 

7. Electrical Securities Corporation (owned 100 percent by General 

Electric Co.) 

8. National City Bank of New York. 

9. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees'>_ 

'0. The Chase National Bank 

1 1 . Lehman Bros 

12. Bankers Trust Co _ 

13. Central Republic Bank of Chicago __ 

14. Insurance Co. of North America 

15. Trustees of the Massachusetts Investors Tru.st 

16. The Northern Trust Co _ 

17. Irving Trust Co 

18. Continental Illinois National Bank & Trust Co , Marshall Field 

& George Riclmrdson, trustees u/i/w Marshall Field, deceased 
<^sole beneficiary: Marshal! Field III). 

19. Clark, Dodge & Co 

20 City Bank Farmers Trust Co , 

Total 



512. 587 
26(),80« 

247, me, 

195, 144 
104. 574 
143, Old 

118,005 
96, 99fi 

88, 756 
76. 172 
75.860 
66, 640 
65, 733 
65,000 
64.100 
00,610 
50, 307 



49. 368 
43, 896 
43, 549 



$13,391,335 
6. 81.3, 609 
6, 470, 274 
5, 098, 137 
4. 299, 496 
3. 759, S05 

3. 082. 881 
2,534,020 

2,318.750 
I. 989, 91t3 
1,981.812 
1,740.970 
1,717,275 
1. 698. 125 
1.674.612 
1. 583. 436 
1.314.270 



1. 289 739 
1. 146. 783 
1, 137. 718 



4.90 
2.49 
2.37 
1,87 
1.57 
1.38 

1,13 
.93 

.85 
.73 
.73 
.64 
.63 
.62 
.61 
.58 
.48 



.47 
.42 
.42 



2, 489, 687 



65, 043 070 



23.82 



CONCENTRATION OF ECONOMIC POWER 
beneficial ownership in such holdings — Continued 

EDISON CO. 

outstanding as of Oct. 13, 1939: 10,464,588. Price as of December 1937^ $26H] 
Lkoal and Beneficial Holders 



805 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Marshall Field III, through Continental Illinois National Bank 

& Trust Co., Marshall Field and George Wchardson, trustees, 
u/i/w Marshall Field, deceased... 

OTHER CORPORATIONS. NONFINANOAL 

2. General Electric Co., through Electrical Securities Corporation 

(owned 100 percent by General Electric Co.)... - 

INSURANCE COMPANIES 

s. Sun Life Assurance Co. of Canada 

4. insurance Co. of North America 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

5. Trustees of the Massachusetts Investors Trust 

OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

6. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.) 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

7. Continental Illinois National Bank & Trust Co. of Chicago '-.. 

8. First National Bank of Chicago ' 

9. Central Hanover Bank & Trust Co.i 

10. Guaranty Trust Co. of New York i 

11. United .States Trust Co. of N. Y.L 

12. National City Bank of N. Y.' -- 

13. The Chase National Bank ■.. 

14. Bankers Trust Co.' - 

15. Central Republic Bank of Chicago ' .-- 

16. The Northern Trust Co.' --- 

17. Irving Trust Co.i 

18. City Bank Farmers Trust Co.' 

19. Lehman Bros 

20. Clark, Dodge & Co 

Total 



Holdings 



Number 
of shares 



118,005 



143, 916 
65,000 



64,100 



88,756 



512, 587 
260,808 
247, 666 
195, 144 
164,574 
96,996 
76, 172 
66,640 
65, 733 
60, 610 
50,307 
43, 549 
75,860 
43,896 



Value 



$1,289,739 



3, 082, 881 



3, 759, 805 
1, 698, 125 



1,674,612 



2, 318, 750 



13, 391, 335 
6, 813, 609 
6, 470, 274 
5, 098, 137 
4, 299, 496 
2, 534, 020 
1,989,993 
1, 740, 970 
1, 717, 275 
1, 583, 436 
1, 314, 270 
1,137,718 
1, 981, 842 
1, 146, "783 



2, 489, 687 



66, 043, 070 



Percent 
of shares 
outstand- 
ing 



0.47 



1.13 



1.38 
.62 



.61 



.85 



4.90 

2.49 

2.37 

1.87 

1.57 

.93 

.73 

.64 

.63 

.58 

.48 

.42 

.73 

.42 



23.82 



> The banks holding stoek in Commonwealth Edison'acquired substantial interests in the company as 
the result of defaults on loans made by them to the InsuU system, and it is probable that they own bene- 
ficially most of the stock of this company standing in their name or those of their nominees. 



806 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

COMMONWEALTH Si 

[Size rank: 9. COMMON (VOTING) as of Apr. 8, 1938. Shares 

HOLDEES OF KECOBD 



Name of record holder 



Holdings 



Number 
of shares 




Percent 
of shares 
outstand- 
ing 



1. Albert P. Taliaferro (3,495,789 ofthis held for the American Super- 

power Corporation, which, in addition, owned 4,113 shares in 
name of Utility Shares Corporation and 98 shares in name of 
Albert E . Aigeltinger, or a total of 3,500,000) 

2. Electric Bond & Share Co. (in addition. Electric Bond & Share 

Co. owned 19,205 shares in the name of Harry J. Wiegand) 

3. Shaw & Co., nominee for J. P. Morgan & Co. (in addition to 

holdings in name of Snaw & Co., J. P. Morgan holds 780,204 
shares in name of Frank Rhodes and F. K. Gibbons (see below) 
and 70,000 in name of Finton Timothy; of the total 1,854,184 
shares held by J. P. Morgan, 1,798,270 shares were held for the 
benefit of the United Corporation and 55,914 for numerous in- 
dividuals, none of whom held more than 10,000 shares) -. 

4. United Gas Improvement Co. (in addition United Gas Improve- 

ment Co. owns 801 shares in the name of Bryan Pennington 
& Colket) 

5. Broekmans Administratiekantoor, N. V 

■6. Eddy & Co., nominee for the Bankers Trust Co. which 

held for the following accounts: 
Bankers Trust Co., trustee u/a of Nov. 22, 1935, with Shares 

American Superpower Corporation 238, 500 

Others - 6,070 

Subtotal. - - --- 244,570 

Shares not in possession of Bankers Trust Co., but 

not yet transferred out of the name of Eddy & Co. . 286, 920 
(Of this amount Lehman Bros, reports beneficial 

ownership of 65,815 shares.) 

Total - - 631,490 

7. F. K. Gibbons (nominee for J. P. Morgan & Co.; for beneficial 

ownership see note under Shaw & Co. above) --- 

8. Crouch & Co., nominee for Bank of Montreal (in addition to 

shares in name of Crouch & Co., Bank of Montreal held 170,598 
shares in name of Kingstone & Mackenzie; of this total (470,208 
shares) 152,000 shares were held for the First Moonliill Corpo- 
ration, 152,000 shares for the Second Moonhill Corporation, 
84,500 shares for Foreign Holdings, Ltd., and 70,910 for Klein- 
wort, Sons & Co.; the remaining 10,798 shares were held for 
various indi viduals) 

9. Frank Rhodes (nominee for J. P. Morgan & Co.; for beneficial 

ownership, see note under Shaw & Co. above) 

10. Clarence M. Clark (see note under E. W. Clark & Co., below).. 

11. E. A. Pierce & Co. (held for various customers, none 6f whom 

owned more than 10,000 shares) 

12. Kingstone & Mackenzie (nominee for Bank of Montreal; for ben- 

eficial ownership, see note under Crouch & Co., above) 

13. Commodore Corporation 

14. Robert I. Ingalls: Shares 

Owned beneficially by Robert I. Ingalls 124,330 

Held for Robert I. Ingalls, Jr 30,000 

Total 154,330 

16. Western National Bank of York, Pa., trustee for Charles Elmer 
Smith u/t/i Apr. 16, 1932 (in addition, one of the beneficiaries 
of this trust, Beauchamp E. Smith, reports direct holdings of 
32,0003hafes) , 



3, 495, 808 
1, 605, 495 



1, 003, 980 



939, 446 
538, 020 



$6, 554, 640 
3, 010, 303 



1,882,462 



1, 761, 461 
1, 008, 788 



531, 490 
530, 003 



299, 610 



250, 201 
228, 908 



201, 218 



170, 598 
170,000 



154, 330 



144, 120 



996, 644 
993, 766 



661, 769 

469, 127 
429, 202 

377, 284 

319,871 
318, 760 



289, 369 



270, 226 



10.39 
4.77 



2.79 
1.69 



L68 

1.67 



.60 



,46 



,43 



CONCENTRATION OF ECONOMIC POWER 
beneficial ownership in such holdings — Continued 

SOUTHERN CORPORATION 

outstanding as of Dec. 31, 1937: 33,652,862. Price as of December 1937: $1 Ji] 
Legal and BENEncuL Holders 



807 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Estate of Clarence M. Clark, deceased - 

2. Commodore Corporation 

3. Jacob Hekma - 

4. Jacob Hekma through Personal Holding Co. A (72.11 percent 

owned) 

6. Jacob Hekma through Personal Holding Co. B (92.95 percent 
owned)... 

6. Western National Bank of York, Pa., trustee for Charles 

Elmer Smith u/t/i Apr. 16, 1932: 

Beneficiaries: Shares 

Virginia Noss Smith 73,530 

Beauchamp E. Smith 23,530 

Others (none holding more than 25,000 shares) - . 47, 060 

Total 144,120 

7. Beauchamp E. Smith 

8. Robt. I. Ingalls 

9. Robt. I. Ingalls, Jr.... 

10. Light & Power Securities Co. (a holding company for Childs and 

Coffin family; for details of ownership see this appendix, sec. 

OTHER COMPANIES, NONFINANCTAL 

11. United Gas Improvement Co. (a.statutory subsidiary of United 

Corporation) 



Holdings 



Number 
of shares 



241, 148 
171, 500 
47, 000 

11, 500 

50,000 



144, 120 
32, 000 

124, 330 
30, 000 



101,843 



940, 247 



Value 



$452, 152 
321, 562 
88, 125 

21, 562 

93,750 



270, 225 
60,000 

233,119 
56, 250 



190, 956 



1, 762, 963 



Percent 
of shares 
outstand- 
ing 



0.72 
.51 
.14 

.03 

.15 



.30 



2.79 



808 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
COMMONWEALTH & 
[Size rank: 9. COMMON (VOTING) as of Apr. 8, 1938. Shares 
Holders of Recobd— Continued 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



16. E. W. Clark & Co. (the record holdings of E. W. Clark & Co. 

and of Clarence M. Clark total 358,578 shares; of this, the Estate 
of Clarence M. Clark, deceased, owned 241,148, and the Com- 
modore Corporation owned 1,500 shares; the remaining 115,930 
shares were held by various individuals, none of whom owned 
more than 20,000 shares) 

17. Fenner & Beane (in addition, Fenner & Beane held 5,178 shares 

in the name of Fenner, Beane & Ungerleider, a predecessor 
company) 

18. Dominick & Dominick (held for more than 200 customers, none 

owning more than 10,000 shares) 

19. Jacob Hekma (in addition, Jacob Hekma held 2,500 shares regis- 

tered in the name of Evans, Stillman & Co.; of the total, 
108,500 shares, 47,000 were owned beneficially by Jacob Hekma, 
11,500 by personal holding company A (72.11 percent owned by 
Hekma) and 50,000 by personal holding company B (92.95 per- 
cent owned by Hekma) 

20. Hurley & Co. (nominee for National City Bank; beneficiaries 

not disclosed) 

21. Light & Power Securities Co. (a holding company for members 

of the Childs family) 

Subtotal. 

Total legal and beneficial holdings not included above 

Total.... 



129, 670 

114,532 
117,003 



106,000 
103, 477 
101, 843 



$243, 131 

214, 748 
219, 381 



198, 750 
194, 019 
190,956 



0.39 

.34 
.35 



10, 935, 752 
133, 895 



20, 504, 536 
251, 053 



32.48 
.40 



11,069,647 



20, 755, 589 



32.88 



CONCENTRATI.ON OF ECONOMIC POWER 



809 



beneficial ownership in such holdings — Continued 
SOUTHERN CORPORATION— Continued; 

outstanding as of Dec. 31, 1937: 33,652,862. Price as of December 1937: $m.] 
Legal and Bkneficial Holders— Continued 



Type and name of holder 



INVESTMENTS TRUSTS AND INVESTMENT COMPANIES 

12. American Superpower Corporation 

13. Bankers Trust Co., trustee u/a with American Superpower Cor- 

poration Nov. 22, 1935 (this stoclf is being sold by Bankers 
Trust Co. under the agreement with American Superpower; 
proceeds are to be used in retiring American Superpower's 1st 
preferred; voting rights of the shares held are exercised by 
Bankers Trust Co. as directed by holders of a majority of the 
American Superpower's 1st preferred) 

14. United Corporation (a utility holding company, the 2 principal 

common stockholders of which were St. Regis Paper Co., with 
9.02 percent and American Superpower Corporation, with 6.64 
percent; for further detailsof ownership, see this appendix, sec. 
Ill) 

15. Electric Bond & Share Co. (for details of stock ownership, see 

this appendix, sec. III). _ 

16. Broekmans Administratiekantoor, N. V --- 

17. First Moonhill Corporation, care of J. D. Oppe, Esq 

18. Second Moonhill Corporation, in care of J. D. Oppe, Esq_ 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

19. National City Bank 

20. E. A. Pierce & Co -.- ---. 

21. Fenner & Beane - 

22. Dominick & Dominick 

23. E. W. Clark & Co .- 

Subtotal 

Total record holdings not included above 

Total 



Holdings 



Number 
of shares 



3, 500, 000 



238, 500 



1, 798, 270 

1, 624, 700 

538, 020 

152. 000 
152,000 



103, 477 
201,218 
119,710 
117,003 
115,930 



11,069,647 



Value 



5, 562, 500 



3, 371, 756 

3,046,312 
1, 008, 788 

285, oon 

285,000 



194, 019 
377, 284 
224, 456 
219, 381 
217,369 



19, 789, 717 
965, 872 



20, 755, 589 



Percent 
of shares 
outstand- 
ing 



4.83 

1.59 

.45 
.45 



.31 
.60 
.36 
.35 
.34 



31.36 
1.52 



32.88 



810 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
COMMONWEALTH & 
ISlze rank: 9. $6 CUMULATIVE PREFERRED (VOTING) as of Apr. 8, 1938. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. United Oas Improvement Co 

2. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) _ - . 

3. J. & W. Seligman & Co. (the holdings in the name of J. & W. 

Seligman & Co. and Perkins & Co., total 32,004 shares; of this 
amount, 10,600 shares are held for Selected Industries, Inc., 
8,000 for Tri-Continental Corporation, and the remaining 
13,404 shares for various customers, none of whom held more 
than 4,000 shares) 1 

4. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

6. General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees) 

6. Dominick & Dominick (held for over 90 customers, none of 
whom owned more than 2,300 shares) 



7. Lehman Bros., held for— Shares 

The Lehman Corporation 11,400 

Others (none holding more than 600 shares) 3, 740 



Total 15,140 

8. Salkeld & Co. u'ominee for Bankers Trust Co.; beneficiaries not 
disclosed) 



9. Brown Bros., Harriman & Co., held for— Shares 

Second Industrial Investment Trust 5,600 

About 200 other customers 8,082 

Total 13,682 

10. Western National Bank of York, Pa., trustee for Charles Elmer 

Smith, u/t/i Apr. 16, 1932 (3 of the beneficiaries of this trust 
own additional shares, as follows: Mrs. Purdon Smith Whitely 
owns 4,281 shares directly and is the beneficiary of the Beau- 
champ E. Smith trust, Western National Bank of York, Pa., 
trustee, u/d/t May 19, 1932, holding 6,000 shares; Lois Smith 
Rinehart owns directly 7,788 shares; Beauchamp E. Smith 
owns 4,300 shares directly and is the beneficiary of the Purdon 
Smith Whitely trust. Western National Bank of York, Pa., 
trustee, u/d/t May 21, 1932, holding 5,000 shares) _ . 

11. Hurley & Co. (nominee for National City Bank of New York; 

beneficiaries not disclosed) 

12. Electrical Securities Corporation (100 percent owned by General 

Electric Co.) 

13. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

not disclosed) _ _. 

14. Wonham, Albert & Co. (nominee for Bank of Montreal: bene- 

ficiaries not disclosed) 

15. James C. Ayer, Charles F. Ayer, and Frederick Ayer, Jr., 

trustees, u/d/t Feb. 24, 1911 (in addition, the trust owned 
1,400 shares registered in the name of Freya Fanning & Co.).. 

16. Germantown Trust Co. and Wm. G. Warden, trustees, u/d/t 

Sarah W. Warden, July 16, 1908 

17. Clark, Dodge & Co. (held for the accounts of 23 customers) 

18. Perkins & Co. (nominee for Commercial Trust Co. of New Jer- 

sey; for beneficial ownership, see note under J. & W. Seligman 
& Co. above) 

19. Western National Bank of York, Pa., trustee of Neville Mitchell 

Smith u/t/i Jan. 16, 1930 (beneficiary: S. Fahs Smith) 

20. Inoe & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) ■. 



Subtotal 

Total legal and beneficial holdings not included above. 

Total 



64,253 
25, 371 



23, 304 
18, 479 
16,000 
15, 170 



15, 140 
13, 893 



13, 682 



12, 984 
12, 933 
12,100 
11,534 
11, 219 

10,000 

9,660 
9,170 

8,700 
8,430 
8,243 



320,265 
28,769 

349,034 



$2, 457, 677 
970, 441 



891, 378 
706, 822 
612,000 
680, 262 



679, 105 
531,407 



523, 336 



496, 638 
494, 687 
462, 825 
441, 176 
429, 127 

382,500 

369, 495 
350, 752 

332, 776 
322,447 
316, 296 



12, 250, 136 
1, 100, 414 

13, ?50, 649 



CONCENTRATION OF ECONOMIC POWER 



811 



beneficial ownership in such holdings — Continued 
SOUTHERN CORPORATION 

Shares outstanding as of Dec. 31, 1937: 1,490,362. Price as of December 1937: $38%] 
Leoal and Beneficial Holders 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDINO COMPANIES, TRUSTS 
AND ESTATES 

1. James C. Ayer, Charles F. Ayer, and Frederick Ayer, Jr., 

trustees, u/d/t Feb. 24, 1911 

2. Western National Bank of York, Pa., trustee for Charles 

Elmer Smith (since deceased), u/t/1 Apr. 16, 1932: 
Beneficiaries: Shares 

Virginia Noss Smith 8,4S4 

Purdon Smith Whitely 1,500 

l>ois Smith Rinehart 1,500 

Beauchamp E. Smith.. 1,500 

Total - .12,984 

3. Purdon Smith Whitely 

4. Purdon Smith Whitely, through Western National Bank, trus- 

tee, u/d/t Beauchamp E. Smith, May 19, 1932 

5. Lois Smith Rinehart 

6. Beauchamp E. Smith 

7. Beauchamp E. Smith, through Western National Bank, trustee, 

u/d/t Purdon Smith Whitely, May 21, 1932 

8. S. Fahs Smith, through Western National Bank, trustee of Ne- 

ville Mitchell Smith, u/t/i Jan. 16, 1930 

9. Oermantown Trust Co. and Wm. G. Warden, trustees, u/d/t 

Sarah W. Warden, July 16, 1908 

OTHER CORPORATIONS, NONFINANCIAL 

10. United Qas Improvement Co. (a statutory subsidiary of United 

Corporation) 

11. General Electric Co., through Electrical Securities Corporation 

( 100 percent owned) _ - 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

12. The Lehman Corporation 

13. Tri-Continental Corporation 

14. Selected Industries, Inc. (under joint management contract with 

Tri-Continental Corporation).. 

OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

15. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.) 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

16. City Bank Farmers Trust Co 

17. Central Hanover Bank & Trust Co 

18. Bankers Trust Co _ -.. 

19. National City Bank of New York 

20. J. P. Morgan & Co 

21. Bank of Montreal 

22. Guaranty Trust Co. of New York 

23. Dominick & Dominick 

24. Clark. Dodge & Co 

Subtotal 

Total record holdings not included above 

Total 



11,400 



16,000 



25, 371 
18, 479 
13,893 
12,933 
11,534 
11,219 

8,243 
15, 170 

9,170 



318, 208 
30,826 



$436, 050 



12,984 
4,281 


496, 638 
163, 748 


6,000 
7,788 
4,300 


229,500 
297, 891 
164, 475 


5,000 


191, 250 


8,430 


322, 447 


9,660 


369, 495 


64,253 


2. 457, 677 


12,100 


462, 825 


11,400 


436, 050 


8,000 


306.000 


10,600 


405, 450 



612,000 



970, 441 
706, 822 
531, 407 
494,687 
441, 176 
429,127 
315,295 
580, 252 
350, 752 



12,171.455 
1, 179. 094 



349, 034 



13, 350, 549 



812 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
CONSOLIDATED EDISON 
[Size rank: 7. COMMON (VOTING) as of Feb. 11, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



i. Sun Life Assurance Co. of Canada - 

2. United Corporation - - 

3. Niagara Hudson Power Corporation 

4. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) - - - 

5. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

6. At well & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) - 

7 Dominick & Dominick _ 

8. Albert P. Taliaferro (nominee for American Superpower Cor- 

poration) 

9. Trustees of the Massachusetts Investors Trust 

10. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

11. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed") 

12. Electrical Securities Corporation (100 percent owned by General 

Electric Co.) - 

13. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees).-. 

14. Perkins & Co. (nominee for Commercial Trust Co. of New 

.Jersey; beneficiaries not disclosed) 

15. McDonnell & Co 

16. Brown Bros., Harriman & Co 

17. Egper & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

18. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed) ._ 

19. Schmidt & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed) 

20. Thomson & McKinnon 

Total 



287, 313 
202, 900 
201, 500 

141, 690 

105, 291 

101, 083 
69, 957 

62, 800 
54,000 

53, 036 

52. 294 

50, 000 

50, 000 

47, 945 
41, 872 
37, 921 

36, 374 

34,515 

33, 471 
33, 274 



$6, 284, 972 
4, 438, 438 
4,407,812 

3, 099, 469 

2. 303, 241 

2,211,191 
1,530,309 

1, 373, 750 
1, 181, 250 

1. 160, 162 

1,143,931 

1.093,750 

1,093,750 

1.048.797 
915, 950 
829, 522 

795, 681 

755, 016 

732, 178 
727, 869 



2.50 
1.77 
1.76 

1.23 

.92 



.61 

.55 
.47 

.46 

.46 

.44 

.44 

.42 
.36 
.33 

.32 

.30 

.29 
.29 



1, 697, 236 



37, 127, 038 



14.80 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

CO. OF NEW YORK, INC. 

outstanding as of Feb. 11, 1938: 11,476,527. Price as of December 1937; $21J6] 
Legal and Beneficial Holders 



813 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



OTHER CORPORATIONS, NONFINANCIAL 

1. Niagara Hudson Power Corporation 

2. General Electric Co., through Electrical Securities Corporation 

(100 percent owned by General Electric Co.)_ — 

INSURANCE COMPANIES 

3. Sun Life Assurance Co. of Canada 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

4. United Corporation 

5. American Superpower Corporation... 

6. Trustees of the Massachusetts Investors Trust — 

OTHER COMPANY EMPLOYEES WELFARE AND STOCK PURCHASE PLANS 

7. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.) 

BANKS, BROKERS, ETC.; BENEnCIARIES NOT DISCLOSED 

8. Central Hanover Bank & Trust Co... 

9. City Bank Farmers Trust Co. .-- 

10. United States Trust Co. 

11. Chase National Bank 

12. Bankers Trust Co.... 

13. Commercial Trust Co. of New Jersey 

14. J. P. Morgan & Co 

15. Guaranty Trust Co. of New York 

16. Dominick & Dominick 

17. McDonnell & Co 

18. Brown Bros.. Harriman & Co. 

19. Thomson & McKinnon 

Total 



201, 500 
50,000 

287, 313 

202,900 
62,800 
54,000 



50,000 



141,690 
105; 291 
101,083 
89,410 
52,294 
47,945 
34, 515 
33, 471 
69, 957 
41, 872 
37, 921 
33, 274 



$4,407,812 
1, 093, 750 



6, 2S4, 972 



4, 438, 438 
1, 373, 750 
1, 181, 250 



1, 093, 750 



3, 099, 469 

2,303,241 

2.211.191 

1,955,843 

1, 143, 931 

1, 048, 797 

755, 016 

732, 178 

1, 530, 309 

915, 960 

829,522 

727, 869 



1.76 
.44 

2.50 

1.77 
.55 
.47 



1,697,236 



37, 127, 038 



1.23 

.m 

.88 
.78 
.46 
.42 
.30 
.29 
.61 
.36 
.33 
.29 

14.80 



814 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
CONSOLIDATED EDISON 
[Size rank: 7. $6 CUMULATIVE PREFERRED (VOTING) as of Feb. 11, 1938. 
Holders or Rbcobd 



Name of record bolder 



Holdings 



Number 
of sbares 


Value 


Percent 
of shares 
outstand- 
ing 


121,600 
101,800 
76,000 


$11, 724, 750 
9,823,700 
7,237,500 


5.66 
4.66 
3.43 


57,309 


6, 630, 318 


2.62 


41,985 


4,061,562 


1.92 


33,692 
15,650 
13,333 


3, 241, 628 
1, 510, 226 
1,286,634 


1.64 
.72 
.61 


12,126 
10,800 
10,050 
10,000 
10,000 
8,400 


1,170,062 
1, 042, 200 
969,825 
965,000 
965,000 
810,600 


.66 
.49 
.46 
.46 
.46 
.38 


7,717 
7,500 
7,490 
7,000 
7,000 


744,690 
723,750 
722,785 
675,500 
675,600 


.36 
.34 
.34 
.32 
.32 


6,624 


639, 216 


.30 


664,875 


54, 510, 435 


26.83 



1. New York Life Insurance Co 

2. The Prudential Insurance Co. of America - 

3. Metropolitan Life Insurance Co 

4. Kin§ & Co. (nominee for City Bank Farmers Trust. Co.; bene- 

ficiaries not disclosed) 

6. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneflciaries not disclosed) 

6. Atwell & Co. (nominee for United States Trust Co.; beneflciaries 

not disclosed).. - 

7. The Equitable Life Assurance Society of the United States 

6. The Rockefeller Foundation - 

9. QriflBn & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) 

10. Mutual Life Insurance Co. of New York 

11. Yale University 

12. The Commonwealth Fund 

13. Home Insurance Co..' 

14. The Fidelity & Casualty Co. of New York 

15. Salkeld & Co. (nominee for Bankers Trust Co.; beneflciaries not 

disclosed) 

16. John Hancock Life Insurance Co 

17. Kathleen Josephine Buckley ^.. 

18. Mutual Benefit Life Insurance Co 

19. Edgar Palmer 

20. Bonner & Co. (nominee for Brooklyn Trust Co.; beneflciaries not 

disclosed) 

Total 



CONCENTRATION OF ECONOMIC POWER 



815 



beneficial ownership in such holdings — Continued 
CO. OF NEW YORK, INC. 

Shares outstanding as of Feb. 11, 1938: 2,186,792. Price as of December 1937: 
Leg.\l-and Benefioal Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Kathleen Josephine Buckley.. 

2. Edgar Palmer 

INSURANCE COMPANIES 

3. New York Life Insurance Co 

4. The Prudential Insurance Co. of America..- 

5. Metropolitan Life Insurance Co 

6. The Equitable Life Assurance Society of the United States 

7. Mutual Life Insurance Co. of New York___ 

8. Home Insurance Co. 

9. The Fidelity <fc Casualty Co. of New York 

10. John Hancock Life Insurance Co. 

11. Mutual Benefit Life Insurance Co 

FOUNDATIONS 

12. The Rockefeller Foundation 

13. The Commonwealth Fund (Harkness) ._. 

OTHER ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

14. Yale University _ 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

15. Central Hanover Bank & Trust Co 

16. United States Trust Co 

17. City Bank Farmers Trust Co. , 

18. Bankers Trust Co.. - 

19. Brooklyn Trust Co 

Total , 



Holdings 



Number 
of shares 



7,490 
7,000 



121,500 
101, 800 
75,000 
15, 650 
10,800 
10,000 
8,400 
7,500 
7,000 



13, 333 
10,000 



10,050 



41,985 

33, 592 

69, 434 

7,717 

6,624 



664, 875 



Value 



$722, 785 
675,500 



11,724,750 

9, 823, 700 

7, 237, 500 

1, 610, 225 

1,042,200 

965,000 

810,600 

723, 750 

675,500 



1, 286, 634 
965.000 



969, 825 



4,061,552 

3, 241, 628 

6, 700, 380 

744, 690 

639, 216 



64, 510, 435 



Percent 
of shares 
outstand- 
ing 



0.34 
.32 



6.56 
4.66 
3.43 
.72 
.49 
.46 
.38 
.34 
.32 



.46 



1.92 

1.54 

3.17 

.35 

.30 



25.83 



268445 — 41— No. 29 53 



816 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
CONSOLIDATED GAS ELECTRIC LIGHT 
[Size rank: 125. COMMON (VOTING) as of Dec. 31. 1937. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Electrical Securities Corporation (100 percent owned by General 

Electric Co.) 

2. Pennsylvania Water & Power Co 

3. Albert P. Taliaferro (nominee for United Corporation) 

4. The Sun Life Assurance Co. of Canada 

6. Rush & Co., nominee for— Shares 

Iijsurance Co. of North America 8,400 

Indemnity Insurance Co. of North America. ..- 1,600 

Alliance Insurance Co. of Philadelphia 2,000 

Central Fire Insurance Co. of Baltimore _- 1,000 

Total 13,000 

6. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed ) 

7. Trustees of the Massachusetts Investors Trust 

8. Sigler & Co. (Dominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

9. General Electric Employees Securities Corporation (an invest- 

, ment company for General Electric Co. employees) 

10. Aldred Investment Trust 

11. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed) 

12. Perkins & Co. (nominee for Commercial Trust Co. of New Jersey; 

beneficiaries not disclosed) 

13. Walker & Beatson Cnominee for the Royal Bank of Canada; 

beneficiaries not disclosed) 

14. The Travelers Insurance Co , 

15. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

16. The English Association of American Bond & Share Holders, 

Ltd 

17. Kitcat & Aitken 

18. The Commonwealth Fund 

19. The Home Insurance Co 

20. Yale University 

Total 



32, 456 
29,240 
19, 250 
15, 156 



13, 000 

11,700 
10,000 

9,103 

8,808 
8,050 

7,028 

6,700 

6,175 
6,000 

5,860 

5,668 
5, Lie 
5,000 
5,000 
4,550 



$2, 109, 640 

1, 900, 600 

1,251,250 

985, 140 



845,000 

760,500 
650,000 

591, 695 

572, 520 
523, 250 

456, 820 

435, 500 

401, 375 
390, 000 

380,900 

368, 420 
335, 140 
325. 000 
325,000 
295, 750 



2.78 
2.50 
1.65 
1.30 



1.00 
.87 



.75 
.69 

.60 

.57 

.53 
.51 

.50 

.49 
.44 
.43 
.43 
.39 



213,900 



13, 903, 500 



18.32 



CONCENTRATION OF ECONOMIC POWER 



817 



beneficial ownership in such holdings — Continued 
& POWER CO. OF BALTIMORE 

outstanding as of Dec. 31, 1937: 1,167,397. Price as of December 1937: $ 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares- 
outstand- 
ing 



OTHER CORPORATIONS, NONFINANCIAL 

1. General Electric Co., through Electrical Securities Corporation 

(100 percent owned) - 

2. Pennsylvania Water & Power Co 

INSURANCE COMPANIES 

3. The Sun Life Assurance Co. of Canada. _ 

4. Insurance Co. of North America 

5. Central Fire Insurance Co. of Baltimore (controlled by Insurance 

Co. of North America) 

6. Alliance Insurance Co. of Philadelphia (controlled by Insurance 

Co. of North America) 

7. Indemnity Insurance Co. of North America (controlled by In- 

surance Co. of North America). 

8. The Travelers Insurance Co_ 

9. The Home Insurance Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

10. United Corporation 

11. Trustees of the Massachusetts Investors Trust 

12. Aldred Investment Trust.-. 

13. The English Association of American Bond & Share Holders, 

Ltd. 

OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

14. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.) 

FOUNDATIONS 

15. The Commonwealth Fund (Harkness) 

OTHER ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

16. Yale University.. 

BANKS, BROKERS, ETC.; BENEFIOARIES NOT DISCLOSED 

17. Bankers Trust Co 

18. Central Hanover Bank & Trust Co 

19. J. P. Morgan* Co 

20. Commercial Trust Co. of New Jersey 

21. The Royal Bank of Canada. - 

22. City Bank Farmers Trust Co 

23. Kitcat & Aitken... 

Total 



32, 456 


$2, 109, 640 


2.78 


29,240 


1, 900, 600 


2.50 


15, 156 


985, 140 


1.30 


8,400 


546,000 


.72 


1,000 


65,000 


.08 


2,000 


130,000 


.17 


1,600 


104,000 


.14 


6,000 


390,000 


.51 


5,000 


325,000 


.43 


19,250 


1, 251, 250 


1.65 


10,000 


660,000 


.87 


8,050 


623,250 


.69 



5,668 



5,000 



11,700 
9,103 
7,028 
6,700 
6,175 
5,860 
5,156 



368, 420 



572, 520 



325,000 



295, 750 



760, 500 
591, 695 
456, 820 
435, 500 
401, 375 
380, 900 
335, 140 



1.00 
.78 
.60 
.57 
.53 
.50 
.44 



213,900 



13, 903, 500 



18.32 



818 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
CONSOLIDATED GAS ELECTRIC 
[Size rank: 125. 5 percent CUMULATIVE PREFERRED A (CONTINGENT VOTING) as 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



20. 



The Prudential Insurance Co. of America... __ 

The Equitable Life Assurance Society of the United States 

John Hancock Mutual Life Insurance Co 

The Mutual Life Insurance Co. of New York 

The Pennsylvania Mutual Life Insurance Co. 

Safe Deposit & Trust Co. of Baltimore 

Metropolitan Life Insurance Co : 

New York Life Insurance Co 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

United States Fidelity & Guaranty Co. _ 

Maryland Casualty Co _ 

Hartford Fire Insurance Co _ 

The Homestead Fire Insurance Co 

Provident Mutual Life Insurance Co. of Philadelphia.. 

Joseph Oottschalk __ 

Bankers Trust Co., the trustee by d/o/t for time being in the 

United States of the Canada Life Assurance Co_ 

Leslie & Co. (nominee for Irving Trust Co.; beneficiaries not dis- 
closed) 

Aetna Life Insurance Co 

Henry B. Cabot, George E. Cabot, Philip Cabot, trustees u/w 

Louis Cabot _ 

Teachers Insurance & Annuity Association of America , 

Total. 



20, 100 
8,685 
5,000 
5,000 
5,000 
2,421 
2,400 
1,500 

1,310 
1,300 
1,185 
1,000 
1,000 
1,000 
900 

883 

873 
800 

800 
760 



,293,912 
991, 176 
570, 625 
570, 625 
570. 625 
276, 297 
273, 900 
171, 187 

149, 504 
148, 362 
135, 2.38 
114, 125 
114, 125 
114, 125 
102, 712 

100, 772 

99,631 
91, 300 

91,300 
86, 735 



61, 917 



7, 066, 276 



9.01 
3.89 
2.24 
2.24 
2.24 
1.09 
1.08 
.67 

.59 
.58 
.53 
.45 
.45 
.45 
.40 

.40 

.39 
.36 

.36 
.34 



27.76 



CONCENTRATION OF ECONOMIC POWER 



819 



beneficial ownership in such holdings — Continued 

LIGHT & POWER CO. OF BALTIMORE 

of Dec. 31, 1937. Shares outstanding as of Dec. 31, 1937: 223,063. Price as of December 1937: $114H] 

LEQAL and BKNKnCIAL HOLDEBS 



T3rpe and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1NDIVIDTJAI.S, PKBSONAL AND FAMaY HOLDING COMPANIES, TEUSTS, 

AND ESTATES 

1. Joseph Qottschalk- 

2. Henry B. Cabot, George E. Cabot, Philip Cabot, trustees u/w 

Louis Cabot 



INSITBANCE COHFANTES 

The Equitable Life Assurance Society of the United States 

The Prudential Insurance Co. of America ..... 

John Hancock Mutual Life Insurance Co -. 

The Mutual Life Insurance Co. of New York 

The Pennsylvania Mutual Life Insurance Co -. 

Metropolitan Life Insurance Co 

New York Life Insurance Co 

United States Fidelity & Guaranty Co 

Maryland Casualty Co 

Hartford Fire Insurance Co 

The Homestead Fire Insurance Co 

Provident Mutual Life Insurance Co. of Philadelphia 

Bankers Trust Co., the trustee by d/o/t for the time being in the 
United States of the Canada Life Assurance Co 

Aetna Life Insurance Co 

Teachers Insurance <fe Annuity Association of America. 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

18. Safe Deposit & Trust Co. of Baltimore 

19. Central Hanover Bank & Trust Co 

20. Irving Trust Co 



Total. 



900 
800 

8,685 
20,100 
6,000 
5,000 
5,000 
2,400 
1,500 
1,300 
1,185 
1,000 
1,000 
1,000 

883 
800 
760 



2,421 
1,310 

873 

61,917 



$102, 712 
91,300 



991, 176 
2, 293, 912 
570, 625 
570, 625 
570, 625 
273,900 
171, 187 
148, 362 
135, 238 
114, 125 
114, 125 
114, 125 

100, 772 
91,300 
86, 735 



276, 297 
149, 504 
99,631 

7, 066, 276 



0.40 
.36 



3.89 
9.01 
2.24 
2.24 
2.24 
1.08 
.67 
.58 
.53 
.45 
.45 
.45 

.40 
.36 
.34 



1.09 
.59 
.39 

27.76 



820 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
CONSOLIDATED 
[Size rank: 59. COMMON (VOTING) as of Dec. 31, 1937. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Petroleum Corporation of America ..- 

Rockefeller Center, Inc 

Pierce Oil Corporation __ _-_ 

John Koetting (nominee for Petroleum Corporation of America) 
John Mooney (nominee for Petroleum Corporation of America). 

Pierce Petroleum Corporation 

E. A. Pierce & Co 

Harris Upham & Co... 

Mrs. Alta Rockefeller Prentice 

Jesup & Lamont--- 

Real Estate Trust Co. of Philadelphia, et al, trustees of the 

estate of Henry H. Houston 

Mrs. Edith Hale Harkness 

Thomson & McKinnon 

Chase National Bank, trustee, u/d/t John D. Rockefeller, Jr., 

f/b/o David Rockefeller 

Chase National Bank, trustee, u/d/t J. D. Rockefeller, Jr., f/b/o 

Winthrop Rockefeller 

Chase National Bank, trustee, u/d/t John D. Rockefeller, Jr., 

f/b/o Laurence S. Rockefeller 

E. F. Hutton & Co 

Fenner & Beane 

J. S. Bache & Co 

Hornblower & Weeks 

Total 



1, 234, 716 
500, 000 
220. 683 
180, 000 
136, 780 
120, 800 
120, 580 
117,735 
105, 620 
100, 918 

93, 732 
92, 437 

78, 889 

75, 200 

75, 100 

74,000 
73, 515 
70, 367 
68, 918 
62, 689 



3, 602, 679 



$10, 958, 104 
4, 437, 500 
1,958,562 
1, 597, 500 
1, 213, 922 
1, 072, 100 
1,070,147 
1,044,898 
937, 377 
895, 647 

831,871 
820, 378 
700, 140 

667, 400 

666, 512 

656, 750 
652, 446 
624, 507 
611,647 
556, 365 



8.87 
3.59 
1.59 
1.29 
.98 
.87 
.87 
.85 
.76 
.73 

.67 
.66 

.57 



.53 
.53 
.51 
.50 
.45 



31, 973, 773 



CONCENTRATION OF ECONOMIC POWER 



821 



beneficial ownership in such holdings — Continued 
OIL CORPORATION 

outstanding as of Dec. 31, 1937: 13,915,167. Price as of December 1937: 
Legal and Beneficial Holdeus 



Type and name of holder 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Estate of Henry H. Houston, Real Estate Trust Co. of Phila- 
delphia, Sallie S. Houston, S. F. Houston, and Edgar D. 
Faries, trustees: 
Beneficiaries: Percent 

Mr. Samuel F. Houston 33.33 

Mrs. Gertrude H. Woodward 33.33 

Mrs. Elizabeth W. H. Chatfleld 11.11 

Mrs. Gertrude H. Dodge 11. 11 

Mrs. Isabel B. H. Ames, Jr 5.56 

Mrs. Julia R. B. H. Armour, Jr 5.56 



Total _.-- 100.00 

2. Mrs. Edith Hale Harkness 

3. Mrs. Alta Rockefeller Prentice 

4. David Rockefeller, through Chase National Bank, trustee, 

u/d/t John D. Rockefeller, Jr _.. 

5. Winthrop Rockefeller, through Chase National Bank, trustee, 

u/d/t J. D. Rockefeller, Jr__. , 

6. Laurence S. Rockefeller, through Chase National Bank, trustee, 

u/d/t John D. Rockefeller, Jr 



Holdings 



OTHER CORPORATIONS, NONFINANCIAL 

7. Rockefeller Center, Inc. (owned by Midtown Development & 
Investment Corporation, which is 100 percent owned by John 
D. Rockefeller, Jr.) 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

8. Petroleum Corporation of America (38.9 percent of stock owned 

by Consolidated Oil Co.) 

9. Pierce Petroleum Corporation (organized in 1924 to acquire 

business and rroperties of Pierce Oil Corporation; on June 30, 
1930, Pierce Petroleum Corporation sold all properties and as- 
sets to Sinclair Consolidated Oil Corporation (now Consoli- 
dated Oil Corporation) and received 645,834 Consolidated Oil 
common; in 1937 it disposed of 512,334 of these shares; Pierce 
Petroleum Corporation was dissolved Mar. 11, 1939) 

10. Pierce Oil Corporation (on May 7, 1924, properties, assets, etc., 

of Pierce Oil Corporation were sold to Pierce Petroleum Cor- 
poration in e.xchange for 1,103,679 shares, or 44.14 percent of 
Pierce Petroleum Corporation common stock) 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

11. E. A. Pierce & Co..- 

12. Harris, Upham & Co 

13. Jesup & Lamont 

14. Thomson & McKinnon 

15. E. F. Button & Co 

16. Fenner & Beane 

17. J. S. Bache& Co. 

18. Homblower & Weeks 

Total 



Number 
of shares 



Value 



93,732 [ 


$831, 871 


0.67 


92, 437 


820, 378 


.66 


105, 620 


937,377 


.76 


75,200 


667, 400 


.54 


75,100 


666.512 


.54 


74,000 


656, 750 


.53 



Percent 
of shares 
outstand- 
ing 



1,551,496 I 13,769,526 



120, 800 



120, 580 
117,735 
100, 918 
78, 889 
73, 515 
70, 367 
68, 918 
62,689 



1,072.100 



1, 958. 562 



1, 070, 147 
1, 044, 898 
895, 647 
700. 140 
652. 446 
624, 507 
611.647 
556. 365 



3,602,679 31,973,773 



3.59 



.87 



1.59 



.87 
.86 
.73 
.57 
.53 
.51 
.50 
.46 



25.00 



822 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
CONSOLIDATED 
[Size rank: 59. $5 CUMULATIVE SINKING FUND PREFERRED (VOTING) asof 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Hussey & Co. (nominee for Grace National Bank; beneficiaries 

not disclosed) 

2. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) • 

3. The Pitcaim Co. (holding company for Pitcaim family) 

4. Frances C. Rubens 

5. Charles M. Drew 

6. Lewis R. Bolles 

7. C. A. England & Co. (nominee for Chemical National Bank; 

beneficiaries not disclosed) 

8. The Falk Investment Co. (holding company for the Falk family). 

9. Shippee & Rawson 

10. Phoebe Sinclair 

11. William H. Patterson , 

12. David H. Cohen 

13. Eva Cohen... 

14. Kidder Peabody & Co 

15. Central Union Trust Co. of New York - 

16. Mrs. Helen O. Campbell. 

17. Banca Commerciale Italiana Trust Co. as trustee u/a Mar. 9, 

1928,f/b/o Helen McKinney 

18. James C. Curtis & Co. (nominee for First National Bank of 

Chicago; beneficiaries not disclosed) 

19. Marguerite T. Doane, William Darling, and William H. Lyon, 

trustees for Ida E. Doane. . 

20. Hope Investment Co. (holding company for Falk family) 

21. Mrs. Pauline M. Howell 

Total. 



2,981 

1,001 

1,000 

770 

560 

650 

650 
650 
650 
650 
547 
460 
460 
440 
341 
330 

330 

275 

275 
276 
275 



$298,100 

100,100 
100,000 
77,000 
66,000 
65,000 

65,000 
55,000 
56,000 
55,000 
64,700 
46,000 
46,000 
44,000 
34,100 
33,000 

33,000 

27,500 

27,500 
27,500 
27,500 



6.47 

1.84 
1.84 
1.41 
1.03 
1.01 

1.01 
1.01 
1.01 
1.01 
1.00 
.84 
.84 
.81 
.63 
.61 

.61 

.60 

.50 
.60 
.50 



13, 070 



1,307,000 



23.98 



CONCENTRATION OF ECONOMIC POWER 



823 



beneficial ownership in such holdings — Continued 
OIL CORPORATION 

Dec. 31, 1937. Shares outstanding as of Dec. 31, 1937: 54,491. Price as of December 1937: $100] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts, 
and estates 

1. Frances C. Rubens -. 

2. Pitcairn Co. (a holding company for Pitcairn family; for details 

of ownership see this appendix, sec. II) 

3. Charles M. Drew 

4. Lewis R. Bolles 

5. Falk Investment Co., a holding company, the stock of which is 

owned by — 

Hope Investment Co. (holding company for Falk Percent 

family)., 57.58 

Otto H. Falk (since deceased) 16. 18 

Estate of Clarence R. Falk 13.29 

Elizabeth Vogel Falk 4.66 

Harold S. Falk 3.96 

Subtotal 95.67 

Others 4.33 

Total 100.00 

6. Hope Investment Co. (holding company for the Falk family)... 

7. Phoebe Sinclair 

8. William H. Patterson , 

9. David H. Cohen. 

10. Eva Cohen 

11. Mrs. Helen Q. Campbell 

12. Helen McKinney, through Banca Commerciale Italiana as trus- 

tee u/a Mar. 9, 1928 

13. Mrs. Pauline M. Howell 

14. Ida E. Doane, through Marguerite T. Doane, William Darling, 

and William H. Lyon, trustees 

BANKS, brokers, ETC.; BENEFiaABIES NOT DISCLOSED 

15. Grace National Bank. 

16. United States Trust Co 

17. Chemical National Bank 

18. Central Union Trust Co. of New York 

19. First National Bank of Chicago.. 

20. 8hippee& Rawson 

21. Kidder Peabody & Co 

Total 



770 

1,000 
560 
550 



650 
275 

550 

547 

460 
460 



330 
276 



275 



13, 070 



$77,000 

100,000 
56,000 
55.000 



27,600 



1.41 

1.84 
1.03 
1.01 



55,000 
27,500 


1.01 

.50 


55,000 


1.01 


54,700 


1.00 


46,000 
46,000 


.84 

.84 


33,000 


.61 


33,000 


.61 


27,600 


.50 



2,981 


298,100 


5.47 


1,001- 


100,100 


1.84 


560 


55,000 


1.01 


341 


34,100 


.63 


276 


27,600 


.60 


560 


66,000 


1.01 


440 


44,000 


.81 



1, 307, 000 



23.98 



824 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

CONSUMERS 
[Size Tank: 80. COMMON (VOTING) as of Dec. 31, 1937. Shares outstanding 
Holders of Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Commonwealth & Southern Corporation 


1, 643, 080 


$40, 255, 460 


100.00 



[$5 CUMULATIVE PREFERRED (VOTING) as of Dec. 20, 1937. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



The Equitab • Life Assurance Society of the United States 

Sigler & Co. nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) _ 

New York Life Insurance Co. 

Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 
disclosed) 

John Hancock Mutual Life Insurance Co 

Steere & Co. (nominee for Girard Trust Co.; beneficiaries not 
disclosed) 

Mechanics & Traders Insurance Co 

The Home Insurance Co. - 

New England Mutual Life Insurance Co 

University of Rochester.. 

Buckley & Co. (nominee for Fiduciary Trust Co. of New York; 
beneficiaries not disclosed) 

Anna C. Barth 

Dorothy R. Widney i.. 

Cobb & Co. (nominee for New York Trust Co.; beneficiaries not 
disclosed) 

King & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) 

Modern Woodmen of America 

Teachers Insurance and Annuity Association of Amerioa. 

Gill & Co. (nominee for Fiduciary Trust Co. of New York; bene- 
ficiaries not disclosed) _ 

Floyd D. Avis ___ 

St. Paul Fire & Marine Insurance Co 

Total 



6,889 

5,272 
2,500 

1,682 
1,250 

1,161 
1,100 
1,000 
1,000 
1,000 

970 
860 
800 

545 

540 
500 
500 

410 
400 
400 



28, 779 



$635, 510 

486, 342 
230, 625 

155, 164 
115.312 

107, 102 
101.475 
92, 250 
92. 250 
92, 250 

89. 482 
79. 335 
73,800 

50, 276 

49,815 
46, 125 
46, 125 

37, 822 
36. 000 
30,900 



3.58 

2.74 
1.30 

.87 
.65 

.60 
.57 
.52 
.52 
.52 

.50 
.44 
.41 

.28 

.28 
.26 
.26 

.21 
.20 
.20 



2, 654, 860 



14.91 



CONCENTRATION OF ECONOMIC POWER 



825 



beneficial ownership in aitch holdings — Continued 

POWER CO. 

as of Dec. 31, 1937: 1,643,080. Price (assigned) as of December 1937: $24H] 
Legal and BKNKnciAL Holders 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


corporations, parent and scbsiduey 

1. Commonwealth & Southern Corporation (parent of Consumers 
Power Co.) - 


1, 643, 080 


$40, 255, 460 


100.00 







outstanding as of Dec. 20, 1937: 191,924. Price as of December 1937: $92J6] 
Legal and BENEncKAL Holders 



Type and name of holder 



individuals, personal and family holding companies, trusts 

AND estates 

1. Anna C. Earth 

2. Dorothy R. Widney 

3. Floyd D. Avis _ 



INSURANCE companies 

4. The Equitable Life Assurance Society of the United States. 
6. New Yorli Life Insurance Co... 

6. John Hancoclc Mutual Life Insurance Co - 

7. Mechanics & Traders Insurance Co - 

8. The Home Insurance Co 

9. New England Mutual Life Insurance Co 

10. Modern Woodmen of America 

11. Teachers Insurance and Annuity Association of America 

12. St. Paul Fire & Marine Insurance Co 



eleemosynary and educational institutions 

13. University of Rochester 

banks, brokers, etc.; BENEnaARiES not disclosed 

14. Central Hanover Bank & Trust Co... 

15. Bankers Trust Co 

16. Fiduciary Trust Co. of New York 

17. Girard Trust Co... 

18. New York Trust Co 

19. City Bank Farmers Trust Co 



Total. 



Holdings 



Number 
of shares 



860 
800 
400 



2,500 

1,250 

1,100 

1,000 

1.000 

500 

500 

400 



1,000 



5,272 
1,682 
1,380 
1,161 
545 
540 



Value 



$79, 335 
73,800 
36, 900 

635, 510 
230, 625 
115,312 
101, 475 
92,250 
92,250 
46, 125 
46,125 
36,900 

92,250 



486, 342 
155. 164 
127, 304 
107, 102 
50,276 
49, 815 



Percent 
of shares 
outstand- 
ing 



28,779 2,654,860 



0.44 
.41 
.20 



3.58 
1.30 
.65 
.57 
.52 
.52 
.26 
.26 
.20 



.52 



2.74 
.87 
.71 
.60 
.28 
.28 



14.91 



826 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

CONSUMERS 
[Size rank: 80. $4.50 CUMULATIVE PREFERRED (VOTING) as of Dec. 20, 1937. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Slglei & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) -- 

New York Life Insurance Co - 

The Home Insurance Co - 

Insurance Co. of North America --■ 

Sovereign Camp Woodmen of the World 

Bankers Trust Co., trustee by d/o/t for the time being in the 
United States of the Canada Life Assurance Co 

Atwell & Co. (nominee for United States Trust Co.; beneficiaries 
not disclosed) .-- - 

The Cleveland Trust Co -- 

Charles, Frederic & Co. (nominee for Irving Trust Co.; benefi- 
ciaries not disclosed) 

Yale University 

King & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) 

National Fire Insurance Co. of Hartford 

The Delaware & Hudson Co 

Fidelity & Columbia Trust Co 

The Commonwealth Fund 

John Hancock Mutual Life Insurance Co 

Juilliard Musical Foundation 

New England Mutual Life Insurance Co.-. 

Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 
ficiaries not disclosed) 

Massachusetts Institute of Technology. 

Total 



6,476 
6.280 
6,000 
5,000 
5,000 

4,001 

3,280 
2,595 

2,500 
2,500 

2,293 
2,000 
1,850 
1,716 
1,500 
1,500 
1,500 
1,500 

1,500 
1,400 



$535, 889 
519, 670 
496, 500 
413,750 
413. 750 

331, 083 

271, 420 
214, 736 

206, 875 
206,875 

189, 746 
165,500 
153,087 
141, 999 
124, 125 
124, 125 
124, 125 
124, 125 

124, 125 
115,850 



60,391 



4, 997, 355 



1.18 
1.14 
1.09 
.91 
.91 

.73 

.59 

.47 

.45 
.45 

.41 
.36 
.33 
.31 
.27 
.27 
.27 
.27 

.27 
.25 



10.93 



CONCENTRATION OF ECONOMIC POWER 



827 



beneficial ownership in such holdings — Continued 
POWER CO. 

Shares outstanding as of Dec. 20, 1937: 547,788. Price as of December 1937: $829i] 
Legal and Beneficial Holders 



Type and name of holder 



OTHER CORPORATIONS, NONFINANCTAL 

1. The Delaware & Hudson Co. 

INSURANCE COMPANIES 

2. New York Life Insurance Co--. 

3. The Home Insurance Co 

4. Insurance Co. of North America -- 

5. Sovereign Camp Woodmen of the World 

6. Bankers Trust Co., trustee, by d/o/t for the time being in the 

United States of the Canada Life Assurance Co - 

7. National Fire Insurance Co. of Hartford 

8. John Hancock Mutual Life Insurance Co.. 

9. New England Mutual Life Insurance Co - 

FOUNDATIONS 

10. The Commonwealth Fund (Harkness) 

11. Juilliard Musical Foundation 

OTHER ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

12. Yale University - 

13. Massachusetts Institute of Technology 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. Central Hanover Bank & Trust Co. 

15. U. S. Trust Co 

16. The Cleveland Trust Co -.- 

17. Irving Trust Co - 

18. City Bank Farmers Trust Co 

19. Fidelity & Columbia Trust Co 

20. Bank of Montreal... 

Total - 



Holdings 



Number 
of shares 



1,850 



6.280 
6,000 
5,000 
5,000 

4,001 
2,000 
1,500 
1,500 



1,500 
1,500 



2,500 
1,400 



6,476 
3,280 
2,595 
2,500 
2,293 
1,716 
1,500 



60, 391 



Value 



$153,087 



519, 670 
496, 500 
413, 750 
413, 750 

331,083 
165, 500 
124, 125 
124, 125 



124, 125 
124, 125 



206, 875 
115,850 



535, 889 
271,420 
214, 736 
206, 875 
189, 746 
141,999 
124, 125 



Percent 
of shares 
outstand- 
ing 



4, 997, 355 



0.33 



1.14 
1.09 
.91 
.91 

.73 
.36 
.27 
.27 



.27 
.27 



.45 
.25 



1.18 
.59 
.47 
.45 
.41 
.31 
.27 



10.93 



828 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
CONTINENTAL 
[Size rank: 134. COMMON (VOTING) as of Jan. 25, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 

out- 
standing 



King & Co. (nominee for the City Bank Farmers Trust Co.; 
beneficiaries not disclosed) _ 

Griffin & Co. (nominee for the City Bank Farmers Trust Co.; 
beneficiaries not disclosed) 

Sigler & Co. (nominee for the Central Hanover Bank <«^ Trust 
Co.; beneficiaries not disclosed).. 

Atwell & Co. (nominee for the United States Trust Co.; bene- 
ficiaries not disclosed) 

Williams & Co. (nominee for the Bank of New York & Trust Co.; 
beneficiaries not disclosed) - 

Frank C. Fox.. 

E. A. Pierce & Co 

E. C. Warner Co 

Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 
disclosed) 

Mansell & Co. (nominee for the United States Trust Co.; bene- 
ficiaries not disclosed) . 

Cudd & Co. (nominee for the Chase National Bank; beneficiaries 
not disclosed) 

H. Hentz & Co -.. 

Lynn & Co. (nominee for the Guaranty Trust Co.; beneficiaries 
not disclosed) -.. 

President* Fellows of Harvard College 

Dominick & Dominick 

Kane & Co. (nominee for the Chase National Bank; beneficiaries 
not disclosed) 

E. F. Hutton & Co 

Way & Co. (nominee for the Fifth Avenue Bank of New York; 
beneficiaries not disclosed) — 

Cleveland Trust Co... 

Home Insurance Co .- 

Wheeling Steel Corporation 

Total 



25, 616 

23, 237 

19, 494 

18,811 

15, 249 
14, 427 
13, 832 
13, 182 

12, 334 

11,750 

11,061 
10, 680 

10,000 
9,468 
9,426 

8,762 
8,249 



8,000 
8,000 
8,000 



267, 677 



$973. 408 

883.006 

740, 772 

714,818 

579, 462 
548, 226 
525, 616 
500. 916 

468, 692 

446, 500 

420.318 
405, 840 

380,000 
359, 784 
358, 188 

332, 956 
313,462 

307. 762 
304, 000 
304,000 
304,000 



0.90 
.81 



.66 

.53 
.51 
.48 
.46 

.43 

.41 

.39 
.37 

.35 
.33 
.33 

.31 
.29 

.23 
.26 
.26 
.26 



10, 171, 726 



9.30 



CONCENTRATION OF ECONOMIC POWER 



829 



beneficial ownership in such holdings — Continued 
CAN CO., INC. 

out-standing as of Jan. 25, 1938: 2,853,971. Price as of December 1937: .$38] 
Legal and Beneficial Holders 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 

out- 
standing 


INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. Frank C. Fox . 


14, 427 

8,000 

8,000 

9,468 

48, 853 
30, 561 
19, 823 
19, 494 

15, 249 
12,334 
10,000 

8,099 
8,000 
13,832 
13, 182 
10, 680 
9,426 
8,249 


$548, 226 

304,000 

304,000 

359,784 

1, 856, 414 
1,161,318 
753, 274 
740, 772 
579, 462 
468, 692 
380,000 
307, 762 
304,000 
525, 616 
500,916 
405, 840 
3.58, 188 
313,462 


51 


OTHER CORPORATIONS, NONFINANCIAL 

2. Wheeling Steel Corporation . . . 


26 


INSURANCE COMPANIES 

3. Home Insurance Co - 


26 


ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 


.33 


HANKS. BROKER.S, ETC.; BENEFICIARIES NOT DISCLOSED 

5. Citv Bank Farmers Trust Co..- 


1.71 


6. United States Trust Co 


1 07 


7. Chase National B^nk 

8. Central Hanover Bank & Trust Co.-- 


.70 
.68 


9. Bank of Xew York & Trust Co 


53 


10. Bankers Trust Co ..- . 


43 




.35 


12. Fifth \ venue Bank of New York 


28 


13. Cleveland Trust Co 

14. E. A. Pierce <<; Co -.. _ 


.26 
.48 


1.'). E. C. Warner Cc 


.46 


10. H. fientz ^ Co . 

17. Duininick & Dominick 


.37 
33 


18. E. F. Uutton it Co . 


.29 






Total 


267,677 


10, 171, 726 


9 30 







830 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

CONTINENTAL 
[Size rank: 134. $4.50 CUMULATIVE PREFERRED (CONTINGENT VOTING) as 
Holders of Record 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Prudential Insurance Co. of America - 

Equitable Life Assiuanee Society of the United States 

New York Life Insurance Co - 

Metropolitan Life Insurance Co 

Atwell <t Co. (nominee for the United States Trust Co.; bene- 
ficiaries not disclosed) 

Sun Life A.ssnrance Co. of Canada 

Cleveland Trust Co _. 

Teachers Insurance <fe Annuity Association of America _. 

Woodmen r'f the World Life Insurance Society 

Union Central Life Insurance Co 

Voss & Co. (nominee for the Fire Association of Philadelphia) . 
Catton & Co. (nominee for the Second National Bank of Boston; 

benefioiuries not disclosed) 

Steere & Co. (nominee for the Qirard Trust Co.; beneficiaries 

not disclosed) 

King & Co. (nominee for the City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

Sigler & Co. (nominee for the Central Hanover Bank & Trust 

Co.; beneficiaries not disclosed) _ 

Bowen, David & Co. (nominee for Fiduciary Trust Co. of 

Boston; beneficiaries not disclosed) 

Commonwealth Fund _. 

St. Louis Union Trust Co 

University of C hicago 

Aetna Casualty Surety Co 

Veronica M. Callighan, care of treasurer's office, Swift * Co.. 

Continental Insurance Co. 

Ministers and Missionaries Benefit Board of the Northern 

Baptist Convention.. 

National Surety Corporation 

Provident Mutual Life Insurance Co 

State Mutual Life Assurance Co 

Total 



11, 165 

10, 485 
9,355 
7,985 

5,163 
5,000 
2,641 
2,500 
2,040 
2,000 
2,000 

1,790 



1,617 

1,458 

1,330 
1,320 
1,200 
1, 100 
1.000 
1,000 
1,000 

1,000 
1,000 
1,000 
1,000 



$1, 177, 907 

1, 106, 167 

986, 952 

842,417 

544, 696 
527,500 
278, 625 
26:^ 750 
215, 220 
211,000 
211,000 

188, 845 

174, 708 

170. 593 

153, 819 

140.315 
139, 260 
126, 600 
116,050 
105, 500 
105, 500 
105, 500 

105.500 
105,500 
105, .500 
105,500 



5.58 
5.24 
4.68 
3.99 

2.58 
2.50 
1.32 
1.25 
1.02 
1.00 
l.OO 

.90 

.83 

.81 

.73 

.67 
.66 
.60 
.55 
.50 
.50 
.50 

.50 
.50 
.50 
.50 



78,805 



8, 313, 924 



39.41 



CONCENTRATION OF ECONOMIC POWER 



831 



beneficial ownership in such holdings— Continued 
CAN CO., INC. 

of Dec. 10, 1937. Shares outstanding as of Dec. 10, 1937: 200,000. Price as of December 1937: $105^] 
Legal and BENEnciAL Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Veronica M. Callighan 

INSURANCE COMPANIES 

2. Prudential Insurance Co. of America 

3. Equitable Life Assurance Society of the United States 

4. New York Life Insurance Co 

5. Metropolitan Life Insurance Co — 

6. Sun Life Assurance Co. of Canada -. 

7. Teachers Insurance & Annuity Association of America 

8. Woodmen of the World Life Insurance Society 

9. Union Central Life Insurance Co 

10. Fire Association of Philadelphia 

11. Aetna Casualty Surety Co 

12. Continental Insurance Co _ - 

13. National Surety Corporation.. 

14. Provident Mutual Life Insurance Co 

15. State Mutual Life Assurance Co 

FOT XDATIONS 

16. Comiinpi '■ (ulth Fund (Harkness) 

OTlIKIi F.I.I-.ICMO.SYNARV AND EDrCATlGNAL INSTITUTIONS 

17. University of Chicfifio.- 

18. Ministers and Missicmaiies Benefit Board of the Northern 

Baptist Convention.- 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DLSCLOSED 

19. United States Trust Co 

20. Cleveland Trust Co 

21. Second National Bank of Boston 

22. Oirard Trust Co-. . 

23. City Bank Farmers Trust Co 

24. Central Hanover Bank & Trust Co 

25. Fiduciary Trust Co. of Boston.. 

26. St. Louis Union Trust Co 

Total 



Holdings 



Number 
of shares 



11, 165 
10, 485 
9,355 
7,985 
5,000 
2,500 
2,040 
2,000 
2,000 
1,000 
1,000 
1,000 
1,000 
1,000 

1,320 

1,100 
1,000 



5,163 
2,641 
1,790 
1,056 
1,617 
1, 4.')8 
1.330 
1,200 



Value 



$105. 500 



1,177,907 
1, 106, 167 
986, 952 
842, 417 
527, 500 
263, 750 
215,220 
211,000 
211,000 
105,500 
105,500 
105, 500 
105,500 
105,500 



116,050 



105,500 



78,805 



544, 696 
278. 625 
188, 845 
174,708 
170, 593 
153.819 
140,315 
126.600 



Percent 
of shares 
outstand- 
ing 



8, 313, 924 



0.5a 



5.58 

5.24 

4.68 

3.99 

2.50 

1.25 

1.02 

1.00 

l.OO 

.50 

.50 

.50 

.50 

.50 



:6e 



.55 

.50 



2. .58 
1.32 
.90 
.83 
.81 
.73 
.67 
.60 



39.41 



268445- 



832 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

CONTINENTAL 
[Size rank: 158. COMMON (VOTING) as of Apr. 11, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


181, 029 
161, 180 
66, 352 


$5, 249, 841 
4, 671, 220 
1, 924, 208 


3.87 
3.44 
1.42 


62, 578 


1, 814, 762 


1.34 


48,928 
42, 865 
39,851 
39,408 


1,418,912 
1, 243, 085 
1, 155, 679 
1, 142, 832 


1.04 
.92 
.85 
.84 


38, 600 
37, 5i;( 
34, m) 
33, 7r.l 
31,085 
30,800 


1,119,400 
1,087,877 
986, 000 
978, 779 
901,465 
893, 200 


.82 
.80 
.73 
.72 
.66 
.66 


28.894 
25,000 
25,000 
24, 761 
23,000 


837, 926 
725,000 
725,000 
718, 069 
667,000 


.62 
.53 
.53 
.53 
.49 


22, 306 


646, 874 


.48 


996, 901 


28,910,129 


21.29 



1. Filor, Bullard & Smyth _ 

2. Administratiekantoor Van Binnen En Buitenlandsche Fondsen 

3. Carl H. Pforzheimer & Co .-. 

4. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed ) ^ 

5. Cobb & Co. (nominee for New York Trust Co.; beneficiaries not 

disclosed) -- 

■6. J. & W. Seligman & Co.. 

7. Wm. T. Smith 

8 The Rockefeller Foundation. 

9. Arthur E. Spence (nominee for State Street Investment Corpora- 
tion) 

10. Brown Bros., Harriman & Co 

11. Incorporated Investors 

12. Newmont Mining Corporation 

13. Tyson Dines 

14. Petroleum Corporation of America. 

15. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

16 James A. Chapman 

17. Leta M. Chapman 

18. J. P. Morgan & Co.. 

19. State Street Investment Corporation 

.20. Salkeld & Co. (nominee for Bankers Trust Co.: beneficiaries not 

disclosed) 

Total 



CONCENTRATION OF ECONOMIC POWER 



833 



beneficial ownership in such holdings — Continued 
OIL CO. 

outstanding as of Apr. 11, 1938; 4,682,387. Price as of December 1937: $291 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares ^ 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Wm. T. Smith 

2. James A. Cbapman - 

3. Leta M. Chapman 

4. Tyson Dines - 

OTHER CORPORATIONS, NONHNANCIAL 

6. Newmont Mining Corporation 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

6. Adminlstratiekantoor Van Binnen En Buitenlandsche Fondsen 

7. State Street Investment Corporation 

8. Incorporated Investors. - 

9. Petroleum Corporation of America - 

FOUNDATIONS 

10. The Rockefeller Foundation 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

11. J. P. Morgan & Co 

12. New York Trust Co -.-_ - 

13. Central Hanover Bank & Trust Co ., 

14. Bankers Trust Co 

15. FUor. Bullard & Smyth 

16. Carl H. Pforzheimer & Co - 

17. J. & W. Seligman & Co 

18. Brown Bros., Harriman & Co. 

Total - 



39, 851 

25,000 
25,000 

31, 085 



161,180 
61,600 
34,000 
30, 800 



39, 408 



87, 339 
48, 928 
28, 894 
22. 306 
181,029 
66.352 
42, 865 
37,513 



$1, 155, 679 

725, 000 
725,000 

901, 465 



978, 779 

4, 674, 220 

1, 786, 400 

986, 000 

893. 200 

1, 142, 832 



2,532,831 
1,418,912 
837, 926 
646, 874 
5, 249, 841 
1,924,208 
1, 243, 085 
1, 087, 877 



0.85 

.53 
.53 

.66 



3.44 
1.31 
.73 

.66 

.84 



1.87 
1.04 
.62 
.48 
3.87 
1.42 
.92 
.80 



996,901 



28, 910, 129 



21,29 



834 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
CORN PRODUCTS 
(Size rank: 154. COMMON (VOTING) as of Jan. 3, 1938. Shares out 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Sun Life Assurance Co... -- 

2. Milbank & Co., nominee for— Shares 

Dunlevy Milbank.. 4,040 

Jeremiah Milbank 37,089 

Katherine S. Milbank 23,725 

The Transit Corporation. 17,875 

Total - 82,729 

3. Wood, Low & Co... -- - 

4. Atwell & Co. (nominee for United States Trust Co.; beneficiar- 

ies not disclosed) 

5. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

6. L. C. Hays & Co. (nominee for Eastern Development Co., since 

dissolved, a holding company for the Allen family) 

7. George M. Moffett 

8. Jesup & Lament 

9. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

10. Central Hanover Bank & Trust Co. and Carl J. Schmidlapp as 

trustees, u/w Henry Evans.. 

11. Eda Matthiessen _ 

12. Frankly n Doe 

13. Malcolm Mat heson 

14 F. R. Mar.>-hall & Co.. 

15. Brown Bros., Harriman & Co 

16. Braid & Co 

17. Williams & Co. (nominee for bank of New York & Trust Co.; 

beneficiaries not disclosed) 

18. The J. M. Foundation _ -_ 

19. E. A. Grant & Co 

20. F. T. Fisher. 

Total - 



99,400 



82, 729 
55,230 

40, 444 

37, 591 

35, 315 
23, 975 
22, 970 

20,590 

20,200 i 

20, 150 i 

19,669 I 

18,825 

17,837 

16,306 

15,655 

15,520 ■ 
14, 140 I 
14, 100 
13,116 



$5, 864, 600 



4,881,011 
3, 258, 570 

2, 386, 196 

2,217,869 

2, 083, 585 
1, 414, 525 
1, 355, 230 

-1, 214, 810 

1,191,800 
1, 188, 850 
1, 160, 471 
1, 110,675 
1,0.52,383 
962, 054 
923, 645 

915, 680 
834, 260 
831,900 
773, 844 



603, 762 



3.92 



3.27 
2.18 



1.39 
.95 
.91 



.80 
.80 
.78 
.74 
.70 
.64 
.62 

.61 
.56 
.56 
.52 



35,621,958 



23.84 



CONCENTRATION OF ECONOMIC POWER 



835 



beneficial ownership in such holdings — Continued 
REFINING CO. 

standing as of Jan. 3, 1938: 2,530,000. Price as of December 1937: $59] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, 
TRUSTS, AND ESTATES 

1. Eastern Development Co., a holding company, since dissolved, 

the stock of which was owned, as of Jan. 3, 1938, by— Percent 

Francis J. Allen - 20.41 

Mary Frances Allen _ - -- 13. 75 

Nathan R. Allen 34.17 

Margaret J. Whitaker 6.67 

F. J. Allen, N. R. Allen, and M. J. Whitaker as trus- 
tees -- 25.00 

Total. --- 100.00 

2. George M. Moffett 

3. Central Hanover Bank & Trust Co. and Carl J. Schmidlapp as 

trustees, u/w Henry Evans 

4. Jeremiah MUbank - - - 

5. Katherinp S. Milbank 

6. Dunlevy Milbank 

7. Eda Matthiessen.... 

8. Malcolm M at heson - -. 

9. F. T. Fisher - - 

INSURANCE COMPANIES 

10. Sun Life Assurance Co - — 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

11. The Transit Corporation 

FOUNDATIONS 

12. The J. M. Foundation (Milbank) 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

13. United States Trust Co 

14. Central Hanover Bank & Tnist Co - -- 

15. City Bank Farmers Trust Co - 

16. Bank of New York... - 

17. Wood, Low & Co - 

18. Jesup & Lamont - - - - 

19. Brown Bros., Harriman & Co - 

20. F. R. Marshall & Co - - 

21. E. A. Grant & Co - - 

22. Franklyn Doe - 

23. Braid & Co 

Total - 



35, 315 
23, 975 

20,200 

37, 089 

23,725 

4,040 

20,150 

18, 825 

13, 116 



99,400 



17, 875 



14, 140 



40,444 
37, 591 
20,690 
15,520 
65,230 
22, 970 
16,306 
17,837 
14,100 
19,669 
15,655 



603, 762 



$2, 083. 585 
1, 414, 525 

1,191,800 

2, 188, 251 

1, 399, 775 

238,360 

1, 188, 850 

1,110,675 

773, 844 



5, 864, 600 



1,054,625 



834, 260 



2, 386, 196 
2, 217, 869 
1, 214, 810 

915.680 
3, 258, 670 
1, 35.5, 230 

962. 054 
1,0.^2,383 

831,900 
1, 160. 471 

923. 645 



1.39 
.95 



1.46 
.94 
.16 



.74 
.52 



3.92 



35,621,958 



l.CO 
1.48 
.81 
.61 
2.18 
.91 
.64 
.70 
.56 
.78 
.62 

2,3. 84 



886 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
CORN PRODUCTS 
[Size rank: 154. 7 percent CUMULATIVE PREFERRED (VOTING) as of Jan. 3, 
Holders or Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Prudential Insurance Co. of America 

2. Metropolitan Life Insurance Co 

3. Title Guarantee & Trust Co., substitute trustee u/d/t Dec. 11, 

1926, m/b Mary A. Bedford for Emily B. Davis and others. . 

4. New York Life Insurance Co 

5. Atwell & Co. (nominee for United States Trust Co., benefici- 

aries not disclosed) 

6. The Equitable Life Assurance Society of the United States 

7. The Mutual Life Insurance Co. of New York 

8. Sigler & Co. (nominee for Central Hanover Bank & Trust 

Co. ; beneficiaries not disclosed) 

9. The Metropolitan Museum of Art _. 

10. King & Co. (nominee for City Bank Farmers Trust Co.; ben- 

eficiaries not disclosed) 

11. John Hancock Mutual Life Insurance Co 

12. The Universitv of Chicago - 

13. Title Guarantee & Trust Co., trustee u/d/t Dec. 4, 1926, made 

by Mary A. Bedford 

14. National Life Insurance Co -. 

15. Adele M. Peck 

16. Dominick & Dorainick _ 

17. Marie Matthiessen Abbott 

18. Leslie & Co. (nominee for Irving Trust Co.; beneficiaries not 

disclosed) 

19. Manspll & Co. (nominee for United States Trust Co.; benefi- 

ciaries not disclosed) 

20. Foster & Adams 

Total 



17,760 
10,000 

9,900 
9,010 

5.167 
4, 2r>0 
4,000 

3,358 
3,000 

2,688 
2,400 
2,100 

2,000 
2.000 
1,676 
1,533 
1,478 

1,343 

1,326 
1,300 



$2, 957, 040 
1, 665, 000 

1,648,350 
1, 500, 165 

860, 305 
709, 290 
666,000 

559. 107 
499, 500 

447, 5.52 
399, 600 
349, 650 

333. 000 
333, 000 
279. 054 
255. 244 
246, 087 

223,609 

220, 779 
216, 450 



7.10 
4.00 

3.96 
3.60 

2.07 
1.70 
1.60 

1.34 
1.20 

1.07 
.96 

.84 

.80 
.hi) 
.6" 
.01 
.59 



.53 
.52 



86,299 



14, 368, 782 



34.49 



CONCENTRATION OF ECONOMIC POWER 



837 



beneficial ownership in such holdings— Continued 
REFINING CO. 

1938. Shares outstanding as of Jan. 3, 1938: 245,738. Price as of December 1937: $166^] 
Legal and Beneficial Holdees 



Type and name of holder 



Holdiags 



Number 
of shares 



Value 



Percent 
of shares 
outstand 
ing 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. Adele M. Peck - -- 



2. Marie Matthiessen Abbott. 

3. Title Guarantee & Trust Co., substitute trustee u/d/t Dec. 11, 

1926, made by Mary A. Bedford: 

Beneficiaries: Emily Bedford Davie Fosdick, Grace Bed- 
ford Lloyd, Lucie T. Bedford ($1,000 per month). 

Balance of income of trust is divided as follows: Percent 

Frederick T. Bedford - 20 

Charles E. Bedford 20 

Emily Bedford Fosdick 20 

Grace Bedford Lloyd '. 20 

Esther Ursin _ - - 10 

Grace S. Mumford. 10 

Total 100 

4. Title Guarantee & Trust Co., trustee u/d/t Dee. 4, 1926, made 

by Mary A. Bedford: 
Income beneficiaries: Percent 

Frederick T. Bedford 20.00 

Less: .$3,500 per year to Lucie B. Cunningham, 
$3,500 per year to Helen Bedford McCashin, 
$3,500 per year to Ruth Bedford. 

Emily Bedford Fosdick 20.00 

Less: $3,500 per year to Edward T. B. Davie, 
$3,500 per year to Emily Davie. 

Grace Bedford Lloyd 20.00 

Less: $3,500 per year to Mariana Lloyd, $1,500 
per year to William B. Lloyd (increased to 
$3,500 per year on June 12, 1944, when he 
becomes 21), $1,500 per year to Edward 
Lloyd (increased to $3,500 per year on Sept. 
27, 1941, when he becomes 21). 

Herbert A. Bedford.... - 6.67 

Gladys Bedford Morgan 6.67 

Edna B. Ladew Lachen 6.67 

Esthers. Ursin - 7.69 

Grace Schiott Mumford. --.- 7.69 

This accounts for a total of 95.39 percent of the income. 
The balance, or 4.61 percent of the income, is distribu- 
table to Frederick T. Bedford, H; Emily Bedford Fosdick, 
H; Grace Bedford Lloyd, H; Herbert A. Bedford, Mz; 
Gladys Bedford Morgan, Ma; Edna B. Ladew Lachen, 
M2 



INSURANCE COMPANIES 

Prudential Insurance Co. of America 

Metropolitan Life Insurance Co... 

New York Life Insurance Co.— 

The Equitable Life Assurance Society of the United States. 

The Mutual Life Insurance Co. of New Ymk 

John Hancock Mutual Life Insurance Co 

National Life Insurance Co... - 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

The Metropolitan Museum of Art. 

The University of Chicago -- 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

United States Trust Co 

Central Hanover Bank & Trust Co -- 

City Bank Farmers Trust Co -.- 

Irving Trust Co.. - 

Dominick & Dominick , 

Foster & Adams 



Total. 



1,676 
1,478 



9,900 



2,000 

17,760 
10,000 
9,010 
4,260 
4,000 
2,400 
2,000 

3,000 
2,100 



6,493 
3.358 
2,688 
1,343 
1,533 
1,300 

86,299 



$279, 054 
246, 087 



1, 648, 350 



333, 000 

2, 957, 040 
1, 665, 000 
1, 500, 165 
709, 290 
666, 000 
399, 600 
333, 000 

499,500 
349, 650 



1,081,084 
559, 107 
447, 552 
223,609 
255, 244 
216,450 

14, 368, 782 



838 



CONCENTRATION OF ECONOMIC POWER 



Jfpcord holders and holders having legal and 

CRANE 
[Size rank: 156. COMMON (VOTING) as of Dec. 1, 1937. Shares 
Holders or Record 



Name of record holder 



Cornelius Crane, John K. Prentice, and Continental Illinois 
National Bank & Trust Co. of Chicago, trustees u/w Richard 
T. Crane, Jr., deceased _ 

Florence H. Crane _. 

Emily C. Chadbourne 

The Northern Trust Co., tru.tee for Emily H. C. Junkin 

Crane Pension Fund _ 

Clark, Dodge & Co 

Florence C. Robinson... 

Herbert P. Crane 

Mary C. Russell 

Frances C. Lillie. _ 

Lehman Bro<;.. _ 

Frank R. LiJlie 

Arthur E. Spence (nominee for State Street Investment Cor- 
poration) 

State Street Investment Corporation 

A. Frederick Gartz, Jr _ 

Griffin & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) 

Incorporated Investors _. 

Tucker & Co. (r )minee for J. Hemy Schroder Basking Corpora- 

■ tion; beneflcif ies not disclosed) 

Valentine R. C . ane 

Hare & Co. (nominee for the Bank of New York & Trust Co.; 
beneficiaries not disclosed) 

Total 



Holdings 



Number 
of shares 



3(X).632 
195, 455 
120. 759 
93, 619 
76,200 
72. 751 
58.728 
57. 189 
55,100 
50.229 
26,408 
23,197 

19,500 
18,900 
17, 445 

15, 250 
15,000 

13.800 
13, 573 

12, 178 



Value 



$7, 215, 168 
4, 690, 920 
2, 898, 216 
2, 246, 856 
1, 828, 800 
1,746,024 
1, 409, 472 
1,372,536 
1, 322, 400 
1, 205. 496 
633, 792 
556, 728 

468,000 
453, 600 
418, 680 

366,000 
360, 000 

331.200 
325, 752 

292.272 



30,141,912 



Percent 
of shares 
outstand- 
ing 



12.98 
8.44 
5.21 
4.04 
3.29 
3.14 
2.54 
2.47 
2.38 
2.17 
1.14 
1.00 

.84 
.82 
.75 

.66 
.65 

.60 
.59 

.53 



54.24 



CONCENTRATION OF ECONOMIC POWER 



839 



beneficial ownership in such holdings- — Continued 
CO. 

outstanding as of Dec. 1, 1937: 2,315,628. Price as of December 1937: $241 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDINO COMPANIES, TRUSTS 
AND ESTATES 

1. A. Frederick Qartz, Jr_ -.. 

2. Cornelius Crane, John K. Prentice, and Continental Illinois 

National Bank & Trust Co. of Chicago, trustees u/w Richard 
T. Crane. Jr., deceased (estate being distributed; part of these 
shares already transferred to one trust f/b/o Cornelius Crane 
and to another trust f/b/o Florence C. Robinson et al.) 

3. Florence H. Crane -- - --- 

4. Herbert P. Crane - 

5. Valentine R. Crane 

6. Florence C. Robinson. 

7. Mary C. Russell - - --- - 

8. Frances C. Lillie 

9. Frank R. Lillie -. - 

10. Emily Chadboume 

11. Emily H. C. Junkin, through the Northern Trust Co., trustee-. 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

12. State Street Investment Corporation... 

13. Incorporated Investors 

CRANE CO. EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

14. Crane Pension Fund - 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

15. City Bank Farmers Trust Co 

16. J. Henry Schroder Banking Corporation 

17. The Bank of New York & Trust Co - 

18. Clark, Dodge & Co 

19. Lehman Bros 

Total 



Holdings 



Number 
of shares 



17, 445 



300, 632 
195, 455 
57, 189 
13, 573 
58,728 
55,100 
50,229 
23,197 

120, 759 

93, 619 



38,400 
15,000 



76,200 



15, 250 
13,800 
12, 178 
72, 751 
26,408 



1,255,913 



Value 



.$418, 680 



7, 215, 168 
4, 690, 920 
1, 372, 536 

325, 752 
1, 409, 472 
1, 322, 400 
1,205,496 

556, 728 

2, 898, 216 
2, 246, 856 



921,600 
360, 000 



1, 828, 800 



366,000 
331, 200 
292,272 
1, 746, 024 
633, 792 



30, 141, 912 



Percent 
of shares 
outstand- 
ing 



0.75 



12. 98 
8.44 
2.47 
.59 
2.54 
2.38 
2.17 
1.00 



5.21 
4.04 



3.29 



.53 
3.14 
1.14 



54.24 



840 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

CRANE 
[Size rank: 155. 5 percent CUMULATIVE CONVERTIBLE PREFERRED (VOTING) 
HoLDEBS OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Clark, Dodge & Co.- 

2. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

3. The Home Insurance Co . 

4. Hare & Co. (nominee for Bank of New York & Trust Co.; bene- 

ficiaries not disclosed) __ _. 

5. John B. Berryman 

6. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

7. Harvard University 

8. Dominick& Dominick 

9. Great American Insurance Co.. 

10. J. & W. SeligmanA Co 

11. Pearl S. MacGUl..._ 

12. Buckley & Co. (nominee for Fiduciary Trust Co. of New York; 

beneficiaries not disclosed) 

13. King & Co. (nominee for City Bank Farmers Trust Co.; benefi- 

ciaries not disclosed) 

14. Williams & Co. (nominee for Bank of New York & Trust Co.; 

beneficiaries not disclosed) 

15. C. A. England & Co. (nominee for Chemical Bank & Trust Co.; 

beneficiaries no t disclosed) 

16. Patrick T.Kelly-. 

17. R. W. Pressprich & Co 

18. J. P. Morgan* Co _ 

19. Clooney & Co. (nominee for Fiduciary Trust Co. of New York; 

beneficiaries not disclosed) 

20. Stow & Co 

Total. 



7,159 

fi, 605 
5,000 

3,197 
3,046 

2,177 
2,085 
2,053 
2,000 
1.732 
1,672 

1,640 

1,600 

1,540 

1,530 
1,468 
1,295 
1,268 

1,235 
1,200 



$660, 418 

609,311 
461, 250 

294, 923 
280, 993 

200, 828 
192, 341 
189, 389 
184, 500 
159, 777 
154, 242 

151, 290 

147, 600 

142, 065 

141,142 
135,423 
119,464 
116,973 

113,929 
110,700 



3.71 

3.43 
2.59 

1.66 
1.58 

1.13 
1.08 
1.06 
1.04 
.90 
.87 

.85 

.83 

.80 

.79 
.76 
.67 
.66 

.65 
.62 



49, 502 



4, 566, 558 



25.68 



CONCENTRATION OF ECONOMIC POWER 



841 



beneficial ownership in such holdings — Continued 
CO. 

as of Dec. 1, 1937. Shares outstanding as of Dec. l, 1937: 192,803. Price as of December 1937: $92?i] 
Legal and BKNEnciAL Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILT HOLDING COMPANIES, TRUSTS 
AND ESTATES 

I.John B. Berryman -.- - -- 

2. Pearl S.MacOill - - 

3. Patrick T. Kelly - 

INSURANCE COMPANIES 

4. The Home Insurant 3 Co -. 

5. Great American Insurance Co 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

6. Harvard University -.. - 

BANKS, BROKERS, ETC.; BENEFiaARIES NOT DISCLOSED 

7. Central Hanover Bank & Trust Co... - 

8. Bank of New York & Trust Co 

9. Fiduciary Trust Co. of New York 

10. Bankers Trust Co.. .- 

11. City Bank Farmers Trust Co - - - 

12. Chemical Bank & Trust Co -- 

13. J. P. Morgan & Co --- 

14. Clark, Dodge& Co.- - - 

15. Dominick & Dominick... - 

16. J. & W. Seligman & Co -. -- 

17. R. W.Pressprich&Co - - 

18. Stow & Co - - 

Total - 



3,046 
1,672 
1.468 



5,000 
2,000 



2,085 



6,606 
4,737 
2,875 
2,177 
1,600 
1,530 
1,268 
7,159 
2,053 
1,732 
1,295 
1,200 



$280,993 
154, 242 
135, 423 



461, 250 
184, 500 



192, 341 



609,311 
436, 988 
265, 219 
200, 828 
147, 600 
141,142 
116,973 
660, 418 
189, 389 
159, 777 
119,464 
110,700 



1.58 
.87 
.76 



2.59 
1.04 



1.08 



3.43 
2.46 
1.50 
1.13 
.83 
.79 
.66 
3.71 
1.06 
.90 
.67 
.62 



49,502 



4, 666, 558 



26.68 



842 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
CROWN ZELLER 
[Size raak: 157. COMMON (VOTING) as of Dec. 13, 1937. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. I. Zellerbach 

2. Jennie Zellerbach 

3. Josephine Johnson Milton 

4. E. A. Pierce & Co. - 

6. Sally McKee Spens Black 

6. Mary Alice Higglns 

7. Marcus M. Baruh 

8. Wonham Albert & Co. (nominee for Bank of Montreal; bene 

flciaries not disclosed) 

9. L. F. Rothschild & Co 

10. Brown Bros., Harriman & Co 

11. Louis Bloch 

12. J. D. Zellerbach 

13. Times Mirror Co... 

14. Alma Hecht Baruh 

16. J. D. Zellerbach, H. L. Zellerbach & Claire E. Saroni, trustees 

u/t/a July 2. 1935 

16. E. F. Hutton & Co 

17. Kidder, Peabody & Co 

18. Geo. D. Graham 

19. Dean Witter & Co 

20. Sophia P. Brownell 

Total 



93,166 
65,047 
57,092 
42,269 
41,634 
34, 327 
30, 789 

27,435 
26, 502 
22,434 
21,351 
20,270 
17, 928 
15,300 

14,600 
14,561 
14, 440 
14, 160 
14, 057 
13, 491 



$838,404 
685, 423 
613, 828 
380, 421 
374, 706 
308, 943 
277, 101 

246, 915 
238, 618 
201,906 
192, 159 
182, 430 
161,352 
137, 700 

131. 400 
131, 049 
129,960 
127, 440 
126, 513 
121,419 



4.12 
2.88 
2.52 
1.87 
1.84 
1.52 
1.36 

1.21 
1.17 
.99 
.94 
.90 
.79 
.68 

.64 
.64 
.64 
.63 
.62 
.60 



600,843 



5, 407, 687 



26.66 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
BACH CORPORATION 

outstanding as of Dec. 13, 1937: 2,261,199. Price as of December 1937: $9] 
Legal A>fD BENEnciAL Holders 



843 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDT7ALS. PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Josephine Johnson Milton 

2. Sally McKee Spens Black 

3. I. Zellerbach 

4. Jennie Zellerbach 

5. J. D. Zellerbach 

6. J. D. Zellerbach, H. L. Zellerbach and Claire Z. Saroni, trustees 

u/t/a July 2, 1935.-. 

7. Mary Alice Higgins 

8. Marcus M. Baruh. 

9. Alma Hecht Baruh 

10. Louis Bloch_ 

11. Geo. D. Graham 

12. Sophia P. Brownell... 

OTHER CORPORATIONS, NONFINANCIAL 

13. Times Mirror Co 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. Bank of Montreal 

15. E. A. Pierce & Co 

16. L. F. Rothschild & Co 

17. Brown Bros., Harriman & Co 

18. E. F. Button & Co 

19. Kidder, Peabody & Co 

20. Dean Witter & Co 

Total 



57,092 

41, 634 

93, 156 
65, 047 
20, 270 

14,600 

34,327 

30, 789 
15,300 

21,351 

14,160 

13, 491 



17,928 



27,435 
42.269 
26, 502 
22, 434 
14, 561 
14,440 
14, 057 



$513, 828 

374, 706 

838,404 
585, 423 
182, 430 

131,400 

308, 943 

277, 101 
137, 700 

192, 159 

127, 440 

121,419 



161, 352 



246, 915 
380, 421 
238, 518 
201,906 
131, 049 
129, %0 
126, 513 



2.52 

1.84 

4.12 

2.88 

.90 

.64 

1.52 

1.36 
.68 

.94 

.63 

.60 



1.21 
1.87 
1.17 
.99 
.64 
.64 
.62 



600,843 



6, 407, 587 



26.56 



844 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

CROWN ZELLER 
[Size rank: 157. $6 CUMULATIVE CONVERTIBLE PREFERRED (CONTINGENT VOTING) 

Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. I. Zellerbach... - 

2. Jennie Zellerbach 

3. Josephine Johnson Milton , 

4. Mary Alice Higgins - — 

5. Sally McKee Spens Black 

6. J. Barth & Co _ 

7. Raymond & Co. (nominee for Wells Fargo Bank & Union Trust 

Co.; beneficiaries not disclosed) --- 

8. MarcusM. Baruh 

9. Meridian Ltd.... 

10. Henry H. Zellerbach 

11. Amelia Davis Bloch 

12. H. L. Zellerbach 

13. Times Mirror Co 

14. Eugene Zellerbach 

16. Sophia P. Brownell 

16. Rose B. Zellerbach 

17. O. L. Price, surviving trustee 

18. Alma Heeht Baruh. ^ 

19. J. D. Zellerbach 

20. Bella Cross ^ 

Total - -. 



22,062 
10,968 
10,946 
10,244 
8,221 
7,381 

6,063 
5,674 
5,033 
3,849 
3.744 
3,563 
3,490 
3,438 
3,329 
3,049 
2,816 
2,800 
2,582 
2,498 



$1, 378, 875 
685,500 
684.125 
640,250 
513,812 
461, 312 

378, 937 
354,625 
314, 562 
240,562 
234,000 
222,687 
218, 125 
214, 875 
208, 062 
190, 562 
176.000 
175,000 
161, 375 
156, 125 



4.17 
2.07 
2.07 
1.93 
1.55 
1.39 

1.14 
1.07 
.95 
.73 
.71 
.67 
.66 
.65 
.63 
.58 
.5$ 
.53 
.49 
.47 



121, 750 



7, 609, 371 



22.99 



CONCENTRATION OF ECONOMIC POWER 



845 



beneficial ownership in such holdings— Continued 
BACH CORPORATION 

as of Feb. 14, 1938. Shares cutstanding as of Feb. 14, 1938: 529,665. Price as of Dec. 30, 1937: $62^] 
Legal and Beneficial Holders 



Type and name o f bolder 



individuals, personal and family holding companies, trusts 

AND estates 

1. Josephine Johnson Milton -.. 

2. Mary Alice Higgins 

3. I. Zellerbach... 

4. Jennie Zellerbach _ 

5. Henry H. Zellerbach 

6. H. L. Zellerbach. _ 

7. Eugene Zellerbach _ _. 

8. Rose B. Zellerbach 

9. J. D. Zellerbach 

10. Sally McKee Spens Black 

11. Marcus M. Baruh , 

12. Alma Hecht Baruh 

13. Amelia Davis Bloch 

14. Sophia P. Brownell. 

15. O. L. Price, surviving trustee.. 

16. Bella Cross 

OTHER CORPORATIONS, NONFINANCIAL 

17. Times Mirror Co _ 

BANKS, BROKERS, ETC.; BENEHCLARIES NOT DISCLOSED 

18. Wells Fargo Bank & Union Trust Co 

19. J. Barth & Co.. 

20. Meridian Ltd .-■_ 

Total 



Holdings 



Number 
of shares 



10,946 

10,244 

22,062 
10,968 
3,849 
3,663 
3.438 
3,049 
2,582 

8,221 

S.674 
2,800 

3,744 

3,329 

2,816 

2,498 



3,490 



6,063 
7,381 
5,033 



121, 750 



Value 



$684,125 

640,250 

1, 378, 875 
685,500 
240,662 
222,687 
214, 875 
190, 562 
161, 375 

513, 812 

354, 625 
175,000 

234,000 

208,062 

176,000 

156, 126 



218, 126 



378, 937 
461, 312 
314, 662 



7, 609, 371 



Percent 
of shares 
outstand- 
ing 



2.07 

1.93 

4.17 
2.07 
.73 
.67 
.65 
.58 
.49 

1.65 

1.07 
.53 

.71 

.63 

.53 

.47 



.66 



1.14 
1.39 
.95 



846 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

CUDAHY 
[Size rank: 171. COMMON (VOTING) as of Dec. 20, 1937. Shares outstanding 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



E. A. Cudahy, Jr 

E. A. Cudahy.... 

Mrs. Jean C. Wilhelm 

Helen C. Niblack.... ,.... 

Harris Trust & Savings Bank of Chicago, trustee for Florence 

Spalding - 

Harris Trust & Savings Bank of Chicago, trustee for Alice 

MeCormick (formerly Alice Cudahy) 

First National Bank of Lake Forest, 111., trustee for Anthony 

Cudahy 

First National Bank of Lake Forest, El., trustee for Edw. A. 

Cudahy III 

First National Bank of Lake Forest, HI., trustee for Sheila 

Cudahy. 

Alice Cudahy Stearns.. , 

Winthrop, Mitchell & Co , 

Anton Hulman, Sr 

The Cudahy Employees Pension Fund 

E. A. Pierce & Co 

Northern Trust Co., trustee u/a with Elizabeth M. Cudahy 

E. F. HuttonA Co 

Tegge & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed) 

Hornblower & Weeks 

Harris, Upham <fe Co.. 

Catton <& Co. (nominee for Second National Bank of Boston; 

beneficiaries not disclosed) 

Total 



84,066 
55,705 
19,517 
17,728 

15,644 

12, 802 

3,500 

3,500 

3,500 
9,675 
3,959 
3,000 
2,166 
2,137 
2,000 
2,000 

2,000 
1,701 
1,153 

1,075 



$1,218,957 
807, 722 
282,996 
257, 056 

226,838 

185,629 

50,750 

50,750 

50,750 
140,288 
57,406 
43,500 
31,407 
30. 986 
29,000 
29,000 

29,000 
24,664 
16, 718 

15,588 



17.98 
11.92 
4.17 
3.79 

3.35 

2.74 

.75 

.75 

.75 
2.07 
.85 
.64 
.46 
.46 
.43 
.43 

.43 

.36 
.25 

.23 



246, 828 



3, 579, 005 



52.81 



CONCENTRATION OF ECONOMIC POWER 



847 



beneficial ownership in such holdings — Continued 

PACKING CO. 

as of Dec. 20, 19.37: 467,489. Price as of December 1937: $14^] 

Legal and Beneficul Holdebs 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDINO COMPANIES, TRUSTS 
AND ESTATES 

1. E. A. Cuda"hy, Sr. 

2. E. A. Cudahy. Jr 

3. E. A. Cudahy III, through First National Bank of Lake Forest, 

111 . , trustee 

4. Anthony Cudahy, through First National Bank of Lake Forest, 

111 . , trustee 

5. Sheila Cudahy, through First National Bank of Lake Forest, 

111., trustee 

6. Mr^. Joan Cudahv Wilhelm 

7. Helen Cudahy Niblack 

8. Florence Cudahy Spalding, through Harris Trust & Savings 

Bank of Chicago, trustee. 

9. Alice Cudahy McCormick, through Harris Trust & Savings 

Bank of Chicago, trustee 

10. Alice Cudahy Stearns 

11. Northern Trust Co., trustee u/a with Elizabeth M. Cudahy 

(deceased): 
Beneficiaries: The trust terminates 2 years after the 
death of Edward A. Cudahy, Sr. (now alive), hus- 
band of the late Elizabeth M. Cudahy; the corpus 
is then distributable to the children of the deceased 
as follows: Sharen 

Helen Cudahy Niblack 400 

E. A. Cudahy, Jr. 400 

Eugenia Cudahy Wilhelm 400 

Florence Cudahy Spalding 400 

Alice Cudahy Stearns. 400 



Total 2,000 

12. Anton Hulman, Sr 



CUDAHY PACKING CO. EMPLOYEES WELFARE, STOCK PURCHASE PLANS, 
ETC. 

13. The Cudahy Employees Pension Fund 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. Guaranty Trust Co. of New York 

15. Second National Bank of Boston 

16. Winthrop, Mitchell & Co .' 

17. E. A. Pierce & Co 

18. E. F. Hutton & Co 

19. Hornblower & Weeks 

20. Harris, Uphara & Co 



Total. 



55, 705 
84,066 

3,500 

3,500 

3,500 
19,517 
17,728 

15,644 

12, 802 
9,675 



2,000 
3,000 



2,166 



2,000 
1,075 
3,959 
2,137 
2,000 
1,701 
1,153 

246,828 



$807,722 
1, 218, 957 

50,750 

50, 750 

50,750 
282,996 
257, 056 

226,838 

185, 629 
140,288 



29,000 
43,500 



31, 407 



29,000 
15,588 
57,406 
30,986 
29,000 
24.664 
16, 718 

3, 679, 005 



11.92 
17.98 

.75 

.75 

.76 
4.17 
3.79 

3.36 

2.74 
2.07 



.46 



.43 
.23 
.86 
.46 
.43 
.36 
.26 

62.81 



268445 — 41- 



348 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

CUDAHY 
[Size rank: 171. 7 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) 
Holders of Recoed 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Northern Trust Co., trustee u/a John P. Cudahy 

E. I. Cudahy ..., 

Cecelia C. Casserly 

Northern Trust Co., trustee u/a Elizabeth M. Cudahy 

Home Insurance Co - 

Atwell & Co. (nominee for United States Trust Co.; beneficia- 
ries not disclosed) . - 

Northern Trust Co., trustee i/t John P. Cudahy (beneficiary, 
Mrs. Edna C. (John P.) Cudahy) 

E. I. Cudahy, trustee for I/eonore Mary Cudahy 

E. I. Cudahy, trustee for Michael Cudahy 

E. I. Cudahy, trustee for Robt. Edward Cudahy 

E. I. Cudahy, trustee for William Brewer Cudahy... 

Mariana Casserly Lawrence 

Mansell & Co. (nominee for United States Trust Co.; benefici- 
aries not disclosed) 

Joseph M. Cudahy, trustee i/t Elizabeth M. Cudahy 

Joseph M. Cudahy, trustee i/t Elizabeth M. Cudahy, Jan. 25, 
1934 -.. 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) 

Michael C. Cas.scrly 

Cecily Casserly Beaumont.. 

Eleanor M. Casserly 

Cobb & Co. (nominee for the New York Trust Co.; beneficiaries 
not disclosed) 

New York University .._ 

Oirard A. Noble 

Brown University 

Total 



4,000 
3,652 
3,638 
2,239 
2,000 

1,550 

1,200 
1,100 
1,100 
1,100 
1,100 
1,050 

1, 050 
500 

500 

1,000 
900 
865 
500 

500 
500 
500 
500 



$240,000 
219, 120 
218, 280 
134, 340 
120,000 

93,000 

72,000 
66,000 
66,000 
66,000 
66,000 
63,000 

63,000 
30,000 

30,000 

60, 000 
54,000 
51,900 
30,000 

30,000 
30,000 
30,000 
30,000 



6.11 
5.58 
5.55 
3.42 
3.05 

2.37 

L83 
1.68 
1.68 
1.68 
1.68 
1.60 

1.60 
.76 

.76 

1.50 
1.37 
1.32 
.76 

.76 
.76 
.76 
.76 



31,044 



1, 862, 640 



CONCENTRATION OF ECONOMIC POWER 



849 



beneficial ownership in such holdings — Continued 
PACKING CO. 

as of Dec. 20, 1937. Shares outstanding as of Dec. 20, 1937: 65,505. Price as of December 1937: $60] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Northern Trust Co.; trustee u/a John P. Cudahy: 

Beneficiaries: Shares 

Michael Cudahy 1,000 

Ann C. Clifton 1.000 

Countesse Jean De Marguenat 1,000 

Baroness Edna Leuhusen. 1,000 



Total - 4,000 

2. Mrs. Edna C. (John P.) Cudahy, through Northern Trust Co., 

trustee i/t John P. Cudahy 

3. Northern Trust Co., trustee u/a Elizabeth M. Cudahy (de- 

ceased) : 
Beneficiaries' The trust terminates 2 years after the death 
of Edward A. Cudahy, Sr. (now alive), husband of the 
late Elizabeth M. Cudahy. The corpus is then distribu- 
table to the children of the deceased as follows: 

Shares 

Helen Cudahy Niblack 447H 

E. A. Cudahy, Jr 447H 

Eugenia Cudahy WilHelm 447% 

Florence Cudahy Spalding 447H 

Alice Cudahy Stearns 447it 



Total 2,239 

4. Joseph M. Cudahy, trustee i/t Elizabeth M. Cudahy, Jan. 20, 

1934 

5. Joseph M. Cudahy, trustee i/t Elizabeth M. Cudahy, Jan. 25, 

1934 

6. E. I. Cudahy 

7. Leonore Mary Cudahy, through E. I. Cudahy, trustee 

8. Michael Cudahy, throueh E. I. Cudahy, trustee. 

9. Robt. Edward Cudahy, E. I. Cudahy. trustee 

10. William Brewer Cudahy, through E. I. Cudahy, trustee 

11. Cecelia Cudahy Casserly 

12. Mariana Casserly Lawrence 

13. Michael Cudahy Casserly 

14. Cecily Casserly Beaumont 

15. Eleanor M. Casserly 

16. Oirard A. Noble 



INSURANCE COMPANIES 

17. Home Insurance Co 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

18. New York University 

19. Brown University 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 



20. United States Trust Co 

21. Central Hanover Bank & Trust Co. 

22. New York Trust Co 



4,000 
1,200 



Total. 



500 

500 

3,652 

1.100 

1,100 

1,100 

1,100 

3,638 

1,050 

900 

865 

500 

500 



2,000 

600 
600 



2,600 

1,000 

500 

31,044 



$240,000 
72,000 



134, 340 

30,000 

30,000 
219, 120 
66,000 
66,000 
66.000 
66,000 
218,280 
63,000 
64,000 
51,900 
30,000 

30,000 



120,000 



30,000 
30,000 



156,000 
60,000 
30,000 

1, 862, 640 



6.11 

i.sa 



3.42 
.76 

.76 
5.58 
1.68 
1.68 
1.68 
1.68 
5.55 
1.60 
1.37 
1.32 

.76 

.76 



3.05 



.76 
.76 



3.97 
L60 
.76 

47.34 



850 



CONCEN'TRATrOX OF ECONOMIC POWER 



Record holders and holders having legal and 

CUDAHY 
[Size rank: 171. 6 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) as of 

Holders of Record 



Name of record holder 



1. Jos. M. Cudahy, trustee for Clara A. Cudahy and Jos. M. 

Cudahy (beneficiary, Clara A. Cudahy) 

2. Jos. M. Cudahy, trustee for Mary T. Cudahy and Jos. M. 

Cudahy (beneficiary, Mary T. Cudahy) 

3. Elizabeth C. Nelson, care of Jos. M. Cudahy 

4. Cecelia C . Casserly 

6. Edw. A. Cudahy 

6. Jos. M. Cudahy 

7. E. I. Cudahy 

8. Northern Trust Co., trustee u/a Elizabeth M. Cudahy.. 

9. Northern Trust Co., trustee i/t John P. Cudahy, Mar. 31, 1912. 

10. Northern Trust Co.. trustee i/t John P. Cudahy Jau. 21, 1920 

(beneficiary: Mrs. Edna C. (John P.) Cudahy) 

11. Edw. A. Cudahy, Jr 

12. Helen Niblack _.. _ _.. 

13. Florence Spalding 

U. Alice Cudahy Stearns 

15. Jean C. Wilhelra „ 

16. Andre Alden Beaumont 

17. Mrs. Eleanor Casserly 

18. Michael C. Casserly 

19. Alfred Newbold Lawrence 

Total 



Holdings 



Number 
of shares 



3,219 

3.213 
3, 213 
3,013 
1.250 
1,215 
1.213 
1.000 
834 

380 

250 

250 

250 

250 

250 

50 

50 

50 

50 



20,000 



Value 



$165, 376 

165, 068 
165.068 
154, 793 
64,219 
62, 421 
62.318 
51, 375 
42,847 

19,523 
12,844 
12,844 
12,844 
12,844 
12,844 
2,569 
2,569 
2,569 
2,569 



Percent 
of shares 
outstand- 
ing 



1, 027, 504 



16.10 

16.06 
16.06 
15.06 
6.25 
6.08 
6.07 
5.00 
4.17 

1.90 
1.25 
1.25 
1.25 
1.25 
1.25 
.25 
.25 
.25 
.26 



100.00 



CONCENTRATION OF ECONOMIC POWER 



851 



beneficial ownership in such holdings — Continued 
PACKING CO. 

Dec. 20, 1937. Shares outstanding as of Dec. 20, 1937: 20,000. Price (assigned) as of December 1937: $51H] 
Legal and BENEnciAt Holders 



Type and name of holder 



Holdings 



Number 
of shares 



INDIVIDUALS, PERSONAL AND FAMILT HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Jos. M. Cudahy. 

2. Clara A. Cudahy, through Joseph M. Cudahy, trustee. -- 

3. Mary T. Cudahy, through Joseph M. Cudahy, trustee 

4. Elizabeth Cudahy Nelson, care of Joseph M. Cudahy 

6. E. I. Cudahy 

6. Cecelia Cudahy Cas.serly 

7. Mrs. Eleanor Casserly 

8. Michael Cudahy Casserly 

9. Andre Alden Beaumont - 

10. Alfred Newbold Lawrence - 

11. Edw. A. Cudahy, Sr - -.. 

12. Northern Trust Co., trustee u/a with Elizabeth M. Cudahy 

(deceased): 
Beneficiaries: The trust terminates 2 years after the death 
of Edward A. Cudahy, Sr. (now alive), husband of the 
late Elizabeth M. Cudahy; the corpus is then distributable 
to the children of the deceased as follows: 

Shares 

Helen Cudahy Niblack 200 

E. A. Cudahy. .Ir - -- 200 

Eugenia Cudahy Wilhelm 200 

Florence Cudahy Spalding. 200 

Alice Cudahy Stearns - 200 



Total -.- 1.000 

13. Edw. A. Cudahy. Jr 

14. Helen Cudahy Niblack 

15. Florence Cudahy Spalding... 

16. Alice Cudahy Stearns -. 

17. Jean Cudahy Wilhelm _ -. 

18. Northern Trust Co., trustee, i/t John P. Cudahy Mar. 31, 1912: 

Beneficiaries: 

Shares 

Michael Cudahy 208H 

Ann C. Clifton ..- 208^ 

Countesse Jean De Marguenat 208H 

Baroness Edna Leuhuscn 208H 



Total -— 834 

1». Mrs. Edna C. (John P.) Cudahy through Northern Trust Co., 
trustee i/t John P. Cudahy Jan, 21, 1920. 



Total. 



1,215 

3,219 

3,213 

3,213 

1,213 

3,013 

50 

50 

50 

50 

1.250 



1,000 
250 
250 
250 
250 
250 



834 

380 

20,000 



Value 



$62, 421 

165, 376 

165, 068 

165, 068 

62, 318 

154.793 

2,569 

2,569 

2,569 

2,569 

64. 219 



42, 847 

19,523 

1,027,504 



Percent 
of shares 
outstand- 
ing 



16.10 

16.06 

16.06 

6.07 

15.06 

.25 

.25 

.25 

.25 

6.25 



51, 375 


5.00 


12, 844 


1.26 


12, 844 


1.25 


12,844 


1.25 


12, 844 


1.25 


12,844 


1.25 



4.17 

1.90 

100.00 



852 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

DEERE 
[Size rank: 156. COMMON (VOTING) as of Mar. 29, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Wm. Butterworth, Burton F. Peek, Charles Deere Wiman, 

Dwight Deere Wiman, trustees u/w Charles H. Deere, de- 

2. Wm. Butterworth and B.F.Peek, trustees u/d/t Jan. 31, 1905, 

by Chas. H. Deere f/b/o Anna D. Wiman, etal 

3. Katherine D. Butterworth 

4. Wm. Butterworth and Burton F. Peek, trustees u/d/t Feb. 24, 

1905 by Charles H. Deere f/b/o Katherine D. Butterworth, 
et al - 

$. C. C. Webber Co. (holding company for C. C. Webber who also 
reports direct holdings of 950 shares) 

€. Arthur E. Spence (nominee for State Street Investment Cor- 
poration)... — 

7. Trustees of the Massachusetts Investors Trust -.. 

8. Charles Deere Wiman (Dwight Deere Wiman reports under sec. 

16 (a) of the Securities Exchange Act of 1934, holdings of 25,059 
shares as of this date; these may be included in holdings of 
brokers or others not identified in this list) 

9. J. & W. Seligman & Co 

10. Ellen F. Nason 

11. Willard D. Hosford 

12. Brown Bros., Harriman & Co 

13. Lynn & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) 

14. Harry C. Good (reports additional holdings of 1,151 shares in 

name of Stein, Brennan & Co.)...,. 

15. Wm. Butterworth 

16. Mrs. Georgia Lindsey Peek (Burton F. Peek reports under sec. 

16 (a) of the Securities Exchange Act of 1934, holdings of 18,402 
shares as of this date) 

17. Trimble & Co 

18. Geo. W. Mixter 

19. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) _.. 

20. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

Subtotal -- 

Total legal and beneficial holdings not included above 

Total 



387, 537 

210, 435 
204, 516 



180,204 
76, 794 



46,900 
45,000 



42, 462 
39, 517 
38, 438 
37,128 
36, 707 

32,900 

26, 699 
25,908 



22,500 
22, 031 
20, 700 

20,150 

19,920 



1, 535, 446 
45,562 



, 186, 719 



4, 445, 439 
4, 320, 400 



3, 806, 810 
1,622,273 



969, 638 
950, 625 



897, 010 
834, 797 
812,003 
784, 329 
775, 435 

695, 012 

564,016 
547, 306 



475, 312 
465, 405 
437, 288 

425. 669 

420, 810 



32, 436, 296 
962, 497 



12.90 



7.00 
6.81 



6.00 
2.66 



1.53 
1.50 



1.41 
1.32 
1.28 
1.24 
1.22 

1.10 



.86 



51.12 
1.52 



1,681,( 



33, 398, 793 



62.64 



CONCENTRATION OF ECONOMIC POWER 



853 



beneficial ownership in such'holdings — Continued 
A CO. 

outstanding as of Mar. 29, 1938: 3,004,362. Price as of December 1937: $2im 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Ellen F. Nason 

2. Willard D. Hosford 

3. William Butterworth, Burton F. Peek, trustees u/d/t Charles 

H. Deere, Jan. 31, 1905, f/b/o Anna D. Wiman (since deceased) 

et al: 
Beneficiaries: Shares 

Charles Deere Wiman 105,217.50 

Dwight Deere Wiman 105,217.50 

Total 210,435.00 

4. Charles Deere Wiman 

5. Dwight Deere Wiman_ _ _.. 

6. William Butterworth, Burton F. Peek, Charles Deere Wiman, 

Dwight Deere Wiman, trustees u/w Charles H. Deere: 
Beneficiaries: Shares 

Katherine Deere Butterworth 212, 109.85 

Charles Deere Wiman_ 95,740.47 

Dwight Deere Wiman ,. 79,686.08 

Total .1— 387,537.00 

7. Katherine Deere Butterworth .,. ._. 

8. Katherine Deere Butterworth, through William Butterworth 

and Burton F. Peek, trustees, u/d/t Charles H. Deere, Feb. 
24, 1905 

9. William Butterworth 

10. Burton F. Peek 

11. (Mrs.) Georgia Lindsey Peek 

12. C. C. Webber...- 

13. C. C. Webber, through C. C. Webber Co. (100 percent owned).. 

14. Harry C. Good 

15. George W. Mixter 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

16. State street Investment Corporation 

17. Trustees of Massachusetts Investors Trust 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

18. Guaranty Trust Co. of New York 

19. Bankers Trust Co 

20. Central Hanover Bank & Trust Co 

21. J. & W. Seligman & Co 

22. Brown Bros., Harriman & Co 

23. Trimble & Co 

Total 



38,438 
37,128 



210, 435 
42, 462 
25, 059 



387, 537 
204, 516 



180, 204 
25,908 
18,402 
22,500 

950 
76, 794 

27,850 

20,700 



45,900 
45,000 



32,900 
20,150 
19,920 
39, 517 
36, 707 
22, 031 



$812, 003 
784,329 



4, 445, 439 
897, 010 
529, 371 



8, 186, 719 
4, 320. 400 



3, 806, 810 
547, 306 
388, 742 
475, 312 

20,069 
1,622,273 

588,331 

437,288 



969, 638 
950, 625 



695,012 
425, 669 
420, 810 
834, 797 
775, 435 
465, 405 



1.28 
1.24 



7.00 
1.41 
.83 



12.90 
6.81 



6.00 
.86 
.61 
.75 

.04 
2.56 

.93 



1.53 
1.50 



1.10 
.67 
.66 
1.32 
1.22 
.73 



33, 398, 793 



52.64 



854 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holdets having legal and 

DEERE 
[Size rank: 156. 7 percent CUMULATIVE PREFERRED (VOTING) as of Mar. 29, 
Holders or Record 



Name of record bolder 



Holdings 



Number 
of sbares 



Value 



Percent 
of sbares 
outstand- 
ing 



1. Wm. Butterworth, Burton F. Peek, Charles Deere Wiman, 

Dwight Deere Wiman, trustees u/w Charles H. Deere, de- 
ceased - - - 

2. Katherine D. Butterworth 

3. Wm. Butterworth and B. F. Peek, trustees u/d/t Feb. 24, 1905, 

Charles H. Deere f/b/o Katherine D. Butterworth et al 

4. Wm. Butterworth and B. F. Peek, trustees u/d/t, Jan. 31, 1905, 

Charles H. Deere f/b/o Anna D. Wiman et al _ 

5. The 8200 Corporation (holding company for D. Deere Wiman 

and family). _ 

6. C. C. Webber Co. (a holdine; company for C. C. Webber, who 

also reports holding 455 shares directly) 

7. Mark & Co. (nominee for Northwestern National Bank & Trust 

Co.; beneficiaries not disclosed) 

8. Wm. Butterworth. 

9. Ellen F. Nason _ 

10. Willard D. Hosford 

11. Charles Deere Wiman and Dwight Deere Wiman, trustees 

u/d/t, Oct. 31, 1920, f/b/o Pattie Southall Wiman. 

12. Normand E. Rand, trustee, u/w Clarence E. Nason 

13. C. D. Wiman.... 

14. George W. Mixter _ 

15. Frederic G. Pick, nominee for— Shares 

Geoi^e Pick& Co 9,000 

Button F. Peek (reports under sec. 16 (a) of Securi- 
ties and Exchange Act total holding of 2,825 shares 
as of this date) - 1,200 

Total 10,200 

16. Moline National Bank, guardian for Frank Hobbs Hosford, a 

minor _ 

17. Moline National Bank, guardian for Richard Schiller Hosford, 

Jr., a minor 

lb. Charles Harold White, trustee u/w Charles E. White, deceased.. 

19. National Fire Insurance Co. of Hartford 

20. Joseph L. Hecht 

Subtotal 

Total legal and beneficial holdings not included above 

Total 



124, 570 
66, 185 

63,635 

55,000 

41,000 

37,700 

25, 786 
21, 265 
15, 920 
15, 365 

14,650 
13.410 
12,150 
12,000 



10,200 

10, 185 

10, 185 
9,985 
9,000 
8,705 



576, 896 
2,080 



$2, 802, 825 
1, 489, 162 

1, 431, 787 

1, 237, 500 

922,500 

848, 250 

580, 185 
478, 462 
358,200 
345, 712 

329, 625 
301,725 
273, 375 
270,000 



229,500 

229,162 

229,162 
224, 662 
202,500 
195, 862 



12, 980, 156 
46,800 



8.07 
4.29 

4.12 

3.56 

2.66 

2.44 

1.67 
1.38 
1.03 
1.00 

.95 

.87 
.79 
.78 



.66 



.65 
.68 
.56 



37.38 
.13 



578,976 



13, 026, 956 



37. CI 



CONCENTRATION OF ECONOMIC POWER 



855 



beneficial ownership in such holdings — Continued 
& CO. 

1938. Shares outstanding as of Mar. 29, 1938: 1,543,000. Price as of December 1937: $22fil 
Legal and Beneficial Holders 



Type and name of holder 



individuals, personal and family holding companies, trusts 

AND estates 

1. Joseph L. Hecht - 

2. Williard D. Hosford 

3. Frank Hobbs Hosford, a minor (Moline National Bank, guard- 

ian)... - 

4. Richard Schiller Hosford, a minor (Moline National Bank, 

guard ian) - - - 

5. William Butterworth and Burton F. Peek, trustees u/d/t Charles 

H. Deere, Jan. 31, 1905, f/b/o .\nna D. Wiman et al: 
Beneficiarios- Shares 

Charles Deere Wiman... 27,500 

Dwifiht Deere Wiman -..- 27,500 

Total - 55,000 

6. Charlrs Deere Wiman. _ 

7. Pat tie Southall Wiman (through Charles Deere Wiman and 

Dwitrhf Deere Wiman. tru.stees u/d/t Oct. 31, 1920) 

8. The 8200 Corporation (a holdinE company, the stock of which is 

100 percent owned bv a trust created by Mrs. Dwight Deere 
Wiman; the first Sfi'ooo of income is paid to Dwight Deere 
Wiman and the balance to his wife, the settler of the trust; the 
principal is to go to their children; but Dwight Deere Wiman 
has the right to invade the principal should his wife predecease 
him; this company was dissolved Dec. 12, 1938, and this stock 
transferred to the trust) . .. - 

9. William Butterworth, Burton F. Peek, Charles Deere Wiman, 

Dwight Deere Wiman, trustees u/w Charles H. Deere, de- 
ceased: 
Beneficiaries: Shares 

Katherine Deere Butterworth 68,345.23 

Charles Deere Wiman.. 30.849.25 

Dwight Deere Wiman 25,375.52 

Total 124,570.00 

10. Katherine Deere Butterworth . 

11. Katherine Deere Butterworth (through William Butterworth 

and Burton F. Peek, trustees u/d/t Charles H. Deere, Feb. 24, 
1905) ... 

12. William Butterworth.. 

13. Burton F. Peek _ 

14. George W. Mixter 

15. C. C. Webber 

16. C. C. Webber through C. C. Webber Co. (100 percent owned)... 

17. Rllen F. Nason. - . 

18. EstaiP of Clarence E. Nason. deceased, Norman E. Rand, trustee 

Beneficiaries: Percent 

(Mrs.) Cora I. Nason.. 50 

Charles A . Nason 30 

Charles Hal Wyman Nason 15 

Willoughby C. Nason _ 5 

Total.. 100 

19. Charles Harold White, trustee u/w Charles E. White, deceased . . 

insurance companies 

20. National Fire Insurance Co. of Hartford- 

BANKS, brokers, ETC.; BENEFICIARIES NOT DISCLOSED 

21. Northwestern National Bank & Trust Co 

22. George Pick & Co 

Total - 



Holdings 



Number 
of shares 



8,705 
15, 365 

10, 185 

10, 185 



55.000 
12, 150 



14,650 



41,000 



124, 570 
66, 185 



63, 635 
21,265 
2,825 

12,000 

455 
37,700 

15,920 



13,410 
9,985 



9,000 



25,786 
9,000 



578, 976 



Value 



.$195,862 
345, 712 

229, 162 

229, 162 



1.237,500 
273, 375 



329, 625 



922, 500 



2, 802, 825 
1,489,162 



1,431.787 
478. 462 
63. 562 

270,000 

10, 2.38 
848, 250 

358,200 



301, 725 
224, 662 

202,500 



580,185 
202,500 



Percent 
of shares 
outstand- 
ing 



13, 026, 956 



856 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
THE DELAWARE 
[Size rank: 83. COMMON (VOTINQ) as of Nov. 30, 1937. Shares 
Holders of Recoed 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. J. S. Bache & Co .-. - 

2. Lynn & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) - - 

3. Parrish & Co 

4. Hornblower & Weeks 

5. Paine, Webber & Co - 

6. Thomson & McKinnon 

7. Kohler, Fish & Co-... 

8. Sutro Bros. & Co. - - 

9. CarlH. Pforzheimer & Co - 

10. James Capel & Co 

11. M.J. Hicks 

12. Hayden, Stone & Co 

13. E. A. Pierce& Co - 

14. Abbott, Proctor & Paine 

15. Broekmans Administratiekantoor, N. V ..- 

16. Dominick & Dominick 

17. Carl M. Loeb & Co f 

18. H. Hentz & Co - 

19. Jackson Bros., Boesel & Co 

20. Fidelity & Casualty Co. of New York 

Total 



14,144 

12,000 
8,221 
7,662 
5,168 
4,098 
4,045 
3,765 
3,700 
3,660 
3,600 
3,402 
3,366 
3,272 
3,125 
3,030 
2,850 
2,717 
2,550 
2,500 



$198,016 

168,000 
115,094 
107, 268 
72, 352 
57, 372 
56,630 
52, 710 
51,800 
61,240 
50,400 
47,628 
47,124 
45,808 
43,750 
42,420 
39,900 
38,038 
35,700 
35,000 



2.74 

2.33 
1.59 
1.49 
1.00 
.79 
.78 
.73 
.72 
.71 
.70 
.66 
.65 
.63 
.61 
.69 
.65 
.63 
.49 
.48 



96, 875 



1, 356, 250 



18.77 



CONCENTRATION OF ECONOMIC POWER 

beneficial oumership in such holdings — Continued 
& HUDSON CO. 

outstanding as of Nov. 30, 1037: 616,739. Price as of December 1937: $14] 
Legal and Beneficial Holdebs 



867 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVroUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TEU8T8 
AND ESTATES 

1. M. J. Hicks 

mSUKANCE COMPANIES 

2. Fidelity & Casualty Co. of New York 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

3. Broekmans Administratiekantoor, N. V 

BANES, BEOEEBS, ETC.; BENEFiaARIES NOT DISCLOSED 

4. Guaranty Trust Co. of New York 

5. J. S. Bache & Co... 

6. Parrish & Co 

7. Homblower & Weeks 

8. Paine, Webber & Co 

9. Thomson & McKinnon 

10. Kohler, Fish & Co 

11. Sutro Bros. & Co 

12. Carl H. Pforzheimer & Co 

13. James Capel &Co 

14. Hayden, Stone & Co 

15. E. A. Pierce & Co... 

16. Abbott, Proctor & Paine 

17. Dominick & Dominick , 

18. Carl M. Loeb & Co 

19. H. Hentz & Co 

20. Jackson Bros., Boesel & Co 

Total 



3,600 



2,600 



3,126 



12,000 
14, 144 
8,221 
7,662 
5,168 
4,098 
4,045 
3,765 
3,700 
3,660 
3,402 
3,366 
3,272 
3,030 
2,850 
2,717 
2,650 



96, 875 



$60,400 



36,000 



43,760 



168,000 
198, 016 
115, 094 
107,268 
72, 352 
57, 372 
56,630 
52, 710 
51,800 
61,240 
47,628 
47,124 
45,808 
42,420 
39,900 
38,038 
35,700 



1, 356, 250 



a 70 



.4S 



.61 



2.33 
2.74 
1.5» 
1.4» 

i.oa 

.7» 
.7» 

.7a 

.72 

.71 
.66 
.66 
.63 
.6» 
.65 
.63 
.49 



18.77 



858 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

THE DELAWARE, LACKAWANNA 
(Size rank: 110. COMMON (VOTING) as of Jan. 21, 1938. Shares 
Holders or Record 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Hank & Co. (nominee for the First National Bank of New York; 

beneficiaries not disclosed) 

■ 2. Gerdes & Co. (nominee for First National Bank of New York; 
beneficiaries not disclosed) 

3. Eugene Higgins 

4. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed).- 

6. W. K. Vanderbilt... 

6. Rosamond L. Vanderbilt 

7. F. W. Vanderbilt .- 

8. J. S. Bache & Co 

9. F. A. V. Twombly 

10. Hayden, Stone & Co 

11. George Coe Graves & Henry Graves, Jr., trustees u/i June 23, 

1923 - 

12. Sanford & Sons, Inc 

13. Thomson & McKinnon 

14. Paine, Webber & Co 

16. American Fire Insurance Co 

16. Thomas & Co. (nominee for the First National Bank of New 

York; beneficiaries not disclosed) 

17. Andrew H. Bates 

18. Ada Small Moore 

19. Helen F. Hubbard 

20. Goodbody & Co 

Total 



157,825 

60,100 
41,058 

27,930 
25,400 
21,300 
20,000 
19, 701 
16,000 
13,960 

12, 485 
11,564 
11,114 
10,553 
10,000 

10,000 
9,150 
9,078 
9,000 
8,955 



$1, 045, 591 

398, 162 
272,009 

185,036 
168, 275 
141,112 
132, 500 
130, 519 
106,000 
92,485 

82, 713 
76, 612 
73,630 
69, 914 
66,260 

66,250 
60,619 
60, 142 
59, 625 
59,327 



9.34 

3.55 
2.43 

1.65 
1.50 
1.20 
1.18 
1.16 
.94 



.73 
.68 
.65 
.62 
.59 

.59 
.54 
.53 
.63 
.53 



505,173 



3, 346, 771 



29.76 



CONCENTRATION OF ECONOMIC POWER 
beneficial ownership in such holdings — ^^Continued 

& WESTERN R. R. CO. 

outstanding as of Jan. 21, 1938: 1,688,824. Price as of December 1937: $6H] 
Legal and Beneficul Holders 



859 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIvroUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Eugene Higgins - - 

2. W. K. Vanderbilt - 

3. Rosamond L. Vanderbilt 

4. F. W. Vanderbilt 

fi. Florance A. Vanderbilt Twombly. -.. 

6. George Coe Graves & Henry Graves, Jr., trustees u/i June 23, 

1923...- - - 

7. Andrew H. Bates -- 

8. Ada Small Moore - - 

9. Helen F. Hubbard.. - 

INSURANCE COMPANIES 

10. American Fire Insurance Co 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

11. First National Bank of New York 

12. City Bank Farmers Trust Co 

13. J. S. BacheA Co. - 

14. Hayden, Stone & Co - 

15. Sanford & .Sons, Inc 

16. Thomson & McKinnon -- 

17. Paine. Webber & Co - 

18. Goodbody & Co - 

Total 



41,058 

25,400 
21.300 
20,000 
16,000 



12, 485 
9,150 
9,078 
9,000 



227, 925 
27, 930 
19. 701 
13. 960 
11,564 
11,114 
10. 553 
8,955 



$272, 009 

168. 275 
141,112 
132,500 
106,000 

82, 713 
60,619 
60,142 
59, 625 



66, 250 



1,510,003 
185. 036 
130, 519 
92, 485 
76. 612 
73, 630 
69, 914 
59. 327 



2.43 

1.50 
1.20 
1.18 
.94 



13.48 
1.65 
1.16 
.82 
.68 
.65 
.62 
.53 



505, 173 



3, 346, 771 



29.76 



860 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
THE DETROIT 
[Size rank: 67. CAPITAL (VOTING) as of Dec. 31, 1937. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Gardner and Brown (beneficially owned by American Light & 

Traction Co.) - - 

2. BurntuU & Co. (apparently nominee for the North American Co.) 

3. The North American Co 

4. Sun Life Assurance Co. of Canada -. 

6. Electrical Securities Corporation (100 percent owned by General 

Electric Co.). - 

6. Trustees, the Massachusetts Investors Trust 

7. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees). 

8. Walter C . Ross (nominee for American Cities Power & Light Co.) 

9. J. & V/. Seligman & Co - 

10. Travelers Insurance Co 

11. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

12. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

13. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

14. Hall & Co. (nominee for Commercial Trust Co. of New Jersey; 

beneficiaries not disclosed) : 

16. Boehm & Co. (nominee for Bankers Trust Co.; beneficiaries not 
disclosed) - 

16. Dominick & Dominick 

17. The Commonwealth Fund 

18. The Home Insurance Co - 

19. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclos*!) - 

20. Massachusetts Institute of Technology 

Total 



257, 841 
123, 203 
121,060 
60,321 

26,000 
13,000 

10,000 
9,200 
5,453 
4,000 

3,858 

3,321 

3,130 

3,100 

3,050 
3,038 
3,000 
3,000 

2,756 
2,500 



$24, 043, 673 
11,488,680 
11,288,845 
5, 624, 933 

2, 424, 500 
1, 212, 250 

932,500 
857,900 
508, 492 
373,000 

359, 758 

309,683 

291, 872 

289, 075 

284,412 
283,293 
279, 750 
279,750 

256,997 
233,125 



20.26 
9.68 
9.51 
4.74 

2.04 
1.02 

.78 
.72 
.42 
.31 

.30 

.26 

.24 

.24 

.23 
.23 
.23 
.23 

.21 
.19 



660,831 



61, 622, 488 



61.84 



CONCENTRATION OF ECONOMIC POWER 



861 



beneficial ownership in such holdings — Continued 
EDISON CO. 

outstanding as of Dec. 31, 1937: 1,272,260. Price as of December 1937: 
Legal and Beneficial Hocders 



Type and' name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



coeporaticns, parent and subsidiary 

1. American Light & Traction Co. (a statutory parent of Detroit 

Edison Co.) 

2. The North American Co. (a statutory parent of Detroit Edison 

Co.) 

OTHER CORPORATIONS, NONFINANICAL 

3. General Electric Co. through Electrical Securities Corporation 

(100 percent owned) 

INSURANCE COMPANIES 

4. Sun Life Assurance Co. of Canada 

6. Travelers Insurance Co 

6. The Home Insurance Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

7. Trustees of the Massachusetts Investors Trust 

8. American Cities Power & Light Corporation. 

OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

9. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees, the stock of 
which is 100 percent owned by General Electric Co.) 

FOUNDATIONS 

10. The Commonwealth Fund (Harkness) 

OTHER ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

11. Massachusetts Institute of Technology.. 

BANK.S, BROKERS, ETC.: BENEHCIARIES NOT DISCLOSED 

12. Bankers Trust Co 

13. Central Hanover Bank & Trust Co..*..: 

14. United States Trust Co.. 

15. Commercial Trust Co. of New Jersey 

16. .7. <Ji W. Seligman & Co 

17. Dominick & Dominick 

Total 



257,841 
244.263 



26, 000 



60.321 
4,000 
3.000 



13,000 
9,200 



10,000 



3,000 



2,500 



9,127 
3,858 
3,130 
3,100 
5,453 
3.038 



$24. 043, 673 
22, 777, 525 

2, 424, 500 

5, 624, 933 
373,000 
279,750 



1. 212, 250 
857,900 



932,600 



851, 092 
359, 758 
291, 872 
289, 075 
508, 492 
283,293 



660, 831 



61, 622, 488 



20.20 
19.19 



2.04 



4.74 
.31 
.23 



1.02 
.72 



.78 



.23 



.70 
.30 
.24 
.24 
.42 
.23 



862 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

DUKE 
[Size rank: 120. COMMON (VOTING) as of Sept. 15, 1939. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



V^ue 



Percent 
of shares 
outstand- 
ing 



20. 



Trustees of the Duke Endowment, a trust established by James 
B. Duke u/i Dec. 11, 1924. _ 

The trustees of the Doris Duke trust established by J. B. Duke 
u/i Dec. 11, 1924 (beneficiary, Doris Duke Cromwell) 

Crocker & Co. (nominee for Guaranty Trust Co. and John C. 
Thome, trustees u/d/t made by Mary Duke Biddle) 

Nanaline H. Duke, first successor trustee for Doris Duke u/t/i 
Sept<4, 1917 -.-- 

Linden Investment Corporation (a holding company 100 percent 
owned by Mrs. Mary Duke Biddle) 

Walker P. Inman 

Nanaline H. Duke - -- 

Estate of Angier B . Duke (beneficiary, Mrs. Mary Duke Biddle) 

City Bank Farmers Trust Co., trustee u/w Walker Gill Wylie, 
deceased 

City Bank Farmers Trust Co., successor trustee for Doris Duke 
u/i May 2, 1917, with James B. Duke _ 

City Bank Farmers Trust Co., trustee for Anthony Newton 
Duke u/w Angier B. Duke, deceased 

City Bank Farmers Trust Co., trustee for Angier B. Duke, Jr., 
u/w Angier B. Duke, deceased 

BeUeG. Wylie- -- 

Mrs. Sara E. Morrison 

Angier B. Duke Memorial, Inc 

Fanny D. Wylie 

Doris Duke Cromwell 

Mrs. Annie Watts Hill 

W. S. Lee, Jr., Martin Lee, Wm. H. Williamson, Jr., successor 
trustees of the Mary Martin Lee trust u/t/i Apr. 9, 1932, made 
by W. S.Lee—- 

King & Co. (nominee for City Bank Farmers Trust Co.; benefi- 
ciaries not disclosed) 

Total-... 



386,563 

141,488 

75,000 

67,063 

55,000 
50,000 
33, 754 
24,438 

13,464 

12, 010 

11,108 

11, 107 
9,595 
5,414 
4,054 
3,683 
2,855 
2,777 

2,700 
2,647 



$25, 319, 876 

9, 267, 464 

4, 912, 500 

4, 392, 626 

3, 602, 500 
3, 275, 000 
2, 210, 887 
1, 600, 689 

881. 892 

786, 655 

727, 574 

727,508 
628, 472 
354,617 
265,537 
2'il, 2?6 
187,002 

181. 893 

176,860 
166,828 



38.27 

14.01 

7.43 

6.64 

5.45 
4.95 
3.34 
2.42 

1.33 

1.19 

1.10 

1.10 
.96 
.54 
.40 
.36 
.28 
.27 

.27 
.25 



914,620 



59,907,606 



90.66 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
POWER CO. 

outstandiDR as of Sept, 15, 1939: 1,010,048. Price as of December 1937: $65^6] 
Legal and BENEncuL Holders 



863 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDINO COMPANIES, TRUSTS 
AND ESTATES 

1. Mrs. Sara E. Morrison 

2. Doris Duke Cromwell. _ 

3. Doris Duke Cromwell through City Bank Farmers Trust Co.. 

successor trustee u/i May 2, 1917. with .(ames B. Duke 

4. Doris Duke Cromwell, throuch trustees of the Doris Duke trust 

established by J. B Duke u/i Dec. 11, 1924.. 

5. Doris Duke Cromwell, through Nanaline H. Duke, first succes- 

sor trustee u/t/i Sept. 4, 1917 

6. Nanaline H. Duke 

7. Mrs. Mary Duke Biddle, through Linden Investment Corpora- 

tion (100 percent owned) 

8. Mrs. Mary Duke Biddle, through Guaranty Trust Co and John 

C. Thorne, trustees u/d/t made by Mary Duke Biddle (life in- 
come of tru.st to grantor, Mary Duke Biddle; upon her death, 
principal is divided equally into two life trusts f/b/ti her chil- 
dren. Mary Duke Biddle Trent and Nicholas Benjamin Duke 
Biddle; upon their deaths, the corpus is distributed to lineal 
descendants, failing which, to Duke University) 

9. Mrs. Mary Duke Biddle, through estate of Angier B. Duke 

(Mrs. ^lary Duke Biddle has life income and contingent in- 
terest in whole remainder interest) 

10. Anthony Newton Duke, through City Bank Farmers Trust Co., 
trustee u/w Angier B. Duke, deceased 

U. Angier B. Duke, Jr., through City Bank Farmers Trust Co., 
trustee u/w Angier B. Duke, deceased 

12. Walker P. Inman 

13. Mrs. Annie Watts Hill 

14. City Bank Farmers Trust Co.. trustee u/w Walker QUI Wylie; 

deceased 

15. Belle G. Wylie 

16. Fanny D. Wylie 

17. Mary Martin Lee, through W. S. Lee, Jr., Martin Lee, Wm. H. 

Williamson, Jr., successor trustees u/t/i Apr. 9, 1932, made by 
W.S.Lee 

FOUNDATIONS 

18 Trustees of the Duke Endowment.. 

19. Angier B. Duke Memorial, Inc 

BANKS, BROKERS, ETC.: BENEFIOARIES NOT DISCLOSED 

20 City Bank Fanners Trust Co 

Total 



Holdings 



Number 
of shares 



5,414 
2,855 

12, 010 

141,488 

67,063 
33,754 

55,000 



75,000 

24,438 

11,108 

11, 107 
50,000 

2,777 

13,464 
9,595 
3,683 

2,700 



386,563 
4,0M 



2,.'H7 



914, 620 



Value 



$354, 617 
187, 002 

786, 655 

9, 267, 464 

4, 392, 626 
2, 210, 887 

3, 602, 500 



4, 912, 500 

1, 600, 689 

727, 574 

727,508 
3, 275, 000 

181, 893 

881, 892 
628, 472 
241,236 

176,850 



2.^,319,876 
265,537 



166,828 



59, 907, 606 



Percent 
of shares 
outstand- 
ing 



0.54 
.28 

1.19 

14.01 



6.64 
3.34 



.6.45 



7.43 

2.42 

1.10 

1.10 
4.95 

.27 

1.33 
.95 
.36 

.27 



38.27 
.40 



.26 



90.66 



268446— 41— No. 29 56 



864 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

DUKE 
[Size rank: 120. 7 percent CUMULATIVE PREFERRED (VOTING) as of Sept. 15, 1939. 
Holders or Recobd 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Trustees of the Duke Endowment, a trust established by James 

B. Duke u/i Dec. 11, 1924.... 

2. Trustees of Watts Hospital 

3. Virginia Letcher Stevens - ■ 

4. Mary W. Stagg • 

5. Miss Mary E. Corrigan 

6. Gertrude Smith - 

7. Mrs. Elizabeth FarrelL. - 

8. Belle Wooding... 

9. Mrs. Clara S. Odell 

10. Mrs. Fannie N. Kilgo 

11. Gertrude Bohmert, trustee for William H. Smith u/w Catherine 

Smith 

12. Annie A. Nash 

13. Mabelle S. Harrison 

14. Mrs. Sue Lee Sloan 

15. Mrs. Amelia J. Wylie 

16. Ella R. F. Porcher.-. 

17. Hannah McC. Wright - 

18. W. C. Parker 

19. Maud D. Karnes 

20. Mrs. Jean Wylie Faulkner 

Total 



1,381 
400 
188 
121 
109 



$138, 100 
40,000 
18,800 
12,100 
10,900 
6.000 
6,000 
5,800 
5,500 
5,000 

4.400 
3,000 
2,500 
2,500 
2,400 
2,200 
2,200 
2,100 
2,000 
1,500 



48.68 
14.10 
6.62 
4.27 
3.84 
Z43 
2.11 
2.04 
1.94 
1.76 

1.55 
1.06 
.88 
.88 
.85 
.78 
.78 
.74 
.71 
.63 



2,739 



273,900 



96.66 



CONCENTRATION OF ECONOMIC POWER 



865 



beneficial ownership in suck hol^^s — Conliinued 
POWER CO. 

Shares outstanding as of Sept. 15, 1039: 2,837. Price (assigned) as of December 1937: $100] 
Legal and BiNKnoAL Holdkrs 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND TAMILT HOLDINO COMPANIES, TBUSTS 
AND ESTATES 



Virginia Letcher Stevens. 

Mary W. Stagg 

Ml8» Mary E. Corrigan.. 

Gertrude Smith 

Mrs. Elizabeth Farrell... 

Belle Wooding 

Mrs. Clara S. Odell 

Mrs. Fannie N. KHgo... . 



William H. Smith, through Oertrude Bohmert, trustee u/w 
Catherine Smith 

Annie A. Nash 

Mabelle S. Harrison 

Mrs. Sue Lee Sloan 



Mrs. Amelia J. WyUe 

Mrs. Jean Wylie Faulkner. 

Ella R. F. Porcher 

Hannah McC. Wright 

W. C. Parker 

Maud D. Karnes 



FOUNDATIONS 

19. Trustees of the Duke Endowment 



OTBBB BLEEUOSTNAKT AND EDUCATIONAL INSTITUTIONS 

2a Trustees of Watts Hospital 

Total 



188 


$18, 800 


6.62 


121 


12,100 


4.27 


109 


10,900 


3.84 


69 


6,900 


2.43 


60 


6,000 


2.11 


58 


5,800 


2.04 


55 


5,500 


1.94 


50 


5,000 


1.76 


44 


4,400 


1.66 


30 


3,000 


1.06 


25 


2,500 


.88 


25 


2,500 


.88 


24 
15 


2,400 
1,500 


.85 
.63 


22 


2,200 


.78 


22 


2,200 


.78 


21 


2,100 


.74 


20 


2,000 


.71 



1,381 



400 



138,100 



40,000 



48.68 



14.10 



2,739 



273,900 



96.56 



866 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

E. I. DU PONT DB 

[Size rank: 25. COMMON (VOTING) as of Feb. 16, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


3,049,^800 


$341, 677, 600 


27.66- 


579,689 
290,647 


64, 925, 168 
32, 552, 464 


6.24 
2.63 


163, 268 
154,000 


18, 286, 016 
17, 248, 000 


1.4S 
1.39 


100, 153 
77,503 
73, 452 
59,800 
58,836 
58,083 


11,217,136 
8.680,336 
8, 2J6, 624 
6, 697, 600 
6, 589, 632 
6, 505, 296 


.91 
.70 
.66 
.54 
.53 
.52^ 



1. Christiana Securities Co. (holding company for members of the 

du Pont family and others) 

2. Alrnours Securities, Inc. (holding company for the family of the 

late A. I. du Pont). -.- 

3. Delaware Trust Co., trustee u/w Wm. du Pont, Sr 

4. The Delaware Realty & Investment Co. (holding company for 

members of the du Pont family. In addition to its record 
holdings, Delaware Realty & Investment Co. reports owner- 
ship of 141,212 shares which were loaned to Pierre S. du Pont) . 

5. Swiss Bank Corporation 

6. Stuart & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed)... 

7. Eugene du Pont 

8. Pierre S. du Pont 

9. Archibald M. L. du Pont 

10. H. F. du Pont 

11. Charles Copeland 



CONCENTRATION OF ECONOMIC POWER 



867 



heneficial ownership in such holdings — Continued 

NEMOURS & CO. 

outstanding as of Dec. 31, 1937: 11,065,708. Price as of December 1937: $112] 
Legal and BENsnaAL Holders 



Type and name of holder 



Holdings 



Number 
of shares 




Percent 
of shares 
outstand- 
ing 



Com- 
mon 
32. 667 
4.867 



5.669 



8.482 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TR0STS 
AND ESTATES 



1. Christiana Securities Co., a holding com- 
pany, the stock of which is owned, as of 
Feb. 15, 1938, by the following: 

Delaware Realty & Investment Co. (a 
holding company for du Pont family).. 

Pierre S. du Pont 

Alice Belin du Pont 

Ir6n6e du Pont 

I. Sophie du Pont May 

Ernest N. May 

Margaretta L. du Pont 

Crawford H. Qreenewelt 

Wilmington Trust Co., substitute trustee 
u/d/t Ir6a6e du Pont, Jan. 30, 1920 

Lammot du Pont 

Mrs. Margaret Flett du Pont 

Lammot du Pont, trustee 

David Fltftt du Pont, through Wilming- 
ton Trust Co., trustee u/a/w Lammot 
du Pont, Dec. 15, 1934... 

W. F. Harrington 

Charles Copeland... 

Wilmington Trust Co., trustee u/a with 
Lammot du Pont f/b/o Lammot du 
Pont, Jr., et al -.. 

A. Felix du Pont 

Eugene E. du Pont 

H. F. du Pont 

Mrs. Flo-ence H. Brown 

Mrs. Florence H. Brown, through Wil- 
mington Trust Co., trustee u/a Dec. 18, 
1922 

H. Fletche' Brown 

R. R. M. Carpenter 

"W. S. Carpenter 

H. Rodney Sharp.. 

Wilminirton Trust Co., trustee u/w W. 
Winder Laird 



1.067 
3.228 



.667 
.667 



1.000 

5. 852 

1.366 

.667 

.667 



Wm. F. Raskob .693 

Archmere, Inc. (holding company for 

Raskob family) 2.484 

Harry O. Haskell 667 

Salem Investment Co. (Haskell holding 

company) 1.000 

F. O. Tallman 1.009 

Others 20.189 



Pre- 
ferred 
29. 333 
3.821 
2.733 
4.723 
.667 

'"'."667 



2.000 
4.667 



.800 
.805 



1.363 
.667 
.717 



1.667 



.667 



Subtotal, du Pont family 73.958 58.541 



Total 100.000 100.000 

(For details of ownership see this appendix, sec. II.) 



3, 049, 800 



$341,577,600 



27. 5« 



868 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

E. I. DU PONT DE 

[Size rank: 25. COMMON (VOTING) as of Feb. 16, 1938. Shares 
Holders of Record — Continued 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


12. Eugene E. du Pont 


64,524 
54; 001 
52,900 
52,433 
49, 393 
46,000 

42,805 
42, 242 

41, 577 


$6, 106, 688 
6,048,112 
5, 924, 800 
5, 872, 496 
5, 532, 016 
5,152,000 

4, 794, 160 
4, 731, 104 

4, 656, 624 


0.49 


13. Ernest du Pont - 


.49 


14. Wilmington Trust Co., trustee u/a with H. F. du Pont . 


.48 


15. Wilmington Trust Co., trustee u/d/t with Philip F. du Pont 

16. Wilmington Trust Co., trustee u/w Eliz. B. du Pont 


.47 
.45 


17. Fidelity-Philadelphia Trust Co., trustee u/w Philip F. du Pont. . 

18. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 


.42 
.39 


19. Francis I. du Pont & Co 


.38 


20. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) 


.38 






Subtotal 


6, 101, 106 
141,212 


571, 323, 872 
15, 815, 744 


46.11 


Total legal and beneficial holdings not included above 


1.27 






Total -- 


6,242,318 


587, 139, 616 


47.38 







CONCENTRATION OF ECONOMIC POWER 



869 



beneficial ownership in such holdings — Continued 
NEMOURS & CO.— Continued 

outstanding as of Dec. 31, 1937: 11,065,798. Price as of December 1937: $112] 
Legal and Beneficial Holders— Continued 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 

AND ESTATES — Continued 

2. The Delaware Realty & Investment Co., a holding com- 

pany, the Stock of which was owned as of Feb. 15, 1938 

as follows: Percent 

Irfinfie du Pont, Jr., through Ir6n6e du Pont, trustee. 2. 656 

Henry B. du Pont 8.438 

Lammot du Pont Copeland 10.413 

Wilmington Trust Co., trustee u/a/w Lammot du 
Pont for the respective benefit of: Natalie W., 
Mary B., Esther D., Lammot III, Pierre S. Ill, 
Edith, Alexandrine de M., and Reynolds du Pont 
(equal shares) 12. 496 

S. Hallockdu Pont 4.156 

Renappi Corporation (holding company for Wil- 
helmina du Pont Ross (89.86 percent), Donald P. 
Ross (0.06 percent) and Wilmington Trust Co., 
trustee (10.08 percent)) 4.163 

Nemours Corporation (holding company for Paulina 
du Pont Dean (79.96 percent) and J. Simpson 
Dean (20.04 percent)) 4.163 

Dilwyne, Inc. (holding company for R. R. M. Car- 
penter)... 12.500 

Wilminfrton Trust Co., trustee u/a/w Mary A. B. du 
Pont Laird, July 25, 1930 3.125 

Mary A. B. du Pont Laird, Walter J. Laird, and 
Philip D. Laird, successor trustees u/d/t Sept. 26, 
1916 6.250 

Wilmington Trust Co., trustee u/w W. Winder 
Laird 3.125 

Security Trust Co., trustee u/a/w Isabella du Pont 
Sharp, Dec. 14, 1931 6.250 

Security Trust Co., trustee u/a/w Hugh Rodney 
Sharp, Dec. 14, 1931 6.250 

Subtotal 83.985 

17 others 16.015 

Total.. 100.000 

3. Pierre S. du Pont --, 

4. Eugene du Pont 

5. Archibald M. L. du Pont 

6. H. F. du Pont 

7. Wilmington Trust Co., trustee u/a with H. F. du Pont.. 

8. Eugene E. du Pont... 

9. Ernest du Pont. . 

10. Wilmington Trust Co., trustee u/d/t with Philip F. du Pont.. .. 
n. Fidelity-Philadelphia Trust Co., trustee u/w Philip F. du Pont.. 

12. Wilmineton Trust Co., trustee u/w Elizabeth B. du Pont. 

13. Charles Copeland 

14. Delaware Trust Co., trustee u/w Wm. du Pont, Sr., 

subject to annuities of $30,000 a year payable to 
others; the following share the remaining income 
proportionately: Shares 

William du Pont, Jr.. 174,388.2 

Mrs. Marion du Pont Scott. 116,258.8 

Total . 290,647.0 

15. Almours Securities, Inc., for du Pont family, a holding com- 

pany (dissolved Dec. 20, 1938). For details of ownership see 
this appendix, sec. ID - 

BANKS, BROKERS, ETC.; BENEFIOARIES NOT DISCLOSED 

16. Swiss Bank Corporation 

17. Citv Bank Farmers Trust Co 

18. Central Hanover Bank & Trust Co 

19. Francis I. du Pont & Co 

Total 



Number 
of shares 



290,647 
579, 689 



154,000 
142, 958 
41,577 
42, 242 



5, 242, 318 



Holdings 



Value 



304,480 


$34,101,760 


73, 452 


8, 226, 624 


77,503 


8, 680, 336 


59,800 


6, 697, 600 


58,836 


6, 589. 632 


52,900 


5, 924, 800 


54,524 


6. 106, 688 


54,001 


6,048,112 


52, 433 


5, 872, 496 


46,000 


5, 152, 000 


49, 393 


5,532.016 


58,083 


6, 505, 296 



32, 552, 464 
64, 925, 168 



17, 248, 000 
16,011,2% 
4, 656, 624 
4, 731, 104 



587, 139, G16 



Percent 
of shares 
outstand- 
ing 



870 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

E. I. DU PONT DK 

ISize rank: 25. 6 percent CUMULATIVE DEBENTURE STOCK (CONTINGENT VOTING) 

Holders of Rbcord 



Name of record bolder 



Holding^ 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Metropolitan Life Insurance Co... 

2. New York Life Insurance Co 

3. Prudential Insurance Co. of America... 

4. Equitable Life Assurance Society of the United States 

5. Wilmington Trust Co 

6. Pierre S. du Pont 

7. Alice Beliu du Pont. 

8. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

9. Ruth P. McCollum and J. Frank Otwell, as joint tenants but 

not as tenants in common 

10. The Mutual Life Insurance Co. of New York 

11. Delaware Realty & Investment Co. (holding company for 

members of the du Pont family) 

12. The Doyle Co. (holding company for members of the Doyle 

family).. 

13. Fidelity-Philadelphia Trust Co., trustee u/d/t Philip F. du 

Pont, Mar. 28, 1921 __ _. , 

14. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

15. King & Co. (nomin e for City Bank Farmers Trust Co.; bene- 

ficiaries not disclc ,ed) - 

16. Delaware Trust Co., trustee u/w Alicia du Pont 

17. Eugene du Pont _ 

18. Frank L. Connable ___ 

19. Security Trust & Safe Deposit Co., and John S. Rossell, sub- 

stitute trustees u/d/t Sept. 26, 1905 

Total 



66, 175 
32,300 
30,-600 
18,800 
18, 751 
18, 426 
16,111 

15,102 

15,000 
15,000 

14,450 

12,234 

7,764 

7,649 

7,589 
6,730 
5,643 
5,492 

5,340 



$8,693,741 
4,243,412 
4, 020. 075 
2, 469, 850 
2,463,413 
2,420,716 
2,116,583 

1,984,025 

1,970,625 
1,970,625 

1,898,369 

1,607,242 

1,019,995 

1,004,887 

997,005 
884,154 
741,349 
721,511 

701,542 



6.05 
2.96 
2.80 
1.72 
1.72 
1.69 
1.47 

1.38 

1.37 
1.37 

1.32 

1.12 

.71 

.70 



.62 
.52 
.50 

.40 



319,156 



41,929,119 



29.20 



CONCENTRATION OF ECONOMIC POWER 



871 



beneficial ownership in such holdings — Continued 
NEMOURS & CO. 

as of Dec. 31, 1937. Shares outstanding as of Dec. 31, 1937: 1,098,495. Price as of December 1937: $131?6] 
Legal and Beneficial Holders 



Type and name of holder 



individuals, personal and familt holding companies, trusts 
and estates 

1. Ruth P. McCollum and J. Frank Otwell, as joint tenants, but 

not as tenants in common 

2. Delaware Realty & Investment Co. (a holding company for 

the du Pont family. For details of ownership, see information 
given under common stock, above) 

3. Pierre S. du Pont ..- 

4. Alice Belin du Pont - 

5. Fidelty-Philadelphia Trust Co., trustee u/d/t Philip F. du Pont, 

Mar. 28, 1921 - 

6. Delaware Trust Co., trustee u/w Alicia du Pont..-,. 

7. Eugene du Pont 

8. Frank L. Connable - 

9. Security Trust & Safe Deposit Co. and John S. Rossell, sub- 

stitute trustees u/d/t Sept. 26, 1905 -- 

10. The Doyle Co., a holding company, the stock of which is owned 

by: Percent 

Bernard W. Doyle .-- 42.13 

Elizabeth H. Doyle 23.10 

Elizabeth H. Doyle, through Bernard W. Doyle and 

New England Trust Co., trustees 2.51 

Louise I. Do vie 12. 65 

Louise 1. Doyle, through New England Trust Co. 

and Louise L Doyle, trustees. - 3.58 

Marjorie E. Rockwell. 11.83 

Marjorie E. Rockwell, through New England Trust 

Co. and Marjorie E . Rockwell, trustees 3. 68 

Richard C. Rockwell 72 

Total 100.00 

insurance companies 

11. Metropolitan Life Insurance Co 

12. New York Life Insurance Co ■ 

13. Prudential Insurance Co. of America 

14. Equitable Life Assurance Society of the United States 

16. The Mutual Life Insurance Co. of New York 

BANKS, brokers, ETC.; BENEFICIARIES NOT DISCLOSED 

16. Wilmington Trust Co 

17. United States Trust Co 

18. Central Hanover Bank & Trust Co 

19. City Bank Farmers Trust Co 

Total 



Number 
of shares 



15,000 



14, 450 
18, 426 
16,111 

7,764 
6,730 
5,643 
6,492 

5,340 



12,234 



66,175 
32,300 
30,600 
18,800 
15,000 



18,761 
16, 102 
7,649 
7,689 



Holdings 



319, 166 



Value 



$1, 970, 625 



1, 898, 369 
2, 420, 716 
2,116,583 

1, 019, 995 
884,154 
741,349 
721,511 

701,542 



1,607,242 

8, 693, 741 
4, 243, 412 
4, 020, 075 
2, 469, 850 
1, 970, 625 



2,463,413 

1, 984, 025 

1,004,887 

997,005 



41,929,119 



Percent 
of shares 
outstand- 
ing 



1.32 
1.69 

1.47 

.71 
.62 
.52 
.50 

.49 



1.12 



6.05 
2.96 
2.80 
1.72 
1.37 



1.72 
1.38 
.70 



29.20 



872 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

E. I. DU PONT DB 

[Size rank: 25. $4.50 CUMULATIVE PREFERRED (CONTINGENT VOTING) 
HoLDEBS or Recobd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. New York Life Insurance Co... - 

2. Metropolitan Life Insurance Co 

3. John Hancock Mutual Life Insurance Co.. 

4. The Prudential Insurance Co. of America - - 

5. Steere & Co. Cnomlnee for Qtrard Trust Co.; beneficiaries not 

disclosed) 

6. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

7. The Cleveland Trust Co , 

8. Indemnity Insurance Co. of North America 

9. Massachusetts Mutual Life Insurance Co 

10. National Life Insurance Co -. 

11. Morton Salt Co. 

12. Columbia Development Corporation (100 percent owned sub- 

sidiary of Pittsburgh Plate Glass Co.) 

13. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

14. Frederick G. Folberth and William M. Folberth as joint ten- 

ants but not as tenants in common... 

15. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) ._ _ 

16. Boehm & Co. (nominee for Bankers Trust Co.; beneficiaries 

not disclosed) 

17. California Western States Life Insurance Co.. 

18. The Commonwealth Fund 

19. Delaware Trust Co 

20. The New York Public Library, Astor, Lenox, and Tilden 

Foundations 

Total 



38,740 
20,000 
10,000 
10,000 

8,467 

6,590 
5,808 
5,000 
5,000 
4,675 
4,320 

4,000 

2,993 

2,460 

2,303 

2,250 
2,000 
2,000 
2,000 

2,000 



$4, 261, 400 
2,200,T)00 
1, 100, 000 
1, 100, 000 

931, 370 

724,900 
638,880 
550,000 
550,000 
514,250 
475,200 

440,000 

329,230 

270,600 

253, 330 

247,500 
220,000 
220,000 
220,000 

220,000 



140,606 



15, 466, 660 



7.75 
4.00 
2.00 
2.00 

1.69 

1.32 
1.16 
1.00 
1.00 
.94 
.86 

.80 

.60 



.46 

.45 
.40 
.40 
.40 

.40 

28.12 



CONCENTRATION OF ECONOMIC POWER 



873 



beneficial otonership in such holdings — Continued 
NEMOURS & CO. 

as of Dec. 31, 1937. Shares outstanding as of Dec. 31, 1937: 600,000. Price as of December 1937: $110] 
Legal and Benbhcial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDINO COMPANIES, TRUSTS 
AND ESTATES 

1. Frederick O. Folberth and WUliam M. Folberth as joint ten- 

ants but not as tenants in common 

OTHER CORPORATIONS, NONTINANCIAL 

2. Morton Salt Co 

3. Pittsburgh Plate Glass, through Columbia Development Cor- 

poration (100 percent owned) 

IMSURANCE COMPANIES 

4. New York Life Insurance Co 

6. Metropolitan Life Insurance Co 

6. John Hancock Mutual Life Insurance Co 

7. The Prudential Insurance Co. of America 

8. Indemnity Insurance Co. of North America 

9. Massachusetts Mutual Life Insurance Co 

10. National Life Insurance Co - 

11. California Western States Life Insurance Co 

FOUNDATIONS 

12. The Commonwealth Fund (Harkness) 

OTHER ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

13. The New York Public Library 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. Oirard Trust Co - -... 

15. United States Trust Co .- -... 

16. The Cleveland Trust Co -.. 

17. City Bank Farmers Trust Co 

18. Central Hanover Bank & Trust Co 

19. Bankers Trust Co ..-. 

20. Delaware Trust Co - 

Total 



2,460 



4,320 
4,000 



38, 740 
20,000 
10,000 
10,000 
5,000 
5,000 
4,675 
2,000 



2,000 



2,000 



8,467 
6, 590 
5,808 
2,993 
2,303 
2,250 
2,000 



$270,600 

475,200 
440,000 



4, 261, 400 

2, 200, 000 

1, 100, 000 

1,100,000 

550,000 

550,000 

514, 250 

220,000 



220,000 



220, 000 



931,370 
724, 900 
638,880 
329, 230 
253, 330 
247, 500 
220,000 



0.49 



.80 



7.75 
4.00 
2.00 
2.00 
1.00 
1.00 
.94 
.40 



1.09 
1.32 
1.10 
.60 
.46 
.45 
.40 



15, 466, 660 



28.12 



874 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

DUQUESNE 
(Size rank: 94. COMMON (VOTING) as of Feb. 1, 1938. Shares 
Holders OF Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. The First National Bank of the city of New York, trustee u/i 

Philadelphia Co., Dec. 1, 1927 

2. Bernard F. Braheney (held for the Philadelphia Co.) 

3. Arthur E. Braun (held for the Philadelphia Co.) 


2, 152, 810 


$87. 996. 109 
41 


99.99-f- 
.00-1- 
.00-1- 


4. C.J. Braun, Jr. (held for the Philadelphia Co.) 

6. W. B. Carson (held for the Philadelphia Co.) 


.00-1- 
.00-f- 


6. H. C. Cummins (held for the Philadelphia Co.).. 


.00-1- 


7. Victor Emanuel (held for the Philadelphia Co.) 


.00-1- 


8. John Q. Frazer (held for the Philadelphia Co.) 


.004- 


9. E. P. Gi-ifflths (held for the Philadelphia Co.) 


.00-t- 


10. F.J. Holub (held for the Philadelphia Co.) 


.00-1- 


11. Edward W. Judy (held for the Philadelphia Co.) 


.OO-h 


12. 8. Mitchell (held for the Philadelphia Co.) 


1 41 


.004- 


13. H. S. Netting, Jr. (held for the Philadelphia Co.) 






.00-h 


14. Frank R. Phillips (held for the Philadelphia Co.) 

15. Paul M. Rosenthal (held for the Philadelphia Co.).. 

16. O. H. Schlarb (held for the Philadelphia Co.) 


.004- 
.004- 
.004- 


17. J. J. Schmotzer (held for the Philadelphia Co.).. 

18. Louis H. Seagrave (held for the Philadelphia Co.) 


.004- 
.004- 


19. E. W. Washabaugh (held for the Philadelphia Co.) 


.004- 






Total 


2, 152, 828 


87, 996, 847 


100.00 







CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
X-IQHT CO. 

outstanding as of Feb. 1, 1938: 2,152,828. Price (assigned) as of December 1937: $40^] 
Legal and BENEFiaAL Holders 



875 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


CORPORATIONS, PARENT AND SUBSIDURT 

1. Philadelphia Co. (parent of Duquesne Light Co. and subsidiary 
of Standard Qas & Electric Co.; this stock is all deposited with 
the First National Bank of the city of New York, trustee under 
the indenture dated Dec. 1, 1927, of the 5 percent series A bonds 
of 1967 of the Philadelphia Co.) 


2,152,828 


$87,996,847 


100.00 






Total 


2,152,828 


87, 996, 847 


100.00 







876 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

DUQUESNE 
[Size rank: 94. 5 percent CUMULATIVE FIRST PREFERRED (CONTINGENT VOTING) as 

Holders of Record 



Name of record bolder 



Holdings 







Percent 


Number 


Value 


of shares 


of shares 


outstand- 






ing 


30,000 


$3, 386, 250 


10.91 


27,500 


3, 104, 062 


10. OO 


17,317 


1, 954, 656 


6.29 


16,000 


1. 806, 000 


5.81 


11,500 


1,298.062 


4.18 


6,000 


677, 250 


2.18 


5,000 


564.375 


1.81 


3,326 


375, 422 


1.20 


2,500 


282, 187 


.91 


2,403 


271,239 


.88 


2,400 


270,900 


.87 


2,200 


248, 325 


.80 


2,000 


225, 750 


.73 


2,000 


225,750 


.73 


2,000 


225, 750 


.73 


2,000 


225,750 


.73 


2,000 


225, 750 


.73 


2,000 


225,750 


.73 


1,965 


221, 799 


.71 


1,885 


212, 769 


.61 


141,996 


16, 027, 796 


51.54 



1. The Prudential Insurance Co. of America 

2. Metropolitan Life Insurance Co 

3. The Equitable Life Assurance Society of the United States 

4. New York Life Insurance Co 

5. The Mutual Life Insurance Co. of New York '- 

6. The Penn Mutual Life Insurance Co 

7. The Mutual Benefit Life Insurance Co 

8. Bankers Trust Co., trustee, by d/o/t for time being in United 

States for the Canada Life Assurance Co 

9. Commonwealth Fund _ 

10. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) .- 

11. Griffin & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed). 

12. The Curtis Publishing Co. 

13. Aetna Life Insurance Co . 

14. Falls Co. (a holding company for the Rosengarten family) 

16. John Hancock Mutual Life Insurance Co 

16. The Metropolitan Museum of Art 

17. New England Mutual Life Insurance Co 

18. Provident Mutual Life Insurance Co. of Philadelphia.. , 

19. National Life Insurance Co. , 

20. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) , 

Total 



CONCENTRATION OF ECONOMIC POWER 



877 



beneficial ownership in such holdings — Continued 
LIGHT CO. 

of Dec. 31, 1937. Shares outstanding as of Dec. 31, 1937: 275,000. Price as of December 1937: $112^1 
Legal and Beneficial Holders 



T ype and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Falls Co. (a holding company for the Rosengarten family; for 

details of ownership, see this appendix, sec. II). 

OTHER CORPORATIONS, NONFINANCIAL 

2. The Curtis Publishing Co..._ 

INSURANCE COMPANIES 

3. The Prudential Insurance Co. of America 

4. Metropolitan Life Insurance Co 

5. The Equitable Life Assurance Society of the United States 

6. Xew York Life Insurance Co 

7. The Mutual Life Insurance Co. of New York 

8. The Penn Mutual Life Insurance Co 

9. The Mutual Benefit Life Insurance Co 

10. The Canada Life Assurance Co., through the Bankers Trust Co., 

trustee, by d/o/t for the time being in the United States 

11. Aetna Life Insurance Co 

12. John Hancock Mutual Life Insurance Co 

13. New England Mutual Life Insurance Co... _ 

14. Provident Mutual Life Insurance Co. of Philadelphia... 

15. National Life Insurance Co 

FOUNDATIONS 

16. Commonwealth Fund (Harkness)... 

OTHER ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

17. The Metropolitan Museum of Art 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

18. City Bank Farmers Trust Co - 

19. Central Hanover Bank & Trust Co... 

Total 



2,000 

2,200 

30,000 
27,500 
17,317 
16,000 
11,500 
6,000 
5,000 

3,326 
2,000 
2,000 
2,000 
2,000 
1,965 

2,500 

2,000 



4,803 
1,885 



$225, 750 



248, 325 



3, 386, 250 
3, 104, 062 
1, 954, 656 
1, 806, 000 
1,298,062 
677, 250 
564,375 

375, 422 
225,750 
225,750 
225, 750 
225, 750 
221, 799 



282, 187 



542. 139 
212,769 



0.73 



.80 



10.91 
10.00 
6.29 
5.81 
4.18 
2.18 
1.8S 

1.20 
.73 
.73 
.73 
.73 
.71 



.91 



.73 



1.75 
.61 



141,996 



16,027,796 I 



51.64 



878 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

EASTMAN 
(Size rank: 104. COMMON (VOTING) as of Sept. 5. 1937. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. University of Rochester 

2. Helen Strong Carter _ 

3. Security Trust Co., trustee u/w Henry A. Strong.. 

4. P. B. Philipp , 

5. Massachusetts Institute of Technology. ' 

6. Geo. H. Clark 

7. Ellen A. Dryden - 

8. QrifiBri & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

9. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

10. Elizabeth Lyon Kidd & J. Sawyer Fitch, executors of the estate 

of Carolyn H. Lyon 

11. Helen R. C. Motley ^. 

12. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) --. 

13. Ralph C. Sheldon ._ 

14. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not d isclosed) 

16. Addle M„ Webster 

16. C. A. England & Co. (nominee for Chemical National Bank; 

beneficiaries not disclosed) 

17. Walsh & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

18. Lawyers Trust Co. and Richard T. Greene, trustees for O. D. 

Walker u/w Wm. Hall Walker, deceased - ..- 

19. Gertrude Strong Achilles 

20. Harriet S. Dumont 

Total. 



50,575 
33, 730 
27,000 
20,365 
19.500 
15,000 
15,000 

9,502 

9,175 

9,074 
9,060 

9,028 
9,000 

8,642 
8,000 

7,436 

7,397 

7,146 
7,140 
7.000 



$8,117,287 
5,413,665 
4, 333, 500 
3, 268, 582 
3,129,750 
2, 407, 500 
2, 407, 500 

1, 525, 071 

1,472,587 

1,456,377 
1, 454, 130 

1, 448, 994 
1, 444, 500 

1,387,041 
1,284,000 

1, 193, 478 

1, 187, 218 

1, 146, 933 
1, 145, 970 
1, 123, 500 



2.25 
1.50 
1.20 
.90 

.87 
.67 
.67 

.42 

.41 

.40 
.40 

.40 
.40 

.38 
.36 

.33 

.33 

.32 
.32 
.31 



288,770 



46, 347, 583 



12.84 



CONCENTRATION OF ECONOMIC POWER 



879 



beneficial ownership in such holdings — Continued 

KODAK CO. 

outstanding as of Dec. 5, 1937: 2,250,921. Price as of December 1937: $160^^] 
Legal and Beneficxal Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 



P. B. Philipp 

Geo. H. Clark -..- 

Helen Strong Carter.- _ -.- 

Security Trust Co., trustee u/w Henry A. Strong (beneficiary, 

Hattie M. Strong) '.._. 

Gertrude Strong Achilles — - 

Harriet S. Dumont. - 



Ellen A. Dryden 

Estate of Carolyn H. Lyon; Elizabeth Lyon Kidd and J. Saw- 
yer Fitch, executors - - 

Helen R. C. Motley 

Ralph C. Sheldon. _ 

Addie M. Webster - 



Q. D. Walker, through Lawyers Trust Co. and Richard T. 
Greene, trustees u/w Wm. Hall Walker, deceased 



ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 



13. University of Rochester 

14. Massachusetts Institute of Technology. 



BANKS, BROKERS, ETC; BENEFICIARIES NOT DISCLOSED 

15. City Bank Farmers Trust Co 

16. Central Hanover Bank & Trust Co 

17. United States Trust Co.. 

18. Chemical National Bank 

19. Chase National Bank 



Total. 



20, 365 
15,000 
33, 730 

27,000 
7,140 
7,000 

15,000 

9,074 
9,060 
9,000 
8,000 

7,146 



50,575 
19,500 



18, 530 
9,175 
8,642 
7,436 
7,397 



288,770 



$3, 268, 582 
2, 407, 500 
5, 413, 665 

4, 333, 500 
1, 145, 970 
1, 123, 500 

2, 407, 500 

1,456,377 
1,454,130 
1, 444, 500 
1,284,000 

1,146,933 



8,117,287 
3, 129, 750 



2, 974, 065 
1,472,587 
1,387,041 
1,193,478 
1, 187, 218 



46, 347, 583 



0.90 
.67 
1.50 

1.20 
.32 
.31 

.67 

.40 
.40 
.40 
.36 

.32 



2.25 

.87 



.82 
.41 
.38 
.33 
.33 



12.84 



2584 15— 41— No. 29- 



880 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

EASTMAN 
[Size rank: 104. 6 percent CUMULATIVE PREFERRED (VOTING) as of Sept. 6, 1937. 

HOLDEES OF RECOED 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Metropolitan Life Insurance Co 

George H. Clark .., 

At well & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

Boehm & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

John Hancock Mutual Life Insurance Co 

Ellen D. MoUer , 

Veronica M. Callaghan, care of Treasurer's Office, Swift & Co_. 
Rochester Trust & Safe Deposit Co., trustee u/a by Helen R. 

Clark — - 

Rochester Trust & Safe Deposit Co 

Gertrude Strorig'Achilles 

Addie M. Webster 

AdaH. Kent 

Federal Insurance Co. of New Jersey 

Hartford Accident & Indemnity Co 

Hartford Fire Insurance Co 

Pritchard H. Strong 

Security Trust Co., trustee for Adele H. Clark 

Chas. M. Thoms 

Helen D. Thoms 

Harold O. Townson 

Total 



3,962 
2,000 

1,000 

'1,000 

1,000 

1,000 

760 

667 
612 
600 
600 
807 
600 
800 
800 
800 
600 
500 
500 
500 



17,708 



$618, 072 
312,000 

156,000 

156,000 
156,000 
156,000 
118, 560 

104,052 
95, 472 
93,600 
93,600 
79,092 
78,000 
78,000 
78,000 
78,000 
78,000 
78,000 
78,000 
78,000 



6.43 
3.24 

1.62 

1.62 
1.62 
1.62 
1.23 

1.08 
.99 
.97 
.97 
.82 
.81 
.81 
.81 
.81 
.81 
.81 
.81 
.81 



2, 762, 448 



28.( 



CONCENTRATION OF ECONOMIC POWER 



881 



beneficial ownership in such holdings — Continued 

KODAK CO. 

Shares outstanding as of Dec. 5, 1937: 61,6S7. Price as of December 1937: $156) 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



morviDrALS, personal and family holdinq companies, trusts 

AND estates 

1. Ellen D. Moller 

2. Oeo. H. Clark 

3. Rochester Trust & Safe Deposit Co., trustee u/a by Helen R. 

Clark ..- 

4. Adele H. Clark, through Security Trust Co., trustee 

6. Veronica M. Callaghan. 

6. Gertrude Strong Achilles 

7. Pritchard H. Strong 

8. Addie M. Webster 

9. Helen D. Thoms 

10. Chas. M. Thoms 

11. Ada H. Kent 

12. Harold C. Townson 

INSURANCE COMPANIES 

13. Metropolitan Life Insurance Co 

14. John Hancock Mutual Life Insurance Co 

16. Hartford Fire Insurance Co 

16. Hartford Accident & Indemnity Co 

17. Federal Insurance Co. of New Jersey 

BANKS, BROKERS, ETC.; BENEnOARIES NOT DISCLOSED 

18. United States Trust Co 

19. Bankers Trust Co 

20. Rochester Trust & Safe Deposit Co 

Total 



1,000 
2,000 

667 
500 

760 

600 
500 

600 

500 
500 

507 

500 



3,962 

1,000 

500 
500 

500 



1,000 

1,000 

612 



$156,000 
312,000 

104,052 
78,000 

118,660 

93,600 
78,000 

93,600 

78,000 
78,000 

79,092 

78,000 



618, 072 

156,000 

78,000 
78,000 

78,000 



156,000 
156,000 
95, 472 



1.62 
3.24 

1.08 
.81 

1.23 

.97 

.81 

.97 

.81 
.81 

.82 

.81 



6.43 

L62 

.81 
.81 

.81 



1.62 
1.62 
.99 



17, 708 



2, 762, 448 



28.69 



882 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
ELECTRIC POWER & 

[Size rank; 26. COMMON (VOTING) as of Oct. 21, 1937. Shares outstand- 
HoLDERS OF Record 



Holdings 



Name of record holder 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Electric Bond & Share Co ' 

2. Harold F. Sanders (nominee for Electric Bond <fe Share Co.) j 

3. Frank L. Smiley (nominee for Electric Bond & Share Co.) ' 

4. CM. HamOton (nominee for Electric Bond <fe Share Co.) I 

5. Harry J. Wiegand (nominee for Electric Bond & Share Co.) 

6. Abbott, Proctor & Paine 

7. Jas. H. Oliphant & Co I 

8. Thomson & McKinnon | 

S. Lynn & Co. (nominee for Guaranty Trust Co. of New York | 

which holds for the account of Dividend Shares, Inc.) 

10. J. S. Bache & Co. I 

11. Dominick & Dominick.... ] 

12. E. A. PierceA Co - I 

13. Cudd <& Co. (nominee for Chase National Bank; beneficiaries 

not disclosed). 

14. Fahnestock & Co 

15. Nickerson & Co. (nominee for Guardian Investors Corporation) . 

16. Paine, Webber & Co 

17. Fenner & Beane 

18. Brown Bros., Harriman & Co 

19. Pask & Walbridge 

•20. Harriman & Keech. 



Total. 



1, 075. 947 
389.' 114 
285, 088 
194, 713 
32,563 
26,204 
24, 265 
21,711 

20,000 
18, 326 
18, 168 
17,438 

16, 871 
15, 730 
15,600 
15,006 
10,861 
10,541 
10, 480 
10,370 

2,228, 906 



$11,969,910 

4, 328. 893 

3, 171, 604 

2, 166. 182 

362, 263 

291, 519 

269, 948 

241. 535 

222,500 
203, 877 
202, 119 
193, 998 

187, 690 
174,996 
173, 550 
166, 942 
120,829 
117, 269 
116, 590 
115,366 

24,797,680 



31.44 

11.37 

8.33 

5.69 

.95 

.77 

.71 

.63 

.58 
.54 
.53 
.51 

.49 
.46 
.46 
.44 
.32 
.31 
.31 
.30 

65.14 



CONCENTRATION OF ECONOMIC POWER 



883 



beneficial ownership in such holdings — Continued 

LIOHf CORPORATION 

Ing as of Oct. 31, 1937: 3,421,187. Prioe as of December 1937: $UH] 

Legal and BENEnaAL Holders 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



COEPORATIONS, PARENT AND SUBSIDLiRT 

1. Electric Bond & Share Co. (a statu tary parent of Electric Power 

& Light Corporation) , 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

2. Dividend Shares, Inc 

3. Guardian Investors Corporation 

BANKS, BROKSRS, ETC.; BENEnCIARIES NOT DISCLOSED 

4. Chase National Bank 

5. Abbott, Proctor & Paine... 

6. James H. Oliphant & Co 

7. Thomson & McKlnnon 

8. J. S. Bache & Co. 

9. Dominick & Dominick 

10. E. A. Pierce & Co 

11. Fahnestock & Co 

12. Paine, Webber & Co.... 

13. Fenner & Beane ^ 

14. Brown Bros., Harriman & Co 

15. Pask & Walbridge 

16. Harriman & Keech 

Total 



1,977,425 



20,000 
15,600 



16,871 
26,204 
24,265 
21, 711 
18,326 
18,168 
17,438 
15,730 
15,006 
10,861 
10,541 
10,480 
10, 370 



$21, 998, 852 



222,500 
173, 550 



187, 690 
291, 519 
269, 948 
241, 535 
203, 877 
202, 119 
193, 998 
174, 996 
166, 942 
120,829 
117, 269 
116, 590 
115,366 



57.78 



.58 
.46 



.49 
.77 
.71 
.63 
.54 
.53 
.51 
.46 
.44 
.32 
.31 
.31 
.30 



2,228,996 



24, 797, 580 



65.14 



884 



CONC5ENTRATI0N OP ECONOMIC POWER 

Record holders and holders having legal and 
ELECTBIO POWER & 
[Size rank: 26. $7 CUMULATIVE PREFERRED (VOTING) as of Oct. 21, 1937. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Pefcent 
of shares 
outstand- 
ing 



1. Dominick & Dominick 

2. Electrical Securities Corporation (100 percent owned by General 

Electric Co.) - -- 

8. General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees) 

4. F. B. Thorne & Co.: Shares 

Beneficially owned by F . B . Thorne & Co 5, 000 

Held for— 

Francis B. Thorne 3,200 

Hildegarde K. Thome 500 

F. J. Leary 200 

Subtotal '. 8,900 

Shares not in their possession, but not yet transferred 
from the name of F.B. Thorne & Co 600 

Total 9,400 

6. Lazard Freres 

6. Ince & Co. (nominee for Guaranty Trust Co. of New York; bene- 

ficiaries not disclosed) 

7. Brown Bros., Harriman & Co 

8. Cull & Co., Ltd 

0. Bankmont <& Co. (nominee for Bank of Montreal; beneficiaries 

not disclosed) - 

10. Merchants Fire Assurance Corporation of New York 

11. Hallgarten & Co 

12. Cyrus J. Lawrence & Sons 

13. Moore & Schley 

14. Lehman Bros.: Held for— Sharet 

Lehman Corporation 4,000 

Others 300 

Total 4,300 

15. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) — 

16. Lynn & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed) 

17. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

18. Charles Brown (nominee for Case, Pomeroy & Co.) 

19. J. & W. Seligman & Co , 

20. Marshall W. Pask 

Total 



18, 862 
13,500 
10,200 



9,400 
7,835 

7,266 
7,172 
6,136 

6,680 
6,200 
6,096 
6,031 
4,666 



4,300 

1,126 

4,100 

4,080 
3,900 
3,831 
3,650 



133,916 



$678, 672 
486,000 
367,200 



338,400 
282,060 

261,540 
258, 192 
220,860 

200,880 
187,200 
183,420 
181, 116 
167,940 



154,800 

148,500 

147,600 

146,880 
140,400 
137,916 
131,400 



3.66 
2.62 
1.98 



1.82 
1.62 

1.41 
1.39 
1.19 

1.08 
1.01 
.09 
.98 
.91 



.83 

.80 

.80 

.79 
.76 
.74 
.71 



4,820,976 



26.90 



CONCENTRATION OF ECONOMIC POWER 



885 



beneficial ownership in such holdings — Continued 

LIGHT CORPORATION 

Shares outstanding as of Oct. 21, 1937: 614,162. Price as of December 1937: $36] 

LEQAt AND BENEnaAL HOLDERS 



Type and name of holder 



Holdings 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Marshall W. Pask 

2. Francis B. Thorne 

3. Hildegarde K. Thorne 



OTHER CORPORATIONS, NONTINANQAL 

4. General Electric Co., through Electrical Securities Co. (100 per- 
cent owned) - 



INSURANCE COMPANIES 

6. Merchants Fire Assurance Corporation of New York 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

6. Lehman Corporation 

BROKERS AND INVESTMENT BANKERS AS BENEnaAL HOLDERS 

7. F. B. Thorne & Co 

OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

8. General Electric Employees Securities Corporation (an Invest- 

ment company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.) 



BANES. BROKERS, ETC.; BENEnQABIES NOT DISCLOSED 

9. Guaranty Trust Co. of New York 

10. Bank of Montreal 

11. Cull & Co., Ltd. 

12. Chase National Bank.._ ...^ 

13. Dominick & Dominick 

14. Lazard Freres 

15. Brown Bros.. Harriman & Co 

16. Hallgarten & Co 

17. Cyrus J. Lawrence & Sons 

18. Moore & Schley. - 

19. Case, Pomeroy & Co 

20. J. & W. Seligman & Co 



Subotal 

Total record holdings not included above. 

Total 



Number 
of shares 



3,650 

3,200 
500 



13,600 
5.200 
4,000 
5,000 

10,200 



11,365 
9,660 
6,135 
4,125 

18,852 
7,835 
7,172 
6,095 
6,031 
4,665 
3,900 
3,831 



Value 



132,916 
1,000 

133,016 



$131, 400 

115,200 
18,000 



486,000 
187,200 
144,000 
180,000 

367,200 



409,140 
347, 760 
220,860 
148, 500 
678, 672 
282,060 
258,192 
183.420 
181, 116 
167,940 
140,400 
137, 916 



Percent 
of shares 
outstand- 
ing 



4, 784, 976 
36,000 



4,820,976 



0.71 
.62 
.10 



2.62 



1.01 



.78 



.97 



2.21 
1.87 
1.19 
.80 
3.66 
1.62 
1.39 



.91 
.76 
.74 



26.81 
.18 



26.90 



886 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
ELECTRIC POWER & 
[Size rank: 26. $6 CUMULATIVE PREFERRED (VOTING) as of Oct. 21, 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Domlnick & Dominick 

2. Bankmont & Co. (nominee for Bank of Montreal; beneficiaries 

not disclosed) 

3. Lehman Bros, (held for)— Shares 

Lehman Corporation 6,400 

Others 630 

Total 7,030 

4. F. B. Thorne & Co.: 

Owned beneficially by F. B. Thome & Co 200 

Held for Francis B. Thome - 4,800 

Shares not in their possession, but not yet transferred 
out of their name - 1 300 

Total -.- 5,300 

6. Ince & Co. (nominee for Guaranty Trust Co. of New York; 
beneficiaries not disclosed) 

6. F. S. Smithers & Co 

7. Electrical Securities Corporation (100 percent owned by General 

Electric Co.) 

8. Carl M. Loeb & Co... 

9. Brown Bros., Harriman & Co. 

10. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

11. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

12. W. C. Langley & Co... 

13. Lord & Widli 

14. The Delaware & Hudson Co 

15. United States & International Securities Corporation 

16. Schmidt & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed) 

17. H. Hentz & Co 

18. O.-M. P. Murphy & Co 

19. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed) 

30. Hallgarten <fc Co 

Total— 



,766 
,030 



7,030 



5.300 

4,960 
4,720 

4,700 
4,615 
4,384 

3,459 

3,300 
3,259 
3,200 
3.000 
3,000 

2,720 
2,538 
2,515 

2,510 
2,395 



$289, 278 
264,990 

231,990 

174,900 

163, 680 
155, 760 

155, 100 
148, 995 
144, 672 

114, 147 

108,900 
107, 547 
105,600 
99,000 
99,000 

89,760 
83,754 
82,995 

82, 830 
79, 035 



3.43 
3.14 



2.75 



2.07 



1.94 
1.85 



94 



84,301 



2,781,933 



82.97 



CONCENTRATION OF ECONOMIC POWER 

"** 

beneficial ownership in such holdings — Continued 

LIGHT CORPORATION 

1937. Shares outstanding as of Oct. 21, 1937: 255,427. Price as of December 1937: $33] 
Leqal and Beneficul Holders 



887 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. Francis B. Thorne..- --- 

OTHER CORPORATIONS, NONFINANCIAL 

2. General Electric Co., through Electrical Securities Corporation 

(100 percent owned) — 

3. The Delaware & Hudson Co - 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

4. Lehman Corporation - 

5. United States and International Securities Corporation.. 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

6. Bank of Montreal 

7. Guaranty Trust Co. of New York 

8. Chase National Bank.. 

9. J. P. Morgan & Co , 

10. Dominick & Dominick 

11. F. S. Smithers & Co 

12. Carl M. Loeb & Co 

13. Brown Bros., Harriman & Co 

14. W. C. Langley & Co 

15. H. Hentz & Co 

16. G.-M. P. Murphy & Co 

17. Hallgarten & Co ..- -- 

18. Lord & WidU - 

~ Subtotal -- - 

Total record holdings not included above 

Total - 



4,800 



4,700 
3,000 

6,400 
3,000 



11,330 
7,680 
3,459 
2,510 
8,766 
4,720 
4,515 
4,384 
3,259 
2,538 
2,515 
2,395 
3,200 



83,171 
1,130 



$158,400 



165, 100 
99,000 



211,200 
99,000 



373, 890 
253,440 
114, 147 
82,830 
289,278 
165, 760 
148,996 
144, 672 
107, 547 
83,754 
82,995 
79, 035 
105, 600 



2, 744, 643 
37,290 



1.84 
1.17 



2.51 
1.17 



4.43 

3.00 

1.35 

.98 

3.43 

1.85 

1.77 

1.72 

1.28 

.99 

.98 

.94 

1.25 



32.54 
.43 



84,301 



2, 781, 933 



32.97 



888 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
ELECTRIC POWER & 
[Size rank: 26. $7 CliMULATIVE SECOND PREFERRED A (NONVOTING) as of 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



20. 



Frank L. Smiley (nominee for Electric Bond & Share Co.) 

General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees) _ 

Harry J. Wiegand (nominee for Electric Bond & Share Co.) 

Electrical Securities Corporation (100 percent owned by General 
Electric Co.). 

Illuminating & Power Securities Corporation (a holding com- 
pany the common (sole voting stock) of which is owned 99.4 
percent by Light & Power Securities Co., a holding company 
for the Childs family^ . -■ 

Light & Power Securities Co. (a holding company for the Childs 
family) 

Dominick & Dominick 

American Em"opean Securities Co - 

Asiel& Co - -- 

Charles R. Kempf (nominee for Central Hanover Bank & Trust 
Co.; beneficiaries not disclosed) _^.. 

Adler, Coleman & Co. 

London Nominees Union Bank of Scotland, Ltd., held 
for— Sharei 

Scottish National Trust Co 400 

Second Natioi il Trust Co 300 

Third Nation: 1 Trust Co 250 

Glasgow Stockholders Trust 250 

Total 1,200 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co., 

which holds for the account of Samuel J . Bloomingdale) 

Abraham & Co 

Perkins & Co. (nominee for Commerical Trust Co. of New Jer- 
sey; beneficiaries not disclosed) 

Rowe & Pitman.- 

F. B. Thorne & Co.: Sharrs 

Owned beneficially by F. B. Thome & Co 100 

Held for— 

Francis B. Thome 200 

Hildegarde K. Thome 400 

Subtotal 700 

Shares in name of F. B. Thome but no longer in their 
possession 10 

Total. 710 

H. Hentz & Co. 

Roycan & Co. (nominee for Royal Bank of Canada; beneficiaries 

not disclosed) .. - 

Louise May Hamilton 

Total 



9,480 

4,700 
4,425 

4,000 



4,000 

3,500 
3,395 
3,000 
2,050 

1,900 
1,395 



1,200 



1,000 
750 



750 
720 



710 
650 



650 
610 



48,885 



$279,660 

138, 650 
130,537 

118,000 



118,000 

103,250 
100, 152 
88,600 
60,475 

56,050 
41,152 



35,400 



29.500 
22,125 



22, 125 
21,240 



20,945 
19, 175 

19, 175 
17,995 



12.11 



6.00 
6.65 



5.11 



6.11 

4.47 
4.34 
3.83 
2.62 

2.43 
1.78 



1.63 



1.28 
.90 



.83 

.78 



1,442,106 



62.46 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

LIQHT CORPORATION 

Jan. 16, 1940. Shares outstanding as of Jan. 16, 1940: 78,289. Price as of December 1937: $29^] 
Legal and Benehcial Holders 



889 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. Light & Power Securities Corporation (a holding company for 

Childs and Coffin families; for details of ownership see this ap- 
pendix, sec. II) _ 

2. Illuminating & Power Securities Corporation (99.4 percent of the 

common (sole voting class) stock is owned by Light & Power 
Securities Corporation) 

3. Samuel J. Bloomingdale 

4. Louise May Hamilton 



CORPORATIONS, PARENT AND SUBSIDIARY 

5. Electric Bond & Share Co. (statutory parent of Electric Power & 
Light Co.) 



OTHER CORPORATIONS, NONFINANCIAL 

6. General Electric Co. through Electrical Securities Co. (100 per- 
cent owned) 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

7. American European Securities Co 

BROKERS AND INVESTMENT BANKERS A3 BENEFICLAL HOLDERS 

8. Asicl & Co 

OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

9. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees, the stock of 
which is 100 percent owned by General Electric Co.) 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

10. Central Hanover Bank & Trust Co .-. 

11. Commercial Trust Co. of New Jersey 

12. Royal Bank of Canada.. 

13. Dominick & Dominick.. 

14. Adler, Coleman & Co 

15. Abrahams & Co 

16. Rowe & Pitman 

17. H. Hentz & Co. 



Subtotal , 

Total record holdings not included above. 

Total- 



3,500 

4,000 

1,000 

610 



13,905 

4,000 
3,000 
2,050 

4,700 



1,900 
750 
650 
3,395 
1,395 
750 
720 
650 



46, 975 
1,910 



48,885 



$103, 250 

118,000 
29,500 
17, 995 



410, 197 

118, 000 
88,500 
60,475 

138, 650 



56,050 
22, 125 
19, 175 
100, 152 
41, 152 
22,125 
21,240 
19, 175 



1, 385, 761 
66,345 



1, 442, 106 



4.47 

5.11 
1.28 

.78 



17.76 



3.83 



2.62 



6.00 



2.43 
.96 
.83 
4.34 
L78 
.96 
.92 
.83 



60.01 
2.46 



62.46 



890 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

EMPIRE GAS 
[Size rank: 48. COMMON (VOTING) as of Dec. 31, 1937. Shares 
Holders of Record 





Holdings 


Name of record holder 


Number 
of stoares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Cities Service Co 


750,000 


$32,812,500 


100.00 







[8 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) as of Mar. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Tom P. Lyon, nominee foiv- Shares 

Cities Service Co 42,660 

Oas& Electric Securities 11,600 



54,160 

2. Cities Service Co. (in addition to these holdings and those in 

the name of Tom P. Lyon and H. Winston, Cities Service 
Co. apparently holds 258 shares through unidentified nomi- 
nees) 

3. H. Winston (held for Cities Service Co.) - 

4. Grant Collins. 

6. Dyer, Hudson & Co 

6. Broekmans Administratiekantoor, N. V.. 

7. CarlM. Loeb & Co 

8. Frank Marini, Margaret, Louise, Annie, Rose, and Jennie 

Marini. joint tenants : 

9. Luther E. Patterson 

10. Everett B. Kirk 

11. Cleveland Trust Co -. - 

12. Herbert Knight & Co. (nominee for the Foster family) , 

13. Mary H. Himtley and Thomas E. Huntley, Joint tenants 

14. Frazier, Jelke & Co 

15. Howard F. Kulas... 

16. Cyrus J. Lawrence & Sons.. 

17. Helen De W. Morgan 

18. Robert W. Prosser - 

19. Harry S. HMison 

20. J. S. Bache & Co 



Subtotal 

Total legal and beneficial holdings tiot included above. 

Total 



54, 160 



14,541 

1,488 

1,000 

671 

600 

570 

452 
450 
420 
415 
400 
348 
325 
300 
300 
300 
300 
293 
280 



77, 613 
258 

77, 871 



$1, 976, 840 



530, 746 
54, 312 
36,600 
24,491 
21.900 
20,805 

16. 498 
16, 425 
15,330 
16, 147 
14,600 
12, 702 
11,862 
10, 950 
10, 950 
10, 950 
10, 950 
10,694 
10,220 



?, 832, 872 
9,417 

2, 842, 289 



40.86 



1C.97 
1.12 
.75 
.61 
.46 
.43 

.34 
.34 
.32 
,31 
.30 
.28 
.26 
.23 
.23 
.23 
.23 
.22 
.21 



68.56 
.19 



68.75 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

& FUEL CO. 

outstanding as of Dec. 31, 1937: 750,000. Price (assigned) as of December 1937: $43^] 
Legal and Beneficul Holders 



891 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


CORPORATIONS, PARENT AND SUBSIDIARY 

1. Cities Service Co. (statutory parent of Empire Gas & Fuel Co.). 


750,000 


$32, 812, 500 


lOvJ.OO 



10, 1938. Shares outstanding as of Mar. 10, 1938: 132,536. Price as of December 1937: $36^6] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts 
and estates 

1. Gas & Electric Securities Co. (a holding company for the 

Doherty interests; for details of ownership, see this appendix, 
sec. II) 

2. Grant Collins 

3. Frank Marini, Margaret, Louise, Annie, Rose, and Jennie 

Marini, joint tenants. - . . 

4. Luther E. Patterson 

5. Everett B. Kirk , 

6. Herbert Knight & Co. (customarily nominee for members of the 

Foster family) 

7. Mary H. Huntley and Thomas E. Huntley, joint tenants 

8. Howard F. Kulas 

9. Helen De W. Morgan 

10. Robert W. Prosser... , 

11. Harry S. Hanson. 

CORPORATIONS, PARENT AND SUBSIDIARY 

12. Cities Service Co. (parent of Empire Gas & Fuel) 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

13. Bcoekmans Administratiekantoor, N. V 

BANKS, BROKERS, ETC.; BENEFIQARIES NOT DISCLOSED 

14. Cleveland Trust Co 

15. Dyer, Hudson & Co 

16. Carl M. Loeb&Co.-- 

17. Frazier, Jelke & Co 

18. Cyrus J. Lawrence & Sons 

19. J. S. Bache & Co 

Total 



11,500 
1,000 


$419, 750 
36,500 


452 


16, 498 


450 


16,425 


420 


15, 330 


400 


14,600 


348 


12, 702 


300 


10,950 


300 


10,950 


300 


10,950 


293 


10, 694 



58, 947 



415 
671 
570 
325 
300 
280 



2, 151, 565 



21,900 



16, 147 
24,491 
20,805 
11, 862 
10,950 
10,220 



.31 
.51 
.43 
.25 
.23 
.21 



77, 871 



2, 842, 289 



58.75 



892 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

EMPIRE OA8 
[Size rank: 48. 7 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Ernest H. Johnston (held for Cities Service Co.)-- 

2. Cities Service Co 

3. H. Winston (held for Cities Service Co.) 

4. Broekmans Administratiekantoor, N. V 

6. H. L. Wisner & Co - 

€. Thomas S. Amidon and Anna S. Amidon, joint tenants 

7. Howard F. Kulas. - - 

8. Frazier, Jelke & Co - 

9. Luther E. Patterson - - 

10. William F. Rankin - 

11. Bob Parman 

12. Louis Theyson-.- _ 

13. Pame, Webber & Co 

14. Chas. W. Barney & Co --- 

15. Chas. T. Reed - 

16. Zula Hollingsworth 

17. John 0. Bell..-- 

18. Tubbs Cordage Co -.- 

19. Seward R. Davison - 

20. Joseph Huber -.- 

Total 



138, 656 
40,514 
8,476 
3,370 
600 
500 
500 
470 
430 
333 
310 
300 
290 
286 
264 
253 
250 
250 
250 
250 



$4, 852, 960 

1,417,990 

296, 660 

117,950 

21,000 

17,500 

17,500 

16,450 

15,050 

11,655 

10, 850 

10,500 

10,160 

10, 010 

9,240 

8,855 

8,750 

8,750 

8,750 

8,750 



45.45 
13.28 
2.78 
1.10 
.20 
.16 
.16 
.15 
.14 
.11 
.10 
.10 
.10 
.09 
.09 
.08 
.08 
.08 
.08 



196, 552 



6, 879, 320 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
<fe FUEL CO. 

as of Mar. 10, 1938. Shares outstanding as of Mar. 10, 1938: 305,066. Price as of December 1937: 
Legal and Benehcial Holders 



893 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Thomas S. Amidon and Anna S. Amidon, joint tenants 

2. Howard F. Kulas.. 

3. Luther E. Patterson 

4. William F. Rankin 

5. Bob Parman. 

6. Louis Theyson _ 

7. Chas. T. Reed 

8. Zula HoUingsworth 

9. John O. Bell- _ , 

10. Seward R. Davison 

1 1 . Joseph Huber. _ __ ._ 



CORPORATIONS, PARENT AND SUBSIDIARY 

12. Cities Service Co. (parent of Empire Gas & Fuel Co.) 

OTHER CORPORATIONS, NONFINANCIAL 

13. Tubbs Cordage Co _. 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

14. Broekmans Administratiekantoor, N. V 

BANKS, BROKERS, ETC.; BENEFICURIES NOT DISCLOSED 

15. Frazier, Jelke & Co 

16. Paine, Webber & Co _ 

17. Chas. D. Barney & Co _ 

18. H. L. WisnerA Co.. 



Total. 



500 
500 
430 
333 
310 
300 
264 
253 
250 
250 
250 



187, 646 



2.50 



3,370 



470 
290 
286 
600 

196, 552 



.$17, 500 
17,500 
15,050 
11, 655 
10,850 
10,500 
9,240 
8,855 
8,750 
8,750 
8,750 



6. 567, 610 



8,750 



117,950 



16,450 
10, 150 
10, 010 
21,000 

6, 879, 320 



0.16 
.IS 
.14 
.11 
.10 
.10 
.09 
.08 



61.51 



1.10 



.15 
.10 
.09 
.20 

64.41 



894 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

EMPIRE GAS 
ISlze rank: 48. 6H percent CUMULATIVE PREFEERED (CONTINGENT VOTING) 

Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Ernest H. Johnston (held for Cities Service Co.) 

Cities Service Co 

H. Winston (held for Cities Service Co.) 

Louis Theyson __ 

Cities Service Securities Co. (a wholly owned subsidiary of 

Cities Service Co.) 

Chas. Jacob- 

Clara J. Norton. 

Irving A. Beall 

Abram J. Bliss and Harold S. Bliss, joint tenants 

Joseph M. Clement 

Geo. E. Crawford 

Emanuel M. Herzkowitz 

Krauss & Co. (nominee for Manufacturers & Traders Trust Co. 

of Buffalo; beneficiaries not disclosed) 

Arthur Parker ^ 

JohnN. Piatt 

Rudolf Pucell 

Margaret Rankin 

The Crawford Laundry Co 

Ellis B. Ridgeway 

Elizabeth G. Johnston 

Total 



17,000 

4,406 

1.287 

224 

135 
125 
125 
100 
100 
100 
100 
100 

100 
100 
100 
100 
100 
85 
81 
78 



$569,500 

147, 601 

43, 114 

7,504 

4,522 
4,187 
4,187 
3,350 
3,350 
3,350 
3,350 
3,350 

3,350 
3,350 
3,350 
3,350 
3.350 
2,847 
2,713 
2,613 



50.00 

12.96 

3.79 

.66 

.40 
.37 
.37 
.29 
.29 
.29 
.29 
.29 

.29 
.29 
.29 
.29 
.29 
.25 
.24 
.23 



24, 546 



822,288 



CONCENTRATION OF ECONOMIC POWER 



895 



beneficial ownership in such holdings — Continued 

& FUEL CO. 

as of Mar. 10, 1938. Shares outstanding as of Mar. 10, 1938: 34,000. Price as of December 1937: $33fi] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts 

AND estates 

1. Louis Theyson 

2. Chas. Jacob 

3. Clara J. Norton J|... _._ 

4. Irving A. Beall 

5. Abram J. Bliss and Harold S. Bliss 

6. Joseph M. Clement 

7. Geo. E. Crawford 

8. Emanuel M. Herzkowitz. 

9. Arthur Parker ._ 

10. John N. Piatt 

11. Rudolf Pucell - 

12. Margaret Rankin... _ 

13. Ellis B. Ridgeway ._ 

14. Elizabeth G. Johnston _ 

corporations, parent and subsidiary 

15. Cities Service Co. (parent of Empire Gas & Fuel Co.) 

16. Cities Service Co., through Cities Service Securities Co. (100 

percent owned) 

other corporations, nonfinanclal 

17. The Crawford Laundry Co... 

banks, brokers, etc.; beneficiaries not disclosed 

18. Manufacturers & Traders Trust Co. of Buffalo... 

Total 



224 
125 
125 

100 
100 
100 
100 
100 
100 
100 
100 
100 
81 
78 



22, 693 
135 



85 



100 



$7,504 
4,187 
4,187 
3,350 
3,350 
3,350 
3,350 
3,350 
3,350 
3,350 
3,350 
3,350 
2,713 
2,613 



760, 215 
4,522 



2,847 
3,350 



0.66 
.37 
.37 
.29 
.29 
.29 
.29 
.29 
.29 
.29 
.29 
.29 
.24 
.23 



6.75 
.40 



.25 



.29 



24,546 



822,288 



72.17 



268445 — 41— No. 29- 



-58 



896 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

EMPIRE GAS 
[Size rank: 48. 6 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) as 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Ernest H. Johnston (held for Cities Service Co.) 

2. Cities Service Co --. 

3. H. Winston (held for Cities Service Co.).-- 

4. Aumend & Co. (noniinee for Toledo Trust Co.; beneficiaries not 

disclosed) ■- 

5. Howard W. Wheeler 

6. Herman Trapp — 

7. Wm. H. Hough -- 

8. John C. Kelly 

9. Ellis B. Ridgway 

10. Emmettl. Hudkins 

11. Camp & Co. (nominee for Central Republic Bank & Trust Co.; 

beneficiaries not disclosed) 

12. David T. Nicoll 

13. Jasper N. Harber 

14. Ida B. Crawford 

15. Isabel O. R. Dripps.. 

16. Baker, Weeks & Harden... 

17. Hobart C. Brady 

18. Morris Loewenstein 

19. Cities Service Securities Co. (a wholly owned subsidiary of Cities 

Service Co.).: 

20. William B. Phillis 



Total. 



20,000 

11,423 

850 

600 
298 
276 
261 
235 
220 
200 

170 
170 
154 
150 
150 
150 
150 
139 

136 
127 

35, 859 



$670, 000 

382, 670 

28,475 

20,100 
9,983 
9,246 
8,743 
7,872 
7,370 
6,700 

5,695 
5,695 
5,159 
5,025 
5,025 
5,025 
5,025 
4,656 

4,556 
4,254 

1, 201, 274 



27.53 

15.72 

1.17 

.83 
.41 
.38 
.36 
.32 
.30 
.28 

23 
.23 
.21 
.21 
.21 
.21 
.21 
.19 

.10 
.17 

49.36 



CONCENTRATION OF ECONOMIC POWER 



897 



beneficial ownership in such holdings — Continued 
A FUEL CO. 

of Mar. 10, 1938. Shares outstanding as of Mar. 10, 1938: 72,645. Price as of December 1937: $33^i] 
Legal and Beneficul Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDTJAL8, PERSONAL AND FAMILY HOLDING C0HPANIE8, TRUSTS 
AND ESTATES 

1. Howard W. Wheeler 

2. Herman Trapp 

3. Wm. H. Hough 

4. John O. KeUy _ 

6. Ellis B. Ridgway.. 

6. Emmettl. Hudkins 

7. David T. Nicoll _ 

8. Jasper N. Harber 

9. Ida.B. Crawford _.'_ 

10. Isabel Q. R. Dripps 

11. Hobart C. Brady 

12. Morris Loewenstein 

3. William B. Phillis 

CORPORATIONS, PARENT AND SUBSIDL4RY 

14. Cities Service Co. (parent of Empire Gas & Fuel Co.) 

15. Cities Service Co., through Cities Service Securities Co. (100 

percent owned) _ 

BANES, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

16. Toledo Trust- Co 

17. Central Republic Bank & Trust Co 

18. Baker, Weeks & Harden 

Total 



298 


$9,983 


0.41 


276 


9,246 


.38 


261 


8,743 


.36 


235 


7.872 


.32 


220 


7,370 


.30 


200 


6,700 


.28 


170 


5,695 


.23 


154 


5,159 


.21 


150 


5,025 


.21 


150 


5,025 


.21 


150 


5,025 


.21 


139 


4,656 


.19 


127 


4,254 


.17 


32,273 


1,081,145 


44.42 


136 


4,556 


.19 


600 
170 
150 


20,100 
5,695 
5,025 


.83 
.23 
.21 


35, 859 


1, 201, 274 


49.36 



898 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

ENGINEERS PUBLIC 
(Size rank: 61. COMMON (VOTING) as of Dec. 14, 1939. Shares 
Holders of Record 



Name of record holder 



Holdings 




Percent 
of shares 
outstand- 
ing 



1. Pratt Bros., nominee for Investors Record Corporation, 

which holds for the account of — Shares 

Charles L. Stone 10,241 

Mary L. Stone- 7,864 

Margaret S. Mann 19,880 

Janet S. Brewster (who also holds 2,328 shares 

directly) __ 10,320 

Whitney Stone 19,560 

Anne M. Stone -. 1,360 

Stone Farm Association 2, 560 

Charles A. Stone, Jr., through Charles A. Stone, 
Mary L. Stone, and Whitney Stone, trustees 
u/d/t Jan. 17, 1922 (trust also holds 7,384 shares 

directly) : 6,681 

Whitney Stone, Edward Cox Brewster, and R. 

Colgate V. Mann, trustees u/d/t June 16, 1926 

Elizabeth Leonard Murray through Charles A. 
Stone, Mary L. Stone, and Whitney Stone, 

trustees u/d/t July 2, 1923 _.. 

Janet Stone Brewster through Mary L. Stone, 
Whitney Stone, and Edward Cox Brewster, 
trustees u/d/t Jan. 17, 1922 23,003 



469 



64 



Subtotal 102,002 

Shares not in possession of Investors Record Cor- 
poration but not yet transferred out of the name 
of Pratt Bros 160 



Total 102,162 

2. Kidde'-, Peabody & Co.: 

Of this amount 41,680 shares were held by Kidder, 
Peabody & Co. as part of its capital, said shares 
having been contributed by Edwin S. Webster, 
Jr., and, according to Kidder, Peabody, beneficial 
interest in these shares might be said to reside in— Shares 

Edwin S. Webster, Sr 36,000 

Mrs. Jane de P. Webster 4,000 

Edwin S. Webster, Jr 1,680 



Subtotal 41,680 

The remaining 48,184 shares were held as nominee 
for— 

Edwin S. Webster, Sr 37,315 

Frederick C. Fletcher 2,175 

-Estate of Frank O. Webster, V. Farnsworth, 

trustee . 1,680 

Rev. John H. Bell . 1,400 

Heldring & Pierson_ 1,320 

Mrs. Janede P. Webster .' 720' 

Baring Bros 640 

Albert M. Creighton 400 

Hayden Ooodspeed 2.50 

Miss Marion Bennett 200 

33 others (none of whom hold over 100 shares).. 2, 084 

Subtotal - 48, 184 

Shares held beneficially by Kidder, Peabody... 41, 680 



Subtotal 89,864 

Shares in name of Kidder, Peabody but not in 
their possession 218 



Total ..^ . 90,082 

3. Lazard Freres & Co., nominee for — Shares 

General American Investors Co. Inc 30,000 

Frank Altschul .• 23,900 

Helen G. Altschul 15,000 

French & Foreign Investors Corporation 10, 000 

Lazard Freres & Co _ _ 3,000 

Dr. and/or Mrs. Arthur M. Master. 500 

Hilda A. Master 500 

Lazard Bros. & Co. Ltd. (for clients' accounts) 380 

Peter Peterscm 100 

Latard Freres etCie tt/c Marcel Razovieh.. 80 



Subtotal. 83,460 

Shares not in possession of Laiard Freres but not yet 

transferred out of its name 700 

Total 84,160 



102, 162 



$446, 959 



6.34 



90,082 



&4,ieo 



394,109 



4.71 



368,200 



4.40 



CONCENTRATION OF ECONOMIC POWER 



899 



beneficial ownership in such holdings — Continued 

SERVICE CO. 

outstanding as of Dec. 14, 1939: 1,909,968. Price as of December 1937: H%] 
Legal and Benehoal Holders 



Type and name of holder 



Holdings 



Number 
of shares 




Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Herbert L. DUlon 

2. Frank Jay Gould 

3. Frank Jay Gould, through a trust - 

4. Edwin S. Webster ..- -..■- 

6. Richard Harte, Edwin S. Webster, Jr., and Chandler 

Hovey, trustees u/d/t Dec. 15, 1923: 
Beneficiaries: Shares 

Edwin S. Webster, Jr -- 4,950 

Others 14,850 

Total --- 19,800 

6. Mrs. Jane de P. Webster 

7. Edith M. Robb, through Russell Robb, Jr., John C. Rice, and 

James H. Orr, trustees u/w Russell Robb 

8. Sufiolk Corporation: 

A Massachusetts corporation the stock of which Is 
owned by — Percent 

Jane de P. Webster.... 21.12 

Edwin S. Webster, Jr., and Richard Harte, 

trustees u/d/t Jan. 19, 1922, Frances W. Hiam 

etal 15.78 

Edwin S. Webster, Jr., and Richard Harte, 

trustees u/d/t Jan. 19, 1922, Mabel W. Harte 

etal .--- 15.78 

Edwin S. Webster, Jr., and Henry P. U. Harris, 

trustees u/d/t Jan. 19, 1922, f/b/o Mary W. 

Harris etal --- 15.78 

Edwin S. Webster, Jr., and Russell Robb, 

trustees u/d/t Jan. 19, 1922, f/b/o Edwin S. 

Webster, Jr. et al 15.78 

Trust u/w RusseU Robb 8.20 

Edith M. Robb 3.78 

Russell Robb, James H. Orr, and Marshall M. 

Phinney, trustees u/a dated July 6, 1920, f/b/o 

Catherine R. Whyte 3.78 

Total 100.00 

9. Whitney Stone.... 

10. Margaret S. Mann 

11. Mary L. Stone 

12. Charles A. Stone. 

13. Janet S. Brewster. - 

14. Janet Stone Brewster, through Mary L. Stone, Whitney Stone 

and Edward Cox Brewster, trustees u/d/t Jan. 17, 1922 

j,16. Charles A. Stone, Jr., through Charles A. Stone, Mary L. Stone, 
and Whitney Stone, trustees u/d/t Jan. 17, 1922 

16. Frank Altschul 

17. Helen G. Altschul 



12,400 

46, 585 
1,520 

37, 315 



19,800 
25,920 

17,360 



41,600 

35, 414 
38,454 
66, 344 
58,937 
15, 859 

23,003 

14,636 

23,900 
15,000 



$54,250 

203,809 
6,650 

163, 253 



86,625 
113,400 



75,950 



182,000 

154, 936 
168,236 
246,505 
257, 849 
69, 383 

100,638 

64,032 

104, 562 
65, 625 



0.65 

2.43 
.08 

1.95 



1.03 
1.35 



.90 



2.18 

1.86 
2.01 
2.95 
3.08 
.83 

1.20 

.77 

1.25 
.78 



900 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

ENGINEERS PUBLIC 
[Size rank: 61. COMMON (VOTING) as of Dec. 14, 1939. Shares 
Holders of Record— Continued 



Type and name of holder 



4. Clarence J. Shearn, trustee u/d/t Feb. 14, 1938, made by Stone & 

Webster Inc. (beneficiary. Stone & Webster, Inc.) 

5. Edwin S. Webster, Jr., nominee for — 

Suffolk Corporation (a company owned by the Web- Shares 
ster family) 41,600 

Edwin S. Webster and Richard Harte, trustees 
u/d/t Jan. 19, 1922, f/b/o Mabel W. Harteet al 3, 000 

Edwin S. Webster, Jr., and Henry P. U. Harris, 
trustees u/d/t Jan. 19, 1922, f/b/o Mary W. Harris 
etal 3,000 

Edwin S. Webster, Jr., and Russell Robb, trustees 
u/d/t Jan. 19, 1922, f/b/o Edwin S. Webster, Jr., 
etal_.. 2,300 

Edwin S. Webster, Edwin S. Webster, Jr., and 
Richard Harte, trustee u/d/t May 5, 1930 1, 300 

Edwin S. Webster, Edwin S. Webster, Jr., and 
Chandler Hovey, trustees u/d/t May 5, 1930, f/b/o 
MaryH. Luce et al 800 

Edwin S. Webster, Edwin S. Webster, Jr., and 
Richard Harte, trustees u/a Apr. 21, 1919, f/b/o 
Frances W.Hiam etal 700 

Edwin S. Webster, Jr., and Richard Harte, trustees 
u/d/t Jan. 19, 1922, f/b/o Frances W. Hiam et al 3, 000 

Edwin S. Webster, Edwin S. Webster, Jr., and 
Richard Harte, trustees u/a Apr. 21, 1919, f/b/o 
Mabel W. Harteet al 1,000 

Mabel W. Harte : 100 

Edwin S. Webster, Edwin S. Webster, Jr., and 
Henry P. U. Harris, trustees u/a Apr. 21, 1919, 
Mary W. Harris et al 700 

Edwin S. Webster, Edwin S. Webster, Jr., and John 
G.Flint, trustees u/a Apr. 21, 1919 700 

Edwin S. Webster, Edwin S. Webster, Jr., and 
Chandler Hovey, trustees u/d/t May 5, 1930, f/b/o 
Alice G. Jacoby et al 800 

Edwin S. Webster, Edwin S. Webster, Jr., and 
Richard Hart, trustees u/d/t Aug. 20, 1929, f/b/o 
ConstanceJ. Bowenetal ._ __ 400 

Edwin S. Webster, Edwin S. Webster, Jr., and 
Richard Harte, trustees u/d/t May 5, 1930, f/b/o 
Jessie I. Upham et al 400 

Chestnut Hill Farm Association 100 

Total 69,900 

6. Frank Jay Gould (of this amount Frank Jay Gould owns 46,585 

shares directly and 1,520 through an irrevocable trust for his 
benefit) 

7. Charles A. Stone 

8. Mary L. Stone 

9. J. M. Forbes & Co., nominee or agent for — Shares 

Trust for Rose D. Forbes 7,175 

W. Cameron Forbes 6.350 

Ellen Forbes 2,773 

Trust for the heirs of Edw. W. Forbes 1,500 

J. Malcom Forbes 1.200 

Edward W. Forbes 1,190 

Alexander Forbes 900 

Waldo E. Forbes. 868 

Stephen H. Forbes i.. 750 

Henry S. Forbes _ 600 

Amelia Forbes. 586 

Edith W. Gregg--. 300 

Trust u/i Amelia F. Emerson 300 

Gerrit Forbes 280 

26 others (none of whom holds over 250 shares) 3, 4U 

Total... 28, 183 



Holdings 




59,900 



48, 105 
47,822 
32. 682 



28,183 



262,062 



210, 459 
209. 221 
142, 984 



123,301 



3.13 



2.61 
2.50 
1.71 



1.4' 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
SERVICE CO.— Continued 

outstanding as of Dec. 14, 1939: 1,909,968. Price as of December 1937: UH] 
Legal and Beneficial Holders— Continued 



901 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


INVESTMENT TRUSTS AND INVESTMENT COMPANIES 


30,000 
15,000 

65, 635 
41,680 
19,260 


$131, 250 
65, 625 

287, 153 
182, 350 
84, 262 


1.57 




.78 


20. Stone & Webster, Inc., through Clarence J. Shearn, trustee 
u/d/t Feb. 14, 1938, made by Stone & Webster, Inc. (these 
shares transferred to Shearn as trustee for purpose of sale over 
a period of years; trustee has full voting rights, but proceeds 
of sale, all dividends and other distributions on the shares are 
to be paid over to Stone & Webster, Inc.).. 


3.43 


BROKERS AND INVESTMENT BANKERS AS BENEFiaAL HOLDERS 

21. Kidder, Peabody & Co . -- 


2.18 


BANKS, BROKERS, ETC.; BENEFICURIE3 NOT DISCLOSED 

22. J. S. Bache & Co -- 


1.00 






Subtotal - 


655, 622 
104, 138 


2,868,343 
455, 607 


34.25 




5.42 






Total - 


759, 760 


3,323,950 


39.67 







902 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and beneficial ownership in such holdings 

Continued 

ENGINEERS PUBLIC SERVICE CO.— Continued 

[Size rank: 61. COMMON (VOTING) as of Dec. 14, 1939. Shares outstanding as of Dec. 1939: 
1,909,968. Price as of December 1937: $4^] 

Holders of Record— Continued 







Holdings 




Type and name of holder 


Number 
of shares 


Vaue 


Percent 
of shares 
outstand- 
ing 


10. Jane de P. Webster 


25,200 

19,800 
19, 260 

17, 360 

17, 197 
17, 087 

16,504 
15,363 
15, 363 

15, 304 
12. 879 


$110, 250 

86, 625 
84. 262 

75,950 

75, 237 
74, 756 

72.205 
67, 213 
67, 213 

66, 955 
56. 346 


1 31 


11. Richard Harte, Edwin S. Webster, Jr., and Chandler Hovey, 
trustees u/d/t Dec. 15, 1923 


1 03 


12. J. S. Bache & Co 


1 00 


13. Russell Robb, Jr., John C. Rice, and James H. Orr, trustees 
u/w Russell Robb, (beneficiary, Edith M. Robb) 


90 


14. Harry J. Kirby, nominee for Investors Records Cor- 
poration which held for the account of— Shares 

Mary L. Stone 15,437 

Margaret S. Mann 160 

Stone Farm Association 98 

Janet S. Brewster . 160 

Whitney Stone.- 160 




Charles A. Stone, Jr., through Charles A. Stone, 
Mary L. Stone, and Whitney Stone, trustees 
u/d/t Jan. 17, 1922 160 




Subtotal 16,175 

Shares not in possession of Investors Records Cor- 
poration but not yet transferred out of name of 
Harry J. Kirby 1,022 




Total _ 17,197 

15. Eastman Dillon & Co., held for— 

Herbert L. Dillon 12,400 

31 other accounts 4,687 


.90 






Total 17,087 

16. Lehman Bros., nominee for— 

Robert Lehman 1,000 


.89 


Ruth Owen Lehman 500 

Lehman Corporation 15,000 

Shares not in possession of Lehman Bros., but not yet 
transferred out of their name 4 




Total 16.504 

17. Whitney Stone 


.86 
.80 


18. Margaret S. Mann 


.80 


19. C. Manderson Snyder, nominee for Investors Records 

Corporation which holds for the account of— Shares 

Charles A. Stone 874 

Mary L. Stone 361 

Margaret S. Mann 3,051 

Janet S. Brewster 3,051 

Whitney Stone . . 331 




Stone Farm Association 4,585 




Charles A. Stone, Jr., through Charles A. Stone, 
Mary L. Stone, and Whitney Stone, trustees 
u/d/t Jan. 17, 1922 411 




20. Harris Upham & Co., held for— 

Chris J. Abbott 1,700 

Others (odd lots) 11. 179 


.80 


Total 12,879 


.67 


Subtotal 


750. 048 
9,712 


3, 281, 460 
42. 490 


39. 16 


Total legal and beneficial holdings not included above 


.51 


Total 


759, 760 


3, 323, 950 


39.67 







CONCENTRATION OF ECONOMIC POWER QQg 



904 



CONCENTRATION OF ECONOMIC POWER 



[Size rank: 61. 



Record holders and holders having legal and 
ENGINEERS PUBLIC 
CUMULATIVE PREFERRED (CONTINGENT VOTING) as of 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Trustees of the Massachusetts Investors Trust 

Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 
ficiaries not disclosed) 

Heidelbach Ickelheimer & Co., nominee for — Shares 

George Blumenthal. 1,000 

Mrs. Mary Ann Blumenthal 600 

Mrs. Chas. J. Liebman 100 

Miss Belle da Costa Greene.- 300 

Miss Anna B. McLester 110 

Mrs. Marie Blumenthal 100 

Total 2,210 

Hare & Co. (nominee for Bank of New York & Trust Co.; bene- 
ficiaries not disclosed) 

The Home Insurance Co 

President and Fellows of Harvard College 

The Amoskeag Co 

Electrical Securities Corporation (100 percent owned by General 
Electric Co.) 

Hunter & Co. (nominee for Railway & Light Securities Co.) 

The Clark Foundation 

The London Life Association, Ltd 

Geo. L. Maxwell 

Edwin S. Webster _._ 

Tucker & Co. (nominee for J. Henry Schroder Banking Corpo- 
ration which held for the account of Prudential Investors, Inc.). 

Brown Bros., Harriman & Co 

Lombard & Co. (nominee for Barclays Bank, Ltd.; beneficiaries 
not d isclosed) 

The Preferred Accident Insurance Co. of New York 

Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 
disclosed) _ 

Pearl Assurance Co., Ltd 

Pratt Bros, (nominee for Investors Records Corporation which 
held for the account of Charles A. Stone).. 

Total 



4,7C0 
2,300 



2,210 

2,190 
2,000 
2,000 
1,800 

1,400 
1,400 
1,300 
1,000 
1,000 
950 



893 



800 
800 



800 
700 



700 



$244, 400 
119, 600 



114, 920 

113, 880 
104, 000 
104, 000 
93,600 

72,800 
72,800 
67,600 
62,000 
52,000 
49,400 

46,800 
46, 436 

41,600 
41, 600 

41,600 
36, 400 

36,400 



6.42 
3.14 



3.01 

2.99 
2.73 
2.73 
2.45 

1.91 
1.91 
1.77 
1.36 
1.36 
1.29 

1.22 
1.22 

1.09 
1.09 

1.09 
.95 

.06 



29, 843 



1, 551, 836 



40.68 



CONCENTRATION OF ECONOMIC POWER 



905 



beneficial ownership in such holdings — Continued 
SERVICE CO.— Continued 

Dec. 14, 1939. Shares outstanding as of Dec. 14, 1939: 73,183. Price as of December 1937: $52] 
Legal and Benercial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



10. 



15, 



16. 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

George L. Maxwell. 

George Blumenthal 

Mrs. Mary Ann Blumenthal _ 

Edwin S. Webster 

Charles A. Stone .-. 

OTHER CORPORATIONS, NONnNANQAL 

General Electric Co., through Electrical Securities Corporation 
(100 percent owned) 

INSURANCE COMPANIES 

The Home Insurance Co 

The London Life Association, Ltd 

The Preferred Accident Insurance Co. of New York 

Pearl Assurance Co., Ltd 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

Trustees of the Massachusetts Investors Trust. 

The Amoskeag Co 

Railway & Light Securities Co 

Prudential Investors, Inc 

FOUNDATION!' 

The Clark Foundation 

OTHER ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

Harvard University - 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

Bank of Montreal _ 

Bank of New York & Trust Co 

Barclays Bank, Ltd 

J. P. Morgan & Co _ 

Brown Bros., Harriman & Co 

Subtotal 

Total record holdings not included above , 

Total 



1,000 

1,000 
600 

950 

700 



1.400 



2,000 

1,000 

800 

700 



4,700 

1,800 

1,400 

900 



1,300 



2,000 



2,300 

2,190 

800 

800 

893 



29,233 
610 



$52,000 

52,000 
31, 200 

49,400 

36,400 



72,800 

104,000 
52,000 
41,600 
36,400 



244,400 
93,600 
72,800 
46,800 



67,600 



104,000 



119,600 
113,880 
41,600 
41,600 
46, 436 



1,520,116 
31, 720 



1.36 

1.36 
.82 

1.29 

.95 



1.91 



2.73 
1.36 
1.09 
.95 



6.42 
2.45 
1.91 
1.22 



1.77 



2.73 



3.14 
2.99 
1.09 
1.09 
1.22 



39.85 
.83 



29,843 



1, 551, 836 



40.68 



006 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

ENGINEERS PUBLIC 
[Size rank: 61. $5.50 CUMULATIVE PREFERRED (CONTINGENT VOTING) as of 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. J. M. Forbes & Co., nominee or agent for— 

Trust for Rose D. Forbes. 

E Hen Forbes 

J. Malcom Forbes 

Edward W. Forbes - 

Henry S. Forbes.— - 

Alexander Forbes .-. 

Amelia F. Emerson _ 

Trust u/i Amelia F. Emerson - -. 

Qerrit Forbes __ -.. 

Martha F. Forbes 

Amelia Forbes 

Stephen H. Forbes 

Waldo E. Forbes 

Edith W. Gregg 

Frederic A . Webster 

Trust for David M. Howland ..- 

Trust for— 

Hester A. Howland 

John S. Howland 2d.. 

Judith F. Howland... 

Weston Howland, Jr 

W. Cameron Forbes.... 

Ethel C. Forbes 

Mary S. F. Ober 

20 others, none of whom holds more than 100 shares. 

Total. 10,969 

2. Pratt Bros., nominee for Investors Records Corporation 

which held for the account of — Shares 

Charles A. Stone 300 

Mary L. Stone 3,705 

Stone Faiv^ Association... 700 



Sharei 
2,110 
1,534 
700 
625 
606 
556 
506 
250 
300 
273 
202 
202 
202 
200 
200 
200 

200 
200 
200 
200 
156 
150 
146 
1,051 



Total 4,705 

3. Consolidated Investment Trust.. - 

4. Trustees of the Massachusetts Investors Trust 

5. Brown Bros. & Co. (not in possession of Brown Bros., Harriman 

& Co., successor to Brown Bros., but held by Utility Equities 
Corporation) 

6. The Metropolitan Museum of Art 

7. Wonham, Albert & Co. (nominee for Bank of Montreal: bene- 

ficiaries not disclosed) 

8. Tucker, Anthony & Co 

9. Hunter & Co. (nominee for Railway & Light Securities Cor- 

poration) 

10. Edwm S. Webster 

11. The Amoskeag Co. 

12. O. E. Employees Securities Corporation (an investment com- 

pany for General Electric Co. employees) 

13. Clara D. Kellogg.... - 

14. Heidelbach Ickelheimer & Co., nominee for— Shares 

George Blumenthal 1. 320 

Mme. Elise de Souza Dantas 500 

Mrs. Charles J. Liebman 100 

Total 1.920 

15. Brown Bros., Harriman & Co 

16. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed) .-. 

17. The Continental Insurance Co _ 

18. Harris Upham & Co. (nominee for Richard Harte) 

19. Dominick & Dominick -- 

20. Mary L. Stone (in addition to these shares and those in the 

name of Pratt Bros, (see above) Mary L. Stone held 39 shares 
in the name of C. Manderson Snyder 



S ubtotal - 

Total legal and beneficial holdings not included above. 

Total... 



10, 969 



4,705 
3,500 
3,100 

2,700 
2,500 

2,500 
2,400 

2,178 
2,074 
2,000 

2,000 
2,000 



1,920 
1,877 

1,801 
1,500 
1,300 
1,257 



1,200 



53, 481 
39 

53,520 



$526, 612 



225,840 
168,000 
148, 800 



129,600 
120, ood 

120,000 
115,200 

104,544 
99, 552 
96,000 

96,000 
96,000 



92,160 
90,096 

86, 448 
72,000 
62, 400 
60,336 



2, 567, 088 
1,872 

2,568,960 



CONCENTRATION OF ECONOMIC POWER 



907 



beneficial ownership in such holdings — Continued 
SERVICE CO.— Continued 

Dec. 14, 1939. Shares outstanding a.s of Dec. 14, 1939: 193,831. Price as of December 1937: 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Mary L. Stone - --. - 

2. Edwin S. Webster 

3. Rose D. Forbes, through atrust... 

4. Ellen Forbes 

5. Clara D. Kellogg _ 

6. George Blumenthal - . _ 

7. Richard Harte :_- --- 

INSURANCE COMPANIES 

8. The Continental Insurance Co 

INVE.«TMENT TRUSTS AND INVESTMENT COMPANIES 

9. The Amoskeag Co 

10. Railway & Light Securities Co 

11. Utility Equities Corporation 

12. Trustees of the Massachu.setts Investors Trust 

13. Consolidated Investment Trust 

•OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

14. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.) 

ELEEMOSY.N'ARV AND EDUCATIONAL INSTITUTIONS 

15. The Metropolitan Museum of Art 

BANKS, BROKEP.'<. ETC.; BENEFICIARIES NOT DISCLOSED 

16. Bank of Montreal 

17. J. P. Morgan & Co 

18. Dominick & Dominick 

19. Brown Bros., Harriman & Co 

20. Tucker, Anthony* Co _ 

Subtotal 

Total record holdings not included above 

Total 



4,944 

2,074 

2,110 
1,534 

2,000 

1,320 

1,300 



1,500 



2,000 
2,178 
2,700 
3,100 
3.500 



2.500 



2,500 
1,801 
1,257 
1,877 
2,400 



44, 595 
8,925 



53, 520 



$237, 312 

99, 552 

101,280 
73,632 

96,000 

63,360 

62, 400 



72,000 



96,000 
104,544 
129,600 
148, 800 
168,000 



90, 000 



120,000 



120,000 
86, 448 
60,336 
90,096 

115,200 



2, 140, 560 
428,400 



2, 568, 960 



2.55 

1.07 

1.09 
.79 

1.03 



1.03 
1.12 
1.39 
1.59 
1.80 



1.28 
.92 
.64 
.96 

1.23 



22.92 
4.58 



908 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

ENGINEERS PUBLIC 

[Size rank: 61. $5 CUMULATIVE CONVERTIBLE PREFERRED (CONTINGENT VOTING) 

Holders of Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Edwin S. Webster, Jr. (nominee for the Chestnut Hill Farm 


6,250 
5,601 

3.000 
2,800 

2,500 


$281, 250 
252, 045 

135.000 
126,000 

112,500 


4.00 


2. Frank Jay Gould .- 


3.59 


3. Brown Bros. & Co. (not in possession of Brown Bros., Harriman 

& Co. (successor to Brown Bros.) but owned by Utility Equi- 
ties Corporation) _ 

4. Lehman Bros, (nominee for Lehman Corporation, 2,800 shares).. 

5. Pratt Bros., nominee for Investors Records Corporation 

which held for the account of— Shares 

Charles A. Stone 1,800 

Mary L. Stone, Whitney Stone, and Edward Cox 
Brewster, trustees u/d/t Jan. 17, 1922, f/b/o Janet 
Stone Brewster 200 


1.92 
1.79 










Total .^ 2,500 

6. Robert Winthrop & Co., nominee for— 

Beekman Winthrop --. 1,800 

Herbert T. Dyett -..- -.- 200 

Eliza Dennis Bell ... 100 


1.60 


Archer Harman .. 100 




Archer Harman, trustee 100 

Charles W. Cox 75 

Walton W. Cox _ 50 

Lillian Cox Harman 25 

Elizabeth Cox Jones 25 

Joseph P. Searing... 25 




Total. --. 2,500 

7. Hussey & Co., nominee for the Grace National Bank 
which holds for the account of— 
Grace National Bank, trustee f/b/o Hildegard L. 

Straub 100 

Grace National Bank, trustee f/b/o Caroline E . Veesen- 

meyer 200 

Grace National Bank, trustee f/b/o Bertha M. Von 

Borawsky _ _ 100 

Morgan H. Grace and Grace National Bank, trustees 

f/b/o Ellen Mary Grace White . ... 100 


2,500 

2,493 
2,400 
2,238 
2,200 
2,127 

1,832 

1,800 
1,500 
1,400 


112,500 

112, 185 
108,000 
100, 710 
99.000 
95, 715 

82.440 

81.000 
67,500 
63,000 


1.60 


Julia M.Jones 100 

Eleanor Babbitt 100 




Renwick Studios. Inc 200 

Alice May Grice, John Johnston Grace, and Caxton 

Brown, trustees u/w Walter Grace, deceased 200 

John R. Gibb 200 

31 others all holding less than 100 shares . ..1. 198 








Total ^.... 2,493 

8. Trusiees of the Massachusetts Investors Trust 


1.59 
1.53 


9. Brown Bros., Harriman & Co .. .- 


1.43 




1.41 


11. Tucker, Anthony & Co 


1.36 


12. Slgler & Co. (nominee for Central Hanover Bank & Trust Co., 
which held for 12 accounts, the largest holding not exceeding 
400shares) . - 


1.18 


13, Heidelbach Ickelheimer & Co., nominee for— Shares 

George Blumenthal 1,600 

Mme. Elise de Souza Dantas.. 200 








Total 1,800 

14. Edwin S. Webster - 


1.15 
.96 


15. American Surety Go. of New York 


.89 



CONCENTRATION OF ECONOMIC POWER 



909 



beneficial ownership in such holdings — Continued 
SERVICE CO— Continued 

as of Dec. 14, 1939. Shares outstanding as of Dec. 14, 1939: 156,001. Price as of December 1937: $45] 
Legal and BENEnciAL Holders 



Type and name of holder 



Holdings 



Number 
of shares 




Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Frank Jay Gould 

2. Charles A. Stone. - .-. 

3. Beekman Winthrop 

4. Edwin S. Webster 

5. Chestnut Hill Farm Association, a voting association, 

the stock of which is held by— Percent 

Edwin S. Webster _-. 27.38 

Jane de P. Webster 36.42 

Edwin S. Webster, Edwin S. Webster, Jr., and 
Richard Harte, trustees u/a Apr. 21, 1919, f/b/o 

Frances S. Hiam, et al 9.05 

Edwin S. Webster, Edwin S. Webster, Jr., and 
Richard Harte, trustees u/a Apr. 21, 1919, f/b/o 

Mabel W. Harte, et al 9.05 

Edwin S. Webster, Edwin S. Webster, Jr., and Henry 
P. U. Harris trustees u/a Apr. 21, 1919, f/b/o Mary 

W. Harris, et al 9.05 

Edwin S. Webster, Edwin S. Webster, Jr., and John 
O. Flint, trustees u/a Apr. 21, 1919, f/b/o Edwin S. 
Webster, Jr. et al 9.05 

Total 100.00 

6. Russell Robb, through Russell Robb, James H. Orr, and 

Katharine A. Robb, trustees u/a July 6, 1920 

7. Edith M. Robb, through Russell Robb, Jr., John C. Rice, and 

James H. Orr, trustees u/w Russell Robb 

8. George Blumenthal 

9. Jayar Securities Corporation 



6,601 
1,800 
1,800 
1,500 



$252, 045 
81,000 
81,000 
67,500 



3.59 
1.15 
1.15 



6,250 

1,300 

1,100 

1,600 
1,100 



281,250 

58,500 

49,500 

72,000 
49,500 



4.00 



.83 



1.02 

.70 



910 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
ENGINEERS PUBLIC 
[Size rank: 61. $5 CUMULATIVE CONVERTIBLE PREFERRED (CONTINGENT VOTING) 
Holders of Record— Continued 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



16. Kidder, Peabody & Co., nominee for— Shares 

Robert H. Storer and Roger Amory, trustees f/b/o 

Lillian Peabody _ _ 100 

Estate of Frank O. Webster.... , 400 

Messrs. Baring Bros. & Co., Ltd 300 

Monsignor John E. Finen and Miss Rose M. McEvoy. 42 
AJrs. Margaret and Miss Rose M. McEvoy and Mrs. 

Winifred M . Lyon 8 

Robert H. Storer and Roger Amory, trustees u/w 

Gertrude Eaton 134 

Estate of Mary F. Webster, V. Farnsworth, trustee. . . 100 

Mrs. Barclay Hottinguer. 100 

Ferrier Lullin & Co. 20 

Estate of Charles Oarnett, Anstey & Thompson, ex- 
ecutors 80 

Herman Stempa 30 

Total.. 1,314 

17. Hare & Co. (nominee for Bank of New York & Trust Co.; bene- 

ficiaries not disclosed) 

18. Harris Upham & Co., nominee for — Shares 

Richard Harte 700 

Others 583 

Total. 1,283 

19. The Franklin Fire Insurance Co. of Philadelphia 

20. Jayar Securities Corporation 

21. Russell Robb, .Tames H. Orr, and Katharine A. Robb trustees 

u/a July 6, 1920, f/b/o Russell Robb (also held 200 shares in the 
name of Russell Robb) 

22. Russell Robb, Jr., John C. Rice, and James H. Orr, trustees u/w 

Russell Robb (beneficiary, Edith M. Robb). 

Subtotal 

Total legal and beneficial iioldings not included above 

Total 



1,314 
1,300 



1,283 
1,200 
1,100 



1,100 
1,100 



$59, 130 
58,500 



57, 735 
54,000 
49,500 



49,500 
49,500 



49, 038 
200 



2, 20C, 710 
9,000 



49, 238 



2, 215, 710 



.84 
.83 



.82 
.76 
.70 



.70 

.70 



31.35 
.13 



31.48 



CONCENTRATION OF ECONOMIC POWER 



911 



beneficial ownership in such holdings — Continued 
SERVICE CO.— Continued 

as of Dec. 14, 1939. Shares outstanding as of Dec. 14, 1939: 156,001. Price as of December 1937: $45] 
Legal and Benefical Holders— Continued 



Type and name of tiolder 



insurance companies 

10. Great American Insurance Co 

11. American Surety Co. of New York 

12. The Franklin Fire Insurance Co. of Philadelphia 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

13. Utility Equities Corporation 

14. Lehman Corporation 

15. Trustees of the Massachusetts Investors Trust 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

16. Central Hanover Bank & Trust Co 

17. Bank of New York & Trust Co 

18. Brown Bros., Harriman & Co ___ 

19. Tucker, Anthony & Co. ._. _. 

Subtotal ,.__ 

Total record holdings not included above.. 

Total 



Holdings 



Number 
of shares 



2,200 
1,400 
1,200 



3,000 
2,800 
2,400 



1,832 
1.300 
2,238 
2,127 



42, 548 
6,690 



Vakie 



$99,000 
63, 000 
54,000 



135, 000 
126, 000 
108, 000 



82, 440 
58,500 
100,710 
95, 715 



1, 914, 660 
301, 050 



2, 215, 710 



Percent 

of shares 

outstand 

ing 



1.41 
.89 

.76 

1.92 
1.79 
1.53 



1.18 
.83 
1.43 
1.36 



27.20 
4.28 



31.48 



2(;S445 — 4 1 —No. 2'.) I'O 



912 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

FEDEKAL WATER 
[Size rank: 109. COMMON CLASS B (VOTING) as of Apr. 29, 1938. Shares 
Holders of Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Utility Operators Co -.. ^.. 


542,450 


$542,450 


100.00 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
SERVICE CORPORATION 

outstanding as of Apr. 29, 1938: 542.450. Price (assigned) as of December 1937: $1] 
Legal and BENEnciAL Hoiders 



913 







Holdings 




Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


CORPOBATIONS, PARENT AND SUBSIDIARY 

1. Utility Operators Co., parent of Federal Water Service Corpora- 
tion, the principal stockholders of which were, as of Dec. 31, 
1939: 

Chenery Corporation (owned by C. T. Chenery, 
44.63 percent; H. B. Chenery, Allen J. Chenery, 
W. L. Chenery, Blanche Perrin, and C. M. Perceni 
Chenery, 55.37 percent) 9.99 








C. T. Chenery 7.84 

C. M. Chenery 82 

Earl C. Elliot and Meeda B. Elliot, joint tenants 1. 85 

C. van den Berg, Jr 1.77 

Russell H. Nielson 1.70 

Erastus C. Deal 1.52 

Edith H. Cuddeback 1.46 

W. R. Edwards-.- -. 1.07 

Thomas H. Wiggin 1.01 

C. P Rather .93 

Joseph N. Greene .88 

Watson A. Dark 73 




Subtotal 31.57 

1,594 others. 68.43 




Total- 100.00 


542, 450 


$542, 450 


100.00 



914 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

FEDERAL WATER SER 
[$7 CUMULATIVE PREFERRED (CONTINGENT VOTING) as of Apr. 29., 1938. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Henry D. McHenry (nominee for Utility Operators Co.) 

2. J. & W. Seligman & Co., 

3. Tegge & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed ) 

4. Chenery Corporation (holding company for the Chenery family) . 

5. Tucker, Anthony & Co 

6. Gilbert J. Postley & Co 

7. Estate of Charles E. Riley, Boston Safe Deposit & Trust Co., 

coexecutor 

8. Putnam & Co 

9. Fidelity Investment Association 

10. Brown, Lisle & Marshall : 

11. Mrs. Mary S. Irick Drexel 

12. Robert F.Hall 

13. Wm. H. Remmel 

14. City National Bank and Trust Co. of Chicago, trustee u/w of 

Eugene J. McVey, deceased '. 

15. Hoit, Rose & Troster 

16. Eldred Moxon 

17. Lulu Biggs 

18. Mrs. Caroline M. Neill 

19. Addie A. Amsbary 

20. Watson A. Dark 

Total 



891 
810 

700 
650 
400 
340 

250 
216 
200 
196 
150 
150 
140 

120 
113 
112 
108 
102 
101 
100 



5,849 



$22, 275 
20, 250 

17, 500 
16, 250 
10,000 
8,500 

6,250 
5,400 
5,000 
4,900 
3,750 
3,750 
3,500 

3,000 
2,825 
2,800 
2,700 
2,550 
2,525 
2,500 



5.83 
5.30 

4.58 
4.25 
2.62 
2.22 

1.63 
1.41 
1.31 
1.28 



.92 



.74 
.73 
.71 
.67 
.66 
.65 



146, 225 



CONCENTRATION OF ECONOMIC POWER 



915 



beneficial ownership in such holdings — Continued 
VICE CORPORATION— Continued 

Shares outstanding as of Apr. 29, 1938: 15,296. Price as of Decemb-ir 1937: $25] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Estate of Charles E. Riley, Boston Safe Deposit & Trust Co., 

coexecutor -.. 

2. Chenery Corporation, (a holding company, the stock of which 

is owned by— 

PCTCCTlt 

Christopher T. Chenery 44.63 

Six others (H. B. Chenery, Allan J. Chenery, W. L. 
Chenery, Blanche B. Perrin, C. M. Chenery) 55.37 

Total 100.00 

3. Mrs. Mary S. Irick Dre.xel 

4. Robert F. Hall 

5. Wm. H. Remmel^ 

6. City National Bank and Trust Co. of Chicago, trustee u/w of 

Eugene J. McVey, deceased 

7. Eldred Moxon 

8. Lulu Biggs (held for Lulu Biggs, Gertrude Biggs, and Margaret 

B. Lawler). 

9. Mrs. Caroline M. Neill 

10. Addie A. Amsbary 

11. Watson A . Dark 

CORPORATIONS, PARENT AND SUBSIDIARY 

12. Utility Operators Co. (parent of Federal Water Service Corpora- 

tion; for details of ownership see information given under com- 
mon stock, supra) 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

13. Fidelity Investment Association 

BROKERS AND INVESTMENT BANKERS AS BENEFICIAL OWNERS 

14. Gilbert J. Postley & Co 

15. Putnam & Co _ , 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

16. Guaranty Trust Co. cf New York 

17. J. & W. Seligman & Co.... _.- 

18. Tucker, Anthony & Co. _ 

19. Brown, Lisle & Marshall 

20. Hoit, Rose & Troster _. 

Total _ 



250 



650 
150 
150 
140 

120 
112 

108 
102 
101 
100 



891 



340 
216 



700 
810 
400 
196 
113 



$6, 250 



16, 250 
3,750 
3.750 
3.500 

3,000 
2,800 

2,700 
2,550 
2,525 
2,500 



22, 275 



8,500 
5,400 



17, 500 
20, 250 
10, 000 
4,900 
2,825 



1.31 



2.22 
1.41 



4.58 
5.30 
2.62 
1.28 
.74 



5,849 



146, 225 



38.25 



916 



CONCENTRATION OF ECONOMIC POWER 



[Size rank: 109. 



Record holders and holders having legal and 
FEDERAL WATEK SER 
i.50 CUMULATIVE PREFERRED (CONTINGENT VOTING) as of Apr. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Henry D. McHenry (nominee for Utility Operators Co.) 

2. Clifford F. Soberer (nominee for British Assets Trust, Ltd.) 

3. Egger & Co. (nominee for Chase National Bank; beneficiaries 

not discloised) 

4. T. W. PhiUips Gas & Oil Co.. 

5. Allen & Co 

6. Brown Bros., Harriman & Co.. 

7. C. van den Berg, Jr _. 

8. William H. Remmel 

9. Wonham, Alb^t & Co. (nominee for Bank of Montreal; bene- 

ficiariete not disclosed) 

10. Ince & Co. (nominee fot Guaranty Trust Co.; btoeficiaries not 

disclosed) 

11. Ounn & Co. (nominee for Bank of Manhattan Co.; beneficiaries 

not disclosed) 

12. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed) 

13. Hurley & (3o. (nominee for National City Bank; beneficiaries 

not disclosed) 

14. Chenery Corporation (holding company for the Ch^nery famUy) 

15. Tegge & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed) _ 

16. Cudd & Co., nominee for Chase National Bank which held 

for: Shares 

General Merchant Bank, Ltd 300 

Others ^. 200 

Total 500 

17. Lawrence Industrial Corporation (a personal holding company) 

18. Julia A. Ford 

19. Ernst & Co 

20. Laird & Co. (nominee for Wilmington Trust Co.; beneficiaries 

not disclosed) 

Total 



2,227 
l,-500 

1,000 
1,000 
896 
875 
838 
752 

750 

600 

590 

-.50 

530 
524 

515 



500 
500 
500 
375 

360 



$52, 334 
35, 250 

23,500 
23,500 
21,056 
20,562 
19, 693 
17, 672 

17, 625 

14,100 

13, 865 

12, 925 

12, 455 
12, 314 

12, 102 



11, 750 
11, 750 
11,750 
8,812 

8,460 



3.19 
2.15 

1.43 
1.43 
1.28 
1.25 
L20 
1.08 

1.07 



.72 
.72 
.72 
.54 



15, 382 



361, 475 



22.04 



CONCENTRATION OF ECONOMIC POWER 



917 



beneficial ownership in such holdings — Continued 
VICE CORPORATION 

29, 1938. Shares outstanding as of Apr. 29, 1938: 69,888. Price as of December 1937: $23^^] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts 
and estates 

1. William H. Remmel. 

2. C. van den Berg, Jr 

3. Chenery Corporation (a holdinc company for Chenery family; 

for details of ownership, see information given under $7 cumu- 
lative preferred stock, supra) 

4. Lawrence Industrial Corporation (a personal holding company 

the stockholders of which were not disclosed) 

.. Julia A. Ford 



CORPpKATIONS, PARENT AND SUBSIDIARY 

6. Utility Operators Co. (parent of Federal Water Service Corpo- 
ration; for details of ownership, see information given under 
common stock, supra) 



OTHER CORPORATIONS, NONFINANCIAL 

T. W. Phillips Gas & Oil Co., a holding company the 
principal stockholders of which were, as of Apr. 29, 
1938: Percent 

B. D. PhiUips ._. 28.37 

T. W. Phillips, Jr 16.67 

Grace Phillips Johnson 10.56 

AlmaS. Phillips 5.00 

Union Trust Co., trustee.for Phillips estate 5.00 

Margaret Phillips Succop 3.83 

Katherine Phillips Van Hoorn 3.83 

Other members of Phillips family 22. 65 

Other stockholders .- 4.09 



Total 100.00 

(For further details on ownership, see this appendix, sec- 
tion II.) 

investment trusts and investment companies 

British Assets Trust Co 



banks as beneficial owners 
9. General Merchants Bank, Ltd 

BROKERS AND INVESTMENT BANKERS A3 BENEHCTAL HOLDERS 

10. Allen Co 



BANKS, BROKERS, ETC.; BENEHCIARIES NOT DISCLOSED 



11. The Chase National Bank 

12. Guaranty Trust Co. of New York. 

13. Bank of Montreal 

14. Bank of Manhattan Co 

15. J. P. Morgan & Co 

16. National Citv Bank.... 

17. Wilmington Trust Co 

18. Brown Bros., Harriman & Co 

19. Ernst & Co 



752 
838 



524 



500 
500 



1,000 



1,500 



Total. 



1,200 
1,115 
750 
590 
550 
530 
360 
875 
375 

15, 382 



$17, 672 
19, 693 



12, 314 



11,750 
11, 750 



52, 334 



23,500 



35,250 



21.056 



28,200 
26,202 
17,625 
13,865 
12, 925 
12, 455 

8,460 
20,562 

8,812 

361, 475 



918 



CONCENTRATION OF ECONOMIC POWER 



[Size rank: 109. 



Record holders and holders having legal and 
FEDERAL WATER SER 
CUMULATIVE PREFERRED (CONTINGENT VOTING) as of 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Henry D. McHenry (nominee for Utility Operators Co.) 

2. Ames & Co. (nominee for American Electric Securities Corpora- 

tion) 

3. Otto Rusche 

4. Tucker & Co. (nominee for J. Henry Schroder Banking Corpora- 

tion; beneficiaries not disclosed) 

5. Brown Bros., Harriman & Co 

6. American Equitable Assurance Co. of New York. 

7. Colgate, Hoyt & Co. (nominee for U. S. Pipe & Foundry Co.). 

8. Nathan and Rosselli - 

9. J. & W. Seligman & Co. 

10. Chenery Corporation (holding company for the Chenery family) 

11. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed) 

12. Laird & Co. (nominee for Wilmington Trust Co. which held for 

the account of the Glenden Land Co., a personal holding 
company) 

13. Laird, Bissell & Meeds 

14. Cudd & Co. (nominee for Chase National Bank which held for 

the account of General Merchants Bankers, Ltd.) 

15. The Kanan Devan Hills Produce Co., Ltd 

16. Hurley & Co. (nominee for National City Bank; beneficiaries 

not disclosed) ■ 

17. General Convention of the New Jerusalem in the United States 

18. H. Edgar Lewis. 

19. Schondelmeier &Co . 

20. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

Total : 



3,216 

1,826 
1,500 

1,300 
1,133 
1,000 
1,000 
1,000 
950 
891 

850 



800 
700 

600 
600 

547 
500 
500 
500 

500 



$69, 546 

39, 487 
32, 437 

28, 112 
24, 501 
21, 625 
21, 625 
21,625 
20. 544 
19, 268 

18, 381 



17, 300 
15, 137 

12, 975 
12, 975 

11,829 
10.812 
10,812 
10,812 

10,812 



19, 913 



430, 615 



4.48 

2.55 
2.09 

1.81 
1.58 
1.39 
1.39 
1.39 
1.32 
1.24 

1.18 



1.12 



.84 

.76 
.70 
.70 
.70 

.70 

27.76 



CONCENTRATION OF ECONOMIC I'OVVER 



919 



beneficial ownership in such holdings — Continued 

VICE CORPORATION 

Apr.29, 1938. Shares outstanding as of Apr. 29, 1938: 71,706. Price as of December 1937: $21)^] 
Legal and Beneficial Holders 



Type and name of lioldcr 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Otto Rusche 

2. Chenery Corporation (a holding company for Chenery family; 

for details of ownership see information given under $7 cumu- 
lative preferred stock, supra) 

3. Glenden Land Co. (a personal holding company, the stock- 

holders of which were not disclosed) 

4. H. Edgar Lewis 

CORPORATIONS, PARENT AND SUBSIDIART 

5. Utility Operators Co. (parent of Federal Water Service Corpo- 

ration; for details of ownership see information given under 
common stock , siipra) 

OTHER CORPORATIONS, NONFINANCIAL 

6. U. S. Pipe & Foundry Co -.. _.. 

7. The Kanan Devan Hills Produce Co., Ltd _ 

INSURANCE COMPANIES 

8. American Equitable Assurance Co. of New York- 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

9. American Electric Securities Corporation _ _ 

BANKS AS BENEFICIAL HOLDERS 

10. General Merchants Bankers, Ltd 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

11. General Convention of the New Jerusalem in the United States. 

BANKS, BROKERS, ETC., BENEFICIARIES NOT DISCLOSED 

12. J. Henry Schroder Banking Corporation ■. 

13. J. P. Morgan & Co 

14. National City Bank 

15. Central Hanover Bank & Trust Co 

16. Brown Bros., Harriman & Co 

17. Nathan and Rosselli. 

18. J. & W, Seligman & Co 

19. Laird, Bissell & Meeds 

20. Schondelmeier & Co. 

Total 



1,500 



800 
500 



3,216 



1,000 
600 



1,000 



1,826 



600 



1,300 

850 

547 

■ 500 

1,133 

1,000 

950 

700 

500 



$32, 437 

19, 268 

17,300 
10, 812 



69, 546 



21, 625 
12, 975 



21, 625 



39, 487 



12, 975 



10,812 



2.09 



1.24 



1.12 
.70 



1.39 

.84 



1.39 



28, 112 


1.81 


18, 381 


1.18 


11,829 


.76 


10,812 


.70 


24,501 


1.58 


21,625 


1.39 


20,544 


1.32 


15, 137 


.98 


10,812 


.70 



19,913 



430,615 



27.76 



920 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

FEDERAL WATER 

[Size rank: 109. $4 CUMULATIVE PREFERRED (CONTINGENT VOTING) as of Apr. 29, 

Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Geo. R. Isaac, executor of the estate of Wm. D. Isaac, deceased. 

2. Louis Adelman - 

3. Chenery Corporation (holding company for the Chenery family) 

4. Angelo Lombard! ■_ 

5. Gladys M. Mott 

6. Wm. Parkinson, Jr... 

7. Julius F. Doll 

8. Cecelia Cohen _._ 

9. Henry D. McHenry (nominee for Utility Operators Co.) 

10. Orville F. Pierce 

11. Wm. Q. Fritz 

12. Arthur A. Saalbach 

13. Rudolph Yohner 

14. Mrs. Rovenia Fosnaugh Miller and Miss Ronvenia Francis 

Miller, as joint tenants with right of survivorship and not as 
tenants in common.. 

15. Frederick Dykstra.. 

16. Miss Julia Kraus 

17. Miss Louise Otterbein 

18. Mrs. Helena M. Smith 

19. Earl B. Redman 

20. Frederick Winegar 

Total - - 



170 
104 
99 
64 
41 
38 
36 
34 
31 
30 
29 
25 
25 



$2, 805 

1,716 

1,633 

1,056 

676 

627 

594 

561 

511 

495 

478 

412 

412 



363 
330 
330 
330 
330 
330 
330 



7.15 
4.37 
4.16 
2.69 
1.72 
1.60 
1.51 
1.43 
1.30 
1.26 
1.22 
1.05 
1.05 



.92 
.84 
.84 
.84 
.84 
.84 
.84 



14, 319 



36.47 



CONCENTRATION OF ECONOMIC POWER 



921 



SERVICE CORPORATION 

beneficial ownership in such holdings — Continued 
1938. Shares outstanding as of Apr. 29, 1938: 2,379. Price as of December 1937: $16^1 
Legal and Benkhcial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Estate of Wm. D. Isaac, deceased; Geo. R. Isaac, executor; 

beneficiaries: Shares 

Geo. R. Isaac 42^ 

Jennie Hart 42^ 

Annie Harris - - 42H 

Estate, L. P. Isaac — 42^ 

Total - 170 

2. Louis Adelman 

3. Chenery Corporation (a holding company for Chenery family; 

for details of ownership, see information given under $7 cumu- 
lative preferred stock, supra) , — 

4. Angelo Lombardi - - 

5. Gladys M. Mott. — - ..-- 

6. Wm. Parkinson, Jr — 

7. Julius F. Doll - -.- 

8. Cecelia Cohen - 

9. Orville F. Pierce - --- 

10. Wm. Q. Fritz - - - - - 

11. Arthur A. Saalbach .-- --- 

12. Rudolph Yohner - 

13. Mrs. Rovenia Fosnaugh Miller and Miss Rovenia Francis 

Miller, joint tenants - - 

14. Frederick Dykstra 

15. Miss Julia Kraus 

16. Miss Louise Otterbeln 

17. Mrs. Helena M. Smith. 

18. Earl B. Redman 

19. Frederick Winegar.. - 



COBPOKATIONS, PARENT AND SUBSIDIARY 

20. Utility Operators Co. (parent of Federal Water Serv. Corpora- 
tion; for details of ownership, see information given under 
common stock, supra).. - 



Total. 



170 
104 



$2,805 
1.716 

1,633 
1,056 
676 
627 
594 
561 
495 
478 
412 
412 

363 
330 
330 
330 
330 
330 
330 



511 
14, 319 



7.15 
4.37 



4.16' 
2.69 
1.72 
1.60 
1.51 
1.43 
1.26 
1.22 
1.05 
1.05 

.92 

.84 
.84 
.84 
.84 
.84 
.84 



1.30 
36.47 



922 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
FEDERAL WATER 
[Size rank: 109. COMMON CLASS A (VOTING) as of Apr. 29, 1938. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Wm. Thomas Desreaux and Philip Hedley Renouf as joint 

tenants with right of survivorship and not as tenants in com- 
mon - 

2. McDonnell&Co 

3. Henry Zuckerman & Co.. 

4. Hurley & Co. (nominee for National City Bank of New York; 

beneficiaries not disclosed) 

5. E. A. Pierce & Co 

6. Hubbard & Co 

7. Chas. Brown (nominee for Case, Pomeroy & Co., Inc.) 

8. Laird, Bissell & Meeds 

9. Homblower & Weeks -.. 

10. Dyer, Hudson & Co.. 

11. Reynolds & Co 

12. Fenner& Beane 

13. Curtis J. Lawrence & Son 

14. Ralph C. Carey (nominee for Scottish American Investment 

Co^Ltd.) 

15. The Caledonian Insurance Co 

16. Schondelmeier & Co 

17. Boody, McLellanA Co ". 

18. Pearl Assurance Co., Ltd 

19. Gertrude O. B. Kilbreth 

20. Schmidt <fc Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

Total 



9.257 
7,239 
5,295 

3,553 
3.430 
3,201 
3,000 
2,975 
2,789 
2,630 
2,666 
2.501 
2,400 

2,282 
2,280 
2,280 
2,110 
2.052 
2,000 

1.944 



$13,885 
10,858 
7,942 

5.329 
5.145 
4.801 
4,500 
4,462 
4,183 
3,945 
3,849 
3,751 
3,600 

3,423 
3,420 
3.420 
3.165 
3,078 
3.000 

2,916 



1.62 
1.27 
.93 

.62 
.60 
.56 
.53 
.52 
.49 
.46 
.45 
.44 
.42 

.40 
.40 
.40 
.37 
.36. 
.35 

.34 



65.784 



98, 672 



11.53 



CONCENTRATION OF ECONOMIC POWER 
beneficial ownership in such holdings — Continued 

SERVICE CORPORATION 

Shares outstanding as of Apr. 29, 1938: 570,195. Price as of December 1937: $lf^] 
Legal and Beneficial Holders 



923 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Wm. Thomas Desreaux and Phillip Hedley Renouf, joint 
tenants 



2. Gertrude O. B. Kilbreth 

OTHER COMPANIES, NONFINANCIAl 

3. Hubbard & Co -.. 

mSUBANCE COMPANIES 

4. The Caledonian Insurance Co 



5. Pearl Assurance Co., Ltd 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

6. Scottish American Investment Co., Ltd _ 

BROKERS AND INVESTMENT TRUSTS AS BENEFICUL HOLDERS 

7. Case, Pomeroy & Co., Inc _ 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

8. National City Bank of New York 

9. Guaranty Trust Co. of New York , 

10. McDonnell & Co. 

11. Henry Zuckerman & Co 

12. E. A. Pierce& Co.... 

13. Laird. Bissell & Meeds 

14. Hornblower & Weeks 

15. Dyer, Hudson & Co 

16; Reynolds & Co 

17. Fenner & Beane. 

18. Curtis J. Lawrence & Son ., 

19. Schondelmeier & Co 

20. Boody, McLelIan& Co 



Total. 



9,257 
2,000 



3,201 



2,280 
2,052 



2,282 



3,000 



3,553 
1,944 
7,239 
5,295 
3,430 
2,975 
2,789 
2.630 
2,566 
2,501 
2,400 
2,280 
2,110 

65, 784 



$13, 88.1 
3.000 



4,801 



3,420 
3,078 



3.423 



4,500 



98.672 



1.62 
.35 



.56 



.40 
.36 



.53 



5,329 


.62 


2.916 


.34 


10.858 


1.27 


7,942 


.93 


5,145 


.60 


4,462 


.52 


4,183 


.49 


3.945 


.46 


3,849 


.45 


3.751 


.44 


3.600 


.42 


3,420 


.40 


3,165 


.37 



11.53 



924 



CONCEN'TRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
THE FIRESTONE TIRE 
[Size rank: 114. COMMON (VOTING) as of Jan. 5, 1938. Shares out- 
HoLDERS OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



The Harbel Corporation (holding company for the Firestone 

family) — 

Harvey S. Firestone .-- 

The Cleveland Trust Co .-. - 

Leonard K. Firestone --- 

Russell A. Firestone - - 

Harvey S. Firestone, Jr — 

The Firestone Park Trust & Savings Bank, trustee for Roger 

8. Firestone -- --- - 

Raymond C. Firestone _ -._ - 

Idabelle Firestone 

E. A. Pierce & Co 

The Firestone Park Trust & Savings Bank, trustee for Ray- 
mond C. Firestone 

Roger S. Firestone... 

The Firestone Park Trust & Savings Bank, trustee for Eliza- 
beth Idabelle Firestone - 

John W. Thomas _ 

Elizabeth Idabelle Firestone 

R. Green ^ _. 

Bertha H. Thomas 

Homblower & Weeks .._ 

The Firestone Park Trust & Savings Bank, trustee foi Russell 

A. Firestone 

The Firestone Park Trust & Sav'iqs Bank, trustee for Leonard 

K. Firestone 

J. 8. Bache& Co .-... 

Roy W. Sanborn 

Eliiabeth Parke Firestone 

Angelyn Coombs Collier 

Maude Day Memmer... 

The Cleveland Trust Co., trustee for John W. Thomas 

The Firestone Park Trust & Savings Bank, trustee for Harvey 
8. Firestone, Jr. 

Total 



260,000 
149, 805 
123,750 
36,667 
35, 592 
35, 452 

27,500 
25, 585 
25,000 
22, 146 

20,000 
17, 703 

15, 000 
12, 634 
10, 481 
10,000 
9,935 
9,315 

9,167 

9,083 
9,019 
6,820 
6,000 
5,900 
5,625 
4,590 

4,000 



$4,940,000 

2, 846, 295 

2, 351, 250 

696, 673 

676, 248 

673, 588 

522,500 
486, 115 
475,000 
420, 774 

380, 000 
336, 357 

285,000 
240,046 
199, 139 
190,000 
188, 765 
176, 985 

174, 173 

172,577 
171, 361 
129, 580 
114,000 
112, 100 
106, 875 
87, 210 

76,000 



13.44 
7.74 
6.40 
1.90 
1.84 
1.83 

1.42 
1.32 
1.29 
1.14 

1.03 
.92 

.78 
.65 
.54 
.52 
.51 



.47 
.47 
.35 
.31 
.30 
.29 
.24 



.21 



906, 769 



17,228,611 



46.86 



CONCENTRATION OF ECONOMIC POWER 



925 



beneficial ownership in such holdings— Continued 
& RUBBER CO. 

standing as of Jan. 5, 1938: 1,934,548. Price as of December 1937: $19] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. R. Green --- 

2. Bertha H. Thomas 

3. John W. Thomas 

4. John W. Thomas, through the Cleveland Trust Co., trustee. 

5. Harvey S. Firestone (since deceased) 

6. Harvey S. Firestone, Jr 

7. Harvey S. Firestone, Jr., through Firestone Park Trust & 

Savings Bank, trustee... 

8. Idabelle Firestone -- 

9. Elizabeth Idabelle Firestone -.- -- 

10. Elizabeth Idabelle Firestone, through Firestone Park Trust & 

Savings Bank, trustee - 

11. Leonard K. Firestone - 

12. Leonard K. Firestone, through the Firestone Park Trust & 

Savings Bank, trustee. -.- 

13. Russell A. Firestone 

14. Russell A. Firestone, through Firestone Park Trust & Sav- 

ings Bank, trustee - - - 

15. Raymond C. Firestone - — 

16. Raymond C. Firestone, through Firestone Park Trust & Sav- 

ings Bank, trustee _ - -. 

17. Roger S. Firestone. - 

18. Roger S. Firestone, through the Firestone Park Trust & Sav- 

ings Bank, trustee... 

19. Elizabeth Parks Firestone - 

20. The Harbel Corporation (a holding company, the stock of 

which is held by the Cleveland Trust Co. as trustee under 6 
indentures for the respective benefit of the following: 

Percent 

Harvey S. Firestone, Jr 5^ 

Russell A. Firestone H 

Leonard K. Firestone .- hi 

Raymond C. Firestone .- -. H 

Rogers. Firestone H 

Elizabeth Firestone Graham ^b 

100 

21. Roy W. Sanborn....*. .': 

22. Angelyn Coombs Collier... 

23. Maude Day Memmer -. 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

24. The Cleveland Trust Co....". - 

25. E. A. Pierce & Co .-. - 

26. Hornblower & Weeks -. 

27. J. S. Bache & Co - 

Total 



Holdings 



Number 
of shares 



10,000 

9,935 
12,634 
4.590 

149, 805 
35, 452 

4,000 
25,000 
10, 481 

15,000 
36, 667 

9,083 
35, 592 

9,167 
25,585 

20,000 
17, 703 

27.500 
6,000 



260,000 
6,820 

5.900 

5,625 



123,750 
22, 146 
9,315 
9,019 



906, 769 



Value 



$190,000 

188, 765 
240,046 
87, 210 

2, 846, 295 
673,588 

76,000 
475,000 
199, 139 

285,000 
696, 673 

172, 577 
676, 248 

174, 173 
486, 115 

380,000 
336, 357 

522,500 
114,000 



4, 940, 000 
129,580 

112, 100 

106, 876 



2, 351, 250 
420, 774 
176,985 
171,361 



17, 228, 611 



Percent 
of shares 
outstand- 
ing 



0.52 

.51 
.65 
.24 

7.74 
1.83 

.21 
1.29 
.54 

.78 
1.90 

.47 
1.84 

.47 
1.32 

1.03 
.92 

1.42 
.31 



13.44 
.35 

.30 

.29 



6.40 
1.14 
.48 

.47 



46.86 



926 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

THE FIRESTONE TIRE 
[Size rank: 114. 6 percent CUMULATIVE PREFERRED A (CONTINGENT VOTING) 
Holders of Recobd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 

OUtstP-1- 



1. The Cleveland Trust Co - 

2. Steere & Co. (nominee for Oirard Trust Co.; beneficiaries not 

disclosed)..- -- - 

3. Jas. A. Kommer - 

4. Boehm & Co. (nominee for BankM'S Trust Co.; beneficiaries not 

disclosed)..- -- - -- - 

5. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

6. Home Insurance Co 

7. The Firestone Park Trust & Savings Bank 

8. Hurley & Co. (nominee for National City Bank of New York; 

beneficiaries not disclosed) - 

9. Leroy & Co. (nominee for National Newark and Essex Banking 

Co., which holds for Chartered Investors, Inc.) 

10. Dominick & Dominick 

11. The Detroit Co --- 

12. Archie E. Mackintosh (nominee for Oil City Tn;st Co.; bene- 

ficiaries not disclosed) - -- 

13. Brown Bros., Harriman & Co --- -- — 

14. Alexander C. Robinson --- — 

15. Jos. H. O'Connor - --. 

16. Central United National Bank - -- — 

17. Perkins & Co. (nominee for Commercial Trust Co. of New 

Jersey; beneficiaries not disclosed) 

18. Jas. O. Robertson -- — 

19. J. Frederick Byers -.- - 

20. Depreciation Fund Board of the city of New York 

21. The Franklin Fire Insurance Co --- — 

22. Edwin Heine. - - 

23. Myrtle Morley - - 

24. Rieck Investment Corporation (a holding company for members 

of the Rieck family) _. - 

25. Wonham, Albert & Co, (nominee for Bank of Montreal; bene- 

ficiaries not disclosed).- - 

Total 



22,341 

3,218 
2,196 

2,000 

1,914 
1,900 
1,803 

1,660 

1,500 
1,424 
1,337 

1,260 
1,252 
1,200 
1,186 
1,142 

1,100 
1,050 
1,000 
1,000 
1,000 
1,000 
1,000 

1,000 

1,000 



$2, 027, 446 

292,033 
199,287 

181,500 

173, 695 
172, 425 
163, 622 

150, 645 

136, 125 
129,228 
121, 333 

114,345 
113,619 
108,900 
107, 629 
103, 636 

99, 825 
95,287 
90,750 
90,750 
90,750 
90,750 
90,750 

90,750 

90,750 



56,483 



6, 125, 830 



4.79 

.69 
.47 

.43 

.41 
.41 
.39 

.36 

.32 
.31 

.29 

.27 
.27 
.26 
.25 
.24 

.24 
.23 
.21 
.21 
.21 
.21 
.21 

.21 

.21 

12.10 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
& RUBBER CO. 

as of Feb. 15, 1938. Shares outstanding as of Feb. 15, 1938: 466,134. Price as of December 1937: 
Legal and Beneficial Holders 



927 



Type and name of holder 



Holdings 



Number 
of shares 



. Value 



Percent 
of shares 
outstand- 
- Ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Jas. A. Kommer 

2. Alexander C. Robinson 

3. Jos. H. O'Connor 

4. Jas. G. Robertson 

5. Rieck Investment Corporation (a holding company for the 

Rieck family; for details of ownership see this appendix, sec. 
II).--— 

6. J. Frederick Byers.. 

7. Edwin Heine 

8. Myrtle Morley 

INSURANCE COMPANIES 

9. Home Insurance Co 

10. The Franklin Fire Insurance Co.._ 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

11. Chartered Investors, Inc 

GOVERNMENTAL AGENCIES 

12. Depreciation Fund Board of the city of New York 

BANKS, BROKER.S, ETC.; BENEFICIARIES NOT DISCLOSED 

13. The Cleveland Trust Co 

14. Girard Trust Co 

15. Bankers Trust Co _ 

16. Guaranty Trust Co 

17. The Firestone Park Trust & Savings Bank _ 

18. National City Bank of New York 

19. Oil City Trust Co ^ 

20. Central United National Bank 

21. Commercial Trust Co. of New Jersey _.. 

22. Bank of Montreal 

23. Dominick & Dominick ^ 

24. Brown Bros., Harriman & Co 

25. The Detroit Co _. 

Total 



2,196 
1,200 
1,186 
1,050 

1,000 
1,000 
1,000 
1,000 



1,900 
1,000 



1,500 



1,000 



22, 341 
3, 218 
2,000 
1,914 
1,803 
1,660 
1,260 
1,142 
1,100 
1,000 
1,424 
1,252 
1,337 



$199, 287 
108,900 
107, 629 
95,287 

90.750 
90,750 
90,750 
90,750 



172, 425 
90,750 



136, 125 



90,750 



2, 027, 446 
292, 033 
181,500 
173,695 
163, 622 
150,645 
114,345 
103, 636 
99,825 
90,750 
129,228 
113,619 
121,333 



56,483 



5, 125, 830 



0.47 
.26 
.25 
.23 

.21 
.21 
.21 
.21 



.41 
,21 



.32 



4.79 
.69 
.43 
.41 
.39 
.36 
.27 
.24 
.24 
.21 
.31 
.27 
.29 



12.10 



268445 — 41— No. 29- 



928 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

FORD 
(Size rank: 23. COMMON, CLASS A (NONVOTINQ)as of Dec. 31, 1938. Shares 
Holders of Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Henry Ford- 


1,686,099 

1,241,309 

250,000 

102,847 


$305, 183, 919 

224, 676, 929 

45, 250, 000 

18, 615, 307 


51.40 


2. EdselB. Ford 


37 84 


3. Ford Foundation 


7.62 


4. Mrs. Clara J. Ford 


3.14 






Total _ 


3, 280, 255 


593,726.156 


100.00 



FORD 

[Size rank: 23. COMMON, CLASS B (VOTING) as of Dec. 31, 1938. <?hares 
Holders of Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


I.Henry Ford 


95, 321 
71,911 
5,413 


$17, 253, 101 

13, 015, 891 

979. 753 


55.21 


2. EdselB. Ford 


41.65 


3. Mrs. Clara J. Ford 


3.14 






Total 


172, 645 


31, 248, 745 


100.00 







CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
MOTOR CO. 

outstanding as of Dec. 31, 1938: 3,280,255. Price (assigned) as of December 1037: $181] 
Legal and Beneficial Holders 



929 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Henry Ford 


1, 686, 099 

1,241,309 

102, 847 

250.000 


$305, 183, 919 

224, 676, 929 

18, 615, 307 

45, 250, 000 


51.40 


2. Edsel B.Ford 


37.84 


3. Mrs. Clara J. Ford , 


3.14 


FOUNDATIONS 
4 VoM Ponnftat'on 


7.62 






Total .-. 


3, 280, 255 


593, 726, 155 


100.00 







MOTOR CO. 

outstanding as of Dec. 31, 1938: 172,645. Price (assigned) as of December 1937: $181] 
Legal and Beneficial Holders 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


INDIVIDUALS. PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Henry Ford _ ..- 


95, 321 
71,911 
5,413 


$17, 253, 101 

13,015,891 

979, 753 


55.21 


2. Edsel B.Ford 


41.65 


3. Mrs. Clara J. Ford 


3.14 






Total 


172, 645 


31, 248, 745 


100.00 







930 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

GENERAL AMERICAN 
[Size rank: 159. COMMON (VOTING) as of Feb. 25, 1938. Shares outstanding 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1 . The Coalesced Co. (holding company for members of the Mellon 

family) 

2. Leola S. Epstein 

3. Sun Life Assurance Co. of Canada 

4. Richard K. Mellon _ 

5. Mrs. Sarah Mellon Scaife _ 

6. Lester N. Selig and WmV- Woodward, trustees u/t/i with Max 

Epstein, Dec. 1, 1935; beneficiary, the University of Chicago _ 

7. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

8. Max Epstein. _ 

9. Hall & Co. (nominee for Commercial Trust Co. of New Jersey; 

beneficiaries not disclosed) 

10. Mrs. Lucille M. Bernheim. 

11. Harold M. Marks _ _. 

12. Fahnestock & Co 

13. Perkins & Co. (nominee for Commercial Trust Co. of New 

Jersey; beneficiaries not disclosed) 

14. Mrs. Grace R. Hansen ■ 

15. Boehm & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) .-. 

16. Cyrus L. Phillipp 

17. W. L. Mellon. . 

18. Kuhn Loeb & Co 

19. Roth & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

20. Mrs. Bertha Phillipp 

Total 



40,025 
25, 555 
25,000 
21,277 
20,832 

20,050 

16, 867 
15, 482 

11,000 
10,850 
9,700 
9,387 

7,310 
7,214 

6,700 
■6,627 
6,564 
5,820 

5,717 
5,611 



277, 588 



$1,621,012 

1, 034, 978 

1,012,500 

861, 718 

843, 696 

812, 025 

683,114 
627, 021 

445,500 
439, 425 
392, 850 
380, 174 

296, 055 
292, 167 

271,350 
268, 394 
265, 842 
235, 710 

231, 538 
227, 246 



3.87 

2.47 
2.42 
2.06 
2.02 

1.94 

1.63 
1.50 

1.06 
1.05 
.94 
.91 

.71 
.70 

.65 
.64 
.64 
.56 

.55 
.54 



11,242,315 



26.86 



CONCENTRATION OF ECONOMIC POWER 



931 



beneficial ownership in such holdings — Continaed 

TRANSPORTATION CORPORATION 

as of Feb. 25, 1938: 1,032,915. Price as of December 1937: $40^1] 

Legal jljxd Beneficial Holdebs 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PEE80NAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Mrs. Lucille M. Bernheim — 

2. Max Epstein - 

3. Leola S. Epstein - 

4. Mrs. Qiace R. Hansen 

5. Cyrus L. Phillipp 

6. Mrs. Bertha Phillipp 

7. Richard K. Mellon __ 

8. Mrs. Sarah Mellon Scaife - 

9. The Coalesced Co. (holding company for Mellon family (dis- 

solved in December 1938); for details of ownership see this 
appendix, sec. U) --. 

10. W. L. Mellon 

11. Harold M. Marks 

INSURANCE COMPANIES 

12. Sun Life Assurance Co. of Canada 

ELEEMOSTNAEY AND EDUCATIONAL INSTITUTIONS 

13. University of Chicago, through Lester N. Selig and Wm. J. 

Woodward, trustees u/t/i with Max Epstein, Dec. 1, 1935 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. Commercial' Trust Co. of New Jersey 

W. Central Hanover Bank & Trust Co 

16. Bankers Trust Co 

fS. Kuhn Loeb & Co 

18. Fahnestock & Co - 

Total 



10,850 

15, 482 
25, 555 

7,214 

6,627 
5,611 

21, 277 
20,832 



40, 025 
6,564 

9,700 



25,000 



20,050 



18,310 
16,867 
12,417 
5,820 
9,387 



$439, 425 

627, 021 
1, 034, 978 

292, 167 

268,394 
227,246 

861, 718 
843, 696 



1,621,012 
265, 842 

392,850 



1,012,500 



812,025 



741, 555 
683, 114 
502,888 
235, 710 
380, 174 



1.50 
2.47 



.64 
.64 

2.06 
2.02 



3.87 
.64 

.94 



2.42 



1.77 
1.63 
1.20 
.56 
.91 



277, 588 



11,242,315 



26.86 



932 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

~ - GENERAL 

[Size rank: 47. COMMON (VOTING) as of Mar. 18, 1938. Shares outstand 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees) 

2. Sun Life Assurance Co. of Canada 

3. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosfed) --- - - , 

4. Atwell & Co. (nominee for the United States Trust Co.; bene- 

ficiaries not disclosed) - 

5. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

6. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) -^ 

7. Dominick & Dominick... 

8. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) _ 

9. Williams & Co. (nominee for Bank of New York & Trust Co.; 

beneficiaries not disclosed) 

10. Brown Bros.. Harriman & Co 

11. D. T. Moore & Co -.. _ 

12. N. V. Amsterdamsch Administratiekantoor Van Amerikaansche 

Waarden of Heerengracht 

13. W. A. & A. M. White (customarily nominees for members of the 

White family) 

14. Eddy & Co. (nominee for the Bankers Trust Co.; beneficiaries 

not disclosed) 

15. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) _.. 

16. Hare & Co. (nominee for Bank of New York & Trust Co.; bene- 

ficiaries not disclosed) 

17. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) __ 

18. John L. Gardner under guardianship of Q. Peabody Gardner, 

Jr., and George P. Gardner 

19. Edwin D. Shaw (nominee for J. P. Morgan & Co.; beneficiaries 

not disclosed) - 

20. Trustees of the Massachusetts Investors Trust 

Total 



532„000 
281, 100 

232, 935 

218, 178 

196, 724 

155, 067 
121, 154 

120, 491 

114, 284 
113,792 
112, 182 

94,940 

88, 832 

87,029 

77, 322 

74,062 

71, 163 

64,756 

63, 319 
61,000 



$21, 878, 500 
11,560,238 

9, 579, 452 

8, 972, 570 

8, 090, 274 

6, 377, 130 
4, 982, 458 

4, 955, 192 

4, 699, 930 
4,679,696 
4, 613, 485 

3, 904, 408 

3, 653, 216 

3,'579, 068 

3, 179, 867 

3, 045, 800 

2, 926, 578 

2,663,090 

2, 603, 994 
2, 508, 625 



.97 
.81 
.76 

.68 

.54 
.42 

.42 

.40 
.39 
.39 

.33 

.31 

.30 

.27 

.26 

.25 



.22 
.21 



2, 880, 330 



118, 453, 571 



.99 



CONCENTRATION OF ECONOMIC POWER 



933 



beneficial ownership in such holdings^Continued 
ELECTRIC CO. 

ing as of Nov. 24, 1939: 28,844,042. Price a.s of December 1937: UlH] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. ^y. A. and A. M. White (customarily nominees for members of 

the White family) - 

2. John L. Gardner, under guardianship of Q. Peabody Gardner, 

Jr., and George P. Gardner - 

INSURANCE COMPANIES 

3. Sun Life Assurance Co. of Canada -- 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

4. N. V. Amsterdamsch Administratiekantoor Van Amerikaansche 

Waarden of Heerengracht - 

5. Trustees of the Massachusetts Investors Trust - 

GENERAL ELECTRIC CO. EMPLOYEES WELFARE AND STOCK PURCHASE 
PLAN, ETC. 

6. General Electric Employees Securities Corporation (an invest- 

ment Company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.) 

BANKS, BROKERS, ETC.; BENEnaARIES NOT DISCLOSED 

7. J. P. Morgan <fe Co 

8. United States Trust Co... - - - 

9. Bankers Trust Co. .- -- 

10. City Bank Farmers Trust Co - 

11. Bank of New York & Trust Co - 

12. Central Hanover Bank & Trust Co 

13. Guaranty Trust Co. of New York 

14. Chase National Bank - 

15. Dominick & Dominick - 

16. Brown Bros., Harriman & Co.. 

17. D. T. Moore & Co 

Total.. 



88,832 
64,756 



281,100 



94,940 
61,000 



532,000 



296,254 
218, 178 
207,520 
196, 724 
188, 346 
155, 067 
77, 322 
71,163 
121, 154 
113,792 
112, 182 



$3, 653, 216 
2,663,000 

11,560,238 



3,904,408 
2, 508, 625 



21, 878, 500 



12, 183, 446 
8, 972, 570 
8, 534, 260 
8, 090, 274 
7, 745. 730 
6, 377, 130 
3, 179, 867 
2, 926, 578 
4, 982, 458 
4, 679, 696 
4, 613, 485 



0.31 
.22 



.97 



.33 
.21 



1.84 



1.03 
.76 

.',2 



.54 
.27 
.25 
.42 
.39 
.39 



2, 880, 330 



118, 453, 571 



934 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

GENERAL FOODS 

[Size rank: 183. COMMON (VOTING) as of Jan. 30, 1939. Shares 

HOLDEBS OF RECOBD 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Mrs. Marjorie Post Davies 

2. Security Trust Co. of Rochester - — -. 

3. Central Hanover Bank & Trust Co -.. 

4. Lack & Lindsay (nominee for Wilmington Trust Co. for follow- 

ing accounts): 
Wilmington Trust Co., Henry B. Close, and Joseph 
Edward Davies, trustees u/a/w Marjorie Post Shares 

Davies, Dec. 30. 1935 70,000 

Agent for Joseph Edward Davies. 30,000 

For 7 other accounts 1,098 

Total - - - 101,098 

5. Warren Wright 

6. Igleheart Bros., Inc. (subsidiary of General Foods Corporation) . 

7. Guaranty Trust Co. of New York 

8. Mrs. Helen W. Martinez De Las Rivas 

9. O. Frank Woodward 

10. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries nc , disclosed) 

11. Third National iank of Nashville, Tenn., trustee u/a Joel O. 

Cheek, Apr. 2., 1922 

12. Brown Bros., Harriman & Co 

13. Ernest L. Woodward _-_ _ 

14. H. H. Securities Corporation (a holding company for Richard 

Hellmann)..- 

15. Florence S. Woodward 

16. C. M. Chester, Jr 

17. J. W. Neal- 

18. Lehman Bros 

19. Edward F. Hutton.... 

20. Williams & Co. (nominee for Bank of New York & Trust Co.; 

beneficiaries not disclosed) 

Total 



358,225 
134,201 
114,072 



101, 098 
90,000 
85,778 
82,689 
70,350 
49, 952 

39, 903 

38,568 
35, 478 
35,000 

27,000 
20,800 
20,075 
20,000 
19, 551 
18,600 

18,252 



$10, 925, 862 
3, 788, 130 
3, 479. 196 



3, 083, 489 
2, 745, 000 
2, 616, 229 
2, 522, 014 
2, 145, 675 
1, 523, 536 

1, 217, 041 

1, 176, 324 
1,082,079 
1, 067, 500 

823,500 
634,400 
612, 287 
610,000 
596, 305 
567,300 

556.686 



6.82 
2.36 
2.17 



1.92 
1.71 
1 63 
1.57 
L33 
.95 

.75 

.73 
.67 
.66 

.61 
.39 
.38 
.38 
.37 
.35 

.34 



1, 369, 592 



41, 772, 553 



25.99 



CONCENTRATION OF ECONOMIC POWER 



935 



beneficial ownership in such holdings — Continued 
CORPORATION 

outstanding as of Jan. 30, 1939: 5,251,440. Price as of December 1937: $305i] 
Legal and BsNEnaAL Holders 





Holdings 


Type and name of holder 






Percent 




Number 


Value 


of shares 




of shares 


outstand- 








ing 


INDIVIDUALS, PERSONAL AND" FAMILY HOLDINO COMPANIES, TRUSTS 








AND ESTATES 








1. C. M. Chester, Jr -. 


20.075 
358,225 


$612, 287 
10, 925, 862 


0.38 


2. Marjorie Post Davies - 


6.82 


3. Wilmington Trust Co., Henry B. Close and Joseph Edward 








Davies, trustees u/a/w Marjorie Post Davies, Dec. 30, 1935 


70,000 


2, 135, 000 


1.33 


4. Joseph Edward Davies.. 


30,000 


915,000 


.57 


5. Edward F. Eutton 


18,600 
90,000 


567.300 
2, 745. 000 


.35 


6. Warren Wright 


1.71 


7. 0. Frank Woodward 


49, 952 
35,000 


1, 523, 536 
1,067,500 


.95 


8. Ernest L. Woodward,. 


.66 


9. (Mrs.) Helen W. Martinez De Las Rivas 


70,350 


2, 145, 675 


1.33 


10. Florence S. Woodward 


20,800 
27,000 


634,400 
823,500 


.39 


11. Richard Hellmann, through R. H. Securities (100 percent owned). 


.51 


12. Third National Bank of Nashville, Tenn., trustee u/a Joel 0. 








Cheek, Apr. 24. 1922 


38, 568 
20,000 


1,176,324 
610.000 


.73 


13. J. W. Neal 


.38 


CORPORATIONS, PARENT AND SUBSIDIARY 




14. Igleheart Bros., Inc., an operating subsidiary of General Foods 








Corporation, acquired in March 1926. Voting control over the 








company is vested in the 5,000 shares of class B common, all of 








which is owned by General Foods. This was issued in e.\- 








change for cash and a bloc of General Foods common stock. 








The common stock is held against conversion of the Igleheart 








Bros., Inc., class A stock, which was issued to the former own- 








ers of Igleheart Bros. The company advises that the General 








Foods common held against conversion, 85,778 shares as of 








January 1939, is not voted or counted for quorum purposes at 








General Foods Corporation meetings. The following owners 








of the class A stock are entitled to proportionate amounts of the 








General Foods stock: 








Equiva- 








lent Oen- 








eral Foods 








Igleheart common 








class A shares 








John Giltner Igleheart 15,057 30,114 








John Giltner Igleheart, Jr. ^ 500 1,000 








Cora B. Igleheart, trustee.-.- 1,000 2,000 








Mrs. Cora B. Igleheart Ill 222 








Austin S. Igleheart 5,555 11.110 








Edgar A. Igleheart 4,555 9,110 








Mrs. Belle S. Igleheart, trustee 3,000 6,000 








National City Bank of Evansville, Ind., 








as trustee u/a Mabel D. Igleheart, Nov. 








4,1931 1,500 3,000 








Union Trust Co. of Indianapolis* trustee. 7,500 15,000 








(Hussey & Co.) Grace National Bank, 








New York 3,011 6,022 








(Sigler & Co.) Central Hanover Bank & 




Trustee 1,100 2,200 


85,778 


2, 616, 229 








Total 42,889 85,778 


1.63 


BANKS, BROKERS, ETC.: BENEFICIARIES NOT DISCLOSED 








15. Central Hanover Bank & Trust Co 


153,975 
124,201 
82,689 


4,696,237 
3,788,130 
2,522,014 


2.92 


16. Security Trust Co. of Rochester 


2.36 


17. Guaranty Trust Co. of New York 


1.57 


18. Bank of New York & Trust Co 


18,262 
35,478 
19,551 


556,686 

1,08a 079 

596,305 


.34 


19. Brown Bros., Harriman & Co 


.67 


20. Lehman Bros 


.37 






Subtotal 


1,368,404 
1,008 


41, 739, 064 
33,489 


25.07 


Total record holdings not Included above 


.02 






Total 


1.360,592 


41,772,653 


25.00 







936 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
GENERAL FOODS 
[Size rank: 183. $4.50 CUMULATIVE PREFERRED (CONTINGENT VOTING) 
Holders of Recobd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Metropolitan Life Insurance Co 

Atwell & Co. (nominee for United States Trust Co.; beneficiaries 
not disclosed) 

Massachusetts Mutual Life Insurance Co -^ 

The Prudential Insurance Co. of America 

New York Life Insurance Co 

The University of Chicago 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) 

Hare & Co. (nominee for Bank of New York & Trust Co.; bene- 
ficiaries not disclosed) 

St. Louis Union Trust Co 

Teachers Insurance & Annuity Association of America 

The Canada Life Assurance Co. 

The Continental Insurance Co 

King & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) 

Ori&n & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed); 

Buckley & Co. (nominee for Fiduciary Trust Co. of New York; 
beneficiaries not disclosed) _ 

Clooney & Co. (nominee for Fiduciary Trust Co. of New York; 
beneficiaries not disclosed) 

J. P. Morgan* Co.... 

The Union Central Life Insurance Co 

The Chiu-ch Pension Fund _ 

Hartford Accident & Indemnity Co 

Investors Syndicate.- _ 

The Life Insurance Co. of Virginia 

National Surety Corporation 

Provident Mutual Life Insurance Co. of Philadelphia 

State Mutual Life Assurance Co. of Worcester 

University of Rochester 

Woodmen of the World Life Insurance Society 

Total 



6,070 

6,286 
6,000 
5,000 
3,676 
3,406 

3,225 

2,740 
2,130 
2,000 
1,940 
1,700 

1,458 

1,225 

1,106 

1,083 
1,060 
1,020 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 



$661,630 

676, 174 
545,000 
545,000 
400,575 
371, 146 

361, 526 

298,660 
232, 170 
218,000 
211,460 
186, 300 

168, 922 

133, 625 

120,446 

118,047 
114,460 
111, 180 
109,000 
109,000 
109,000 
109,000 
109,000 
109,000 
109,000 
109,000 
109,000 



4.06 

3.52 
3.33 
3.33 
2.46 
2.27 

2.16 

1.83 
1.42 
1.33 
1.29 
1.13 

.97 

.81 

.74 

.72 
.70 



.66 
.66 
.66 
.66 



58,112 



6, 334, 208 



38.66 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
CORPORATION 

as of Jan. 10, 1939. Shares outstanding as of Jan. 10. 1939: 150,000. Price as of June 1938: $109] 
Legal and Beneficial Holders 



937 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INSUKANCE companies 

1. Metropolitan Life Insurance Co 

2. Massachusetts Mutual Life Insurance Co 

3. Prudential Insurance Co. of America 

4. New York Life Insurance Co — 

5. Teachers Insurance & Annuity Association of America — 

6. Canada Life Assurance Co 

7. Continental Insurance Co --. 

8. Union Central Life Insurance Co 

9. Hartford Accident & Indemnity Co. _ 

10. Life Insurance Co. of Virginia 

11. National Surety Corporation 

12. Provident Mutual Life Insurance Co. of Philadelphia 

13. State Mutual Life Assurance Co. of Worcester. 

14. Woodmen of the World Life Insurance Society 

INVESTMENT TRUST AND INVESTMENT COMPANIES 

15. Investors Syndicate - 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

16. University of Chicago 

17. Church Pension Fund .- 

18. University of Rochester 

BANKS, BROKERS, ETC.; BENEnCTARIES NOT DISCLOSED 

19. United States Trust Co 

20. Central Hanover Bank & Trust Co 

21. Bank of New York & Trust Co 

22. City Bank Farmers Trust Co -.. 

23. Fiduciary Trust Co. of New York 

24. St."Louis Union Trust Co. 

25. J. P. Morgan & Co... 

Total 



6,070 
5,000 
5,000 
3,675 
2.000 
1,940 
1,700 
1,020 
1,000 
1,000 
1.000 
1,000 
1,000 
1,000 

1.000 



3,405 
1.000 
1,000 



5,286 
3,225 
2.740 
2.683 
2.188 
2,130 
1.050 



$661. 630 
545,000 
545.000 
400. 575 
218.000 
211.460 
185. 300 
111, 180 
109, 000 
109, 000 
101,000 
109,000 
109,000 
109,000 



109,000 



371, 145 
109.000 
109.000 



576. 174 
351, 525 
298. 660 
292, 447 
238, 492 
232, 170 
114,450 



4.05 
3.33 
3.33 
2.45 
1.33 
1.29 
1.13 
.68 
.66 
.66 
.66 
.66 
.66 
.66 



.66 

2.27 
.66 
,66 



3.52 
2.15 
1.83 
1.78 
1.46 
1.42 
.70 



58,112 



6, 334, 208 



38.66 



938 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
GENERAL MOTORS 
[Si2e rank: 8. COMMON (VOTING) as of Dec. 31, 1937. Shares out- 
HoLDERs OF Record 



Name of record holder 



1. General Motors Securities Corporation (a holding company, the 

common stock of which was owned by E. I. du Pont de Ne- 
mours & Co., and the class A by variousi.General Motors Cor- 
poration executives. The asset representation, liabilities, and 
dividend payments of each class were completely segregated. 
As of Dec. 31, 1937, the du Pont ownership of O. M. Securities 
Corporation common was equivalent tn 9,843,750 shares of 
G. M. common. The remaining 1,910,837 shares of G. M. 
common held by G. M. Securities Corporation was allocated 
to the class A holders who could convert, share for share, into 
G. M. common. In December 1938, the Securities Corporation 
was liquidated. Du Pont converted its Securities Corporation 
common into G. M. common, which, in addition to its direct 
holding of 156,250 shares, gave it a total holding of 10,000,000 
shares of G. M. The class A holders consolidated with G. M. 
Management Corporation (see below) to form G. M. Shares, 
Inc.) 

2. General Motors Management Corporation (a bonus-payment 

plan for G. M. executives. The common stock of O. M. 
Management Corporation svas owned by about 200 executives, 
who received dividends in the form of Manftgcment Corpor- 
ation class B stock. Each share of class B was equivalent to 
1 share of G. M. common, and each share of Management 
Corporation common was eiiuivalent to 8.892 shares of G. M. 
common. In December 1938, Management Corporation con- 
solidated with the holders of G. M. Securities Corporation 
class A stock to form G. M. Shares, Inc.) 

3. Charles S. Mott 

4. C. F. Kettering, Inc. (a holding company for C. F. Kettering 

and family; in addition, C. F. Kettering reports direct holdings 
of 8,099 shares) 

5. Midland Bank 

6. Nominees. Ltd., Evelyn D. Mendelssohn and as trustees. 

7. New Castle Corporation (a holding company for Alfred P. Sloan, 

Jr., and wife; in addition, Alfred P. Sloa.n, Jr., reports direct 
holdings of 14,961 shares) 

8. Florence W. Dalton... 

9. N. V. Amsterdamsch Administratiekantoor Van Amerikaansche 

Waarden . 

10. Salkeld <fe Co. (nominee for Bankers Trust Co.; beneficiaires not 
disclosed) 



Holdings 




Number 
of shares 



11,754,587 



677,313 
523, 087 



447, 198 
370. 000 
342, 020 



267, 350 
264, 660 



246, 260 
202, 176 



$352, 637, 610 



20,319,390 
13, 692. 610 



13,415,940 
11,100,000 
10, 260, 600 



8, 020, 500 
7, 939, 800 



7, 387, 800 
6, 065, 280 



27.02 



1.56 
1.20 



1.03 

.85 
.79 



.61 
.61 



.57 
.46 



CONCENTRATION OF ECONOMIC POWER 



939 



beneficial ownership in such holdings — Continued 
CORPORATION 

standing as of Dec. 31, 1937: 43,500,000. Price as of December 1937: $30] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 




Percent 

of shares 

outstand 

ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Charles S. Mott - 523,087 

2. Charles F. Kettering _ 8,099 

3. C. F. Kettering, Inc. (a holding company, 50 percent of the stock 

of which is owned by Charles F. Kettering) 447,108 

4. Louis Mendelssohn. 140,000 

6. Alfred P. Sloan, Jr 14,961 

6. New Castle Corporation (a holding company for Sloan family; 

for details of ownership, see this appendix, sec. II) 267,350 

7. H. Rodney Sharp & H. Rodney Sharp, trustees--- 148,410 

8. Donaldson Brown 4,763 

9. Broseco Corporation (a holding company, the common stock 

of which is owned by Donaldson Brown) 115,400 

10. John J. Raskob, through a 100 percent owned holding company.. 10, 540 

11. Radelco Corporation (a holding company, the stock of which is 

82.489 percent owned by John J. Raskob) 100,749 

12. Florence W. Dalton 264,660 

OTHER CORPORATIONS, NONFINANCIAL 

13. E. I. du Pont de Nemours & Co 156,250 

14. E. I. du Pont de Nemours & Co., through ownership of the 

common stock of General Motors Securities Corporation 9,843,750 

15. Canadian Industries, Ltd. (a chemical manufacturing company, 

46.86 percent of the voting stock of which is owned by E. I. 

du Pont de Nemours & Co.) 125,000 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

16. N. V. Amsterdamsch Administratiekantoor Van Amerikaansche 

Waarden 246,260 



$15, 692, 6i0 
242, 970 

13, 415, 940 

4,200,000 

448, 830 

8, 020, 500 

4, 452, 300 
142, 890 

3, 462, 000 
316,200 

3, 022, 470 
7, 939, 800 



4, 687, 500 
295, 312, 500 

3, 750, 000 



1.20 
.02 

1.03 
.32 
.03 

.61 

.34 
.01 

.27 

.02 

.23 
.61 



.36 
22.63 



940 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
GENERAL MOTORS 
[Size rank: 8. COMMON (VOTING) as of Dec. 31, 1937. Shares out 
Holders of Record— Continued 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



11. Menzl & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

12. J. P. Morgan & Co., and nominees 

13. E. I. du Pont de Nemours & Co 

14. King & Co. (nominee for City Bank Farmers Trust Co.; bene- 

flclarles not disclosed) 

15. H. Rodney Sharp & H. Rodney Sharp, trustees 

16. Paine, Webber & Co 

17. Louis Mendelssohn..- 

18. Canadian Industries, Ltd 

19. Broseco Corporation (a holding company for Donaldson Brown, 

who reported, in addition, ownership of 4,763 shares) 

20. Radelco Corporation (a holding company for John J. Raskob 

and others; in addition, Raskob reports 100 percent ownership 
of a holding company which holds 10,540 shares) 

Subtotal 

Total legal and beneficial holdings not included above 

Total 



174, 095 
160, 292 
156, 250 

152. 102 
148, 410 
142, 889 
140.000 
125,000 

115,400 



100, 749 



$5, 222, 850 
4, SOS, 760 
4, 687, 500 

4, 563, 060 
4, 452, 300 
4, 286, 670 
4, 200. 000 
3, 750, 000 

3, 462, 000 



2, 022, 470 



.40- 
.37 
.36 

.35 
.34 
.33 
.32 

.29 

.27 



.23 



16, 509, 838 



37.9fr 



38,363 



1, 150, 890 



16, 548, 201 



496, 446, 030 



38.04 



CONCENTRATION OF ECONOMIC POWER 



941 



beneficial ownership in such holdings — Continued 

CORPORATION— Continued 

standing as of Dec. 31, 1937: 43,500,000. Price as of December 1937: $30] 

Legal and Beneficul Holders— Continued 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



general motors corporation employees welfare, stock pur- 
chase PLANS, ETC. 

1". General Motors Management Corporation, a bonus-payment 
plan for Q. M. executives, the stockholders of which included, 
as of Dec. 31, 1937: 



Alfred P. Sloan, Jr._ 

C. F. Kettering, Inc. (a holding 
company for C. F. Kettering)... 

Donaldson Brown. 

John Lee Pratt 

Other Q. M. e.xecutives 



Total. 



G. M. Manage- 
ment Corporation 



Common 
shares 



2,250 



700 
1,500 



Class B 
shares 



17,100 

5,320 
7,500 
11,400 



Equiva- 
lent 

Q. M. 
common 

shares 



37, 107 

11,644 

20,838 

11,400 

596, 424 



677, 313 



18. General Motors Securities Corporation class A stock, as of Dec. 
31, 1937, held by: 



Alfred P. Sloan, Jr 

New Castle Corporation (holding com- 
pany for A. P. Sloan, Jr., and wife)... 

C. F. Kettering, Inc. (holding company 
forC. F. Kettering and family).. 

Broseco Corporation (holding company 
for Donaldson Brown) j . . . 

Westchester Corporation (holding com- 
pany for Donaldson Brown) 

Charles S. Mott 

John Lee Pratt 

Other G. M. executives 



Total. 



Class A 
shares 



10, 614 
307, 653 
135, 271 

61, 426 

26,535 

76,913 

128, 891 

1, 163, 534 



1, 910, 837 



Equiva- 
lent Q. M. 
common 
shares 



10, 614 
307,653 
135, 271 

61,426 

26, 535 

76, 913 

128, 891 

1, 163, 534 



1, 910, 837 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

19. Bankers Trust Co 

20. Midland Bank 

21. J. P. Morgan & Co 

22. City Bank Farmers Trust Co 

23. Paine, Webber & Co 

24. Nominees, Ltd., Evelyn D. Mendelssohn, and as trustees. 



Total. 



677, 313 



$20, 319, 390 



L5« 



1,910,837 



376, 271 
370,000 
160,292 
152, 102 
142,889 
342, 020 

16, 548, 201 



57, 325, 110 



11,288,130 
11,100 000 
4, 808, 760 
4,563,060 
4, 286, 670 
10, 260, 600 

496, 44«, 030 



4.39 



.85 
.37 
.35 
.33 

.79 

38.04 



942 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
GENERAL MOTORS 
[Size rank: 8. $5 CUMULATIVE PREFERRED (CONTINGENT VOTING) as of Dec. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. New York Life Insurance Co.. 

2. The Prudential Life Insurance Co 

3. Metropolitan Life Insurance Co 

4. King & Co. (nominee for City Bank Farmers Trust. Co.; bene- 

ficiaries not disclosed)-- 

5. Wilmington Trust Co — 

6. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not 'disclosed) 

7. Guaranty Trust Co., trustee 

8. United States Trust Co., trustee 

9. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) ._ 

10. Liggett & Myers Tobacco Co 

11. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

12. The Cleveland Trust Co., and as trustees 

13. Continental Illinois National Bank & Trust Co., trustee 

14. C. F. Kettermg, Inc. (holding company for C. F. Kettering and 

family) 

15. Rush & Co. (nominee for Insurance Co. of North America) 

16. R. R. Reed 

17. Old Colony Trust Co., trustee -- 

18. Max C. Fleischmann - 

19. Carnegie Corporation of New York -- 

20. Shaw & Co. (nominee for J. P. Morgan. & Co.; beneficiaries not 

disclosed) - 

Total-. 



50,000 
50,000 
40,000 

35, 478 
34,091 

28, 930 
28,274 
26, 621 

26, 355 
2n 000 

15, 176 
14, 742 
14, 580 

11,522 
10,900 
10, 745 
10,299 
10,000 
10,000 

9,367 



^5, 637, 500 
5, 637, 500 
4, 510, 000 

4, 000, 144 
3, 843, 760 

3, 261, 857 
3, 187, 893 
3,001,518 

2,971,526 
2, 255, 000 

1,711,094 
1, 662, 160 
1,643,895 

1, 299, 105 
1,228,975 
1,211,499 
1,161,212 
1,127,500 
1, 127, 500 

1,056,129 



2.72 
2.72 
2.18 

1.93 
1.86 

1.58 
1.54 
1.45 

1.44 
1.09 

.83 



.63 
.59 
.59 
.56 
.54 
.54 



457, 080 



51,535,767 



24.89 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
CORPORATION 

31, 1937. Shares outstanding as of Dec. 31, 1937: 1,835,644. Price as of December 1937: $1129i] 
Legal and Beneficial Holders 



943 



T>-pe and name of holder 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. C. F. Kettering, Inc. (a holding company, 50 percent of the stock 

of which is owned by C. F. Kettering). 

2. R. R. Reed -.. 

3. Max C . Fleischmann 



OTHER CORPORATIONS, NONFINANCIAL 

4. Liggett & Myers Tobacco Co 

INSVRANCE COMPANIES 

5. New Yorlc Life Insurance Co 

0. Prudential Life Insurance Co 

7. Metropolitan Life Insurance Co 

8. Insurance Co. of North America,. 



FOUNDATIONS 



9. Carnegie Corporation of New York. 



BANKS, BROKERS, ETC.: BENEFICIARIES NOT DISCLOSED 

10. United States Trust Co., and as trustee 

11. City Bank Farmers Trust Co. 

12. Wilmiu^ton Trust Co 

13. Guaranty Trust Co., trustee.. 

14. Bankers Trust Co 

15. Centra! Hanover Bank & Trust Co.. 

j6. The Cleveland Trust Co., and as trustees 

17. Continental Illinois National Bank & Trust Co., trustee.. 

18. Old Colony Trust Co., trustee 

19. J. P. Morgans Co .._ 



Total 



Number 
of shares 



11,522 
10, 745 
10,000 

20,000 

50,000 
50,000 
40,000 
10,900 

10.000 



55, 551 
35, 478 
34, 091 
28. 274 
26, 355 
15, 176 
14, 742 
14,580 
10,299 
9,367 



457, 080 



Holdings 



Value 



$1, 299, 105 
1,211,499 
1,137,500 

2, 255, OOl) 



5, 637, 500 
5, 637, 500 
4,510,000 
1, 228, 975 



1,127,500 



6, 203. 375 
4, 000, 144 
3,813,760 
3, 187, 893 
2.971,526 
1,711,094 
1,662,160 
1, 643. 895 
1,161,212 
1, 056, 129 



Percent 
of shares 
outstand- 
ing 



0.63 
.59 
.54 

1.09 

2.72 

2.72 

2.18 

.59 



3.03 
1.93 
1.86 
1.5t 
1.44 
.83 
.80 
.79 
.56. 
.51 



51,535,767 



24.89 



268445—41— No. 29- 



01 



944 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
GENERAL TELEPHONE 
[Size rank: 187. COMMON (VOTING) as of Mar. 10, 1938. Shares outstanding as of 
HoLDEEs OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



General Telephone Allied Corporation 

Morris F. LaCroix. 

The Chicago Corporation. _ 

Associated Telephone Utilities Co , 

United Telephone Co.- '.. 

Associated Telephone Employees Investment Co 

Paine Bros. Co. (nominee for the estate of William A. Paine) 

Aline W.English 

Paine, Webber & Co 

Wonham, Albert & Co. (nominee for Bank of Montreal; benefi- 
ciaries not disclosed) 

The Central Wisconsin Trust Co., administrator with will 
annexed of estate of Sigurd L. Odegard, deceased 

Frank B. Quinn 

Belden & Co 

Eraser, Dingman & Co 

Harris Upham & Co... 

Laidlaw & Co. _ 

Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 
disclosed) 

James N. Rosenberg 

Geo. E. Jones.. 

Barnes & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) _ 

Henning A . Johnson _ 

Edwin L. Crass 

The English Association of American Bond ~& Share Holders, 
Ltd 

Total 



82, 175 
18, 483 
17,000 
15, 855 
13,836 
11,400 
11, lt>0 
11,106 
8,921 

7,200 

7,065 
6,000 
5,325 
4,579 
3,645 
3,391 

3,156 
2,930 
2,729 

2,415 
2,395 
2,300 

1,600 



$914, 197 
205,623 
189, 125 
176, 387 
153,926 
126, 825 
124, 378 
123, 554 
99,246 

80,100 

78, 598 
66,750 
59,241 
50,941 
40, 551 
37, 725 

35. 110 
32, 596 
30,360 

26, 867 
26,644 
25,588 

17,800 



11.76 
2.64 
2.43 
2.27 
1.98 
1.63 
1.60 
1.59 
1.27 

1.03 

1.01 
.86 
.76 
.65 
.52 
.48 

.45 
.41 
.39 

.35 
.34 
.33 

.22 



244,686 



2, 722, 132 



34.97 



CONCENTRATION OF ECONOMIC POWER 



945 



beneficial ownership in such holdings — Continued 

CORPORATION 

Dec. 10, 1937: 698,650. Price as of December 1937: UIH] 

Legal and Beneficul Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COM- 
PANIES, TRUSTS AND ESTATES 

1. Estate of William A. Paine: 

Beneficiaries: Shares 

F. Ward Paine -.. 2,236 

Stephen Paine.. -.. 2,236 

Mrs. John H.Blodgett 2,236 

Mrs. Morris F. LaCroix 2,236 

Mrs. David A. Brayton 2,236 



Total - 11,180 

.2. Morris F. LaCroix _ 



3. The Central Wisconsin Trust Co., administrator with will 
annexed of the estate of Sigurd L. Odegard, deceased: 
Beneficiaries: Shares 

Helena Odegard 634 

Ethel Odegard _ 6,431 



Total 7,065 

4. Aline W. English. 

6. Frank B. Quinn 

6. James N. Rosenberg. _ 

7. Geo. E. Jones.. 

8. Henning A. Johnson 

9. Edwin L. Crass 



CORPORATIONS, PARENT AND SUBSIDIARY 

10. General Telephone Allied Corporation 

11. United Telephone Co. - 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

12. The Chicago Corporation 

13. Associated Telephone Utilities Co. (company in liquidation. 

General Telephone Corporation shares distributable to credit- 
ors) -. 



14. The English Association of American Bond & Share Holders, 
Ltd 



EMPLOYEES WELFARE AND STOCK PURCHASE PLANS 

15. Associated Telephone Employees Investment Co. (Associated 
Telephone Co. is a subsidiary of General Telephone Corpora- 
tion ) 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 



16. Bank of Montreal... 

17. Bankers Trust Co 

18. City Bank Farmers Trust Co. 

19. Paine, Webber & Co 

20. Belden & Co 

21. Fraser, Dingman & Co 

22. Harrs Upham & Co 

23. Laidlaw & Co 



Total - 



11, 180 
18, 483 



7,065 
11, 106 
6,000' 
2,930 
2,729 
2,395 
2,300 



82, 175 
13,836 

17,000 

15, 855 
1,600 

11,400 



7,200 
3,156 
2,415 
8,921 
5,325 
4,579 
3,645 
3,391 

244,686 



$124, 378 
205,623 



78, 598 
123,554 
66,750 
32,696 
30, 360 
26,644 
25,588 



914, 197 
153, 926 



189, 125 

176, 387 
17,800 

126, 825 



80,100 
35,110 
26,867 
99,246 
59,241 
50,941 
40, 551 
37,725 

2, 722, 132 



946 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
GENERAL TELEPHONE 
[Size rank: 187. $3 CUMULATIVE CONVERTIBLE PREFERRED (VOTING) as of 
Holders of Record 



Name of record holder 



1. Wonham, Albert & Co. (nominee for Bank of Montreal; benefi- 

ciaries not disclosed) 

2. The English Association of American Bond & Share Holders, 

Ltd 

3. Paine Bros. Co. (nominee for the estate of William A. Paine)... 

4. Pennsylvania Telephone Corporation pension fund 

5. St. Paul Fire & Marine Insurance Co 

6. Pratt Bros., nominee for— 

Chas. A. Stone, Mary L. Stone, and Whitney 

Stone, trustees f/b/o Charles A. Stone et al. Shares 
u/d/t Jan. 17, 1922__ 100 

Whitney Stone 100 

Whitney Stone, Mary L. Stone, and Edward 
Cox Brewster, trustees u/d/t Jan. 17, 1922, f/b/o 
Janet Stone Brewster 100 

Whitney Stone, Edward Cox Brewster, and R. 
Colgate V. Mann, trustees u/dec/t June 16, 
1926 -... _... 500 

Total... 800 

7. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

8. Paine, Webber & Co 

9. Brownlie& Co. (nominee for Fulton Trust Co.; beneficiaries not 

disclos ed) 

10. W. H. Goadby & Co 

11. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

12. Bankmont & Co. (nominee for Bank of Montreal; beneficiaries 

not disclosed) 

13. Suydam Cutting 

14. Mrs. Elizabeth C. McLean.... 

15. Mercury Insurance Co ._ 

16. Elsie Jarecki Rounsevel and Alexander Jarecki 

17. M innie Rosenberg 

18. J. Henry Schroder Banking Corporation 

19. G. Herbert Semler 

20. Candace C. Stimson 

21. Union Trust Co., Springfield, Mass.- 

Total 



Holdings 



Number 
of shares 



5,150 

1,600 
1,000 
1,000 
1,000 



800 
740 



650 
640 



500 
500 
500 
500 
500 
500 
500 
500 
500 
500 



18, 935 



Value 



$231, 750 

72,000 
45,000 
45,000 
45,000 



36,000 

36,000 
33,300 

29. 250 
28,800 

24, 975 

22,500 
22, 500 
22,500 
22, 500 
22,500 
22,500 
22,500 
22,500 
22,500 
22,500 



Percent 
of shares 
outstand- 
ing 



7.00 

2.17 
1.36 
1.36 
1.36 



852, 075 



25.74 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

CORPORATION 

Mar. 15, 1938. Shares outstanding as of Dec. 15, 1938: 73,513. Price as of December 1937: $45] 
Legal and BENEnciAL Holders 



947 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Estate of William A. Paine: 

Beneficiaries: Shares 

F. Ward Paine.... 200 

Stephen Paine 200 

Mrs. John H. Blodgett 200 

Mrs. Morris F. LaCroix 200 

Mrs. David A. Brayton 200 



Total 1,000 

2. Chas. A. Stone, Mary L. Stone, and Whitney Stone, trustees 

u/d/t Jan. 17, 1922 (beneficiaries, Charles A. Stone et al.) 

3. Whitney Stone 

4. Janet Stone Brewster, through Whitney Stone, Mary L. Stone, 

and Edward Cox Brewster, trustees u/d/t Jan. 17, 1922 

5. Whitney Stone, Edward Cox Brewster, and R. Colgate V. 

Mann, trustees u/dec/t June 16, 1926 



6. Elsie Jarecki Rounsevel and Alexander Jarecki. 

7. Suydam Cutting 

8. Mrs. Elizabeth C. McLean 

9. Minnie Rosenberg 

10. Q. Herbert Semler 

ll.'Candace C. Stimson 



INSURANCE COMPANIES 

12. St. Paul Fiic & Marine Insurance Co 

13. Mercury Insurance Co 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

14. The English Association of American Bond & Share Holders, Ltd. 

EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

15. Pennsylvania Telephone Corporation pension fund 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

16. Bank of Montreal _. 

17. Bankers Trust Co 

18. Fulton Trust Co _ 

19. Chase National Bank 

20. J. Henry Schroder Banking Corporation 

21. Union Trust Co. of Springfield, Mass 

22. Paine, Webber & Co- 

23. W. H. Goadby & Co 



Holdings 



Number 
of shares 



Total. 



1,000 

100 
100 

100 

500 
500 
500 
500 
500 
500 
500 



1,000 
500 



1,600 



5,650 
800 
650 
555 
500 
500 
740 
640 

18, 935 



Value 



$45,000 



72,000 



45,000 



254,250 
36,000 
29,250 
24,975 
22,500 
22,500 
33,300 
28,800 

852, 075 



Percent 
of shares 
outstand- 
ing 



4,500 


14 


4,500 


14 


4,500 


14 


22,500 


68 


22,600 


68 


22,500 


68 


22,500 


68 


22,500 


68 


22,500 


68 


22,500 


68 


45,000 1 


36 


22,500 


68 



1.36 



7.68 
1.09 
.88 
.75 
.68 
.68 
1.01 
.87 

25.75 



948 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

OIMBEL 
[Size rank: 171. COMMON (VOTING) as of Mar. 15, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Bernard F. Oimbel -._ 

Lehman Bros -.. 

Daniel Qimbel... 

Edgar B. Stern, trustee u/a Nov. 27, 1935, Adele R. Levy f/b/o 
David M. Levy 

Crouch & Co. (nominee for Bank of Montreal; beneficiaries not 
disclosed) 

Qruntal & Co 

S. R. Guggenheim 

CarlM. Loeb 

Bernard F. Gimbel and Bruce Alva Gimbel, trustees, u/i Sept. 
7, 1937, f/b/o Alva B. Gimbel et al 

Goldman, Sachs & Co .'. 

Sidney Rheinstein 

Murray Guggenheim 

Adolph Lewisohn & Sons - 

Newburger, Loeb & Co 

First Wisconsin Trust Co., Bertha M. Behal, and EUis Gimbel, 
trustees u/w Nathan Hamburger, deceased (beneficiary. 
Bertha H. Behal) 

United States & Foreign Securities Corporation 

United States & International Securities Corporation 

Foster, Marvin & Co 

Rose Q. Stecker 

Ellis A. Gimbel... 

Total 



82,990 
63,376 
54,531 

27,568 

18,400 
17, 565 
16, 457 
15, 430 

15,000 
14, 898 
14,300 
14, 143 
11,100 
10, 825 



10,000 
10,000 
10,000 
8,755 
8,100 
7,830 



$570, 556 
435, 710 
374, 901 

189, 530 

126,500 
120, 759 
113, 142 
106, 081 

103, 125 
102, 424 
98, 312 
97,233 
76,312 
74,422 



68,750 
68.750 
68,750 
60, 191 
55, 687 
53, 831 



8.54 
6.52 
5.61 

2.84 

1.89 
1.81 
1.69 
1.59 

1.54 
1.53 
1.47 
1.46 
1.14 
1.11 



1.03 
1.03 
1.03 
.90 
.83 
.81 



431,268 



2,964,966 



44.37 



CONCENTRATION OF ECONOMIC POWER 



949 



beneficial ownership in such holdings — Continued 
BROS., INC. 

outstanding as of Mar. 15, 1938: 971,400. Price as of December 1937: $6 
Legal and Benehcial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts 

AND estates 

1 . Sidney Rheinstein _.. 

2. David M. Levy (through Edgar B. Stem, trustee u/a/w Adele 

R. Levy, Nov. 27, 1935 

3. Bernard F. Qimbel _-. 

4. Bernard F. Qimbel and Bruce Alva Glmbel, trustees u/i Sept. 

7, 1937, f/b/o Alva B. Qimbel et aL. 

5. Daniel Qimbel _ 

6. Bertha H. Behal, through First Wisconsin Trust Co., Bertha 

M. Behal, and EUis Qimbel, trustees u/w Nathan Hamburger, 
deceased (Mrs. Bertha H. Behal died July 19, 1939, and the 
stock was delivered to Nathan Hamburger, Jr., and Morris 
Wolf, executors u/w/o Bertha H. Behal) 

7. Ellis A. Qimbel 

8. S. R. Quggenheim 

9. Murray Quggenheim 

10. Rose O. Stecker 

investment TRU3'^ AND INVESTMENT COMPANIES 

11. United States & Foreign Securities Corporation 

12. United States & International Securities Corporation (owned 

80 percent by United States & Foreign Securities CorpoiBtlon). 

BANKS, BROKERS, ETC.; BENEFiaARIES NOT DISCLOSED 

13. Bank of Montreal 

14. Lehman Bros 

15. Qruntal & Co 

16. Carl M. Loeb 

17. Qoldman, Sachs & Co 

18. Adolph Lewisohn & Sons 

19. Newburger, Loeb & Co 

20. Foster, Marvin &Co 

Total 



14,300 

27, 568 
82,990 

15,000 
54, 531 



10,000 
7,830 
16, 457 
14, 143 

8,100 



10,000 
10,000 



18,400 
63, 376 
17, 565 
15, 430 
14, 898 
11,100 
10, 825 
8,755 



$98, 312 

189, 530 
570, 556 

103, 125 
374, 901 



68,750 
53,831 
113,142 
97, 233 

55,687 



68,750 
68, 750 



126,500 
435, 710 
120, 759 
106, 081 
102, 424 
76, 312 
74,422 
60,191 



1.47 



2.84 
8.54 



1.54 
5.61 



1.03 
.81 
1.69 
1.46 
.83 



1.03 
1.03 



1.89 
6.62 
1.81 
1.59 
1.53 
1.14 
1.11 
.90 



431, 268 



2, 964, 966 



44.37 



950 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

GIMBEL 
[Size rank: 174. $6 CUMULATIVE JPJtEFERRED (CONTINGENT VOTING) as of 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Eric & Drevers 

2. Daniel Oimbel 

3. Gruntal & Co. 

4. Lehman Bros 

5. Bernard F. Qimbel 

6. Ella L. Oimbel 

7. Edith C. Greenwald 

8. Merrick & Co. (nominee for New York Trust Co.; beneficiaries 

not disclosed) 

9. Thomas R. Hamilton (nominee for Manufacturers Trust Co.; 

beneficiaries not disclosed) 

10. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

11. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

12. Goldman, Sachs & Co. 

13. Fidelity Trust Co., trustee u/d/t Nathan Kaufmann, Jan. 11, 1928. 

14. Pearl Assurance Co., Ltd 

15. E. A. Pierce & Co 

16. Taykair Corporation (holding company for the Benjamin 

family).. 

17. Emma V. Kolb _ 

18. Emma V. Kolb, care of Fidelity-Philadelphia Trust Co., agent. 

19. First Wisconsin Trust Co., Bertha M. Behal, and Ellis A. 

Oimbel, trustees u/w of Nathan Hamburger, deceased (bene- 
ficiary. Bertha H. Behal) 

20. Hallgarten & Co _._ 

Total 



12, 925 
9.900 
8,750 
6,576 
4,625 
4,250 
3,855 

3,175 

3,000 

2,625 

2,077 
1,802 
1,500 
1,500 
1,410 

1,400 
1,350 
1,350 



1,323 
1,300 



$646, 250 
495,000 
437,500 
328,800 
231,250 
212, 500 
192, 750 

158,750 

150,000 

126,250 

103, 850 
90,100 
76,000 
75,000 
70,500 

70,000 
67,500 
67,500 

66,150 
65,000 



6.63 
5.00 
4.42 
3.32 
2.34 
2.15 
1.95 

1.60 

1.52 

1.28 

1.05 
.91 
.76 
.76 

.71 

.71 



74, 593 



3, 729, 650 



37. 70 



CONCENTRATION OF ECONOMIC POWER 



951 



beneficial ownership in such holdings — Continued 

BROS., INC. 

Jan. 10, 1938. Shares outstanding as of Jan. 10, 1938: 197,974. Price as of December 1937: $50] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Fidelity Trust Co., trustee u/d/t Nathan Kaufmann, Jan. 11, 1928 

2. Daniel Oimbel 

3. EllaL. Oimbel . 

4. Bernard F. Oimbel 

5. Bertha H. Behal, through First Wisconsin Trust Co., Bertha M. 

Behal, and Ellis Oimbel, trustees u/w Nathan Hamburger, 
deceased (Miss Bertha H. Behal died July 19, 1939, and the 
stock was delivered to Nathan Hamburger, Jr., and Morris 
Wolf, executors u/w/o Bertha H. Behal) ._ 

6. Edith C. Oreenwald 

7. Taykair Corporation (a personal holding company for Benjamin 

family; for details of ownership see this appendix, sec. H) 

8. Emma V. Kolb 

INSURANCE COMPANIES 

9. Pearl Assurance Co., Ltd _ 

BANKS, BROKERS, ETC.; BENEFICLARIES NOT DISCLOSED 

10. New York Trust Co 

11. Manufacturers Trust Co 

12. Bank of Montreal 

13. Chase National Bank 

14. Eric & Drevers 

15. Oruntal & Co 

16. Lehman Bros - _ 

17. Goldman, Sachs & Co _. 

18. E. A. Pierce & Co _ 

19. Hallgarten & Co 

Total 



Holdings 



Number 
of shares 



1,500 

9,900 
4,250 
4,625 



1,323 
3,855 



1,400 
2,700 



1,500 



3,175 
3,000 
2,525 
2,077 
12, 925 
8,750 
6,576 
1,802 
1,410 
1,300 



74, 593 



Value 



$75,000 

495,000 
212,500 
231,250 



66,150 
192, 750 

70,000 
135,000 



75,000 



158,750 
150,000 
126, 250 
103, 850 
646,250 
437,500 
328,800 
90,100 
70,500 
65,000 



3, 729, 650 



Percent 
of shares 
outstand- 
ing 



0.76 

5.00 
2.15 
2.34 



.67 
1.95 



.71 
1.36 



.76 



1.60 

1.52 

1.28 

1.05 

6.53 

4.42 

3.32 

.91 

.71 

.66 



37.70 



952 



CONCENTRATION OF -ECONOMIC POWER 



Record holders and holders having legal and 

GLEN ALDEN 
[ Size rank: 127. COMMON (VOTING) as of Dec. 11, 1939. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



The Lehigh & Wilkes-Barre Corporation 

William K. Vanderbilt... 

Eugene Higgins 

J. H. Brooks & Co..- - 

Harold S. Vanderbilt.. - 

Fidelity Union Trust Co., Newark, N. J., substitute trustee u/a 
June 23, 1923. 

J. S. Bache & Co. 

E. A. Pierce & Co 

Edith B. Taylor and City Bank Farmers Trust Co., executors 
of the estate of Moses Taylor 

Thomas & Co. (nominee for First National Bank; beneficiaries 
not disclosed) 

Robert Winthrop & Co 

City Bank Farmers Trust Co., trustee u/w Henry R. Taylor.... 

King & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) 

Stephen Sanford & Sons, Inc. 

Charles Spruks 

Gertrude Mumford 

Ada Small Moore. 

Reynolds & Co 

Goodbody & Co 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) 

Total... 



546, 192 
33, 025 
29,811 
29, 69§ 

18, 176 

14, 740 
11, 252 
10,240 

10,000 

9,332 
9,330 
9,200 

8,729 
7,982 
7,700 
6,600 
6,519 
6,395 
6,380 

6, 327 



$3, 004, 056 
181, 637 
163,960 
163, 322 



81, 070 
61,886 
56,320 

55,000 

51, 326 
51,315 
50,600 

48,009 
43,901 
42,350 
36, 300 
35,854 
35, 172 
35,090 

34, 798 



31.20 
1.88 
1.70 
1.69 
1.03 

.84 
.64 
.58 

.67 

.53 
.53- 
.52 

.49 
.45 
.43 
.37 
.37 
.36 
.36 

.36 



787, 625 



4, 331, 934 



44.90 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
COAL CO. 

outstanding as of Dec. 11, 1939: 1,750,487. Price as of December 1937: $5%] 
Legal and Beneficial Holders 



953 



Type and name of holder 



individuals, personal and family holding companies, trusts 

AND estates 

1. Eugene Higgins. 

2. William K. Vanderbilt 

3. Harold S. Vanderbilt... 

4. Estate of Moses Taylor, Edith B. Taylor and City Bank Farmers 

Trust Co., executors - 

5. City Bank Farmers Tnist Co., trustee u/w Henry R. Taylor 

6. Fidelity Union Trust Co., Newark, N. J., substitute trustee 

u/set./a June 23, 1923 

7. Charles Spruks.. 

8. Gertrude Mumford 

9. Ada Small Moore , 



Holdings 



OTHER corporations, NONFINANCIAL 

10. The Lehigh & Wilkes-Barre Corporation, holdings of Manage- 
ment of Qlen Alden Coal in Lehigh & Wilkes-B'arre Corpora- 
tion: 

Lehigh & Equivalent 

Wilkes- Qlen Alden 

Name Barre shares Coal shares 

E.R.Clark 332 i,460 

Edward Qrifflth. 235 1,034 

Charles F. Huber 2,200 9,680 

Gilbert S. McClintock ._. 1,430 6,292 

J.H.Oliver... .» 10 44 

William W. Inglis... 235 1,034 



Subtotal 4,442 

Others 119,692 

TotaL 124,134 



19,544 
526, 648 



546, 192 



BANKS TIROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 



11. First National Bank 

12. Citv Bank Farmers Trust Co 

13. Central Hanover Bank & Trust Co. 

14. J. H. Brooks & Co i 

15. J. S. Bache & Co 

16. E. A. Pierce & Co 

17. Robert Winthrop & CO 

18. Reynolds & Co 

19. Goodbody & Co. 

20. Stephen Sanford & Sons, Inc 



Total 



Number 
of shares 



29,811 

33, 025 
18, 176 



10,000 
9,200 

14,740 
7,700 
6.600 

0, 519 



540, 192 



9,332 
8,729 
6,327 
29,695 
11, 252 
10,240 
9,330 
6,395 
6,380 
7,982 

787, 625 



Value 



$163,960 

181, '637 
99,968 

55,000 
50,600 

81, 070 
42,350 
•>6,300 
65, 854 



3, (K)4, 056 



51, 326 
48,009 
34, 798 
163,322 
61,886 
56,320 
51,315 
35, 172 
35,090 
43,901 

4,331,934 



Percent 
of shares 
outstand- 
ing 



1.88 
1.03 

.57 
.52 

.34 
.43 
.37 

.37 



> 
31.20 



.53 
.49 
.36 
.■.69 
.64 



954 



CONCENTRATION OF^ ECONOMIC POWER 

Record holders and holders haviny legal and 

THE B. F. 
[Size rank: 133. COMMON (VOTING) as of Mar. 11, 1938. Shares 
Holders of Record 



Name of record holder 



1. E. A. Pierce & Co 

2. T, S. Bache & Co . 

3. Elkins, Morris & Co 

4. Tucker, Anthony & Co... 

5. Lynn & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) _ 

6. H. Hentz & Co.. -- 

7. Fenner & Beane 

8. Braden & Case Corporation ^ 

9. Dominick & Dominick 

10. Harris Upham & Co 

11. Frank H.' Mason, care of the First Central Trust Co., Harry 

K. Raymond and Frank T. Howland, e.xecutors.. 

12. Paine- Vt^ebber & Co 

13. Horiiblower & Weeks 

14. E. F. Hutton & Co 

1.5. Thomson & McKinnon '. 

16. Winthrop Mitchell & Co 

17. Post & Flagg 

18. The First Central Trust Co., Rob't H. Noah and H. E. Andress, 

executors of the estate of Andrew H. Noah, deceased 

19. The First Central Trust Co.. trustee u/a with Mary P. Ray- 

mond, Mar. 20. 1924 

2i/. Dean Witter& Co 



Total. 



Holdings 



Number 
of shares 



25,864 
17, 324 
16,384 

12, 472 

12, 000 
10, 025 
9,a05 
9,235 
9,159 
8.754 

8,625 
8,541 
8, 508 
8,060 
7,902 
7,293 
6,417 

6,009 

6,000 
5, 946 



Value 



$355, 630 
238, 205 
225, 280 
171,490 

165, 000 
137.844 
136,194 
126.981 
125, P36 
120. 368 

118,594 
117,439 
116,985 
110,825 
108, 652 
100. 279 
88, 234 

82, 624 

82. 500 
81.758 

2, 810, 818 



Percent 
of shares 
outstand- 
ing 



1.98 
1.32 
1.25 
.95 

.92 
.76 
.76 
.70 
.70 
.67 

.66 
.65 
.65 
.61 
.60 
.55 
.49 



.46 
.45 



CONCENTRATION OF ECONOMIC POWER 

beneficial oivnership in such holdings — Continued 
GOODRICH CO. 

outstanding as of Mar. 11, 1938: 1,303,255. Price as of December 1937: $13«t>] 
Legal and Beneficial Holders 



955 



Type and name of holder 



individuals, personal and family holding companies, trusts 
and estates 

1. Frank H. Mason (through the First Central Trust Co., Harry 

K. Raymond and Frank T. Howland, executors) 

2. Mary P. Ravmond (through the First Central Trust Co., 

trustee u/a dated Mar. 20, 1924) 



Holdings 



Number 
of shares 



3. The First Central Trust Co., Robt. H. Noah and H. E. An- 
dress, executors cf the estate of Andrew H. Noah, deceased . . . 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

Guaranty Trust Co. of New York 

E. A. Pierce & Co , 

J. S. Bache A Co . 

Elkins, Morris* Co.. 

Tucker, Anthony & Co 

H. Hentz & Co 

Fenncr & Beane 

Dominick & Dominick. 

Harris Uphara &Co--- 

Paine, Webber & Co 

Hornblower & Weeks _ _ 

E. F. Hutton & Co..- 

Thomson & McKinnon 

Winthrop Mitchell & Co.. .-. 

Post & Flagg 

Dean Witter & Co 

.Braden & Case Corporation.. 

Total 



8,625 
6.000 

6,009 



12,000 
25, 864 
17,324 
II), 384 
12, 472 
10, 025 
9, 9fJ5 
9,159 
8,754 
S, ,541 
8,508 
8,060 
7,902 
7,293 
6,417 
5,946 
9,235 



204,423 



$118,594 
82,500 

82, 624 



165, 000 
355, fiSO 
238, 205 
225, 280 
171,490 
137, 844 
136, 194 
125,936 
120,368 
117, 439 
116, 985 
110. 825 
108, 652 
100, 279 
88,234 
81, 758 
126, 981 



2, 810. 818 



Percent 
of shares 
outstand- 
ing 



0.66 
.46 



.92 
1.98 
1.32 
1.25 
.95 
.76 
.76 
.70 
.67 
.65 
.65 
.61 
.60 
v55 
.49 
.45 
.70 



15.59 



956 



CONCENTRATION OF ECONOMIC POWER 



[Size Rank: 133. 



Record holders and holders having legal and 

THE B. F. 
CUMULATIVE PREFERRED (CONTINGENT VOTING) as of 
Holders of Record 



Name of record holder 



Elkins, Morris & Co -, 

Brown Bros., Harriman & Co ,.... _ 

Charles Frederick & Co. (nominee for Irving Trust Co.; bene- 
ficiaries not disclosed) 

Julia Grouse Houser 

Estate of Geo. T. Perkins; W. E. Slabaugh and C. B. Raymond, 

executors -__ 

Central Hanover Bank & Trust Co., Andrew M. Williams and 
Henry Root Stern, trustees u/d/t Jan. 3, 1905, made by 
Mary Marvin Goodrich, deceased, for Isabella G. Breckinridge 

etal J 

W.B.Miller 

The First Central Trust Co., trustee u/a with Mary P. Ray- 
mond, Mar. 20, 1924.. _ ..- 

E. A. Pierce & Co -._ 

The First Central Trust Co., trustee u/a with Frank M. Mason, 

Oct. 28, 1930. .„!. .■..-- 

Geo. P. Raymond - _ 

Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed).-.. - 

Edward B. Smith & Co.... -.. . 

Dominick & Dominick 

Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) _ 

Frances R. McEwen 

Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

The First Central Trust Co., trustee u/a with Gerald S. Work, 

Oct. 1, 1927 

Ilayden, Stone & Co 

Laura R. Evans 

Total- - 



Holdings 



Number 
of shares 



17.509 
5,354 



4,719 
4,200 



73, 339 



$818, 546 
250, 299 



220, 613 
196, 350 



178,; 



3,500 
3,220 


163, 625 
150, 535 


2,800 
2,738 


130, 900 
128, 001 


2,730 
2,584 


127, 627 
120, 802 


2,532 
2,480 
2, 412 


118,371 
115,940 
112,761 


2,400 
2,161 


112,200 
101, 027 


2,100 


98, 175 


2,100 
2,060 
1,924 


98, 175 
96, 305 
89,947 



3, 428, 597 



Percent 
of shares 
outstand- 
ing 



4.24 
1.29 



1.14 
1.01 



CONCENTRATION OF ECONOMIC POWER 



957 



beneficial ownership in such holdings — Continued 
GOODRICH CO. 

Dec. 17, 1937. Shares outstanding as of Dec. 17, 1937: 412,031. Price as of •December 1937: $i6%] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Julia CrouseHouser 

2. W. B. Miller - 

3. Geo. P. Raymond 

4. Estate of Geo. T. Perkins, care of W. E. Slabaugh and C. B. 

Raymond , e.xecu tors - ■. 

6. The First Central Trust Co., trustee u/a with Mary P. Ray- 
mond, Mar. 20, 1924.. 

6. Frances R; McEwen 

7. Laura R. Evans 

8. Central Hanover Bank & Trust Co., Andrew M. Williams and 

Henry Root Stern, trustees u/d/t Jan. 3, 1905, made by Mary 
Marvin Goodrich, deceased (beneficiaries, Isabella G. Breck- 
inridge et al.) 

9. The First Central "Trust Co., trustee u/a with Frank H. Mason, 

Oct. 28, 1930. 

10. The First Central Trust Co., trustee u/a with Gerald S. Work, 

Oct. 1, 1927 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

11. Irving Trust Co 

12. Guaranty Trust Co 

13. Bankers Trust Co 

14. Chase National Bank 

ir,. Elkins, Morris &Co 

16. Brown Bros., Harriman & Co 

17. E. A. i'ierceA Co 

18. Edward B. Smith & Co ...... 

19. Dorninick & Dominick 

20. Hayden, Stone & Co 

Total . 



Holdings 



Number 
of shares 



4,200 
3,220 
2,584 

3,816 

2,800 
2,161 
1,924 



3,500 
2,730 
2,100 



4,719 
2,532 
2,400 
2,100 
17, 509 
5,354 
2,738 
2,480 
2,412 
2,060 



73, 339 



Value 



$196, 350 
150, 535 
120, 802 

178, 398 

130, 900 
101, 027 
89, 947 



163, 625 
127, 627 
98, 175 



220, 613 
118,371 
112, 200 

98, 175 
818, 546 
250, 299 
128, 001 
115, 940 
112, 761 

96, 305 



Percent 
of shares 
outstand- 
ing 



1.01 
.78 
.62 

.92 

.67 
.52 
.46 



.84 
.66 
.50 



1.14 
.61 
.58 
.50 
4.24 
1.29 
.66 
.60 
.58 
.49 



17.67 



958 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
THE GOODYEAR 
[Size rank: 96. COMMON (VOTING) as of Mar. 31, 1938. Shares 
Holders of Record 



Holdings 



Name of record holder 



j Number 
of shares 



1 . Hornblower & Weeks 

2. Edwin E. TuUis (nominee for Sears, Roebuck & Co.)..- 

3. Garner & Co. (nominee for the Guaranty Trust Co.; beneficiaries 

not disclosed) 

4. E. A. Pierce & Co 

5. J. S. Bache & Co _.. 

6. Mrs. Mary R. Robinson _ 

7. Nieuw Amsterdamsch Administratiekantoor, N. V 

8. Fenner & Beane - - 

9. W. R. Burwell (nominee for Continental Shares, Inc.) 

10. Lynn & Co. (noiuinee for Guaranty Trust Co.; beneficiaries 

not disclosed ) 

11. Harris I'pham & Co _ _ 

1 2. Jason Crain _ 

13. Paine, Webtjer & Co 

14. Cudd & Co. (nominee for the Chase National Bank; beneficiaries 

not disclosed) 

15. E. F. Button & Co_ 

16. Wm. J. Shannon _ 

17. H. Hentz & Co 

18. Post & Flagg 

19. P. W. Litchfield 

20. Dominick & Dominick 

Total - 



.^2,016 
47, 500 

42, 699 
41.923 
26, 195 
22, 208 
22, 000 
21, 648 
21,625 

19,000 
17,032 
17,015 
14, 279 

13, 790 
12,756 
12, 303 
'11,455 
10, 931 
10, 206 
10, 033 



Value 



$910, 280 
831,250 

747, 232 
733, 652 
463, 662 
388, 640 
385. 000 
378, 840 
378, 438 

332, 500 
298, 060 
297, 762 
249, 882 

241,325 
223, 230 
215,302 
200,462 
191, 292 
178, 605 
175, 578 



Percent 
of shares 
outstand- 
ing 



2.53 
2.31 

2.08 
2.04 
1.29 
1.08 
1.07 
1.05 
1.05 

.93 
.83 
.83 
.70 

.67 
.62 
.60 
.,56 
.53 
.50 
.49 



446,914 



7, 820, 992 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
TIRE & RUBBER CO. 

outstanding as of Mar. 31, 1938: 2,054,'103. Price as of December 1937: $17^4] 
Legal and Beneficial Holders 



959 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Mrs. Mary R. Robinson 

2. Jason Crain , 

3. Wm. J. Shannon 

4. P. W. Litchfield -..- -. 

OTHER CORPORATIONS, NONFINANCIAL 

5. Sears, Roebuck & Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

6. Nieuw Amsterdamsch Administratiekantoor, N. V _ 

7. Continental Sliaref, Inc - 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

8. Guaranty Trust Co. of New York •... 

0. Chase National Bank 

to. Hornhlower & Weeks . ---.. 

11. E. A. Pierced- Co 

12. J. .S. Bache & Co 

13. Fenner <t Beane - 

14. Harris I'pham & Co _ 

15. Paine Webber & Co .-■- 

If). E. F. Hiitton & Co 

17. H. Hcntz & Co.._ 

18. Post & Flagg - 

19. Doniinick & Dominick - 

Total 



22,208 
17.015 
12,303 
10,206 



47,500 



22.000 
21, 625 



61,699 

13, 790 
52, 016 
41,923 
26, 495 
21,648 
17,032 

14, 279 
12,756 
11,455 
10, 931 
10, 033 



$388, 640 
297, 762 
215, 302 
178, 605 



831,250 



385,000 
378, 438 



1, 079, 732 
241,325 
910.280 
733. 652 
463, 662 
378. 840 
298, 060 
249, 882 
233, 230 
200, 462 
191,292 
175. 578 



446,914 



7, 820. 992 



1.08 
.83 
.60 
.,50 



1.07 
1.05 



3.01 
.67 
2.53 
2.04 
1.29 
1.05 
.83 
.70 
.62 



960 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

THE GOODYEAR 

(Size rank: 90. $5 CUMULATIVE CONVERTIBLE PREFERRED (CONTINGENT VOTING) 

Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

2. Cleveland Trust Co 

3. Guardian Trust Co., trustee u/a June 29, 1931, with Paul W. 

Litchfield . 

4. Brown Bros., Harriman & Co . 

5. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed) __- 

6. Wonham, Albert & Co. (nominee for Bank of Montreal; benefi- 

ciaries not disclosed) _ 

7. Depreciation Fund Board, city of New York 

8. E. A. Whitten& Co --- 

9. JohnH.Hillman, Jr 

10. Cudd & Co. (nominee for the Chase National Bank; beneficiaries 

not disclosejl) -- 

U. E. A. Pierce & Co .-- 

12. George Gund 

13. EmniaE. Kolb 

14. Dominick & Dominick 

15. Mrs. Ruth C. Dell 

16. Ince & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) 

17. Horace M. Houser _-_ -. 

18. Frank D. Brown ^-_ ^ 

19. Joseph H. O'Connor... _ 

20. A. G.Becker& Co- 

21. Sarah E.Kolb_-. 

Total 



7,556 
6,574 

5,020 
3,045 

2,400 

2,375 
2,000 
1,936 
1,900 

1,855 
1,822 
1,778 
1, 675 
1,559 
'. 1,550 

1,520 
1,501 
1,500 
1,421 
1,400 
1.375 

51,762 



$557, 255 
484, 832 

370, 225 
224, 569 

177,000 

175, 156 
147, 500 
142, 780 
140, 125 

136,806 
134, 372 
131,127 
123,531 
114,976 
114,312 

112,100 
110,699 
110,625 
104,799 
103, 250 
101,406 



1.16 
1.01 

.77 
.47 

.37 

.37 
.31 
.30 
.29 

.28 
.28 
.27 
.26 
.24 
.24 

.23 
.23 
.23 
.22 
.22 
.21 



3,817,445 



CONCENTRATION OF ECONOMIC POWER 



961 



beneficial ownership in such holdings — Continued 
TIRE & RUBBER CO. 

as of Mar."31. 1938. Shares outstanding as of Mar. 31, 1938: 650,048. Price as of December 1937: $72H] 
Legal and Beneficial Holdeks 



Holdings 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Guardian Trust Co., trustee, u/a June 29, 1931, with Paul W. 
Litchfield 



Number 
of shares 



2. EmmaE. Kolb 

3. Sarah E.Kolb 

4. John H. Hillman, Jr. 

5. George Gund 

6. Mrs. Ruth C.Dell... 

7. Horace M. Houser... 

8. Frank D. Brown 

9. Joseph H. O'Connor. 



GOVERNMENTAL AGENCIES 

10. Depreciation Fund Board, city of New York_ 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

11. Central Hanover Bank & Trust Co 

12. Cleveland Trust Co 

13. J. P. Mors;an& Co 

14. Bank of Montreal _ 

15. Chase National Bank 

16. Guaranty Trust Co. of New York 

17. Brown Bros., Harriman & Co 

18. E. A. Whitten& Co -.. '. 

19. E. A. Pierce & Co _ 

20. Dominick & Dominick 

21. A. G. Becker& Co 



Total. 



5,020 
1,675 
1,375 
1,900 
1,778 
1,550 
1,501 
1,500 
1,421 



7,556 
6,574 
2,400 
2,375 
1,855 
1,520 
3, 045 
1,936 
1,822 
1,559 
1,400 

51,762 



Percent 
of shares 
outstand- 
ing 



.$370, 225 
123, 531 
101, 406 
140, 125 
131, 127 
114,312 
110, 699 
110, 625 
104, 799 



147, 5C0 



557, 255 
484, 832 
177,000 
175, 156 
136,806 
112, 100 
224, 569 
142,780 
134,372 
114,976 
103, 250 

3,817,445 



0.77 
.26 
.21 
.29 
.27 
.24 
.23 
.23 
.22 



1.16 
1.01 
.37 
.37 
.28 
.23 
.47 
.30 
.28 
.24 
.22 



gg2 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

THE GREAT 
[Size rank: 20. $6 NONCUMULATIVE PREFERRED (VOTING) as of Dec. 1, 1937. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Curtiss Southwestern Co. (a holding company for Arthur Cur- 

tiss James and wife) 

Brown Bros., Harriman & Co 

Hank & Co. (nominee for First National Bank of New York; 

benefi claries not disclosed) -- 

Cudd & Co. (nominee for Chase National Bank; beneficiaries not 

disclosed). 

Algemeenkantoor van Administratie te Amsterdam, N. V 

Home Insurance Co 

King & Co. (noiriir.ee for City Back Faimeis Tiust Co.; bene- 
ficiaries not disclosed) 

Lynn & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed) 

Perkins & Co. (nominee for Commercial Trust Co. of New Jer- 

,sey; beneficiaries not disclosed) 

Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 
ficiaries not disclosed) -. 

Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

E. A. Pierce* Co 

J. & W. Seligman& Co i 

Dominick & Dominick 

Moore & Schley -. -. 

Paine, Webber & Co 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

Vincent Astor 

Lazard Freres » --- 

Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 
disclosed) •- 

TotaL --^ - , 



52, 850 
31, 961 

25, 750 

23, 568 
20, 949 
20, 000 

15. T20 

14, 000 

13,800 

12, 747 

11,182 
hi, 114 
11,068 
10,994 
10, 686 
10,388 

9,936 
9, 500 
9,475 

9,344 

335, 032 



1,136,275 
687, 162 



506,712 
450, 404 
430, COO 

337, 980 

301,000 



274, 060 

240,413 
238, 951 
237, 962 
236.371 
229, 749 
223, 342 

213, 624 
204, 250 
203, 712 

200, 896 



7, 203, 188 



2.12 
1.28 



.63 

.56 

.55 

.51 

.45 
.44 
.44 
.44 
.43 
.42 

.40 
.38 
.38 

.37 

13.41 



CONCENTRATION OF ECONOMIC POWER 



963 



beneficial ownership in such holdings — Continued 
NORTHERN RY. CO. 

Shares outstanding as of Dec. 1, 1937: 2,498,894. Price as of December 1937: $21^81 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Arthur Curtiss James, through Curtiss Southwestern Co. (97.5 

percent owned) 

2. Vincent Astor _ 

INSURANCE COMPANIES 

3. Home Insurance Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

4. AlgemeenkantoorvanAdministratiete Amsterdam, N. V 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

5. First National Bank of New York__ __ _ 

6. Chase National Bank 

7. City Bank Farmers Trust Co 

8. Guaranty Trust Co. of New York... 

9. Commercial Trust Co. of New Jersey 

10. Bank of Montreal 

11. United .States Trust Co 

12. Central Hanover Bank & Trust Co 

13. Bankers Trust Co 

14. Brown Bros., Harriman & Co 

15. E. A. Pierce & Co 

16. J. & W. Seligman & Co _,..... 

17. Dominick & Dominick 

18. Moore & Schley 

19. Paine, Webber & Co 

20. Lazard Freres 

Total 



52, 850 
9,500 



25, 750 
23,568 
15,720 
14,000 
13,800 
12, 747 
11,182 
9,936 
9,344 
31,961 
11,114 
11.068 
10,994 
10, 686 
10, 388 
9,475 



$1, 136, 275 
204, 250 



430,000 



450, 404 



553, 625 
506, 712 
337, 980 
301,000 
296, 700 
274, 060 
240,413 
213, 624 
200,896 
687, 162 
238,951 
237. 962 
236, 371 
229, 749 
223, 342 
203,712 



2.12 
.38 



1.03 , 
.94 
.63 
.56 
.55 
.51 
.45 
.40 
.37 

1.28 
.44 
.44 
.44 
.43 
.42 
.38 



335,032 



964 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

GULF OIL 
[Size rank: 36. COMMON (VOTING) as of Dec. 1. 1939. Shares 
Holders of Record 



Holdings 



Name of record holder 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



). Richard K. Mellon... 

2. Sarah Mellon Scaife 

3. Paul Mellon 

4. Ailsa M. Bruce 

5. John P. Woods (nominee for Mellon Securities Corporation)... 

6. The A. W. Mellon Educational and Charitable Trust.... 

7. Union Trust Co. of Pittsburgh, trustee u/d/t Andrew W. Mellon, 

Dec. 28, 1934 

8. William L. Mellon.. 

9. Mellon Securities Corporation __ 

10. Estate of A. W. Mellon (residuary legatee A. W. Mellon Educa- 

tional and Charitable Trust) 

11. Sun Life Assurance Co. of Canada , 

12. The Union Trust Co. of Pittsburgh, trustee u/d/t of William L, 

Mellon. May 11, 1932 . 

13. Mellon Indemnity Corporation -. 

14. Mac & Co. (nominee for Union Trust Co. of Pittsburgh 

wliich holds for the following accounts: 
Union Trust Co. of Pittsburgh, cotrustee u/d/t of 

George H. Taber, Dec. 31, 1935, f/b/o Elizabeth F. Shares 

Taber 8,600 

Union Trust Co. of Pittsburgh, cotrustee u/d/t of 

George H. Taber, Dec. 31, 1935, f/b/o George H. 

Taber, Jr 8,600 

Union Trust Co. of Pittsburgh, cotrustee u/d/t of 

George H. Taber, Dec. 31, 1935, f/b/o Mildred Taber 

Keally 8,600 

Union Trust Co. of Pittsburgh, cotrustee u/djt 

George H. Taber, Dec. 31, 1935, f/b/o Phillip Taber. 8, 600 
Union Trust Co. of Pittsburgh, cotrustee u/d/t . 

George H. Taber, Dec. 31, 1935, f/b/o Laura Taber 

Barbour 8, 600 

Union Trust Co. of Pittsburgh, trustee for Henry 

M. Curry, Jr., u/d/t June 16, 1933 4, 700 

Union Trust Co. of Pittsburgh, agent for Henry 

Gand, Jr , u/a of Mar. 19. 19.34 750 

Union Trust Co. of Pittsburgh and T. J. Hilliard 

surviving trustees u/w/o William H. R. Hilliard 

(deceased) . 500 

Union Trust Co. of Pittsburgh, trustee u/i Feb. 29, 

1916, for Amelia N. S. Oliver 400 

Union Trust Co. of Pittsburgh, custodian for Helen 

C. Frick 400 

Union Trust Co. of Pittsburgh, trustee u/d/t William 

A. Seifert, June 25, 1924, No. 2 f/b/o Edith L. Seifert 

etal 400 

Total 50,150 

63 sundry trust accounts 8,702 

Total ^ 58,852 

15. Jesup & Lamont 

16. Lehman Bros 

17. Lack & Lindsay, nominee for Wilmington Trust Co. 

which nolds for the following accounts: 
Wilmington Trust Co., D. D. Shepard and H. M. 
Johnson, trustees f/b/o the heirs of .\ilsa Mellon Shares 

Bruce 13,(KW 

Paul Mellon 20,000 

University of Michigan 1.000 

Total 34,000 

18. The Union Trust Co. of Pittsburgh, trustee u/d/t of William.L. 

Mellon, June 29, 1935 

19. Trustees of the Massachusetts Investors Trust. 

2Q. Tlie Union Trust Co. of Pittsburgh, trustee u/d/t of Paul Mellon, 

Aug. 12, 1935 - 

Total : 



1, 174, 359 
1, 172, 359 
1, 135, 040 
1,000,000 
480. 000 
352, 000 

284,560 
227, 436 
200,000 

116,020 
85,000 

80,000 
60,000 



58, 852 
45, 644 
34, 758 



34,000 



30,000 
30,000 



27,000 



6, 627, 028 



$44, 332, 052 
44, 256, 552 
42, 847, 760 
37, 750, 000 
18. T20. 000 
13. 288, 000 

10, 742, 140 
8, 585, 709 
7, 550, 000 

4, 379, 755 
3, 208, 750 

3, 020, 000 
2, 265, 000 



2, 221 , 663 
1,723,061 
1,312,114 



1, 283, 500 

1,132,500 
1, 132, 500 

1,019,250 



12.94 
12.92 
12.51 
11.02 
5.29 
3.88 

3.14 
2.51 
2.20 



.65 
.50 
.,38 



250, 170, 306 



.33 
.33 



.30 
73.04 



CONCENTRATION OF ECONOMIC POWER 



965 



beneficial ownership in such holdings — Continued 
CORPORATION 

outstanding as of Dec. 1, 1939: 9,076,202. Price as of December 1937: $37?^] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Union Trust Co. of Pittsburgh, cotrustee u/d/t of George H. 

Taber, Dec. 31, 1935, for 5 trusts: 

Beneficiaries of respective trust agreements: Shares 

Elizabeth F. Taber 8,fi00 

George H. Taber, Jr 8,600 

Mildred Taber Keally 8,600 

Phillip Taber 8,600 

Laura Taber Barbour 8.600 

Total 43,000 

2. Richard K. Mellon 

3. Sarah Mellon Scaife. 

4. Paul Mellon : 

5. Union Trust Co. of Pittsburgh, trustee u/d/t of • 

Mellon Aug. 12, 1935: 
Beneficiaries: (Mrs.) Mary Mellon and the heirs of Shares 
Paul Mellon 27,000 

6. Ailsa Mellon Bruce 

7. Wilmington Trust Co., Donald D. Shepardand H. M.- Johnson, 

trustees: 

Beneficiaries: The heirs of Ailsa Mellon Bruce. -. 

8. Union Trust Co. of Pittsburgh, trustee u/d/t Andrew W. 
Mellon, Dec. 28, 1934: 
Beneficiaries: R. S. Scott, guardian for — Shares 

Audrey Bruce 148,800 

Cathrine C. Mellon 1:35,760 

Total. 284,560 

9. William L. Mellon. 

10. Union Trust Co. of Pittsburgh, trustee Ti/d/t of William L. 

Mellon, May 11, 1932 

11. Union Trust Co. of Pittsburgh, trustee u/d/t of William 

L. Mellon, June 29, 1935: 
Beneficiaries: Shares 

Miss Anne Farley Walton _.. 2,727%3 

Miss Mary Taylor Walton. 2, 727*43 

Alexander Mellon Laughlin. _ 2, 727%3 

John Fawcett Walton, III 2.727?i3 

Miss Louise Eustis Hitchcock 2, 727?^3 

James Mellon Walton 2, 727%3 

William Larimer Mellon, III 2, 727%3 

Miss Margaret Mellon Hitchcock 2, 727%3 

Karl Negly Mellon 2,727%3 

Thomas Hitchcock, III 2, 727?^3 

William Mellon Hitchcock.. 2. 727963 

Total.. 30,000 

INSURANCE COMPANIES 

12. Sun Life Assurance Co. of Canada 

13. Mellon Indemnity Corporation 

INVESTMENT TRUSTS .1ND INVESTMENT COMPANIESl 

14. Trustees of the Massachusetts Investors Trust 

BROKERS AND INVESTMENT BANKERS AS PENEFiaAL HOLDERS 

15. MeUon Securities Corporation (investment banking house; for 

details of ownership see this appendix, sec. II) 

FOUNDATIONS 

16. A. W. Mellon Educational and Charitable Trust 

17. A. W. Mellon Educational and Charitable Trust through estate 

of Andrew AV. Mellon, executors, Paul Mellon, Donald D. 
Shepard, and David K. E. Bruce.. 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

18. Jcsup & Lamont.. 

19. Lehman Bros.'. 

Subtotal. 

Total record holdings not included above. 

Total 



Holdings 



Number 
of shares 



43,000 

1, 174, 359 
1, 172, 359 
1, 155, 040 



27,000 
1,000,000 



13,000 



284,560 
227, 436 



80,000 



30,000 

85,000 
60,000 

30,000 

680, 0^" 
352,000 

116,020 



45,644 
34, 758 



Value 



$1, 623, 250 
44, 332. 052 
44, 256, 552 
43, 602, 760 



1, 019, 250 
37, 750, 000 



490, 750 



10, 742, 140 
8, 585, 709 



3,020,000 



6, 610, 176 
16, 852 



1, 132, 500 

i, 208, 750 
2, 265, 000 

1, 132, 500 

25, 670, 000 
13, 288, 000 

4, 379, 755 



1, 723. 061 
1,312.114 

249, 534. 143~ 
636, 163 



Percent 
of shares 
outstand- 
ing 



72.84 
,20 



6, 627, 028 250, 170, 306 



73.04 



966 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
HEARST CONSOLIDATED 
[Size rank: 139. COMMON (V'OTING) as of Nov. 15, 1939. Shares out 
Holders of Record 



Holdings 



Name of record holder 



1. Hearst Corporation (wholly owned by American Newspapers, 
Inc.). -. .._ 



Number 
of shares 



2, 000, 000 



Value 



$2, 000, 000 



Percent 
of shares 
outstand- 
ing 



[7 percent CLASS A CUf-JULATIVE PARTICIPATING PREFERRED (CONTINGENT VOT- 

HoLDERS OF 'Record 



Name of record holder 



1. American Newspapers, Inc. (a holding company for William 

Randolph Hear=t) _ 

2. Miss Marion Douras __ 

3. Blanche Hill 

4. Irn S. Trow 

5. William E. Mason and Nettie Mason 

6. Nick G. Calamos _ 

7. Harry M. Bitner 

8. Golden Gate Finance Co 

9. Millicent Hearst _ ._ _ 

10. Clara Shriner and Walter T. Shriner 

11. Mrs. Alta C. Hopper _ 

12. M.H.Manuel ._ 

13. Alice Maude Head..- 

14. C. B. Henry __ 

15. Thomas Ballantyne and John Ballantyne 

16. Miss Maryland Stuart 

17. David W. Boland, trustee for Nathalie Q. Boland and Grace M. 

Boland 

18. Mrs. Emily Stuart Bernard 

19. John B. Wyles 

20. Santiago Martinez 

21. Martin F. Huberth 

22. Charles J. Walker.. ;.... 

Total 



Holdings 



Number 
of shares 



61, 456 
9,367 
3,500 
3,000 
2,747 
2,646 
2,400 
2,331 
2.133 
2.072 
2,000 
2,000 
1,994 
1,680 
1,625 
1,600 

1,550 
1,500 
1,350 
1,300 
1,292 
1,263 



no, 806 



Value 



.$983, 296 
149. 872 
56,000 
48,0d0 
43, 952 
42, 336 
38,400 
37,296 
34,128 
33, 152 
32,000 
32,000 
31,904 
26,880 
26,000 
25, 600 

24,800 
24,000 
21,600 
20,800 
20,672 
20,208 



1, 772. 896 



Percent 
of shares 
outstand- 
ing 



3.18 
.49 
.18 
.16 
.14 
.14 
.12 
.12 
.11 
.11 
.10 
.10 
.10 
.09 
.08 



.07 
.07 
.07 
.06 



CONCENTRATION OF ECONOMIC POWER 



967 



beneficial ownership in suck holdings — Continued 
PUBLl<7A"TI0NS, INC. 

standing as of Nov. 1!>, 1939: 2,000,000. Price (assigned) as of December 1937: $1] 
Legal and Beneficial Holders 







Holdings 




Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


inpividuals, personal and family holding companies, trusts 
and estates 

1. Hearst Corporation, wholly owned by American Newspapers, 
Inc., a holding company, the stock of which is held by — 
Clarence J. Shearn, trustee under a voting trust in 
which William Randolph Hearst holds the vet- ■^«''"™ 
ing trust certificates _._ 86.36 


2,000,000 


$2, 000, 000 




William Randolph Hearst, trustee 13.64 




Total _.- 100.00 


100.00 



ING) as of Nov. 15, 1939. Shares outstanding as of Nov. 15, 19S9: 1,930,736. Price as of December 1937: $)6] 
Legal and Beneficial Holders 



Type and name of holder 



individuals, personal and family holding companies, trusts 

AND estates 

1. American Newspapers, Inc. (a holding company for Hearst; for 

details of ownership see information given under "common 
stock," supra) 

2. M'llicent Hearst. 

3. Miss Marion Douras 

4. Blanche Hill_ , 

6. Ira S. Trew. 

6. William E. Mason and Nettie Mason - 

7. Nick O. Calamos... 

8. Harry M. Bitner... 

9. Clara Shriner and Walter T. Shriner 

10. Mrs. Alta C. Hopper 

11. M. H. Manuel 

12. Alice Maude Head _ 1 

13. C. B. Henry 

14. Thomas Ballantyne and John Ballantyne..'. 

If. Miss Maryland Stuart 

16. Mrs. Emily Stuart Bernard 

17. David W. Boland, trustee Cbeneficiaries, Nathalie Q. -Boland 

and Grace M. Boland) 

18. John B. Wyles 

19. Santiago Martinez 

20. Martin F. Huberth 

21. Charles J. Walker 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

22. Golden Gate Finance Co __- _ 

■ Total 



Holdings 



Number 
of shares 



61, 4,56 
2,133 

9,367 

3,500 

3,000 

2,747 

2,646 

2,400 

2,072 

2,000 

2,000 

1,994 

1,680 

1,625 

1,600 
1,500 

1,5.50 

1,350 

1,300 

1.292 
1,263 



110,806 



Value 



$983,296 
34,128 

149, 872 

56,000 

48,000 

43, 952 

42, 336 

38,400 

33, 152 

32,000 

32,000 

31,904 

26,880 

26,000 

25,600 
24,000 

24,800 
21,600 
20,800 
20,672 
20,208 



Percent 
of shares 
outstand- 
ing 



3.18 
.11 



.18 
.16 
.14 
.14 
.12 
.11 
.10 
.10 
.10 
.09 
.08 



.07 
.07 
.07 
.06 

-.12 
5.73 



968 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
HUDSON & MAN- 
[Size rank: 147. COMMON (VOTING) as of Mar. 23, :938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Bender & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed)... 

2. Jesup & Lamont 

3. Administratiekantoor van Aandeelen in Vennootschappen en in 

Binnen en Buitenlandsche Leeningen, N.V 

4. Harry W. Harrison _ 

5. Wonham, Albert & Co. (nominee for Bank of Montreal; benefi- 

ciaries not disclosed). 

6. Post & Flagg 

7. W. Horace Williams.. 

8. Pierre j. Horner.. > 

9. Phoebe Gary Brisbane 

10. Dean Witter & Co. 

11. William R. Hearst. 

12. Miss Marion Douras 

13. Patrick Norton ^ 

14. Edward Mallinckrodt, Jr., and St. Louis Union .Trust Co., 

trustees 

15. Roman Catholic Diocese 

16. Paine, Webber & Co 

17. E. A. Pierce & Co _ 

18. Hudson Companies -. 

19. American Surety Co •_ 

20. Brown Bros. & Co _ 

Total 



40, 000 


$65, 000 


10.00 


6,275 


10, 197 


1.56 


5,380 


8.742 


1.34 


5,000 


8,125 


1.25 


4,750 


7,719 


1.19 


4,435 


7,207 


1.11 


4,000 


6,500 


1.00 


4,000 


6,500 


1.00 


3,600 


5,850 


.90 


3,469 


5,637 


.87 


3,100 


5,037 


.78 


3,000 


4,875 


.75 


3,000 


4,875 


.75 


2,904 


4,7!9 


.73 


2,500 


4,062 


.62 


2,335 


3,794 


.58 


2,276 


3,698 


.57 


2.127 


3,456 


.53 


2,000 


3,250 


.50 


2; 000 


3,250 


.60 


106, 151 


172, 493 


26.53 



CONCENTRATION OF ECONOMIC POWER 



969 



beneficial ownership in such holdings — Continued 

HATTAN R. R. CO. 

outstanding as of Mar. 23, 1938: 399,926. Price as of December 1937: $1H] 
Legal and Benefioal Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Harry W. Harrison , 

2. W. Horace Williams 

3. Pierre J. Homer 

4. Phoebe Carry Brisbane 

5. William R. Hearst... 

6. Patrick Norton 

7. Miss Marion Douras 



8. Edward Mallinckrodt, Jr., and St. Louis Union Trust Co., 
trustees 



OTHER corporations; NONFINANCIAL 

9. Hudson Companies 

INSURANCE COMPANIES 

10. American Surety Co 

INTESTUENT TRUSTS AND INTESTMENT COMPANIES 

11. Administratlekantoor van Aandeelen in Vennootschappen en 

in Binnen en Buitenlandsche Leeningen, N. V 



ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

12. Roman Catholic Diocese 

BANKS, BROKERS, ETC.; BENEnOARIES NOT DISCLOSED 

13. Chase National Bank 

14. Bank of Montreal 

15. Jesup & Lamont . 

16. Post& Flagg 

17. Dean Witter & Co 

18. Paine, Webber & Co 

19. E. A. Pierce & Co 

20. Brown Bros. & Co 



Total. 



6,000 
4,000 
4,000 
3,600 
3,100 
3,000 
3,000 

2,904 



2,127 



2,000 



5,380 



2,500 



40,000 
4,750 
6,275 
4,435 
3,469 
2,335 
2,276 
2,000 

106, 161 



$8,125 
6,500 
6,500 
5.850 
6,037 
4,875 
4,875 

4,719 



3,456 



3,250 



8,742 



4,062 



65,000 
7,719 

10, 197 
7,207 
6,637 
3,794 
3,698 
3,260 

172,493 



1.26 
1. 00 
1.00 
.90 
.78 
.75 
.75 

.73 



.53 



.60 



1.34 



.62 



10.00 
1.19 
1.56 
1.11 
.87 
.68 
.67 
.50 

26.63 



970 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

HUDSON & MAN- 
[Size rank: 147. 5 percent NONCUMULATIVE PREFERRED (VOTING) as of 
Holders of Record 



Name of record holder 



1. Bender & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) - 

2. Administratiekantoor van Aandeelen in Vennootschappen en 

in Binnenen Buitenlandsche Leeningen, N. V 

3. Post& Flagg. - 

4. Harriman & Keech - - 

6. Harry W. Harrison : 

6. Sweeney & Co. (nominee for British Assets Trust, Ltd.) 

7. Decoppet & Doremus - 

8. Gilbert E. Bell.. 

9. Louis Shapiro -- 

10. Stout <fe Co - 

11. Weingarten & Co - 

12. Merrick & Co. (nominee for New York Trust Co.; beneficiaries 

not disclosed) 

13. Hirsch, Lilenthal & Co 

14. Edwin Bamhart - 

15. Matthew Conefrey 

16. GruntalA Co 

17. Arthur Brisbane -— 

18. Thomson & McKinnon 

19. Lambom Hutchings & Co 

20. E. A. Pierce & Co -- 

Total 



Holdings 



Number 
of shares 



4,000 

2.220 

2,202 

1,230 

1,000 

1,000 

832 

500 

500 

500 

450 

407 
405 
400 
360 
360 
349 
330 
325 
320 



17,690 



Value 



$20,000 

11,100 
11,010 
6,150 
5,000 
5,000 
4,160 
2,500 
2,500 
2,500 
2,250 

2,035 
2,025 
2,000 
1,800 
1,800 
1,745 
1,650 
1,625 
1,600 



88,450 



Percent 
of shares 
outstand- 
ing 



7.63 

4.24 

4.20 

2.35 

1.91 

1.91 

1.59 

.95 

.95 

.95 

.85 

.78 
.77 
.76 
.69 
.69 
.66 
.63 
.62 
.61 



33.74 



CONCENTRATION OF ECONOMIC POWER 



971 



beneficial ownership in such holdings — Continued 
HATTAN R. R. CO. 

Mar. 23. 1938. Sharesoutstandingasof Mar. 23, 1938:52,415. Price as of December 1937: $5] 
Legal akd Beneficial Holdebs 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Harry W. Harrison 

2. Gilbert E. Bell 

3. Louis Shapiro _ 

4. Edwin Bamhart 

5. Arthur Brisbane (since deceased) 

6. Matthew Conefrey . 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

7. Administratiekantoor van Aandeelen in Vennootschappen en 

in Binnen en Buitenlandsche Leeningen, N. V 

8. British Assets Trust, Ltd .- 

BANKS, BROKERS, ETC.; BENEFICLARIES NOT DISCLOSED 

9. Chase National Bank 

10. New York Trust Co 

11. Post & Flagg - 

12. Harriman & Keech 

13. Decoppet & Doremus - 

14. Stout & Co.. - 

15. Weingarten & Co .-. 

16. Hirsch. Lilenthal & Co 

17. Oruntal & Co 

18. Thomson & McKinnon 

19. Lambom Hutchings & Co - 

20. E. A. Pierce & Co... 

Total 



1,000 
600 
500 
400 
349 
360 



2,220 
1,000 



4,000 
407 
2,202 
1,230 
832 
500 
450 
405 
360 
330 
325 
320 



$5,000 


1.91 


2,500 


.95 


2,500 


.95 


2,000 


.76 


1,746 


.66 


1,800 


.69 


11,100 


4.24 


5,000 


1.91 


20,000 


7.63 


2,035 


.78 


11,010 


4.20 


6,150 


2.35 


4,160 


1.59 


2,500 


.95 


2,250 


.85 


2,025 


.77 


1,800 


.69 


1,650 


.63 


1, 625 


.62 


1,600 


.61 



17,690 



88.450 



33.74 



972 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

ILLINOIS CENTRAL 
(Size rank: 29. COMMON (VOTING) as of May 4, 1938. Shares 
Holders of Record 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Union Pacific R. R. Co 

Oebroeders Boissevain en Qebroeders Teixeira de Mattos voor 

het Administratiekantoor van Amerikaansche Spoorweg- 

aandeelen ..'. - 

R. R. Securities Co. (wholly owned subsidiary of Union Pacific 

R. R. Co.) 

Clark Williams & Co 

Rhode Island Corporation (holding company for Robert Walton 

Ooelet) - - --- 

Edward S. Harkness , 

Continental Insurance Co - , 

J. 8. Bache & Co 

Paine, Webber & Co - - - 

Fenner & Beane 1 

Thomson & McKinnon 

Harris Upham & Co 

Fidelity-Phenix Fire Insurance Co. of New York 

Josephthal & Co 

Kidder, Peabody & Co 

Sutro Bros. & Co 

Vincent Astor , 

Hall & Co. (nominee for Commercial Trust Co. of New Jersey; 

beneficiary not disclosed) 

Kewanee Oil Co 

E. A. Pierce & Co 

Total 



268, 700 



82, 013 

80,000 
13, 985 



8,500 
8,000 
7,232 
6,956 
6,451 
6,449 
6,401 
6,000 
5,209 
5,157 
5,029 
5,000 

5,000 
6,000 
4,955 



$2, 485, 475 



758, 620 

740,000 
129, 361 

89,540 
78,625 
74,000 
66, 896 
64, 343 
59, 672 
59, 653 
59,209 
55,500 
48,183 
47,702 
46, 518 
46, 250 

46, 250 
46,250 
45,834 



19.79 



6.04 

5.89 
1.03 

.71 
.63 
.59 
.53 
.51 
.48 
.47 
.47 
.44 
.38 
.38 
.37 
.37 

.37 
.37 
.37 



645, 717 



5,047.881 



40.19 



CONCENTRATION OF ECONOMIC POWER 



973 



beneficial ownership in such holdings — Continued 
R. R. CO. 

outstanding as of May 4, 1938: 1,357,978. Price as of December 1937: $9Ji] 
Legal and Beneficul Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1 . Robert Walton Ooelet, through the Rhode Island Corporation 

(100 percent owned) -. 

2. Edward S. Harkness... 

3. Vincent Astor 

OTHER CORPORATIONS, NONFINANCIAL 

■4. Union Pacific R. R. Co ^ 

5. Union Pacific R. R. Co., through R. R. Securities Co. (100 

percent owned) 

6. Kewanee Oil Co --. 

INSURANCE COMPANIES 

7. Continental Insurance Co 

8. Fidelity-Phenix Fire Insurance Co. of New York 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

9. Oebroeders Boissevain en Oebroeders Teixeira de Mattos voor 

het Administratiekantoor van Amerikaansche Spoorweg- 
aandeelen 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

10. Commercial Trust Co. of New Jersey 

11. Clark Williams & Co 

12. J. S. Bache & Co - 

13. Paine, Webber & Co - 

14. Fenner & Beane - 

15. Thomson & McKinaon 

16. Harris Upham & Co 

17. Josephthal & Co 

18. Kidder, Peabody & Co 

19. Sutro Bros. & Co 

20. E. A. Pierce & Co. - - - 

Total 



9,680 


$89,540 


0.71 


8,500 


78.625 


.63 


5,000 


46.250 


.37 


268,700 


2, 485, 475 


19.79 


80,000 


740,000 


5.89 


5,000 


46,250 


.37 


8,000 


74.000 


.59 


6,000 


56,500 


.44 



82, 013 



6.04 



5,000 


46.250 


.37 


13, 985 


129, 361 


1.03 


7,232 


66,896 


.53 


6,956 


64,343 


.61 


6,451 


59, 672 


.48 


6,449 


59,653 


.47 


6,401 


59,209 


.47 


5,209 


48,183 


.38 


5,157 


47, 702 


.38 


5,029 


46,518 


.37 


4,955 


45,834 


.37 



6, 047, 881 



40.19 



974 



CONCENTRATION OF ECONOMIC POWER 



[Size rank: 29. 



Record holders and holders having legal and 

ILLINOIS CENTRAL 

6 percent NONCUMULATIVE CONVERTIBLE PREFERRED A (VOT- 

HOLDERS OF RECOBD 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Union Pacific R. R. Co -.- 

Clark Williams & Co 

J. S.BacheA Co 

Rockefeller Foundation... 

Mitchell Hutchins & Co 

E. Lowltz & Co. 

Adler, Coleman & Co 

N. V. Het Administratie 

Stokes, Hoyt& Co 

BeldenA Co 

Security Mutual Life Insurance Co - 

Perkins & Co. (nominee for Commercial Trust Co. of New- 
Jersey; beneficiaries not disclosed) 

Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 
disclosed) .- 

King & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) 

Edward S. Harkness... _ 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) _ 

Dyer, Hudson & Co 

Burren & Co 

Cutwater, Leonard & Co... 

Horace C . S tebbins 

Total- 



98, 270 
4,600 
3,325 
2,857 
2,000 
1,900 
1,400 
1,029 
1,010 
1,000 
1,000 

800 

800 

648 
620 

577 
506 
500 
500 
500 



$1,732,009 
81, 075 
58,603 
50,355 
35,250 
33, 487 
24,675 
18, 136 
17,801 
17, 625 
17,-625 

14,100 

14,100 

11,421 
10, 927 

10, 170 
8.918 
8,812 
8,812 
8.812 



52.70 
2.47 
1.78 
1.53 
1.07 
1.02 
.75 
.55 
.54 
.54 
.54 

.43 



.35 
.33 

.31 
.27 
.27 
.27 
.27 



123, 842 



2, 182, 713 



66.42 



CONCENTRATION OF ECONOMIC POWER 



975 



beneficial ownership in such holdings — Continued 

R. R. CO. 

INQ) as of May 4, 1038. Shares outstanding as of May 4, 1938: 186,453. Price as of December 1937: $17^] 
Legal and Beneficial Holdkbs 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDXJALS, PEESONAL AKD FAMaY HOLDING COMPANIES, TBU8T8 
AND ESTATES 

1. Edward S. Harkness 



2. Horace C. Stebbins 

OTHES COBPOBATIONS, NONITNANCIAL 

3. Union Pacific R. R. Co 

INSUBANCE COMPANIES 

4. Security Mutual Life Insurance Co 

INVESTMENT TBUSTS AND INVESTMENT COMPANIES 

5. N. V. Het Administratie 

FOUNDATIONS 

6. Rockefeller Foundation 

BANKS, BBOEERS, ETC.; BENEnaABIES NOT DISCLOSED 

7. Commercial Trust Co. of New Jersey 

8. J. P. Morgan & Co 

9. City Bank Farmers Trust Co.- 

10. Central Hanover Bank & Trust Co 

11. Clark Williams & Co.. 

12. J. S. Bache& Co 

13. Mitchell Hutchins & Co , 

14. E. Lowitz & Co 

15. Adler, Coleman & Co 

16. Stokes, Hoyt & Co 

17. Belden & Co 

18. Dyer, Hudson & Co 

19. Burren & Co 

20. Cutwater, Leonard & Co 



Total. 



620 
500 



98,270 
1,000 
1,029 
2,857 



800 

800 

648 

577 

4,600 

3,325 

2,000 

1,900 

1,400 

i,010 

},000 

506 

500 

500 



123,842 



$10,927 
8,812 

1,732,000 

17,62S 

18,136 

50,355 



14.100 
14,100 
11,421 
10, 170 
81, 075 
58,603 
35,250 
33,487 
24,675 
17,801 
17,6^6 
8,918 
8,812 
8,812 



2, 182, 713 



0.33 
.37 



62.70 



.M 



.U 



L83 



.43 

.43 

.35 

.31 

2.47 

1.78 

1.07 

1.02 

.75 

.54 

.54 

.27 

.27 

.27 



66.42 



268445 — 41— No. 29 63 



976 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

INLAND 
[Size rank: 119. COMMON (VOTING) as of Feb. 15, 1938. Shares 
Holders of Record 



Holdings 



Namfl of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1 The Cliffs Corporation . 


100,000 
37,490 
25,238 
23,458 
20,250 

19, 512 
17,834 
17,536 
15,333 
15,000 
14,811 
14, 717 

13, 814 
13,500 
13,400 

13, 321 

13,125 
13,001 
12,686 
11,883 


$6,960,000 
2, 605, 665 
1,764,041 
1, 630, 331 
1,407,375 

1,366,084 
1,239,463 
1, 218, 752 
1,065,644 
1,042,500 
1,029,364 
1,022,832 

960,073 
938,250 
931,300 

926,810 

912, 188 
903,670 
881, 677 
825,868 


6.35 


2. Oeorge Herbert Jones, trustee u/w Myrtilla A. Jones, deceased. 
3 P-D. Block 


2.38 
1.60 


4. L.E. Block 


1.49 


'5 CoraB.Blodc . 


1.29 


6. Joseph T. Ryerson, Edward L. Ryerson, Jr., surviving trustees 
for Mary M. Ryerson u/d/t July 1, 1925 


1.24 


7. P. D.BIock, Jr - 


1.13 


g (} H Jones - 


1.11 




.97 


10. CeUaL. Block - 

11. E.J. Block - 


.96 
.94 




.93 


13. Viarda B. Kuehn, Viafda Marie Kuehn, and George L. Euehn 

as trustees of the Kuehn family trusts u/a May 27, 1932. 

14 Wesley Memorial Hospital 


.88 
.86 




.86 


16. The First National Bank of Chicago as trustee u/d/t John H. 
' Barker, Dec. 1, 1910. 


.86 


17. Murley & Co. (nominee for Guaranty Trust Co.; beneficiaries 
not disclosed) . . 


.83 


18. CoraB.Hart 


.83 




.81 


20. Joseph T. Ryerson . 


.78 






Total 


425,909 


29,600,677 


27.04 







CONCENTRATION OF ECONOMIC POWER 



977 



beneficial ownership in such, holdings — Continued 
STEEL CO. 

outstanding as of Feb. 15, 1938: 1,576,070. Price as of December 1937: $69^] 
Leoal and BENEnciAL Holders 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL, AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Alice Berman 

2. PhUlip D. Block 

3. CeliaL. Block 

4. Phillip D. Block, Jr 

6. Leopold E. Block 

6. Cora B. Block 

7. E. J. Block 



8. Q. H. Jones 

9. Oeorge Herbert Jones, through Qeorge Herbert Jones, trustee 

u/w MyrtiUa A. Jones, deceased 

10. Viarda B. Kuebn, Viarda Marie Euehn and Qeorge L. Euehn 

as trustees of the Kuehn family trusts u/a May 27, 1932 

11. Louis Kuehn 



12. Joseph T. RyersoD 

13. Mary M. Ryerson, through Joseph T. Ryerson, Edward L. 

Ryerson, Jr., surviving trustees for Mary M. Ryerson u/d/t 
July 1,1925 



14. The First National Bank of Chicago as trustee of John H. 

Barker Trust Dec. 1, 1910 

15. Mrs. Blanche B. Joseph 

16. Cora B.Hart 



OTHER CORPORATIONS, NONFINANOAL 

17. The Cliffs Corporation (a holding company; for details on 
ownership^see this appendix, sec. II) 



18. Equitable Powder Manufacturing Co 

U.EEMOSTNART AND BDDCATIONAL INSTITUTIONS 

19. Wesley Memorial Hospital 

BANKS, BROKERS, ETC., BENEnQARIES NOT DISCLOSED 

30. Quaranty Trust Co. of New York 

Total 1 



14, 717 

25,238 
15,000 
17,834 
23,458 
20,250 
14,811 

17,536 
37,490 

13,814 
12,686 

11,883 



19, 512 

13, 321 
13,400 
13,001 



100,000 
15,333 

13,600 

13,125 



425,909 



$1,022,832 

1, 764, 041 
1, 042, 500 
1, 239, 463 
1, 630, 331 
1, 407, 375 
1,029,364 

1, 218, 762 

2, 605, 566 

960, 073 
881, 677 

825, 868 



1,356,084 

926, 810 
931,300 
903,570 



6,950,000 
1, 065, 644 



938,250 



912, 188 



29, 600, 677 



0.93 

1.60 
.95 
1.13 
1.49 
1.29 
.94 

1.11 

2.38 



.81 
.76 

1.24 

.86 
.86 
.83 



6.35 
.97 



.86 



.83 



27.04 



978 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
INTERNATIONAL BUSINESS 
[Siie rank: 185. COMMON (VOTING) as of Dec. 15, 1937. Shares outstandinf as of 
Holders or Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1 Erskine Hewitt 

2. Stm Life Assurance Co. of Canada 

3. Christopher D. Smithers 

4. A. Ward Ford ,— - 

5. Jeannette K. Watson -. - 

6. Scheu & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed) 

7. Griflln & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

8. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) --. 

fl. Mrs. Mabel B. Smithers - 

10. Trustees of the Massachusetts Investors Trust 

11. Thomas J. Watson 

12. Estate of George W. Fairchild 

13. William F. Dunspaugh - 

14 Joseph H. O'Connor 

16' Rowe & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) « 

16. Edward E. Ford & John J. Schumann, Jr., trustees of A. Ward 

Ford trust Dec. 3, 1935 - 

17. Hare & Co. (nominee for Bank of New York & Trust Co.; bene- 

ficiaries not disclosed) 

18. Julia Ford Blue 

19. Augustine L. Humes 

20. Edward Cornell — 

Total 



21,300 
17,000 
13,026 
11, 776 
10, 971 

8,330 

8,233 

7,530 
7,200 
7,000 
6,600 
6,108 
5,158 
4,888 

4,826 

4,326 

4,115 
4,049 
3,901 
3,830 



${2,811,600 
2,244,000 
1, 719, 432 
1, 554, 432 
1, 448, 172 

1,099,560 

1, 086, 756 

993,960 
950,400 
924,000 
871,200 
806,256 
680, 856 
645, 216 

637, 032 

571,032 

543, 180 
534,468 
514, 932 
505,560 



2.75 
2.19 
1.68 
1.52 
1.41 

1.07 

1.06 

.97 
.93 
.90 
.85 
.79 
.66 
.63 

.62 

.56 

.53 

.52 
.50 
.49 



160, 167 



21,142,044 



20.63 



CONCENTRATION OF ECONOMIC POWER 



979 



beneficial ownership in such holdings — Continued 

MACHINES CORPORATION 

December 15, 1937: 775,880. Price as of December 1937: $132) 

Legal and BKNsncuL Holders 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of sbares 
outstand- 
ing 



INDIYIDVALS, PERSONAL AND FAUILT HOLDING COllFANIES, 
TRUSTS AND ESTATES 

1. Erskine Hewitt 

2. Christopher D. Smithers 

3. Mrs. Mabel D. Smithers 

4. Estate of George W. Fairchild 

6. A. Ward Ford 

6. Edward E. Ford and John J. Schumann, Jr., trustees, A. Ward 

Ford trust Dec. 3, 1935.. 

7. Julia Ford Blue 

8. William F. Dunspaugh 

9. Thomas J. Watson 

10. Jeannette K. Watson 

11. Joseph H. O'Connor 

12. Augustine L. Humes 

13. Edward Cornell 

INSURANCE COMPANIES 

14. Sun Life Assurance Co. of Canada - 

INVESTMENT TRUSTS AND DTVXSTMKNT COMPANIES 

16. Trustees of the Massachusetts Investors Trust 

BANES, BROKXR8, ETC.; BENEFICIARIES NOT DISCLOSED 

16. Central Hanover Bank & Trust Co 

17. Guaranty Trust Co. of New York 

18. City Bank Farmers Trust Co 

19. Bank of New York & Trust Co 

Total 



21,300 

13,026 
7,200 

6,108 

11,776 

4,326 
4,049 

6,168 

6,600 
10.971 

4,888 

3,901 

3,830 



17,000 



7,000 



12, 366 
8,330 
8,233 
4,115 



$2, 811, 600 

1, 719, 432 
960,400 

806,256 

1, 654, 432 

671, 032 
634,468 

680,866 

871,200 
1,448,172 

646, 216 

514, 932 

605,560 



2,244,000 



924,000 



1,830,992 

1,099,560 

1,086,766 

543,180 



2.76 

1.68 
.93 

.79 

1.62 

.66 
.62 

.66 

.86 
1.41 

.63 

.60 

.40 



2.19 



.90 



1.69 
1.07 
1.06 
.63 



160, 167 



21,142,044 



20.63 



980 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

INTERNATIONAL 
[Siie rank: 46. COMMON (VOTING) as of Apr. 11, 1939. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Anita McCormick Blaine 

U. S. Trust Co., trustee ffblo Nettie F. McCormick u/i July 27, 
1918.-- 

Anita McCormick Blaine and Harold F. McCormick, successor 
trustees f/b/o Mary V. McCormick 

Stanley McCormick 

Harold F. McCormick 

Qanna Walska McCormick 

Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 
disclosed) , 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) 

Judson F. Stone, Ralph R. Roberts, and William O. Melcher, 
trustees f/blo Mathilde McCormick Oser u/i Oct. 19, 1928 

Sun Life Assurance Co. of Canada 

Judson F. Stone, Ralph R. Roberts, and William O. Melcher, 
trustees f/b/o Muriel McCormick Hubbard u/i Dec. 16, 1927... 

Judson F. Stone and John P. Wilson, executors of the estate of 
Cyrus H. McCormick, deceased 

J. & W. Seligman & Co - 

King & Co. (nominee for City Bank Farmers Trust Co.; benefi- 
ciaries not disclosed) 

Miami Corporation (a holding company for the Deering estate).. 

Trustees of the Massachusetts Investors Trust 

Lehman Bros 

Judson F. Stone, Ralph R. Roberts, and William O. Melcher, 
trustees f/b/o Fowler McCormick u/i Dec. 16, 1927 

Incorporated Investors 

Gordon McCormick. - 

Total 



289, 177 

254; 448 

242, 404 
238, 556 
87,060 
81, 187 

65,426 

43, 493 

42, 544 
42,600 

42, 448 

41,063 
35,200 

31,940 
28,100 
28,000 
27, 655 

27,304 
25,000 
22,428 



$17, 928, 970 

15, 775, 776 

15, 029, 048 
14, 790, 472 
5, 397, 720 
5, 033, 594 

4,056,412 

2, 696, 566 

2, 637, 728 
2, 635, 000 

2,631,776 

2, 545, 906 
2, 182, 400 

1, 980, 280 
1,742,200 
1, 736, 000 
1, 714, 610 

1,692,848 
1, 550, 000 
1,390,636 



6.81 

5.99 

6.71 
5.62 
2.05 
1.91 

J. 54 

1.02 

1. 00 
1.00 

1.00 

.96 
.83 

.75 
.66 
.66 
.66 

.64 
.59 
.63 



1,695,933 



105, 147, 342 



39.92 



CONCENTRATION OF ECONOMIC POWER 



981 



beneficial ownership in such holdings — Continued 
HARVESTER CO. 

outstanding as of Apr. 11, 1939: 4,244,852. Price as of December 1937: $62] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, pebsonal, and family holding companies, trusts 
and estates 

1. Miami Corporation ( a holding company for the Deering estate). 

2. Stanley McCormick 

3. Cyrus McCormick, Judson F. Stone, and John P. Wilson, ex- 

ecutors of the estate of Cyrus H. McCormick, deceased: 
Beneficiaries: Percent 

Alice Hoit McCormick Brown 33^ 

Cyrus McCormick 33H 

Gordon McCormick 33^ 

Total 100 

4. Gordon McCormick 

6. Harold F. McCormick ._. 

6. Muriel McCormick Hubbard, through Judson F. Stone, Ralph 

R. Roberts, and William O. Melcher, trustees u/i Dec. 16, 1927. 

7. Mathilde McCormick Oser, through Judson F. Stone, Ralph R. 

Roberts, and William O. Melcher, trustees u/i Oct. 19, 1928.. 

8. Ganna Walska McCormick 

9. Mary V. McCormick, through Anita McCormick Blaine and 

Harold F. McCormick, successor trustees 

10. Anita McCormick Blaine 

11. N< .ie F. McCormick, through U. S. Trust Co., trustee u/i July 

27, 1918. 

12. Fowler McCormick, through Judson F. Stone, Ralph R. Rob- 

erts, and William O. Melcher, trustees u/i Dec. 16, 1927 

INSURANCE companies 

13. Sun Life Assurance Co. of Canada 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

14. Trustees of the Massachusetts Investors Trust , 

15. Incorporated Investors 

BANKS, brokers, ETC., BENEnCURIES NOT DISCLOSED 

16. Bankers Trust Co 

17. Central Hanover Bank & Trust Co 

18. City Bank Farmers Trust Co - 

19. J. & W. Seligman & Co 

20. Lehman Bros 

Total 



28,100 
238,556 



41,063 
22,428 
87,060 

42,448 

42,544 
81, 187 

242,404 
289, 177 

254,448 

27,304 



42,600 



28,000 
25,000 



65,426 
43, 403 
31,940 
35,200 
27,656 



$1, 742, 200 
14, 790, 472 



2, 545, 906 
1, 390, 636 
5, 397, 720 

2, 631, 776 

2, 637, 728 
5, 033, 694 

16, 029, 048 
17, 928, 970 

15, 775, 776 

1, 692, 848 



2, 635, 000 



1, 736, 000 
1, 660, 000 



4,056,412 
2, 696, 566 
1,980,280 
2, 182, 400 
1,714,610 



.66 
5.62 



.96 

.53 

2.05 

1.00 

1.00 
1.91 

6.71 
6.81 

6.99 

.64 



1.00 



.66 
.59 



1.54 
1.02 
.76 
.83 
.66 



1, 695, 933 



105, 147, 842 



39.92 



982 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
INTERNATIONAL 
[Size rank: 46. 7 percent CUMULATIVE PREFERRED (VOTING) 
Holders or Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



New York Life Insurance Co. 

The Rockefeller Foundation 

Stanley McCormick 

Anita McCormickJBlaine and Harold F. McCormick, successor 
trustees f/b/o Mary V. McCormick 

Bankers Trust Co., trustee for International Harvester Pension 
Trust -- 

U. S. Trust Co., trustee f/b/o Nettie F. McCormick u/t July 27, 
1918 

Anita McCormick Blaine , 

Metropolitan Life Insurance Co 

The Prudential Insurance Co. of America 

The Equitable Life Assurance Society of the UAited States 

Oeneral Education Board 

Cyrus McCormick, Judson F. Stone and John P. Wilson, 
trustees of the estate of Cynis H. McCormick 

Alice H. McCormick 

Harold F. McCormick 

Elizabeth McCormick Memorial Fund 

Atwell & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) 

Gordon McCormick 

The University of Chicago 

Continental Illinois National Bank & Trust Co. of Chicago, 
trustee u/a John J. Olessner Apr. 10, 1931 

Judson F. Stone, Ralph R. Roberts and William O. Melcher, 
trustees f/b/o Muriel McCormick Hubbard u/i Dec. 16, 1927.. 

Judson F. Stone, Ralph R. Roberts and William O. Melcher, 
trustees for Fowler McCormick u/i Dec. 16, 1927 

Total 



47,900 
46, 721 
33,061 

32,168 

30,790 

27,169 
27,032 
20,000 
19,500 
18,650 
16, 761 

13,638 
13,266 
13,090 
.12,000 

8,476 
8,136 
6,623 

6,058 

6,716 

6,716 



$6, 837, 726 
6, 626, 673 
4, 719, 468 

4, 691, 982 

4,396,272 

3, 878, 375 
3, 868, 818 
2, 865, 000 
2, 783, 626 
2, 662, 287 
2, 248, 465 

1,932,649 
1, 892, 161 
1, 868, 697 
1,713,000 

1,209,806 

1,161,414 

931, 158 

864,779 

815, 816 

816, 816 



410, 247 



68,662,756 



5.86 
5.60 
4.06 

3.94 

3.77 

3.32 
3.31 
2.45 
2.39 
2.28 
1.92 

1.66 
1.62 
1.60 
1.47 

1.04 
.09 
.79 

.74 

.70 

.70 

50.20 



CONCENTRATION OF ECONOMIC POWER 



983 



beneficial oumership in such holdings — Continued 

HARVESTER CO. 

as of Apr. 11, 1030. Shares outstanding as of Apr. 11, 1080: 816,724. Price as of December 1037: $142^] 
Lkoal and Benehcul Holdebs 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TBUSTS 
AND ESTATES 

1. Continental Illinois National Bank & Trust Co. of Chicago, 

trustee u/a John J. Olessner, Apr. 10, 1931 

2. Stanley McCormick 

3. Cyrus McCormick, Judson F. Stone, and John P. WOson, trus- 

tees of the estate of Cyrus H. McCformlck: 
Beneficiaries: Percent 

Alice Hoit McCormick Brown 33^ 

Cyrus McCormick 33^ 

Gordon McCormick SZ^i 

Total 100 

4. Gordon McCormick 

5. Alice H. McCormick (now Brown) 

6. Harold F. McCormick 

7. Muriel McCormick Hubbard through Judson F. Stone, Ralph 

R. Roberts, and William O. Melcher, trustees u/i Dec. 16, 1927. 

8. Mary V. McCormick through Anita McCormick Blaine and 

Harold F. McCormick, successor trustees 

9. Anita McCormick Blaine 

10. Nettie F. McCormick through United States Trust Co., trustee 

u/t July 27, 1018 - 

11. Fowler McCormick through Judson F. Stone, Ralph R. Roberts, 

and William O. Melcher, trustees u/i Dec. 16, 1027 

INSUBANCE COMPANIES 

12. New York Life Insurance Co 

13. Metropolitan Life Insurance Co 

14. The Prudential Insurance Co. of America. 

16. The Equitable Life Assurance Society of the United States 

INTEBNATIONAL HABVESTEB CO. EMPLOYEES WBLFABE, STOCK PUB- 
CHASE PLANS, ETC. 

16. Bankers Trust Co., trustee for International Harvester Pension 

Trust 

FOUNDATIONS 

17. The Rockefeller Foundation 

18. General Education Board (Rockefeller) 

10. Elizabeth McCormick Memorial Fund 

OTHEB ELEEMOSYNABY AND EDUCATIONAL INSTITUTIONS 

20. The University Of Chicago 

BANKS, BBOKEBS, ETC.; BENEFIOABI^S NOT DISCLOSED 

21. City Bank Farmers Trust Co 

Total .... 



6,058 
33,061 



13,538 
8,136 
13,265 
13,000 

6,715 

32,168 
27,032 

27,160 

6,716 



47,000 
20,000 
10,500 
18,650 



30,700 

46, 721 
16, 751 

12,000 
6,623 
8,476 



$864,770 
4,719,458 



1, 032, 640 
1, 161, 414 
1,802,151 
1, 868, 697 

816, 816 

4, 691, 982 
3, 858, 818 

3, 878, 375 

815, 816 



6,837,725 
2,855,000 
2, 783, 625 
2,662,287 



4, 396, 272 



6, 526, 673 
2,248,466 

1, 713, 000 



931, 158 
1,200,806 



0.74 
4.06 



1.66 
.00 
1.62 
1.60 

.70 

3.94 
3.31 

3.32 

.70 



5.86 
2. 40 
2.30 
2.28 



3.77 



5.60 
1.92 

1.47 



,70 



1.04 



410, 247 



68,662,766 



60.20 



984 



CONCENTRATION SF ECONOMIC POWER 

Record holders and holders having legal and 
INTERNATIONAL HYDRO- 
[Size rank: 40. COMMON (VOTING) as of Dec. 31, 1937. Shares outstand- 
HoLDERS OF Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. International Paper & Power Co - 


40, 000, 000 


$40,000,000 


100.00 







CLASS B (NONVOTING) as of Dec. 31, 1937. Shares outstanding as of 
Holders of Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. International Papei & Power Co 


1,000,000 


$1, 000, 000 


100.00 







CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such foldings — Continued 

ELECTRIC SYSTEM 

lug as of Dec. 31, 1937: 40,000,000. Price (assigned) as of December 1937: $1] 
Legal and Benefiqal Holdebs 



985 





Holdings 


Tyi)e and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


OTHER COBFORATIONS, NONTINANCTAL 

1. International Paper & Power Co. (this stock has subsequently 
been transferred to liquidating trustees. As of Jan. 31, 1939, 
the trustees were Joseph B. Ely, C. Brooks Stevens and 
Henry 0. Wells) ... 


40,000,000 


$40,000,000 


100.00 







Dec. 31, 1937: 1,000,000. Price (assigned) as of December 1937: $1] 

Legal and Benehoal Holders 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


OTHER CORPORATIONS, NONFINANCLiL 

1. International Paper & Power Co. (this stock has subsequently 
been transferred to liquidating trustees; as of Jan. 31, 1939, the 
trustees were Joseph B. Ely, C. Brooks Stevens and Henry Q. 
Wells) . - 


1,000,000 


$1,000,000 


100.00 







d86 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
INTERNATIONAD HYDRO- 
[Size rank: 40. $3.50 CUMULATIVE CONVERTIBLE PREFERRED (CONTINGENT 
Holders or Record 



Name of record bolder 



Holdings 







Percent 


Number 


Value 


of shares 


of shares 


outstand- 






ing 


7,632 


.$114,480 


5.27 


7.500 


112,500 


5.17 


6,100 


■ 1)1,500 


4.21 


.5, 070 


76.050 


3.50 


4,375 


65, 625 


3.02 


2,070 


31,050 


1. 42 


2,000 


30, 000 


1.38 


1,822 


27. 330 


1.25 


1,809 


27, 135 


1.24 


1,784 


26, 760 


1.23 


1, 505 


22, 575 


1.03 


1,369 


20, 355 


.94 


1,305 


1^ 575 


.90 


1,280 


19.200 


.88 


1,275 


19, 125 


.88 


1,218 


18, 270 


.84 


1,100 


16,500 


.75 


1,010 


1.5, 150 


.69 


1,000 


15,000 


.69 


1,000 


15, 000 


.69 


1,000 


15, 000 


.69 


53, 224 


798, 360 


36.67 



1. Frederick S. Peck 

2. D. T. Moore & Co. (nominee for the Bessemer Investment Co., 

aholdini; pompany for the Phipps family) 

3. Rhode Island Hospital Tr>ist Co 

4. C. D. Young & Cc, held for— Sharf^s 

International Paper <<2 Power Co 3,070 

International Hydro Electric System 2,000 

Total.- .- 5,070 

«_ New York, New Haven & Hartford Railroad Co. 

6. Providence Institute for Savings 

7. Logan & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

8. J. 8. Bache & Co 

9 Firemen's Mutual Insurance Co 

10. Q.-M. P. Murphy & Co _. 

11. Clarence De Matei & Aurelia Linale, joint tenants 

12. Stephen O. Metcalf 

13. Josephthal * Co... 

14. Dominick & Dominick. 

16. Qudc, Winmill & Co 

16. Thomson & McKinnon 

17. Howard S. Cullman (nominee for Cullman Bros., Inc.) 

18. Hornblower & Weeks _ 

19. American Equitable Assurance Co. of New York 

20. Rose G. MacLaughlin. 

21. New York Fire Insurance Co 

Total 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 



987 



ELECTRIC SYSTEM 

VOTING) as of Apr. 5, 1938. Shares outstanding as of Apr. 5, 1938: 144,799. Price as of Decembor 1937: $16 
Legal and Benercial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individxjals, personal and family holding companies, 

TKUSTS and estates 



1. Frederick S. Peck. 



2. Bessemer Investment Co. (a holding company for Phipps 

interests; for details of ownership see this appendix, sec. II) 

3. Clarence De Matei & Aurelia Linale, joint tenants 

4. Stephen O. Metcalf. 

6. Rose G. MacLaughlin.- , 



INTERNATIONAL HYDRO-ELECTRIC SYSTEM AS A HOLDER OF ITS 
OWN STOCK 

6. International Hydro-Electric System 

OTHER CORPORATIONS, NONFINANOAL 

7. New York, New Haven & Hartford Railroad Co 

8. International Paper & Power Co 



INSURANCE COMPANIES 

9. Firemen's Mutual Insurance Co 



10. American Equitable Assurance Co. of New York. 

11. New York Fire Insurance Co .-. 



BROKERS AND INVESTMENT BANKERS AS BENEFICIAL HOLDERS 

12. Cullman Bros., Inc. 



BANES, BROKERS, ETC.; BENEFICLARIES NOT DISCLOSED 

13. Rhode Island Hospital Trust Co 

14. Providence Institute for Savings 

15. Central Hanover Bank & Trust Co 

16. J. S. Bache & Co 

17. G. M. P. Murphy & Co 

18. Josephthal & Co 

19. Dominick & Dominick 

20. Gude, Winmill & Co 

21. Thomson & McKinnon 

22. Hornblower & Weeks 



Total. 



7,632 

7,500 
1,505 
1,369 
1,000 



2,000 



4,376 
3,070 



1,809 
1,000 
1,000 



1,100 



6,100 
2,070 
2,000 
1,822 
1,784 
1,305 
1,280 
1,276 
1,218 
1,010 

£3,224 



$114, 480 

112,500 
22,576 
20,635 
15,000 



30,000 

65,626 
46,050 



27,135 
15,000 
15,000 



16,500 



798,360 



6.27 

5.17 
1.03- 

.94 

.6 



1.38 



3.02 
2.12 



1.2 
.69 
.69 



.76 



91,500 


4.21 


31,060 


1.42 


30,000 


1.38 


27,330 


1.25 


26,760 


1.23 


19,576 


.90 


19,200 


.88 


19.126 


.88 


18, 270 


.84 


15,160 


.69 



36.67 



988 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

INTERNATIONAL HYDRO- 
[Sireraak: 40. $2 CUMULATIVE PARTICIPATINQ CLASS A (VOTING) as of 
Holders of Recobd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. N. V. MaatschappiJ tot Beheer van bet Admimstratiekantoor 

van, Amerlkaansche Fonds en Opgericht door Broes & Oosman 
Ten Have & Van Esseti en Jtirman & Zoonen 

2. Dominick <& Dominick 

3. E. F. Hutton & Co.. held for— Shares 

International Paper & Power Co 21,770 

Others 2,890 

Total 24,660 

4. C. D. Young & Co., held for— 

International Paper & Power Co - 17,343 

Intemationed Hydro-Electric System 1, 387 

Others 42 

Total-- 18,772 

la addition, International Paper & Power Co. is the ben- 
eficial owner of 745 shares of class A stock, and International 
Hydro-Electric System owns 1,479 shares in the name of a 
nominee, E. E. Adams. 
6. J. S. Bacbe<& Co - -.. 

6. White Weld & Co --. 

7. W. El Burnet & Co^ - 

8. Thomson <t McKlimon ..- - 

9. a.-M. P. Murphy & Co 

10. Paine, Webber & Co.- -.- 

11. Homblower & Weeks 

12. Fenner & Beane 

13. Cranberry & Co - .■ 

14. Josephthal & Co - - 

16. E. A. Pierce * Co -. 

16. Foster, Marvin ACo.. - 

17. Hirsch, Lilienthal <fc Co 

18. French & Co - - - -.. 

19. EUdns, Morris <t Co --- 

20. Elisabeth D. Todd --- 

Subtotal 

Total legal and beneficial holdings not included above- -. 

Total - 



41.454 
26,702 



24,660 



18. 772 



15,914 
12,323 
10.800 
9.880 
8.460 
6.880 
6.856 
6.837 
6.112 
5.956 
5.673 
5,300 
5.046 
5.000 
4.804 
-4,400 



231,829 
2,224 



$253. 906 
163, 550 



151,042 



114,978 



97, 473 
75, 478 
66,.150 
^515 
51, 817 
42,140 
41,993 
41,877 
37, 436 
36.480 
34, 747 
32, 462 
30.907 
30, 625 
29.424 
26.950 



1, 419, 950 
13, 624 



234. 053 



1, 433, 574 



4.83 
3.11 



2.87 



2.18 



1.85 
1.43 
1.25 
1.15 
.98 
.80 
.79 
.79- 
.-71 
.69 
.66 
.61 
.58 
.58 
.55 
.51 



26.92 
.26 



27.18 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

ELECTRIC SYSTEM 

Apr. 5, 1938. Shares outstanding as of Apr. 5, 1938: 858,197. Price as of December 1937: $6H] 
Legal and Benefiqal Holdebs 



989 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. Elizabeth D. Todd. 

INTERNATIONAL HYDRO-ELECTRIC SYSTEM AS A HOLDER OF ITS 
OWN STOCK 

2. International Hydro-Electric System 

OTHER CORPORATIONS, NONFINANCIAL 

3. International Paper & Power Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

4. N. V. Maatschappij tot Bpheer van het Administratiekantoor 

van Amerikaansche Fouds en Opgericht door Broes & Qosman 
Ten Have & Van Essen en Jarman & Zoonen 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

5. Dominick & Dominick _ - 

6. J. S. Bache& Co - -.. 

7. White Weld & Co. - 

8. W. E. Burnet& Co 

9. Thomson & McKinnon 

10. O.-M. P. Murphy & Co _ 

11. Paine, Webber* Co. -.. 

12. Hornblower & Weeks _. 

13. Fenner & Beane __ 

14. Qranberry & Co.. 

15. Josephthal & Co - -- 

16. E. A. Pierce & Co 

17. Foster, Marvin & Co - 

18. Hirsch, Lilienthal & Co.... 

19. French & Co... 

20. Elkins, Morris & Co 

Subtotal 

Total record holdings not included above 

Total .— 



4,400 

2,866 
39,868 

41,454 



26,702 
15, 914 
12,323 
10,800 
9,880 
8,460 
6,880 
6,856 
6,837 
6,112 
5,956 
6,6""' 

,046 
0,000 
4,804 



231, 121 
2,932 



234,063 



$26,960 

17,664 
244,130 

253,906 



163,650 
97,473 
75, 478 
66,160 
60,516 
61,817 
42,140 
41,993 
41,877 
37,436 
36,480 
34,747 
32,462 
30,907 
30,626 
29,424 



1,416,614 
17,960 



0.61 



.33 



4.64 



4.83 



3.11 
1.86 
1.43 
1.26 
1.16 
.98 
.80 
.79 
.79 
.71 
.69 
.66 
.61 
.68 
.68 
.65 



26.84 
.34 



1, 433, 674 



27.18 



m.^ 



990 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
INTERNATIONAL PAPER 
[Size rank: 75. COMMON (VOTING) as of Apr. 5. 1938. Shares outstanding 
HoLDEEs OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. D. T. Moore & Co. (customarily nominees for members of the 

Phipps family, and for Bessemer Investment Co., a holding 
company for the Phipps family; as of this date, Bessemer In- 
vestment Co. reports, under sec. 16 (a) of the .Securities Ex- 
change Act, ownership of 176,522 shares) 

2. The Chase National Bank_ _ ... 

3. Sanford E. Carlson (nominee for American Light & Traction 

Co., a subsidiary of United Light and Power Corporation). 

4. Sanford E. Carlson (nominee for United Light & Bys. Co., a 

subsidiary of United Light & Power Corporation). 

6. Geo. W. English 

6. Vema M. Greer 

7. Chas. D. Barney & Co 

8. Bessemer Trust Co. ' ostomarily acts as trustee for members 

of the Phipps family )._ 

9. Ogden Phipps and Roy C. Qasser, executors of the estate of 

Ogden Livingston MUls, deceased 

10. Jas. H. Oliphant & Co 

11. Egger & Co. (nominee for the Chase National Bank; benefi- 

ciaries not disclosed) 

12. Dominick & Dominick 

13. HomblowerA Weeks 

14. Cudd & Co. (nominee for Chase National Bank: beneficiaries 

not disclosed) _ 

15. Malcolm G. Chace... 

16. Charles A. Weiss, Jr 

17. Spen- Trask & Co 

18. E. A. ierce&Co 

19. Brown Bros., Harriman & Co. 

20. Hurley & Co. (nominee for National City Bank; beneficiaries 

not disclosed) 

Total 



233.960 
170, 614 

65, 527 

48,343 
20,322 
19,500 
.5, 467 

15,422 

13, 674 
12, 915 

12,640 
11,506 
11, 107 

10, 357 
9,100 
8,730 
8,467 
7,961 
7,590 

7,478 



$1, 637, 720 
1, 194, 298 

468,689 

338, 401 
142. 254 
138, 500 
108,269 

107,954 

95, 718 
90,405 

88,480 
80, 542 

77, 749 

72,499 
63,700 
61, 110 
59,269 
55,727 
53, 130 

52,346 



12.80 
9.33 

3.68 

2.64 
1.11 
1.06 
.84 

.84 

.74 
.70 

.69 
.62 
.60 

.66 
.49 
.47 
.46 
.43 
.41 

.40 



710,680 



4, 974, 760 



38.77 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

& POWER CO. 

as of Apr. 5, 1938: 1,827,205. Price as of December 1937: $7] 

Legal and Beneficial Holders 



991 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Bessemer Investment Co. (a holding company for the Phipps 

interests; for details on ownership, see this appendix, sec. II) 

2. Estate of Ogden Livingston Mills, Ogden Phipps, and Roy C. 

Oasser, executors. -.- 

3. Malcolm Q. Chace -- 

4. Geo. W. English 

5. Verna M. Greer - 

6. Charles A. Weiss, Jr 

OTHER CORPORATIONS, NONFINANCIAL 

7. American Light & Traction Co. (United Light & Power sub- 

sidiary) - - 

8. United Light & Rys. Co. (United Light & Power subsidiary) . 

BANKS AS BENEFICIAL HOLDERS 

9. The Chase National Bank -- 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

10. Chase National Bank _ 

11. Bessemer Trust Co -..- 

12. National City Bank - ..' -. 

13. D. T. Moore & Co - 

14. Chas. D. Barney & Co - 

15. Jas. M. OliphantA Co. _ 

16. Dominlck & Dominick --. 

17. Hornblower & Weeks 

18. Spencer Trask & Co 

19. E. A. Pierce & Co - 

20. Brown Bros., Harriman & Co _ --- 

Total -- 



176, 622 

13, 674 
9,100 

20,322 

19,500 

8,730 



65,527 
48, 343 



170, 614 



22,997 
15,422 
7,478 
57,438 
15, 467 
12,915 
11,606 
11,107 
8,467 
7,961 
7,590 



$1,236,664 

95, 718 
63,700 

142,264 

136, 500 

61, UO 



458,689 
338,401 



1,194,298 



160,979 
107,954 
52,346 
402,066 
108,269 
90,405 
80,542 
77, 749 
59,26J> 
55,727 
53,130 



710, 680 



4, 974, 760 



9.66 

.74 
.49 

1.11 

1.06 

.47 



3.58 
2.64 



9.33 



1.25 
.84 
.40 

3.14 
.84 
.70 
.62 
.60 
.46 
.43 
.41 

38.77 



268445 — 41— No. 29- 



-64 



992 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

INTERNATIONAL PAPER 
[Size rank: 75. 6 percent CUMULATIVE CONVERTIBLE PREFERRED (VOTING) as 

Holders of Record 



Name of record holders 



Holdings 



Number 
of shares 



Value 



Percent 

of shares 

outstand- 

itig 



1. D. T. Moore & Co. (customarily nominee for members of the 

Phipps family and for Bessemer Investment Co., a holding 
company for members of the Phipps family; as of this date, 
Bessemer Investment Co. reports, under sec. 16 (a) of the Se- 
curities Exchange Act, ownership of 46,015 shares).. 

2. Bessemer Trust Co. (customarily acts as trustee for members of 

the Phipps family) 

3. Chas. t). Barney & Co 

4. Brown Bros., Harriman & Co _ 

5. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed)... ..- 

6. Hayden, Stone & Co 

7. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

8. Oude, Winmill & Co 

9. St. Lawrence Sugar Refineries, Ltd 

10. Shearson Hammill & Co 

11. Thomson & McKlnnon 

12. Wertheim & Co... 

13. Egger & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

14. Tbopi^on & McKinnon 

15. The English Association of American Bond & Share Holders, Ltd. 

16. Lehman Bros. 

17. Muriel W. Selden. 

18. Mariorie W. Prescott i 

19. Bankihont & Co. (nominee for Bank of Montreal; beneficiaries 

not disclosed) : 

20. Gladys Phipps 

Total 



87,247 

15,622 
11.430 
10,857 

9,915 
9,137 

8,984 
8,280 
7,500 
7,346 
6,873 
6,843 

6,480 
6,250 
6,236 
6,225 
5,600 
5,500 

5.480 
5,400 



$2, 726, 469 

488,187 
357. 187 
339,281 

309,844 
285, 531 

280,750 
258,750 
234,375 
229, .531 
214, 781 
213.844 

202,500 
ia5,3i2 
194, 875 
194, 531 
175,000 
171, 875 

171, 250 
168,750 



9.38 

1.68 
1.22 
1.16 



.96 
.89 
.80 
.79 
.73 
.73 



.67 
.67 
.66 
.60 
.59 

.58 
.58 



237,204 



7, 412 623 



25.42 



CONCENTRATION OF ECONOMIC POWER 993 

beneficial ownership in such holdings — Continued 

& POWER CO. 

of Apr. 5, 1938. Shares outstanding as of Apr. 5, 1938: 929,762. Price as of December 1937: $31 H] 
Legal and Beneficial Holoebs 



Type and name of holder 



INDUTDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRCSTS AND ESTATES 

1. Bessemer Investment Co. (a holding company for the Phipps 

interest; for details on ownership, see this appendix, sec. II) 

2. Gladys Phipps... 

3. Muriel Wiggin Selden 

4. Marjorie Wiggin Prescott 

OTHER CORPORATIONS, NONFINANCIAL 

5. St. Lawrence Sugar Refineries, Ltd 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

6. The English Association of American Bond & Share Holders, Ltd. 

BANKS, BROKERS, ETC.; BENEFIOARIES NOT DISCLOSED 

7. Chase National Bank 

8. Bessemer Trust Co 

9. Bcnk of Montreal. 

10. D. T. MooreA Co 

11. Thomson & McKinnon 

12. Chas. D. Barney & Co. 

13. Brown Bros., Harriman & Co... 

14. Hayden, Stone & Co 

15. Oude, Winmill & Co 

16. Shearson Hammill & Co 

17. Wertheim & Co 

18. Lehman Bros 

Total 



Holdings 



Number 
of shares 



46,015 
5,400 

5,600 
5,500 



7,500 



6,236 



16, 395 
15,622 
14,464 
41,232 
13,123 
11, 430 
10, 857 
9,137 
8,280 
7,345 
6,843 
6,225 



237,204 



Value 



$1,437,969 
168,750 

175,000 
171,875 



234, 375 



194,875 



512, 344 
488,187 
452, 000 
,288.500 
410, 093 
357, 187 
339,281 
285,531 
258,750 
229,531 
213, 844 
194, 531 



7, 412, 623 



Percent 
of shares 
outstand- 
ing 



4.95 
.58 

.90 
.56 



.80 



.67 



25.42 



994 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
INTERNATIONAL 
[Size rank: 172. COMMON (VOTING) as of Mar. 15, 1938. Shares out- 
HOLDERS OF Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. F. C.Rand *- 


103, 450 
101,611 
77,750 
75, 149 
69, 264 
68, 043 
63, 275 
62,000 
58,388 
57, 260 
48, 614 
48,541 
46,000 
44,000 
43,150 
42,500 
40, 965 
36,000 
32,900 
32, 410 


$3, 258, 675 
3, 200, 746 
2, 449, 125 
2, 367, 193 
2,181,816 
2, 143, 354 
1,993,162 
1,953,000 
1, 839, 222 
1, 803, 690 
1, 531, 341 
1, 529, 041 
1, 449, 000 
1,386,000 
1, 359, 225 
1, 338, 750 
1, 290, 397 
1, 134, 000 
1,036,350 
1,020,915 


3 09 


2. St. Louis Union Trust Co ^, 


3.03 


3. Helen 0. Rand... 


2.32 


4. Horton Watkins . 


2 24 


5. W. H. Moulton 


2.07 


6. A. W. Johnson. 


2.03 


7. Oliver F. Peters 


1.89 


8 F.llft PfifArs T.fliiTTifln 


1.86 


9. Mrs. Irene W. Johnson 


1.74 


10. Mrs. Minnie W. Johnson 


1.71 


11. Mrs. Ruth H. Watkins 


1.45 


12. .Tame."! Lee Johnson . . 


1.45 


13. J. L. Taylor 


1.38 


14. J. J. Forgan 


1.32 


15. Nettie H. Rand ... . ... 


1.29 


16. Helen J. Niedringhaus 


1.27 


17. Florence J. Shinkle.. 


1.22 




1.07 


19. Chas. H. Peters 


.98 


20. Ida Marie Peters 


.97 






Total 


1,151,270 


36, 265, 002 


34.37 







CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
SHOE CO. 

standing as-»l Mar. 15, 1938: 3,340,300. Price as of Dewmber 1937: $31^61 
Legal and Bekehcial Holders 



995 







Holdings 




Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. W. H. Moulton .- 


69,264 

103, 450 
77,750 
43, 150 

46,000 
75, 149 
48,614 

44,000 

68, 043 
.58, 388 
57,260 
48,541 

42,500 

63,275 
62,000 
32,900 
32, 410 

40,965 

36,000 

101, 611 


$2,181,816 

3, 258, 675 
2, 449, 125 

1, 359, 225 

1, 449, 000 

2, 367, 193 
1,531,341 

1, 386, 000 

2, 143, 354 
1, 839, 222 
1, 803, 690 
1, 529, 041 

1, 338, 750 

1, 993, 162 
1,953,000 
1, 036, 350 
1,020,915 

1, 290, 397 

1, 134. 000 

3, 200, 746 


2.07 


2. F. C. Rand.. . . .. 


3.09 


3. Helen O. Rand 


2.32 


4. Nettie H. Rand 


1.29 


5. J. L. Taylor 


1.38 


6. Horton Watkins 


2.24 


7. Mrs. Ruth H. Watkins 


1.45 


8. J. J. Forgan... .. 


1.32 


9. A.W.Johnson.. 


2.03 


10. Mrs. Irene W. Johnson .-. 


1.74 


11. Mrs. Minnie W. Johnson 


1.71 


12. James Lee Johnson... 


1.45 


13. Helen J. Niedringhaus 


1.27 


14. Oliver F. Peters... 


1.89 


15. Ella Peters Lauman 


1.85 


16. Chas. H. Peters. 


.98 


17. Ida Marie Peters 


.97 


18. Florence J. Scbinkle 


1.22 


19. H. S. Jamison. 


1.07 


BANKS, BROKERS, ETC., BENEFICIARIES NOT DISCLOSED 

20. St. Louis Union Trust Co 


3.03 






Total - 


1, 151, 270 


36, 265, 002 


34.37 







996 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
INTERNATIONAL TELEPHONE 
Size rank; 41. COMMON (VOTING) asof Nov. 19, 1937. Shares out- 
HoLDERS OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Sun Life Assurance Co. of Canada 

2. E. A. Pierce & Co.. 

3. Clarence H. Mackay 

4. Scheu & Co., (nominee for Guaranty Trust Co., beneficiaries 

not disclosed).. 

5. Munds, Winslow & Potter... 

6. J. S. Bache & Co -- 

7. R. Raphael & Sons 

8. Post & Flagg - 

9. Na Looze Vennootschap Algemeen HoUandscb Trustkantoor... 

10. Dominick & Domlnick 

11. The board of trustees of the Endowment Fund of the American 

Red Cross 

12. P. N. Kemp-Gee & Co 

13. St. Lukes Hospital 

14. Thomson & McKinnon 

16. Harris Upham & Co 

16. Fenner & Beane.. 

17. E. F. Hutton & Co .-. 

18. Cassel,& Co 

19. Brown Bros., Harriman & Co 

20. Winthrop, Mitchell & Co 

Total 



93, 275 
80,195 
73, 345 

70, 030 
60,996 
55, 954 
54,998 
52, 553 
50,320 
47, 975 

41,569 
38,817 
38,689 
37, 419 
37,063 
32,766 
32, 172 
29,981 
28,589 
27,041 



$559, 650 
481, 170 
440, 070 

420,180 
365, 976 
335, 724 
329,988 
315,318 
301, 920 
287,850 

249, 414 
232,902 
231, 534 
224, 514 
222, 378 
196,596 
193, 032 
179,886 
171, 534 
162, 246 



1.45 
1.25 

1.15 

1.09 
.95 



.82 
.79 
.75 

.65 
.61 
.60 
.58 
.58 
.61 
.50 
.47 
.45 
.42 



983,647 



5, 901, 882 



15.36 



CONCENTRATION OF ECONOMIC POWER 



997 



beneficial ownership in such holdings — Continued 

& TELEGRAPH CORPORATION 

standing as of Nov. 19, 1937: 6,399,002. Price as of December 1937: 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, HERSON'AjL.-iND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Clarence H. Mackay. -. 

INSURANCE COMPANIES 

2. Sun Life Assurance Co. of Canada 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

3. Na Looze Vennootschap Algemeen Hollandsch Trustkantoor.. 

ELEEMOSTNARY AND EDUCATIONAL INSTITUTIONS 

4. The board of trustees of the Endowment Fund of the American 

Red Cross - -- 

5. St. Lukes Hospital.-. .-. 

BANKS, BROKERS, ETC.; BENEFIQARIES NOT DISCLOSED 

6. Guaranty Trust Co 

7. E. A. Pierce & Co 

8. Munds, Winslow & Potter - 

9. J. S. Bache & Co 

10. R. Raphael & Sons 

11. Post & Flagg.- .- 

12. Dominick & Dominick 

13. P. N. Kemp-Gee & Co... 

14. Thomson & McKinnon 

15. Harris Upham & Co 

16. Fenner & Beane 

17. E. F. Hutton & Co 

18. Cassel & Co... 

19. Brown Bros., Harriman & Co — 

20. Winthrop, Mitchell & Co 

Total - - 



73, 345 
93, 275 
50,320 



41,569 
38,589 



70,030 
80,195 
60,996 
65,964 
64,998 
52, 553 
47, 976 
38, 817 
37, 419 
37,063 
32,766 
32, 172 
29,981 
28,689 
27,041 



$440, 070 
559,650 
301, 920 



249, 414 
231,634 



420,180 
481, 170 
365, 976 
335, 724 
329,988 
315,318 
287,850 
232,902 
224, 514 
222,378 
196,596 
193, 032 
179, 886 
171,534 
162, 246 



1.46 



1.09 
1.25 
.95 
.87 
.86 
.82 
.75 
.61 
.68 
.58 
.51 
.50 
.47 
.45 
.42 



983,647 



5, 901, 882 



15.36 



998 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
JONES & LAUOHLIN 
[Size rank: 86. COMMON (VOTING) as of Mar. 25, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Elisabeth M. Home - 

2. Sue D. D. Jones, Benjamin F. Jones 3d, and William C. More- 

land, trustees u/w Benjamin F.Jones, Jr., deceased 

3. Mary Laughlin Robinson 

4. Alice Jones Willock 

5. Irwin B. Laughlin 

6. George M. Laughlin, Jr.. 

7. Acly Co. (nominee for the Union Trust Co. of Pittsburgh; which 

holds for the account of the A. W. Mellon Educational and 
Charitable Trust) 

8. Phillips Properties, Inc 

9. Sue D. D.Jones 

10. William H. Maus, G. T. Butler, and Qirard Trust Co., executors 

and trustees u/w Henry A. Laughlin, deceased (beneficiary, 
Anne I. Laughlin; executors report 243 additional shares held 
for this trust) 

11. Duncan Phillips, Guardian of Giflord Phillips, a Ininor 

12. Hayden, Stone & Co 

13. Maitland .Alexander, Maitland Alexander, Jr., and Union Trust 

Co., trustees for Madelaine Alexander Gordon Apr. 29, 1935 

14. Maitland Alexar ler, Maitland Alexander. Jr., and Union Trust 

Co., trusteesff A. Laughlin Alexander Apr. 29, 1935 

15. Maitland Alexa der, Maitland Alexander, Jr., and Union Trust 

Co., trustees for Charles B. Alexander Apr. 29, 1935 

16. Maitland Alexander, Maitland Alexander, Jr., and Union Trust 

Co., trustees for Maitland Alexander, Jr., Apr. 29, 1935 

17. Leila Laughlin Carlisle 

18. Martha P. L. Seeler.... 

19. Fidelity Title & Trust Co. and Arthur M. Scully, trustees 

u/d/t H. Hughart Laughlin July 27, 1929 (beneficiary, Mrs. 
Marjory Rea Laughlin) _ 

20. Thomas Irwin Laughlin. 

Note. — William Larimer Jones, Jr., is trustee and life 
beneficiary u/w William Larimer Jones, deceased, which 
estate is a holder of record of the 7 i)ercent cumulative pre- 
ferred stock. W. L. Jones, Jr., reports under sec. 16 (a) of 
the Securities and Exchange Act holdings through this 
estate of 7,149 shares of common stock and through the 
estate of Leila Dilworth Jones holdings of 2,000 shares of 
common stock. He owned directly 2,600 shares of common 
as of this date. 

Subtotal.- 

Total legal and beneficial holdings not included above 

Total... 



49,700 

42, 261 
39. 525 
32,000 
25, 258 
24, 358 



20,000 
18, 436 
16, 731 



15, 697 
12,000 
10, 587 

9,882 

9,881 

9,881 

9,881 
9,856 
8,401 



8,000 
7,953 



380,288 
11, 992 



$1,491,000 

1. 267, 830 

1,185,750 

960.000 

757, 740 

730, 740 



600,000 
553, 080 
501, 930 



470, 910 
360,000 
317,610 

296,460 

296, 430 

296, 430 

296, 430 
295, 680 
252, 030 



240, 000 
238, 590 



11,408,640 
359, 760 



8.63 

7.33 
6.86 
5.55 
4.38 
4.23 



3.47 
3.20 
2.90 



2.72 
2.08 
1.84 

1.72 

1.71 

1.71 

1.71 
1.71 
1.46 



1.39 
1.38 



65.98 
2.09 



392,280 



11, 768, 400 



68.07 



CONCENTRATION OP ECONOMIC POWER 



999 



beneficial ownership in such holdings — Continued 
STEEL CORPORATION 

outstanding as of Mar. 25, 1938: 576.320. Price as of December 1937: $30] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Elisabeth M. Home, 

2. Irwin B. Laughlin 

3. George M. Laughlin, Jr 

4. Anne I. Laughlin, through William H. Maus, Q. T. Butler, 

and Oirard Trust Co., trustees under will of Henry A. Laugh- 
lin, deceased 

5.^Irs. Marjory Rea Laughlin, through Fidelity Title & Trust Co. 

and Arthur M. Scully, trustees u/d/t H. Hughart Laughlin 

" July 27, 1929---- 

6. Thomas Irwin Laughlin 

7. Mary Laeghlin Robinson 

8. Leila Laughlin Carlisle. 

9. A. Laughlin Alexander, through Maitland Alexander, Maitland 

Alexander, Jr., and Union Trust Co., trustees Apr. 29, 1935 

10?" Charles B. Alexander, through Maitland Alexander, Maitland 
Alexander, Jr., and Union Trust Co., trustees Apr. 29, 1935 

11. Maitland Alexander, Jr., through Maitland Alexander, Maitland 

Alexander, Jr., and Union Trust Co., trustees Apr. 29, 1935 

12. Madelaine Alexander Gordon, through Maitland Alexander, 

Maitland Alexander, Jr., and Union Trust Co., trustees Apr. 
29 1935 

13. Martha P. Laughlin Seeler.-" "_ .-- 

14. Qifford Phillips (a minor), through Duncan Phillips, guardian 

15: Sue D. D. Jones, Benj. F. Jones 3d, and William C. Moreland, 
trustees u/w Benjamin F. Jones, Jr., deceased: 
Beneficiaries, income for life: 

Shares 

Sue D. D. Jones-. 25,357 

- B. F. Jones 3d 8,452 

Adelaide J. Burgwin 8,452 

Total.. 42,261 

16. SueD. D. Jones 

17. William Larimer Jones, Jr — 

18. William Larimer Jones, Jr., through estate of Leila Dilworth 

Jones 

19. William Larimer Jones, Jr., through William Larimer Jones, Jr., 

William C. Moreland, and Union Trust Co. of Pittsburgh, 
trustee u/w William Larimer Jones, deceased 

20. Alice Jones Willock 

OTHER CORPORATIONS, NONTINANCIAL 

21. Phillips Properties, Inc., a real estate company owned by — 

Percent 

Duncan Phillips 91.53 

Marjorie Phillips 2.71 

Minnie H. Byers 68 

Philhps Memorial Gallery 5.08 

Total 100.00 

FOUNDATIONS 

22. The A. W. Mellon Educational and Charitable Trust 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

23. Hayden, Stone* Co 

Total-. 



Holdings 



Number 
of shares 



49,700 

25,258 
24,358 



8,000 

7,953 

39, 525 

9,856 


240,000 

238, 590 

1, 185, 750 

295,680 


9,881 


296, 430 


9,881 


296, 430 


9,881 


296, 430 


9,882 
8,401 


296,460 
252, 030 



12,000 



42, 261 
16, 731 
2,600 

2,000 



7.149 
32,000 



18,436 



20,000 



10,587 



392,280 



Value 



$1,491,000 

757, 740 
730, 740 



360,000 



1,267,830 
501,930 
78,000 

60,000 



214,470 
960,000 



553, 080 



317,610 



11,768,400 



Percent 
of shares 
outstand- 
ing 



1000 



CONCENTRATION OF ECONOMIC POWER 



(Size rank: 



Record holders and holders having legal and 
JONES & LAUQHLIN 
7 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


28,436 
25,258 


$1, 990, 520 
1,768,060 


4.84 
4.30 


20,000 
16,502 
15,992 


1,400.000 
1, 155, 140 
1,119,440 


3.41 
2.81 
2.72 


15, 897 


1, 112, 790 


2.71 


15, 433 
14,550 
12,000 


1,080,310 

1,018,500 

840,000 


2.63 
2.48 
2.04 


9,161 
9,0oO 


64i. 270 
633, 500 


1.56 
1.54 


8,196 
8,000 
7,953 
7,953 
7,952 
7,857 
6,856 


573, 720 
560,000 
556, 710 
556, 710 
556,640 
549,990 
479, 920 


1.40 
1.36 
1.36 
1.36 
1.3J 
1.34 
1.17 


6,000 
5,432 


420,000 
380,240 


1.02 
.93 


248, 478 
2,050 


17, 393, 460 
143,500 


42.33 
.35 


250,528 


17,536,960 


42.68 



Phillips Properties, Inc - 

Irwin B. Laughlin., , -.-.- 

Acly Co. (nominee for Union Trust Co. of Pittsburgh, which 
holds for the account of A. W. Mellon Charitable and Edu- 
cational Trust) -.- 

George M. Laughlin, Jr - - 

Sue D. D. Jones - - 

William H. Maus, O. T. Butler, and Qirard Trust Co., executors 
and trustees u/w Henry A. Laughlin, deceased (beneficiary, 
Anne I. Laughlin) 

Sue D. D. Jones, Benjamin F. Jones 3d, and William C. More- 
land, trustees u/w Benjamin F. Jones, Jr., deceased. 

Mary Laughlin Robinson 

Duncan Phillips, guardian of Giflford Phillips (a minor) 

Arthur M. Scully and William R. Scott, trustees for J. Page 
Laughlin u/w James Laughlin, Jr 

Martha P. Laughlin Seeler - .- — 

William Larimer Jones, Jr., Wm. C. Moreland, and Union 
Trust Co. of Pittsburgh, trustees u/w Wm. Larimer Jones, 
deceased (beneficiary, William Larimer Jones, Jr., who also 
reports beneficial interest in 2,050 shares held by the estate 
of Leila Dilworth Jones) ^ - 

Mrs. Mary M. J. Hilliard - 

William McKennan Laughlin.. 

Lucy Lippitt 

Thomas Irwin Laughlin 

Alice D. Laughlin 

Ledlie I. Laughlin. 

William Larimer Jones, Jr., Augusta D. H. Jones, joint tenants 
w/r survivorship and not as tenants in common 

Leila Laughlin Carlisle 

Subtotal 

Total legal and beneficial holdings not included above 

Total 



C50NCBNTRATION OF ECONOMIC POWER 



1001 



beneficial ownership in such holdings — Continued 
STEEL CORPORATION 

ss of Mar. '26, 1938. Shares outstanding as of Mar. 26, 1938: 587,139. Price as of December 1937: $70] 
Legal and BuuncDUi'HoLDKBS 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDrvn>UAL8, PEB80NAL AND FAMILY HOLDINQ COMPANIES, TRUSTS 
AND ESTATES 

1. Oifford Phillips (a minor) through Duncan Phillips, guardian... 

2. Irwin B. Laughlin 

3. George M. Laughlin, Jr 

4. .\nne I. Laughlin. through William H. Maus, O. T. Butler, and 

Qirard Trust Co., executors and trustees u/w Henry H. 

Laughlin, deceased _ 

f. J. Page Laughlin, through Arthur M. Scully and William R. 
Scott, trustees u/w James Laughlin, Jr 

6. Martha P. Laughlin Seeler 

7. William McKennan Laughlin 

8. Thomas Irwin- Laughlin 

9. Alice D. Laughlin 

10. Ledliel. Lai^hlin 

11. Leila Laughlin Carlisle 

12. Mary Laughlin Robinson 

13. Mrs. Mary M. J. Hilliard 

14. Sue D. D. Jones 

15. Sue D. D. Jones, BenJ. F. Jones 3d, and Wm. C. Moreland, 

trustees u/w Benjamin F. Jones, Jr., deceased: 
Beneficiaries of income: Shares 

Sue D. D. Jones 9,269 

B. F.Jones 3d .3,087 

Adelaide J. Burgwin... 3,087 



Total... 15,433 

16. WUliam Larimer Jones, Jr., through William Larimer Jones, 

Jr., Wm. C. Moreland, and Union Trust Co. of Pittsburgh, 
trustees u/w Wm. Larimer Jones, deceased 

17. William Larimer Jones, Jr., through estate of Leila Dilworth 

Jones, deceased 

18. William Larimer Jones. Jr., Augusta D. H. Jones, joint tenants, 

w/r survivorship and not as tenants In common 

19. Lucy i/ippitt 



OTHER CORPORATIONS, NONFINANCIAL 

20. Phillips Properties, Inc , a real estate company, the stock 

of which is held by— Percent- 
Duncan Phillips 91.63 

Marjorie Phillips...-. 2.71 

Minnie H. Byers. 68 

Phillips Memorial Gallery 6.08 

Total : 100.00 



FOUNDATIONS 

21. A. W. Mellon Educational and Charitable Trust. 
Total 



12,000 

25,258 
16,502 

15, 897 

9,161 
9,050 
7,953 
7,952 
7,857 
6,856 
5,432 
14,550 

8,000 

15,992 



15,433 

8,196 

2,050 

6,000 
7,953 



28,436 



20,000- 



250,528 



$840,000 

1, 768, 060 
1, 155, 140 



1, 112, 790 

641,270 
633,500 
556, 710 
656,640 
549,990 
479, 920 
380,240 
1, 018, 600 

660,000 

1, 119, 440 



1, 080, 310 

673,720 

143,500 

420,000 
666, 710 



1, 990, 620 



1, 400, 000 



17, 636, 960 



2.04 

4.30 
2.81 



2.71 

1.66 
1.54 
1.36 
1.36 
1.34 
1.17 
.93 
2.48 

1.36 

2.72 



2.63 

1.40 

.36 

1.02 
1.36 



4.84 



42.^ 



1002 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

THE KANSAS CITY 
[Size rank: 182. COMMON (VOTING) as of Dec. 31, 1937. Shares 
Holders of Record 





Holdings 


Name of record bolder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Continental Gas& Electric Corporation 


525,000 


$30, 646, 875 


100.00 







[6 percent CUMULATIVE FIRST PREFERRED B (VOTING) as of Feb. 15, 1938. Shares 

Holders of Record 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Percent 

of shares 

outstand- 

ing 



1. Equitable Life Assurance Society of the United States _ 

2. Metropolitan Life Insurance Co 

3. The Perm Mutual Life Insurance Co 

4. New York Life Insurance Co _ 

6. The Mutual Life Insurance Co 

6. Max C. Fleischmann _.. 

7. Connecticut General Life Insurance Co 

8. Mrs. Belle R. Jefferson 

9. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

10. National Life Insurance Co 

11. Catton & Co. (nominee for Second National Bank of Boston; 

beneficiaries not disclosed) 

12. Bankers Trust Co., trustee by d/o/t for the time being in the 

United States for the Canada Life Assurance Co 

13. The Board of Foreign Missions of the Presbyterian Church In 

the United States of America ._ 

14. John Hancock Mutual Life Insurance Co 

16. Hartford Accident & Indemnity Co .- 

16. Hartford Fire Insurance Co - 

17. The Philadelphia Contributionship for the Insurance of Houses 

from Loss by Fire '. 

18. The Reliance Insurance Co. of Philadelphia.. 

19. St. Paul FireVfe Marine Insurance Co 

20. Edwin Jowett 

Total 



4,000 
2,653 
2,280 
2,080 
1,100 
1,000 
790 
769 

675 
650 



500 

500 
500 
500 
500 

500 
500 
5(X) 
472 



$472,000 
313,054 
269,040 
245,440 
129,800 
118,000 
93,220 
90,742 

79, 650 
76,700 

60,770 

59,000 

59,000 
59,000 
59,000 
59,000 

59,000 
59,000 
59,000 
55,696 



10.00 
6.63 
5.70 
5.20 
2.75 
2.50 
1.98 
1.92 

1.69 
1.62 

1.28 

1.25 

1.25 
1,25 
1.25 
1.25 

1.25 
1.25 
1.25 
1. J8 



20,984 



2,476,112 



52.45 



CONCENTRATION OF ECONOMIC POWER 



1003 



beneficial ownership in such holdings — Continued 
POWER & LIGHT CO. 

outstanding as of Dec. 31, 1937: 626,000. Price (assigned) as of December 1937: $5SH] 
Legal and Beneficul HoLDEBa 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


CORPORATIONS, PARENT AND SUBSIDIARY 

1. Continental Gas & Electric Corporation (subsidiary of United 
Light & Railways Co., which is a subsidiary of United Light & 
Power Co.; for details of ownership of which, see pp. 1364-9)... 


525,0t)0 


$30, M6, 875 


100.00 



outstanding as of Feb. 15, 1938: 40,000. Price as of December 1937: .^118] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



ixdividvals, personal and family holding companies, trusts 
and estates 

1. Max C. Fleischmann 

2. Mrs. Belle R. Jefferson 

3. Edwin Jowett- ._ 

insurance companies 

4. The Equitable Life Assurance Society of the United States 

5. Metropolitan Life Insurance Co --- 

6. The Penn Mutual Life Insurance Co - 

7. New York Life Insurance Co 

S. The Mutual Life Insurance Co. 

9. Connecticut General Life Insurance Co 

10. National Life Insurance Co - 

11. Bankers Trust Co., trustee by d/o/t for the time being in the 

United States for the Canada Life Assurance Co 

12. John Hancock Mutual Life Insurance Co 

13. Hartford Accident and Indemnity Co 

14. Hartford Fire Insurance Co 

15. The Philadelphia Contributionship for the Insurance of Houses 

from Loss by Fire 

16. The Reliance Insurance Co. of Philadelphia 

17. St. Paul Fire & Marine Insurance Co 

eleemosynary and educational institutions 

18. The Board of Foreign Missions of the Presbyterian Church in 

the United States of America. 

BANKS, BROKERS, ETC.; BENEFiaABIES NOT DISCLOSED 

19. Central Hanover Bank & Trust Co 

20. Second National Bank of Boston 

Total - 



1,000 
769 
472 



4.000 
'' ^3 
2,280 
2,080 
1,100 
790 
650 

500 
.500 
.500 
500 

500 
.500 



500 



675 
515 



$118,000 
90,742 
55,696 

472,000 
313, 054 
269,040 
245,440 
129,800 
93,220 
76,700 

59,000 
59,000 
59,000 
59,000 

59, 000 
59, 000 

59.000 



59,000 



79,650 
60,770 



2.50 
1.92 
1.18 



10.00 
6.63 
6.70 
6.20 
2.76 
1.98 
1.62 

1.26 
1.26 
1.25 
1.26 

1.26 
1.26 



1.69 
1.28 



20,984 



2, 476, 112 



52.45 



1004 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

KANSAS CITY 
[Size rank: 135. COMMON (VOTING) as of Dec. 31, 1937. Shares 
Holders of Recobd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disdosed) . . - ." - - 

2. F. Ward Paine (nominee for Paine, Webber & Co.) 

3. Stephen Paine (nominee for Paine, Webber & Co.) 

4. Paine, Webber & Co 

6. Morris F. LaCroix (nominee for Paine, Webber & Co.) 

6. Frank R. Hope (nominee for Paine, Webber & Co.) 

7. Kenneth D. Steere (nominee for Paine, Webber & Co.) 

8. L. Brooks Leavitt (nominee for Paine, Webber & Co.) 

9. Michael J. O'Brien (nominee for Paine, Webber & Co.) 

10. PlersonA Co .., 

11. Amsterdamscb Trustee's Kantoor, N. V 

12. Blyth, Bonner <fe Kimbley 

13. William J. Sinek 

14. Albert P. Everts (nominee for Paine, Webber & Co.) 

16. Chas. D. Barney & Co - 

16. Homblower & Weeks 

17. Barnard C. Luce (nominee for Paine, Webber & Co.).. 

18. Lewis & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disckxsed) 

19. Louis Korijn & Co -. 

20. Bankmont & Co. (nominee for Bank of Montreal; beneficiaries 

not dbclosed) 

Total - 



17,025 
16,865 
12,640 
11,142 
7,882 
7,838 
7,638 
7,443 
6,270 
6,220 
6,195 
6,070 
5,360 
4,800 
4,227 
4,093 
3,680 

3,600 
3,360 

3,200 



$119,175 
118,055 
87,780 
77,994 
56, 174 
54.866 
62,766 
52, 101 
43,890 
43.540 
43,365 
42.490 
37,460 
33,600 
29,589 
28,651 
26,760 

24,600 
23,520 

22,400 



5.68 
5.63 
4.18 
3.72 
2.64 
2.62 
2.52 
2.48 
2.09 
2.08 
2.07 
2.03 
1.79 
1.60 
1.41 
1.37 
1.23 

1.17 
1.12 

1.07 



146,238 



1,016,666 



48.50 



CONCENTRATION OP ECONOMIC POWER 



1005 



beneficial ownership in such holdings — Continued 
SOUTHERN RAILWAY CO. 

outstanding as of Dec. 31, 1937: 299,596. Price as of December 1937: $7] 
Legal and BENEnciAi. Holdebs 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



DJDrVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES. TRUSTS 
AND ESTATES 

1. William J. Sinek 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

2. Amsterdamsch Trustee's Eantoor, N. V 

BROKERS AND INVESTMENT BANKERS AS BENEFiaAL HOLDERS 

3. Paine, Webber & Co 

BANKS, BROKERS, ETC.; BENEFIQARIES NOT DISCLOSED 

4. Bankers Trust Co , 

6. Bank of Montreal 

6. Pierson & Co 

7. Blyth, Bonner & Kimbley 

8. Chas. D. Barney & Co 

9. Hornblower & Weeks 

10. iouis Korijn & Co 

Total 



6,350 



6,195 



85,998 



146,238 



$37,450 



43,365 



601,986 



1,016,666 



L79 



2.07 



28.71 



20,525 


143,675 


6.86 


3,200 


22,400 


1.07 


6,220 


43,540 


2.08 


6,070 


42,490 


2.03 


4,227 


29,589 


1.41 


4,093 


28,651 


1.37 


3,360 


23,520 


1.12 



48.60 



1006 CONjGBNTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

KANSAS CITY 
[Size rank: 135. 4 percent NONOUMULATIVE PREFERRED (VOTING) as of Dec. 
HOLDKBS OF Record 



Name of record bolder 



Holdings 



Number 
' of shares 



Value 



Percent 
of sbares 
outstand- 
ing 



Amsterdamscb Trustee's Kantoor, N. V 

Pierson <tCo 

Tbe Delaware & Hudson Co - 

Louis Korijn & Co . 

Hamburger & Co.'s Bankierskantoor, N. V 

H. Oyens & Zonen - -.- 

William J. Sinek 

Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 
ficiaries not disclosed) . 

Paine, Webber & Co. 

Auerbach, PoUak & Richardson 

Ralph C. Carey (nominee for Scottish American Investment 
Co., Ltd.) 

Vermeer & Co --. 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) 

Winthrop. Mitchell & Co 

Leslie <fe Co. (nominee for Irving Trust Co.; beneficiaries not 
disclosed). - 

H. Hentz & Co 

Kuhn, Loeb & Co 

Morgan Davis & Co 

Amoskeag Co - 

William E. Baker 

Total 



51. 975 
10,500 
6,000 
4,070 
3,110 
2,730 
2,100 

1,700 
1,662 
1,650 

1,500 
1,440 

1,410 
1,230 

1,225 
1,150 
1,100 
1,020 
1,000 
1,000 



$987, 525 
199,500 
95,000 
77,330 
59,090 
51, 870 
39,900 

32,300 
31, 578 
31,350 

28,500 
27,360 

26,790 
23,370 

23,275 
21,850 
20,900 
19,380 
19,000 
19,000 



24.75 
5.00 
2.38 
1.94 
1.48 
1.30 
1.00 

.81 
.79 
.79 



.67 
.59 

.58 
.55 
.52 
.49 
.48 
.48 



96,572 



1,834,868 



46.00 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
SOUTHERN RY. CO. 

31, 1937. Shares outstanding as of Dec. 31, 1937: 210,000. Price as of December 1937: $19) 
Legal and Benefioal Holders 



1007 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. William J. Sinek 

2. William E. Baker ._ 

OTHER CORPORATIONS, NONFINANCIAL 

3. The Delaware & Hudson Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

4. Amsterdamsch Trustee's Kantoor, N. V 

5. Hamburger <fe Co.'s Bankierskantoor, N. V 

6. Scottish American Investment Co., Ltd 

7. Amoskeag Co 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

8. Bank of Montreal 

9. Central Hanover Bank & Trust Co 

10. Irving Trust Co 

11. Pierson & Co 

12. Louis Korijn & Co 

13. H. Oyens & Zonen •_ 

14. Paine, Webber & Co 

15. Auerbach, Pollak <fe Richardson 

16. Vermeer &Co 

17. Winthrop, Mitchell & Co 

18. H. Hentz & Co _ 

19. Kuhn, Loeb & Co _ 

20. Morgan Davis & Co 

Total 



Holdings 



Number 
of shares 



2,100 
1,000 



5,000 



51,975 

3,110 

1,500 
1,000 



1,700 
1,410 
1,225 
10,500 
4,070 
2,730 
1,662 
1,650 
1,440 
1,230 
1,150 
1,100 
1,020 



96, 672 



Value 



$39,900 
19,000 

95,000 



987,525 

59,090 

28,500 
19,000 



32,300 
26,790 
23,275 
199,500 
77,330 
51, 870 
31, 678 
31,350 
27,360 
23, 370 
21,850 
20,900 
19,380 



1,834,868 



Percent 
of shares 
outstand- 
ing 



1.00 
.48 



2.38 



24.76 

L48 

.71 
.48 



.81 
.67 
.68 
6.00 
1.94 
L30 
.79 
.79 
.60 
.60 
.66 
.62 
.40 



46.00 



268446 — 41— No. 29- 



-66 



1008 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal ana 

KENNECOTT COP- 
[Size rank: 58. COMMON (VOTING) as of Feb. 2fl, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
ofafaares 
outstand- 
ing 



1 . Broekmans Administratiekantoor - 

2. H. Content & Co .- 

3. El Pomar Investment Co. (a holding company for Spencer Pen- 

rose and others) .._ 

4. Filor Bujlard & Smyth.-. 

5 . S . R . Guggenheim 

6. Scheu & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) 

7. Hayden, Stone&Co-.. 

8. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) . 

9. Newmont Mining Co 

10. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) .. 

11. Eordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

12. Salkeld <fe Co. (nominee for Bankers Trust Co.; beneficiaries 

not disclosed) ^ 

13. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosp.d) 

14. Dominick & Dominick 

15. Brown Bros., Harriman & Co 

16. Atweli <t Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

17. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

18. Joseph O . Johnson 

19. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

20. Orrin, Henry & Co... 



^4,605 
184,049 

171, 505 
148,930 
127. 929 

125, 749 
98, 730 

83, 789 
80,300 

69, 101 

68,442 

67, 630 

66, 536 
66, 458 
59,636 

57,235 

55,283 
52,607 

51, 236 
60, 226 



Total 2,008,973 



$11,442,326 
6, 487, 727 

6. 045, 551 
5, 249, 782 
4, 509, 497 

4, 432, 652 
3, 480, 232 

2, 953, 562 
2, 830, 575 

2, 435, 810 

2, 412, 580 

2, 383, 957 

2, 345, 359 
2, 307, 394 
2, 102, 169 

2, 017, 534 

1, 948, 726 
1, 864, 397 

1,800,034 
1, 770, 431 

70, 816, 296 



2.99 
1.70 

1.58 
1.37 

1.18 

1.16 
.91 

.77 
.74 

.63 

.63 

.62 

.61 
.60 
.55 



.47 
.43 



18.46 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
PER CORPORATION 

outstanding as of Feb. 26, 1938: 10,820,660. Price as of Dec. 1937: $35?^] 
Legal and Beneficial Holders 



1009 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. S. R. Guggenheim 

2. El Pomar Investment Co., a holding company, the stock of 

which is owned by— Percent 

Spencer Penrose 95.58 

El Pomar Foundation... 4.42 

Total. - 100.00 

3. Joseph O. Johnson 

OTHER CORPORATIONS, NONFINANCIAL 

4. Newniont Mining Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

5. Broekmans Administratiekantoor 

BANKS, BROKERS. ETC.; BENEFICIARIES NOT DISCLOSED 

6. Guaranty Trust Co. of New York 

7. Bankers Trust Co 

8. Central Hanover Bank & Trust Co... 

9. Citv Bank Farmers Trust Co ---. -... 

10. J. P. Morgan & Co - 

11. United States Trust Co - 

12. Chase National Bank 

13. Invlng Trust .Cq_.... 

14. H. Content* Co 

16. Filor Bullard & Smyth... •- 

16. Hayden, Stone & Co 

17. Dominick & Domlnick 

18. Brown Bros., Harriman & Co 

Total 



127,929 



171,505 
52, 607 



80,300 



324, 605 



181,032 
136. 731 
83.789 
68,442 
66,535 
57,235 
51,235 
50,226 
184, 049 ■ 
148, 930 
98, 730 
65,458 
69,636 



2, 008, 973 



$4, 509, 497 



6. 045, 551 
1, 854, 397 



2, 830, 575 



11,442,326 



6, 381, 378 
4, 819, 767 
2, 953. 562 
2,412,580 
2. 345, 359 
2.017,534 
1, 806, 034 
1,770,431 
6.487,727 
5, 249, 782 
3. 480, 232 
2, 307, 394 
2, 102, 169 



1.18 



1.58 
.48 



1.67 
1.25 
.77 
.63 
.61 
.52 
.47 
.43 
1.70 
1.37 
.91 
.60 
.66 



70, 816, 296 



18.46 



1010 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

KOPPERS 
[Size rank: 60. COMMON (VOTING) as of Dec. 14, 1939. Shares outstanding 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Chas. D. Marshall 

2. Lack & Lindsay, nominee for the Wilmington Trust Co., 

which holds for the following accounts: 

D. D. Shepard, H. M. .Johnson, and Wilmington Shares 
Trust Co., trustees f/b/o the heirs of Ailsa Mellon 
Bruce 200, OCO 

D. D. Shepard, H. M. Johnson, and Wilmington 

Trust Co., trustees f/b/o the heirs of Paul Mellon . 180, 750 

Total-- - - 380,750 

3. Union Trust Co. of Pittsburgh, trustee u/d A. W. Mellon, Dec. 

28, 1934 - 

4. Aloxite Corporation (a holding company owned 50 per- 

cent by Richard K. Mellon and 50 percent by Sarah 
Mellon Seaife, which was dissolved Dec. 22, 1938. 
The distribution of Aloxite's holdings was made as 
follows: Shares 

Richard K. Mellon 136,450 

Sarah Mpllon Seaife- - 136,450 

Total 272,900 

5. Richard K. Mellon - — 

6. Sarah Mellon Seaife 

7. Mrs. Elizabeth F. R. Brown..-- - 

8. Mrs. Elizabeth Watkins Rust 

9. Fidelity Trust Co., Margaret McC. McClintic, Howard H. 

McClintic, Jr., Robert H. McClintic, Stewart McClintic, and 
Margaret McClintic Love, trustees u/w Howard U. Mc- 
Clintic, deceased (beneficiary: Mrs. Margaret McCulloch 

McClintic) 

n. McClintic endowment - 

11. Mrs. Margaret McC. McClintic .: 

12. Estate of H. B. Rust, as of Dec. 14, 1939; the estate owned 

only 6,000 shares; Mrs. Henry B. (Elizabeth Watkins) 
Rust was life beneficiary of the income therefrom; the 
remaining shares standing in the name of the estate had 
already been distributed to— Shares 

Mrs. Elizabeth F. Rust Brown 25,000 

Mrs. Henry B. (Elizabeth Watkins) Rust 17,000 

42,000 
Shares still held by estate of H. B. Rust 6,000 

Total - 48,000 

13. W. F. Rust 

14. Fidelity Trust Co., trustee u/d't Margaret McC. Love, Dec. 

2, 1935 (beneficiary, Margaret McClintic Love) 

15. Fidelity Trust Co.. trustee u/d/t Howard H. McClintic, Jr., 

Dec. 2, 1935 (beneficiary, Howard H. McClintic, Jr.) 

16. Fidelity Trust Co., trustee u/d/t Robt. H. McClintic, Dec. 2, 

1935 (beneficiary, Robt. H. McClintic)-- 

17. Fidelity Trust Co.. trustee u/d/t Stewart McClintic, Dec. 2, 

1935 (beneficiary, Stewart McClintic) - 

18. Margaret McClintic Love -.- - 

19. Howard H. McClintic. Jr -- - 

20. Robt. H. McClintic - 

21. Stewart McClintic - 

Total 



418.000 



380, 760 



342, 250 



272, 900 
225, 000 
225,000 
190, 000 
150, 000 



104,500 
100,000 
.58, 000 



48,000 
20,000 

18, 750 

18,750 

18, 750 

18, 750 
18,250 
18, 250 
18, 250 
18,250 



2, 682, 400 



.$10,76.3.500 



9,804,312 



8, 812, 938 



7, 027, 175 
5, 793, 750 
5, 793, 750 
4, 892, 500 
3, 862, 500 



2. 690, 875 
2, 575, 000 
1, 493, 500 



1. 236, 000 
515, 000 



482, 812 

482, 812 

482, 812 
469, 938 
469. 938 
469, 938 
469, 938 



69, 071, 800 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

UNITED CO. 

as of Dec. 14, 1939: 2,758.280. Price (assigned) as of December 1937: $26^1 
Legal and BENEnaAL Holders 



1011 



Type and name of holder 



INDIVIDUALS, PERSONAL, AND FAMILY HOLDING COMPANIES, TRUSTS 

AND ESTATES 

1. Chas. D. Marshall 



2. D. D. Shepard, H. M. Johnson, and Wilmington Trust Co., 

trustees (beneficiaries, the heirs of Ailsa Mellon Bruce) 

3. D. D. Shepard, H. M. Johnson, and Wilmington Trust Co., 

trustees (beneficiaries, the heirs of Paul Mellon) 

4. Union Trust Co. of Pittsburgh, trustee u/d/t A. W. 

Mellon, Dec. 28, 1934: 
Beneficiaries, R. S. Scott, guardian for— Shares 

Audrey Bruce.. 161,500 

Catherine C. Mellon 180,750 



Total... 342,250 

5. Richard K. Mellon 

6. Sarah Mellon Scaife 



7. Mrs. Elizabeth F. Rust Brown 

8. Mrs. Henry B. (Elizabeth Watkins) Rust _ 

9. Mrs. Henry B. (Elizabeth Watkins) Rust, through estate of 

Henry B. Rust (deceased) 

10. W. F. Rust - 



11. Mrs. Margaret McCulloch McClintic 

12. Mrs. Margaret McCulloch McClintic, through Fidelity Trust 

Co., Margaret McCulloch McClintic, Howard H. McClintic, 
Jr., Robt. H. McClintic, Stewart McClintic, and Margaret 
McClintic Love, trustees u/w Howard Hale McClintic, de- 
ceased 

13. Margaret McClintic Love. 

14. Margaret McClintic Love, through Fidelity Trust Co., trustee 

u/d/t Dec. 2, 1935.- 

16. Howard H. McClintic, Jr.... 

16. iHoward H. McClintic, Jr., through Fidelity Trust Co., trustee 

u/d/t Dec. 2, 1935- 

17. Robt. H. McCUntic 

18. Robt. H. McClintic, through Fidelity Trust Co., trustee u/d/t 

Dec. 2, 1935 

19. Stewart McClintic 

20. Stewart McClintic, through Fidelity Trust Co., trustee u/d/t 

Dec. 2, 1935 



21. McClintic endowment. 
Total... 



FOUNDATIONS 



Holdings 



Number 
of shares 



418,000 

200,000 
180,750 



342,250 
361, 450 
361, 450 

215,000 
167,000 

6,000 
20,000 

68,000 



104,600 
18,250 



18, 760 
18,250 



18,750 
18,250 



18,750 
18, 250 



18,750 



100,000 



Value 



2, 682, 400 



$10, 763, 500 

6, 150, 000 
4, 654, 312 



8, 812, 937 
9, 307, 338 
9, 307, 338 

5, 636, 250 
4, 300, 250 

154,600 
515,000 

1, 493, 500 



2, 690, 875 
469, 938 

482, 812 
469, 938 

482, 812 
469, 938 

482, 812 
469, 938 

482, 812 



2, 575, 000 



69,071,800 



Percent 
of shares 
outstand- 
ing 



15.16 

7.25 
6.56 



12.41 
13.10 
13.10 

7.80 
6.05 

.22 

.73 

2.10 



3.79 
.66 

.68 
.66 

.68 
.66 

.68 
.66 

.68 

3.63 



97.25 



1012 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

KOPPERS 
[Size rank: 60. 6 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) as 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

2. Mac & Co., nominee for Union Trust Co. of Pittsburgh, 

which acts as trustee for the following trust accounts: Shares 

Dorothy Anne Keith Gibson 300 

Patricia L. Schiller 240 

S^lieH. Rowe 200 

Charles C. Butlertrust - 145 

Melissa S. McKee Carnaban trust.- 120 

Alice M. Rothstein 100 

John B. Sharpe trust 100 

Bertrand W. Lewis trust 100 

Eleanor McC. Chalfant 100 

Agnes R. Reid 65 

21 other trust accounts 667 

Total. _ 2,137 

3. Clay & Co. (nominee for Diamond Alkali Co.) 

4. Qermantown Trust Co., remaining trustee u/d Sarah W. Ward- 

en, July 16, 1908. . 

5. Hare & Co. (nominee for Peoples-Pittsburgh Trust Co.; bene- 

ficiaries not disclosed) . . 

6. Sarah Mellon Scaife. 

7. Fidelity Trust Co 

8. National Union Fire Insurance Co 

9. Richard K. Mellon 

10. Alexander C. Robinson 

11. D.O.Kerr 

12. Smith Barney* Co 

13. Atwell & Co. (nominee for United States Trust Go.; beneflcLarieB 

not disclosed) .' 

14. The Homer Laughlin China Co 

16. C. D. Marshall 

16. Anne C. Johnson 

17. Wm. B. SchiUer, Jr 

18. Frank L. Chase 

19. Gretchen S. Earp 

20. Lockhart Iron &Steel Co 

Total 



2,?59 I $227,029 



2,137 
2,000 

2,000 

1,809 
1,620 
1,500 
1,500 
1,420 
1,400 
1,200 
1,025 

1,000 
1,000 
1,000 
880 
760 
750 
750 
760 



26,760 



214, 768 
201,000 

201,000 

181, 804 
162, 810 
150,750 
150, 750 
142, 710 
140, 700 
120,600 
103, 012 

100,500 
100,500 
100,500 
88,440 
76,380 
75, 375 
75, 375 
75, 375 



2, 689, 378 



1.07 
1.00 

1.00 

.90 
.81 
.75 
.7') 
.71 
.70 
.60 
.61 

.50 
.50 
.50 
.44 
.38 
.38 
.38 
.38 



13.30 



CONX'ENTRATIOX OF ECONOMIC POWER 



1013 



beneficial ownership in such holdings — Continued 
UNITED CO. 

of Dec. 14, 1939. Shares outstanding as of Dec. 14, 1939; 200,000. Price as of December 1937: $100 4/8 
Legal and Beneficial Holders 



Type and name of holder 



individuals, personal and family holding companies, trusts 

and ESfATES 

1. Qermantown Trust Co., remaining trustee u/d Sarah W. Warden, 

July 16, 1908..- 

2. Sarah Mellon Scaife - 

3. Richard K. Mellon 

4. Alexander C. Robinson 

5. D. O. Kerr 

6. C. D. Marshall.. 

7. Anne C. Johnson. ...^ 

8. Wm. B. Schiller, Jr 

•9. Frank L. Chase 

10. Oretchen Schoonmaker Earp , 



other corporations, nonpinanqal 

11. Diamond Alkali Co 

12. The Homer Laughlin China Co 

13. Lockhart Iron & Steel Co 



INSURANCE companies 

14. National Union Fire Insurance Co 



BANKS, brokers, ETC.; BENEFICTARIES NOT DISCLOSED 



15. Guaranty Trust Co. of New York. 

16. Peoples-Pittsburgh Trust Co 

17. Fidelity Trust Co 

18. United States Trust Co 

19. Smith Barney & Co 



Total 

Total record holdings not included above. 

Total-. 



Holdin!;s 



Number 
of shares 



2,000 

1,620 
1,420 

1,400 

1,200 

1.000 

880 

760 

760 

750 



2,000 

1,000 

750 



1,600 



2,269 
1,809 
1,500 
1,000 
1,026 



24, 623 
2,137 

26,760 



Value 



$201,000 

162, 810 
142,710 

140,700 

120,600 

100, 500 

88,440 

76, 380 

75, 376 

76, 375 



201, 000 
100,600 
75, 376 



160, 760 



227, 029 
181,804 
160, 760 
100.600 
103, 012 



Percent 
of shares 
outstand- 
ing 



2, 474, 610 
214, 768 

2, 689, 378 



1.00 

.81 
.71 

.70 

.60 

.50 

.44 

.38 
.38 
.38 



1.00 
.50 
38 

.76 



1.13 
.90 
.76 
.50 
.51 



12..32 
1.07 



13.30 



1014 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

KOPPERS 
[Size rank: 60. 4 percent CUMULATIVE PREFERRED (NONVOTING) as of Dec. 14, 
Holders of Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Aloxite Corporation, a holding company, owned 50 percent by 
Richard K. Mellon and 50 percent by Sarah Mellon Scalfe, 
which was dissolved Dec. 22, 1938. The distribution of Aloxite's 
holding was made as follows: 

Shares 

Richard K. MeUon 6,125 

Sarah Mellon Scaife - 5, 125 


10,250 

10,250 
1,600 

1,000 
885 
615 
500 


$1, 025, 000 

1, 025, 000 
150,000 

100,000 
88,600 
61,500 
50,000 








Total 10,250 

2. The Coalesced Co., a holding company, owned 60 percent by 
Paul Mellon and 50 percent by Ailsa Mellon Bruce, which was 
dissolved Dee. 23, 1938. The distribution of Coalesced's holding 
was made as follows: 

Shares 
Paul Mellon .. 6,126 


41.00 


Ailsa Mellon Bruce 6, 125 




Total.. - 10,250 

3. Chas. D. Marshall (held by Fidelity Trust Co. of Pittsburgh, 
trustee u/d/t Mar. 17, 1931) 


41.00 
6.00 


4. Fidelity Trust Co., Margaret McC. McClintic, Howard H. Mc- 
Clintic, Jr., Robt. H. McClintic, Stewart McClintic, 
and Margaret McClintic Love, trustees u/w Howard H. 
McClintic, deceased ..- - 

6. Mrs. Elizabeth F. R. Brown 


4.00 
3.54 


6. Elizabeth W. Rust- 


2.46 


7. Mrs. Margaret McC. McClintic 


2.00 






Total 


25,000 


2,500,000 


100.00 







CONCENTRATION OF PXONOMIC POWER 



1015 



beneficial ownership in such holdings — Continued 

UNITED CO. 

1939. Shares outstanding as of Dec. 14, 1939: 25,000. Price (assigned) as of December 1937: $100] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDLTALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Fidelity Trust Co. of Pittsburgh, trustee u/d/t Mar. 17, 1931: 

Beneficiaries: 

C. D. Marshall _ ii 

John N. Marshall Hs 

Others - 'Ms 

2. Richard Mellon 

3. Sarah Mellon Scaife , 

4. Paul Mellon 

5. Ailsa Mellon Bruce 

6. Mrs. Margaret McGulloch McClintic. , 

7. Mrs. Margaret McCuUoch McClintic, through Fidelity Trust Co., 

Margaret McCulloch McClintic, Howard H. McClintic, Jr., 
Robt. H. McClintic, Stewart McClintic, and Margaret Mc- 
Clintic Love, trustees u/w Howard Hale McClintic, deceased. .. 

8. Mrs. Elizabeth F. Rust Brown. 

9. Mrs. Henry B. (Elizabeth Watkins) Rust 

Total 



Number 
of shares 



1,500 

5,125 
5,125 
5,125 
5,126 

500 



1,000 

885 
615 



25,000 



Holdings 



Value 



$150,000 

512,500 
512, 600 
512, 600 
512,600 

50,000 



100,000 

88,600 
61,600 



2,500,000 



Percent 
of shares 
outstand- 
ing 



6.00 
20.60 
20.60 
20.50 
20.60 

2.00 



4.00 

3.64 
a. 46 



100.00 



1016 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

8. 8. KRE80E 
[Size rank: 146. COMMON (VOTING) as of Apr. 8, 1939. Shares 
HoLDKES or Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Kresge Foundation - 

2. S. S. Kresge 

3. Mrs. Anna E. Kresge --- 

4. Stanley S. Kresge - 

6. Anna E. Kresge. -... 

6. C. B. Tuttle... - - -. 

7. Kenneth Martin - 

8. C. B. Van Dusen 

9. The Van Dusen trust fund 

10. R. R. Williams 

11. Thomson & McKinnon. 

12. Mrs. Minnie B. Van Dusen _ 

13. The Minnie B. Van Dusen insurance trust, u/t/i, February 28 

1931 - 

14. Kordula & Co. (nominee for City Bank Farmers Trust Co. 

heneficiaries not disclosed) 

15. Union Trust Co. , 

16. Detroit <t Security Trust Co .^... 

17. Watling Lerchen & Co 

18. Mrs. Clara K. Kresge 

19. Agnes Momand. 

20. Helen N. Joy 

Total 



1,200,000 
720,500 
300,000 
103, 514 
90,000 
70,000 
56,390 
54,102 
41,200 
40, 563 
40,401 
32,550 

31,250 

30,215 
30,000 
28,850 
28,440 
25,000 
23,000 
20,790 



$18, 600, 000 

11, 167, 750 

4,650,000 

1, 601, 367 

1, 395, 000 

1,085,000 

874, 045 

838,581 

638,600 

628,726 

626, 215 

504,525 

484,375 

468,332 
465,000 
447, 175 
440,820 
387,500 
356,500 
322,245 



21.75 
13.08 
5.44 
1.87 
1.65 
1.27 
1.02 
.98 
.75 
.73 
.73 
.59 

.57 

.55 
.64 
.62 
.61 
.45 
.42 
.38 



2, 966, 766 



46, 981, 756 



63.80 



CONCENTRATION OP ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
CO. 

outstanding as of Apr. 8, 1939: 5,617,826. Price as of December 1937: $15^) 
Legal and Beneficial Holders 



1017 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts 

AND estates 

1. C. B. Tuttle.... 

2. Kenneth Martin.. 

3. S. S. Kresge 

4. Mrs. Anna E. Kresge 

5. Stanley S. Kresge 

6. Anna E. Kresge 

7. Mrs. Clara K. Kresge 

8. C. B. Van Dusen 

9. Mrs. Minnie B. Van Dusen 

10. The Minnie B. Van Dusen insurance trust, u/t/i, Febuary 28, 1931. 

11. The Van Dusen trust fund 

12. R. R. Williams 

13. Agnes Momand 

14. Helen N.Joy 

FOUNDATIONS 

1 5. Kresge Foundation 

banks, brokers, etc.; beneficiaries NOT DISCLOSED 

16. City Bank Farmers Trust Co 

17. Union Trust Co 

18. Detroit & Security Trust Co 

19. Thomson & McKinnon 

20. Watling Lerchen & Co -. 

Total 



70,000 

56,390 

720,600 
300,000 
103, 514 
90,000 
25,000 

54,102 
32,550 
31,250 
41,200 

40,663 

23,000 

20,790 



1,200,000 



30, 215 
30,000 
28,850 
40, 401 
28,440 



$1,085,000 

874, 046 

11,167,750 
4, 650, 000 
1,601,367 
1,395,000 
387,600 

8.38,681 
501, 526 
484, 376 
638,600 

628,726 

356,600 

322, 245 



18, 600, 000 



468, 332 
465,000 
447, 175 
626, 216 
440,820 



1.27 

1.02 

13.08 
6.44 
1.87 
1.65 
.45 

.98 
.69 
.67 
.75 

.73 

.42 

..38 



.56 
.54 
.62 
.73 
.61 



2, 966, 765 



46, 981, 756 



53.80 



1018 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

S. H. KRESS 
(Size rank: 184. COMMON' (VOTING) as of Apr. 11, 1938. Shares 
Holders of Record 



Holdings 



Name of record holder 







Percent 


Number 


Value 


of shares 


of shares 


outstand- 






ing 


1, 152, 550 


$26, 508, 650 


48.89 


420,488 


9, 671, 224 


17.84 


151, 174 


3, 477, 002 


6.41 


123,612 


2, 843, 076 


5.24 


12,500 


287, 500 


..S3 


10,700 


246. 100 


,4.=i 


10,000 


230.000 


.42 


10,000 


230,000 


.42 


8,200 


188,600 


.35 


8,000 


184,000 


.34 


8,000 


184,000 


.34 


7,600 


174,800 


.32 


6,500 


149,500 


.28 


6,500 


149,500 


.28 


6,020 


138,460 


.26 


6,010 


138, 230 


.25 


6,000 


138,000 


.26 


5,840 


134,320 


.25 


5,814 


133, 722 


.25 


5,480 


126,040 


.23 


1,970,988 


45, 332, 724 


83.60 



1. S.H.Kress 

2. 0. W. Kress 

3. Samuel H. Kress Foundation.. 

4. R. H. Kress .• 

5. C.T. Green.. 

6. W. L. Baker 

7. Sylvia Kress Abry trust -.. -.-. 

8. Agatha Kress.. ^ 

9. 8. W. Holdcroft -..- 

10. Alf H. Rosenthal and Helen Adler, trustees debentures, Jan. 3 

1938, - 

11. Alf H. Rosenthal and Roy Rosenthal, trustees u/d/t, Dec. 27, 1935. 

12. Edith B. Scarff ..: 

13. M. A. Hodges 

14. H. W. Smith 

15. Sylvia Kress Abry 

16. Heidelbach,- Ickelfaeimer & Co 

17. McCary A Co 

18. Elsie B. Bonner 

19. M. K. Williams 

20. Paul Fox— , 

Total 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
& CO. 

outstanding as of Apr. 11,1938: 2.367,674. Price as of December 1937: $23] 
Legal and Benefioal Holders 



1019 



Type and name of holder 



individuals, personal and family holding companies, 
trusts and estates 
1. C. T. Green 



2. S. H. Kress 

3. C. W. Kress 

4. Agatha Kress 

5. R. H. Kress - 

6. Sylvia Kress Abry 

7. Sylvia Kress Abry insurance trust. - 

8. W. L. Baker 

9. S. W. Holdcroft 

10. Alf H. Rosenthal and Helen Adler, trustees debentures, Jan. 3, 

1938 

11. Alf H. Rosenthal and Roy Rosenthal, trustees u/d/t Dec.2V, 1935 

12. Edith B. Scarff 

13. H. W. Smith 

14. M, A. Hodces 

15. Elsie B. Bonner 

16. M. K. Williams 

17. Paul Fox 



FOINDATIONS 

18. Samuel H. Kress Foundation 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

19. Heidelbach, lelvelheimer & Co 

20. McCary & Co _ 



Holdings 



Total. 



Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


12,500 


$287,600 


1 0.63 


1,162,650 

420, 488 

10,000 

123,612 

6,020 

10,000 


26, 508, 650 

9,671.224 

230;000 

2. 843. 076 

138, 460 

230,000 


48.89 

17.84 

.42 

5.24 

.26 

.42 


10.700 


246. 100 


.45 


8,200 


188,600 


.35 


8.000 
8,000 


184,000 
184,000 


.34 
.34 


7,600 


174,800 


.32 


6,500 


149, 600 


.28 


6,600 


149, 500 


.28 


.-.. 840 


134.320 


.25 


5,814 


133, 722 


.25 


5,480 


126,040 


.23 


151, 174 


3, 477, 002 


6.41 


6,010 
6,000 


138, 230 
138,000 


.25 
.25 



1, 970, 988 46, .332, 724 



83.60 



1020 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

S. H. KRESS 
(Size rank: 184. 6 percent CUMULATIVE SPECIAL PREFERRED (CONTINGENT VOT- 

Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. S. n. Kress - - 

2. C. W. Kress -.- 

3. Samuel H. Kress Foundation 

4. Sylvia Kress Abry Trust.. .-- - _....._ 

5. Heidelbach, Ickelheimer & Co - 

6. Metropolitan Muaeumof Art 

7. ComeU University. - 

g C. T. Gteeh - 

9. Harry Rosenthal -.. 

10. Agatha Kress 

11. Edith B. Scatff _.. 

12. S. W. Holdcroft - - .-- --- 

13. R. H. Kress .-_ 

14. Automobile Mutual Insurance Co - - - 

15. Factory Mutual Liability Insurance Co. - 

16. Elsie B. Bonner __ 

17. M. A. Hodges --. 

18. Oustav Seligroan and Fifth Avenue Bank (as trustee for Qustav 

Seligman).- -. 

19. Brooklyn Trust Co., trustee for Gaston J. Block 

Total - - 



354, 805 

144, 821 

49, 073 

16,700 

10,052 

10,000 

5,000 

4,653 

4,200 

4,000 

3,643 

3,600 

3,480 

3,000 

3,000 

2,346 

1,954 

1,900 
1,800 



$4,302,011 

I, 755, 955 

595, 010 

202, 487 

121, 880 

121, 250 

60, 625 

56,418 

50, 925 

48,500 

44, 171 

43, 650 

42, 195 

36, 375 

36, 375 

28,445 

23, 692 

23,037 
21, 825 



628, 027 



7, 614, 826 



49.24 

20.10 

6.81 

2.32 

1.40 

1.39 

.69 

.65 

.46 

.56 

.51 

.50 

.48 

.42 

.42 

.33 

.29 

.26 
.25 



87.08 



CONCENTRATION OF ECONOMIC POWER 



1021 



beneficial ownership in siich holdings — Continued 
& CO. 

INQ) as of Apr. II, 1938. Shares outstanding as of Apr. 11, 1938: 720,508. Price as of December 1937: $12>6] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. C. T. Green 



2. S. n. Kress... 

3. C. W. Kress 

4. Agatha Kress 

5. Sylvia Kress Abry insurance trust. 

6. R. H. Kress 



7. Edith B. Scarff. 

8. S. W. Holdcroft 

9. Harry Rosenthal 

10. Elsie B. Bonner .- 

11. M. A. Hodges... - - 

12. Gustav Seligman through Fifth Avenue Bank and Gustav 

Seligman, trustees 

13. Gaston J. Block, through Brooklyn Trust Co., trustee 

INSURANCE COMPANIES 

14. Factory Mutual Liability Insurance Co 

15. Automobile Mutual Insurance Co 



FOUNDATIONS 

16. Samuel H. Kress Foundation 

OTHER ELEEMOSVNARY AND EDUCATIONAL INSTITUTIONS 

17. Metropolitan Museum of Art - 

18. Cornell University 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

19. Heidelbach, Ickelheimer & Co 

Total. - 



Holdings 



Number 
of shares 



Value 



4,653 

354, 805 
144,821 

4,000 
16,700 

3,480 

3,643 
3,600 
4,200 
2,346 
1,954 

1,900 
1.800 



3,000 
3,000 



49. 073 



10,000 
.■5,000 



10,052 



628,027 



.$56, 418 

4, 302, 01 1 
1,755,955 

48,500 
202, 487 

42, 195 

44.171 
43,650 
50,925 
28,445 
23,692 

23,037 
21, 825 



36, 375 
36, 375 



595, 010 



121,250 
60,625 



121,880 



7, 614, 826 



Percent 
of shares 
outstand- 
ing 



0.66 

49.24 
20.10 

.56 
2.32 

.48 

.51 

.no 

.46 
.33 
.29 

.26 
.25 



42 
.42 



L30 
.69 



1.40 



87.08 



1022 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

THE LEHIGH COAL A 
[Size rank: 179. COMMON (VOTING) as of Mar. 7. 1938. Shares 
HOLDKsa or Record 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Pereem 
of shares 
outstand- 
ing 



1. Percy M. Chandler, nominee for: Shares 

International Utilities Corporation - 77, 600 

Securities Corporation General 2,500 



80,000 
Total - --- 

2. Loew <J^ Co 

3. JuUan P. Fry (he reports that he held entire amount for Inter- 

national Utilities; however, International Utilities reports (as 
of same date) holding only 49,930 shares through Julian P. Fry 
leaving 7,025 shares unaccounted for; this balance may repre- 
sent holdings of subsidiaries of International Utilities; General 
Water, Gas & Electric Co. holds 6,000 shares and 5,000 of the 
15,000 reported held by Securities Corporation General are 
not coveTed by known nominees) 

4. Lee & Co. (nominee for Chase National Bank which reported as 

of January 1936 under sec. 16 (a) of the Securities Exchange 
Act of 1934 that it held beneftcially 150,900 shares; the differ- 
ence in holdings is apparently due to .sales between January 
1936, and March 1938) .- .- 

5. M. A. Hanna Co... -.- 

6. Wanham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

t^ Atlas Coriwration. 

8. "Douglass & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

9. Albert P. Taliaferro (nominee for New York United Corpora- 

tion, since dissolved, which was 100 percent owned by the 
United Corporation) 

10. Moore & Schley 

11. The Chicago Corporation 

12. Mills & Co. (nominee for United Corporation) _ . . 

13. Dyer, Hudson & Co... 

14. Hugh 0. M. Kelleher... 

16. Wm. M. Potts. 

16. Ringwood Co . . 

17. Nutt & Co., nominee for Commercial National Bank of 

New York; beneficiaries not disclosed; International 
Utilities reports holding 1,200 shares through Nutt & 
Co.: Shares 

International Utilities 1, 200 

Others 12,560 



Total 13,760 

18. International Utilities Corporation; International Utili- 

ties also reports holdings through nominees not appear- 
ing among the 20 largest holders of record, totaling 3,800 
shares; it also reports holdings by subsidiaries: 
General Water, Gas & Electric Co. (common stock Shares 

75.90 percent owned) 6, 000 

Securities Corporation General (common stock 27.98 

percent owned) .. - 15,000 

Of which nomint es included in the 20 largest record 

holders account for 10, 000 

Leaving unaccounted for 5,000 

19. Roy R. Brewton (nominee for International Utilities Corpora- 

tion) 

20. Roland E. DuPree, nominee for: Shares 

Securities Corporation General 7, 500 

Chandler* Co., Inc. 2,475 



Stock not yet transferred out of his name but not in 
possession of Roland E . DuPree - 



9,975 
700 



Total 10,675 



Subtotal - 

Total legal and beneficial holdings not included above. 



Total. 



80,000 
70,600 



56,975 



50,450 


182, 881 


37,400 


136, 575 


35,000 


13b, 188 

12fe, 8^6 


35,000 


33,546 


121,604 


28,101 


101,866 


18, 515 


67, 117 


18,600 


67,062 


15,603 


56,661 


15,008 


54,404 


16.000 


54, 375 


15,000 


54,375 


14,700 


53,288 



13,760 



13,400 
10,900 



10, 675 



589,033 
14,800 

603,833 



$290,000 
255, 925 



206.534 



49.880 



48, 575 
39. 512 



38,697 



2, 135, 245 
53,650 

2, 188, 895 



CONCENTRATION OF ECONOMIC POWER 



1023 



beneficial ownership in such holdings — Continued 
NAVIGATION CO. 

outstanding as of Mar. 7, 1938: 1,929,127. Price as of December 1937: $3H1 
Legal and Beneficial Holders 



Type and name of holder 



INPIVIDIALS, PERSONAL AND FAMILY HOLDINC. COMPANIES, TRUSTS 
AND ESTATES 

1. Hugh O. M. Kelleher 

2. R ing wood Co - 

3. Wm. M. Potts -_ 

OTHER CORPORATIONS, MONFINANCIAL 

4. M. A. Ilanna Co. (a mining company; for details on ownership 

see this appendix, sec. II) 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

5. International Utilities Corporation 

6. International Utilities, through General Water, Gas & Electric 

Co. common stock, 75.90 percent owned by International 
Utilities 

7. Securities Corporation General (a statutary subsidiary of Inter- 

national Utilities Corporation which owns 27.98 percent of the 
common stock) 

8. Chandler & Co., Inc 

9. United Corporation 

10. United Corporation, through New York United Corporation 

(100 percent owned) - _ 

1 1 . Atlas Corporation , 

12. Chicago Corporation 

BANKS AS BENEFICIAL HOLDERS 

13. Chase National Bank _ 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. Bank of Montreal 

15. Guaranty Trust Co. of New York 

16. Commercial National Bank 

17. Loew & Co 

18. Moore & Schley 

19. Dyer, Hudson & Co 

Subtotal 

Total record holdings not included above - 

ToUL... 



Holdings 



Number 
of shares 



15,000 
14,700 
15,000 



37,400 



156,750 



15,000 
2,475 

15,603 

28,101 
35,000 
18,500 



50.450 



35,900 
33,546 
12,560 
70,600 
18,515 
15,008 



596. 108 
7,725 



603,833 



Value 



$54,375 
53.288 
54,375 



135,575 



568.219 



54,375 
8,972 

56,561 

101,866 
126, 875 
67.062 



182, 881 



130, 138 
121,604 
45, 530 
255,925 
67.117 
54,404 



Percent 
of shares 
outstand- 
ing 



0.78 
.76 



2,160,892 
28,003 



2,M8.80S 



1.46 
1.81 
.96 



1.86 
1.74 
.65 
3.66 
.96 
.78 



30.90 
.40 



31.30 



2(lS44o— 41— Xo. -20 0(i 



1024 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
LEHIGH VALLEY 
[Size rank: 90. COMMON (VOTING) as of Nov. 18, 1937. Shares 
HoLDEKs OF Record 



Name of record holder 



1. Pennsylvania Co. owned by Pennsylvania R. R. Co. (100 per- 

cen; ) _ _ _ 

2. Wabash Ry. Co 

3. Harris Upham & Co., nominee for: — Shares 

Wabash Ry. Co -.., 125,919 

Others 2,621 

Total -. - 128,540 

4. William M. Potts 

5. Hornblower & Weeks 

6. The Kewanee Oil Co 

7. Abbott, Proctor & Paine 

8. Lehman Bros _ _ _ 

9. J. S. BacheA Co 

10. Edward S. Moore... ._ 

11. Paine, Webber & Co 

12. Dyer, Hudson & Co 

13. Cranberry & Co 

14. S. B. Chapin & Co 

15. Jas. H. Oliphant & Co 

16. Goodbody & Co 

17. Whitehouse & Co... 

18. Eastman, Dillon & Co 

19. Leslie & Co. (nominee for Irving Trust Co.; beneficiaries not 

disclosed) 

20. Kuhn, Loeb & Co 

Total 



Holdings 



Number 
of shares 



365, 039 
132, 803 



128,540 
20,000 
7,054 
7,000 
6,457 
5,400 
4,788 
4,600 
4,520 
4,461 
4,125 
3,810 
3,650 
3,165 
3,035 
3,030 

2,794 
2,700 



716, 971 



Value 



$1. 870, 825 
680,615 



658,767 
102, 500 
36, 152 
35, 875 
33,092 
27,675 
24, 538 
23,575 
23.165 
22,863 
21,141 
19, 526 
18,706 
16, 221 
15,554 
15,529 

14. 319 
13,837 



3, 674. 475 



Percent . 
of shares 
outstand- 
ing 



30.17 
10.97 



10.62 
1.65 
.58 
.57 
.53 
.44 
.39 
.38 
.37 
.36 
.34 
.31 
.30 
.26 
.'.i5 
.25 

.23 
.22 



59.19 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
R. R. CO. 

outstanding as of June 31, 1937: 1,210,034. Price as of December 1937: $5^^^] 
Legal and BENEnaAL Holders 



1025 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. William M. Potts _ 

2. Edward S. Moore 



OTHER CORPORATIONS, NONFINANCIAL 

3. Pennsylvania R. R. Co., through Pennsylvania Co. (100 percent 

owned). 

4. Wabash Ry. Co 

5. The Kewanee Oil Co 

BANKS, BROKERS, ETC.; BENEFiaARIES NOT DISCLOSED 

6. Irving Trust Co- 

7. Hornblower & Weeks - -.. 

8. Abbott, Proctor & Paine.. 

9. Lehman Bros 

10. J. S. Bache& Co 

11. Paine, Webber & Co 

12. Dyer, Hudson & Co _ 

13. Qranberry & Co 

14. S. B. Chapin & Co 

15. Jas. H. Oliphant & Co 

16. Goodbody& Co._ 

17. Whitehouse & Co 

18. Eastman, Dillon & Co 

19. Kuhn, Loeb& Co 

20. Harris Upham& Co 

Total 



Holdings 



Number 
of shares 



20,000 
4,600 



365, 039 

258, 722 

7,000 



2,794 
7,054 
6,457 
5,400 
4,788 
4,520 
4,461 
4,125 
3,810 
3,650 
3,165 
3,035 
3,030 
2,700 
2,621 



716,971 



Value 



$102, 500 
23, 575 



1,870,825 

1, 325, 949 

35, 875 



14,319 
36, 162 
33, 092 
27, 675 
24, 538 
23, 165 
22, 863 
21.141 
19, 526 
18,706 
16, 221 
15, 564 
15, 529 
13, 837 
13,433 



3,674,475 



Percent 
of shares 
outstand- 
ing 



1.65 
.38 



30.17 

21.37 

.57 



.23 
.58 
.53 
.44 
.39 
.37 
.36 
.34 
.31 
.30 
.25 
.25 
.25 
.22 
.22 



59.19 



1026 



CONCENTRATION OP ECONOMIC POWER 

Record holders and holders having legal and 
LIGGETT & MYERS 
[Siie rank: 102. COMMON (VOTING) as of Feb. 15, 1938. Shares- 
HoLDBBs OF Record 



Name of record holder 



1. Julia W. Dula.... 

2. Joseph E. Widener <fe George D. Widener, trustees, estate of 

P. A. B. Widener, deceased 

3. Estate of William L. Klkins - 

4. Bolton & Co. (nominee for the Straight Holding Co., Ltd.) 

5. Trustees of the Duke Endowment.. - 

6. William W. Flowers - .-. 

7. City Bank Farmers Trust Co. as successor trustee for Doris 

Duke u/i May 2, 1917, with James B. Duke 

8. Guaranty Trust Co. of New York, trustee of estate of Thomas F. 

Ryanf/b/o John Barry Ryan 

9. Mrs. Annie Watts Hill 

10. Clendenin J. Ryan and Guaranty Trust Co. of New York, 

trustees u/w of Thomas F. Ryan f/b/o Clendenin J. Ryan 

11. Clendenin J. Ryan & Guaranty Trust Co. of New York, trustees 

u/w of Thomas F. Ryan f/b/o Mart T. Ryan 

12. Kordula & Co. (nominee for the City Bank Farmers Trust Co.; 

beneficiaries not disclosed) - 

13. Atwell & Co. (nominee for the United States Trust Co.; bene- 

ficiaries not disclosed) 

14. Ellis Ames Ballard & George D. Widener, trustees u/d/t of 

Eleanore Elkins Rice, Dec. 30, 1922 

15. G. W. Whitaker 

16. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

17. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) i 

18. L. C. Ledyard & L. C. Ledyard, Jr., and United States Trust 

Co. of New York, trustees u/w of Payne Whitney, deceased, 
f/b/o Helen Hay Whitney and remaindermen 

19. HarrietteM. .A.rnold -.. 

20. J. W. Andrews 



Holdings 



Total. 



Number 
of shares 



52, 120 

50,000 
28,000 
20,756 
17, 175 
14,300 

14,000 

12,960 
12,800 

10,000 

10,000 

9,659 

8,886 

8,000 
8,000 

6,724 

(1,601 



6,600 
6,400 
6,200 

300,141 



Value 



$4, 560. 500 

4, 375, 000 
2, 450, 000 
1, 816, 150 
1, 502, 812 
1, 251, 250 

1, 225, 000 

1, 134, 000 
1,120,000 

876,000 

875,000 

845, 162 

777, 525 

700,000 
700,000 

588,350 

582, 837 



568.750 
660,000 
542.500 

27, 049, 836 



Percent 
of shares 
outstand- 
ing 



6.06 

5.81 
3.26 
2.41 
2.00 
1.66 

1.63 

1.51 
1.49 

1.16 

1.16 

1. 12 

1.03 

.93 
.93 

.78 



.76 
.74 
.72 

35.93 



CONCENTRATION OF ECONOMIC POWER 



1027 



■beneficial ownership in such holdings — Continued 
TOBACCO CO. 

outstanding as of Feb. 15, 1938: 859,856. Price as of December 1937: $87^4] 
Legal and Benehcial Holders 





Holdings 


Type and name of holder 






Percent 




Number 


Value 


of shares 




of shares 


outstand- 








ing 


INDIVIDUALS, personal AND FAMILY HOLDINC, COMPANIES, TRISTS 








AND ESTATES 








1. JuJia W. Dula (now held by the estate of Julia W. Dula, de- 








ceased). - 


52.120 


$4. 560, 500 


6.06 


2. Estate of P. A. B. Widener, deceased, Joseph E. Widenerand 








Qeorge D. Widener, trustees: 








Beneficiaries: Shares 








Joseph E. Widener _ ..- 25,000 








George D. Widener 12,500 








E leanor Widener Dixon _ 1 2, 500 








Total. 50.000 


50,000 


4, 375. 000 


5.81 


3. Estate of William L. Elkins— Steele held by trust u/w of William 








L. Elkins; Land Title Bank & Trust Co., William M. Elkins 








and Qeorge D. Widener. trustees: 








Beneficiaries (the present life tenants and their interests in 








the income of the trust are as follows, each H interest): 








Stella Elkins Tyler, Louise Elkins Sinkler, William M. 








Elkins, George D. Widener, Eleanor Widener Dixon, 








George W. Elkins, Jr. 








Upon the death of the above, the principal of the trust is to 








be distributed to 12 great-grandchildren of William L. 








Elkins. If any of these are deceased at the time of the 








principal distribution, their respective children (great- 








great-grandchildren of William L. Elkins) are entitled 








to receive the proportionate interest of their parents 


28,000 


2. 450, 000 


3.26 


4. Ellis Ames Ballard and George D. Widener, trustees u/d/t of 








Eleanor Elkins Rice, Dec. 30, 1922 


8,000 


700,000 


.93 


5. Doris Duke, through City Bank Farmers Trust Co., as saccessor 




trustee u/i May 2, 1917, with James B. Duke 


14,000 


1,225,000 


1.63 


6. Mrs. Annie Watts Hill. 


12,800 


1,120.000 


1.49 


7. John Barry Ryan, through Guaranty Trust Co. of New York, 




trustee of estate of Thomas F. Ryan _ 


12,960 


1,134,000 


1.51 


8. Clendenin J. Ryan, through Guaranty Trust Co. of New York, 








and Clendenin J. Ryan, trustees u/w of Thomas Fortune Ryan 


10.000 


875,000 


1.16 


9. Mart T. Ryan, through Guaranty Trust Co. of New York, and 








Clendenin J. Ryan, trustees u/w of Thomas F. Ryan 


10,000 


875.000 


1.16 


10. L. C. Ledyard. L. C. Ledyard, Jr., and United States Trust 








Co. of New York, trustees u/w of Payne Whitney, deceased. 
Beneficiaries: Helen Hay Whitney and remaindermen 








6,500 


568.750 


.76 


11. WUliam W. Flowers 


14,300 


1,251.250 


1.66 


12. G. W. Whitaker 


8,000 
6.400 
6.200 


700.000 
560.000 
542.500 


.93 


13. Harriette M. Arnold - 


.74 


14. J. W. Andrews 


.72 


INVESTMENT TRUSTS AND INVESTMENT COMPANIES 




15. Straight Holding Co., Ltd 


20,766 


1.816,1.50 


2.41 


FOUNDATIONS 








16. Trustees of the Duke endowment 


17, 175 


1,502,812 


2.00 


BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 








17. City Bank Farmers Trust Co 


9.659 


845, 162 


1.12 


18. United States Trust Co... 


8.886 


777. 525 


1.03 


19. Central Hanover Bank & Trust Co - 


6,724 
6,661 


588,350 
582.837 


.78 


20. Bankers Trust Co --- 


.77 






Total 


30»,141 


27, 049, 836 


3S.93 







1028 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
LIGGETT & MYERS 
[Size rank: 102. COMMON, CLASS B (NONVOTING) as of Dec. 31, 1937. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 




Percent 
of shares 
outstand- 
ing 



1. Joseph E. Widener, George D. AVidener, and Peter A. B. Wide- 

ner 2d, executors and trustees of P. A. B. Widener, deceased. 

2. Siplor & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

3. Atwell & Co. (nominee for the United States Trust Co.; bene- 

ficiaries not disclosed) 

4. Julia W. Dula, trustee u/d June 25, 1935 (beneficiary, Mrs. Purl 

Parker W ightman) 

5. Sun Life Assurance Co. of Canada 

6. S. F. Tyler and the Real Estate-Land Title & Trust Co., sur- 

viving trustees u/w W. L. Elkins, deceased, present trustees 
of the estate of W. L. Elkins are- 
Land Title Bank & Trust Co. (formerly the Real Estate- 
Land Title & Trust Co.), William M. Elkins, and George 
D . W idener - 

7. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) _ 

8. Estate of William L. Elkins 

9. Julia W. Dula 

10. Mrs. Purl Parker Wightman - 

11. Nana! ine H. Duke. 

12. Guaranty Trust Co. of New York, trustee of i state of Thomas 

F. Ryan f/b/o John Barry Ryan 

13. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

14. Kelly & Co. (nominee for Guaranty Trust Co.; benef.eiaries not 

disclosed) ' 

15. Mrs. Annie Watts Hill - - 

16. L. C. Ledyard, L. C. Ledyard, Jr., and United States Trust Co. 

of New York, trustees u/w of Payne Whitney, deceased, f/b/o 
Helen Ilay Whitney and remaindermen — 

17. City Rank Farmers Trust Co. as successor trustee lOr Doris 

I^uke u/i May 2, 1917, with James B. Duke 

18 Cudd <^ Co. (nominee for Chase National Bank; beneficiaries 
not discKsed) 

19. Bolton & Co. (nominee for the Straight Holding Co.; Ltd.) 

20. Eddy & Co. (nominee for the Bankers Trust Co. beneficiaries 

not disclosed) 

Total - 



130, 000 

52,211 

43, 203 

40, 000 
34. 200 



$11,700,000 

4, 698, 990 

3, 888, 270 

3, 600. 000 
3. 078, 000 



5.71 

2.29 

1.90 

1.76 
1.50 



24, 063 


2. 165, 670 


1.06 


22,648 
20, 937 
20, 338 
19, 166 
19, 066 


2, 038, 320 
1, 884, 330 
1, 830. 420 
1,724,940 
1,715,940 


.99 
.9JJ 
.89 
.84 

.84 


17, 150 


1,543.500 


.75 


14.684 


1,321.560 


.M 


14, 386 
14,310 


1,294,740 
1,287.900 


.63 

.63 


13. 580 


1,222,200 


.60 


13, 500 


1.216.000 


.59 


13, 167 
12,112 


1,185,030 
1.090,080 


.58 
.53 


11,944 


1,074,960 


.52 


550, 665 


49, 559, 850 


24.17 



CONCENTRATION OF ECONOMIC POWER 



1029 



beneficial ownership in such holdings — Continued 
TOBACCO CO. 

Shares outstanding as of Dec. 31, 1937: 2,277,083. Price as of December 1937: $90] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDVALS, personal AND FAMILY HOLDINr. COMPANIES, TRUSTS 
AND ESTATES 

1. Julia W. Dula (now held by the estate of Julia W. Dula, de 

cea.sed ) 

2. Mrs. Purl Parker Wightman 

3. Mrs. Purl Parker Wightman, through Julia W. Dula, trustee 

u/d June25, 1935 

4. Estate of P. A. B. Widener, deceased: 

Beneficiaries- Shares 

Joseph E. Widener... 65,000 

Qeoree D. Widener. 32,500 

Eleanor Widener Dixon 32,500 

Total 130,000 

5. Estate of William L. Elkins, stock is held by trust u/w of William 

L. Elkins; Land Title Bank & Trust Co.: William M. Elkins 

and George D Widener, trustees: 
Beneficiaries — The uresent life tenants and their interests in 
the income of the trust are as follows: Interest 

.''tella Elkins Tyler ,.. ^ 

Louise Elkins Sinkler H 

William M. Elkins H 

Georee D. Widener. H 

Eleanor Widener Dixon j.^ 

George W. Elkins Jr }8 

Upon the death of the above, the principal of the trust 
is to be distributed to 12 great-grandchildren of William 
L. Elkins. If any of these are deceased at the time of the 
principal distribution, their respective children (great- 
great-grandchildren of William L. Elkins) are entitled to 
receive the proportionate interest of their parents. 

6. Nanaline H. Duke. .. 

7. Doris Duke, through City Bank Farmers Trust Co., as successor 

trustee u/i May 2, 1917, with James B. Duke 

8. Mrs. Annie Watts Hill . 

9. John Barry Ryan, through Guaranty Trust Co. of New York, 

trustee of estate of Thomas F. Ryan... 

10. L. C. Led -ard, L. C Ledyard, Jr., and United States Trust Co. 

of Nev Tork. trustees u'w of Payne Whitney, deceased: Bene- 
...laries, Helen Hay Whitney and remaindermen 

INSURANCE COMPANIES 

11. Sun Life Assurance Co of Canada 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

12. Straight Holding Co., Ltd 

BANKS, BROKERS, ETC: BENEFICIARIES NOT DISCLOSED 

13. Central Hanover Bank & Trust Co 

14. United States Trust Co... 

15. Guaranty Trust Co. of New York 

16. City Bank Farmers Trust Co 

17. Chase National Bank 

18. Bankers Trust Co... 

Total. 



Holdings 



Number 
of shares 



20,338 
19, 166 



40,000 



130.000 



45,000 



19, 066 



13, 500 
14,310 



17, 150 
13,580 

34,200 

12, 112 



52,211 
43,203 
29,070 
22,648 
13, 167 
11, 944 



550,665 



Value 



$1, 830, 420 
1, 724, 940 



3,600,000 



4, 050, 000 



1,715,940 

1,215,000 
1, 287, 900 

1, 543, 500 
1,222,200 

3, 078, 000 

1,090,080 



4, 698, 990 
3, 888, 270 
2, 616, 300 
2, 038, 320 
1, 185, 030 
1, 074, 960 



49, 559, 850 



Percent 
of shares 
outstand- 
ing 



1030 



CONCENTRATION OF ECONOMIC POWER 



[Size rank: 102. 



Record holders and holders having legal and 
LIGGETT & MYERS 
percent CUMULATIVE PREFERRED (VOTING) as of Feb. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

2. The New York Life Insurance Co 

.3. Metropolitan Life Insurance Co 

4. Mansell & Co. (nominee for United States Trust Co.; benefi- 

ciaries not disclosed)- - 

5. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

6. Fidelity-Philadelphia Trust Co., trustee of the estate of Thomas 

Dolan, deceased 

7. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

8. Griffin & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

9. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

10. Henry W. Putnam 

11. Robert Jordan, Charles K. Cobb, Wm. O. Taylor, trustees u/w 

of Eben D. Jordan (formerly Junior)..- 

12. Metropolitan Museum of Art 

13. Kane & Co. (nomir le for Chase National Bank; beneficiaries 

not disclosed) 

14. Perkins & Co. (non.mee for Commercial Trust Co. of New Jer- 

sey; beneficiaries not disclosed) 

15. v. M. Callaghan, care of treasurer's office. Swift & Co 

16. Boehm & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

17. Great American Insurance Co 

18. Knapp Securities Corporation. — 

19. Safe Deposit & Trust Co. of Baltimore and Henry Barton 

Jacobs, trustees u/w of Mary F. Jacobs, deceased 

20. Estate of Clinton White Toms, deceased, Frank L. Fuller, Sr., 

William W. Flowers, and William D. Carmichael, Sf., execu- 
tors 

21. The Union Central Life Insurance Co 

Total 



9,804 
9,300 
6,300 

5,068 

3,789 

2,489 

2,077 

1,900 

1,523 
1,440 

1,200 
1,200 

1,160 

1,099 
1,030 

1,000 
1.000 
1,000 

1,000 



1,000 
1,000 



55, 379 



.$1,617,660 
1, 534, 500 
1,039,500 

836,220 

625, 185 

410, 685 

342, 705 

313, 500 

251, 295 
237,600 

198,000 
198, 000 

191, 400 

181,335 
169, 950 

165,000 
16.5, 000 
165,000 

165, 000 



165,000 
165,000 



4.70 
4.46 
3.02 

2.43 

1.82 

1.19 

1.00 

.91 

.73 
.69 

.57 
.57 



.53 
.49 

.48 
.48 
.48 



.48 
.48 



9, 137, 535 



26.55 



CONCENTRATION OF ECONOMIC POWER 



1031 



beneficial ownership in such holdings — Continued 
TOBACCO CO. 

15, 1938. Shares outstanding as of Feb. 15, 1938: 208,741. Price as of December 1937: $165] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Estate of Thomas- Dolan, deceased, Fidelity-Philadelphia Trust 

Co., trustee: 
Beneficiaries — the following receive the income 

from the number of shares specified: Shares 

H. Yale Dolan 829?^ 

Isabella W. H. Dolan 165'M5 

Thomas Dolanlll 165>M5 

H. Hoffman Dolan 165>M» 

Isobel D. Meade 165»^6 

Brooke Dolan II 165iM5 

Rosalie Brown Dolan.. _ 207^i2 

Rose B. Dolan 207M2 

Alexandra D. Toland 207M2 

Rita D. Sellar _ 207^2 

Total-. -- 2,489 

2. Henry W. Putnam _ 

3. Robert Jordan, Charles V. Cobb, Wm. O. Taylor, trustees u/w 

of Eben D. Jordan (formerly Junior) 

4. V. M. Callsghan 

5. Safe Deposit & Trust Co. of Baltimore and Henry Barton 

Jacobs, trustees u/w of Mary F. Jacobs, deceased- 

6. Knapp Securities Corporation 

7. Estate of Clinton White Toms, deceased, Frank L. Fuller, Sr., 

William W. Flowers, and William D. Carmichael, Sr., execu- 
tors - 

INSURANCE COMPANIES 

8. The New York Life Insurance Co 

9. Metropolitan Life Insurance Co 

10. Great American Insurance Co... 

11. The Union Central Life Insurance Co - - 

ELtEMOSTNARY AND EDUCATIONAL INSTITUTIONS 

12. Metropolitan Museum of Art 

BANKS, BROKERS, ETC.; BENEFiaARIES NOT DISCLOSED 

13. United States Trust Co 

14. City Bank Farmers Trust Co 

15. Central Hanover Bank & Trust Co 

16. Chase National Bank - 

17. Commercial Trust Co. of New Jersey 

18. Bankers Trust Co 

Total-- 



Holdings 



Number 
of shares 



2,489 
1,440 

1,200 
1,030 

1,000 
1.000 

1.000 

9,300 
6,300 
1,000 
1,000 

1,200 



14, 872 
3,977 
3,789 
1,160 
1,j099 
2,523 



55, 379 



Value 



$410, 685 
237,600 

198,000 
169, 950 

165,000 
165,000 

165,000 



1, 634, 600 

1, 039, 500 

165,000 

165,000 



198,000 



2, 453, 880 
656,206 
625. 185 
191, 400 
181, 335 
416. 295 



Percent 

of shares 
outstand- 
ing 



9, 137, 535 



.57 
.49 



.48 
.48 



.48 



4.46 
3.02 
.48 
.48 



7.13 
1.91 
1.82 
.56 
.53 
1.21 



26 55 



1032 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

LOEWS 
[Size rank: 12fi. COMMON (VOTING) as of Dec. 11, 1937. Shares outstanding 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Trustees of the Massachusetts Investors Trust .-. 

2. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

3. Hall & Co. (nominee for Commercial Trust Co. of New Jersey; 

beneficiaries not disclosed) 23, 500 

4. Incorporated Investors - - - 20, 000 

5. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 17, 875 

6. Lynn & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) ._. _. 14,000 

7. Louis B. Mayer 13,890 

8. Baar Cohen & Co._ 13,650 

9. Foster Marvin & Co 13,514 

10. J. & W. SeligmanA Co _ 13.445 

11. Manufacturers Trust Co _. 12,622 

12. Brown Bros., Harriman & Co 12,543 

13. Perkins & Co. (nominee for Commercial Trust Co. of New 

Jersey; beneficiaries not disclosed) 11, 600 

14. Clark, Dodge & Co 11,399 

15. E. A. Pierce & Co 10,438 

16. Dominick & Dominick 10,016 

17. E. F. Hutton & Co.. 9,035 

18. Clooney & Co. (nominee for Fiduciary Trust Co. of New York; 

beneficiaries not disclosed) _ . 8, 794 

19. David Bernstein _. _ _ 8,680 

20. United States & International Securities Corporation 8, 100 

Total. 292.840 



$1, 395. 000 

1, 293, 255 

1, 057, 500 
900,000 

804, 375 

630,000 
625, 050 
614, 250 
608, 130 
605, 025 
567, 990 
564, 435 

522, 000 
512, 955 
469, 710 
450, 720 
406, 575 

395, 730 
390, 600 
364,500 

13, 177, 800 



1.93 
1.79 



L46 
1.25 



.87 
.86 
.85 
.84 
84 
78 
78 

.72 
.71 
.65 
.62 

.% 

.54 
.54 
.50 

18.20 



CONCENTRATION OF ECONOMIC POWER 



1033 



beneficial ownership in such holdings — Continued 
INC. 
as of Dec. 11, 1937: 1,599,053. Price as of December 1937: $45] 

Legal and Beneficial Holders 



Type and name of holder 



Holdings 







Percent 


Number 


Value 


of shares 


of shares 


outstand- 






ing 


13, 8yo 


$625,050 


0.86 


8,680 


390,600 


.54 


31,000 


1,395,000 


1.93 


M,000 


900,000 


1.25 


8,J00 


364.500 


.50 


35,100 


1, 579, 500 


2.18 


28,739 


1, 293, 255 


1.79 


17,875 


804,375 


1.11 


14,000 


630.000 


.87 


12, 622 


567,990 


.78 


8,794 


395. 730 


.54 


13,650 


614. 250 


.85 


13,514 


608, 130 


.84 


13.445 


605,025 


.84 


12,543 


564, 435 


.78 


11,399 


512. 955 


.71 


10, 438 


469, 710 


.65 


10, 016 


450.720 


.62 


9,035 


406, 575 


.56 


292,840 


13, 177, 800 


18.20 



INDIVIDUALS, PERSONAL AND FAMILY HOLOmc COMPANIES, TRUSTS 
AND ESTATES 

1. Louis B. Mayer _ 

■2. David Bernstein 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

.3. Trustees of the Massachusetts Investors Trust. . - 

4. Incorporated Investors 

.5. Lfnited States & International Securities Corporation 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

'6. Commercial Trust Co. of New Jersey 

7. Central Hanover Bank & Trust Co - 

8. Chase National Bank 

9. Guaranty Trust t^o. of New York-.- 

10. Manufacturers Trust Co 

11. Fiduciary Trust Co. of New York - 

12. Baar Cohen & Co - 

13. Foster Marvin & Co 

14. J. & W. Seligman & Co 

15. Brown Bros., Harriman & Co 

16. Clark, Dodge & Co - 

17. E. A. Peirce & Co 

18. Dominick & Dominick 

19. E. F. Hutton & Co - 

Total 



1034 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

LOEWS 
[Size rank: 129. $6.50 CUMULATIVE PREFERRED (VOTING) as of 
HOLDBBS or Recosd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

2. Blass & Co. (nominee for Chase National Bank; beneficiaries not 

disclosed) 

3. Cudd & Co. (nominee for Chase National Bank; beneficiaries not 

disclosed) - -- - 

4. Bankmont & Co. (nominee for Bank of Montreal; beneficiaries 

not disclosed) - - 

6. Wm. A. Russell & Bros 

6. Sloyan & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) -- 

7. Harley D. Hutchins -- 

8. Elkins, Morris & Co... 

9. Scott & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed) 

10. Egger & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) - - 

11. Harriman & Keech 

12. Clark, Dodge& Co 

13. English Association of American Bond & Share Holders, Ltd. . 

14. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) -. - 

16. (Mrs.) Katharine Geddes Benedict - 

16. Brooklyn Ash Removal Co., Inc 

17. Coe & Co. (nominee for Manufacturers Trust Co.; beneficiaries 

not disclosed) -- • 

18. Dominion Securities Corporation.. 

19. Sanders Investment Corporation (a holding company for Joseph 

Sanders and family) 

20. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) - - 



Total. 



3,800 

1,520 

1,417 

1,240 
1,150 

1,000 
900 
865 

800 

780 
740 
732 
700 

550 
500 
500 

500 
500 

500 



19, 192 



.$400, 900 

160, 360 

149, 493 

130,820 
121, 325 

105, 500 
94,950 
91. 257 

84,400 

82,290 
78,070 
77,226 
73, 850 

58, 025 
52, 750 
52,750 

52,750 
52,750 

52, 750 

52,539 

2,024,755 



2.7a 
1.11 

1.04 

.91 

.84 

.73 
.66 
.63 

.59 

.57 
.54 
.53 
.61 

.40 
.37 
.37 

.37 
.37 

.37 

.36 

14.06 



CONCENTRATION OF ECONOMIC POWER 



1035 



beneficial ownership in such holdings — Continued 
INC. 

Jan. 29, 1938. Shares outstanding as of Jan. 29. 1938: 136,722. Price a.s of December 1937: $105^1 
Leqal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Harley D. Hutchins 

2. (Mrs.) Katharine Oeddes Benedict 

3. Sanders Investment Corporation (a holding company for Joseph 

Sanders and family) 

OTHER COMPANIES, NONFINANCIAL 

4. Brooklyn Ash Removal Co., Inc _ 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

5. English Association of American Bond & Share Holders, Ltd 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

6. Bank of Montreal > 

7. Chase National Bank 

8. Central Hanover Bank & Trust Co... 

9. Guaranty Trust Co. of New York 

10. United States Trust Co _ 

11. Manufacturers Trust Co 

12. City Bank Farmers Trust Co 

13. Wm. A. Russell & Bros 

14. Elkins, Morris & Co. 

15. Harriman & Keech 

16. Clark, Dodge & Co 

17. Dominion Securities Corporation 

Total 



900 
500 



500 



700 



$94,950 
52.760 

52,750 



52,750 



73.850 



0.66 
.37 

.37 



.37 



5.040 


631.720 


3.69 


3,717 


392. 143 


2.72 


1,000 


105,500 


.73 


800 


84,400 


.69 


550 


58, 025 


.40 


500 


52,750 


.37 


498 


52,539 


.36 


1,150 


121, 325 


.84 


865 


91, 257 


.63 


740 


78,070 


.64 


732 


77,226 


.53 


500 


52,750 


.37 



19, 192 



2, 024, 755 



14.06 



1036 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
LONE STAR GAS 
[Size rank: 137. COMMON (VOTING) as of Nov. 22, 1937. Shares- 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Union Trust Co. of Pittsburgh and Annie Laurie Crawford 

executors of the estate of Geo. W. Crawford, deceased 

2. Fred W. Crawford, deceased, Union Trust Co. of Pittsburgh 

trustee 

3. Annie Laurie Crawford 

4 J. F. MeCandless 

5. Geo. T. Ladd 

6. D. R. Marquis_ _ _ 

7. T. B. Gregory _ _-_ 

8. H. J. Crawford _ 

9. Eastern Baptist Theological Seminary 

10. Mary C. Jefferson... 

11. Louis C. McKinney.- 

12. Olive P. Cochran 

13. Arnold Schlaet 

14. S. M. Goode ..._ 

15. Mrs. Antoinette D. Lapham.. 

16. L. B. Denning 

17. T. C. Cochran 

18. H. R. P. Miller 

19. Nell Mallory Crittenden .' 

20. Mary Weir Kerr 

Total- 



367. 201 

64,3.50 
62, 855 
53,998 
49,200 
48, 912 
44,000 
41,802 
35, 374 
31,404 
30,000 
29,275 
28,500 
26,304 
24,580 
23,752 
23, 376 
23,204 
22, 734 
21,512 



1, 052, 333 



$2, 616, 307 

458,494 
447. 842 
384, 736 
350, 550 
348, 498 
313, 500 
297. 839 
252, 040 
223, 753 
213, 750 
208, 584 
203. 062 
187, 416 
175, 132 
169, 233 
166. 554 
165, 328 
161, 980 
153, 273 



1.16- 
1.13 



.79 
.75 
.64 
.57 
.54 
.53 
.51 
.47 
.44 
.43 
.42 
.42 
.41 
.39 



7, 497, 871 



18.97 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
CORPORATION 

outstanding as of Nov. 22, 1937: 5,538,347. Price as of December 1937: $7 1/8] 
Legal and Beneficial Holders 



1037 



Type and name of holder 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. J. F. McCandless 

2. Geo. T. Ladd 

3. D. R. Marquis : 

4. Estate of Geo. W. Crawford, deceased. Union Trust Co. of 

Pittsburgh and Annie Laurie Crawford, executors: 
Beneficiaries: Shares 

Mrs. Annie Laurie Crawford 183,600).^ 

Martha Sharp Crawford 183, 6OOJ.12 

Total 367,201 

5. Annie Laurie Crawford 

6. Fred W. Crawford, deceased. Union Trust Co. of Pittsburgh, 

trustee: 
Beneficiaries: Shares 

Mrs. Fred W. Crawford 21,450 

Mrs. Catherine O. Hislop 21,450 

Mrs. Jean Hamilton 21,450 

Total 64,350 

7. H. J. Crawford 

8. T. B. Gregory 

9. Mary C. JefTerson 

10. Louis C. McKinney _. _.. 

11. Olive P. Cochran. _ 

12. T. C. Cochran 

13. Arnold Schlaet - _ 

14. S. M. Goode ._. 

15. Mrs. Antoinette 1). Lapham 

16. L. B. Denning _ 

17. H. R. P. Miller--.- _ ..... 

18. Nel 1 Mai lory Crittenden - - - . - - 

19. Mary Weir Kerr _ . - - - . . 

ELEEMOSYNARV AND EDUCATIONAL INSTITUTIONS 

20. Eastern Baptist Theological Seminary 

Total 



Holdings 



Number 
of shares 



53,998 
49,200 
48,912 



367, 201 
62, 855 



64,350 
41,802 

44,000 

31,404 

30,000 

29,275 

23, 376 

28,500 

26.304 

24,580 

23,752 

23,204 

22, 734 

21,512 



35, 374 



1,052,333 



Value 



$384, 736 
350,550 
348, 498 



2, 616, 307 
447, 842 



458,494 
297,839 

313,500 

223,753 

213, 750 

208,584 

166, 554 

203,062 

187,416 

175. 132 

169,233 

165,328 

161,980 

153. 273 



252, 040 



Percent 
of shares 
outstand- 
ing 



7, 497, 871 



6.63 
1.13 



1. Ifi 

.75 

,79 
.57 
.54 
.53 
.42 
.51 
.47 
.44 
.43 
.42 
.41 
.39 



.64 
18.97 



1038 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
LONE STAR GAS 
(Size rank: 137. 6H percent CUMULATIVE PREFERRED (CONTINGENT VOTING) as 
HoLDEBa OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percejit 
of shares 
outstand- 
ing 



T. B. Gregory - - 

H.J. Crawford 

Union Trust Co. of Pittsburgh and Annie L. Crawford, execu- 
tors of the estate of Geo. W. Crawford, deceased — ■- ^ 

Frank L. Chase --- 

R. Gaylor Morrison (nominee for trustees acting u/ d/t of Thomas 

Morpison, May 26, 1919) 

Fred W. Crawford, deceased, John H. Hislop, executor 

Edgar V. Hays (nominee for Union Savings Bank of Pittsburgh; 

beneficiaries not disclosed) 

Richard K. Mellon 

Mrs. Sarah Mellon Seaife - — 

Acly & Co. (nominee for Union Trust Co of Pittsburgh, which 

states that it owns this stock) 

Fred B. Lammers 

Miss Ruth W. Gregory 

Harry D. Conn - 

Aluminum Goods Manufacturing Co. 

Bessemer Trust Co .- 

Lockhart Iron & Fuel Co 

Mellbank Surety Corporation 

H. C. McEldowney - --- 

National Fire Insurance Co 

Hare & Co. (nominee for Peoples-Pittsburgh Trust Co.; bene- 
ficiaries not disclosed) 

Total - --- 



8,649 
4,176 

3,550 
2,500 

2. 100 
2,300 

2,239 
1,968 
1,968 

1,790 

1,250 

1,070 

1,035 

1,000 

1,000 

1,000 

960 

700 

650 

618 



467. 712 

397,600 
280,000 

268. 800 
2.'i7, 600 

250, 768 
220, 416 
220.416 

200,480 
140,000 
119.840 
115,920 
112,000 
112,000 
112,000 
107, .520 
78,400 
72,800 

69, 216 



10.84 
5.23 

4.45 
3.13 

3.01 
2.88 

2.81 
2.47 
2.47 

2.24 
1.57 
1.34 
1.30 
1.25 
1.25 
1.25 
1.20 
.88 
.81 

.77 



40,823 



4, 572, 176 



51.15 



CONCENTRATfON OF ECONOMIC POWER 

benc£cial ownership in such holdings — Continued 
COHPORATION 

of Jan . 19, 1938. Shares outstanding as of Jan. 19, 1038: 7ft,776. Price as of December 1937: $112] 
Legal and Beneficial Holdkbs 



1039 



Type and name of holder 



INDIVIDUALS, personal AND FAMILY BOLDING COMPANIES, TRUSTS 
AND ESTATES 



1. Frank L. Ctoase. 



2. Trustees u/d/t of Thomas Morrison, May 26, 1919: 

Beneficiaries — Each of the foUowing has a like interest in the 
income in proportion to the resi)ective holdings: Shares 

R. G. Morrison 400 

Mrs. Bessie M. McKelvy 400 

Mrs. Louise M. Murray 400 

Helen B. Morrison .- 400 

Mrs. QaU M. Kerr 400 

Thomas Morrison, Jr 400 



Total.- 2,400 

3. Fred H. Lammers... 

4. Harry D. Conn 

5. H. C. McEldowney 

6. T. B. Gregory. 



7. Miss Ruth W. Gregory. .. 

8. Richard K. Mellon-. 

9. Mrs. Sarah Mellon Scaife. 



Holdings 



Number 
of shares 



10. H. J. Crawford 

11. Estate of Geo. W. Crawford, deceased. Union Trust Co. of 

Pittsburgh, and Annie Laurie Crawford, executors: 
Beneficaries: Skaret 

Mr?. Aonle Laurie Crawford 1,775 

Martha Sharp Crawford (minor) 1,775 



Total. 3,550 

12. Estate of Fred W. Crawford, deceased, John H. Hislop, executor 

OTHER CORPORATIONS, NONFINANCUL 

13. Aluminum Goods Manufacturing Co 

14. Lockhart Iron & Fuel Co 



INSURANCE COMPANIES 

15. Mellbank Surety Corporation: 

Owned by — Percent 

Sarah Mellon Scaife. 25 

Richard K. Mellon. 25 

A. W. Mellon.. 2 

Union Trust Co. of Pittsburgh, trustee u/d/t A. W. 
MeUon, Dec. 28, 1934 48 

Total 100 

16. National Fire Insurance Co 



BANKS AS BENEFICIAL HOLDERS 

17. Union Trust Co. of Pittsburgh. 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

18. Union Savings Bank of Pittsburgh (Union Trust Co. of Pitts- 

burgh owns 98.39 percent of stock of Union Savings Bank of 
Pittsburgh) 

19. Bessemer Trust Co 

20. Peoples-Pittsburgh Trust Co 



Total. 



2,500 



2,400 

1,250 

1,035 

700 

8,649 
1,070 

1,968 
1,968 

4,176 



3,550 
2,300 



1,000 
1,000 



960 
650 



1,790 



2,239 

1,000 

618 



40,823 



Value 



$280,000 



268,800 

140,000 

115,920 

78,400 

908,688 
119,840 

220,416 
220,416 

467,712 



397,600 
257,600 



112,000 
112,000 



107, 520 
72.800 



200,480 



250, 768 
112,000 
69. 216 



Percent 
of shares 
outstand- 
ing 



4, 572, 176 



3.13 



3.01 
1.57 
1.30 

.88 

10.84 
1.34 

2.47 
2.47 

5.23 



4.45 
Z88 



1.25 
1.26 



1.20 
.81 



2.81 
L25 
.77 



51.15 



268445 — 41— No. 29- 



-67 



1040 



CX>NOENTRATION OF EC50N0MIC POWER 



Record holders and holders having legal and 

LONG ISLAND 
[Stee rank: 136. COMMON (VOTING) as of Dec. 31, 1937. Shares 
Holders or Recobd 



Name of record bolder 



Holdings 



Number 
of shares 




Percent 
of shares 
outstand- 
ing 



1. Ellis L. Phillips (Ellis L. Phillips reported on Apr. 29, 1940, that 

he had an interest, through E. L. Phillips & Co., in 4,076.50 
common shares, and through PhiUips Engineering Corpora- 
tion (100 percent owned by Laurimore Corporation),, an inter- 
est in 10,337.12 shares; Ins proportionate interest in E. L. 
PhilUps & Co. is not known, but his interest In Phillips 
Engineering Corporation (through Laurimore Corporation) is 
97.52 percent; hence, PhiUips Engineering Corporation held a 
total of 10,600 shares) 

2. The United Gas & Electric Corporation 

3. George W. Olmsted.. 

4. Eversley Childs 

6. Mrs. Mary S. Childs 

6. Laurimore Corporation (holding company for the Phillips 

family) 

7. WilUam W. Stewart : 

8. Eastern Seaboard Securities Corporation (a holding company 

for the Phillips and Olmsted families) 

« CommCTcial Trust Co. of New Jersey, trustee u/d/t of George 

Welch Olmsted, Nov. 19, 1931 (hfe beneficiary, Mrs. Iva C. 

Olmsted) 

M). Commercial Thist Co. of New Jersey, trustee u/d/t of George 

Welch Olmsted, Nov. 20, 1931 (life beneficiary, Mrs. Iva C. 

Olmsted) i-., 



373, 082 
202,841 
190,600 
170,400 
158,500 

127, 510 
113,200 

85. 770 



80,000 
80,000 



$652, 893 
354, 972 
333, 550 
298.200 
277, 375 

223, 142 
198, 100 

150,098 



140,000 
140,000 



12.44 
6.76 
6.35 
5.68 
6.28 

4.25 
3.77 

2.86 



2.67 
2.67 



CONCENTRATION OF ECONOMIC POWER 



1041 



beneficial ownership in such holdings — Continued 
LIGHTING CO. 

out8tandinr«a of Dec. 31, 1937: 3,000,000. Price as of December 1937: $1|] 
Legal anv BeMKficial Holders 



Type and name of holder 



Holdings 




Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. William W. Stewart 



KUis Laurimore Phillips. 

Ellis Laurimore Phillips, through E. L. Phillips & Co 

Laurimore Corporation, a holding company, the stock of 
which is owned by — Percent 

Ellis Laurimore PhUlips-. - 97. 52 

(Mrs.) K. S. PhiUips 2.40 

Others 08 



Total 

6. Laurimore Corporation, through Phillips Engineering 
tion (100 percent owned by Laurimore Corporation). 
6. Eastern Seaboard Securities Corporation: 
Owned by — 

Ellis Laurimore Phillips 

Kathryn S. Phillips _ 

Laurimore Corporation (holding company for 

the Phillips family) 

Eddy E. Foster 

Delaware Olmsted Co. (holding company for 

the Olmsted family) 

Robert O. Olmsted 

George W. Olmsted 



.. 100.00 
Corpora- 



Percent 

0.1354 

.2462 

49. 4952 
.2462 

49. 8646 
.0074 
.0050 



Total 100 0000 

7. George W. Olmsted (died Jan. 15, 1940; now held by his estate;. 

8. (Mrs.) Iva C. Groves Olmsted, through Commercial Trust Co. 

of New Jersey, trustee u/d/t of George Welch Olmsted, Nov. 
19, 1931. ._. 

9. (Mrs.) Iva C. Groves Olmsted, through Commercial Trust Co. 

of New Jersey, trustee u/d/t George Welch Olmsted, Nov. 20, 
1931... 

10. Robert Groves Olmsted 

11. Delaware Olmsted Co.: 

Owned by — 

(Mrs.) Iva C. Groves Olmsted (life beneficiary 
only) through Commercial Trust Co. of New 
Jersey, trustee under 4 trust agreements made 
by George Welch Olmsted dated— Percent 

Oct. 29, 1931 - 19.15 

Oct. 30, 1931 19.15 

Nov. 19, 1931... 12.77 

Nov. 20, 1931 -. 12.77 

Robert Groves Ohnsted... 14.09 

Through Warren National Bank, trustee for 
Robert Groves Olmsted u/a July 30. 1938. . 3. 99 

Elizabeth 01m.sted Wakefield 14. 09 

Through Warren National Bank, trustee for 
Elizabeth Olmsted W^efield u/a July 30, 
1938 3.99 



Total 100.00 

12. Eversley Childs 

13. (Mrs.) Mary S. ChUds - 

14. Eversley Childs, Jr_ 

15. Eversley Childs, Jr., through Central Union Trust Co. and 

Eversley Childs, Jr., substitute trustees u/a/w Eversley 

Childs 

Catherine S. O. Childs, through Eversley Childs, Jr., surviving 
trustee u/t/i and Central Hanover Bank & Trust Co., successor 
trustee under supplementary indenture made by Eversley 
Childs 



16 



17. (Mrs.) Ida M. Rogers. 



113,200 

373, 082 
4,076 



127, 610 
10,600 



85,770 
190,600 



80,000 



80,000 
31,200 



76,400 
170, 400 
158,500 

58,100 



25,400 
59,400 



$198, 100 

652, 893 
7,133 



223,142 
18,550 



150,098 
333, 550 



140,000 



140,000 
54,600 



131,950 
298,200 
277, 375 
101, 675 



44,450 



44,450 
103, 950 



3.77 

12.44 
.14 



4.25 
.3& 



2.8S 
6.36 



2.67 
L04 



2.51 
5.68 
6.2S 
1.04 



.85 



.86 
l.OS 



1042 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

LONG ISLAND 
(Size rank; 136. COMMON (VOTINO) as of Dec. 31, 1937. Shares 
Holders or Recobd 



Name of record holder 



Holdings 



Number 
Of shares 



Value 



Percent 
of shares 
outstand- 
ing 



11. Delaware Olmsted Co., (a holding company for the Olmsted 

family) 

12. Mrs. Ida M. (Rogers 

13. Eversley Childs, Jr.. 

14. United Qas <t Electric Co _ 

15. W. C. Langley &Co _ 

16. Empire Power Corporation 

17. Robert G. Olmsted 

18. The Salvation Army, Inc _ 

19. Central Union Trust Co. and £veF8ley CbDds, Jr., substitute 

trustees for Eversley Childs, Jr., u/a/w Eversley Childs 

20. Eversley Childs, Jr., surviving trustee u/t/i and Central Han- 

over Bank & Trust Co., successor trustee under supplemen- 
tary indenture made by Eversley Childs for Catherine S. O. 
ChUds 

Subtotal 

Total legal and beneficial holdings not included above 

Total 



75; 400 
59,400 
58,100 
40,900 
38,210 
37, 570 
31,200 
27,000 

25,400 



25,400 



$131,950 
103, 950 
101, 675 
71, 575 
66,868 
65, 748 
54,600 
47,250 

44,450 



44,450 



2.51 
1.98 
1.94 
1.36 
1.27 
1.25 
1.04 
.90 

.85 



.85 



2, 000, 483 
14,676 



3, 500, 846 
25,683 



66.68 
.40 



2, 015, 169 



3, 626, 529 



67.17 



CONCENTRATION OF ECONOMIC POWER 



1043 



beneficial ownership in such holdings — CoDtinued 
LIGHTING CO.— Continued. 

outstanding as of Dec. 31, 1937: 3,000,000. Price as of December 1937: $18]. 
Legal and BENnnciAL Holdebs 



Type and name of holder 



OTHER CORPORATIONS, NONFINANCIAL 

18. Empire Power Corporation, a utility holding company, the 
stock pf which was held by- 



Delaware Olmsted Co. (holding 
company for Olmsted family) 

Robert Q. Olmsted (preferred held 
through Warren National Bank 
and G. W. Olmsted, trustees) 

George W. Olmsted (since deceased). 

(Mrs.) Iva C. Olmsted 

Elizabeth Olmsted Wakefield 
(through Warren National Bank 
and O. W. Olmsted, trustees) 

Eastern Seaboard Securities Cor- 
poration (holding company for 
Olmsted and Phillips families) 

Laurimore Corporatjon (holding 
company for Phillips family) 

E. L. Phillips & Co. (holding com- 
pany for Phillips family) 

(Mrs.) Kathryn S. Phillips 

Ellis Laurimore Phillips... 

The United Gas & Electric Corpo- 
ration (subsidiary of Empire 
Power Corporation).- 

United Gas & Electric Co. (subsid- 
iary of The United Gas & Electric 
Corporation) 

Empire Investment Corporation 
(subsidiary of Empire Power Cor- 
poration) 

Central New York Utilities (sub- 
sidiary of United Gas & Electric 
Corporation) 

S. W. Childs family 

General Electric Employees Secu- 
rities Corporation (100 percent 
owned by General Electric Co).... 



Subtotal - 
Others 



Total. 



Common 



Percent 
44. 0976 



.0002 
.0003 



11.7847 
44. 1166 



99.9996 
.0004 



Partic- 
ipating 



Percent 
5.47 



16.28 
6.25 
2.00 



Preferred 



Percent 



0.97 



.58 



1.34 
1.41 



4.45 
35.51 
9.55 



11.43 
8.48 



79.51 
20.49 



1.88 
7.87 



41.18 
58.82 



100.0000 



100.00 100.00 



For further details on ownership of Empire Power Corporation, see 
this appendix, sec. II 



Holdings 



Number 
of shares 




37, 570 



Percent 
of shares 
outstand- 
ing 



$65, 748 



1.26 



1044 CONCENTRATION OF ECONOMIC POWER 



CONCENTRATION OF ECONOMIC POWER 



1045 



Record holders and holders having legal and beneficial ownership in such holdings — 

Continued 

LONG ISLAND LIOHTINQ CO.— Continued 

[Size rank: 136. COMMON (VOTING) as of Dec. 31, 1937. Shares outstanding as of Dec. 31, 1937: 

3,000,000. Price as of 1937: $1|) 

Holders of Record 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


OTHER CORPORATIONS, NONnNANQAL— Continued 

19. The United Gas & Electric Corporation, a utility holding com- 
pany, controlled through ownership of common stock by 
Empire Power Corporation (for further details on stock- 
holders of The United Gas & Electric Corporation, see this 
appendix, sec. II) 


202,841 

40,900 

27,000 
38,210 


$354, 972 

71, 575 

47,250 
66,868 


6 76 


20. United Gas & Electric Co., a utility holding company, the stock 

of which, as of Dec. 31, 1937, was held by — Percent 

Common: The United Gas & Electric Corporation. 99. 989 

George W. Olmsted .003 

Robert G. Olmsted.. 003 

Russell F. Van Doom 002 




Ellis Laurimore Phillips.. 003 








Total -. 100.000 




Preferred: The United Gas & Electric Corporation. 39.362 
Laurimore Corporation (holding com- 
pany for PhUlips) . . . 3. 587 




LiUianH. Crocker 1.397 

Louis J. Kolb and Emanuel Kolb, 

trustees u/w of Sarah E. Kolb 1.672 

John J. Hubbard 2.500 

John A. McKenna 945 




Subtotal 49.463 

225others 50.537 








Total.. 100.000 

(For further details on ownership see this appendix, sec. 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

21. The Salvation Army, Inc 

BANKS, BROKERS, ETC.; BENEFiaARIES NOT DISCLOSED 

22. W. C. Langley & Co 


1.36 

.90 
1.27 






Total-- - 


2,015,159 


3,626,629 


67.17 







1046 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

LONG ISLAND 
[Size rank: 136. 7 percent CUMULATIVE PREFERRED, SERIES A (NONVOTING) 
Holders or Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



10, 



Empire Power Corporation 

Jaxon Corporation 

Potter Realty Corporation _ 

Phillips Engineering Corporation (100 percent owned by Lauri- 

more Corporation which owns dirtectly 13 shares) 

Arthur Williams, Edward T. Williams, administrators cum 

testamento Annexo 

Ellis P. Earle 

Harold T. Munroe -. _ — 

J. Russell Sprague and Marvin P. Doughty, executors of the 

estate of G. Wilbur Doughty, deceased 

Walter S. Calderwood 

Guaranty Trust Co. of New York, trustee u/a, Oct. 14, 1929, 

made by Rene Leon and Marion S. Leon for their benefit 

Herbert M. Case ■-- 

Bankmont & Co. (nominee for Bank of Montreal; beneficiaries 

not disclosed) - - 

Mrs. Marie G. Bolingbroke 

Guaranty Trust Co. of New York, trustees u/d/t for the time 

being in the United States of the Standard Marine Insurance 

Co., Ltd - 

Filor, Bullard & Smyth 

Julius Holz -- 

Mrs. Clara W. Lott 

John H. T/Ove .- 

Geckrge C. Raynor — 

H. A. Whitten & Co. (nominee for Chemical Bank & Trust Co.; 

beneficiaries not disclosed) 

Subtotal- 

Total legal and beneficial holdings not included above 

Total— -- 



1,026 
500 
500 

440 

400 
365 
350 

330 
320 

310 
305 

300 
300 



300 
300 
300 
300 
250 
250 



7,391 
13 



$38,988 
19,000 
19,000 

16,720 

15,200 
13, 870 
13,300 

12,540 
12,160 

11,780 
11,590 

11,400 
11,400 



11,400 
11,400 
11.400 
11,400 
9,500 
9,500 

9,310 



280, 858 
494 



1.37 
.67 
.67 



.53 
.49 
.47 

.44 
.43 

.41 
.41 

.40 
.40 



.40 
.40 
.40 
.40 
.Z\i 
.33 

.33 



7,404 



281, 352 



9.89 



CONCENTRATION OF ECONOMIC POWER IO47 

beneficial ownership in such holdings — Continued 
LIGHTING CO. 

as of Dec. 15, 1937. Shares outstanding as of Dec. 15, 1937: 74,750. Price as of December 1937: $38] 
Legal and Benehcial Holdebs 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1 . Jaxon Corporation _ - 

2. Potter Realty Corporation 

3. Arthur Williams and Edward T. Williams, administrators cum 

testamento annexe _ _ . 

4. Lauriraore Corporation (a holding company for Phillips family; 

for details on ownership see information given under common 
stock, supra) 

5. Laurimore Corporation through Phillips Engineering Corpora- 

tion (100 percent owned by Laurimore Corporation) 

6. EUis P. Earle 

7. Harold T. Munroe - 

8. Estate of O. Wilbur Doughty, deceased, executors J. Russell 

Sprague and Marvin P. Doughty 

9. Walter S. Calderwood.___ 

10. Rene Leon and Marion S. Leon through Qjiaranty Trust Co., 

trustee u/a Oct. 14, 1929 made by Rene and Marion S. Leon., 

11. Herbert M. Case 

12. Mrs. Marie Q. Bolingbroke - 

13. Julius Holz _ 

14. (Mrs.) Clara W. Lott 

15. John H. Love.- _ -. 

16. George C. Raynor 

OTHER CORPORATIONS, NONFINANCIAL 

17. Empire Power Corporation (a utility holding company; for de- 

tails on ownership see information given under common stock, 
supra) — 

INSURANCE COMPANIES 

18. Standard Marine Insurance Co., Ltd., through Guaranty Trust 

Co. of New York, trustee u/d/t for the time being in the United 
States - -- 

BANKS, BROKERS, ETC.; BENEnCIARIES NOT DISCLOSED 

19. Bank of Montreal.. .-- 

20. Chemical Bank & Trust Co - 

21. Filor, Bullard & Smyth - 

Total — - 



Holdings 



Number 
of shares 



500 
500 

400 



300 



300 
245 
300 



7,404 



Value 



519,000 
19.000 



15,200 



440 


16, 720 


.59 


365 


13,870 


.49 


350 


13,300 


.47 


330 


12,540 


.44 


320 


12, 160 


.43 


310 


11,780 


.41 


305 


11, 590 


.41 


300 


11,400 


.40 


300 


11.400 


.40 


300 


11,400 


.40 


250 


9,500 


.33 


250 


9,500 


.33 



11,400 



11.400 
9,310 
11,400 



281, 352 



Percent 
of shares 
outstand- 
ing 



0.67 
.67 



.40 



.40 
.33 
.40 



9.89 



1048 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
LONG ISLAND 
[Size rank: 136. 6 percent CUMULATIVE PREFERRED, SERIES B (NONVOTING) as of 
Holders of Recoed 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



The Delaware & Hudson Co - 

Max C. Fleischmann 

John Hancock Mutual Life Insurance Co 

Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

Eleanor A. Campbell. --, 

Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

Yale University _ 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

Amoskeag Co 

Charles K. Cobb, William O. Taylor, and E. Gerry Chadwick 

as trustees u/w of E ben D . Jordan (formerly Junior) 

William L. O'Connor 

Old Colony Investment Trust by order of John M. Eustis...-. 

Standard Insurance Co. of New York 

Tokio Marine & Fire Insurance Co., Ltd 

National Life Insurance Co 

Central Hanover Bank & Trust Co. and Francis T. Nichols as 

trustees u/w William R. Nichols, Jr., deceased, for Rose T. 

Nichols -•- 

H. D. Hutchins as trustee u/d/t June 19, 1914, made by H. D. 

Hutchins - 

W. C Laneley & Co-_. 

Brown Bros.. Harriman & Co. - 

William E. Foster -.. - 

Total — 



2,500 
2,000 
2,000 

1,684 
1,536 

1,310 
1,100 

1,058 
1,000 

1,000 
1,000 
1,000 
1,000 
1,000 
930 



800 

800 
783 
711 
700 



$75,000 
60,000 
60,000 

60,520 
46, 080 

39,300 
33,000 

31,740 
30,000 

30,000 
39,000 
30,000 
30,000 
30,000 
27, 900 



24,000 

24,000 
23,490 
21, 330 
21,000 



1.40 
1.12 
1.12 

.94 
.86 

.73 
.61 

.59 
.56 

.56 
.56 
.56 
.66 
.56 
.52 



.45 

.46 

.44 
.40 
.39 



23,912 



717, 360 



13.38 



CONCENTRATION OF ECONOMIC POWER 
beneficial orvnership in such holdings — Continued 

LIGHTING CO. 

Dec 15, 1937. Shares outstanding as of Dec. 15, 1937: 179,123. Price as of December 1937: $30] 
Legal and BENEnaAL Holders 



1049 



Type and name of bolder 



Holdings 



Number 
of sbares 



Value 



Percent 
of shares 
outstand- 
ing 



individua;,s, peesonax and family holding companies, teusts 
and estates 

1. Max C. Fleischmann 

2. Eleanor A. Campbell 

3. Charles K. Cobb, WUliam O. Taylor, and E. Gerry Chad- 

wick, trustees u/w of Eben D. Jordan (formerly Junior) 

4. William L. O'Connor 

6. Rose T. Nichols through Central Hanover Bank & Trust Co. 
and Francis T. Nichols, trustees u/w of William R. Nichols, 
Jr., deceased 

6. H. D. Hutchins, trustee u/d/t June 19, 1914, made by H. D. 

Hutchins— 

7. William E. Foster 

OTHER CORPORATIONS, NONFINANCIAL 

8. Delaware & Hudson Co 

INSURANCE COMPANIES 

9. John Hancock Mutual Life Insurance Co 

10. Standard Insurance Co. of New York 

11. Tokio Marine & Fire Insurance Co., Ltd 

12. National Life Insurance Co 

INTESTMENT TRUSTS AND INVESTMENT COMPANIES 

13. Old Colony Investment Trust by Order of John M. Eustis 

14. Amoskeag Co 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

16. Yale University 

BANKS, BROKERS, ETC. BENEFiaARIES NOT DISCLOSED 

16. City Bank Farmers TrustCo 

17. United States Trust Co. 

18. Central Hanover Bank & Trust Co 

19. W. C. Langley & Co 

20. Brown Bros., Harriman & Co 

Total 



2,000 
1,536 



1,000 
1,000 



800 
700 



2,000 

1.000 

1,000 

930 



1,000 
1,000 



1,100 



1,684 

1,310 

1,058 

783 

711 



$60,000 
46,080 

30,000 
30,000 

24,000 

24,000 
21,000 

75,000 



60,000 
30,000 
30,000 
27,900 



30,000 
30,000 



33,000 



50,520 
39,300 
31, 740 
23,490 
21, 330 



1.12 
.86 

.56 
.56 

.46 

.45 
.39 



1.40 



1.12 
.66 
.66 
.62 



.66 
.66 



.94 
.73 
.69 
44 
.40 



23,912 



717,360 



13.38 



1050 



CONCENTRATION OF ECONOMIC POWER 

Record holders arid holders having legal and 

LOUISVILLE & NASHVILLE 
[Size rank: 44. COMMON (VOTING) as of Jan. 31, 1038. Shares 
Holders or Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. The New York Trust Co., trustee under collateral trust inden- 

ture Nov. 1, 1902. made by Atlantic Coast Line Railroad Co... 

2. Sigler & Co. (nominee for (Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

3. J. & W. Seligman & Co. 

4. MaatschappiJ tot Bebeer van bet AdminLstratiekantoor van 

Amerikaansche Spoorwegwaarden Opgerlcht door Wertheim 

& Qompertz, Westendorp & Co., en F. W. O'ewel, N. V 

6. Green Estate. Inc 

6. Continental Insurance Co 

7. Fidelity-Phenix Fire Insurance Co. of New York 

8. The Franklin Fire Insurance Co. of Philadelphia 

9. Niagara Fire Insurance Co 

10. Commonwealth Fund 

11. The Home Insurance Co i 

12. The Travelers Insurance Co 

13. Adolph D. Williams 

14. James Capel & Co _ ■ 

15. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

16. Isaac Davenport : 

17. Lehman Bros 

18. Wrenn Bros. & Co. 

19. Ralph C. Carey (nominee for Scottish American Investing Co., 

Ltd.) 

20. Estate of D. K. Stewart 

Total ■ 



596,700 

10,788 
6,894 



6,043 
5,038 
5,000 
5,000 
5,000 
5,000 
4,500 
4,500 
4,000 
3,850 
3,840 

3,593 
3,200 
3,200 
3,110 

3,000 
2,900 



$30,431,700 

550,188 
351, 694 



308, 193 
256, 938 
255,000 
255,000 
255,000 
255,000 
229,500 
229,500 
204,000 
196, 350 
195,840 

183, 243 
163,200 
163,200 
158, 610 

153,000 
147,900 



51.00 



.92 
.59 



.52 
.43 
.43 
.43 
.43 
.43 
.39 
.39 
.34 
.33 
.33 

.31 
.27 
.27 
.27 

.26 
.25 



685, 156 



34, 942, 956 



58.50 



CONCENTRATION OP ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

PAILROAD CO. 

outstanding as of Jan. 31, 1938: 1,168,620. Price as of December 1937: $61] 
Legal and BENznciAt Holders 



1051 



Type and name of holder 



INDIVroUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Green Estate, Inc 

2. Adolph D. WiUiams 

3. Isaac Davenport - 

4. Estate of D. K. Stewart.. : 



CORPORATIONS, PARENT AND SUBSIDIARY 

6. Atlantic Coast Line R. R. Co. (parent of the Louisville & Nash- 
ville R. R. Co.; this stock is pledged with the New York Trust 
Co., trustee under a collateral trust indenture of Nov. ], 1902). 

INSUBANCE COMPANIES 



6. Continental Insurance Co 

7. Fidelity-Phenix Fire Insurance Co. of New York. 

8. The Franklin Fire Insurance Co. of Philadelphia . 

9. Niagara Fire Insurance Co 

10. The Home Insurance Co 

11. The Travelers Insurance Co 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

12. Maatschappij tot Beheer van het Administratiekantoor van 

Amerikaansche Spoorwegwaarden Opgericht doof Wertheim 
& Qompertz, Westendorp & Co., en F. W. Oewel, N. V 

13. Scottish American Investing Co., Ltd. 



FOUNDATIONS 

14. Commonwealth Fund (Harkness).. 

BANKS, BROKERS, ETC., BENEFICIARIES NOT DISCLOSED 

15. City Bank Farmers Trust Co. 

16. Central Hanover Bank & Trust Co 

17. J. & W. Seligman & Co 

18. James Capel & Co.. 

19. Lehman Bros.. 

20. Wrenn Bros. & Co - 



Total. 



Holdings 



Number 
of shares 



6,038 
3,850 
3,200 
2,900 



596,700 



5,000 
5,000 
5,000 
5,000 
4,500 
4,000 



6,043 
3,000 



4,500 



3,693 
10,788 
6,894 
3,840 
3,200 
3.110 



Value 



$256,938 
196,360 
163,200 
147,900 



30, 431, 700 



265,000 
255,000 
265,000 
265,000 
229,500 
204,000 



308,193 
153.000 



229,500 



183,243 
550,188 
351. 594 
195,840 
163,200 
158, 610 



Percent 
of shares 
outstand- 
ing 



686, 156 34. 942, 966 



0.43 
.33 
.27 
.26 



.43 
.43 
.43 
.43 
.39 
.34 



.52 
.26 



.39 



.31 
.92 
.69 
.33 
.27 
.27 



68.69 



1052 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

R. H. MACY 
[Size rank: 161. COMMON (VOTING) as of Jan. 14, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Percy S. Straus 

2. Jesse Isidor Straus (deceased, held by his estate) 

3. Robert Kenneth Straus 

4. Irma N. Straus 

5. PercvS. Straus, Jr 

6. Edith Abraham Straus, Ralph Isidor Straus, and Percy S. 

Straus, trustees f/b/o Edith Abraham Straus u/d/t, Aug. 5, 
1935 

7. Ralph I. Straus 

8. H. Wendell Endicott and Edw. K. Straus, trustees u/w Herbert 

N. Straus, deceased, f/b/o estate of Herbert N. Straus 

fl. Irma N. Straus, Beatrice Straus Levy, Jack Isidor Straus and 
Robert K. Straus as trustees u/w Jesse Isidor Straus, deceased, 
f/b/o Irma N. Straus 

10. Beatrice S. Levy 

11. Beatrice S. Levy, Jack Isidoi Straus, Robert K. Straus as trus- 

tees f/b/o Irma N. Straus u/d/t Aug. 5, 1935 

12. Edith Abraham Straus, Ralph Isidor Straus and Percy S. Straus, 

trustees f/b/o Donald Straus u/d/t Aug, 5, 1935 , 

13. Therese 'S.. Straus, H. Wendell Endicott, and Edw. K. Straus, 

trustees u/w Herbert N. Straus, deceased, f/b/o John Wendell 
Straus 

14. Evans Stillman & Co 

15. H. Wendell Endicott and Therese K. Straus, trustees u/w 

: Herbert N. Straus, deceased f/b/o Edw. K. Straus 

16. H. Wendell Endicott, trustee u/w Herbert N. Straus, deceased 

f/b/o Therese K. Straus. _ 

17. Therese K. Straus, H. Wendell Endicott and Edw. K. Straus, 

trustees u/w Herbert N. Straus, deceased, f/b/o Oliver Herbert 
Straus 

18. Edw. K. Straus 

19- H, .Wendell Endicott and Therese K. Straus, trustees u/w 

Herbert N. Straus, deceased, f/b/o John Wendell Straus 

20. H. Wendell Endicott and Therese K. Straus, trustees u/w 
Herbert N. Straus, deceased, f/b/o Oliver Herbert Straus 

TotaL 



192, 605 
68,971 
35,240 
32, 933 
30, 875 



27,500 
27, 330 

26, 500 



25,000 
23,281 

20,395 

19,800 

18,400 
18, 365 

18,000 

18,000 

17,000 
16,040 

13,500 

12,000 



$5, 007, 730 

1, 793, 246 

916,240 

856, 258 

802,750 



715,000 
710, 580 

689,000 



650,000 
605, 306 

530, 270 

514, 800 

478, 400 
477, 490 

468,000 

468,000 

442,000 
417,040 

351,000 

312,000 



11.60 
4.15 
2.12 
1.9S 
1.86 



1.65 
1.64 



1.59 



1.50 
1.40 



L22 
1.19 



1.10 
1.10 



1.08 
1.08 



1.02 
.96 



.81 
.72 



661,736 



17, 205, 110 



39.77 



CONCENTRATION OF ECONOMIC POWER 



1053 



beneficial ownership in such holdings — Continued 
& CO., INC. 

outstanding as of Jan. 14, 1938: 1,654,818. Price as of December 1937: 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUAIS. personal AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Percy S. Straus --- - -. 

2. Edith A. Straus, through Edith A. Straus, Ralph Isidor Straus, 

and Percy S. Straus, trustees u/d/t Aug. 5, 1935 

3. Percy S. Straus, Jr 

4. Ralph I. Straus 

5. Donald Straus, through Edith A. Straus, Ralph Isidor Straus, 

and Percy S. Straus as trustees u/d/t Aug. 5, 1935 

6. Estate of Jesse Isidor Straus, deceased 

7. Irma N. Straus 

8. Irma N. Straus, through Irma N. Straus, Beatrice Straus Levy, 

Jack Isidor Straus, and Robt. K. Straus as trustees u/w Jesse 
Isidor Straus, deceased 

9. Irma N. Straus, through Beatrice S. Levy, Jack Isidor Straus, 

Robert K. Straus as trustees u/d/t Aug. 5, 1935 

10. Robert Kenneth Straus.- 

11. Beatrice S. Levy .- 

12. Estate of Herbert X. Straus, deceased, H. Wendell Endicott and 

Edw. K. Straus, trustees.. 

13. Therese K. Straus, through H. Wendell Endicott, trustee u/w 

Herbert N. Straus, deceased 

14. Oliver Herbert Straus, through Therese K. Straus, H. Wendell 

Endicott, and Edw. K. Straus, trustees u/w Herbert N. Straus, 
deceased 

15. Oliver Herbert Straus, through H. Wendell Endicott and 

Therese K. Straus, trustees u/w Herbert N. Straus, deceased. 

16. John Wendell Straus, through Therese K. Straus, H. Wendell 

Endicott, and Edw. K. Straus, trustees u/w Herbert N. Straus, 
deceased - 

17. John Wendell Straus, through H. Wendell Endicott and Therese 

K. Straus, trustees u/w Herbert N. Straus 

18. Edw. K. Straus --- 

19. Edw. K. Straus, through H. Wendell Endicott and Therese K. 

Straus, trastees u/w Herbert N. Straus, deceased 

BANTJS, BROKERS, ETC.; BENEFiaARIES NOT DISCLOSED 

20. Evans Stillman & Co -- 

Total 



Holdings 



Number 
of shares 



192, 605 

27,500 
30, 875 
27,330 

19,800 
68,971 
32, 933 



25,000 

20,395 
35, 240 
23,281 

26,500 

18,000 

17,000 
12,000 

18,400 

13,500 
16,040 

18,000 



18, 365 



661, 735 



Value 



$5, 007, 730 

715,000 
802,750 
710, 580 

514, 800 

1, 793, 246 

856. 258 



650,000 

530, 270 
916, 240 
605,306 

689,000 

468,000 

442,000 
312,000 

478, 400 

351,000 
417,040 

468,000 



477, 490 



17,205,110 



Percent 
of shares 
outstand- 
ing 



11.60 

1.66 
1.86 
1.64 

1.19 
4.15 
1.98 



1.50 

1.22 
2.12 
1.40 

1.59 

1.08 

L02 
.72 



1.08 



1.10 
39.77 



1054 



CONCENTRATION OF ECONOMIC POWER 

Record holdert and holders having legal and 

MARSHALL 
(Sice rank: 173. COMMON (VOTING) as of Mar. 21, 1638. Shares 
HoLDKRS OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Mansell & Co. (nominee for United States Trust Co., benefici- 
aries not disclosed; however, James Simpson, Jr., reports, 
under sec. 16 (a) of the Securities Exchange Act of 1934, that he 
and his brothers John McLaren and William have interests in 
8 trusts aggregating as of Mar. 21, 1938, 246,503 shares; since 
these do not appear as record holders, although several are 
large enough to warrant inclusion, it is presumed that the 
rewjrd holdings of the United States Trust Co. must include 
these Simpson trusts) - 

Illinois Merchants Trust Co., Laura A. Shedd Schweppe, Helen 
Shedd Reed, trustees u/1 Feb. 6, 1918, between John O. Shedd 
and said trustees 

Continental Illinois National Bank & Trust Co., Marshall 
Field, and George Richardson, trustees u/w of Marshall Field, 
deceased (beneficiary, Marshall Field III) , 

How & Co. (nominee for the Northern Trust Co.; beneficiaries 
not disclosed) - 

Helen Shedd Reed .- 

Atwell & Co. (nominee for United States Trust Co.; for beneficial 
ownership see note under Mansell & Co. above).-. 

Stanley Field _ - 

Cudd & Co. (nominee for Chase National Bank; beneficiaries not 
disclosed) 

James Simpson 

Helen Shedd Reed and Continental Illinois National Bank & 
Trust Co., surviving trustee u/i Feb. 6, 1918, between John G. 
Shedd and said trustees 

Thomas H. Eddy.. 

David M. Yates 

Fred D. Corley 

John McKinlay 

E. A. Pierce & Co.. 

Redmond & Co 

Olore, Forgan <fe Co 

Rowe and Pitman 

Thomson & McKinnon 

Ethel Cameron Eddy 

Total 



223,923 



169, 341 



148,345 



$1, 735, 403 



1, 312, 393 



1,149,674 



13.62 
10.30 
9.02 



28,014 


217, 108 


1.71 


26, 367 


204,344 


1.60 


22,900 


177, 475 


1.39 


20,937 


162, 262 


1.27 


20,900 


161, 975 


1.27 


20,522 


159,045 


1.25 


17,915 


138,849 


1.09 


16,O60 


124,000 


.97 


13,050 


101, 137 


.79 


13,000 


100,750 


.79 


13,000 


100,750 


.79 


12,226 


94,744 


.75 


11,920 


92,380 


.73 


11,486 


89,016 


.70 


11,080 


86,870 


,67 


11,007 


85,304 


.67 


11,000 


85,250 


.67 



822,933 



6,377,729 



60.05 



CONCENTRATION OF ECONOMIC POWER 



1055 



beneficial ownership in such holdings — Continued 
FIELD & CO. 

outstanding as of Mar. 21, 1938: 1,644,067. Price as of Decetober 1937: t7^i] 
Legal and Bkneficial Holdebs 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. David M. Yates 

2. Marshall Field Til, through Continental Illinois National Bank 

& Trust Co., Marshall Field, and George Richardson, trustees 
u/w of Marshall Field, deceased 

3. Stanley Field _ 

4. James Simpson 

5. James, Jr., William and John M. Simpson, through 8 trusts 

6. Fred D. Corley 

7. Helen Shedd Reed 

8. Illinois Merchants Trust Co., Laura A. Shedd Schweppe, Helen 

Sbedd Reed, trustees u/i Feb. 6, 1918, between John Q. Shedd 
and said trustees 

9. Helen Shedd Reed and Continental Illinois National Bank & 

Trust Co.. surviving trustees u/i between John O. Shedd and 
said trustees 

10. Thomas H. Eddy.. 

11. Ethtl Cameron Eddy 

12. John McKinlay 

BANES, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

13. The Northern Trust Co 

14. Chase National Bank 

15. E. A. Pierce* Co 

16. Redmond & Co 

17. Olore, Forgan & Co 

18. Rowe and Pitman 

19. Thomson & McKinnon 

Subtotal 

Total record holdings not included above... 

Total 



13,050 



148, 345 
20,937 
20,522 

246,603 

13,000 
26,367 

169, 341 

17,916 

16,000 
11,000 
13,000 



28,014 
20,900 
12,226 
11,920 
11,486 
11,080 
11,007 



822,613 
320 



$101, 137 



1, 149, 674 
162, 262 
159. 045 

1,910,398 

100,750 
204,344 

1, 312. 393 

138,849 

124,000 
85,250 
100,750 



217, 108 
161, 975 
94.744 
92,380 
89, 016 
85,870 
86,304 



6, 375, 249 
2,480 



822,933 



6, 377, 729 



0.79 



9.02 

1.27 

1.25 

14.99 

.79 

1.60 

10. 3") 

1.0» 

.97 
.67 
.79 



1.71 
1.27 
.76 
.73 
.70 
.67 
.67 



60.03 
.02 



50.06 



2C8445 — 41— No. 29- 



-68 



1056 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

MARSHALL 
[Size rank: 173. $7 CUMULATIVE PRIOR PREFERRED (VOTING) as of Mar. 21, 
HoLDEKS OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Mary R. Knowles, administratrix with the will annexed of the 

estate of Margaret B. Rogerson, deceased. 

Investors Syndicate-. 

Continental Casualty Co. - 

Clarence F. Wiley ". 

T. C. Blayney 

City National Bank & Trust Co. of Chicago, successor trustee 

u/a Mary Helen Rogerson Knowles, Jan. 17, 1930... 

Harold E. Wiley 

Washington University (St. Louis, Mo.) 

John Q . Houston 

Helmuth F. Mueller (nominee for Employers Mutual Liability 

Insurance Co.) - 

William S. Oppenheim 

George W. Bunn, Jr 

Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosei) 

Employers Mutual Liability Insurance Co. of Wisconsin 

Frederick W. Frerichs 

Sam O. Haugen.. 

Mrs. Kathryn B. Miller 

Richard J. Ray 

Freeport Motor Casualty Co 

General Mutual Life Insurance Co 

Total 



1,430 

1,368 

1,00" 

900 

500 

500 
400 
300 

2 1 

200 
200 
100 

100 
100 
100 
100 
100 
100 
75 
75 



$166, 237 
159, 030 
116.250 
104, 625 
58,125 

58,125 
46,500 
34, 875 
23,250 

23,250 
23,250 
11,625 

11,625 
11,625 
11, 625 
11, 625 
11,625 
11, 625 
8,719 
8,719 



15.95 
15.26 
11.15 
10.04 
5.58 

5.58 
4.46 
3.35 
2.23 

2.23 
2.23 
1.12 

1.12 
1.12 
1.12 
1.12 
1.12 
1.12 
.84 
.84 



912, 330 



87.68 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
FIELD & CO. 

1938. Shares outstanding as of Mar. 21, 1938: 8,965. Price as of December 1937: $116^] 
Legal and Beneficial Holders 



1057 



Type and name of hoiaer 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. T. C. Blayney 

2. Estate of Margaret B. Rogerson, deceased, Mary R. Knowles, 

administratrix with the will annexed 

3. City National Bank & Trust Co. of Chicago, successor trustee 

u/a Mary Helen Rogerson Knowles, Jan. 17, 1930. _ 

4. John O. Houston..- 

5. Clarence F. Wiley _ _.. 

6. Harold E. Wiley.. 

7. William S. Oppenheim... 

8. George W. Bunn, Jr 

9. Frederick W. Frerichs. _ 

10. Sam O. Haugen i 

11. Mrs. Kathryn B. Miller. ...I 

12. Richard J. Ray 

INSURANCE COMPANIES 

13. Continental Casualty Co. 

14. Employers Mutual Liability Insurance Co 

15. Freeport Motor Casualty Co.. 

16. General Mutual Life Insurance Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

17. Investors Syndicate 

BLEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

18. Washington University (St. Louis, Mo.) 

BANKS, BROKERS, ETC, BENEFICIARIES NOT DISCLOSED 

19. Chase National Bank 

Total „ 



500 

1,430 

500 

200 

900 
400 

200 
100 

100 

100 

100 

100 



1,000 

300 

75 

76 



1,368 



300 



100 



$58, 125 



58,125 

23, 250 

104, 625 
46,500 

23,250 
11.625 

11, 625 

11, 625 

11. 625 

11. 625 



116,250 

34, 875 

8,719 

8,719 

159, 030 

34, 876 

11, 625 



5.58 

2.23 

10.04 
4.46 

2.23 
1.12 

1.12 

1.12 

1.12 

1.12 



11.15 

3.35 

.84 

.84 



15.26 



3.86 



1.12 



7,848 



912, 330 



87.68 



1058 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 



MARSHALL FIELD 
[Size rank: 173. 6 percent CUMULATIVE CONVERTIBLE PREFERRED (VOTING) as 

HOLDEKS OF ReCOBD 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Continental Illinois National Bank & Trust Co., Marshall 

Field, and George Richardson, trustees u/w Marshall Field, 
deceased (beneficiary, Marshall Field III).. 

2. Illinois Merchants Trust Co., Laura A. Sbedd Schweppe, 

Helen Shedd Reed, trustees u/i Feb. 6, 1918, between John 
O. Shedd and said trustees. 

3. Stanley Field 

4. Stanley Field, James Simpson, and the Northern Trust Co., 

trustees u/w Joseph N. Field, held in 5 trusts as follows: 

Shares 

Trust f/b/o Stanley Field et al 4,385 

Trust f/b/o Norman Field... 4,615 

Trust f/b/o Laura Kathleen Ismay 3, 657 

Trust f/b/o Laura Field Clegg 3,658 

Trust f/b/o Josephine Field Crosley 3,656 

Total 19,971 

5. Helen Shedd Reed 

6. Laura A. Shedd Schweppe care of the Northern Trust Co., 

executor 

7. Clara L. W. Veatch, trustee u/w George L. Veatch, deceased.. 

8. Wait & Co. (nominee for Harris Trust & Savings Bank; bene- 

ficiaries not disclosed) 

9. Miss Frances Mary Hughes 

10. Mrs. Oerturde M. Lewis... 

11. Miriam G. Lewis 

12. Stanley Field, James Simpson, and the Northern Trust Co., 

trustees u/a Joseph N. Field (beneficiary, Norman Field) 

13. Union Bank of Scotland, Ltd.. 

14. Cecil William Quennell and George Arthur Tinn as joint ten- 

ants 

15. Wm. B. Simpson 

16. John W. Hughes 

17. Marion S. Dauchy 

18. Mitchum, Tully & Co 

19. Norman Graeme Bremner and Leonard Albert Gregory as 

joint tenants 

20. Mrs. Lillia Babbitt Hyde 

Total 



178, 014 

35,000 
29,625 



19, 971 
7,500 

7,500 
2,000 

1,530 

1,050 

685 

422 

404 
400 

334 
300 
200 
160 
153 

100 

100 



$14, 330, 127 



2, 817, 500 
2.384,812 



1, 607, 665 
603,750 

603,750 
161,000 

123, 165 

84, 525 
55, 142 
33, 971 

32, .522 
32,200 

26,887 
24,150 
16.100 
12,880 
12, 316 

8,050 
8,050 



61. gs 



12.19 
10.31 



6.95 
2.61 

2.61 
.70 

.53 
.37 
.24 
.15 

•.14 
.14 

.12 
.10 
.07 
.06 
.05 

.03 

.03 



285,448 



22, 978, 562 



99. 3S 



CONCENTRATION OF ECONOMIC POWER 1059. 

beneficial ownership in such holdings — Continued 
A CO. 

of Mar. 21, 1938. Shares outstanding as of Mar. 21, 1938: 287,226. Price as of December 1937: $8CH1 
Leoal and BENEnciAi Holders 



Type and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PEK80NAL AND FAUILT HOLDING OMPANW9, TRUSTS 
AND ESTATES 

1. Marion 8. Dauchy 

2. Marshall Field III, through Continental Illinois National Bank & 

Trust Co.; Marshall Field, and George Richardson, trustees 
u/w Marshall Field, deceased 

3. Stanley Field 

4. Stanley Field, James Simpson, and Northern Trust Co., trus- 

tees u/w Joseph N. Field: 

Beneficiaries: Shares 

Stanley Field 877 

Norman Field 877 

Josephine Field Crossley 877 

Laura Field Clegg 877 

Laura Kathleen Ismay » 877 

Total 4,385 

5. Norman Field, through Stanley Field, James Simpson, and the 

Northern Trust Co., tiustees u/w Joseph N. Field 

6. Norman Field, through Stanley Field, James Simpson, and 

the Northern Trust Co., trustees u/a Joseph N. Field .- 

7. Josephine Field Crossley, through Stanley Field, James Simp- 

son, and Northern Trust Co., trustees u/w Joseph N. Field.. 

8. Laura Kathleen Ismay, through Stanley Field, James Simpson, 

and the Northern Trust Co., trustees u/w Joseph N. Field... 

9. Laura Field Clegg, through Stanley 'Field, James Simpson, 

and the Northern Trust Co., trustees u/w Joseph N. Field... 

10. Wm. B. Simpson 

11. Illinois Merchants Trust Co., Laura A. Shedd Schweppe, 

Helen Shedd Reed, trustees u/i Feb. 6, 1918, between John 
O. Shedd and said trustees - 

12. Helen Shedd Reed... 

13. Laura A. Shedd Schweppe, care of the Northern Trust Co., 

executor 

14. Clara L. W. Veatch, trustee u/w George L. Veatch, deceased... 

15. Miss Frances Mary Hughes 

16. John W. Hughes 

17. Mrs. Gertrude M. Lewis „ 

18. Miriam G. Lewis 

19. Cecil William Quennell and George Arthur Tinn as joint ten- 

ants _ 

20. Norman Graeme Bremner and Leonard Albert Gregory as 

joint tenants .-. — 

21. Mre. Lillia Babbitt Hyde 

BANKS, brokers, ETC.; BENEFICIARIES NOT DISCLOSED 

22. Harris Trust & Savings Bank 

23. Union Bank of Scotland, Ltd 

24. Mitchum, TuUy & Co .,.. 

Total 



160 



178.014 
29,625 



4,385 

4,615 

404 

3,656 

3,657 

3,658 
300 



35,000 
7,500 

7,500 

2,000 

1,050 
200 

685 
422 



334 



100 
100 



1,530 
400 
153 



$12,880 



14, 330, 127 
2, 384, 812 



352, 992 

371, 508 

32, 522 

294, 308 

294,388 

294, 469 
24, 150 



2, 817, 500 
603,750 

603,750 

161,000 

84,525 
16,100 

55, 142 
33,971 

26,887 

8,050 
8,050 



123,165 
32,200 
12, 316 



285,448 



22, 978, 562 



1060 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

MID-CONTINENT PETROLEUM 
[Size rank: 196. COMMON (VOTING) as of Nov. 8, 1937. Shares 
Folders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Hallgarten & Co. (nominee for N. V. Maatschappij tot Beheer 

van het Administratiekantoor van Amerikaansche Fondsen, 
Opgericht door Broes & Gosman, Ten Have & Van Essen en 
Jarman & Zoonen) 

2. John Moonev (nominee for Petroleum Corporation of America). 

3. Robert J. Padgett: ^. 

Held by Equitable Trust Co., cotrustee u/w Robert ^naren 
J. Padgett, deceased 23,869 

Equitable Trust Co. reports additional shares held 
in the name of Theron H. Spring, nominee for the 
trustees u/w Robert J. Padgett, deceased. 3,600 

Total 27,469 

4. Harry T. Joseph (nominee for Petroleum Corporation of America) 
6. Hayden, Stone & Co 

6. Buckley & Co. (nominee for Fiduciary Trust Co.; beneficiaries 

not disclosed) 

7. Hornblower & Weeks 

8. E. A. Pierce & Co 

9. Harris Upham & Co 

10. Seasongood & Haas 

11. Hallgarten & Co _ _ 

12. Almours Securities, Inc. (a holding company for the family of 

Alfred I. du Pont) 

13. D. T. Moore & Co 

14. Paul Machall 

15. Dominick & Dominick 

16. Carl M. Loeb & Co... _ 

17. Auerbach, Pollak & Richardson .._ 

18. Perkins & Co. (nominee for Commercial Trust Co. of New Jersey; 

beneficiaries not disclosed) 

19. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) _ 

20. Cudd & Co. (nominee for Cha^e National Bank; beneficiaries 

not disclosed) 

Subtotal 

Total legal and beneficial holdings not included above... 

Total 



263, 240 
42, 800 



23, 869 
23,000 
21,085 

12, 665 
12, 195 
10, 985 
10, 533 

8,873 
8,786 

8,500 
8,160 
8,125 
8,119 
7,640 
7.160 

7,100 

6,935 

6,710 



506,480 
3,600 



$4, 738, 320 
770, 400 



429,642 
414,000 
379, 530 

227, 970 
219, 510 
197, 730 
189, 594 
159, 714 
158, 148 

153,000 
146,880 
146, 250 
146, 142 
137, 520 
128,880 

127,800 

124,830 

120,780 



9, 116, 640 
64,800 



14.16 
2.30 



1.28 
1.24 
1.13 



.66 
.59 
.57 
.48 
.47 

.46 
.44 
.44 
.44 
.41 
.39 

.38 



.36 



27.25 
.20 



510. 080 



CONCENTRATION OF ECONOMIC POWER 



1061 



beneficial ownership in such holdings — Continued 
CORPOKATION 

outstanding as of Nov. 8, 1937: 1,857,912. Price as of December 1937: $18] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUAL, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. Equitable Trust Co., cotrustee u/w of Robert J. Padgett: 

Beneficiaries: . Shares 

Wmiam R:Padgett 9, 156H 

Ruth ,T. Schmidt- 9,156)^ 

Caroline J. Padgett 9, 156).^ 

Total 27,469 

2. Almours Securities, Inc. (a holding company for du Pont family; 

for details on ownership see this appendix, sec. 11). 

3. Paul MachaU 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

4. N. V. Maatschappij tot Beheer van het Administratiekantoor 

van Amerikaansche Fondsen, Opgericht door Broes & Gosman, 
Ten Have & Van Essen en Jarman & Zoonen... 

6. Petroleum Corporation of America 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

6. Fiduciary Trust Co. of New York 

7. Commercial Trust Co. of New Jersey - 

8. Bankers Trust Co 

9. Chase National Bank 

10. Hayden, Stone & Co 

11. Hornblower & Weeks - 

12. E. A. Pierce & Co 

13. Harris Upham & Co 

14. Seasongood & Haas 

15. Hallgarten & Co 

16. D. T. Moore & Co.. 

17. Dominick & Dominick 

18. Carl M. Loeb & Co. 

19. Auerbach, Pollak & Richardson 

Total 



Holdings 



Number 
of shares 



8,500 
8,126 



263, 240 
65,800 



12, 665 
7,100 
6,935 
6,710 
21, 085 
12, 195 
10, 985 
10, 533 
8,873 
8,786 
8,160 
8,119 
7,640 
7,160 



610, 080 



Value 



$494,442 

153,000 
146,250 



4, 738, 320 
1,184,400 



227, 970 
127,800 
124,830 
120, 780 
379, 530 
219, 510 
197, 730 
189, 594 
159, 714 
158,148 
146, 880 
146, 142 
137, 520 
128,880 



9, 181, 440 



Percent 
of shares 
outstand- 
ing 



.46 
.44 



14.16 
3.54 



.38 
.37 
.36 
1.13 
.66 
.59 
.57 
.48 
.47 
.44 
.44 
.41 
.39 



27.45 



1062 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

THE MIDDLE WEST 
(Size rank: 49. COMMON (VOTING) as of Apr. 20, 1938. Shares 
Holders or Rkcobd 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Percent 

of shares 

outstand* 

ing 



1. Bankers Trust Co 

2. The First National Bank of Chicago (in addition to its record 

holding, the First National Bank of Chicago reported owner- 
ship of 9,283 shares in the name of Glen & Co., and 335 shares 
in the name of another nominee, or a total of 504,650 shares; the 
First Chicago Corporation, affiliated with the First National 
Bank, reported ownership of 1,122 shares) , 

3. The Chicago Corporation '. 

4. Ince & Co. (nominee for Guaranty Trust Co. of New York which 

held 139,326 shares for the account of the Societe Financierede 
Transporte et d'Enterprises Indastrielles (Soflna) 

5. Brocton Corporation (100 percent owned by A. G. Becker & Co., 

Inc.) 

6. The Rockefeller Foundation 

7. Domestic & Foreign Investors Corporation (managed by A. O. 

Becker & Co., Inc.; reports additional holding of 4,866 shares 
in the name of unidentified nominees) _ . _ 

8. Westinghouse Electric & Manufacturing Co 

9. Sun Life Assurance Co. of Canada 

10. Norn's & Kenly. 

11. Glen & Co., nominfoforthe FirstNationaf Bank of Chicago and 

Oliver Bestel, esc ow agents under an escrow agreement for the 
following ownerF subject to the terms of the agreement: 

Shares 

The First National Bank of Chicago - . 9, 283 

Bankers Trust Co 10,544 

The Chicago Corporation _ 4,662 

A. G. Becker & Co., Inc., for Brocton, Inc 2,298 

Domestic & Foreign Investors Corporation 1,234 

Societe Financiere de iTransporte et d'Enterprises 
Industrielles 1,979 



Total 30,000 

Nominee for First National Bank of Chicago for ac- 
count of Thomas Elevator Co 119 



Total 30,119 

12. J. R. Williston & Co., nominee for— 

Harry E. Towle-- 9,500 

f 3,200 

3 other unnamed clients respectively < 3,000 

I 1,602 
Other small holders 3,831 



Total 21, 133 

Shares not in company's possession, not yet trans- 
ferred out of name of J. R. Williston & Co 375 



Total 21,508 

13. General Electric Co - 

14. Moore & Schley. 

15. Jason & Co. (nominee for Continental Elinois National Bank and 

Trust Co. of Chicago which was the beneficial owner) 

16. Mitchell, Hutchins & Co , . . 

17. Winthrop, Mitchell & Co 

18. Lehman Bros., nominee for — Sharet 

Lehman Corporation.. 10,000 

2 unnamed clients, total of 2,200 

Others 300 



Total 12,500 

19.\Walker & Beatson (nominee for the Royal Bank of Canada 
which held 10,559 shares for the account of Tram & Power, 

Ltd.) 

20. Morton D. Cahn: ^aret 

Owned beneficially by Morton D. Cahn 3,000 

Unnamed others 8, 166 



Total. 



Subtotal 11,166 

Total legal and beneficial holdings not included above 



Total. 



557, 546 



495, 032 
246, 538 



139,354 

121, 492 
68, 351 



60,400 
39, SCO 
31.791 
30, 186 



30 119 



21,508 
20,880 
18, 512 

14, 689 
14, 573 
12,502 



12,500 
11, 324 

1, 957, 963 



11,166 
6,323 

1, 964, 286 



$3, 066, 503 



2, 722, 676 
1, 355, 959 



766, 447 



668,206 
375, 930 



332,200 
217, 250 
174,850 
166,023 



165, 654 



118,294 
114,840 
101,816 

80.789 
80, 151 
68,761 



68,750 
62,282 



10, 768, 794 



61,413 
34, 776 



10, 803, 570 



CONCENTRATION OF ECONOMIC POWER 

henefieial ownership in such holdings — Continued 
CORPORATION 

outstanding as of Apr. 20. 1938: 3,244,133. Price as of December 1037: $5 HI 
Lkoal and Benkficial Holders 



1063 



Tjrpe and name of bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDINO COMPANIES, TRUSTS 
AND ESTATES 

1. Harry E. Towle 



OTHER CORPORATIONS. NONEINANCIAL 

2. Westinghouse Electric & Manufacturing Co 

3. General Electric Co 



INSURANCE COMPANIES 

4. Sun Life Assurance Co. of Canada - 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

5. The Chicago Corporation 

6. Societe Financiere de Transporte et d'Enterprises Industrielles 

(Soflna) 

7. Domestic & Foreign Investors Corporation (managed by A. G. 

Becker & Co., Inc.) ..- - 

8. Tram & Power, Ltd. (Montreal) 

9. Lehman Corporation 



BANKS AS BENEFICIAL HOLDERS 

10. Bankers Trust Co 

11. The First National Bank of Chicago 

12. The First Chicago Corporation (the entire capital stock of the 

First Chicago Corporation is held in trust f/b/o the stockholders 
of the First National Bank, by trustees who are oflBcers or di- 
rectors of the bank) __ 

13. Continental Illinois National Bank and Trust Co. of Chicago 

BROKERS AND INVESTMENT BANKERS AS BENEFICIAL HOLDERS 

14. A. O. Becker & Co., Inc., through the Brocton Corporation 

(100 percent owned) 



FOUNDATIONS 

15. The Rockefeller Foundation 

BANKS, BROKERS, ETC.; BENEFiaARIES NOT DISCLOSED 

16. Norris & Kenly 

17. Moore & Schley.. 

18. Mitchell, Hutchins & Co.. 

19. Winthrop, Mitchell & Co. (held for clients, 4 of whom owned 

3,004, 2,652, 1,280, and 1,000 shares respectively) 



Subtotal.. 

Total record holdings not included above. 



9,500 



39,500 
20,880 



31, 791 



123,790 



68,351 



30,186 
18, 512 
14,673 



Total. 



1,937,700 
26,586 



1,964,286 



$52,250 



217,260 
114,840 



251,200 


1, 381, 600 


141, 305 


777, 177 


66.500 


365, 750 


10,559 


58,074 


10,000 


55,000 


668,090 


3, 124, 495 


504,650 


2, 775, 575 


1,122 


6,171 


14,689 


80,789 



680,845 



375, 930 



166,023 
101,816 
80,151 

68,761 



10, 657, 347 
146,223 

10, 803. 570 



1064 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
MISSOURI-KANSAS" 
[Size rank: 77. COMMON (VOTING) as of Mar. 8. 1938. Shares 
Holders of Recobd 



Name of record holder 



1. Nederlandsche Vereenlging ter Behartiging van de Rechten van 

Belanghebbenen bij de Missouri, Kansas & Texas R. R. Co. . 

2. Reynolds & Co.. nominee for: Sharet 

(a) United States Foil Co 12,450 

(6) R. S. Reynolds, Sr 17,720 

(c) Mrs. Julia L. Reynolds 300 

(d) Five individuals ._ 450 

Total 30.920 

Stock not yet transferred out of its name but not in 
the possession of Reynolds & Co 18,065 

Total 48,985 

3. J. & W. Seligman* Co _ 

4. Curtiss Southwestern Corporation (a holding company for 

Arthur Curtiss James and wife) 

5. Chas. D. Barney & Co ._ 

6. Ladenburg, Thalmann & Co 

7. Qranberry &Co 

8. John J. Moriarity 

9. Clark, DodeeA Co... 

10. Salkeld & Co. (nominee for Bankers Trust Co. ; beneficiaries not 

disclosed) 

11. E. A. Pierce & Co 

12. Fenner & Beane 

13. Wood, Low & Co 

14. Hank & Co. (nominee for First National Bank of New York; 

beneficiaries not disclosed) 

15. J. S. Bache & Co 

16. Paine, Webber & Co 

17. Hornblower & Weeks 

18. Thomson & McKinnon 

19. Win^hrop, Mitchell & Co 

20. George Peters 

Total _ 



Holdings 



Number 
of shares 



71,754 



48,985 
38, 449 

30,000 
16, 7.=i7 
15,315 
15. 036 
14,300 
11,180 

10,300 
9,820 
9,540 
9,225 

7,500 
6,683 
6,047 
5,999 
4,925 
4,880 
4,700 



Value 



$179, 385 



122, 462 
96, 122 

75,000 
41,892 
38,287 
37,590 
35,750 
27.950 

25,750 
24,550 
23,850 
23,062 

18,750 
16, 707 
15, 117 
14,997 
12, 312 
12,200 
11,750 



341, 395 



853,483 



Percent 
of shares 
outstand- 
ing 



8.87 



6.05 
4.75 

3.70 
2.07 
1.89 
1.85 
1.76 
1.38 

1.27 
1.21 
1.17 
1.01 

.92 
.82 
.75 
.74 
.60 
.60 
.58 



41.99 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
TEXAS R. R. CO. 

outstanding as of Mar. 8, 1938: 808,939. Price as of December 1937: $2^] 
Legal and Beneficial Holders 



1065 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PEESONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1 . Curtiss Southwestern Corporation (a holding company for 

James family; for details of ownership, see this appendix, 
sec. II) _ 

2. R. S. Reynolds, Sr - 

3. Mrs. Julia L. Reynolds 

4. John J. Morlarity - -- 

5. George Peters 

OTHER CORPORATIONS, NONFINANCTAL 

6. United States Foil Co - 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

7. Nederlandsche Vereeniging ter Behartiging van de Rechten van 

Belanghebbenen bij de Missouri, Kansas & Texas R. R. Co. 

BANKS, BROKERS, ETC.," BENEFIOARIES NOT DISCLOSED 

8. Bankers Trust Co 

9. First National Bank of New York 

10. J. & W. Seligman & Co 

11. Chas. D. Barney & Co.... 

12. Ladenburg, Thalmann & Co .-. 

13. Cranberry & Co 

14. Clark, Dodge& Co 

15. E. A. Pierce & Co 

16. Fenner & Beane — 

17. Wood, Low & Co , 

18. J. S. Bache& Co.. 

19. Paine, Webber & Co 

20. HornblowerA Weeks .-. 

21. Thomson & McKinnon 

22. Winthrop, MitchellA Co 

Subtotal - - 

Total record holdings not included above 

Total 



30,000 

17,720 
300 

14,300 

4,700 



12,450 



71,754 



10,300 
7,500 
38, 449 
16, 757 
15,315 
15, 036 
11, 180 
9,820 
9,640 
9,225 
6,683 
6,047 
5,999 
4,925 
4,880 



322, 880 
18, 515 



$75,t)00 

44,300 
750 

35, 750 

11, 750 



31, 125 



179, 385 



25, 760 
18, 750 
96, 122 
41, 892 
38,287 
37,590 
27, 950 
24, 550 
23, 850 
23, 062 
16, 707 
15,117 
14, 997 
12,312 
12.200 



807. 196 
46,287 



2.19 
.04 

1.76 

.58 



8.87 



1.27 
.92 
4.76 
2.07 
1.89 
1.85 
1.38 
1.21 
1.17 
1.01 
.82 
.75 
.74 
.60 
.60 



39.71 
2.28 



341, 396 



853, 483 



41.99 



1066 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

MISSOURI-KANSAS- 
(Size rank: 77. 7 percent CUMULATIVE PREFERRED A (VOTING) as 

HOLDXaS OF BSCORD 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Ladenburg, Tbalmann & Co - 

2. Brooklyn Trust Co - - 

3. The Rockefeller Foundation - 

4. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) — - - , . . 

6. Maatschappij tot Beheer van Administratiekantoor van Ameri- 
kaanscbe Spoorwegwaarden, Opgericht door Wertheim & 
Qomperts, Westendorp & Co. en F. W. Oewel, N. V -- 

6. J. S. Bached Co.... ..-- 

7. Hofnblower i Weeks 

8. Frederick T. Fisher (nominee for Corn Products Refining Co.)- 

9. Mansell & Co. (nominee for United States Trust Co.; bene- 

flci^ies not disclosed) 

10. Paine, Webber & Co. 

11. E. A. Pierce & Co. - 

12. Winthrop, Mitchell & Co - 

13. Domlnick & Dominick - - 

14. Fenner & Beane 

16. Wood, lyOW & Co -- - - 

16. JosephthalA Co - 

17. The Pennroad Corporation -.. 

18. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

19. Curtiss Southwestern Corporation (a holding company for 

Arthur Curtiss James and wife)... ..=.....- 

20. Granberry & Co .-- 

Total - 



13,310 
11,098 
10, 499 

9,010 



8,768 
7,673 
6,812 
6,600 

6,395 
6,345 
5,960 
5,658 
5,375 
5,256 
5,000 
4,604 
4,500 

4,262 

4.000 
3,795 



$106, 480 
88,784 
83,992 



70, 144 
61,384 
54,4% 
52, 800 

51,160 
50,760 
47.600 
45,264 
43,000 
42,048 
40, 000 
36, 832 
36,000 

34,096 

32,000 
30, 360 



1.99 
1.66 
1.57 

1.35 



1.31 
1.15 
1.02 



.95 
.89 
.85 
.80 
.78 
.75 
.69 
.67 

.64 

.60 
.57 



134, 910 



1, 079, 280 



20.18 



CONCENTRATION OF ECONOMIC POWER 



1067 



beneficial ownership in such holdings — Continued 

TEXAS R. R. CO. 

of Mar. 8. 1038. Shares outstanding as of Mar. 8, 1938: 666,853. Price as of December 1937: $8] 
Legal and BENxnoAL Holdebs 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



JNDIVIDTJAIS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Curtiss Southwestern Corporation (a holding company for 
James family; for details on ownership see this appendix, 
sec. II) - 



OTHER CORPORATIONS, NONHNANCIAL 

2. Corn Products Refining Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

3. Maatschappij tot Beheer van Administratiekantoor van Ameri- 

kaanscbe Spoorwegwaarden, Opgericht door Wertheim & 
Qomperts, Westendorp & Co. en F. W. Oewel, N. V 

4. The Pennroad CorjJoration - 

FOUNDATIONS 

5. The Rockefeller Foundation 

BANES, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

6. Brooklyn Trust Co 

7. Bank of Montreal 

8. United States Trust Co - 

9. Bankers Trust Co , 

10. Ladenburg,. Thalmann <t Co - 

11. J. S. Bache & Co...... -.. 

12. Hornblower & Weeks. ._ 

13. Paine, Webber & Co... 

14. E, A. Pierce.&Co, _ 

16. Winthrop, Mitchell & Co 

16. Dominick & Dominick 

17. Fenner & Beane -■ 

18. Wood, Low & Co 

19. Josephthal & Co 

20. Oranberry & Co i. 

Total 



4,000 



6,600 



8,768 
4,500 



10,400 



11,098 
9,010 
6,395 
4,262 

13,310 
7,673 
6,812 
6,346 
6,950 
6,658 
6,375 
5,256 
6.000 
4,604 
3,795 



$32,000 



52,800 



70, 144 
36,000 



83,992 



88,784 
72.080 
51.160 
34,096 
106,480 
6'. 384 
54,496 
fi0,760 
4T,600 
45,264 
43,000 
42.048 
40.000 
36,832 
30,360 



0.60 



1.31 
.67 



1.66 
1.35 
.96 
.64 
1.99 
1.15 
1.02 
.95 
.89 
.85 
.80 
.78 
.75 
.69 
.57 



134, 910 



1, 079, 280 



1068 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
MONTGOMERY 
[Size rank: 87. COMMON (VOTING) as of Mar. 20, 1939. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 




Percent 
of shares 
outstand- 
ing 



1. Sewell L. Avery .- .- ' 

2. Trustees of the Massachusetts Investors Trust ...I 

3. Brown Bros., Harriman & Co --.i 

4. Dominick & Dominick.. 

6. Empire Securities Co., holding company for McLennan 

family which holds, in addition to the stock listed, stock I 

through — Shares'i 

D. R. McLennan 7,138 i 

Lee & Co. (Chase National Bank) 6,000 

Winthrop; Mitchell & Co 5,142 [ 

6. Broekmans Administratiekantoor, N. V [ 

7. Lazard Freres ^ I 

8. J. & W. Scligman & Co ! 

9. Sigler&Co : ! 

10. Lehman Bros. j 

11. Farnum, Winters & Co. — 

Empire Securities reports ownership of 24,935 shares 
in name of Farnurn, Winters & ;Co. as nominee for Shares \ 
Empire Securities Co. 24,935 i 

For unidentified beneficiaries 3,662 

Total 28,597 i 



95, 227 
69,000 
41, 823 
41,436 



39, 931 
38, 430 
37, 347 
35, 905 
33,114 
30,324 



28,597 



$2, 987, 747 
1,851,125 
1,312,197 
1, 300, 054 



1,252,835 
1,205,741 
1,171,762 
1, 126, 519 
1,038,952 
951,415 



897, 231 



1.83 

1.13 

.80 

.79 



.77 
.74 
.72 
.69 
.63 
.58 



.55 



CONCENTRATION OF ECONOMIC POWER 



1069 



beneficial ownership in such holdings — Continued 
WARD & CO., INC. 

outstandine as of Mar. 20, 1939: 5,217,147. Price as of December 1937: $31?^] 
Legal and Beneffcell Holders 



Type and name of holder 



Holdings 




INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Sewell L. Avery 

2. Empire Securities Co., a holding company, the stock of 

which is held by— Percent 

D. R. McLennan 69.08 

Katharine N. McLennan 21.82 

Brule CorporRtion _ 3.64 

Continental Illinois National Bank, trustee, Donald 

R. McLennan, Jr., Insurance Trust .91 

Continental Illinois National Bank, trustee, Jane 

McLennan Ober Insurance Trust .91 

Continental Illinois National Bank, trustee, Mar- 
garet McLennan Morse Insurance Trust .91 

Continental Illinois National Bank, trustee, Kath- 

erine McLennan Insurance Trust .91 

Continental Illinois National Bank, trustee, George 

Noyes McLennan Insurance Trust .91 

Continental Illinois National Bank, trustee. William 
L. McLennan Trust .91 

Total _ 100.00 



3. De Soto Securities Co., a holding company, the stock of 
which is held by- 
Common stock: 

Raymond R. Wilson, trustee 5.0 

Dorothv E. Williams, as trustee u/a dated Oct. 

19,1937 2.0 

Dorothy E. Williams, trustee - 2.0 

Carlos K. Eckhart, as trustee u/a dated Oct. 19, 

1937 1.9 

Percy B. Eckhart, trustee 11.3 

Eleanor E. McLaughlin- 3 

Charlotte Eckhart Coyne 2 

Marion E. Stevenson 2 

Elizabeth Eckhart Kingslcy-.. 2 

WaitA Co (Harris Trust* Savings Bank) 6.1 

Joscjih C. Gross . 6.1 

Percy B. Eckhart and Continental Illinois 

National Bank and Trust Co., as trustees u/w 

Bernard A. Eckhart. deceased . 6.1 

Perev B. Eckhart, Edward G. Miles, and Harold 

Eckhart as trustees u/a dated Dec. 23, 1938 41.9 

Total.. 83.3 

Preferred stock: 

Percv B. Eckhart, Edward O. Miles, and Harold 

Eckhart as trustees u/a dated Dec. 23, 1938 3 

Percy B. Eckhart. trustee. 16.3 

Total 16.6 



95, 227 $2, 987, 747 



83, 146 



28,781 



2, 608, 706 



903,004 



L69 



.55 



1070 



CONCENTRATION OF ECONOMIC POWER 



Kecord hohfers and holders havina legal and 
MONTGOMERY 
[Size rank: 87. COMMON (VOTING) as of Mar. 20, 1939. Shares 
HoLDKRa OF Record 



Name of record holder 



12. De Soto. Securities Co., (holding company for Eckhart family 

which OMms, in addition to record holding, 700 shares in the 
nameof Alfred L.Baker & Co.) 

13. Cudd & Co. (nemlBeeior the Ghftse NatioqaLfiauk; benejSo^ies 

not disclosed) -- - 

14. E. A. Pierce & Co -. 

15. Incorporated Investors 

16. Hare & Co. (nominee for Bank of New York & Trust Co.; bene- 

ficiaries not disclosed) 

17. Lynn & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) 

18. E. F. Button & Co 

19. Paine, Webber & Co. 

20. Kordula & Co . (nominee for City Bank Farmers Trust Co. ; bene- 

ficiaries not disclosed) 

Subtotal - 

Total legal and beneficial holdings not included above 

Total 



Holdings 



Number 
of shares 



27,156 
27,090 
25,000 

24,929 

23, .500 
21,288 
21,000 

18,533 



697,711 
18,980 



716, 691 



Value 



$881,041 

852, 019 
849,949 
784, 375 

782, 147 

737, 312 
667,911 
658, 875 

581,473 



21,890,680 
595, 498 



22,486,178 



Percent 
of shares 
outstand- 
ing 



0.54 

.52 
.52 
.48 



.45 
.41 
.40 

.36 



13.39 
.36 



13.74 



CONCENTRATION OF ECONOMIC POWER 



1071 



beneficial ownership in such holdings — Continued 
WARD & CO., INC.— Continued 

outstanding as of Ma.-. 20, 1939: 5,217,147. Price as of December 1937: $31fi] 
Legal and BENEnciAL Holdebs 



Type and name of holder 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

4. Trustees of the Massachusetts Investors Trust 

5. Broekmans Administratiekantoor, N. V 

6. Incorporated Investors 

BANKS, BROKERS. ETC.) BENEFICIARIES NOT DISCLOSED 

7. Central Hanover iJank & Trust Co 

8. Chase National Bank 

9. Bank of New York & Trust Co 

10. Oupranty Trust Co. of New York _ 

11. City Bank Farnwrs Trust Co 

12. Brown Bros., Harriman & Co 

13. Dominick & Dominick 

14. Lazard Freres _. 

15. J. & W. Seli?man & Co 

16. Lehman Bros _ 

17. E. A. Pierce & Co 

18. E. F. Button & Co ..-. 

19. Paine, Webber & Co 

Subtotal - 

T.»"il record holdings not included above 

Total 



Holdings 



Number 
of shares 



59,000 
38, 430 
25,000 



33, 114 
27.156 
24,929 
23,500 
18, 5,33 
41,823 
41, 436 
37, 347 
35.905 
30, 324 
27,090 
21,288 
21,000 



713, 029 
3,662 



716,691 



Value 



$1,851,126 

1, 205, 741 

784, 375 



1,038,952 

852.019 

782, 147 

737.312 

581. '173 

1,312.197 

1, 300, 054 

1, 171, 762 

1,126,519 

951,415 

849.949 

667,911 

658,875 



22, 371, 283 
114,895 



22, 486, 178 



Percent 

of shares 

outst<md- 

ing 



1.13 
.74 
.48 



.6.3 
.52 
.48 
.46 
.36 
.80 
.79 
.72 
.69 
.58 
.62 
.41 
.40 



13.67 
.07 



13.74 



268445— 41— No. 29- 



-69 



1072 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
MONTGOMERY 
[Size rank: 87. Class A $7 CUMULATIVE PREFERRED (VOTING) as of Mar. 20, 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Continental Dlinois National Bank & Trust Co., Charles H. 

Thome, et al. as trustees f/b/o Marjorie Ward. 

2. George P. Merrick and the Northern Trust Co., as trustees (as 

of Mar. 20, 1939, Bruce Thorne and the Northern Trust Co. 
were trustees succeeding George P. Merrick, deceased). 

3. Continental & Commercial Trust <fe Savings Bank, as trustee.. 

4. C3ontinental & Commercial Trust A Savings Bank, as trustee.. 
6. Continental & Commercial Trust & Savings Bank, as trustee.. 

6. Chas. H. Thorne.... 

7. The Continental Insurance Co 

8. Fidelity-Phenix Fire Insurance Co. of New York 

9. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

10. The Equitable Life Assurance Society of the United States 

11. Mrs. Mary R. Shedd 

12. Thomas & Co. (nominee for First National Bank of New York; 

beneficiaries not disclosed) 

13. The Prudential Insurance Co. of America. 

14. Continental & Commercial Trust & Savings Bank, as trustee.. 

15. The Metropolitan Museum of Art 

16. The University of Chicago 

17. De Soto Securities Co. (a holding company for the Eckhart 

family) 

18. How & Co. (nominee for Northern Trust Co. of Chicago; bene 

ficiaries not disclosed) _ 

19. Freer & Co. (nominee for Continental Illinois National Bank 

Co.; beneficiaries not disclosed) 

20. American Eagle Fire Insurance Co 

Total 



23,681 



7,000 
6,000 
5,350 
4,210 
4,190 
3,500 
3,000 

2,882 
2,880 
2,800 

2,700 
2,650 
2,600 
2, 500 
2,264 

2,000 

1,828 

1,578 
1,500 



85, 113 



$3, 279, 818 



969,500 
831,000 
740. 975 
583,085 
580,315 
484, 750 
415, 500 

399, 157 
398, 880 
387, 800 

373, 950 
367, 025 
360, 100 
346, 250 
313, 564 

277, 000 

253, 178 

218, 553 
207, 750 



11.75 



3.47 
2.98 
2.65 
2.09 
2.08 
1.74 
1.49 

1.43 
1.43 
1.39 

1.34 
1.31 
1.29 
1.24 
1.12 



11,788,150 



42.22 



CONCENTRATION OF ECONOMIC POWER 



1073 



beneficial ownership in such holdings — Continued 
WARD & CO., INC.— Continued 

1939. Shares outstanding as of Mar. 20, 1939: 201,554. Price as of December 1937: $13SH] 
Legal and Beneficial Holders 



Type and name of holder 



individuals, personal and family holding companies, trusts 
and estates 

1. Bruce Thorne and the Northern Trust Co. as trustees u/a w ith 

George A. Thorne, as of Mar. 20, 1939, the income from the 
trust was payable, after an annuity of $52,000 to Mrs. Louise 
E. Thorne to the following in equal proportions: Mrs. Vir- 
ginia Thorne Shaw, Mrs. Louise Thorne Bovingdon, Mrs. 
Beatrix Thorne Sactendorph, Mrs. Frances Thorne Home, 
Mr. Bruce Thorne, Mr. George A. Thorne, Jr. (died Sept. 
7, 19-39, and Mr. Bruce Thorne is e.xecutor of his estate). 

2. Chas. H. Thorne 

3. Marjorie Ward, through Continental Illinois National Bank & 

Trust Co., Charles H. Thorne etal., as trustees u/w of A. M. 
Ward, deceased ._ 

4. De Soto Securities Co. (a holding company. For details on 

ownership, see information given under "Common stock," 
supra). 

5. Mrs. Mary R. Shedd _ 

INSURANCE COMPANIES 

(5. The Continental Insurance Co 

7. Fidelity-PheniK Fire Insurance Co. of New York 

8. The Equitable Life Assurance Society of New York 

9. The Prudential Insurance Co. of America 

10. American Eagle Fire Insurance Co - 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

11. The Metropolitan Museum of Art 

lit The University of Chicago 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

13. Continental & Commercial Trust & Savings Bank, as trustee, 

14. Central Hanover Bank & Tru.t Co 

15. First National Bank of New York 

10. Northern Trust Co. of Chicago 

17. Continental Illinois National Bank & Trust Co 

Total 



Holdings 



Number i 
of shares 



7,000 
4, 190 



23, 081 



2,000 
2,800 



3,500 
3, 000 



2, 050 
1,500 



2,500 
2,264 



IS, 160 
2, 882 
2,700 
1,828 
1, .578 



85, 113 



Value 



Percent 
of shares 
outstand- 
ing 



$y09, 500 
580,315 



3. 279, 818 

277, 000 
387, 800 

iM, 750 
415, 500 
398, 880 
367, 025 
207, 750 



346. 250 
31.3. 564 



2, 515, 160 
.399, 157 
373. 950 
253, 178 
218, 553 



3.47 
2.08 



.99 
1.39 



1.74 
1.49 
1.43 
1.31 
.74 



1.24 
1.12 



9.01 
1.43 
1.34 
.91 

.78 



11,788. 150 



42.22 



1074 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
MORRIS & ESSEX 
[Size rank: 166. 7% Percent NONCUMULATIVE GUARANTEED CAPITAL (VOTING) 
Holders of Record 



Holdings 



Name of record holder 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Metropolitan Life Insurance Co 

2. Hayden, Stone & Co - 

3. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) - --- - - 

4. SanfordStud Farms, Inc. - 

6. American Insurance Co. - 

6. Connecticut Mutual Life Insurance Co 

7. New Jersey Zinc Co - — 

8. Green Estate, Inc - 

9. New York Life Insurance Co.- 

10. Commercial Ca<:ualty Insurance Co 

11. Phoenix Mutual Life Insurance Co.- - 

12. Marcus L. Ward Home for Aged and Respectable Bachelors and 

Widowers 

13. The Mutual Benefit Life Insurance Co -.- 

14. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiarie."! not disclosed) 

15. Elizabeth E.W.Adams 

16. Eugene Higgins 

17. Edgar S. Appleby 

18. Trusteesofthee-stateof Geo. T. Bliss 

19. United States Trust Co. of New York and John Oilbar, as 

trustees u/d/t of Bertha Low Sept. 2S. 1923 

^, Brownlie & Co. (nominee for Fulton Trust Co.; beneficiaries not 
disclosed) 

Total 



10, (XK) 
7,855 

6,800 
4,702 
4,000 
4,000 
3,500 
3,497 
3,370 
3.300 
3,000 

2,520 
2,500 

2,449 
2,400 
2,325 
2,200 
2,000 

2,000 

1,510 



73,928 



$362, 500 
284,744 

246, 500 
170, 447 
145,000 
145, 000 
126,875 
126. 766 
122, 162 
119,625 
108, 750 

91, iW 
90,625 

88,776 
87,000 
84.281 
79,750 
72,500 

72,500 

64,737 



2,679,888 



3.33 
2.62 

2.27 
1.57 
1.33 
1.33 
1.17 
1.17 
1.12 
1.10 
1.00 

.84 
.83 

.82 
.80 
.77 
.73 
.67 

.67 

.50 

24.64 



CONCENTRATION OF ECONOMIC POWER 



1075 



beneficial ownership in svch holdings — Continued 

R. R. CO. 

as of Dec. 3, 1937. Sbares outstanding as of Dec. 3, 1937: 300,000. Price as of December 1937: -$36^] 

LSOAL AND BUNXnCIAL HOLDERS 



Type and name of holder 



INDIVmUAIS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

. 1. Green Estate. Inc 

2. Elizabeth E. W. Adams 

3. Eugene Higgins 

4. Edgar S. Appleby...:. 

5. United States Trast Co. of New York and John Qilbar, as 

trusteesu/d/tofBerthaLow,Sert. 25, 1923 

6. Trustees ofthe estate of Geo. T.Bli: 

OTHER CORPORATIONS, NONFINANCLAL 

7. Sanford Stud Farms, Inc 

8. New Jersey Zinc Co. -_ 

INSURANCE COMPANIES 

9. Metropolitan Life Insurance Co. 

10. American Insurance Co... 

11. Connecticut Mutual Life Insurance Co.- 

12. New York Life Insurance Co 

13. Commercial Casualty Insurance Co. 

14. Phoenix Mutual Life Insurance Co 

15. The Mutual Benefit Life Insurance Co 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

16. Marcus L. Ward Home for Aged and Respectable E .chelors and 

Widowers. 

BANES, BROKERS. ETC.; BENEFICIABIES NOT DISCLOSED 

17. United States Trust Co 

18. City Bank Farmers Trust Co.. 

19. Fulton Trust Co 

20. Hayden, StoneA Co 

Total 



Holdings 



Number 
of sbares 



3,497 
2,400 
2,325 
2,200 

2,000 
2,000 



4,702 
3,500 



10,000 
4,000 
4,000 
3,370 
3,300 
3,000 
2, JOO 



2,620 



6,800 
2,449 
1,510 
7,855 



73,928 



Value 



Percent 

I of shares 
I outstand- 
i ing 



$126,766 i 
87,000 
84,281 
79. 750 

72,500 
72,500 

170,447 I 
126,875 I 



362, 500 
145,000 
145,000 
122, 162 
119, 625 
108, 750 
90,625 



91,3fi0 



246,600 
88,776 
64, 737 

284.744 



2, 679, 888 



1.17 
.80 
.77 
.73 

.67 
.67 



1.67 
1.17 



3.33 
1.33 
L33 
1.12 
1.10 
1.00 
.83 



2.27 
.82 
.60 

2.62 



24.64 



1076 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

NATIONAL 
[Size rank: 143, COMMON (VOTING) as of Feb. 7, 1938. Shares 
Holders of Record 



Type and name of holder 



1. Paul Moore ..- 

2. Ada Small Moore ..- 

3. Edward Small Moore 

4. Hank & Co. (nominee for First National Bank of New York; 

beneficiaries not disclosed) _ 

5. Harley D. Hutchins 

6. Lord & Co., (nominee for Ban'^ers Trust Co.; beneficiaries not 

disclosed) _-_ _. 

7. Kordula & Co, (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclos ed) - . . 

8. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

9. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

10. Sarah D. Gardiner.. 

11. Eleanor R. Tomlinson 

12. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

13. Edward F. Low 

14. Joseph Percy Bartram 

15. Martin N. Ballard, trustee of the estate of John Worthington. . . 

16. Ogden L. Mills .__ 

17. Rhea Reid Topping 

18. The New York Trust Co. and Jean McGinley Draper, trustees 

for Marion Moore Cross u/i Dec. 19, 1924 

19. Mrs. Jean McG. Draper 

20. Anna McP. Low..__ 

21. Edward Small Moore, Jr.. _ 

22. New York Trust Co. and Jean McGinley Draper, trustees for 

Jean Moore Wnlloi>u/i Dec. 19, 1934 

Total 



Holdings 



Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


167. 300 
135, 000 
101,, 100 


$2,927,750 
2, 362, 500 
1, 769, 250 


2.66 
2.15 
1.61 


06, 407 
57, 314 


1, 162, 122 
1, 002, 995 


1.06 
.91 


18,373 


846, 527 


.77 


42, 947 


751, 572 


.68 


36,660 


641,550 


.68 


' 33, 701 
31,082 
30, 135 


589, 767 
554, 435 
527,362 


54 
.50 
.48 


29, 273 
25, 500 
23,300 
23,000 
21, 500 
20. 625 


512,277 
446, 2.50 
407. 750 
402, 500 
376, 250 
300, 937 


.47 
.41 
.37 
.37 
.34 
.33 


29,000 
20,000 
20,000 
20,000 


350. 000 
350. 000 
350. 000 
350, 000 


.32 
.32 
.32 
.32 


20, 000 


350,000 


,32 


993, 817 


17, 391, 794 


15.83 



CONCENTRATION OF ECONOMIC POWER 



1077 



beneficial ownership in such holdings — Continued 
BISCUIT CO. 

outstanding as of Feb. 7, 1938: 6,289,448. Price as of December 1937: $17H1 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, personal AND FAMILY HOLDING COMFAME.'l, TRVSTS 
AND ESTATES 

1. Harley D. Hutehins - 

2. Sarah D. Gardiner 

3. Paul Moore .- .- 

4. Ada Small Moore - 

5. Edward Small Moore - 

6. Edward Small Moore, Jr 

7. Marion Moore Cross, through the New York Trust Co. and 

Jean McGinley Draper, trustees, u/i Dec. 19, 1924 

8. Jean Moore Wallop, through New York Trust Co. and Jean 

McGinley Draper, trustees u/i Dec. 19, 1934 

9. Mrs. Jean McGinley Draper 

10. Eleanor R. Tomlinson 

11. Edward F. Low 

12. Anna McP. liOw 

13. Joseph Percy Bartrara _ 

14. Estate of John Worthington, Martin N. Ballard, trustee 

15. Ogden L. Mills ^ 

16. Rhea Reid Topping 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

1 7. Bankers Trust Co - 

18. First National Bank of New York _- 

19. City Bank Farmers Trust Co.. 

20. United States Trust Co 

21. Central Hanover Bank & Trust Co 

Total 



57, 314 

31, 682 

167, 300 
135, 000 
101, 100 
20, 000 

20, 000 

20, 000 
20, 000 

30, 135 

25, 500 
20, 000 

23, 300 

23, 000 

21, oOO 

20, 625 



82, 074 
66, 407 
42, 947 
36, 660 
29,273 



$1,002,995 

554, 435 

2, 927, 750 

2, 362, 500 

1,769.250 

350, 000 

350, 000 

350, 000 
350, 000 

527, 362 

446, 250 
350, 000 

407, 750 

402, 500 

376, 250 

360, 937 



1, 436, 294 

1, 162, 122 

751. 572 

641,550 

512, 277 



.91 

.50 

2.66 
2.15 
1.61 
.32 

.32 

.32 
.32 

.48 

.41 
.32 

.37 

.37 

.34 

.33 



1.31 
1.06 
.68 
.58 
.47 



993,817 



17,391.794 



15.83 



1078 



CONCENTRATION OF ECONOMIC POWER 



ISizerank: 143. 



Record holders and holders having legal and 

NATIONAL 
percent CUMULATIVE PREFERRED (VOTING) as of Feb. 7, 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Metropolitan Life Insurance Co -.- 

2. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) ._ 

3. The New York Life Insurance Co_ 

4. Prudential Insurance Co. of America..- 

5. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

6. Metropolitan Museum of Art. 

7. The Pennsylvania Mutual Life Insurance Co 

8. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) __. 

9. Scott & Co. (nominee for Guaranty Trust Co.; beneficiaries not 

disclosed) 

10. Boehm & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

11. The Colorado National Bank of Denver, trustee u/a with Frank 

W. Crocker, Sept. 28, 1927 

12. George Firmenich ^ 

13. Cobb & Co. (nominee for New York Trust Co.; beneficiaries not 

disclosed) 

14. Bankers Trust Co., trustee u/d/t for the time being in the United 

States of the Canada Life Assurance Co 

15. Liggett & Myers Tobacco Co. 

16. Lavina Evans Mortimer.. 

17. The Mutual Benefit Life Insurance Co 

18. Perkins & Co. (nominee for Commercial Trust Co. of New 

Jersey; beneficiaries not disclosed) 

19. Provident Mutual Life Insurance CJo. of Philadelphia 

20. Union Central Life Insurance Co 

21. Martin N. Ballard, trustee, estate of John Worthington 

Total 



7,600 

5,853 
5,000 
3.400 

3,197 
3,000 
2,000 

1,993 

1,500 

1,400 

1,300 
1,275 

1, 020 

1,000 
1,000 
1,000 
1,000 

1,000 
1,000 
1,000 
1,000 



$1,180,312 

921, 116 
786, 875 
535, 075 

503, 128 
472, 125 
314, 750 

313, 648 

236, 062 

220, 325 

204. 687 
200, 653 

160, 522 

157, 375 
157, 375 
157,375 
157, 375 

157, 375 
157,375 
157. 375 
157, 376 



3.02 

2.36 
2.02 
1.37 

1.29 
1.21 
.81 

.80 

.60 

.66 

.62 
.61 

.41 

.40 
.40 
.40 
.40 

.40 
.40 
.40 
.40 



46, 438 



7, 308, 178 



18.68 



CONCENTRATION OF ECONOMIC POWER 



1079 



beneficial ownership in such holdings — Continued 
BISCUIT CO. 

1938. Shares outstanding as of Feb. 7, 1938: 248,045. Price as of December 1937: $157H] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. The Colorado National Bank of Denver, trustee u/a with Frank 

W. Crocker, Sept. 28, 1927 

2. George Firmenich , 

3. Lavina Evans Mortimer 

4. Estate of John Worthington, Martin N. Ballard, trustee 

OTHER CORPORATIONS, NONFINANCIAL 

5. Liggett & Myers Tobacco CoL 

LKSURANCE COMPANIES 

6. Metropolitan Life Insurance Co 

7. The New York Life Insurance Co 

8. Prudential Insurance Co. of America 

9. The Pennsylvania Mutual Life Insurance Co 

10. Canada Life Assurance Co., through Bankers Trust Co., trustee 

u/d/t.for the time being in the United States 

11. The Mutual Benefit Life Insurance Co 

12. Provident Mutual Li^e Insurance Co. of Philadelphia 

13. Union Central Life Insurance Co -- 

ELEEMOSYNARY AND EDUCATIONAL HJSTITUTIONS 

14. The Metropolitan Museum of Art 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

15. United States Trust Co 

16. Central Hanover Bank & Trust Co 

17. City Bank Farmers Trust Co. 

18. Guaranty Trust Co. of New York ' 

19. Bankers Trust Co 

20. New York Trust Co. - 

21. Commercial Trust Co. of New Jersey 

Total 



1,300 
1,275 
1,000 
1,000 



1,000 



7,500 
5,000 
3,400 
2,000 

1,000 
1,000 
1,000 
1,000 



3,000 



5,853 
3,197 
1,993 
1,500 
1,400 
1,020 
1,000 



$204,587 
200,653 
157, 375 
157,375 



1,180,312 
786, 875 
535, 075 
314, 750 

157, 375 
157, 375 
157, 375 
157, 375 



472,125 



921,116 
503,128 
313, 648 
236, 062 
220, 325 
160, 522 
157, 375 



0.52 
.51 
.40 
.40 



3.02 
2.02 
1.37 
.81 

.40 
.40 
.40 
.40 



1.21 



2.36 
1.29 
.80 
.60 
.56 
.41 
.40 



46, 438 



7, 308, 178 



18.68 



1080 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
NATIONAL DAIRY PRODUCTS 
[Size rank: 93. COMMON (VOTING) as of June 1, 1939. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Rieck Investment Corporation (a holding company for the 

Rieck family) 

Labouchere &Co 

Brown Bros., Harriman & Co 

Duke Investment Co. (a holding company for the Mclnnerney 

family) 

EgRer & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) -._ _ 

Henry W. Breyer, Jr., of this Henry W. Breyer, Jr. owns— 

Shires 

Beneficially 20.900 

As nominee for Henry W. Breyer & Co 11,500 



Total .-_ 32.400 

Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

The Cleveland Trust Co 

Schmidt & Co. (nominee for Guaranty Trust Co; beneficiaries 
not disclosed) __ _ 

Arthur E. Spence (nominee for State Street Investment Co.)... 

Dominick & Dominick .,^ ___ 

Hurley & Co. (nominee for National City Bank; beneficiaries 
not disclosf i) _ , 

The Pennsy /ania Co. for Insurances on Lives and Granting 
Annuities, trustee for Edith S. Breyer, u/d/t Henry W. Breyer, 
Aug. 31, 1934 

ThePennsylvania Co. for Insurances on Lives and Granting 
Annuities, trustee for Catherine B. Warrilow, u/d/t Henry "W. 
Breyer, Aug. 31, 1934 

Alfred A. DuBan, care of Mamie DuBan, executrix 

E. A. Pierce & Co 

Paine, Webber & Co 

Joseph T. Castles, Jr., Walter Castles and John R. Frank, ex- 
ecutors, estate of Joseph T. Castles _ 

The Pennsylvania Co. for Insurances on Lives and Granting 
Annuities, trustee for Henry W. Breyer, Jr., u/d/t Henry W. 
Breyer, Aug 31, i;t34 (Henry W Breyer, Jr., alsn reports hold- 
ings in other trust funds for his benefit totaling 3,823 shares as 
of this date) 

Thompson & McKinnon 



Subtotal 

Total legal and beneficial holdings not included above. 



94.094 
90,900 
63, 708 

41,828 

35, 215 



32,400 

31.275 
29,009 

26, S37 
26,500 
26,201 

26, 102 



24,400 



23.500 
19,500 
18, 930 
18, 885 

18, 708 



18,700 
17,804 



&<-i. 496 
3.823 



$1, 329, C78 

1, 283, 962 

899, 875 

590, 820 

497, 412 



457, 650 

441,759 
409,752 

379, 073 
374.312 
370, 089 

368, 691 



344, 6.50 



331. 937 
275, 437 
267, 386 
266, 751 

264, 250 



264. 137 
251.481 



, 668. 502 
54.000 



1.50 
1.45 
1.02 

.67 

.56 



.52 

.50 
.46 

.43 
.42 
.42 



10.92 
.06 



Total. 



688,319 I 9,722:502 



10.98 



CONCENTRATION OF ECONOMIC POWER 



1081 



beneficial ownership in such holdings — Continued 
CORPORATION 

outstanding as of June 1, 1939: 6,263,880. Price as of December 1937: $14".^] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDtrALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 



1. Alfred A. DuBan, care of Mamie DuBan, executrix 

2. Rieck Investment Corporation (a holding company for the 
Rieck family; for details on ownership see this appendix, sec. 



11). 



3. Duke Investment Co., a holding company, the stock of which is 
held by— Percent 

Thomas H. Mclnnemey. 66.33 

(Mrs.) Jessica S. Mclnnerney (deceased Jan. 25, 1940; 

now held by the executors of her estate) 33. 67 



Total. - 100.00 

4. Catherine Breyer Warrilow, through the Pennsylvania Co. for 

Insurances on Lives and Granting Annuities, trustee u/d/t 
H. W. Breyer, Aug. 31, 1934. 

5. Henry W. Breyer, Jr 

6. Henry W. Breyer, Jr., through the Pennsylvania Co. for In- 

surances on Lives and Granting Annuities, trustee u/d/t 
Henry W. Breyer, Aug. 31, 1934 

7. Henry W. Breynr, Jr., through trusts for his benefit. 

8. Edith S. Breyer, through the Pennsylvania Co. for Insurances 

on Lives and Granting Annuities, trustee u/d/t H. W. Breyer, 
Aug. 31, 1934. ._._ 

9. Henry W. Breyer & Co., a holding company, the stock of which 

is held by— Percent 

Henry W. Breyer, Jr 26.31 

Edith S. Breyer et al 73.69 

10. Estate of Joseph T. Castles; executors: Joseph T. Castles, Jr., 
Walter Castles, and John R. Frank 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 



11. State street Investment Co. 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 



12. Chase National Bank.. 

13. Cleveland Trust Co.... 

14. Guaranty Trust Co. of New York. 

15. National City Bank 

16. Labouchere & Co 

17. Brown Bros., Harriman & Co 

18. Dominick & Dominick 

19. E. A. Pierce & Co ^.... 

20. Paine, Webber & Co 

21. Thompson & McKinnon 



Total. 



19,600 
94, 094 



41,828 



23,500 
20,900 



18,700 
3,823 



24,400 

11,500 
18,708 

26,500 



66,490 
29,009 
26,837 
26,102 
90,900 
63,708 
26,201 
18. 930 
18.885 
17,804 

688, 319 



$275, 437 
1,329,078 

590, 820 



331, 937 
295, 212 



264, 137 
54,000 



344, 650 



162, 438 
264,250 



374, 312 



939, 171 
409, 752 
379, 073 
368.691 
1,283.962 
899, 875 
370, 089 
267,386 
266, 751 
251, 481 

9, 722, 502 



0.30 



1.06 
.46 
.43 
.42 
1.45 
1.02 
.42 
.30 
.30 
.28 

10.98 



1082 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

NATIONAL DAIRY PRODUCTS 

[Size rank: 93. CLASS A 7 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) 

H0LDER3 OF RECORD 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Flora Day Supplee - - 

2. George A. Moore --- - 

3. Edward Woolman_. ....• 

4. Henry Hauptfuhrer - - 

5. Josephine T. Woolman -- 

6. Wonham, Albert & Co. (nominee for Bank of Montreal: bene- 

ficiaries not disclosed) - - - : 

7. Mrs. Carolyn R. Longaker _. ..- 

8. Henry N. Woolman 

9. H. J. Alker and Girard Trust Co., trustees for Caroline R. 

Longaker 

10. H. J. Alker and Girard Trust Co., trustees for Geo. Rentschler. 

11. Harry Hauptfuhrer, Jr._ _.- 

12. Mary S. C. Woolman 

18. George J. Hauptfuhrer... 

14. G. J. and Emilie S. Hauptfuhrer (joint tenants). 

15. O. H. Balzereit.careof Rosa and Leo Balzereit (guardians) 

16. H. J. Alker and Girard Trust Co., trustees for Margaret M. 

Longaker.. 

17. H.J. Alket- and Girard Trust Co., trustees for Minnie Rentschler 

18. Henry N. Woolman, Jr : • 

19. Max Meyer... 

30. Brown Bros., Harriman & Co... 

Total 



3,700 
2,250 
2,159 
1,967 
1,630 

1. 380 
1,369 
1,109 

1,000 
1.000 
1,000 
752 
700 
700 
600 

500 
500 
400 
399 

3S5 



23, 500 



$399, 600 
243,000 
233,172 
212, 436 
176,040 

149, 040 
147, 852 
119,772 

108,000 
108, 000 
108,000 
81,216 
75,600 
75,600 
64,800 

54,000 
54,000 
43,200 
43, 092 

41, 580 



6.45 
3.92 
3.77 
3.43 
2.84 

2.41 
2,39 
1.93 

1.74 
1.74 
1.74 
1.31 
1.22 
1.22 
1.05 

.87 
.87 
.70 
.70 
.67 



2, 538, 000 



40.97 



CONCENTRATION OF ECONOMIC POWER 



1083 



beneficial ownership in such holdings- — Cont4nued 
CORPORATION 

as of June 1, 1939. Shares outstanding as of June 1, 1939: 57,339. Price as of December 1937: 
Legal and Beneficial Holders 



Type and name of holder 



individuals, personal and family holding companies, trusts 

AND estates 

1. Flora Day Supplee 

2. George A. Moore 

3. Henry Hauptfuhrer 

4. Harry Hauptfuhrer, Jr 

5. George J. Hauptfuhrer. 

6. George J. and Emilie S. Hauptfuhrer (joint tenants)... 

7. Edward Woolman.. 

8. Josephine T. Woolman 

9. Mary S. C. Woolman '. 

10. Henry N. Woolman. 

11. Henry N. Woolman, Jr.. 

12. O. H. Balzereit, through Rosa and Leo Balzereit, guardians 

13. (Mrs.) Carolyn R. Longaker 

14. C. B. Longaker, through H. J. Alker and Qirard Trust Co., 

trustees 

15. Margaret M. Longaker, through H. J. Alker and Girard Trust 

Co., trustees 

16. George Rentschler, through H. J. Alker and Girard Trust Co., 

trustees 

17. Minnie Rentschler, through H. J. Alker and Girard Trust Co., 

trustees. 

18. Max Meyer 

BANKS, BROKERS, ETC.; BE-\EnCl ARIES NOT DISCLOSED 

19. Bank of Montreal 

20. Brown Bros., Harriman & Co 

Total 



Holdings 



Number 
of shares 



3,700 

2,250 

1,967 

1,000 

700 

700 

2,159 
1,630 

752 
1,109 

400 

600 
1,369 

1,000 

500 

1,000 

500 
399 



1,380 
385 



23,500 



Value 



$399,600 

243,000 

212, 436 
108,000 
76,600 
75,600 

233, 172 
176, 040 

81,216 
119. 772 

43,200 

64,800 
147, 852 

108,000 

54,000 

108,000 

54,000 
43,092 



149, 040 
41, 580 



?. 538, 000 



Percent 
of shares 
outstand- 
ing 



6.45 

3.92 

3.43 
1.74 
1.22 
1.22 

3.77 
2.84 
1.31 
1.93 
.70 

1.05 

2.39 

1.74 

.87 

1.74 

.87 
.70 



2.41 
.67 



40.97 



1084 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
NATIONAL DAIRY PRODUCTS 
[Size rank: 93. Class B 7 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) 
Holders or Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Egger & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

2. Henry W. Breyer, Jr. (Henry W. Breyer also reports holding 

4.55 shares through trusts for his benefit) 

3. Henry W. Breyer & Co. (a holding company for the Breyer 

family) - 

4. Edith S. Breyer... 

5. The Travelers Insurance Co 

6. Libprty Title & Trust Co., trustee for Irene Breyer Hippie 

7. Brown Bros., Harriman & Co 

8. Pennsylvania Co. for Insurances on Lives and Granting Annui- 

ties, trustee u/J/t Henry W. Breyer, Aug. 31, 1934, for Edith 
S. Breyer. 

9. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

10. Administratiekantoor 'Hagam', N. V 

11. SallieC. Sam 

12. Henry W. Breyer, Jr., trustee for Henry W. Breyer 3d. 

13. Catharine Van Bomel, trustee for Charlotte B. WorrUow. 

14. Girard Trust Co., trustee for Edith S. Breyer.. 

15. Girard Trust Co., trustee for T. Henry GeLssler - 

16. Girard Trust Co., trustee for Edward R. Scott 

17. Leroy & Co. (nominee for National Newark & Essex Banking 

Co. for account of Chartered Investors) 

18. Brown & Williamson Tobacco Corporation 

19. Irene B. Hippie 

20. Hannah H. Sam 

Subtotal 

Total legal and beneficial holdings not included above 

Total.... 



4,520 

3,213 

2.632 
2.372 
2,000 
1,000 
856 



780 

700 
670 
590 
538 
520 
500 
500 
500 

500 
500 
450 
300 



23, 641 
455 



$481, 945 

342, 586 

280. 637 

252.914 

■ 213. 250 

106. 625 

91, 271 



83, 167 

74, 637 
71. 439 
62.909 
57. 364 
55. 445 
53. 312 
53. 312 
53, 312 

53. 312 
53.312 
47. 981 
31.987 



2,520.717 
48. 514 



10.93 

7.77 

6.36 
5.73 
4.83 
2.42 
2.07 



1.89 

1.69 
1.62 
1.43 
1.30 
1.26 
1.21 
1.21 
i.21 

1.21 

1.21 

1.09 

.73 



67.17 
1.10 



24, 096 



2, 569, 231 



58.27 



I 



■CONCENTRATION OF ECONOMIC POWER 



1085 



beneficial ownership in such holdings — Continued 
CORPORATION 

as of June 1, 1939. Shares outstanding as of June 1, 1939: 41,370. Price as of December 1937: $106^] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts 
and estates 

1. J. Hem-y Oeissler, through Qirard Trust Co., trustee 

2. Henry W. Breyer, Jr 

3. Henry W. Breyer, Jr., trust for his benefit 

4. Henry W. Breyer 3d, through Henry W. Breyer, Jr., trustee 

5. Edith S. Breyer :.. : 

6. Edith S. Breyer, Pennsylvania Co. for Insurances on Lives and 

Granting Annuities, trustee u/d/t Henry AV. Breyer, Aug. 31, 
1934 

7. Edith S,. Breyer, through Girard Trust Co., trustee.-.. 

8. Irene Breyer Hippie i.... ...... 

9. Irene Breyer Hippie, through Liberty Title & Trust Co., trustee 

10. Charlotte Breyer Warrilow, through Catharine Van Bomel. 

trustee -...._ 

11. Henry W. Breyer & Co., a holding company, the stock of 

which is owned by— 

Percivt 

Henry W. Breyer, Jr - _. 26.31 

Others (including Edith S. Breyer) 73.09 



Total 100.00 

12. Edward R. Scott, through Girard Trust Co., trustee.... 

13. Sallie C. Sam. .:...:...! ___ 

14. Hannah H. Sam 



other corporations, nonfinanci.\l 

15. Brown & Williamson Tobacco Corporation 

-'"^ insurance companies 

16. Travelers Insurance Co : 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

17. Administratiekantoor 'Hagam', N. V 

18. Chartered Investors.. .... 

BANKS, BROKERS, ETC.; BENEFICIAllIES NOT DISCLOSED 

19. Chase National Bank. 

20. Bank of Montreal 

21. Brown Bros., Harriman & Co 



Total. 



500 

3,213 
455 
538 

2,372 



780 

500 

4£0 

1,000 

520 



2,632 
500 

590 
300 



2,000 



670 
500 



4,520 
700 
856 

24, 096 



$53, 312 

342, 586 
48,514 
57, 364 

252, 914 



83, 167 
53,312 
47,981 
106, 625 

55, 445 



280, 637 
53,312 

62, 909 
31, 987 



53, 312 



213,250 



71, 439 
53, 312 



481,945 
74, 637 
91,271 

2, 569, 231 



1.21 

7.77 
1.10 
1.30 
5.73 



1.89 
1.21 
1.09 
2.42 



6.36 
1.21 

1.43 
.73 



1.21 



4.83 



1.62 
1.21 



10.93 
1.69 
2.07 

58.27 



1086 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
NATIONAL DISTILLERS 
[Size rank: 199. COMMON (VOTING) as of Jan. 15, 1938. Shares 
HoLDEES OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Dent & Co. (nominee for Guaranty Trust Co.; beneficiaries not 
disclosed) - 

Jas. H. Oliphant & Co.... - - - 

E. A. PierceA Co 

Illinois Glass Co. (a holding company for members of the Levis 
family and associates) 

Arthur E. Spence (nominee for State Street Investment Cor- 
poration) - 

George R. Landen 

E. F. Button & Co -- 

Dominick & Dominick 

Lynn & Co. (nominee for Guaranty Trust Co.; beneficiaries not 
disclosed) - - - --- 

Rose H. Peyser 

Brown Bros., Harriman & Co -.. - 

Seton Porter 

Wihthrop, Mitchell & Co 

Fenner & Beane 

J. S. BacheA Co... 

John M. Rosenfield and William M. Rosenfleld, trustees u/w 
Louis Rosenfleld, deceased, f/b/o William M. Rosenfield 

Redmond & Co 

D. K. Weiskopf 

Aumend & Co. (nominee for Toledo Trust Co.; beneficiaries not 
disclosed) 

Post& Flagg 



Total. 



109,600 i 
30,830 
30, 174 

30,000 

21,100 
18,100 
16, 124 
14,500 

14,000 
13,300 
12, 827 
12, 189 
11, 752 
11,712 
11,564 

10, 959 
10,880 
10, 070 

10,000 
9,343 

409,024 



52, 260, 500 
635, 869 
622, 339 

618, 750 

435, 187 
373, 312 
332, 557 
299, 062 

288,750 
274, 312 
264, 557 
251, 398 
242, 385 
241, 560 
238,507 

226,029 
224,400 
207, 694 

206, 250 
192, 699 

8, 436, 117 



6.38 
1.51 
1.48 

1.47 

1.03 
.88 
.79 
.71 

.68 
.65 
.62 
.59 
.67 
.57 
.56 

.53 
.53 
.49 

.49 
.45 

19. 9S 



CONCENTRATION OF ECONOMIC POWER 



1087 



beneficial ownership in such holdings — Continued 
PRODUCTS CORPORATION 

outstanding as of Jan. 15, 1938: 2,036,893. Price as of December 1937: $205*j 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts 
and estates 

1. George R. Landen 

2. Rose H. Peyser. 



3. Illinois Glass Co., a holding company which was dissolved 
August 1938, and its assets distributed according to the per- 
centage of stock ownership; stockholders, at the time of liqui- 
dation, were as follows: 



Illinois 

Glass 

Co. 

stock, 

percent 



Wm. E . Levis _ 

Robert H. Levis 

R. N. Levis and Northern Trust Co., 

trustee u/w Geo. M. Levis, deceased. 

C. Parker Levis • 

Edwin M. Ashcraft, Jr 

Charles Levis 

Adele Levis Rand 

Northern Trust Co., trustee u/w Emma 

G . Levis - 

Thomas M. Levis. 

Mrs. Mary Levis Dyas 

Mrs. Mary Levis Dyas, through E. M. 

Ashcraft, Jr., cotrustee u/a/o John 

M. Levis, May 14, 1921 

Mrs. Mary Levis Dyas, through E. M. 

Ashcraft III, cotrustee u/a/o John 

M. Levis, Deo. 30, 1924 

-■Albert Cotter Levis 

Albert Cstter Levis, through E. M. 

Ashcraft, Jr., cotrustee u/a/o John M. 

Levis, May 14. 1921 

-\lbert Cotter Levis, through E. M. 

Ashcraft III, cotrustee u/a/o John 

M. Levis, Dec. 30, 1924 

J. Preston Levis 

Other members of the Levis family and 

associates -. - 

Others 



9.28 
7.81 

7.26 
7.12 
4.42 
4.09 
4.01 

4.01 
3.52 
3.39 



.71 
3.80 



1.49 



.71 
3.08 



12.48 
21.33 



Total. 



Equiva- 
lent 
National 
Distillers 
shares 



2, 781 
2,343 

2, 179 
2,135 
1,327 
1,227 
1,204 

1,204 
1,055 
1,017 



212 
1,140 



212 
925 



3,744 
6, 399 



30,000 



Seton Porter 

William M. Rosenfield, through John M. Rosenfield and Wil- 
liam M. Rosenfield, trustees u/w Lotiis Rosenfield, deceased. 

D. K. Weiskopf 



investment trusts and investment COMPANIES 

State Street Investment Corporation 



BANKS, brokers, ETC.; BENEFICIARIES NOT DISCLOSED 

Guaranty Trust Co. of New York 

Toledo Trust Co 

Jas. H. Oliphant & Co 

E. A. Pierce & Co 

E. F. Hutton & Co... 

Dominick & Dominick 

Brown Bros., Harriman & Co 

Winthrop, Mitchell & Co 

Fenncr & Bcane 

J. S. Bache & Co 

Redmond & Co 

Post & Flagg 

Total 



18,100 
13,300 



30,000 
12, 189 

10, 959 
10, 070 

21.100 



123,600 
10,000 
30,830 
30, 174 
16, 124 
14,500 
12.827 
11,752 
11,712 
11,564 
10. 880 
9,343 



409,024 



$373,312 
274, 312 



618, 750 
251, 398 

226,029 
207, 694 

435, 187 



2, 549, 250 
206,250 
635, 869 
622, 339 
332, 557 
299, 062 
264, 557 
242, 385 
241,560 
238. 507 
224. 400 
192. 699 



8,436,117 



268445—41 — No. 29 70 



1088 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

NATIONAL 
[Size rank: 160. COMMON (VOTING) as of Mar. 18, 1938. Shares 
Holders or Record 



Name of record holder 



1. Edwa'-d J. Cornish 

2. Mrs. Sehna C. Cornish 

3. Cunnineham & Co. (notnitiee for Bank of London & South 

America, Ltd.; beneficiaries not disclosed) 

4. Sun Life Assurance Co. of Canada .- 

5. Dewhurst & Co. (nominee for,.Bank of London & South Ameri- 

ca, Ltd.; beneficiaries not disclosed).. 

6. Sisler <fe Co. fnominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

7. Williams <k Co. (nominee for Bank of New York <t Trust Co.; 

beneficiaries not disclosed).. 

8. Norris B. Gregg, Jr - 

9. Bucklev & Co. (nominee for Fiduciary Trust Co. of New York; 

beneficiaries not disclosed) 

10. Carneeie Corporation of New York 

11. Hare Ai Co. (nominee for Bank of New York & Trust Co.; 

beneficiaries not disclosed) 

12. Henriette Billine 

13. Atwell <fe Co. (nominee for United States Trust Co.; beneficiar- 

ies not disclosed) 

14. Salkeld <t Co. (nominee for Bankers Tnist Co.; beneficiaries not 

disclosed) . . 

15. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

16. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosei) 

17. Bowen David & Co. (nominee for Fiduciary Trust Co. of 

Boston; beneficiaries not disclosed) 

18. Merrick <t Co. (nominee for New York Trust Co.; beneficiaries 

not disclosed) .. 

19. Krauss <fe Co. (nominee for Manufacturers-Traders Peoples 

Trust Co.; beneficiaries not disclosed) 

20. August Miller 

Total.-.. '. 



Holdings 



Number 
of shares 



179. 480 
179, 050 

165. 300 
85,400 

67,600 

51,390 

28.908 
25,060 

24.745 
22,900 

17, 598 
17,100 

16, 455 

14, 055 

12,480 

11,844 

11,755 

10,730 

10.400 
10.400 



962,650 



Value 



$4. 823, 525 
4, 811, 969 

4, 442. 437 
2, 295, 125 

1, 816, 750 

1,381,106 

776, 902 
673,487 

665, 022 
615, 437 

472. 946 
459, 562 

442,228 

377, 728 

335, 400 

318, 307 

315, 916 

288,369 

279.500 
279,500 



25, 871, 216 



Percent 
of shares 
outstand- 
ing 



5.79 
5.78 

5.34 
2.76 

2.18 

1.66 

.93 
.81 

.80 
.74 

.57 
.55 

.53 

.45 

.40 

.38 

.38 

.35 

.34 
.34 



31.08 



CONCENTRATION OF ECONOMIC POWER 



1089 



heneficial ownership in such holdings — Continued 
liEAD CO. 

-outstanding as of Mar. 18, 1938: 3,095,100. Price as of December 1937: $26^] 
Legal and BENEnciAL Holders 



Type and name of holder 



aNDIVIDtTALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Norris B. Gregg, Jr... 

2. Henriette Billing 

3. August Miller 

4. Edward J. Cornish ,. 

5. Mrs. Selina C. Cornish 

INSUR'ANCE COMPANIES 

■6. Sun Life Assurance Co. of Canada 

FOUNDATIONS 

7. Carnegie Corporation of New York 

BANKS, BROKERS, ETC.; BENEFICURIKS NOT DISCLOSED 

8. Bank of London & South America, Ltd 

9. Central Hanover Bank & Trust Co 

10. Bank of New York & Trust Co 

11. Fiduciary Trust Co. of New York 

12. United States Trust Co - 

13. Bankers Trust Co 

14. Bank of Montreal 

15. City Bank Farmers *rrust Co 

16. Fiduciary Trust Co. of Boston 

17. New York Trust Co - 

18. Manufacturers-Traders Peoples Trust Co 

Total 



Holdings 



Number 
of shares 



25,060 

17,100 

10,400 

179, 480 
179, 050 



85,400 



22,900 



232. 900 
51, 390 
46, 506 
24,745 
16, 455 
14, 055 
12,480 
11,844 
11,755 
10, 730 
10,400 



962, 650 



Value 



$673, 487 

459, 562 

279, 500 

4, 823, 525 
4,811,969 



2, 295, 125 



615, 437 



6, 259, 187 
1, 381, 106 
1, 249, 848 
665. 022 
442, 228 
377. 728 
335, 400 
318. 307 
315,916 
288, 369 
279, 500 



25, 871, 216 



Percent 
of shares 
outstand- 
ing 



0.81 
.55 
.34 



6.79 
5..78 



2.76 



7.52 
1.66 
1.50 
.80 
.53 
.45 
.40 
.38 
.38 
.35 
.34 



31.08 



1090 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

NATIONAL 
[Size rank; 160. 7 percent CUMULATIVE CLASS A PKEFERRED (VOTINGS as of Feb. 25. 
Holders of Record 



Name of record holder 



1. Mrs. Selina C. Coruish 

2. New York Life Insurance Co 

3. Metropolitan Life Insurance Co 

4. Edward J. Cornish 

5. Norris B. Gregg, Jr 

6. Siglcr & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

7. Atwoll & Co. (nominee for United States Trust Co.; benefi- 

ciaries not disclosed) 

8. Bank of Loudon & South America, Ltd., account Bolsa Nom- 

inees. Ltd - 

9. Metropolitan Museum of Art... 

10. University of Chicago 

11. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) • 

12. Anna V. Metcalf 

13. William C. Beschorraan, trustee u/w Carrie B. Beschorman 

14. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

d isclosed) 

15. Mrs. Florence P. Stribling 

16. Boehm & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

17. Veronica M. Callaghan, care of treasurer's office, Swift & Co 

18. Electric Storage Battery Co _ _ ._. 

19. Gustav A. Stamm and Eloise Hiegins Gregg, trustees u/t/i 

Norris B. Grege, Jr., Nov. 26, 1934 

20. Lulu Barr-,._ . _. 

Total 



Holdings 



Number 
of shares 



8.400 
8s 000 
6,000 
4,066 
2,735 

2,312 

2,159 

2,100 
1,800 
1,800 

1,692 
1,350 
1,250 

1,223 
1,059 

1,000 
1,000 
1,000 

796 
750 I 



Value 



.$1,311,460 

1.249,000 

936, 750 

634, 804 

427, 002 

360, 961 

337, 074 

327, 862. 
281, 025 
281, 025 

264, 163 
210, 769 
195, 156 

190, 941 
165, 336 

156, 125 
156, 125 
156, 125 

124, 275 
117,094 



50, 492 



7, 883, 062 



Percent 
of shares 
outstand- 
ing 



3.45 
3.28 
2.46 
1.67 
1.12 

.95 



.86 
.74 
.74 



.55 
.51 

.60 
.43 

.41 
.41 
.41 

.33 
.31 



20.71 



CONCENTRATION OF ECONOMIC POWER 



1091 



beneficial oivnership in such holdings — Continued 
LEAD CO. 

1938. Shares outstanding as of Feb. 25, 1938: 213,793. Price as of December 1937: $156).^] 
Legal and Beneficial Holders 



Type and name of holder 



individuals, personal and family holding companies, trusts 
and estates 

1. William C. Beschorman, trustee u/w of Carrie B. Beschorman.. 

2. Mrs. Florence P. Stribling 

3. Veronica M. Callaghan 

4. Lulu Barr 

fi. Mrs. Selina C. Cornish. _ 

6. Edward J. Cornish _ 

7. Anna V. Metcalf 



8. Norris B. Gregg, Jr 

9. Oustav A. Stamm and Eloise Higgins Gregg, trustees u/t/i of 

Norris B. Gregg, Jr., Nov. 26, 1934 



OTHER CORPORATIONS, NONTINANCIAL 

10. Electric Storage Battery Co 

INSURANCE COMPANIES 

11. New York Life Insurance Co 

12. Metropolitan Life Insurance Co 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

13. Metropolitan Museum of Art 

14. University of Chicago ..- 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

15. Central Hanover Bank & Trust Co - - -. 

16. Bankers Trust Co 

17. United States Trust Co 

18. City Bank Farmers Trust Co. 

19. Bolsa Nominees, Ltd 



Total . 



Holdings 



Number 
of shares 



1,250 

1,059 

1,000 

750 

8,400 
4,066 

1,350 

2,735 

796 



1,000 



8,000 
6,000 



1,800 
1,800 



2,312 
2,223 
2,159 
1,692 
2,100 

50,492 



Value 



$195, 156 

165, 336 

156, 125 

117,094 

1,311,450 
634, 804 

210, 769 

427, 002 

124, 275 



166, 125 



1,249,000 
936, 750 



281, 025 
281, 025 



360,901 
347, 066 
337, 074 
264, 163 
327, 862 

7, 883, 062 



Percent 
of shares 
outstand- 
ing 



0.51 

.43 

.41 

.31 

3.45 
1.67 

.55 

1.12 

.33 



3 28 
2.46 



.74 
.74 



20.71 



1092 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

NATIONAL 
[Size rank: 160. 6 percent CUMULATIVE CLASS B PREFERRED (VOTING) as of 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Mrs. Selina C. Cornish ..^ , 

2. Edward J. Cornish 

3. Norris B. Greg?, Jr 

4. Merrick & Co. (nominee for New York Trust Co.; beneficiaries 

not disclosed ) . 

5. Flora R. and Isidor M. Stettenheim Foundation, Inc 

6. Sigler & Co. (nominee for Central Hanover Bank <fe Trust Co.; 

beneliciarie.s not disclosed) ....'. . 

7. Haralin & Co , 

8. United States Fire Insurance Co , 

9. Yale University 

10. Kane & Co. (nominee for Chase National Bank; beneficiaries not 

disclosed) .... 

11. Henriette Billing ... 

12. Great American Indemnity Co .. .... 

13. Emma B. Johnson . ,....' 

14. Maryland Casualty Co •:>-... ...:.-.., 

15. The Trustees of Princeton University ,...I 

16. Metropolitan Museum of Art ___. 

17. Wm. C. Beschorman, trustee u/w Carrie B. Beschorman.—-..., 

18. Chas. E. Field .... , . 

19. Mrs. Mary S. Graham 

20. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) , 

Total .■...-.. ...„..; 



4,700 
3,659 
1,832 

1,205 
1,100 

1,080 
1,000 
1,000 
1,000 

848 
500 
500 
500 
500 
500 
480 
450 
400 
400 

373 



.$641, 550 
499, 453 
250, 068 

164, 482 
150, 150 

147. 420 
136.600 
136,600 
136,500 

115,752 
63,250 
68. 250 
68. 250 
68. 25p 
68. 250 
65, 520 
61, 425 
54.600 
• 54, 600 

50,914 



22, 027 



3, 006, 684 



4.55 
3.54 
1.77 

1.17 
1.07 

1.05 
.97 
.97 
.97 

.82 
.48 
.48 
.48 
.48 
.48 
.46 
.'44 
.39 
,39 

.36 



CONCENTRATION OF ECONOMIC POWER 



1093 



beneficial ownership in such holdings — Continued 

LEAD CO. 

Apr. 22, 1938. Shares outstanding as of Apr. 22, 1938: 77,462. Price as of December 1937: $136^^) 
Legal and BENKnciAL Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES 
TRUSTS AND ESTATES 

1. Norris B. Gregg, Jr 

2. Henriette Billing 

3. Emma B. Johnson 

4. Wm. C. Besehorman, trustee u/w Carrie Beschorman 

5. Chas. E. Field 

6. Mrs. Mary S. Graham 

7. Mrs. Selina C. Cornish 

8. Edward J. Cornish 

INSURANCE COMPANIES 

9. United States Fire Insurance Co 

10. Great American Indemnity Co 

11. Maryland Casualty Co -- - --. 

FOUNDATIONS 

12. Flora R. and Isidor M. Stettenheim Foundation, Inc 

OTHER ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

13. Yale University - 

14. Princeton University.. 

15. Metropolitan Museum of Art 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

16. New York Trust Co 

17. Central Hanover Bank & Trust Co 

18. Chase National Bank. 

19. United States Trust Co ■- 

20. Hamlin & Co 

Total. 



1,832 


$250, 068 


1.77 


500 


68. 250 


.48 


500 


68, 250 


.48 


450 


61, 425 


.44 


400 


54,600 


.39 


400 


54,600 


.39 


4,700 
3,659 


641, 550 
499, 453 


4.55 
3.64 


1,000 


136, 500 


.97 


500 


68, 250 


.48 


500 


68, 250 


.48 



1,100 



1,000 
500 
480 



1,205 
1,C80 



373 
1,000 



150, 150 



136, 500 
68, 250 
65, 520 



164, 482 
147, 420 
115.752 
50,914 
136, 500 



1.07 



1.17 
1.05 
.82 
.36 



22, 027 



3, 006. 684 



21.32 



1094 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

NATIONAL POWER 
[Size rank: 39. COMMON (VOTING) as of June 2, 1938. Shares out- 
HoLDEBS OF Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Electric Bond & Share Co. (in addition, Electric Bond & Share 

Co. owns 8,000 shares in the name of Frank L. Smiley). - 

2. Harold F. Sanders (nominee for Electric Bond & Share Co.) 


915,617 
742, 335 
700, 000 
330, 168 
228, 380 
213, 150 
102, 800 

47, 200 
29,131 
21, 600 
19,821 
16, 245 

14, 794 
14, 500 
12, 385 
12, 592 
12, 000 
11,385 
10, 834 
9,910 


$6, 638, 223 
5, 381. 929 
5, 075, 000 
2,393 718 
1, 655, 755 
1, 545, 338 
745, 300 

342. 200 
211,200 
156. 600 
143, 702 
117,776 

107, 256 
105, 125 
89, 791 
91, 292 

87, 000 
82, 541 
78, 546 
71,848 


16.78 
13.61 
12.83 


4. Harry J. Weigand (nominee for Electric Bond & Share Co.) 

5. Geo. H. Toepfer (nominee for Electric Bond & Share Co.) 

6. Richard E. Schumacher (nominee for Electric Bond & Share Co.) . 

7. Robert Pulleyn (nominee for Electric Bond & Share Co.) 

8. S. Z. Mitchell (in addition, S. Z. Mitchell owns 900 shares in the 


6.05 
4.19 
3.91 
1.88 

.86 


9 E A Pierce & Co --- - - 


.63 


10 J S Bache & Co - --- -- 


.39 




.36 




.29 


13. Cudd & Co. (nominee for Chase National Bank; beneficiaries 


.27 


14. Harry C. Trexler (held by the estate of Harry C. Trexler). 


.26 
.22 


16 Post & Flagg - 


.23 




.21 


18, E W Hill - - - 


.20 




.19 


''0 Bertha S Wilsey - - - --- 


.18 






Subtotal - 


3.464,847 
8,900 


25, 120, 140 
64,525 


63.44 




.16 






Total - - 


3, 473, 747 


25, 184, 665 


63 60 



CONCENTRATION OF ECONOMIC POWER 



1095 



beneficial ownership in such holdings — Continued 
& LIGHT CO. 

standing as of June 2, 1938: 5,456,117. Price as of December 1937: $7^i] 
Legal and BENEncuL Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. S. Z. Mitchell 

2. Estate of Harry C. Trexler (beneficiaries: The city of Allen- 

town, Pa., and various charitable organizations in that city)'.. 

3. Elmer E. Rodinbough _ _ 

4. E. W. HiU 

5. Bertha S. Wilsey.. _ 

CORPORATIONS, PARENT AND SUBSIDIARY 

6. Electric Bond & Share Co. (a statutory parent of National Power 

& Light Co.) 

OTHER COKPOR.^TIONS, NONFINANCIAL 

7. Lehigh Coal & Navigation Co _ ; 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

8. The Chase National Bank 

9. E. A. Pierce & Co-.. 

10. J. S. Bache & Co - 

11. Fenner & Beane 

12. Hornblower & Weeks. _ 

13. Post & Flagg 

14. Harris Upham & Co.. 

15. Thomson & McKinnon 

Total 



Holdings 



Number 
of shares 



Value 



48,100 

14, 500 
12,000 
11,385 
9,910 



700,000 



14,794 
29,131 
21,600 
19. 821 
16, 245 
12, 592 
12, 385 
10,834 



3, 473, 747 



$348, 725 

105, 125 
87,000 
82. 541 
71.848 



18, 418, 263 



5, 075, 000 



107,256 
211,200 
1.56,600 
143, 702 
117,770 
91,292 
89, 791 
78,546 



Percent 
of shares 
outstand- 
ing 



25,184,665 



.27 
.53 
39 
.36 
.29 
.23 
.22 
.19 



63.60 



1096 



CONCENTRATION OF ECONOMIC POWER 



[Size rank: 39. 



Record holders and holders having iegal and 
NATIONAL POWER 
CUMULATIVE PREFERRED (NONVOTING) as of Mar. 28, 
Holders of Record 



Name of record holder 



1. The United Gas & Electric Corporation 

2. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) . 

3. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees) 

4. Electrical Securities Corporation (1(X) percent owned by General 

Electric Co.)-... 

5. J. & W. Seligman & Co., nominee for— Shares 

Blue Ridge Corporation 2,400 

Others _ 2,320 

Total 4,720 

6. Cull & Co., Ltd 

7. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disci osed ) - . 

8. Brown Bros., Harriman & Co 

9. The Delaware & Hudson Co 

10. Trustees of University of Pennsylvania.. 

11. Tucker & Co. (nominee for J. Henry Schroder Banking Cor- 

poration; beneficiaries not disclosed) 

12. Menzl & (5o. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

13. EfTRer & Co. (nominee for the Chase National Bank, beneficiaries 

not disclosed) 

14. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

15. Bonner & Co. (nominee for Brooklyn Trust Co.; beneficiaries 

not disclosed) 

16. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

17. National Fire Insurance Co.. _ .. 

18. Travelers Insurance Co- __ 

19. United States Electric Light & Power Shares, Inc.. 

Total 



Holdings 



Number 
of sharps 



26, 512 
7,078 
6,000 
5,000 



4,720 
3.740 

2,388 
3,349 
2,500 
2,500 

2,325 

2,200 

2,185 

2,103 

2,084 

2,061 
2,000 
2, 000 
1,720 



82, 465 



Value 



$1, .590,720 
424, 680 
360, 000 
300,000 



283, 200 
224, 400 

143, 280 
200, 940 
150, 000 
150,000 

139, 500 

132, 000 

131, 100 

r.'6, 180 

125, 040 

123, 660 
120, 000 
120,000 
103, 200 



4,917,900 



Percent 
of shares 
outstand- 
ing 



9.47 
2.53 
2.14 
1.78 



1.68 
1.33 

.85 
1.19 
.89 



.83 

.78 

.78 

.75 

.74 

.73 
.71 
.71 
.61 



29.39 



CONCENTRATION OF ECONOMIC POWER 



1097 



beneficial ownership in such holdings — Continued 
& LIGHT CO. 

1938. Shares outstarding as of Mar. 28, 1938: 279,716. Price as of Decepiber 1937: $60] 
Legal and Beneficial Holders 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


OTHER CORPORATIONS, NONFINANCIAL 

1. The United Gas & Electric Corporation (a utility holding com- 

pany, controlled through ownership of its common stock by 
Empire Power Corporation; the common stock of Empire 
Power is substantially owned by the Phillips and Olmsted 
families; for a detailed statement of ownership of these two 
companies, see this appendix, sec. II) _ 

2. General Electric Co., through Electrical Securities Corporation 


26, 512 

5,000 
2,500 

2,000 
2,000 

2,400 
1,720 

6,000 

2,500 

7,078 
3,740 
2,388 
2,325 
2,200 
2,185 
2,103 
2,084 
2,001 
3, 349 


,$1, 590, 720 

300,000 
150, 000 

120,000 
120, 000 

144,000 
103,200 

360,000 

150,000 

424, 680 
224, 400 
143, 280 
139, 500 
132,000 
131, 100 
120, 180 
125, 040 
123,660 
200, 940 


9.47 
1.78 


3 The Delaware & Hudson Co 


.89 


INSURANCE COMPANIES 


71 




71 


INVESTMENT TRUSTS AND INVESTMENT COMPANIES 


.86 


7. United States Electric Light & Power Shares, Inc .-. 


.61 


OTHER COMPANY EMPLOYEE WELFARE AND STOCK PURCHASE FLANS 

8. General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees, the stock 


2.14 


ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 


.89 


HANKS, BRO'CEJiS, ETC.: BENEFICIARIES NOT DISCLOSED 

10. Bank of Montreal --. 


2.53 


11. Cull& Co , Ltd --- 


1.33 


12. United States Trust Co ■- - 


.85 




.83 


14. Bankers Trust Co 


.78 


15. The Chase National Bank.. - 

10. Citv Bank Farmers Trust Co - 


.78 
.75 




.74 


18. Central Hanover Bank & Trust Co ..- -- - 


.73 




1.19 






Subtotal - 


80, 145 
2,320 


4, 808, 700 
139, 200 


28.57 


Total record holdings not included above - 


.82 


Total 


82, 465 


4, 947, 900 


29.39 







1098 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
NATIONAL STEEL 
[Size rank: 91. COMMON (VOTING) as of Mar. 25, 1938. Shares 
Holders of Record 



Name of record holder 



The M. A. Hanna Co._ , 

Maurice and Laura Falk Foundation 

E.T. Weir _ 

Anthony O. R. Baldridge. 

J. Lakln Baldridge. 

J. & W. Seligman & Co. 

Joseph H. O'Connor 

George R. Fink... 

N. V. Algemeen Hollandsch Trustkantoor 

FideUty Trust Co., trustee 

Estate of Sigmund Falk 

Pauline Seeley Mudge - 

Cudd Si Co. (nominee for Chase National Bank; beneficiaries 

not disclosed)..- , 

Charles M. Thorp 

Union Trust Co. of Pittsburgh, trustee. 

Griffin & Co. (nominee for City Bank Farmers Trust Co.; bene- 
ficiaries not disclosed) 

Maurice Falk 

H, M. Hanna 

Leon Falk, Jr. .• 

E. W. Mudge, Jr _ ...- 

Total 



Holdings 



Number 
of shares 



Percent 
of shares 
outstand- 
ing 



591. 937 
74,441 
57, 895 
47, 137 
32, 367 
25,116 
24, 000 
22. 730 
18. 650 
17,825 
17,621 
17, 220 

15, 475 
15. 100 
13, 720 

13. 538 
13, 453 
13, 000 
12, 430 
12, 3.51 



$34,628,314 
4, 354, 798 
3, 386, 857 
2,757,514 
1, 893, 469 
1,469,286 
1, 404, 000 
1, 329. 705 
1.091,025 
1, 042. 762 
1, 030, 828 
1, 007, 370 

905, 287 
883, 350 
802, 620 

791,973 
787, 000 
760, 500 
727, 155 
722. 533 



1,056,006 61,776.346 



27.30 

3. ii 

2.67 

2.17 

1.49 

1.16 

1.11 

1.05 

.86 

.82 

.81 



.71 

.70 
.63 

.62 
.62 
.60 
.57 
57 



48.68 



CONCENTRATION OF ECONOMIC POWER 



1099 



beneficial ownership in such holdings — Continued 

CORPORATION 

outstanding as of Mar. 25, 1938: 2,167,877. Price as of Detsember 1937: $58^6] 
Legal and BENEnciAL Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



I Tcent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Anthony 0. R. Baldridge 

2. J. Lakin Baldridge ,..- 

3. E. T. Weir..-. 

4. Joseph H. O'Connor 

5. George R. Fink .. 

6. Pauline Seeley Mudge 

7. E. W. Mudge, Jr _ 

8. Charles M. Thorp 

9. H. M. Hanna ; 

10. Estate of Sigmund Falk 

11. Maurice Falk 

12. Leon Falk, Jr 

OTHER CORPORATIONS, NONFINANCIAL 

13. The M. A. Hanna Co. (a mining company of which Joseph H. 

O'Connor owns 13.6 percent and H. M. Hanna owns 3.9 per- 
cent; for details of ownership, see this appendix, sec. II) 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

14. N. V. Algemeen Hollandsch Trustkantoor 

FOUNDATIONS 

15. Maurice and Laura Falk Foundation 

BANKS, BROKESS, ETC.; BENEHCLiRIES NOT DISCLOSED 

16. Fidelity Trust Co., trustee 

17. Chase National Bank 

18. Union Trust Co. of Pittsburgh 

19. City Bank Farmers Trust Co 

20. J. & W. Seligman & Co 

Total 



47, 137 
32, 367 

57, 895 

24,000 

22, 730 

17, 220 
12, 351 

15,100 

13,000 

17, 621 
13, 453 
12,430 



591,937 



18, 650 



17,825 
15, 475 
13, 720 
13, 538 
2,M16 



$2, 757, 514 
1, 893, 469 

3, 386, 857 

1, 404, 000 

1, 329, 705 

1, 007, 370 
722, 533 

883, 350 

760, 500 

1, 030, 828 
787, 000 
727, 155 



34, 623, 314 



1, 091, 025 



4, 354, 798 



1, 042, 762 
905, 287 
802, 020 
791, 973 

1, 469. 286 



2.17 
1.49 

2.67 

1.11 

1.05 

.79 
.67 

.70 

.60 

.81 
.62 
..57 



27.30 



3.43 



.82 
.71 
.63 
.62 
1.16 



1, 056, 006 



61, 776, 346 



48.68 



1100 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
THE NATIONAL 
[Size rank: 186. COMMON (VOTING) as of Feb. 15, 1938. Shares 
Holders of Record 



Name of record holder 



1. J. H. Hillman, Jr., nominee for: Shares 

J. n. Hillman & Sons Co 9 

Heela Coal & Coke Co - 27 

Motors Mortgage Corporation 207 

Pennsylvania Industries 106, 230 

Total 106,473 

2. Trustees of Massachusetts Investors Trust 

3. Shouvlin Investment Co. (a holding company for the Shouvlin 

family) 

4. Sun Life Assurance Co. of Canada 

6. Frank Collins 

6. John G. Klinginsmith (nominee for Pennsylvania Industries, 

Inc.) 

7. Frank A. Randall and Harold B. Ingersoll, trustees u/w James 

Edward Slocum, deceased 

8. John H. Harvey and The Commerce Guardian Bank, executors 

of estate of Mrs. Alice A. Harvey.- -_. -.- 

9. Anne C. Johnson 

10. Ira C. Taber, James W. Harbaugh, and John Davis Hibbard, 

Jr., as trustees of the so-called D. C. Shaw Trust u/t/a Sept. 
22, 1920 _ - 



Holdings 




Number 
of shares 



106, 473 
45.000 

41,888 
18, 000 
16, 734 

13, 668 

12,600 

10,400 
10, 017 

6,723 



, 969, 750 
832, 500 

774, 928 
333,000 
309, 579 

252, 858 

233, 100 

192,400 
185,314 

124, 375 



9.97 
4.21 

3.92 
1.68 
1.57 

1.28 

1.18 

.97 
.94 

.63 



CONCENTRATION OF ECONOMIC POWER 



1101 



beneficial ownership in such holdings — Continued 
SUPPLY CO. 

outstanding as of Feb. 15, 1938: 1,068,392. Price as of December 1937: $18^6] 
Legal and BeneficiXl Holders 



Holdings 



Type and name of holder 



Number 
of shares 




Percent 
of shares 
outstand- 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 



1. Frank Collins, deceased. 



2. Patrick J. Shouvlin 

3. Shouvlin Investment Co., a holding company for the Shouvlin 

family, since dissolved; the principal individuals beneficially 
interested, through a trust, in Shouvlin Investment include: 

Percent 

Patrick J. Shouvlin. ._ _ ._ 24.98 

Joseph Shouvlin 8.33 

4. Estate of James Edward Slocum, deceased; executors, Frank 

A. Randall and Harold B. Ingersoll. 
Under decree of the Circuit Court of Cook County, 111., July 
22, 1938, 11,247 shares held by the estate were distributed 
among the following beneficiaries in the amounts indicated, 
the balance 1.353 is to be distributed to the same beneficiaries 
in the proportions indicated: 



Name 



(Mrs.) Martha J. Boice 

(Mrs.) Mary Edna Cox 

First Presbyterian Church (Chicago) 

Glenwood Manuel Training School 

Wm. A. and Isabel E. Landers 

Jane Lawrence Schuiz 

Mildred Lawrence Harshe 

Barbara Lawrence 

Chicago Society of Alpha Delta Phi, Uni- 
versity of Chicago- . - 

Peninsular Society of Alpha Delta Phi, 
University of Michigan.. 



Shares 



399 
1,301 
1.385 
1,385 
1,385 
1,336 
1,336 
1,336 

692 

692 

11,247 



Interest 

in balance 

of 1,353 

shares 



Percent 
5.28 
11.11 
12.22 
12.22 
12.22 
11.57 
11.57 
11.57 

6.12 



16, 734 
4,800 



$309, 579 
88,800 



774, 928 



1.57 
.45 



12,600 



233, 100 



1102 



CONCENTRATION O^ ECONOMIC POWER 



Record holders and holders having legal and 
THE NATIONAL 
[Size rank: 186. COMMON (VOTING) as of Feb. 1.5, 1939. . Shares 
Holders of Record 



Name of record holder 



Holdings 







Percent 


Number 


Value 


of shares 


of shares 


outstand- 






mg 


6,003 


$111,065 


0.56 


6,000 


111,000 


.56 


6,000 


111,000 


.56 


6,000 


111,000 


.56 


5,709 


105, 6!6 


.53 


5,490 


101, 565 


.51 


5,490 


101, 565 


.51 


5,400 


99.900 


.51 


5,235 


96,847 


.49 


4,800 


88,800 


.45 


337,630 


6, 246, 152 


31.59 



11. John A. Geismar 

12. United States & Foreign Securities Corporation 

13. United States & International Securities Corporation 

14. Donald S. Walker -. 

15. Mrs. Ruth D. Hardee.-.- 

16. Eleanor Chalfant Cooper - 

17. Martha Chalfant Wheelvn-ight--- 

18. C. F. Kettering, Inc. (a holding company for Charles F. Ketter- 

ing and family). 

19. Henry Chalfant, Jr - - 

20. Patrick J. Shouvlin - 

Total — . 



CONCENTRATION OF ECONOMIC POWER 



1103 



beneficial ownership in such holdings — Continued 
SUPPLY CO.— Continued 

outstanding as of Feb. 15, 1938: 1,068,392. Price as of December 1937: $18^^] 
Legal and Beneficial HoLDtRS 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Estate of Alice H. Harvey; executors, John H. Harvey and the 
Commerce Ouardian Bank of Toledo, Ohio (sole legatee John 
H. Harvey: the Commerce Guardian Bank reports that 4,000 
shares were subsequently sold by the executors and the bal- 
ance, 6,400 delivered to John H. Harvey) 

Anne C. Johnson 



7. Donald S. Walker. 

8. John A. Geismar.. 



Ira C. Taber, James W. Harbaueh, and John Davis Hibbard, 
Jr., as trustees of the so-called D. C. Shaw Trust u/t/a Sept. 
22, 1920: 
Beneficiaries: 

The Toledo Hospital, Toledo Newsboys 
Association and the Toledo Humane Percent of 
Society each have J-6 interest in the income shares 



from. 

John D. Hibbard, the income from. 

Helen Hibbard Brown, the income from. 

Ellen Wood Rowan, the income from 

Lester Wood, the iiicome from 

Leonard Wilson, the income from 

Dorothy Wilson, the income from 

Benjamin S. Wilson, the income from- 



47. 64 
9.52 
9.52 
9.52 
9.52 
4.76 
4.70 
4.76 



100.00 



Total. 

10. Mrs, Ruth D. Hnrdre . 

11. Henry Chalfant. Jr 

12. Martha Chalfant Wheelwright 

i:^. Kliauor Chalfant Cooper 

14. C. F. Kettering, Inc. (a holding company, SO percent of the stock 
of which is owned by Charles F. Kettering) 



insvraxce companies 
15. Sun Life Assurance Co. of Canada 



INVESTMENT TKfSTS AND INVEST.\!ENT COMPANIES 

16. Pennsylvania Industries, Inc.. an investment company, 

the stock of which is owned bv — ' Percent 

J. H. Hillman & Sons (\) 14.00 

J. H. Hillmnn A: Son.': Co., through Hecla Coal & 

Coke (80 percent owiiedi 40.72 

Others... 45.28 

Total 100.00 

J. H. Hillman, Jr., reports that lie holds a substantial interest 
in Pennsylvania Industries, Inc., through intermediary com- 
panies. On Dec. 21, 1938, Pennsylvania Industries bought 
102 shares of common stock of National Supply Co. of Penn- 
sylvania increasing its holdings to 120,000. On Dec. 28, 1938, 
these 120,000 shares were sdM to the IMttshurgh Steel Co. 
for 124,424 shares of Pittsburgh Steel common and 22,226 
shares of Pittsburgh Steel SJ-i percent prior preferred stock 
uursuant to agreement of Nov. 1, 1938 

17. Trustees of Massachusetts Investors Trust... 

18. United States A Foreign Securities Corporation 

19. United States & International Securities Corporation (80 per- 

cent of voting stock owned by United States & Foreign Securi- 
ties Corporation) 

Subtotal 

Total record holdings not included above 

Total 



10,400 
10,017 
6,000 
6,003 



6,723 

5,709 

5, 235 
5,490 
5,490 

5,400 



119,898 
45,000 
6.0(X) 

0.000 



337. 387 
243 



337, 630 



$192, 400 
185, 314 
111,000 
111,055 



124.375 

105, 616 

96. 847 
101,565 
101, 565 

99,900 



2, 218', 113 
832. 500 
111,000 

111,000 



6,241,657 
4,495 



6.246,152 



0.97 
.94 
.56 
.56 



.63 

.63 

.49 
.51 
.51 



1.68 



11.22 

4.21 

.66 

.66 



3L56 
.03 



3LC9 



268445^41 — No. 29- 



1104 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
THE NATIONAL 
[Size rank: 186. 6 percent CUMULATIVE PRIOR PREFERRED (VOTING) as 
Holders of Record 



Name of record holder 



1. Eleanor McC. Chalfant ..- 

2. Isabella C. Chalfant - 

3. Mary McKee. 

4. Ralph C. Carey (nominee for Scottish American Investment 

Co.) : 

5. Bernon S. Prentice 

6. Ira C. Taber, James W. Harbaughand John David Hibbard, Jr. 

as trustees of the so-called D. C. Shaw Trust u/t/a Sept. 22, 1920. 

7. Henry Chalfant, Jr 

8. Miriam Mitchell . 

9. Matilda M. Fisher 

10. Gordon Fisher . 

11. Gordon Fisher, Jr 

12. Mrs. Etta C. Barton 

13. F. J. Carpenter and Geo. E. Falkenberg, successor trustees u/w 

Frank Willis Black, deceased 

14. Mrs. Hannah W. Duncan 

15. Abram G. Holmes 

16. The Union Trust Co. of Pittsburgh, trustee u/w of Henry Chal- 

fant, deceased .._ 

17. Charles F. Beachler 

18. H. G. Texter 

19. Samuel G. Cooper 

20. John Duncan. 

Total. 



Holdings 



Number 
of shares 



14, 527 
14,127 
10, 533 

2,000 
2,000 

1,430 
1,192 
700 
620 
601 
600 
500 

310 
300 
300 

264 
260 
250 
200 
200 



50, 914 



Value 



$1, 089, 525 

1, 059, 525 

789,975 

150, 000 
150,000 

107, 250 
89, 400 
52,500 
46, 500 
45, 075 
45,000 
37, 500 

23, 250 
22, 500 
22,500 

19,800 
19, 500 
18, 750 
15,000 
15,000 



3, 818, 550 



Percent 
of shares 
outstand- 
ing 



22.46 
21.84 
16.28 

3.09 
3.09 

2.21 
1.84 
1.08 
.96 
.93 
.93 
.77 

.48 
.46 
.46 

.41 
.40 
.39 
.ol 
.31 



78.70 



CONCENTRATION OF ECONOMIC POWER 



1105 



beneficial ownership in such holdings — Continued 

SUPPLY CO. 

of Feb. 16, 1938. Shares outstanding as of Feb. 15, 1938: 64,687. Price as of December 1937: $76] 

LSOAL AND BENXnCIAL HOLDKBS 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



JNOrVIDtlALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Bemon S. Prentice , 

2. Eleanor McC.C half ant 

3. Isabella C. Ghalfant. 

4. Mary Chalfant McKee 

5. Henry Chalfant, Jr. 

6. The Union Trust Co. of Pittsburgh, trustee u/w of Henry 

Chalfant: 
Beneficiaries: Shares 

(Mrs.) Eleanor Chalfant Cooper 86.7 

(Mrs.) Martha Chalfant Wheelwright 86. 7 

Henry Chalfant, Jr 90.6 

Total- 264.0 

7. Samuel Q. Cooper.. _ 

8. Ira C. Taber, James W. Harbaugh, and John David Hib- 

bard, Jr., as trustees of the so-called D. C. Shaw Trust 
u/t/a Sept. 22. 1920: 

Beneficiaries: Per- 

The Toledo Hospital, Toledo Newsboys Associ- cent of 

ation and the Toledo Humane Society each shares 

have a l,i interest in the income from. 47.64 

John D. Hibbard, the income from 9.52 

Helen Hibbard Brown, the income from 9.52 

Ellen Wood Rowan, the income from.. 9.52 

Lester Wood, the incbme from 9. 52 

Leonard Wilson, the income from 4.76 

Dorothy Wilson, the income from 4.76 

Benjamin S. Wilson, the income from 4.76 

Total. 100.00 

9. Miriam Mitchell 

10. Matilda M. Fisher 

11. Gordon Fisher. _. ,.. 

12. Gordon Fisher, Jr.. 

13. Mrs. Etta C. Barton... 

14. F. J. Carpenter and Geo. E. Falkenberg, successor trustees u/w 

Frank Willis Black, deceased. 

15. Mrs. Hannah W. Duncan 

16. John Duncan 

17. Abram G. Holmes 

18. Charles F. Beachler 

19. H. Q. Texter 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

20. Scottish American Investment Co 

Total 



2,000 

14, 527 

14,127 

10,533 

1,192 



264 
200 



1,430 

700 

620 
601 
600 



310 

300 
200 

300 

260 

250 



2,000 



$150,000 

1, 089, 525 

1, 059, 525 

789, 975 

89,400 



19,800 
16,000 



107, 250 

52,500 

46,500 
45, 075 
45,000 

37,500 

23,250 

22,500 
15,000 

22,500 

19,500 

18,750 



3.09 

22.46 

21.84 

16.28 

1.84 



2.21 
1.08 



.93 
.93 

.77 



.48 
.46 
.31 

.46 
.40 
.39 



3.09 



50,914 



1106 



CONCENTRATION OP ECONOMIC POWER 



[Size rank: 18 



Recoru holders and holders having legal and 
THE NATIONAL 
5^'2 percent CUMULATIVE CONVERTIBLE PRIOR PREFERRED (VOTING) 
Holders of Record 



Name of record holder 



1. The Union Trust Co. of Pittsburgh, trustee u/w Henry Chalfant, 

deceased 

2. Georgiana McKee Blair 

3. The Union Trust Co. of Pittsburgh, successor trustee u/d/t 

Henry Chalfant, Feb. 2, 1923 

4. Wm. R. Blair, Jr., and the Union Trust Co. oi Pittsburgh, 

trustees u/d/t Mary Chalfant McKee, Dec. 12, 1935 (beneficiary: 
Georgiana McKee Blair) 

5. Henry Chalfant, Jr _ 

■6. Martha Chalfant Wheelwright 

7. Eleanor Chalfant Cooper 

8. Frank Collins 

9. Eleanor McC. Chalfant .__ 

10. The Union Trust Co. of Pittsburgh, Executor u/w Harriet B. W. 

Chalfant, deceased. .- 

11. Lsabella C. Chalfant 

12. Chas. F. Cruciger 

13. National Bond & Share Corporation 

14. The North River Insurance Co 

15. Mrs. Sara Fownes 

16. The Home Insurance Co _ 

17. Chas. F. Kiefer 

18. Gordon Fisher_ 

19. Alexander C. Robinson _ 

20. Martha Chalfant Wheelwright- 

Total 



Holdings 







1 ■Tcent 


Number 


Value 


01 shares 


of shares 


outstand- 






ing 


9.072 


$610, 092 


4.13 


7, 110 


478, 147 


3.24 


7.<m 


470, 817 


3. 19 


7,000 


470, 750 


3.19 


6,691 ■ 


449, 970 


3.05 


5, 878 


395, 295 


2.68 


5, 695 


382, 989 


2.60 


3,600 


242, 100 


1.64 


3,400 


228, 650 


1.55 


3,366 . 


226, 303 


1.53 


.3,008 


202, 288 


1.37 


2,483 ' 


166, 982 


1.13 


2,000 


134, 500 


.91 


2.000 


134, ,500 


.91 


1,915 


128.784 


.87 


1,700 


114,325 


.77 


1,600 


107, 600 


.73 


1,570 


105, 582 


.72 


1,500 


100, 875 


.68 


1.200 


80,700 


.55 



77, 789 



5, 231, 309 



35.44 



CONCENTRATION OF ECONOMIC POWER 



1107 



beneficial ownershi-p in such holdings — Continued 
SUPPLY CO. 

as of Feb. 15, 1938. Shares outstanding as of Feb. 15, 1938: 219,429. Price as of December 1937; $67?^] 
Legal and Beneficial Holdehs 



Type and name of holder 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Frank Collins, deceased _ 

2. Eleanor McC. Chalfant 

3. Isabella C. Chalfant... 

4. Georgiana McKee Blair 

5. (Mrs.) Georgiana McKee Blair, through William R. Blair, Jr. 

and Union Trust Co. of Pittsburgh, trustees u/d/t Mary Chal- 
fant McKee, Dec. 12, 1935 

fi. Martha Chalfant Wheelwright 

7. Eleanor Chalfant Cooper 

8. Henry Clialfant, Jr 

9. Union Trust Co. of Pittsburgh, trustee u/w Henry Chalfant, 

deceased: 
BeneOciarie.s: Shares 

(Mrs.) Eleanor Chalfant Cooper 2,980 

(Mrs.) Martha Chalfant Wheelwright 2,980 

Henry Chalfant, Jr 3, 112 

Total 9,072 

10. Union Trust Co. of Pittsburgh, successor trustee u/d/t Henry 

Chalfant Feb. 2, 1923: 
Beneficiaries: Shares 

(Mrs.) Eleanor Chalfant Cooper 2,333 

(Mrs.) Martha Chalfant Wheelwright... 2,334 

Henry Chalfant, Jr 2,334 

Total 7,001 

11. Union Trust Co. of Pittsburgh, e.xecutor u/w Harriet B. W. 

Chalfant, deceased. 
Beneficiaries: Shares 

(Mrs.) Eleanor Chalfant Cooper 1,122 

(Mrs.) Martha Chalfant Wheelwright 1,122 

Henry Chalfant, Jr 1. 122 

Total. 3,366 

12. Charles F. Cruciger -.. 

13. Mrs. Sara Fownes 

14. Charles F. Kiefer 

15. Gordon Fisher , 

16. Alexander C. Robinson 

insurance companies 

17. The Korth River Insurance Co 

18. The Home Insurance Co 

investment trusts and investment companies 

19. National Bond & Share Corporation 

Totah 



Holdings 



Number 
of shares 



3,600 

3,400 
3,008 
7.110 



7,000 
7,078 
5,695 
6,691 



7,001 



3,360 
2,483 
1,915 
1,600 
1,570 
1,500 



2,000 
1,700 



77, 789 



Value 



$242, 100 

228,650 
202,288 
478, 147 



470, 7.'^0 
475, 995 
382, 989 
449, 970 



610.092 



470,817 



226, 363 
166, 982 
128, 784 
107, 600 
105, 582 
100, 875 



134, 500 
114,325 



134, 500 



5,231,309 



Percent 
of shares 
outstand- 
ing 



1.55 
1.37 
3.24 



3. 19 
3.23 
2.00 
3.05 



3.19 



1.53 
1.13 
.87 
.73 
.72 
.68 



.91 

35.44 



1108 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

THE NATIONAL 

ISize rank: 186. $2 10- YEAR CUMULATIVE CONVERTIBLE PREFERENCE (VOTING) 

Holders of Record 





Holdings 


■ Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. J. H. Hillman, Jr., nominee for— Shares 

Motors Mortgage Corporation 24 

Pennsylvania Industries, Inc. (which in addition 
owns 2,967 shares) 11,031 

Total 11,055 

■2. Henry Chalfant, Jr 


11,055 
7,264 

7,000 
5,850 
5,527 
5,273 
4,533 
4,500 
3,430 
3.00S 

2,102 

2,061 

2,060 
2, 000 
■ 2, 00(1 
1,875 
1.800 
1.66,5 

1,640 
1,460 


$240, 446 
157,992 

152, 250 
127, 237 
120, 212 
114,688 
98, 593 
97, 875 
74, 602 
65,424 

45, 718 

44, 827 

44, 805 
43,500 
43, 500 
40, 781 
39, 1.50 
36, 214 

35, 670 
31, 755 


4.03 
2.65 


3. WUliam R. Blair, Jr., and the Union Trust Co. of Pittsburgh, 
trustees u/d/t Mary Chalfant McKee, Dec. 12, 1935 (beneficiary, 
Mrs. Georgiana McKee Blair). 


2.55 


4- Martha Ohnlfant Wheelwright 


2.13 


5. Eleanor Chalfant Cooper 


2.01 


■6. Frank Collins 


1.92 


7. Georgiana McKee Blair 


1.65 


8. Trustees of Massachusetts Investors Trust 


1.64 


9. Eleanor McC. Chalfant 


1.25 


10. Isabella C. Chalfant 


1.10 


11. Ira C. Taber, James W. Harbaugh and John Davis Hibbard, Jr., 

as trustees of the so-called D. C. Shaw Trust u/t/a Sept. 22. 1920. 

12. The Union Trust Co. of Pittsburgh, executor u/w of Harriet B. 

W. Chalfant, deceased.. 


.77 
.75 


13. Frank A. Randall and Harold B. IngersoU, trustees u/w James 
Edward Slocura, deceased 


.75 


14. The North River Insurance Co 


.73 


15. Bernon S. Prentice . . 


.73 


16. Patrick J. Shouvlin 


.68 


17. Sun Life Assurance Co. of Canada 


.66 


18. Gordon Fisher 


.61 


19. John H. Harvey and the Commerce Guardian Bank, executors 
of the estate of Mrs. Alice A. Harvey (sole legatee, John H. 
Harvey) 


.60 


20. Mrs. Helen Dunning Barr . 


.53 






Subtotal 


76, 103 
2,967 


1,655,239 
64,532 


27.74 


Total legal and beneficial holdings not included above.. . . 


1.08 






Total 


79, 070 


1, 719, 771 


28.82 







CONCENTRATION OF ECONOMIC POWER 



1109 



beneficial ownership in such holdings — Continued 
SUPPLY CO. 

as of Feb. 15, 1938. Shares outstanding as of Feb. 15, 1938: 274,526. Price as of December 1937: $219i] 
Legal and BENEnciAL Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Frank Collins, deceased 

2. Isabella C. Chalfant.... 

3. Eleanor McC. Chalfant 

4. Qeorpiana McKee Blair 

5. Mrs. Oeorgiana McKee Blair (through William R. Blair, Jr. and 

the Union Trust Co. of Pittsburgh, trustees u/d/t Mary 
Chalfant McKee)... ,— 

6. Eleanor Chalfant Cooper - 

7. Martha Chalfant Wheelwright 

8. Henry Chalfant, Jr 

9. The Union Trust Co. of Pittsburgh, executor u/w of Harriet B. 

W. Chalfant: 
Beneficiaries: Shares 

(Mrs.) Eleanor Chalfant Cooper... 687 

(Mrs.) Martha Chalfant Wheelwright. 687 

Henry Chalfant, Jr 687 

Total 2,061 

10. Ira C. Taber, James W. Harbaugh, and John Davis Hibbard, 

Jr., as trustees of the so-called D. C. Shaw Trust u/t/a Sept. 

22, 1920: Per 

cent of 

Beneficiaries: shares 
Toledo Hospital, Toledo Newsboys Association 
and the Toledo Humane Society each receive 

1.^ of the income from 47.64 

John D. Hibbard, the income from... 9.52 

Helen Hibbard, the income from 9.52 

Ellen Wood Rowan, the income from 9.52 

Lester Wood, the income from 9.52 

Leonard Wilson, the income from 4.76 

Dorothy Wilson, the income from 4.76 

Benjamin S. Wilson, the income from 4.76 

Total - 100.00 

11. Frank A. Randall and Harold B. Ingersoll, trustees u/w of James 

Edward Slocum, deceased; 
Beneficiaries: Percent 

Mrs. Martha J. Boice - 3.56 

Mrs. Marv Edna Cox 11.57 

First Presbyterian Church of Chicago 12. 31 

Glenwood Alanuel Training School. 12.31 

William S. Isabel Landers 12.31 

Jane Lawrence Schulz 11.88 

Mildred Lawrence Harsche 11.88 

Barbara Lawrence 11.88 

Chicago Society of Alpha Delta Phi (University 

of Chicago) 6. 15 

Peninsular Society of Alpha Delta Phi (Univer- 
sity of Michigan) 6. 15 

Total 100.00 

12. Bernon S. Prentice - 

13. Patrick J. Shouvlin 

14. Gordon Fisher - 

15. John H. Harvey, through John H. Harvey and the Commerce 

Guardian Bank, executors of estate of Mrs. Alice A. Harvey. . 

16. Mrs. Helen Dunning Barr. 

I.K.SURANCE COMPANIES 

1'. The North River Insurance Co 

18. Sun Life Assurance Co. of Canada 

INVEST.MENT TRVSTS AND INVESTMENT COMPANIES 

19. Pennsylvania Industries, Inc. (an investment company; for 

details of ownership see the information given under common 
stocks, supra) 

20. Trustees of Massachusetts Investors Trust... 

Subfdtal ...-. 

Total record holdings not included above 

Total.. '. 



Number 
of shares 



.5,273 

3,008 
3,430 
4,533 



7,000 
5,527 
5,850 
7,264 



2,061 



2,102 



13, 998 
4,500 



79, 046 
24 



79, 070 



Holdings 



Value 



$114,688 

65, 424 
74,602 
98, 593 



152, 250 
120,212 
127, 237 
157, 992 



44, 827 



45,718 



2,060 


44,805 


2.000 


43,500 


1,875 


40,781 


1,665 


36, 214 


1.640 


35, 670 


1,400 


31,755 


2,000 


43,500 


1,800 


39, 150 



304, 456 
97, 875 



1, 719, 249 
522 



Percent 
of shares 
outstand- 
ing 



1, 719, 771 



28.82 



1110 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
NEW ENGLAND GAS & 

[Size rank: 162. COMMON (VOTING) as of Mar. 31, 1938. Shares outstanding 
Holders of Record 





Holdings 


Name of record holder 


N umber 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Holland & Co. (nominee for Utilities Investing Trust, a subsidiary 


100, 000 
100,000 


$100, 000 
100, 000 


50.00 


2. E. T. Edmonds (nominee for Utilities Investing Trust, a subsidi- 
ary of Associated Gas & Electric Co.)..- 


50.00 






Total 


200, 000 200. 000 


100.00 











[$7 CUMULATIVE SECOND PREFERRED (NONVOTING) as of Mar. 31, 1938. 
Holders of Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Holland & Co. (nominee for Utilities Investing Trust, a subsidi- 
ary of A.'^sociated Gas <t Electric Co.) 


100, 000 
55, 000 


$100, 000 
55, 000 


64.52 


2. Holland & Co. (nominee for Utilities Investing Trust, which holds 
a due bill for these 55,000 shares) 


35.48 






Total 


155,000 


155, 000 


100. 00 







CONCENTRATION OF ECONOMIC POWER 



nil 



beneficial ownership in such holdings — Continued 
ELECTRIC ASSOCIATION 

as of Mar. 31, 1938: 200,000. Price (assigned) as of December 1937: $1] 
Legal and Beneficul Holders 





Holdings 


Type and name of hol'ier 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


CORPORATIONS, PARENT AND SUBSIDIARY 

1. Associated Gas & Electric Co., through Utilities Investing Trust 
(a subsidiary) 


200,000 


$200,000 


100. 00 







Shares outstanding as of Mar. 31, 1938: 155,000. Price (assigned) as of December 1937: $1] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



corporations, parent and subsidiart 

1. Associated Gas & Electric Co.. through Utilities Investing Trust 
(a sub.^iidiary) 



$155,000 



100. 00 



1112 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
NEW ENGLAND GAS & 
[Size rank: 162. $5.50 CUMULATIVE PREFERRED (NONVOTING) as of Mar. 31, 1938. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Day* Co.. nominee for: Shares 

General Utility Investors Corporation (100 percent 

owned by Associated Gas & Electric Co.) 16,6''l 

Others R,201 

Total-- 22,872 

2. Lee & Co. (nominee for Chase National Bank; beneficiaries not 

disclosed) i ._- 

3. Holland & Co., nominee for: Shares 

General Utility Investors Corporation (100 percent 

owned by Associated Gas & Electric Co ) 1,074 

Others 539 

Total-.- 1,613 

4. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees) 

5. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

d isclosed) 

6. E. Paul Oilman 

7. Foreign American & General Investments Trust Co., Ltd -. 

8. Commercial Trust Co. of New Jersey 

9. Katherine T. Henry 

10. American Investment & General Trust Co., Ltd 

11. Foreign & Colonial Investment Trust Co., Ltd 

12. Oliver Prescott and Helen B. Prescott — 

13. Howard M. Estabrook. --. 

14. Cudd & Co (nominee for Chase National Bank; beneficiaries 

not d isclosed) 

15. William E. Gilbert 

16. Herman C. Ilfeld 

17. Brown Lisle & Marshall (nominee for Lotta K. Howe) 

18. Michael F. O'Dea --- - 

ID. Phillip K. Rowe - - 

20. Cornelia S. Abbott..- 

21. Henry G. Hattes 

22. Trustees of St. Charles College - 

Total 



22, 872 
3,500 



1.000 

1,000 
920 
800 
600 
560 
500 
500 
500 
480 

440 
400 
400 
400 
400 
385 
309 
300 
300 



$514, 620 
78, 750 



36, 292 
22, 500 



22.87 
3.50 



1.63 



22, 500 


1.00 


20 700 


.92 


18. 000 


.80 


13, 500 


.60 


12, 600 


.56 


11, 250 


..50 


11,2.50 


.50 


11, 250 


.,50 


10,800 


.48 


9,900 


.44 


9.000 


.40 


9,000 


.40 


9,000 


.40 


9,000 


.40 


8. 662 


.39 


6,952 


.31 


6,750 


.30 


6, 750 


.30 



38, 179 



S59, 026 



38.18 



CONCENTRATION OF ECONOMIC POWER 
beneficial ownership in such holdings — Continued 

ELECTRIC ASSOCIATION 

Shares outstanding as of Mar. 31, 1938: 99,994. Price as of December 1937: $22S] 
Legal and Beneficial Holders 



1113 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

E. Paul Oilman 



Katherine T. Henry 

Oliver Prescott and Helen B. Prescott. 

Howard M. Estabrook 

William E. Gilbert... 

Herman C. Dfeld 

Lotta K. Howe 

Michael F. O'Dea 

Phillip K. Rowe 

Cornelias. Abbott 

Henry G. Hattes... 



CORPORATIONS, PARENT AND SUBSIDIARY 

12. Associated Gas & Electric Co. (parent of New England Gas & 
Electric Association, through General Utility Investors Cor- 
poration (100 percent owned)) 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

13. Foreign American & General Investments Trust Co., Ltd. 

14. American Investment <fe General Trust Co., Ltd 

15. Foreign & Colonial Investment Trust Co., Ltd. 



OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC 

16. General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.) 



ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

17. Trustees of St. Charles College. 

BANKS, BROKERS, ETC.; BENEFICTARIES NOT DISCLOSED 

18. Chase National Bank. 

19. Bankers Trust Co 

20. Commercial Trust Co. of New Jersey 



Subtotal .- 

Total of record holdings not included above. 



920 
560 
500 
480 
400 
400 
400 
400 
385 
309 
300 



17, 745 



800 
500 
500 



1,000 



300 



3,940 

1,000 

600 



Total. 



31, 439 
6,740 



38, 179 



$20,700 
12,600 
11,250 
10,800 
9,000 
9,000 
9,000 
9,000 
8,662 
6,952 
6,750 



399, 262 



18,000 
11,250 
11,250 



22,500 



6,750 



88,650 
22,500 
13,500 



707, 376 
151, 650 



859, 026 



0.92 
.56 
.50 
.48 
.40 
.40 
.40 
.40 
.39 
.31 
.30 



17.75 



.80 
.50 
.50 



.30 



3.94 
1.00 
.60 



31.46 
6.73 



38.18 



1114 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
NEW ENGLAND 
[Size rank: 55. COMMON (VOTING) as of June 30, 1938. Shares 
Holders of Rkcord 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. International Hydro-Electric System 

2. D. T. Moore & Co., nominee for: 

Shares 

Bessemer Investment Co 13,968 

Howard Phipps 1,026 

Other associated interests _ 5, 254 

Total 20,248 

3. Bessemer Trust Co., as trustee for the following accounts: 

Shares 

John S. Phipps 390 

Margarita C. Phipps. - 5, 195 

Henry C. Phipps -. 390 

Gladys Phipps- - -.- 4,995 



Howard Phipps. 

Amy Guest-- 

Diana Guest SevastopoulO- 

Raymond Guest 

Winston Guest. 



390 
390 
342 
342 
342 



Total 12,776 

Bessemer Investment Co. (holding company for the Phipps 

family) 

Howard Phipps -- 

Oldwood, Inc. (holding company for the Phipps and Chace 

families; it reports holdings of an additional 2, 100 shares) 

Joseph P. Grace (nominee for W. R. Grace & Co., who report 

that they own an additional 398 shares) 

George Bramwell Baker (held by Edith T. Baker, executrix of 

the estate of George Bramwell Baker) 

Delaware Securities Corporation (owned by Amy Guest, who 

also holds 1,016 shares as collateral to a loan to Capt. F. E. 

Guest) .■ 

Mrs. Edith T. Baker- 

Skelton & Co. (nominee for First National Bank of Boston; 

beneficiaries not disclosed) 

Samuel C. Moore 

Harold W. Mason 

Shares 

Fred H. Harris (owns beneficially) 900 

As nominee for Charles A. Harris, his father 325 

Malcolm G. Chace - 

Philip Young, executor u/w Ella Margaret Bender Young 

International Paper & Power Co - 

C. D. Young & Co. (nominee for International Paper & Power 

Co.) 

Ljmdon L. Dunham 

R.Jay Flick 



Total. 



821, 780 $10, 683, 140 88. 11 



20, 248 263. 224 



12, 776 

7,518 
3,969 

3,900 

2,741 

2,252 

2,181 
2,135 

1,835 
1,828 
1,780 



1,225 
1,200 
1,200 
1,166 

1,049 
1,000 
1,000 

892, 783 



166, 088 

97, 734 
51, 597 

50, 700 

35, 633 

29, 276 



28,353 
27, 755 

23, 855 
23, 764 
23, 140 



15, 925 
15, 600 
15, 600 
15, 158 

13, 637 
13, 000 
13, 000 

11,606,179 



2.17 



.80 
.42 

.42 

.29 

.24 



.23 
.22 

.20 
.20 
.19 



.13 
.12 
.12 
.12 

.11 
.10 
.10 

95.65 



CONCENTRATION OF ECONOMIC POWER 



1115 



beneficial ownership in such ^o/dzngs^Continued 
POWER ASSOCIATION 

outstanding as of Dec. 31, 1937: 932,597. Price as of December 1937: $13] 
Legal and Beneficul Holders 



Type and name of bolder 



LNDIVIDOALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Howard Phipps 

2. Howard Phipps, through Bessemer Trust Co. , as trustee 

3. Amy Quest, through Delaware Securities Corporation 

4. Amy Guest, through Bessemer Trust Co., as trustee. 

5. Gapt. F. E. Quest (held by Amy Quest as collateral to a loan) 

6. Bessemer Investment Co. (a holding company for Phipps 

interests. For details of ownership see this appendix, sec. II) . 

7. Oldwood, Inc., owned by: 

Percent 

Bessemer Investment Co - 66.58 

Chace Family 33 32 

Phipps Family '.. . 10 

Total 100. 00 

(For further details on ownership, see this appendix, sec. II) 

8. Malcolm O. Chace 

9. Margarita C. Phipps, through Bessemer Trust Co., as trustee.. 

10. Gladys Phipps, through Bessemer Trust Co., as trustee 

11. Bessemer Trust Co., as trustee for 5 trusts for members of the 

Phipps family 

12. Estate of George Bram well Baker, Edith T. Baker, executrix 

13. Mrs. Edith T. Baker 

14. Samuel C. Moore .- 

15. Harold \V. Mason. i. _. 

16. Fred H. Harris 

17. Estate of Ella Margaret Bender Young, Phillip Young, executor. 

18. Lyndon L. Dunham 

19. R.Jay Flick 

CORPORATIONS, PARENT AND SUB.SIDIARY 

20. International Hydro-Electric System (these shares deposited 

with Old Colony Trust Co. on Sept. 29, 1935; Frank Crawford, 
Sidney St. F. Tbaxter, and Robert H. Montgomery, voting 
trustees) 

OTHHR CORPORATIONS, NONFINANQAL 

21. International Paper <t Power Co 

22. W. R. Grace & Co. 

BANKS AND brokers: BENEFICIARY NOT KNOWN 

23. First National Bank of Boston 

Subtotal. 

Total record holdings not included above .-. 

Total .- 



Holdings 



Number 
of shares 



4,995 
390 

2,181 
390 

1,016 

21, 486 



6,000 
1,200 
5,195 
4,995 

1,806 

2,252 
2,135 

1,828 

1,780 

900 

1,200 

1,000 

1,000 



821, 780 



2,215 
3,139 



1.835 



890, 718 
2,065 



892, 783 



Value 



*64, 935 
5.070 

28, 353 
5,070 

13.208 

279, 318 



78,000 
15,600 
67, 535 
64,935 

23, 478 

29,276 
27.755 

23,764 

23. 140 

11,700 

15,600 

13,000 

13,000 



10, 683. 140 



28,795 
40.807 



23, 855 



11,579,334 
26, 845 



11,606,179 



Percent 
of shares 
outstand- 
ing 



0.54 
.04 
.23 
.04 
.11 

2.30 



.64 
.12 
.56 
.54 

.19 

.24 
.22 

.20 

.19 
.10 
.12 
.10 
.10 



.20 



95.47 
.18 



96.65 



1116 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
NEW ENGLAND 
(Size rank: 55. 6 percent CUMULATIVE PREFERRED rCONTINGENT VOTING) as of 
Holders of Record 



Holdings 



Name of record iiolder 



L D. T. Moore & Co., nominee for — Shares 

Bessemer Investment Co 31, 046 

Howard Phipps 1,078 

Estate of Helen Martin 1, 115 

Other associated interests 5,311 



Total 38,550 

Z Bessemer Trust Co.: Shares 

For own account 1, 670 

As trustee for the following accounts: 

John S. Phipps 1,238 

Margarita C. Phipps 9,439 

Hubert B. Phipps 200 

Margaret Phipps Douglas 87 

Henry C. Phipps 498 

Gladys Phipps - 6,.352 

Barbara Phipp)S Janney - - - 675 

Beatrice Audrey Phipps.- 685 

Sonia Phipps.-.- 7.30 

Howard Phipps - --- 763 

Anne Phipps i 7, 150 

Amy Guest 970 

Diana Guest Sevastopoulo 1,002 

Raymond Guest 1,000 

Winston Quest 902 

Townsend Bradley Martin 400 

Alastair Bradlpy Martin. 435 

Esmond Bradley Martin -.- . 447 



Total -.-- 32,973 

Held for other individuals not members of the 
Phipps family -- 1,270 



Total holdings for itself and others 35,919 

Less 2,924 .shares in name of nominees- - - 32, 995 

3. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees) 

4. Electrical Securities Corporation (100 percent owned by Gen- 

eral Electric Co.) 

5. Bessemer Investment Co. (holding company for the Phipps 

family) 

6. Mrs. Lucy D. Rice (held by Albert W. Rice, executor of the 

estate of Lucy D. Rice) 

7. New England Trust Co. and Henry I. Harriman, trustees u/i 

Jan. 27, 19.32, by Henry I. Harriman 

8. Wonham, Albert & Co. (nominee for the Bank of Montreal; 

beneficiaries not disclosed) 

9. Henry I. Harriman 

10. Albert W. Rice ---- 

11. Mrs. Christine R. Hoar Gillette - 

12. Henry I. Harriman, trustee u/d/t May 6, 1932 



Number 
of shares 



32, 995 

12,500 

10,100 

8,820 

8,000 

.5.000 

4,965 
4,830 
4,600 
4,200 
4,000 



Value 



$2, 332, 275 



Perceni 
of shares 
outstand- 
ing 



1, 996, 198 

756, 250 

611,050 

533, 610 

484,000 

302, 500 

300, 382 
292, 215 
278, 300 
254, 100 
242,000 



.^.03 

1.90 

1.53 

1.34 

1.21 

.76 

.76 
.73 
.70 
.63 
.60 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

POWER ASSOCIATION" 

June 30, 1938. Shares outstandinp as of Dec. 31, 1937; 6.')6,440. Price as of December 1937: WiM] 
Legal and Beneficial Holders 



1117 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 


1,078 

763 

13 

3,007 

970 

1,876 

9,439 

7,150 

6,352 

8,299 

39, 866 

3,300 
8,000 
4,600 

4,830 
5,000 

4,000 

2,577 
1,517 

2,000 
2,695 
4,200 
2,600 
3,500 


$65. 219 

46, 162 

780 

181,924 

58, 685 

113,498 

571,060 

432, 575 

384, 296 

502, 090 

2,411,893 

199,650 
484,000 
278,300 

292, 215 
302, 500 

242,000 

155, 908 
91, 778 

121,000 
163, 048 
254,100 
157, 300 
211, 750 


0.16 


2 Howard Phipps, through Bessemer Trust Co., trustee 


.12 




.00 


4. Amy Guest, through Delaware Securities Corporation. 

5. Amy Guest, through Bessemer Trust Co., trustee 

6. Cap't. F. E. Guest (held by Amy Guest as collateral to a loan).. 

7. Margarita C. Phipps, through Bessemer Trust Co., trustee 

8 \nne Phipps through Bessemer Trust Co., trustee 


.45 
.15 
.29 
1.44 
1.09 


9. Gladys Phipps, through Bessemer Trust Co., trustee 

10. Bessemer Trust Co., as trustee for 13 trusts for members of the 


.97 
1.26 


11. Bessemer Investment Co. (a holding company for Phipps in- 

terests; for details on ownership see this appendix, sec. II) _... 

12. Old wood, Inc. I'a holding company; for details on ownership see 


6.07 
.50 


13. Estate of Lucy D. Rice, Albert W. Rice, executor __. -. 

14 Albert W. Rice - - 


1.21 
.70 




.73 


16. New England Trust Co. and Henry I. Earriman, trustees u/i 
Jan. 27, 1932, made by Henry I. Uarriman (beneficiaries, Edith 
Graves Harriman, wife, and Eunice H. Milliken, daughter of 


.76 


17. Henry I. Harriman, trustee u/d/t May 6, 1932 (beneficiaries, 

Edith Graves Harriman, Eunice H. Milliken, Gordon D. 
Harriman, wife, daughter, and son, respectively, of Henry I. 
Harriman, and the respective issue of said daughter and son). 

18. Estate of George Bramwell Baker, Edith T. Baker, e.xecutrix.-. 
19 Mrs Edith T Baker --- 


.60 

.39 
.23 


20. Mrs. Edith T. Baker as trustee under 5 trusts for members of 


.30 


21 Members of the Hornblower family and family trusts 


.41 


22 Christine R Hoar Gillette 


.63 




.39 


24. Harold W. Mason - 


.53 



1118 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
NEW ENGLAND 
[Size rank: 55. 6 percent CUMULATIVE PREFERRED (CONTINGENT VOTING) as of 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



13. Hornblower & Weeks, held for— 

Mrs. Harriet A. Damon - 

Estate of Chester N. Greenough 

Mrs. Ruth H. Greenough 

Mrs. Ruth H. Greenough, guardian for Elisha 

Atkins.-. .- 

For Henry H. Atkins 

For Robert Atkins 

Mrs. Hattie F. Hornblower 



Miss Martha Hornblower 

Mr. Ralph Hornblower, Jr 

Mr. Henry Hornblower, 2d 

Miss Caira Robbins .- 

Mrs. Mary A. Spilhaus 

Mr. James H. Wainwright 

Mi-s. Helen H. Meyer, guardian 

For Alfred R. Meyer, Jr 

For John H. Meyer 

For Miss Janet Meyer 

For Robert Meyer 

Mr. Orrin P. Weymouth 

Mi. Ellery P. Blanchard 

Mr. Frederic S. Goodwin 

Estate of Cora A. Searle 

Mr. Victor M. Pelletier, trustee. 



40 
55 
55 
300 
105 
300 

55 
55 
55 
55 
50 
13 
50 
200 
10 



Subtotal 3,528 

Stock not yet transferred out of its name but in pos- 
session of Hornblower & Weeks 24 



Total 3,552 

Mrs. Edith T. Baker: Shares 

Beneficially ._ 1,517 

As trustee for — 

Baker trust 1,500 

Eleanor B. Arnold 125 

Virginia B. Arnold 125 

Warren D. Arnold. ..- 125 

Daniel B. Arnold 125 



Total - 3,517 

15. Harold W. Mason 

16. Goodwin & Co. (nominee for the Royal Trust Co. of Canada; 

beneficiaries not disclosed) '. 

17. Oldwood, Inc. (holding company for the Phipps and Chace 

families) 

18. Delaware Securities Corporation (owned by Amy Guest, who 

also owned 13 shares and held 1,876 shares as collateral to a loan 
to Capt. F. E. Guest) 

19. Charles L. Ayling _ 

20. George Bramwell Baker (held by Edith T. Baker, execu- Shares 

trix of the estate of George Bramwell Baker) 1, 862 

Virginia B. Arnold 715 

Subtotal. 2,577 

Total 



3,552 



$214, 896 



0.54 



3,517 
3,500 



3,385 
3,300 



3,007 
2.600 



2,577 
163, 998 



212, 778 
211,750 



204,792 
199, 650 



181,^24 
If 7. 300 



155, 908 
9, 921, 878 



.51 
.50 



.45 
.39 



.39 
24.91 



CONCENTRATION OF ECONOMIC POWER . HIQ 

beneficial ownership in such holdings — Continued 
POWER ASSOCIATION— Continued 

June 30, 1938. Shares outstanding as of Dec. 31, 1937: 656,440. Price as of December 1937: $60^^] 
Legal and Beneficial Holders 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


OTHER CORPORATIONS, NONFINANCLAL 








25. General Electric Co., through Electrical Securities Corporation 
(100 percent owned) 


10, 100 


$611, 050 


1.53 


BANKS AS BENEFICIAL HOLDERS 








26. Bessemer Trust Co 


1,676 


101, 398 


.26 


OTHER COMPANY EMPLOYEES WELFARE AND STOCK PURCHASE 




PLANS, ETC. 








27. General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.) 


12,500 


756, 250 


1.90 


BANKS, BROKERS, ETC.; BENEFICURIES NOT DISCLOSED 








28. Bank of Montreal 


4,965 
3,385 


300. 382 
204, 792 


.76 


29. Royal Trust Co 


.51 






Subtotal. -- 


160, 258 
3,740 


9, 695, 609 
226, 269 


24.34 


Total record holdings not included above.. 


.57 






Total 


163, 998 


9, 921, 878 


24.91 







268445 — 41— No. 



1120 



CONCENTRATION OF PXONOMIC POWER 



Record holders and holders having legal and 
NEW ENGLAND 
[Size rank: 55. $2 CUMULATIVE PREFERRED (CONTINGENT VOTING) as of 
Holders of Record 



N ame of record holder 



1. Homblower & Weeks (held for Mrs. Ruth H. Greenough, 280 

shares) - 

2. Samuel C. Moore, trustee u/d/t made by Samuel C. Moore, Dee. 

2. 1937 - 

3. Herbert L. Ogden 

4. Mrs. Helen C. Ogden 

5. Paul C. Lindau and Emma L. Lindau, as joint tenants with 

rights of survivorship and not as tenants in common 

6. Samuel C. Moore, trustee u/d/t made by Samuel C. Moore, Dec. 

3 1937 

8. Miriam S. Moore 

9. Mildred Elizabeth Bell 

10. Henry J. Eltz, Jr , and Etta M. Eltz, as joint tenants with rights 

of survivorship and not as tenants in common.-. 

11. Albert J. Giflord _._. 

12. Elbert J. Gilmore 

13. John H. Lloyd and Leon A. Lloyd, joint tenants with right of 

survivorship and not as tenants in common 

14. Mrs. Lydia P. SteeL._ 

15. Edith Amas Stevens ._ 

16. Albert H. Stone 

17. Andrew B. Sutherland 

18. Charles H. Tenney 

19. Charles B. Trumbull 

20. William A. Viall 

Total. __ _ 



Holdings 



Number 
of shares 



280 

200 
150 
145 

120 

120 
110 
103 
100 

100 
100 
100 

100 
100 
100 
100 
100 
100 
100 
100 



2,428 



Value 



$5, 320 

3,800 
2,850 
2,755 

2,280 

2,280 
2,090 
1,957 
1,900 

1,900 
1,900 
1,900 

1,900 
1,900 
1,900 
1,900 
1,900 
1,900 
1,900 
1,SOO 



46,132 



Percent 
of shares 
outstand- 
ing 



1.44 

1.03 

.77 
.74 



.62 
.56 
.53 
.51 

.51 
.51 
.51 

.51 
.51 
.51 
.51 
.51 
.51 
.51 
.51 



12.43 



CONCENTRATION OF ECONOMIC POWER 



1121 



beneficial ownership in such holdings — Continued 
POWER ASSOCIATION 

June 30, 1938. Shares outstanding as of Dec. 31, 1937: 19,388. Price as of December 1937; $19] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVmUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Ruth H. Greenough 

2. Samuel C. Moore, trustee u/d/t made by Samuel C. Moore, 

Dec. 2, 1937 (beneficiaries, the children of Daniel Moore) 

3. Samuel C. Moore, trustee u/d/t made by Samuel C. Moore, Dec. 

3, 1937 (beneficiaries, the children of John Moore) 

4. Miriam S. Moore 

5. Herbert L. Ogden 

6. Helen C. Ogden - 

7. Paul C. Lindau and Emma Lindau, as joint tenants with rights 

of survivorship and not as tenants in common _ 

8. Helen W. Walk.er_._ 

9. Mildred Elizabeth Bell-__ 

10. Henry J. Eltz, Jr., and Etta M. Eltz, as joint tenants with rights 

of survivorship and not as tenants in common 

11. Elbert J. Gifford _.- 

12. Albert J. Gilmore 

13. Charles H. Tenney 

14. Andrew B. Sutherland 

15. Albert H. Stone 

16. Edith Ames Stevens 

17. Lydia P. Steel _ 

18. John H. Lloyd and Leon A. Lloyd, joint tenants with right of 

survivorship, and not as tenants in common 

19. William A. Viall 

20. Charles B. Trumbull 

Total 



Holdings 



Number 
of shares 



2,428 



Value 



Percent 
of shares 
outstand- 
ing 



$5,320 



3,800 



120 
103 


2,280 
1,957 


.62 
.53 


150 
145 


2,850 
2,755 


.77 
.74 


120 


2,280 


.62 


110 


2,090 


.56 


100 


1,900 


.51 


100 


1,900 


.51 


100 


1,900 


.51 


100 


1,900 


.51 


100 


1,900 


.51 


100 


1,900 


.51 


100 


1,900 


.51 


100 


1,900 


.51 


100 


1,900 


.51 


100 


1,900 


.51 


100 


1,900 


.51 


100 


1,900 


.51 



46, 132 



1122 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

NEW ENGLAND TELEPHONE 

[Size rank: 76. COMMON (VOTING) as of Feb. 1, 1938. Shares out- 

HOLDEES OF EECORD 



Name of record holder 



1. American Telephone <fe Telegraph Co 

2. The Travelers Insurance Co 

3. Theodore E. Parker - 

4. President and Fellows of Harvard College 

5. Great American Insurance Co 

6. The Merchants National Bank, trustee u/w Frederick J. Ken- 

nedy 

7. New England Mutual Life Insurance Co 

8. Freya, Fanning & Co 

9. Aetna Life Insurance Co,. 

10. International Brotherhood of Telephone Workers 

11. Mrs. May G. W. Bloom 

12. Corby & Co 

13. Helen A. W. Evans . - 

14. Security Insurance Co. of New Haven 

15. James C. Ayer, Charles F. Ayer, and Frederic Ayer, Jr., trustees 

u/i Feb. 24, 1911 

16. Worcester Art Museum — 

17. Charles F. Ayer _. .-. 

18. Charles R. Crane.-. 

19. The Manufacturers Life Insurance Co 

20. Massachusetts Bonding and Insurance Co- 

Total- 



Holdings 



Number 
of shares 



870, 942 
5,000 
4,800 
2,214 
2,000 

2,000 
2,000 
1,900 
1,500 
1,500 
1,460 
1,385 
1,354 
1,160 

1,100 
1,080 
1,000 
1,000 
1,000 
1,000 



905, 395 



Value 



$87, 529, 671 
502, 500 
482, 400 
222, 507 
201,000 

201,000 
201,000 
190. 950 
150, 750 
150, 750 
146, 730 
139, 192 
136, 077 
116, 580 

110, .550 
108, 540 
100, 500 
100,500 
100, 500 
100, 500 



90, 992, 197 



Percent 
of shares 
outstand- 
ing 



67.90 



CONCENTRATION OF ECONOMIC POWER 



1123 



beneficial oivnersh-'p in such holdings — Continued 
& TELEGRAPH CO. 

standing as of Feb. 1, 1938: 1,333,468. Price as of December 1937: $100^] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, 
TRUSTS AND ESTATES 

1. Theodore E. Parker 

2. The Merchants National Bank, trustees u/w Frederick J. Ken- 

nedy 

3. Mrs. May Q. W. Bloom 

4. Helen A. W. Evans 

5. James C. Ayer, Charles F. Ayer, and Frederick Ayer, Jr., trustees 

u/i Feb. 24, 1911 _. 

6. Charles F. Ayer__ _.. 

7. Charles R. Crane 

CORPORATIONS, PARENT AND SUBSIDIARY 

8. American Telephone & Telegraph Co 

INSURANCE COMPANIES 

9. The Travelers Insurance Co 

10. Great American Insurance Co 

11. New England Mutual Life Insurance Co 

12. Aetna Life Insurance Co . 

13. Security Insurance Co. of New Haven 

14. The Manufacturers Life Insurance Co 

15. Massachusetts Bonding and Insurance Co 

FRATERNAL ORGANIZATIONS, UNIONS, ETC. 

16. International Brotherhood of Telephone Workers 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

17. Harvard University 

18. Worcester Art Museum 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

19. Freya, Fanning & Co.. 

20. Corby & Co.. 

Total 



Holdings 



Number 
of shares 



4,800 

2,000 
1,460 
1,354 

1,100 
1,000 

1,000 



1,500 



2,214 
1,080 



1,900 
1,385 



905, 395 



Value 



$482, 400 

201,000 
146, 730 
136, 077 

110,550 
100, 500 



0,942 


87, 529, 671 


5,000 


502, 500 


2,000 


201,000 


2,000 


201,000 


1,500 


150, 750 


1,160 


116,580 


1,000 


100,500 


1,000 


100,500 



150, 750 



222, 507 
108, 540 



190,950 
139, 192 



90, 992, 197 



Percent 
of shares 
outstand- 
ing 



.14 
.10 



67.90 



1124 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

THE NEW JERSEY 
(Size rank: 168. COMMON (VOTING) as of Nov. 20, 1939. Shares 
Holders of Record 



Name of record liolder 



1. Edgar Palmer.- 

2. United States Trust Co 

3. Higson & Co. (nominee for Continental Bank & Trust Co.; 

beneficiaries not disclosed) _ 

4. Wm. P.Hardenbergh 

5. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

6. Robert Winthrop& Co 

7. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

8. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

9. Williams & Co. (nominee for Bank of New York; beneficiaries 

not disclosed) 

10. Mansell & Co. (nominee for United States Trust Co.; benefi- 

ciaries not disclosed) - 

1 1 . Green Estate, Inc -- 

12. Provident Trust Co. of Philadelphia, remaining trustee-- 

13. MaryJ. Riker 

14. Sun Life .\ssurance Co. of Canada 

15. Frederick C. Squier, careof H. M. Searles, executor.- 

16. Margaret Riker Haskell 

17. Dominick& Dominick .- 

18. LaviniaR. Strong 

19. Zilph Palmer 

20. Home Insurance Co ._ 

Total - 



Holdings 



Number 
of shares 



385, 116 
164,929 

34, 000 
32, 800 

31, 228 
25, 110 

24, 300 

23, 574 

22, 940 

20, 57S 
20, 152 
18, 288 
12, 600 
12, 000 
11,114 
10, 543 
10, 378 
10, 223 
10, 010 
10, 000 



889, 878 



Value 



$22, 336, 728 
9, 565, 882 

1, 972, 000 
1, 902, 400 

1,811,224 
1, 456, 380 

1, 409, 400 

1, 367, 292 

1, 330, 520 

1, 193, 234 
1, 168, 816 
1, 060, 704 
730, 800 
696, 000 
644, 612 
611,494 
601,924 
592, 934 
580, 580 
580, 000 



Percent 
of shares 
outstand- 
ing 



51, 612, 924 



19.62 

8.40 

1.73 
1.67 

1.59 
1.28 

1.24 

1.20 

1.17 

1.05 
1.03 
.93 
.64 
.61 
.57 
.54 
.63 
.52 
.51 
.51 



CONCENTRATION OF ECONOMIC POWER 



1125 



beneficial ownership in such holdings — Continued 
ZINC CO. 

outstanding as of Nov. 20, 1939: 1,960,000. Priceasof December 1937: $58j 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts 

AND estates 

1. Wm. p. Hardenbergh .._ 

2. Edgar Palmer 

3. Zilph Palmer 

4. Mary J. Riker .- 

6. Margaret Riker Haskell 

6. Lavinia R. Strong _ _ 

7. Green Estate, Inc _. 

§. Frederick C . Squier, care of H. M . Searles, executor 

INSURANCF COMPANIES 

9. Sun Life Assurance Co. of Canada.. 

10. Home Insurance Co 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

11. United States Trust Co. (164,929 of these shares are held for 15 

separate trusts, as follows; settlers and beneficiaries not dis- 
closed: 5 trusts u/i each of vrhich owns 17,332 shares, 5 trusts 
u/i each of which owns 11,496 shares, 1 trust u/i which owns 
19,400 shares, 4 trusts u/i which own 200, 99, 56, and 30 shares 
respectively) 

12. Continental Bank & Trust Co. of New York 

13. City Bank Farmers Trust Co 

14. Central Hanover Bank & Trust Co 

15. Bank of New York^ _ 

16. Robert Winthrop & Co 

17. Dominick & Dominick .._ 

18. Provident Trust Co. of Philadelphia, remaining trustee 

Total. .- 



32,800 

385.116 
10,010 

12,600 
10, 543 

10. 223 

20, 152 

11,114 



12, 000 
10, 000 



209, 076 
34.000 
31, 228 

24, 300 
22, 940 

25, 110 
10, 378 
18,288 



$1, 902, 400 

22, 336, 728 
580, 580 

730, 800 
611,494 

592, 934 

1,168,816 

644, 612 



696, 000 
580, 000 



12, 126, 408 
1, 972, 000 
1,811,224 
1, 409, 400 
1. 330, 520 
1.456,380 
601, 924 
1, 060, 704 



889. 878 



51, 612. 924 



1.67 

19.62 
.51 

.64 
.54 

.52 

1.03 

.57 



.61 
.51 



10.65 
1.73 
1.59 
1.24 
1.17 
1.28 
.53 
.93 



45.34 



1126 



CONCENTRATION OF ECONOMIC POWEH 

Record holders and holders having legal and 
THE NEW YORK 
[Size rank: 6. COMMON (VOTING) as of Dec. 31, 1937. Shares outstanding 
Holders of Record 



N ame of record holder 



The Delaware & Hudson Co i — 

Union Pacific R. R. Co '..- -. 

Harold S. VanderbUt 

R. Raphael & Sons ». 

E. F. Hutton & Co 

Edward S. Harkness 

Dominick & Dominick 

J. S. Bache & Co 

Brown Bros., Harriman & Co 

Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) - 

Charles D. Barney & Co 

Trustees of the Massachusetts Investors Trust — 

WUliam K. VanderbDt 

Chase Nominees, Ltd. 

E. A. Pierce & Co 

Maatschappij tot Beheer van het Administratiekantoor Opge- 

richt door Hubrecht Van Harencarspel & Van Visser, N. V.. 

J. & W. Seligman & Co 

Cassel & Co 

J. W. Davis & Co.... 

Hornblower & Weeks 

Total. 



Holdings 



Number 
of shares 



410, 000 
260, 000 
108, 648 
84,322 
59, 514 
50,875 
47,211 
46, 220 
46, 175 

44, 659 
43, 522 
40, 000 
39, 085 
38, 830 
38, 510 

36, 86a 
35, 578 
34, 520 
31, 877 
28, 692 



1, 525, 098 



Value 



$6, 918, 750 

4, 387, 500 

1, 833, 435 

1, 422, 934 

1, 004, 299 

858, 516 

796, 686 

779, 962 

779, 203 

753, 621 
734, 434 
675, 000 
659, 559 
655, 256 
649, 856 

622, 012 
600, 379 
582, 525 
537, 924 

484, 177 



25, 736, 028 



23.66 



CONCENTRATION OF ECONOMIC POWER 



1127 



beneficial ownership in such holdings — Continued 

CENTRAL RAILROAD CO. 

as of Dec. 31, 1937: 6,447,400. Price as of December 1937: $16^] 

Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Edward S. Harkness 

2. Harold S. Vanderbilt - .-. 

3. William K. Vanderbilt .. 

OTHER CORPORATIONS, NONFINANCIAL 

4. The Delaware & Hudson Co 

5. Union Pacific R. R. Co _ - 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

6. Trustees of the Massachusetts Investors Trust --. 

7. Maatschappij tot Beheer van het Administratiekantoor Opge- 

richt door Hubrecht Van Harencarspel & Van Visser, N. V.. 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

8. Chase National Bank._ -. 

9. R. Raphael & Sons _ - 

10. E. F. Hutton & Co 

11. Dominick & Dominick 

12. J. S. Bache & Co.. - 

13. Brown Bros., Harriman & Co 

14. Charles D. Barney & Co.. 

15. E. A. Pierce & Co 

16. J. & W. Seligman & Co 

17. Cassel & Co 

18. J. W. Davis & Co 

19 Hornblower & Weeks 

20. Chase Nominees, Ltd. 

Total 



Holdings 



Number 
of shares 



50, 875 

108, 648 
39,085 



410,000 
260, 000 



40,000 
36, 860 



44,659 
84,322 
59, 514 
47,211 
46,220 
46, 175 
43, 522 
38, 510 
35, 578 
34, 520 
31, 877 
28,692 
38, 830 



1, 525, 



Value 



$858, 516 

1, 833, 435 
659, 559 



6, 918, 750 
4, 387, 500 



675, 000 
622, 012 



753, 621 
1,422,934 
1,004,299 
796, 686 
779. 962 
779, 203 
734, 434 
649, 856 
600,379 
582, 525 
537, 924 
484, 177 
355, 256 



25, 736, 028 



Percent 
of shares 
outstand- 
ing 



0.7» 

1.6» 
.61 



6.36 
4.03 



.62 
.57 



1.31 
.92 
.73 
.72 
.72 
.68 
.60 
.55 
.53 
.49 
.45 
.60 



23.66 



1128 



CONCENTRATION OF ECONOMIC POWEK 



Record holders and holders having legal and 
THE NEW YORK. CHICAOO 
[Size rank: 71. COMMON (VOTING) as of Dec. 31, 1937. Shares 
HoLDKRs OF Record 



Name of record holder 



Wilson & Co. (nominee for the New York Trust Co.; this stock 
is deposited with the New York Trust Co. in escrow under a 
purchase agreement between the Alleghany Corporation and 
the Chesapeake & Ohio Ry. Co.; substantially all payments 
under the purchase agreement had been made by December 
1937; Chesapeake & Ohio took legal title to this stock in January 
1938) _.._ 

A. Elliott (nominee for J. P. Morgan & Co. which holds for Vir- 
ginia Transportation Corporation) 

Paine, Webber & Co., nominee for— Shares 

Virginia Transportation Corporation 8, 700 

Others 792 

Total 9,492 

The Travelers Insurance Co.. 

Alfred P. Sloan Foundation, Inc 

Jaxon Corporation 

Harz & Co. (nominee for Commercial Trust Co. of New Jersey: 

beneficiaries not disclosed) 

Dominick & Dominick 

F. K. Gibbons (nominee for J. P. Morgan & Co., which holds 

for Virginia Transportation Corporation) 

General Investment Corporation 

Anco &Co 

H. Hentz & Co -.- 

Schmidt & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed) 

Henderson &Co 

Virginia Transportation Corporation 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

Spencer Trask & Co _ _ 

Clark-Dodge & Co 

Kgger & Co. (nominee for the Chase National Bank; beneficiaries 

not disclosed) 

Midland Investment Co 

Total 



Holdings 



Number 
of shares 



167, 300 
12,800 



9,492 
4,000 
3,588 
3,300 

2,777 
2,435 

2,200 
2,100 
1,800 
1,720 

1,567 
1,500 
1,400 

1,355 
1,316 
1,310 

1,300 
1,300 



Value 



$3, 178, 700 
243,200 



180, 348 
76,000 
68,172 
62,700 

52, 763 
46, 265 

41,800 
39,900 
34, 200 
32,680 

29, 773 
28,500 
26, 600 

25, 745 
25,004 
24, 890 

24,700 
24,700 



4, 266, 640 



Percent 
of shares 
outstand- 
ing 



49.58 
3.79 



2.81 
1.18 
1.06 
.98 

.82 
.72 

.65 
.62 
.53 
.51 

.46 
.44 
.42 

.41 
.40 
.39 

.39 
.39 



CONCENTRATION OF ECONOMIC POWER 



1129 



beneficial ownership in such holdings — Continued 
& ST. LOUIS R. R. CO. 

outstanding 'S of Dec. 31, 1937: 337,420. Price as of December 1937: $19) 
Legal and Beneficial Holdeks 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Jaxon Corporation 

2. Anco & Co --- - - 

CORPORATIONS, PARENT AND SUBSIDIARY 

3. Chesapeake & Ohio Ry. Co. -.- 

4. Chesapeake & Ohio Ry. Co., through Virginia Transportation 

Corporation (100 percent owned) 

INSURANCE COMPANIES 

5. The Travelers Insurance Co 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

6. General Investment Corporation 

7. Midland Investment Co 

FOUNDATIONS 

8. Alfred P. Sloan Foundation, Inc 

BANKS. BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

9. Commercial Trust Co. of New Jersey -.- -- 

10. Guaranty Trust Co. of New York... 

11. The Central Hanover Bank & Trust Co... 

12. The Chase National Bank -■- 

13. Dominick & Dominick 

14. H. Hentz & Co 

15. Henderson & Co --- 

16. Spencer Tra,sk & Co 

17. Clark-Dodge & Co ..- - --- -- 

Subtotal 

Total record holdings not included above 

Total --- 



Holdings 



Number 
ol shares 



3,300 
1,800 



167. 300 
25, 100 



2,100 
1,300 



3,588 



2,777 
1,567 
1,355 
1,300 
2,435 
1,720 
1, 500 
1,316 
1,310 



223, 768 
792 



Value 



$62, 700 
34,200 



3, 178, 700 
476, 900 



76, 000 



39,900 
24,700 



52, 763 
29,773 
25, 745 
24,700 
46, 265 
32, 680 
28,500 
25,004 
24, 890 



4, 251, 592 
15,048 



Percent 
of shares 
outstand- 
ing 



0.98 
.53 



49.58 
7.44 



1.18 



.62 
.39 



L06 



1130 



CONCENTRATION OF ECONOMIC POWEH 



Record holders and holders having legal and 

THE NEW YOEK, CHICAGO & 

[Size rank: 71. 6 percent CUMULATIVE PREFERRED A (CONTINGENT VOTING) as of 

Holders of Record 



Name of record holder 



1. New York Life Insurance Co 

2. Brbwn Bros., Harrtman & Co 

3. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

4. Dominick & Dominick 

5. J. & W. Seligman & Co - 

6. Schmidt & Co. (nominee for Guaranty Trust Co., of New York; 

beneficiaries not disclosed) 

7. Cleveland Trust Co 

8. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

9. Tucker & Co. (nominee for J. Henry Schroder Trust Co.) 

10. Frazier Jelke & Co 

11. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

12. White Weld & Co 

13. Paine, Webber & Co 

14. Harry W. Harrison 

16. Shaw & Co. (nominee for J. P. Morgan & oo.; beneficiaries not 

disclosed) 

16. Yale University . _.. 

17. Stroh & Co. (nominee for the New York Trust Co.; beneficiaries 

not disclosed) .._ 

18. Hare & Co. (nominee for Peoples-Pittsburgh Trust Co.; bene- 

ficiaries not disclosed) 

19. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries 

not disclosed) . . 

20. American Equitable Assurance Co. of New York 



Total. 



Holdings 



Number 
of shares 



7,400 
6,107 

5,355 
4,558 
4,370 

3,829 
3,634 

3,405 
3,235 
3,220 

2,989 
2,530 
2,526 
2,500 

2,450 
2,200 

2,060 

2,042 

2,031 
2,000 

68, 341 



Value 



$244, 200 
201, 531 

176, 715 
150, 414 
144, 210 

126, 327 
116,622 

112,365 
106, 755 
106, 260 

98, 637 
83, 490 
83, 358 
82,500 

80, 850 
72, 600 

67, 980 

67, 386 

67, 023 
66, 000 

2, 255, 223 



Percent 
of shares 
outstand- 
ing 



2.05 
1.69 

1.49 
1.26 
1.21 

1.06 



.83 
.70 
.70 
.69 



61 

.58 

.57 

.57 
.56 

18.96 



CONCENTRATION OF ECONOTVIIC POWER 



1131 



beneficial ownership in such holdings — Continued 
ST. LOUIS R. R. CO. 

Dec. 31, 1937. Shares outstanding as of Dec. 31, 1937: 360,525. Price as of December 1937: $33] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Harry W. Harrison , 

INSURANCE COMPANIES 

2. New York Life Insurance Co. 

3. American Equitable Assurance Co. of New York. 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

4. Yale University 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

5. Chase National Bank 

6. Guaranty Trust Co. of New York 

7. Cleveland Trust Co 

8. Bank of Montreal 

9. J. Henry Schroder Banking Co 

10. City Bank Farmers Trust Co 

11. J. P. Morgan & Co.. 

12. The New York Trust Co 

13. Peoples-Pittsburgh Trust Co 

14. Bankers Trust Co 

15. Brown Bros., Harriman & Co.. 

16. Dominick & Dominick 

17. J. & W. Seligman & Co 

18. Frazier Jelke & Co 

19. White Weld & Co 

20. Paine, Webber & Co 

Total 



Holdings 



Number 
of shares 



2,500 



7,400 
2,000 



5,355 
3,829 
3,534 
3,405 
3,235 
2,989 
2,450 
2,060 
2,042 
2,031 
6,107 
4,558 
4,370 
3,220 
2,530 
2,526 



8,341 



Value 



$82,600 

244,200 
66,000 

72,600 



176, 715 
126, 327 
116,622 
112,365 
106, 755 
98.637 
80, 850 
67,980 
67. 386 
67, 023 
201,531 
150,414 
144,210 
106, 260 
83, 490 
83. 358 



2, 255, 223 



Percent 
of shares 
outstand- 
ing 



0.69 



2.06 
.66 



.61 



1.40 
1.06 
.98 
.94 
.90 
.83 
.68 
.58 
.57 
.57 
1.69 
1.26 
1.21 
.89 
.70 
.70 



18.96 



1132 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
NIAGARA HUDSON 
[Size rank: 37. COMMON (VOTING) as of Mar. 5, 1938. Shares 
Holders of Recokd 



Name of record holder 



1. United Corporation (in addition to these shares held of record, 

United Corporation reports, under Section 16 (a) of the Secu- 
rities Exchange Act of 1934, ownership of 441,256 shares. It is 
probable that these shares were held through J. P. Morgan & 
Co. whose two nominees, Shaw & Co. and Roy Hays (see be- 
low), hold 452,072 shares) 

2. Aluminum Ore Co 

3. United Gas Improvement Co 

4. Niagara Share Corporation of Maryland: 

Owned beneficially by Niagara Share Corporation Shares 
of Maryland 478,526 

As nominee for Schoellkopf, Hutton & Pomeroy (a 
subsidiary)- 100 

Total—. 478,626 

6. J. F. Schoellkopf, Jr. (nominee for Niagara Share Corporation 
of Maryland) ..- - — 

6. Roy Hays (nominee for J. P. Morgan & Co.; for beneficial 

ownership, see note under United Corporation above) 

7. Shaw & Co. (nominee for J. P. Morgan & Co.: for beneficial 

ownership, see note under United Corporation above) - . 

8. Knack & Co. (nominee for Niagara Share Corporation of Mary- 

land). 

9. J.& W. Seligman& Co 

10. Albert C. Knack (nominee for Niagara Share Corporation of 

Maryland) — 

11. Harry S. Lewis: Shares 

Beneficially Harry S. Lewis 13,334 

As nominee for Beaver River Power Corporation (a 

holding company 30 percent owned by Harry S. 

Lewis) -.. -- 63,889 

Total - .-.. - 77,223 

12. Gilbert!. Easton... - 

13. Trustees of the Massachusetts Investors Trust 

14 . Lehman Bros _ _.- _ 

J5. Albert P. Taliaferro (nominee for American Superpower Cor- 
poration) 1 - 

16. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

17. Schmidt* Co.: 

Nominee for Niagara Share Corporation of Mary- Shares 
land 21,517 

Schoellkopf, Hutton & Pomeroy (subsidiary of 
Niagara Share Corporation) 9,253 

Total 30,770 

18. The Home Insurance (3o..- — 

19. State Street Investment Corporation 

20. Electric Shareholdings Corporation 

Total , 



Holdings 



Number 
of shares 



1, 909, 751 
991, 098 
756, 596 



478, 626 

279, 293 

245,000 

207, 072 

123, 627 
96, 851 

81,280 



77, 223 
66, 500 
50,000 
36, 369 

35, 000 

31,815 



30. 770 
30,000 
28, 600 
24, 300 



5, 579 777 



Value 



Percent 
of shares 
outstand- 
ing 



$13, 845, 695 
7, 185. 460 
5, 485, 321 



3, 470, 038 

2, 024, 874 

1, 776, 250 

1,501,272 

896. 296 
702, 170 

589, 324 



559, 867 
482, 125 
362, 500 
263, 675 

253, 750 

230, 659 



223, 082 
217, 500 
207, 350 
176, 175 



40, 453, 383 



19.94 
10.35 
7.90 



5.00 

2.92 

2.56 

2.16 

1.29 
1.01 



.85 



.81 



.52 
.38 



. J2 
.31 
.30 
.26 



58.26 



CONCENTRATION OF ECONOMIC POWER 



1133 



beneficial ownership in such holdings — Continued 

POWER CORPORATION 

outstanding as of Mar. 5, 1938: 9,577,261. Price as of December 1937: $7^6] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts, 
and estates 

1 . Gilbert J. Easton _ 

2. Harry S. Lewis 

3. Beaver River Power Corporation, a holding company, the 

stock of which is held by — Percent 

Harry S. Lewis 30 

Others 70 

Total 100 

corporations, parent and subsidiary 

4. United Corporation (parent of Niagara Hudson Power Cor- 

poration) 

OTHER corporations, NONFINANCIAL 

5. Aluminum Co. of America, through Aluminum Ore Co. (100 

percent owned) (for details on ownership of the stock of Alum- 
inum Co. of America, see pp. 628-631).- ..- 

6. United Gas Improvement Co. (subsidiary of United Corpora- 

tion) 

INSURANCE companies 

7. The Home Insurance Co 

investment trusts and investment companies 

8. Niagara Share Corporation of Maryland .. 

9. Niagara Share Corporation of Maryland, through Schoellkopf, 

Hutton & Pomeroy (100 percent owned) 

10. Trustees of the Massachusetts Investors Trust 

11. American Superpower Corporation. 

12. State Street Investment Corporation 

13. Electric Shareholdings Corporation _ 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. Central Hanover Bank & Trust Co 

15. J. & W. Seligman & Co.. 

16. Lehman Bros 

Subtotal 

Total record holdings not included above 

Total 



66,500 
13, 334 



63,889 



2,351,007 



991, 098 
756, 596 



30,000 



984, 249 

9,353 
50,000 
35,000 
28,600 
24,300 



31,815 
96, 851 
36, 369 



5, 568, 961 
10, 816 



$482, 125 
96,672 



463, 195 



17, 044, 801 



7, 185. 460 
5, 485, 321 

217,500 

7, 135, 805 

67,809 
362,500 
253, 750 
207,350 
176, 175 



230, 659 
702, 170 
263, 675 



40,374,967 
78, 416 



0.6& 
.14 



.67 



24.65 



10.35 
7.90 



.31 



10.28 

.10 
.62 
.37 
.30 
.26 



.33 
1.01 
.38 



68.16 
.11 



5, 579, 777 



40. 453, 383 



58.26 



1134 



CONCENTRATION OF ECONOMIC POWEH 



Record holders and holders having legal and 
NIAGARA HUDSON 
[Size rank: 37. 5 PERCENT CUMULATIVE 1ST PREFERRED (VOTING) as of 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

2. United Gas Improvement Co 

3. At well & Co (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

4. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) -- 

5. Genevieve Garven Brady 

6. Yale University ^ 

7. Mrs. Kate D. Wood 

8. Maude F. Freeman 

9. Merrick & Co. (nominee for the New York Trust Co.; benefici- 

aries not disclosed) - . - 

10. Mansell & Co. (nominee for United States Trust Co.; benefici- 

aries not disclosed) 

11. WiUiam V. Griffin 

12. American Superpower Corporation 

13. Mrs. Clara J. Corbett. 

14. Mrs. Stella F. Thomas 

15. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

16. Roswell F. Taylor . _ 

17. Margaret Ruth Brady Farrell 

18. William P. Hart_.__ 

19. Central Trust Co., Rochester, N. Y., and John A. Murray, 

trustees u/a/w Kate D. Wood, Sept. 14, 1935... 

20. Helen Martin Murphy 

Total -.- 



46,911 
40,420 

22,420 

18, 401 
7,600 
5,628 
4,900 
2,779 

2,774 

2,654 
2,474 
2,000 
2,000 
2,000 

1,700 
1,640 
1,619 
1,500 

1,465 
1,434 



$3, 741, 152 
3, 223, 495 

1, 787, 995 

1, 467, 480 
606, 100 

448. 833 
390, 775 
221, 625 

221, 227 

211,656 
197, 302 
159,500 
159,500 
159, 500 

135, 575 
130,790 
129,115 
119, 625 

116. 834 
114,362 



12.38 
10.67 

5.92 

4.86 
2.01 
1.49 
1.29 
.73 

.73 

.70 
.65 
.53 
.53 
.53 

.45 
.43 
.43 
.40 

.39 
.38 



172, 319 



13, 742, 441 



CONCENTRATION OF ECONOMIC POWER 



1135 



beneficial ownership in such holdings — Continued 
POWER CORPORATION 

Mar. 5, 1938. Shares outstanding as of Mar. 5, 1938: 378,875. Price as of December 1937: $7996] 
Legal and BsNEnaAL Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Mrs. Kate D. Wood 

2. Genevieve Garven Brady 1 

3. Margaret Ruth Brady Farrell 

4. Maude F. Freeman 

5. William V. Griffin 

6. Mrs. Clara J. Corbett 

7. Mrs. Stella F. Thomas - -- 

8. Roswell F. Taylor 

9. William P. Hart - 

10. Central Trust Co., Rochester, N. Y., and John A. Murray, 

trustees u/a/w Kate D. Wood, Sept. 14, 1935 

11. Helen Martin Murphy 

OTHER CORPORATIONS, NONFINANCIAL 

12. United Gas Improvement Co. (subsidiary of United Corpora- 

tic-^ - 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

13. American Superpower Corporation. _ - 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

14. Yale University - 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

15. Central Hanover Bank & Trust Co 

16. United States Trust Co - - 

17. Bankers Trust Co_ 

18. New York Trust Co - 

19. Bank of Montreal- - - 

Total - - 



4,900 
7,600 
1,619 
2,779 
2,474 
2,000 
2,000 
1,640 
1,500 

1,465 
1,434 



40, 420 



2,000 



5,628 



46,911 

25, 074 

18, 401 

2,774 

1,700 



$390,775 
606,100 
129,115 
221, 625 
197, 302 
159, 500 
159, 500 
130, 790 
119,625 

116,834 
114,362 



3, 223, 495 



159, 500 



448,833 



3,741,152 

1,999,651 

1, 467, 480 

221,227 

135, 575 



1.29 
2.01 
.43 
.73 
.65 
.63 
.53 
.43 
.40 

.39 
.38 



10.67 



.53 



1.49 



12.38 

6.62 

4.86 

,73 

.45 



172,319 



13, 742, 441 



45.50 



268445 — 41— No. 2£ 



J J36 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
NIAGARA HUDSON 
[Size rank: 37. 6 PERCENT CUMULATIVE 2nd PREFERRED A (VOTING) as of 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



United Gas Improvement Co 

Alden M. Young Co. (a holding company for the Young family). 

Maude F. Freeman 

MDton J. Warner - ..^ 

G. Harry Garrison 

Olive Young Warner - -.- 

Eugene Klapp 

Fidelity Title & Trust Co 

Frederic G. Pick 

William Littauer._ 

Edwin D. Klopp. _ 

Emma P. Douglas 

Hare & Co. (nominee for Bank of New York & Trust Co.; bene- 
ficiaries not disclosed) ___ 

Canal National Bank of Portland and Edgar R. Payson, trustees 
u/t/a Dec. 31,1931 

Percy De F. Warner, Olive Young Warner, and Howard M. 
Whiting, trustees u/t/a Nov. 1,1920-.. 

Florence F. Brinckerhoff 

Sanderson & Co. (nominee for Marine Trust Co.; beneficiaries 
not disclosed) ,.. 

John C. Muckerman 

Anna M. Buchanan 

Thomas W. Cloney 

Total 



75, 437 

2,708 

2,481 

1,650 

887 

590 

505 

353 

300 

275 

250 

200 

200 

167 

161 
150 

115 
101 
100 
100 



$4, 648, 805 

166, 880 

152, 892 

101,681 

54, 661 

36, 359 

31,121 

21, 754 

18,488 

16, 947 

15, 406 

12, 325 

12, 325 

10, 291 

9,922 
9,244 

7.087 
6.224 
6,162 
6,162 



83.56 
3.00 
2.75 
1.83 
.98 
.65 
.56 
.39 
.33 
.30 
.28 
.22 

.22 

.18 

.18 
.17 

.13 
.11 
.11 

.11 



86, 730 



5, 344, 736 



.06 



CONCENTRATION OF ECONOMIC POWER 



1137 



beneficial ownership in such holdings — Continued 

POWER CORPORATION 

Mar. 5, 1938. Shares outstanding as of Mar. 6, 193£: 80,281. Price as of December 1937:$615i] 

LEGiX AND BeNEHCIAL HOLDERS 



Type and name of bidder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILT HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Alden M. Young Co., a holding company, the stock of which is 
held by— Percent 

Common Preferred 

Elizabeth Y. Qallaudet 9.60 14.43 

Elizabeth Y. Gallaudet Trust 11.84 

Jolin H. Ooss 14.06 

Lucy Young Smith 9.23 

Lucy Young Smith Trust. 11.84 

Olive Young Warner 7.83 

Olive Young Warner Trust 11.84 

Ellen A. Young (deceased) 19.40 



12.76 
12.75 



40.66 



Subtotal 95.64 

Others. 4.36 



95.29 
4.71 



Total 100.00 100.00 

(For further details of ownership see this appendix, sec. II.) 

2. Maude F. Freeman 

3. Milton J. Warner... 

4. Olive Young Warner 

5. Percy De F. Warner, Olive Young Warner, and Howard M. 

Whiting, trustees, Nov. 1, 1929 

6. G. Harry Garrison , 

7. Eugene Klapp 

8. Edwin D. Klopp.... 

9. Frederic G. Pick. 

10. William Littauer 

11. Emma F. Douglas 



12. Canal National Bank of Portland and Edgar R. Payson, trustees, 

u/t/a, Dec. 31, 1931... 

13. Florence F. Brinckerhofl 

14. John C. Muckerman 

15. Anna M. Buchanan 

16. Thomas W. Cloney 



OTHER CORPORATIONS, NONFINANaAL 

17. United Gas Improvement Co 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

18. Fidelity Title & Trust Co 

19. Bank of New York & Trust Co 

20. Marine Trust Co 



Total. 



2,708 



2,481 



75, 437 



353 
200 
115 

86,730 



$166,880 



1,650. 
590 


101,681 
36, 359 


1.83 
.65 


161 


9,922 


.18 


887 


54,661 


.98 


505 
250 


31, 121 
15,406 


.56 
.28 


300 


18,488 


.33 


275 


16, 947 


.30 


200 


12, 325 


.22 


167 


10,291 


.18 


150 


9,244 


.17 


101 


6,224 


.11 


100 


6,162 


.11 


100 


6,162 


.11 



4, 648, 805 



21,754 
12, 325 
7,087 

5, 344, 736 



3.00 



83.se 



.39 
.22 
.13 

96.06 



1138 



COT^CENTRATION OF ECONOMIC POWEH 



Record holders and holders having legal and 

NIAGARA HUDSON 
[SiM rank: 37. 6 PERCENT CUMULATIVE 2ND PREFERRED B (VOTING) as of Mar. 

HoLDEEs OF Record 



Name of iscord holder 



Maude F. Freeman 

The trustees of the University of Pennsylvania 

Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

Winthrop OoflSa . .-..r:. .::";..::.: 

Jennie B. Stevens and Mark M. Stevens as surviving trustees for 

Jennie B. Stevens 

Brown Bros., Harriman & Co .._ 

Ida A. Burleigh 

Gertrude B. CoflBn 

Hanna B. Coffin 

Jeremiah D. Maguire 

The Pennsylvania Co. for Insurances on Lives and Granting 

Annuities, trustee u/w EmUy LUlie, deceased 

Mrs. Gertrude C. Shelton 

John S. Shelton 

Gustave W. Richmann 

Wm. P. Hoflman & Co 

Holsapple, Harvey & Co... 

Robert D. Parmenter... 

Edward Walo _ 

Warren Foundry & Pipe Corporation 

Bonner <fe Co. (nominee for Brooklyn Trust Co.; beneficiaries 

not disclosed) 

Total ^ _ 



Holdings 



Number 
of shares 



3,468 
l.OOO 

500 
400 

300 
225 
200 
200 
200 
200 

200 
200 
200 
200 
189 
175 
175 
167 
158 



8,482 



Value 



$213, 716 
61, 625 

30, 812 
2^650 

18,488 
13, 866 
12. 325 
12, .325 
12, 325 
12,325 

12, 32.') 
12, 325 
12, 325 
12, 325 
11,647 
10, 784 
10,784 
10,291 
9,737 

7,703 



522, 703 



Percent 
of shares 
outstand- 
ing 



22.1ft 
6.3* 

3.20 
2.56 

1,92 
1.44 
1.28 
1.28 
1.28 
1.28 

1.28 
1.28 
1.28 
1 28 
1.21 
1.12 
1.12 
1.07 
1.01 

.80 



54.24 



CONCEINTRATIOJV OF ECONOMIC POWER 



1139 



beneficial ownership in such holdings— Continued 

POWER CORPORATION 

fi, 1938. Shares outstanding as of Mar. 6, 1938: 15,649. Price (assigned) as of Dectmber 1937: $615*1 
Legal anb B£N.EncL^ Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Perrent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING C011FAN1ES» TRUSTS, 
AND ESTATES 

1. Maude F. Fraeman 

2. Winthrop Cofiin - 

3 Oertrude B. CofTin- - - 

4. H.maa B. Coffin 

5. Jennie B. Stevens, through Jennie B. Stevens and Mark M. 

Stev'ens, sar/ivins truitess 

6. Ida A. Burleigh -- 

7. Jeremiah D. Maguire 

8. The Pennsylvania Co. for Insurances on Lives and Granting 

Annuities, trustee u/w Emily Lillie, deceased 

9. Johns. SheUon 

10. Mrs. Gertrude C. SheUon 

11. Gustave W. Ric'jmann 

12. Robert D. Parmenter - 

13. Edward Walo 

OTHER CORPORATIONS, NONFINANCIAL 

14. Warren Foundry & Pipe Corporation 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

15. University of Pennsylvania 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DI8CL0S1CD 

16. Bankers Trust Co 

17. Brooklyn Trust Co 

18. Brown Bros., Harriman & Co 

19. W. P. Hoffman & Co. 

20. Holsapple, Harvey & Co 

Total 



3,468 

400 
200 
2C0 

300 
2C0 
2C0 

2C0 

2ro 

200 
200 
175 
167 



1,000 



800 
125 
225 
189 
175 



$213,716 

24, €50 
12.325 
12.325 

18. 4S8 
12.325 
12.325 

12.325 

12.325 
12.325 

12.325 

10. 784 

10, 291 



9,737 



Oil, 625 



30,812 

7.703 
1.3.866 
11,647 
10, 784 



1.01 



6.39 



3.20 
.80 
1.44 
1.21 
1.12 



8,482 



■522. 703 



54.24 



1140 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

NORFOLK & 
[Size rank: 43. COMMON (VOTING) as of Feb. 1, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Pennsylvania Co. (100 percent owned by the Pennsylvania 

R. R. Co.) 

2. The Pennsylvania R. R. Co 

3. The Home Insurance Co 

4. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) _ '. 

5. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) _ _ 

6. N. V. Maatschappij tot Beheer van het Administratiekantoor 

van Amerikaansche Fondsen Opgericht door Broes & Oosman 
Ten Have & Van Essen en Jarman & Zoonen 

7. Rush & Co. (nominee for Insurance Co. of North America) 

8. Trustees of the Massachusetts Investors Trust 

9. Continental Insurance Co 

10. Acly Co. (nominee for Union Trust Co. of Pittsburgh; bene- 

ficiaries not disclosed) 

11. General Education Board 

12. Brown Bros., Harriman & Co. 

13. National Liberty Insurance Co. of America _ 

14. Travelers Insurance Co 

15. Sun Life Assurance Co. of Canada 

16. Fidelity-Phenix Fire Insurance Co 

17. Fidelity Trust Co., Edward B. Cassatt, Robert K. Cassatt, 

Eliza F. Stewart, and John Hampton Barnes, trustees for 
Edward B. Cassatt and Lois B. Thayer u/w A. J. Cassatt, 
deceased ._ 

18. Williams & Co. (nominee for Bank of New York & Trust Co., 

beneficiaries not disclosed) 

19. F. S. Royster Guano Co.. 

20. A. M. Kidder & Co.... 

Total _ _ 



380, 321 

216,700 

13,600 

12, 181 

9,511 



9,480 
7,000 
6,400 
6,000 

4,980 
4,860 
4, 796 
4,300 
4.250 
3.900 
3,500 



3,333 

3,312 
3,154 
3,130 



$72, 926, 552 

41, 552. 225 

2, 607, 800 

2, 335, 707 

1, 823, 734 



1, 817, 790 
1, 342, 250 
1, 227, 200 
1, 150, 500 

954, 915 
931, 905 
919, 633 
824, 525 
814,937 
747, 825 
671, 125 



639, 103 

635, 076 
604, 779 
600, 177 



27.04 

15.40 

.97 



.67 
.50 
.46 
.43 

.35 
.35 
..34 
.31 
.30 
.28 
.25 



.24 
.22 
.22 



704, 708 



nf>. 127, 758 



CONCEJSiTRATION OF ECONOMIC POWER 



1141 



beneficial ownership in such holdings — Continued 

WESTERN RY. CO. 

outstanding as of Feb. 1, 1938: 1,406,483. Price as of December 1937: $1911' 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, personal AND FAMILY HOLDINQ COMPANIES, TRUSTS 
AND ESTATES 

1. Fidelity Trust Co., Edward B. Cassatt, Robert K. Cassatt, 

Eliza F. Stewart, and John Hampton Barnes, trustees u/w A. 
J. Cassatt, deceased (beneficiaries: Edward B. Cassatt and 
Lois B. Thayer)... _ 

OTHER CORPORATIONS, NONFINANCIAL 

2. The Pennsylvania R. R. Co 

3. The Pennsylvania R. R. Co., through the Pennsylvania Co. 

(100 percent owned) .-. 

4. F. S. Royster Ouano Co 

INSURANCE COMPANIES 

5. The Home Insurance Co - -. 

6. Insurance Co. of North America 

7. Continental Insurance Co 

8. National Liberty Insurance Co. of America... ...,- .-. 

9. Travelers Insurance Co -- 

10. Sun Life Assurance Co. of Canada — 

11. Fidelity-Phenix Fire Insurance Co 

INVESTMENT 'iRUSTS AND INVESTMENT COMPANIES 

12. N. V. Maatschappij tot Beheer van bet Administratiekantoor 

van AmerLkaansche Fondsen Opgericht door Broes & Qosman 
Ten Have & Van Essen en Jarman & Zoonen 

13. Trustees of the Massachusetts Investors Trust 

FOUNDATIONS 

14. General Education Board (Rockefeller) 

BANKS, BROKERS, ETC.; BENEnCIARIES NOT DISCLOSED 

15. Central Hanover Bank & Trust Co... 

16. City Bank Farmers Trust Co 

17. Union Trust Co. of Pittsburgh 

18. Bank of New York & Trust Co -.- 

19. Brown Bros., Harriman & Co... - 

20. A. M. Kidder & Co -. 

Total — 



3,333 

216, 700 

380, 321 
3,154 



13,600 
7,000 
6,000 
4,300 
4,250 
3,900 
3,500 



9,480 
6,400 



4,860 



12, 181 
9,511 
4,980 
3,312 
4,796 
3,130 



$639, 103 

41, 552, 225 

72, 926, 552 
604, 779 



2, 607, 800 
1, 342, 250 
1, 150, 500 
824, 625 
814, 937 
747, 825 
671, 125 



1,817,790 
1, 227, 200 



931, 905 



2, 335, 707 
1, 823, 734 
954,915 
635, 076 
919, 633 
600, 177 



0.24 



15.40 

27.04 
.22 



.97 
.50 
.43 
.31 
.30 
.28 
.25 



.67 
.46 



.35 



.87 
.68 
.35 
.24 
.34 
.22 



704, 708 



135, 127, 758 



50.12 



1142 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

NORFOLK A 
[Size rank: 43. 4 PERCENT ADJUSTMENT PREFERRED (VOTING) as of Feb. 28, 1938. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 


Value 


Percent 

of shares 

out<:tand- 

ing 


125,250 


$13, 151. 250 


5L54 


11,505 


1, 20?, 025 


5.01 


6,542 


683,910 


2.85 


2,676_ 


280,980 


1.17 


1,743 


183, 015 


.76 


1,483 


155,715 


.65 


1,305 
1.300 
1,250 


137.025 
136, 500 
131, 250 


.67 
.57 
.54 


1,130 
1,100 


118,650 
115,500 


.49 
.48 


1.000 
1.000 
1,000 
763 
650 
600 
600 
650 


1 0.1,000 
10-.. 000 
105. 000 
80 115 
6S. 250 
63. 000 
63.000 
67, 750 


.44 
.44 
.44 
.33 
.28 
.26 
.26 
.24 


812 


53 760 


.22 


161, 959 


17, 005, 695 


70.64 



1. Pennsylvania R. R. Co. . -.. 

2. Norfolk & Western Ry. Co., in trust for the relief fund of the 

relief and pension denartnient 

3. Pennsylvania Co. (100 percent owned by the Pennsylvania 

R.R.Co) _ .. 

i. Atwell & Co. ^nominee for United States Trust Co.; beneficiaries 
not disclosed). ........ .... 

5. Kordula & Co. Cnominee tor City Bank Farmers Trust Co.; 

beneficiaries n^t disclosed) .. 

6. N. V. Maats'^hanoij tot Beheer van het Administratiekantoor 

van Amerikaansche Fondsen Opperlcht door Broes & Qosman 
Ten Have Ai Van Essm en Jarman & /^oon-^n 

7. Williams & Co. (nominpe for Bank of New York & Trust Co.; 

boneficiarics not iis"lo.s° 1) 

8. The Common-voalth Fund . -. 

9. The Connpcticut Mutual Life Insurance Co . 

10. Sigler f: Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclossd). 

11. Anna K. Cummins — 

12. Griflin & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

13. Hartford Fire Insurance Co 

14. United States Guarantee Co 

15. Edwin G. Bruns -. - - 

16. F. S. Royster Guano Co _ 

17. Mary F. George 

18. Estateof A. C. Needles - 

19. Massachusetts Bonding <<£ I-'sinn'-'' Ci .... . 

20. Steere & Co. (nominee for Qirard Trust Co.; beneficiaries not 

disclosed) -. 



Total. 



CONCENTRATION OF ECONOMIC POWER 



1143 



beneficial ownership in such holdings — Continued 
WESTERN RY. CO. 

Shares outstanding as of Feb. 28, 1938: 229,633. Price as of December 1937: $105] 
Legal and Beneficial Holdebs 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS. PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Anna K. Cummins 

2. Edwin G. Bruns 

3. Mary F. George l... 

4. Estate of A. C. Needles. - 

OTHER CORPORATIONS, NONFINANCLiL 

5. Pennsylvania R. R. Co 

6. The Pennsylvania R. R. Co., through the Pennsylvania Co. 

(100 percent owned) 

7. F. S. Royster Guano Co 

INSURANCE COMPANIES 

8. The Connecticut Mutual Life Insurance Co 

9. Hartford Fire Insurance Co 

10. United States Guarantee Co - 

11. Massachusetts Bonding & Insurance Co -. 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

12. N. V. Maatschappij tot Beheer van het Administratiekantoor 

van Amerikaansche Fondsen Opgericht door Broes & Oosman 
Ten Have & Van Essen en Jarman & Zoonen 

NORFOLK & WESTERN RAILWAY COMPANY EMPLOYEES WELFARE, 
STOCK PURCHASE PLANS, ETC. 

13. Norfolk & Western Ry. Co., in trust for the relief fund of the 

relief and pension department..- 

FOUNDATIONS 

14. The Commonwealth Fund (Harkness) 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

15. Citv Bank Farmers Trust Co : 

16. United States Trust Co 

17. Bank of New York & Trust Co 

18. Central Hanover Bank & Trust Co 

19. Girard Trust Co 

Total 



1,100 
763 
600 
600 



125, 250 

6,542 
650 



1,250 

1,000 

1,000 

550 



1,483 



11,505 



1,300 



2,743 
2,676 
1,305 
1,130 
512 



$115,600 
80,115 
63,000 
63,000 



13, 151, 250 

686, 910 
68,250 



131,250 
105,000 
105,000 
57, 750 



155, 715 



1, 208, 025 



288.015 
280, 980 
137, 025 
118,650 
53,760 



0.48 
.33 
.26 
.26 

54.54 

2.85 
.28 



.54 
.44 
.44 
.24 



,65 



5.01 



.57 



1.20 
1.17 
.67 
.49 
.22 



161, 959 



17, 005, 695 



70.54 



1144 



CONCBNTKATION OF ECONOMIC POWER 



Record holders and holders having legal and 

THE NORTH 
[Size rank: Iti. COMMON (VOTING) as of Feb. 28, 1939. Shares out 
Holders of Record 



Niime of record holder 



Holdings 



Number 
of shares 




Percent 
of shares 
outstand- 
ing 



1. J. & W. Seligman & Co., held for— Shares 

Electric Shareholdings Corporation (in addition, 
Electric Shareholding Corporation owns of record 

22,500 shares) 368,652 

Tri-Continental Corporation 30,500 

Selected Industries, Inc 31,200 

Capital Administration Co., Ltd 3,500 

The Broad Street Investing Co., Inc 3,900 

Others 11,614 

Total 449,366 

2. Lawrence A. Olwell, Richard McCuUoch, and the St. Louis 

Union Trust Co., trustees, u/w John I. Beggs, deceased 

3. Central States Electric Corporation (in addition. Central 

States Electric Corporation reports ownership of 14,709 shares 
in the name of Ross, Anderson & Co. and 2,000 shares registered 
in names of other nominees) 

4. N. V. Maatschappij tot Beheer van het Administratiekantoor 

van Amerikaansche Fondsen Opgericht door Broes & Gosman, 
Ten Have & Van Essen en Jarman & Zoonen 

5. Anderson, Sifleet & Co., held for — Shares 

American Cities Power & Light Corporation 139,374 

Consolidated Holdings Corporation 15, 800 

Others 506 

Total 155,680 

S. Louis E. Kilmarx (held for Harrison Williams, Mrs. Harrison 
Williams, and their wholly -owned holding tjgm panics, who 
report additional holdings of 46,548 shares in the names of 
nominees or a total of 178,447; of this, 153,547 shares are owned 
by Harrison Williams and wholly-owned companies and 
24,900 by Mrs. Harrison Williams and her wholly-owned 
holding companies) -- 

7. Sun Life Assurance Co. of Canada 

8. American Cities Power & Light Corporation 

9. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.): 

Beneficial owners: Shares 

Blue Ridge Corporation (in addition, Blue 

Ridge Corporation owns of record 100 shares).. 54, 900 
United States & Foreign Securities Corporation. 10, 406 
115 others 26,911 

Total 92,217 



449, 366 
285,520 



242, 651 
185, 991 



155, 680 



131, 899 
103, 709 
101, 001 



92, 217 



$8, 818, 807 
5, 603, 330 

4, 762, 026 
3, 650, 073 

i, 055, 220 



2, 588, 518 
2, 035, 289 
1, 982, 145 



1, 809, 769 



5.24 
3.33 



2.83 
2.17 



1.82 



1.54 
1.21 
1.18 



1.08 



CONCENTRATION OF ECONOMIC POWER 



1145 



beneficial ownership in such holdings — Continued 

AMERICAN CO, 

standing as of Dec. 6, 1939: 8,571,708. Price as of December 1937: 

Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 




Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILT HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Lawrence A. Olwell, Richard MeCulloch, and the St. Louis 

Union Trust Co., trustees, u/w John I. Beggs, 

dfeeeased: 

Beneficiaiies: Shares 

John L B. MeCulloch.. 94,709.61 

Robert P. MeCulloch 94,982.69 

Mary Sue McC. Jones... 95,827.70 

Total 285,520.00 

2. Harrison WiUiams and through wholly-owned holding com- 

panies 

3. Mrs. Harrison Williams and through wholly-owned holding 

companies — 

4. Frank Jay Gould 

OTHER COMPANIES, NONFINANCIAL 

5. General Electric Co., through Electrical Securities Corporation 

(100 percent owned) 

INSURANCE COMPANIES 

6. Sun Life Assurance Co. of Canada 



285, 520 

153, 547 

24,900 
52, 898 



103, 709 



$5, 603, 330 

3,013,360 

488, 662 
1,038,123 



785,000 



2, 035, 289 



3.33 

1.7» 

.29 
.62 



.47 



1.21 



1146 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

THE NORTH 
fSize rank: 16. COMMON (VOTING) as of Feb. 28, 1939. Shares out 
HOLDER8 or Record — Continued 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



10. Utilities Shares Corporation. .-. -.. 

11. Trustees of the Massachusetts Investors Trust 

12. Lazard Freres & Co 

13. Frank Jay Gould 

14. Lynn & Co., nominee for Guaranty Trust Co., which 

held as trustee, u/t/a Dec. 12, 1933 for— Shares 

Dividend Shares, Inc 46,000 

Nation-Wide Securities Co.. 4,000 

United States Electric Light & Power Shares, Inc.. 700 

Total 50,700 

15. Lehman Bros., held for — Shares 

The Lehman Corporation... 33,500 

Others _ 16,425 

Total 49,925 

16. Dominick & Dominick. _ 

17. Consolidated Holdings Corporation 

18. Tucker & Co. (nominee for J. Henry Schroder Banking Corpo- 

ration; beneficiaries not disclosed) 

19. Brown Bros., Harriman & Co- 

20. Electrical Securities Corporation (100 percent owned by General 

Electric Co.) 

21. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

22. H. A. Andersen, held for— Shares 

American Cities Power & Light Corporation 26,085 

Electric Investment Corporation 100 

Others. 9,290 

Total 35,475 

23. General Electric Employees Securities Corporation (an invest- 

ment company plan for General Electric Co. employees) 

24. United States Electric Light & Power Shares, Inc. (in addition, 

owned 7,161 sharps legistered in the name of Harrigan & Co., 
nominee for Central Hanover Bank & Trust Co.) 

Subtotal 

Total legal and beneficial holdings not included above 

Total- 



89, 875 
70, 450 
63,278 
52, 898 



50,700 



49, 925 
48, 450 
48,390 

44,674 
40, 303 

40,000 

37,015 



35, 475 
30,000 



$1, 763, 797 
1,382,581 
1,241,831 
1, 038, 123 



994, 987 



979, 778 
950, 831 
949, 654 

870, 727 
790, 946 

785, 000 

726, 419 



696, 197 
588, 750 

565, 200 



2, 478, 267 
93,018 



48, 635, 988 
1, 825, 478 



1.05 
.82 
.74 
.62 



.41 
.35 

.33 



28.91 
1.09 



2, 571, 285 



CONCENTRATION OF ECONOMIC POWER 



1147 



beneficial ownership in such holdings — Continued 

AMERICAN CO.— Continued 

standing as of Dec. 6, 1939; 8,571,708. Price as of December 1937: $19^] 

Legal and Bknehcal Holder*— Continued 



Type name of hold 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

7. N. V. Maatschappij tot Beheer van het Administratiekantoor 
van Amerikaansche Fondsen Opgericht door Broes & Qosman, 
Ten Have & Van Essen en Jarman & Zoonen 



8. Trustees of the Massachusetts Investors Trust 

9. Central States Electric Corporation (Harrison Williams, through 

a personal holding company, owned 50.4 percent of the voting 
power of Central States Electric Corporation, as of 1935) 

10. Utilities Shares Corporation (wholly-owned subsidiary of Central 

States Electric Corporation) 

11. American Cities Power & Light Corporation (as of Dec. 31, 1939, 

about 70 percent of the voting stock of American Cities Power 
& Light Corporation was owned by Central States Electric 
Corporation) 

12. Consolidated Holdings Corporation (wholly-owned subsidiary 

of American Cities Power & Light Corporation) 

13. Blue Ridge Corporation (as of Dec. 31, 1939, Central States 

Electric Corporation owned 31 percent of the stock and Ameri- 
can Cities Power & Light Corporation (controlled by Central 
States) owned 42 ptercent) 

14. Tri-Contincntal Corporation - _ . 

15. Electric Shareholdings Corporation (name changed Mar. 14, 

1939, to General Shareholdings Corporation; as of November 
1938. Tri-Continental Corporation owned 60 percent and 
Selected Industries, Inc., owned 18 percent of the common 
stock) __ 

16. Selected Indtistries, Inc.---. '. 



17. United States Electric- Light & Power Shares, Inc. 

18. Dividend Shares, Inc -. 

19. The Lehman Corporation 



OTHER COMPANY EMPLOYEES WELFAEE, STOCK PURCHASE 
PLANS, ETC. 

20. General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.). 



BANKS, BROKERS, ETC., BENEFiaARIES NOT DISCLOSED 

21. J. Henry Schroder Banking Corporation 

22. Guaranty Trust Co. of New York 

23. Lazard Freres & Co 

24. Dominick & Dominiek 

25. Brown Bros., Harriman & Co , 



Subtotal 

Total record holdings not included above- 
Total 



185,991 
70,450 



259,360 
89, 875 



266,460 
64,190 



55,000 
30,600 



391, 152 
31,200 

36, 661 

46,000 

33, SCO 



- 30,000 



44,674 
37,015 
63,278 
48,450 
40,303 



2, 484, 633 
86,652 



2,571,285 



$3, 660, 073 
1,382,581 



5, 089, 940 
1, 763, 797 



5,J229, 278 
1, 259, 729 



1,07", 375 
598, 562 



7, 676, 358 
612,300 

719, 472 

902,750 

657,438 



588,750 



876, 727 
726, 419 
1,241,831 
950,831 
790, 946 



48, 760, 921 
1, 700, 545 



60,461.466 



2.17 
.82 



3.03 
1.06 



3.11 
.76 



4.56 
.36 

.43 

.54 
.39 



.36 



.52 
.43 
.74 
.67 
.47 



28.90 
1.01 



30.00 



1148 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

THE NORTH 
[Size rank: 16. CUMULATIVE SERIAL 6 PERCENT PREFERRED (VOTING) as of Feb. 28, 

Holders of Record 



Name of record holder 



1. The Home Insurance Co 

2. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

3. Brown Bros., Harriman & Co 

4. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

5. Sydney M. Shoenberg _ 

6. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

7. President and fellows of Harvard College 

8. Cudd & Co. (nominee for Chase National Bank; beneficiaries not 

disclosed) ; 

9. J. S. Bache & Co. held 1,040 shares for the account of 1 client and 

1,898 shares for the account of 6 clients) 

10. Sigler & Co. (nominee for Central Hanover Bank <fe Trust Co.; 

beneficiaries not disclosed) . 

11. Nipoch Corporation (a holding company 100 percent owned by 

E. P. Earle) 

12. Bankmont & Co. (nominee for Bank of Montreal; beneficiaries 

not disclosed) _. 

13. Steere & Co. (nominee for Girard Trust Co.; beneficiaries not 

disclosed) 

14. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

15. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

16. John Hancock Mutual Life Insurance Co 

17. United States Fire Insurance Co. 

18. Dominick & Dominick _. 

19. Egger & Co. (nominee for Chase National Bank; beneficiaries not 

disclosed) 

20. Fidelity & Casualty Co. of New York 



Holdings 



Number 
of shares 



Total. 




6,700 



6,210 
4,354 



4,273 
3,157 



$335, 000 

310, 500 
217, 700 

213, 650 
157, 850 



Percent 
of shares 
outstand- 
ing 



1.02 
.72 



.71 
.52 



3,125 
3,000 


156,250 
150,000 


.52 
.50 


2,944 
2,938 


147, 200 
146, 900 


.49 
.49 


2,855 


142, 750 


.47 


2,700 


135, 000 


.45 


2,670 


133, 500 


.44 


2,644 


132, 200 


.44 


2,628 


131.400 


.43 


2,527 
2,500 
2,500 
2,420 


126, 350 
125,000 
125, 000 
121,000 


.42 
.41 
.41 
.40 


2,291 
2,200 


114,550 
110,000 


.38 
.36 


64,636 


3, 231. 800 


10.69 



CONCENTRATION OF ECONOMIC POWER 



1149 



beneficial ownership in such holding s-^Continued 
AMERICAN CO. 

1939. Shares outstanding as of Dec. 11. 1939: 606,359. Price as of December 1937: $50] 
Leg.\l and Beneficial Holders 



Type and name oC holder 



Holdings 



Nui^ber 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Sydney M. Shoenberg 

2. E. P. Earle, through the Nipoch Corporation (100 percent owned) 

INSURANCE COMPANIES 

3. The Home Insurance Co 

4. John Hancock Mutual Life Insurance Co 

5. United States Fire Insurance Co 

6. Fidelity & Casualty Co. of New York. 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

7. Harvard University _ 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

8. Bank of Montreal 

9. Chase National Bank 

10. United States Trust Co._ 

11. Guaranty Trust Co. of New York 

12. Central Hanover Bank & Trust Co.. 

13. Girard Trust Co 

14. City Bank Farmers Trust Co 

15. Bankers Trust Co 

16. Brown Bros., Harriman & Co_ 

17. J. S. Baehe& Co 

18. Dominick & Dominick 

Total 



3,157 
2,700 

6,700 
2,500 
2,500 
2,200 



$157, 850 
135, 000 



335,000 
125,000 
125,000 
110,000 

150,000 



0.52 
.45 

1.11 
.41 
.41 
.36 



8,880 


444,000 


1.46 


5, 235 


261,750 


.87 


4,273 


213, 650 


.71 


3,125 


156, 250 


.52 


2, 855 


142, 750 


.47 


2.644 


132,200 


.44 


2,628 


131.400 


.43 


2, 527 


126. 350 


.42 


4, 354 


217,700 


.72 


2,938 


146, 900 


.49 


2,420 


121,000 


.40 



64, 636 



3, 231, 800 



10.69 



1150 CONCENTRATION OP ECONOMIC POWEHl 

Record holders and holders having legal and 

THE NORTH 
[Size rank: 16. CUMULATIVE SERIAL 5^ PERCENT PREFERRED (VOTING) as of 

HOUIEBS OF KECOBD 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. The Travelers Insurance Co 

2. RiterA Co --. -- 

3. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneflci^ies not disclosed) - - - - 

4. Wertheim & Co.: Shares 

Beneficially owned by Wertheim & Co 8,000 

Held forothers 3,030 

Total 11,030 

6. Wonham, Albert & Co. (nominee for Bank of Montreal: bene- 
ficiaries not disclosed) 

6. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

7. Bolton & Co. (nominee for Straight Holding Co., Ltd.) 

8. Brown Bros., Harriman & Co 

9. The Presbyterian Hospital in the City of New York (in addi- 

tion, the Presbyterian Hospital owned 400 shares in the name 
of Grifiin & Co.) -_ 

10. University of Rochester 

11. Cudd & Co. (nominee for Chasp National Bank; berieflciaries 

not disclosed) 

12. Dominick & Dominick , 

13. The Continental Insurance Co - 

14. Slade & Co.. held for— Shares 

American Expre.ss Co - 4.000 

Two other accounts -_ -. -.- 180 

Total -- 4,180 

16. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 
not disclosed) 

16. Fidellty-Phenix Fire Insurance Co. of New York 

17. New Castle Corporation (a holding company for Alfred P. 

Sloan, Jr., and wife) 

18. Sun Life Assurance Co. of Canada ..- 

19. Yale University. 

20. Boehm & Co., nominee for Bankers Trust Co.. which 

held as trustee for the following accounts: Shares 

Eagle Star Insurance Co., u/t/i July 26, 1916.. 1,000 

Pearl Assurance Co., u/t/i Mar. 1, 1927. 1. roo 

Century Insurance Co., u/d/t July 17, 1928 1,000 

Total 3,500 

Subtotal . 

. Total legal and beneficial holdings not included above- 

TotaL - 



35,000 
34,956 



11,630 



11.030 

10, 830 

8,372 
8,000 
7,505 

6,600 
6,000 

5,032 
5,026 
5,000 



4,180 

4,150 
4,000 

4,000 
4,000 
4,000 



3,500 



182,811 
400 



$1, 872, 500 
1,870,146 



622, 205 



590, 105 

579, 405 

447, 902 
428,000 
401,518 



353. 100 
321,000 

269, 212 
268. 891 
267,500 



223, 630 

222, 025 
214,000 

214,000 
214, 000 
214. 000 



187, 250 



9, 780, 389 
21,400 



5.03 
5.02 



1.58 

1.66 

1.20 
1.15 
1.08 



.95 
.86 

.72 
.72 
.72 



.60 

.60 

.57 

..57 
.57 
.57 



.60 



183,211 



9, 801, 789 



26.24 
.06 



26.30 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in snch holdings — Continued 

AMERICAN CO. 

Feb. 28, 1939. Shares outstanding te of Dec. 11, 1939: 696,580. Price as of Feb. 1, 1939: $53^] 

LSOA.L AND BE.NEFIQAL HOLDERS 



1151 



Type and name of holder 



Holdmgs 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS. 
AND ESTATES 

1. New Castle Corporation (a holding company for the Sloan 

family; for details on ownership see this appendix, sec. II.) 

INSURANCE COMPANIES 

2. The Travelers Insurance Co 

3. The Continental Insurance Co 

4. Fidelity-Phenix Fire Insurance Co. of New York 

6. Sun Life Assurance Co. of Canada 



INVESTMENT TRUSTS AND LNTESTMENT COMPANIES 

6. Straight Holding Co., Ltd 

7. American Express Co 



BROKERS AND INVESTMENT BANKERS A3 BENEHaAL HOLDERS 

8. Wertbcim & Co 

KLEBMOSYNABY AND EDUCATIONAL INSTITUTIONS 

9. The Presbyterian Hospital in the City of New York 

10. University of Rochester - 

11. Yale University 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

12. Central Hanover Bank & Trust Co 

13. Bank of Montreal... 

14. City Bank Farmers Trust Co 

15. Chase National Bank..., , 

16. United States Trust Co 

17. Riter& Co 

18. Brown Bros., Harriman & Co - -. 

19. Dominick & Dominick. 



Subtotal -- 

Total record holdings not included above - 

Total - 



35,000 
5,000 
4,000 
4,000 



8,000 
4,000 



8,000 



7,000 
6,000 
4,000 



11,630 
10, 830 
8,372 
5,032 
4,150 
34, 956 
7,505 
5,026 



176, 501 
6,710 



$214,000 



1, 872, 500 
267,500 
214.000 
214,000 



428,000 
214,000 



428,000 

374.500 
321,000 
214,000 



622, 205 
579, 405 
447, 902 
269, 212 
222, 025 
1, 870, 146 
401,518 
268, 891 



9, 442, 804 
358, 985 



0.57 



6.03 
.72 
.57 
.57 



1.16 

.57 



1.01 
.86 
.57 



1.67 

1.56 

1.20 

.72 

.60 

5.02 

1.08 

.72 



55.34 



183,211 



9,801,789 



26.30 



268445—41 — No. 29- 



-74 



1152 



CONCENTRATION OF ECONOMIC POWEE, 



Record holders and holders having legal and 

NORTHERN 
[Size rank: 17. COMMON (VOTING) as of Mar. 10, 1939. Shares outstanding 
Holders of Record 



Name of record holder 



1. E. A. Pierce & Co , 

2. Paine, Webber & Co 

3. Curtiss Southwestern Corporation (a holding company for Arthur 

Curtiss James) . _ _ - - . 

4. J. S. Bache & Co 

5. Harris Upham & Co - 

6. Post& Flagg - - - 

7. Hornblower &-Weeks .-. 

8. Thomson & McKinnon - 

9. "Northwestern Improvement Co.-. 

10. Lehman Bros -.. 

11. Henry Hentz & Co - ..- 

12. Smith Barney & Co - 

13. Dean Witter & Co.. 

14. Fenner & Beane 

15. Maatschappij tot Beheer van het Administratiekantoor van 

Amerikaansche Spoorwegwaarden Opgcricht door Wertheim 
& Gampertz, Westendorp & Co. en F. W. Oewel., N. V 

16. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

17. E. F. Hutton & Co .- 

18. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) ' - 

19. Lynn & Co. (nominee for Guaranty Tnist Co.; beneficiaries not 

disclosed) 

20. Winthrop. Mitchell & Co. 

Total 



Holdings 



Number 
of shares 



47,940 
33,329 

32, 716 
27,107 
21,915 
21, 352 
20,791 
20,634 
19,291 
17,960 
17,490 
17,440 
17,002 
IS, 805 



15,780 



14,941 
14, 759 



13, 693 



13.000 
12,836 



416. 781 



Value 



$497, 377 
345, 788 

339, 428 
281, 235 
227, 368 
221, 527 
215, 707 
214, 078 
200,144 
186, 335 
181, 459 
180, 940 
176, 396 
163, 977 



163, 717 

155, 013 
153, 125 

142, 065 

134, 875 
133. 173 



4, 313, 727 



Percent 
of shares 
outstand- 
ing 



1.93 
1.34 



1.32 
1.09 



.84 
.83 
.82 
.72 
.70 
.70 
.69 
.64 



.64 



.61 
.60 



.55 



.52 
.51 



16.79 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
PACIFIC RY. CO, 
as of Mar. 10, 1939: 2,479,984. Price as of Feb. 1, 1939: $1096] 

Legal and Beneficial Holders 



1153 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Arthur Curtiss James, through Curtiss Southwestern Corpora- 

tion (97.5 percent owned) 

CORPOEATIONS, PARENT AND SUBSIDIARIES 

2. Northwestern Improvement Co. (100 peicexit ownBd by North- 

ern Pacific Ry. Co.) 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

3. Maatschappij tot Beheer van het Administratiekantoor van 
Amerikaansche Spoorwegwaarden Opgericht door Wertheim 
& Qompertz, Westendorp & Co. en F. W. Oewel., N. V 



BANKS, BROKERS, ETC.; BENEFIOARIES NOT DISCLOSED 

Central Hanover Bank & Trust Co... 

Chase National Bank 

Guaranty Trust Co. of New York 

E. A. Pierce & Co 

Paine, Webber & Co 

J. S. Bache & Co 

Harris Upham Co. 

Post & Flagg & Co.- 

Hornblpwer & Weeks 

Thomson & McKinnon 

Lehman Bros. _ 

Henry Hentz & Co. 

Smith Barney & Co 

Dean Witter & Co 

Fenner & Beane._ 

E. F. Hutton & Co 

Winthrop, Mitchell & Co 

Total 



15, 780 



14,941 
13, 693 
13,300 
47, 940 
33,329 
27, 107 
21,915 
21, 352 
20,791 
20,634 
17,960 
17, 490 
17, 440 
17,002 
15,805 
14, 759 
12,836 



$339, 428 



200,144 



155, 013 
142, 065 
134, 875 
497, 377 
345, 788 
281,235 
227, 368 
221, 527 
215, 707 
214,078 
186, 335 
181, 459 
180, 940 
176,396 
163,977 
153, 125 
133, 173 



.61 
.55 
.52 
1.93 
1.34 
1.09 
.88 
.86 
.84 
.83 
.72 
.70 
.70 
.69 
.64 
.60 
.61 



416, 781 



4, 313, 727 



16.79 



1154 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and' 
NORTHERN STATES POWER 
[Size rank: 73. COMMON CLASS B (VOTING) as of Mar. 31, 1938. Shares 
Holders of Record 



Name of record holder 



1. Standard Gas & Electric Co... 

2. Madeline Ellinser - . - 

3. Estate of Ray B. Hinkly, deceased (beneficiary, Mrs. Susie A 

Hinkly) 

4. J. A. Chilleen (nominee for Northern States Power Co. (Dela 

ware)) - 

Total-. - 



Holdings 



Number 
of shares 



729, 083 
64 



Value 



729, 166 



$729, 083 
64 



Percent 
of shares 
outstand- 
ing 



99.99 
.00+ 



.00+ 
.00+ 



[7 PERCENT CUMULATIVE PREFERRED (VOTING; ai of Dec. 31, 1937. 
Holders of Record 



Holdings 



Name of record holder 



United States Trust Co. of New York 

United States Electric Light & Power Shares, Inc 

Merrick <fe Co. (nominee for The New York Trust Co.; bene- 
ficiaries not disclosed) _ _ - 

General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees) 

Delaware & Hudson Co 

Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 
disclosed) 

Kordula & Co. (nominee for City Bank Farmers Trust Co.; 
beneficiaries not disclosed) 

Benjamin C. Allen, trustee u/w Benjamin Allen.. 

Mrs. Virginia P. May.... 

Atwell & Co. (nominee for United States Trust Co.; benefici- 
aries not disclosed) 

Clara B. Congdon and Wallis Congdon, trustees Congdon Trust 

Frank Bailey.. 

Kuhn Loeb & Co 

Gunn & Co. (nominee for Bank of Manhattan Co.; beneficiaries 
not disclosed) 

H. Ound, Jr 

Herbert Damon 

William E. Qoodfellow 

John M. W. Hicks.... 

General Utilities & Operating Co.. 

Emanuel & Co 

Total 



Number 
of shares 



4.900 
2,387 

2,080 

1,500 
1,000 

1,000 

975 
650 
600 

550 
550 
500 
500 

400 
350 
300 
300 
300 
255 
235 



19,332 



Value 



.$350, 350 
170,670 

148, 720 

107,250 
71,500 

71,500 

69,712 
46, 475 
42,900 

39, 325 
39, 325 
35, 750 
35.750 

28,600 
25, 025 
21, 450 
21,450 
21,450 
18,232 
16,802 



1, 382, 236 



Percent 

of shares 
outstand- 
ing 



1.25 
.61 



.53 



.38 
.25 



.24 
.17 
.16 

.14 
.14 
.13 
.13 

.10 
.09 
.09 
.09 
.09 
.05 
.06 



4.95 



CONCEJN'TRATION OF ECONOMIC POWER 



1155 



beneficial ownership in such holdings — Continued 
CO. (DELAWARE) 

outstanding as of Mar. 31, 1938: 729,166. Price (assigned) as of December 1937: $1] 
Legal and BENsnaxL Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUAL.S, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Madeline Ellinger- 

2. Mrs. Susie A. Hinkly, through estate of Ray B. Hinkly, deceased 

NORTHERN STATES POWER CO. AS A HOLDER OF ITS OWN STOCK 

3. Northern States Power Co. (Delaware).. 

CORPORATIONS, PARENT AND SUBSIDIARY 

4. Standard Gas & Electric Co. (parent of Northern States Power 

Co. (Delaware); for details of ownership of Standard Gas & 
Electric Co., see pp. 1316-23). 

Total- 



729,083 



729, 166 



$64 
18 



729,083 



729,166 



0.00+ 
.00+ 



00+ 



99.99 



100.00 



Shares outstanding as of Dec. 31, 1937: 391,077. Price as of December 1937: $71fi] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 

of snares 
outstand- 
ing 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Benjamin C. Allen, trustee u/w Benjamin Allen. 

2. Mrs. Virginia P. May. 

3. Clara B. Congdon and Wallis Congdon, trustees Congdon Trust 

4. Frank Bailey 

6. H. Gund, Jr 

«. John M. W. Hicks 

7, William E. Goodfellow 

*. Herbert Damon... 



OTHER corporations, NONFINANCIAL 

■9. Delaware* Hudson Co. 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

10. United States Electric & Power Shares, Inc 

11. General Utility & Operating Co 



OTHER COMPANY EMPLOYEES WELFARE STOCK, PURCHASE PLANS, ETC. 

12. General Electric Employees Securities Corporation (an invest- 

ment crmpany for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.) 

BANKS, BROKERS. ETC.; BENEFICIARIES NOT DISCLOSED 

13. United States Trust Co. 

14. The New York Trust Co 

15. Bankers Trust Co 

16. City Bank Farmers Tnist Co 

17. Bank of Manhattan Co 

18. Kuhn Loeb & Co 

19. Emanuel & Co 1.. 

Total.. : -. 



650 
600 
550 
500 
350 
300 
300 
300 

1,000 

2,387 
255 



1,500 



5,450 

2,080 

1,000 

• 975 

400 

500 

235 



>46, 475 


0.17 


42,900 


.16 


39, 325 


.14 


35,750 


.13 


25.025 


.09 


21,450 


.09 


21,450 


.09 


21.450 


.09 



71,500 



170, 670 
18, 232 



107, 250 



389, 675 
148, 720 
71,500 
69, 712 
28,600 
35, 750 
16, 802 



.25 



.61 
.05 



1.39 
.53 
.25 
.24 
.10 
.13 
.06 



19, 332 



1, 382, 236 



4.95 



1156 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
NORTHERN STATES POWER 
[Size rank: 73. 6 PERCENT CUMULATIVE PREFERRED (VOTING) as of Dec. 31, 1937. 

HoLDEES or Record 





Holdings 


Name of record holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


1. Great American Insurance Co 


1,500 
1,000 
'870 

820 

600 

570 
440 

400 
350 
340 
330 
300 
300 
295 
290 
282 
279 
200 
200 
200 


$94, 875 
63, 250 
55, 027 

51, 865 

37,950 

36, 052 
27, 830 

25, 300 
22, 137 
21, 505 
20,872 
18, 975 
18, 975 
18, 659 
18, 342 
17, 836 
17, 647 
12, 650 
12, 650 
12, 650 


0.39 


2. Scottish American Investment Co., Ltd 


.27 


3. Canadian Life Assurance Co 


.22 


4. Wonham Albert & Co. (nominee for Bank of Montreal; bene- 
ficiaries not disclosed) - - 


.21 


5. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 
disclosed) _. _ _ _ _ 


.17 


6. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 
beneficiaries not disclosed) 


.16 


7. William F. D. Painter .... 


.11 


8. Shaw & Oo. (nominee for J. P. Morgan & Co.; beneficiaries not 
disclosed) -._ 


.11 


9. Mrs. Sophie W. Stokes 


.09 


10. Glen H. Davis 


.09 


U. Albert Hammon 


.08 


12. Chas. F. Ames 


.08 


13. Cathcort Corporation .... 


.08 


14. Hosea N. Bennett and Mrs. Delia Bennett, joint tenants 

15. Miss Minnie Smith _ 


.07 
.07 


16. Mrs. Williams and Mrs. Nellie E. Williams, joint tenants.. 

17. Paine, Webber & Co 


.07 
.07 


18. Bardwell, Robinson & Co 


.05 


19. Mrs. Edith Grouse 


.05 




.05 






Total 


9,666 


605, 047 . 


2.48 







CONCENTRATION OF ECONOMIC POWER 



1157 



beneficial ownership in such holdings — Continued 

CO (DELAWARE) 

Shares outstanding as of Dec. 31, 1937; 390,263. Price as of December 1937: $63^] 
Legal and Beneficial Holders 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


individuals, personal and family holding companies, trusts, 
and estates 
1. William F. D. Painter 


440 

350 

340 

330 

300 

300 

295 

290 

200 
200 

282 

1,500 
870 

1,000 

820 
600 
570 
400 
279 
200 


$27, 830 

22, 137 

21,505 

20,872 

18, 975 

18, 975 

18, 659 

18, 342 

12,650 
12, 650 

17,836 

94,875 
55,027 

63,250 

51,865 
37,950 
36. 052 
25,300 
17,647 
12,650 


0.11 


2. Mrs. Sophie W. Stokes.. 




09 


3. Glen H. Davis .... 


09 


4. Albert Hammon . .. 


08 


5. Chas. F. Ames. 


08 


6. Cathcort Corporation.. 


08 


7. Hosea N. Bennett and Mrs. Delia Bennett, joint tenants 

8. Miss Minnie Smith.. 


07 
07 


9. Mrs. Edith Grouse. 


05 


10. Frank Grouse 


05 


11. Mrs. Williams and Mrs. Nellie E. Williams, joint tenants 

INSURANCE companies 

12. Great American Insurance Co. 


07 


13. Canadian Life Assurance Co .. . . 


.22 


investment trusts and investment companies 
14. Scottish American Investment Co , Ltd 


.27 


BANKS, BROKERS, ETC-; BENEFICIARIES NOT DISCLOSED 

15. Bank of Montreal, 


.21 


16. Bankers Trust Co . 


.17 


17. Central Hanover Bank & Trust Co... 


.15 


18. J. P. Morgan & Co .. 


.11 


19. Paine, Webber & Co 


.07 


20. Bardwell Robinson & Co 


.05 








9,566 


605,047 


2 48 









1158 



CONCENTRATION OF ECONOMIC POWEH 



Record holders and holders having legal and 
NORTHERN STATES POWER 
[Sir-e rank: 73. COMMON CLASS A (VOTINO) as of Mw. 31, 1988. Shares 
HoLDKBS or Rbcobd 



Name of record bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of sbaree 
outstand- 
ing 



1. M. A. Morrison: 

Nominee for: Shares 

Utility & Industrial Corporation 48,400 

Ownership unknown but certificates not yet 
transferred out of name of M. A. Morrison 400 

Total - - - 48,800 

2. J. S. Bache & Co 

3. Standard Oas & Electric Co — - 

4. Emanuel & Co 

5. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees) 

6. Freer & Co. (nominee for Continental Illinois National Bank & 

Trust Co.; beneficiaries not disclosed) 

7. Tucker & Co. (nominee for J. Henry Schroder Banking Corpo- 

ration; beneficiaries not disclosed) 

8. Zink & Co. (nominee for Guaranty Trust of New York; bene- 

ficiaries not disclostid) 

9. Illuminating & Power Securities Corporation (a holding com- 

pany, the common (sole voting) stock of which is owned by 
Light & Power Securities Co., a holding company for the 
Childs family) 

10. Light & Power Securities Co. (a holding company for the Childs 

family) 

11. Scholle Bros 

12. Miller & Co . 

13. General Public Service Corporation 

14. Katherine Henry - 

15. Spencer Trask & Co 

16. Winthrop Mitchell & Co 

17. Walker & Beatson (nominee for the Royal Bank of Canada; 

beneficiaries not disclosed) 

18. Ooodbody & Co 

19. Hanover Insurance Co 

20. Paul R. Q. Horst -. 

Total 



48,800 
11,642 
11,600 
7,614 

4,667 

4,375 

4,057 

3,700 

3,265 

2,775 
2,716 
2.200 
2,100 
2,070 
1,952 
1,827 

1,800 
1,513 
1,500 
1,460 



$488,000 
116, 420 
116,000 
76,140 

46,670 

43. 750 

40,570 

37,000 

32,650 

27, 750 
27,160 
22,000 
21,000 
20,700 
19,520 
18, 270 

18.000 
15, 130 
15,000 
14, 600 



14.29 
3.41 
3.40 
2.23 

1.37 

1.28 

1.19 

1.08 

.96 

.81 
.80 
.64 
.61 
.61 
.57 
.53 

.53 
.44 
.44 
.43 



121, 633 



1, 216, 330 



CONCENTRATION OF ECONOMIC POWER 



1159 



beneficial ownership in such holdings — Continued 
CO. (DELAWARE) 

outstanding as of Mar. 31, 1938: 341,551. Price as of December 1937: $10] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Katherine Henry 

2. Illuminating & Power Securities Corporation (a holdini? com- 

pany, the common stock (sole voting class) of which is 93.4% 
owned by Light & Power Securities Co.) 

3. Light & Power Securities Co. (a holding company for the Cr.ilds 

and Coffin families: for details of ownership see this appendix, 
sec. II) 

4. Paul R. Q. Horst --. 

CORPORATIONS, PARENT AND SUBSIDIARY 

5. Standard Oas & Electric Co. (parent of Northern States Power 

Co. of Delaware) 



Holdings 



Number 
of shares 



INSURANCE COMPANIES 

6. Hanover Insurance Co 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

7. Utility & Industrial Corporation (an investment company which 

entered into a management contract with H. M. Byllesby & 
Co. on Feb. 11, 1929; the latter received option warrants on 
1 ,000, (X)0 shares of the common (the only voting) stock of Util- 
ity & Industrial Corporation; H. M. Byllesby & Co. now 
holds 200,000 shares of the common stock) 

8. General Public Service Corporation 

OTHER COMPANY EMPLOYEE WELFARE, STOCK PURCHASE PLANS, ETC. 

9. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric employees the stock of 
which is 100 percent owned by General Electric Co.) 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

10. Continental Illinojs National.Bank & Trust Co 

11. J. Henry'Schroder Banking Corporation 

12. Guaranty Trust Co. of New York 

13. Royal Bank of Canada 

14. "J. S. Bache - 

•15. Emanuel & Co 

16. Scholle Bros 

17. Spencer Trask & Co — 

18. Winthrop Mitchell & Co.. 

19. Goodbody & Co 

20. Miller & Co 

Subtotal .- 

Total record holdings not included above 

Total 



2.070 



3,205 



2.7T5 
1.4fi0 



ll.«00 



1,500 



48,400 
2.100 



4,667 



4,375 
4,057 
3,700 
1,800 
11.642 
7.614 
2,716 
1.952 
1,827 
1. 513 
2.200 



121,233 
400 



Value 



$20,700 



27, 7.'i0 
14,600 



116,000 



15,000 



484,000 
21,000 



43, 760 
40,570 
37,000 
18,000 
116,420 
76.140 
27,160 
19.520 
18,270 
l.V 130 
22.000 



1. 212. 330 
4,000 



121,633 



1, 216, 330 



Percent 
of shares 
outstand- 
ing 



.96 



3.40 



.44 



14.17 
.61 



1.28 
1.19 
1.08 
.53 
3.41 
2.23 
.80 
.57 
.63 
.44 
.64 



36.50 
.12 



1160 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

THE OHIO 
[Size rank: 132^. COMMON (VOTING) as of Nov. 16, 1937. Shares out 

HOLDEBS OF ReCOBD 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Pefceait 
of shares 
outstand- 
ing 



1. General Education Board 

2. John D. Rockefeller, Jr 

3. Rockefeller Institute for Medical Research 

4. M. L. Benedum _ 

5. The Chase National Bank, trustee u/d/t John D. Rockefeller, 

Jr. f/b/o Mrs. Abby Aldrich Rockefeller 

6. The Rockefeller Foundation.. 

7. Mrs. Alta Rockefeller Prentice 

8. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) '. 

9. The Real Estate Trust Co. of Philadelphia, et al., trustees of 

estate of Henry H. Houston, deceased 

10. Jesup & Lamont 

11. The University of Chicago 

12. Otto D. Donnell 

13. The Chase J«Jational Bank, trustee u/d/t John D. Rockefeller, 

Jr. f/b/o David Rockefeller 

14. The Cha.''e National Bank, trustee u/d/t John D. Rockefeller, 

Jr. f/b/o Laurance S. Rockefeller.. 

15. The Chase National Bank, trustee u/d/t John D. Rockefeller, 

Jr. f/b/o Winthrop Rockefeller 

16. Mrs. Kathleen C. Parriott . 

17. John Moouey (nominee for the Petroleum Corporation of 

America) 

18. Atwell & (3o. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

19. Harris, Upham & Co 

20. Cobb & Co. (nominee for The New York Trust Co.; beneficiaries 

not disclosed) 

Total 



320,800 
296,500 
182,400 
102, 769 

100,000 
94,684 
77, 172 

59,420 

57, 472 
53, 217 
52, 696 
51. 750 

60,500 

50, 500 

60,500 
47,000 

46,900 

43, 242 
38, 825 

36, 951 



$4, 050. 100 
3, 743, 312 
2, 302, 800 
1, 297, 459 

1, 262, 500 

1, 195, 385 

974, 296 

750, 177 

725, 584 
671, 865 
665, 287 
653,344 

637, 562 

637. 562 

637. 562 
593, 376 

692, 112 

545, 930 
490, 166 

466,506 



4.89 
4.52 
2.78 
1.57 

1.53 
1.44 
1.18 

.91 



.81 
.80 
.79 

.77 

.77 

.77 
.72 



1, 813, 298 



22, 892, 884 



27.66 



CONCENTRATION OF ECONOMIC POWER 



1161 



beneficial ownership in such holdings — Continued 
OIL CO. 

standing as of Nov. 15, 1937: 6,554,183. Price as of December 1937: $12?^] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PEESONAL AND FAMILY HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. M. L. Benedum 

2. Otto D. Donnell -- 

3. Mrs. Alta Rockefeller Prentice -.. 

4. John D. Rockefeller, Jr 

5. Mrs. Abby Aldrieh Rockefeller through the Chase National 

Bank, trustee u/d/t John D. Rockefeller, Jr 

6. David Rockefeller, through the Chase National Bank, trustee 

u/d/t John D. Rockefeller, Jr 

7. Laurance S. Rockefeller, through the Chase National Bank, 

trustee u/d/t John D. Rockefeller, Jr 

8. Winthrop Rockefeller, through the Chase National Bank, trus- 

tee u/d/t John D. Rockefeller, Jr 

9. Estate of Henry H. Houston, deceased; the Real Estate Trust 

Co. of Philadelphia, Sallie S. Houston, S. F. Houston, and 

Edgar Dudley Faries, surviving trustees: 
Beneficiaries: Percent 

Mr. Samuel F. Houston 33.33 

Mrs. Gertrude H. Woodward. 33.33 

Mrs. Elizabeth W. H. Chatfield _._. 11.11 

Mrs. Gertrude H. Dodge... 11. 11 

Mrs. Lsabel B. H. Ames, Jr 5. 56 

Mrs. Julia R. B. H. Armour, Jr. 5.56 

Total 100.00 

10. Mrs. Kathleen C. Parriott 

IN'VESTMENT TRUSTS AND INVESTMENT COMPANIES 

U. Petroleum Corporation of America _ 

FOUNDATIONS 

12. General Education Board (Rockefeller) 

13. Rockefeller Institute for Medical Research _ 

14. The Rockefeller Foundation.. 

OTHER ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

16. The University of Chicago 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

16. Citv Bank Farmers Trust Co 

17. United Stales Trust Co.. 

18. The New York Trust Co - 

19. Jesup & Lamont i... 

20. Harris, Upham & Co - 

Total -.. 



102, 769 

51, 750 

77, 172 
296, 500 

100,000 

50,500 

50,500 

50,500 



57, 472 
47,000 



46,900 



320, 800 
182, 400 
94,684 



52, 696 



59, 420 
43, 242 
36, 951 
53, 217 
38. 825 



1, 813, 298 



$1, 297, 459 

653, 344 

974, 296 
3,743,312 

1, 262, 500 

637, 562 

637, 562 

637, 562 



725, 584 
593, 375 



592, 112 



4, 050, 100 
2, 302, 800 



4,0i 

l, 195, 385 



665, 287 



750, 177 
545, 930 
466, 506 
671, 865 
490, 166 



22, 892, 884 



1.57 

.79 

1.18 
4.52 

1.53 

.77 

.77 
.77 



.72 



4.89 
2.78 
L44 



.91 
.66 
.66 
.81 
.59 



27.66 



1162 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

THE PHIO 
[Size rank: 132. 6 PERCENT CUMULATIVE PREFERRED (XONVOTINQ) as o 
Holders or Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. E^uitable Life Insurance Co. of New York 

2. Alta Rockefeller Prentice. . _ 

8. Rockefeller Institute for Medical Research. 

4. Metropolitan Life Insurance Co 

5. Genprnl Education Board - -.. 

6. Rockpfrller Center. Inc.. 

7. The Rockefeller Found^ftion 

8. Griffin <4 Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not dischsed) 

9. Petor F. Martens (nominee for T. P. Morgan & Co. which held 

these shires »s custodian for the account of Coutts & Co.) 

10. Vand"rbilt University ... 

11. AtwellA Co. ''nominee for United States Trust Co.; beneficiaries 

not disclosed) ._ 

12. Estateof-Henry H. Houston, deceased.-. 

13. Howard Aumend (noTiinee for Toledo Trust Co., which held 

these shares in a fldu^-iary capacity for 70 trust accounts; bene- 
ficiaries not disclosed) ... 

14. Cobb (V Co. (nominee for New York Trust Co.; beneficiaries not 

disclosed) 

15. L. C. Ledyard. L. C. Ledyard.-.Tr., and United States Trust Co. 

as trustees fb/o Hnlen Hay Whitne.7, and remaindermen 

M. Edith Hale Harkness 

17. President and Fellows of Harvard College 

IS. Haro & Co. (nominee fir Bank of New York & Trust Co.; bene- 
ficiaries not disclosed).. 

19. O'Neill & Co 

20. Otto D. Donnell - 

Total 



40,000 
39,584 
22,800 
22,000 
19, 544 
16, 456 
15,000 

10, 420 

10,000 
9,507 

7,214 
7,182 



6,021 

4,385 

4,200 
3,843 
3,700 

3,463 
3,393 
3,109 



$4, 360, 000 
4, 314, 656 
2, 485, 200 
2, 398, 000 
2, 130, 296 
1, 793. 704 
1, 635, 000 

1, 135, 780 

1, 090, 000 
1, 036, 263 

786, 326 
782,838 



656, 289 

477, 965 

457, 800 
418,887 
403, 300 

377, 467 
369, 837 
338,881 



7.29' 
7.22- 
4.15 
4.01 
3.56 
3L00 
2.73 

1.90 

1.82^ 
1.73 

L31 

1.31 



L09 

.80- 

.76 

.70- 

67 

.63 
.61 
.56 



251, 821 



27, 448, 489 



45.8S- 



CONCENTRATION OF ECONOMIC POWER 



1163 



beneficial ownership in such holdings — Continued 
OIL CO. 

JJ'eb. 28, 1938. Shares outstanding as of Feb. 28, 1938: 548,077. Price as of December 1937: $109] 
Legal and Beneficial Holders 



Type and name of holder 



BKPIVIDUALS, PERSONAL AND TAMILY HOLDING COMPANIES, TRUSTS, 
AND E.STATK.S 

1. Estate of Henry H. Houstop, Sallie S. Houston, S. F. Houston 

and Edgar Dudley Faries, surviving trustees: 
Beneficiaries: Percent 

Mr. Samuel F. Houston 33.33 

Mrs. Gertrude H. Woodward 33. 33 

Mrs. Elizabeth W. H. Chatfield 11.11 

Mrs. Gertrude H. Dodge 11. 11 

Mrs. Isabel B. H. Ames, .Tr 5.56 

Mrs. Julia R. B. H. Armour, Jr 5. 56 

Total 100.00 

2. Otto D. Donnell - 

3. Alta Rockefeller Trentiee 

4. L. C. Ledyard. L. C. Ledyard, Jr., and United States Trust Co. 

as trustees f/h/o Helen Hay Whitney and remaindermen 

5. Edith Hale Haikness- 

OTHER CORPORATIONS. NONFINANCIAL 

•6. Rockefeller Center Inc. (owned by Mid-Town Investment & De- 
vplopmont Co., which is 100 percent owned by John D. Rocke- 
feller, Jr.) 

INSLRANCE COMPANIES 

7. EquitAble Life Assurance Co. ot New York 

*. Metropolitan Life Insurance Co 

FOUNDATIONS 

9. Rockefeller Institute for Medical Research 

10. General Education Board (Rockefeller) 

31. The Rockefeller Foundation 

OTHER ELEEMOSYNARY AND EDUCAHONAL INSTITUTIONS 

12. Vanderhilt University _ 

13. Harvard University 

BANKS, BROKERS, KTC; BENEFICTARIES NOT DISCLOSED 

14. City Bank Farmers Trust Co 

15. United Stales Trust Co - 

16. Toledo Trusi Co 

17. New York Trust Co 

J8. Bank of New York <t Trust Co - 

19. CouttsA Co ■ - - 

20. O'Neill & Co 

Total 



Holdings 



Number 
of shares 



7,182 
.3.109 
39, 584 

4,200 
3,813 



16,456 



40, 000 
22.000 



22,800 
19,544 
15, 000 



9,607 
3,700 



10,420 
7,214 
6,021 
4,385 
3,463 

10,000 
3,393 



251,821 



Value 



$782, 8.3S 

.338. 881 

4, 314, 656 

457, 800 
418, 887 



1. 793, 704 



4, 3fO. 000 
2, 398, 000 



2, 4&5, 200 
2, 130, 206 
1,635,000 



1,036,263 
403,300 



1, 135, 780 
786, 3?.6 
656,289 
477, 965 
377,467 

1,090,000 
369,837 



27, 448, 489 



Percent 
of shares 
outstand- 
ing 



1.31 
.56 
7.22 

.76 
.70 



3.00 



7.29 
4.01 



4.15 
3.66 
2.73 



1.73 
.67 



1.90 
1.31 
I 09 
.80 
.03 
1.82 
.61 



46.85 






1164 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
OWENS-ILLINOIS 
[Size rank: 169. COMMON (VOTING) as of Mar. 16, 1938. Shares out 
Holders of Kecord 



Name of record holder 



Holdings 



Number 
of shares 




Percent 
of shares 
outstand- 
ing 



1. Illinois Glass Co. (holding company for members of the Levis 

family and associates) . 

2. Root Glass Co. (a holding company owned 99.71 percent by 

Orlando Investment Co., the stock of which is 100 percent 
owned by the First Trust Co. of Miami, as trustee u/d/c of 

W. R. Root, deceased) 

3- Aumend & Co. (nominee for Toledo Trust Co., which held 
shares in fiduciary capacity for 120 trust accounts; beneficiaries 

not disclosed) 

4. Mrs. Hilda Olsen Boldt Weber 

6. Thomas A. Dooling (nominee for Allied Chemical & Dye Cor- 
poration) 

6. Edward D. Capell (nominee for Allied Chemical & Dye Cor- 

poration) - - 

7. Paul Dummer (nominee for Allied Chemical & Dye Corporation) . 

8. Trustees u/w of E. D. Libbey (beneficiary; the Toledo Museum 

of Art) : 

9. Lazard Freres: Shares 

Owned beneficially 6,500 

For affiliate, Lazard Bros. & Co., Ltd 1, 600 

As nominee for — 

Mrs. Helen G. Altschul 10,000 

Frank Altschul 1.600 

Estateof Charles Altschul.- 1,200 

Miss Margaret Altschul -700 

Arthur Altschul. 500 

Miss Edith Altschul 500 

Hon. R. H. Brand 700 

General American Investors Co., Inc 8,600 

French & Foreign Investors Coriwration 2,000 

Others.. 4,454 

Total _ 38.354 

10. Toledo Trust Co., J. C. Blair, J. H. McNerney, W. A. Evers- 

man, trustees of the estate of Clarence Brown 

11. Sigler & Co. (nominee for Central Hanover Bank & Trust 

Co., which holds for the following accounts: 
Central Hanover Bank & Trust Co., sole surviving 

trustee u/d/t made bv Mrs. Ann Gavit Jackson Shares 

f/b/o Mrs. Ann Gavit Jackson, July 5, 1927 5.40C 

Central Hanover Bank & Trust Co. as trustee u/a 
made by Albert B. Dewey f/b/o, Albert B. Dewey, 

June30, 1936 .^ 400 

Edith Van Gerbig. 692 

Mrs. Gladys B. Thayer 400 

Anna R. Butler 420 

United States & Foreign Securities Corporation 10,700 

Walter W. Naumburg, 630 

Genesee Corporation, care of Miss Lillian E. Olsen.. 420 

Capt. Woolf Barnato 1,300 

24 other accounts . - 3,048 

23,410 
Shares registered in name of Sigler & Co., but not in 
their possession as of this date 300 

Total 23,710 



447, 510 



96, 012 



82,888 
68,700 



59, 982 



52, 972 
52, 958 



42, 356 



$26, 8.50. 600 



4, 973, 280 
4, 122, 000 



3, 598, 920 



3, 178, 320 
3, 177, 480 



2, 541, 360 



16.82 



3.61 



3.11 
2.58 



1.59 



38,354 
25, 776 



2, 301, 240 
1, 546, 560 



1.44 
.97 



23,710 



1, 422, 600 



.89 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
GLASS CO. 

standing as of Mar. 16, 1938: 2,661,204. Price as of December 1937: $60] 
Legal and Beveficial Holders 



1165 



Type and name of holder 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTVTES 

1. Illinois Glass Co., a holding company which was dissolved 
August 1938, and its assets distributed according to the per- 
centage of stock ownership. Stockholders at the time of 
liquidation were as follows' 



Wra. E. Levis. _ 

Kobert H. Levis 

K. H. Levis & Northern Trust Co., 
trustee u/w Geo. M. Levis, de- 
ceased 

C. F r ijcvis 

Edwin M. Ashcraft. Jr 

Charles Levis 

Adele Levis Rand 

Northern Trust Co., trustee u/w 
Emma G. Levis 

Thomas M. Levis. 

Mrs. Mary Levis Dyas 

Mrs. Mary Levis Dyas through E. 
M. Ashcraft, Jr., cotrustee u/a/o 
.Tehn M. Levis. May 14. 1921 . . 

Mrs. Mary Levis Dyas through 
E. M. Ashcraft IH. cotrustee 
u/a/o John M. Levis, Dec. 30, 
1924 

Albert Cotter Levis 

Albert Cotter Levis through E. M. 
Ashcraft, Jr., cotrustee u/a/o 
John M. Levis, May 14, 1921 

AlbiTt Cotter Levis through E. M. 
Ashcraft III, cotrustee u/a/o John 
M . Levis, Dec. 30, 192 1 

J. Preston Levis 

Other members of the Levis family, 
apd associates 

Others 

Total 



Illinois 

Glass Co. 

stock 



Percent 
9.28 
7.81 



4.01 
3.52 
3.39 



.71 
3.80 



12.48 
21.33 



Equiva- 
lent 
Owens- 
Illinois 
shares 



41,490 
34, 948 



32, 498 
31,849 
19, 798 
18. 304 
17. 963 

17.961 
15.73.5 
15, 167 



6,688 



3,157 
17, 006 



3. 1.57 
13, 798 



55, 849 
96, 454 



100. 00 



447, 510 



Holdings 



Number 
of shares 




447,510 



Percent 
of shares 
outstand- 
ing 



.$26, 850. 600 



16.82 



1166 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
OWENS-ILLINOIS 
(Size rank: 169. COMMON (VOTING) as of Mar. 16, 1938. Shares out 
Holders of Record— Continued 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



12. Mrs. Florence Scott Libbey 

13. Christian F. Leng. ..- 

14. Trustees of Massachusetts Investors Trust .-. 

15. B€fn F. Hazelton, Jr _ .- 

IR. J. A. McGhee - - 

17. Fred W. Schwenck 

10. J. &_w. Seligman & Co.: 

Held for— Shares 

Blue Ridge Corporation _ 4,800 

Rector Holding Corporation (100 percent owned 

by Blue Rid?e Corporation). . 4, 100 

Tri-Continental Corporation. 3. 100 

Broad Street Investing Corporation 1, 100 

Capital Administration Co., Ltd 1,000 

Selected Industries, Inc. 500 

8 holders 1,485 

Total --.- 16,085 

19. Kordula & Co. (nominee for City Bank Farmers Trust 

Co.; beneficiaries not disclosed) — 

20. Lehman Bros.: 

Held for— Shares 

Lehman Corporation 10, 800 

Irving Lehman.. . 8(K) 

Harriet I.«hman_ 600 

Bertha Rosenheim 400 

Hanna B. Stern 420 

22 other holders 2,594 

Subtotal 15,614 

Total 



23, 152 
21, 674 
20,000 
19,450 
18,720 
17,704 



$1, 389, 120 
1,300,440 
1,200^000 
1, 1<}7, 000 
1, 123. 200 
1, 062, 240 



0.87 
.81 
.75 
.73 
.70 
.67 



16, 085 
15,838 



965, 100 
950, 280 



15,614 



936. ^40 



1, 159, 455 



69, 567. 300 



.59 
43.56 



CONCENTRATION OF ECONOMIC POWER 



1167 



beneficial ownership in such holdings — Continued 

GLASS CO.— Continued 

standing as of Mar. 16, 1938: 2,661,204. Price as of December 1936: $60] 

Legal an'd Beneficial Holders — Continued 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



First Trust Co. of Miami, trustee u/d/t of W. R. Root, deceased, 
through Orlando Investment Co. (100 percent owned) which 
holds through C. J. Root Glass Co. (99.71 percent owned) 
(beneficiaries: Mrs. Chapman J. (Elian A.) Root has a life 
interest in the income; upon the death of either Mr. or Mrs. 
Chapman J. Root, the trust will terminate and the corpus be 
distributed to the survivor) 

Mrs. Hilda Olsen Boldt Weber 



Estate of Clarence Brown, Toledo Trust Co., J. C. Blair, J. H. 
McNerney & W. A. Eversman, trustees. (Beneficiaries: 
Nellie King, annuity of $900 per year; Mrs. Carrie L. Brown, 
balance of income of trust; upon the death of Mrs. Brown, the 
income of the trust is to be distributed for 2 years to 17 chari- 
table organizations in Toledo, and after the 2 years have 
elapsed, the principal is distributable to said organizations 
and other legatees as set forth in the will of Clarence Brown).. 

Mrs. Florence Scott Libbey (as of October 30, 1939, held by 
estate of Florence Scott Libbey, deceased) 

Christian F. Leng _ 

Ben F. Hazelton, Jr.._ 



8. J. A. McGhee 

9. Fred W. Schwenck. 



Members of the Altschul family: Shares 

Miss Helen O. Altschul -- 10,000 

Frank Altschul 1,600 

Estate of Charles Altschul 1.200 

Miss Marearet AltschuL 700 

Arthur Altschul. 500 

Miss Edith Altschul 500 



Total 14,500 

Mrs. Ann Qavit Jackson through Central Hanover Bank & 
Trust Co., sole surviving trustee, u/d/t made by Mrs. Ann 
Gavit Jackson, July 5, 1927 



OTHER CORPORATIONS, NONFINANCTAL 

Allied Chemical & Dye Corporation - 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

Trustees of the Massachussetts Investors Trust 

Lehman Corporal ion 

General American Investors Co., Inc 

United States & Foreign Securities Corporation 

Tri-Continental Corporation and affiliated investment com- 
panies: Shares 

Tri-Continental Corporation 3,100 

Broad Street Investing Corporation 1. 100 

Capital Administration Co., Ltd 1.000 

Selected Industries Inc... 500 

Total "sTtOO" 

Blue Rifige Corporation 

Blue Ridge Corporation, through Rector Holding Co., (100 per- 
cent owned, dissolved Nov. 3, 1938) 

BROKERS AND INVESTMENT HOLDERS AS BENEFICIAL HOLDERS 

Lazard Freres & Co . ... 

Lazard Freres, through Lazard Bros. & Co., Ltd 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

Toledo Museum of Art, through trustees, u/w of E. D. Libbey . 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

Toledo Trust Co 

City Bank Farmers Trust Co.. -.. 

Subtotal 

Total record holdings not included above 

Total 



96,012 
68,700 



25, 776 

23,152 
21, 674 
19,450 
18,720 
17,704 



14.500 



5,700 
4,800 



4, 100 



6,500 
1,600 



82,888 
15,838 



1, 138, 392 
21, 063 



$5, 760, 720 
4, 122, 000 



1,546,560 

1, 389, 120 
1, 300, 440 
1, 167, 000 
1,123,200 
1, 062. 240 



870,000 



5,400 


324,000 


165,912 


9, 954, 720 


20,000 


1,200,000 


10,800 


648,000 


8,600 


516,000 


10,700 


642, 000 



342,000 
288,000 



390,000 
96.000 



2,541,360 



4, 973, 280 
950.280 



68, 303. 520 
1, 263, 780 



1, 159, 455 I 69, 567. 300 I 43. 56 



268445 — 41— No. 29- 



1168 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
PACIFIC GAS & 
[Size rank; 30. COMMON (VOTING) as of Dec. 31, 1937 Shares outstanding 
Holders of Kecord 



Name of record holder 



The North American Co. (as of this date, the North American 
Co. reports, under sec. 16(a) of the Securities Exchange Act, 
holdings of 2,002,770 shares; apparently 200 shares were held in 
the name of an undisclosed nominee) 

Standard Gas & Electric Co 

Pacific Lighting Corporation 

Sun I^e Assurance Co. of Canada.. 

The American Superpower Corporation 

Ross & Co. (nominee for Electric Shareholdings Corporation)... 

Noxid Co. (nominee for North American Utility Securities 
Corporation, over 80 percent of the voting control of which is 
owned by North American Co.) 

J. & W. Seligman & Co 

Trustees of the Massachusetts Investors Trust 

Electrical Securities Corporation (100 percent owned by Gen- 
eral Electric Co.) --- 

General Electric Employees Securities Corporation (an invest- 
ment company for General Electric Co. employees)- 

Light & Power Securities Co. (a holding company for the Childs 
family)- --- --- 

Sigler & Co. (nominee for Central Hanover Bank & Trust. Co.; 
beneficiaries not disclosed) -. 

Illuminating & Power Securities Corporation (99.4 percent of the 
voting stock is owned by Light & Power Securities Co., a 
holding company for members of the Childs family) 

Kordula & Co. (nominee for City Bank Farmers Trust Co.; 
beneficiaries not disclosed) - 

The New Jersey Title Guarantee & Trust Co., A. Newell Bene- 
dict, Helen N. Benedict, and Frank B. Smith, Trustees, u/w 
John E. Andrus- 

E. A. Pierce & Co - 

Tucker & Co. (nominee for J. Henry Schroder Banking Corpor- 
ation; beneficiaries not disclosed) 

Hurley & Co. (nomiaee for National City Bank of New York; 

beneficiaries not disclosed) 

E. F. Hutton & Co - 



Holdings 



Num ber 
of shares 



Subtotal- . 

Total legal and beneficial holdings not included above. 

Total .- 



2,002,570 
200,420 
131,900 
130, 198 
100,000 
73,500 



56,900 
47, 326 
45,000 

40,000 

40,000 

34, 100 

31,918 

26,900 
19, 064 



18,090 
17, 221 



15, 944 



15, 126 
14, 800 



Value 



$54,570,032 
5,461,445 
3, 594, 275 
3, 547, 895 
2, 725, 000 
2,002,875 



1, 550. 525 
1, 289, 633 
1, 226, 250 

1,090,000 

1,090,000 

929, 225 

869, 765 

733, 025 
519, 494 



3, 060, 977 
200 



3,061,177 



Percent 
of shares 
outstand- 
ing 



492, 952 
469, 272 



412, 183 
403, 300 



83,411,620 
5,450 



83,417,070 



31.98 
3.20 
2.11 
2.08 
1.60 
1.17 



.91 
.76 
.72 

.64 

.64 

.54 

.51 



.43 

.30 



.29 
.28 



.24 
.24 



48.89 
8.01 



48. 90 



CONCENTRATION OF ECONOMIC POWER 



1169 



beneficial ownership in such holdings — Continued 

ELECTRIC CO. 

as of Dec. 31, 1937: 6,261,270. Price as of December 1937: $2756] 

Legal and Benefiqal Holders 



Type and name of holder 



HoIdiDgs 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. The New Jersey Title Guarantee & Trust Co., A. Newell 

Benedict, Helen N. Benedict, and Frank B. Smith, Trustees, 
u/w John E. Andrus 

2. Illuminating & Power Securities Corporation (99.4 percent of 

the voting stock owned by Light & Power Securities Co.) 

3. Light & Power Securities Co. (a holding company for Chijds 

and Coffin families; for details of ownership see this appendix, 
sec. II) _ 

CORPORATIONS, PARENT AND SUBSIDIARY 

4. The North American Co. (a statutory parent of Pacific Gas & 

Electric Co.) -- 

5. The North American Co., through North American Utility 

Securities Corporation (over 80 percent owned) 

OTHER CORPORATIONS, NONFINANOAL 

6. Standard Gas & Electric Co 

7. Pacific Lighting Corporation 

8 . General Electric Co., through Electrical Securities Corporation 

(100 percent owned). 

INSURANCE COMPANIES 

9. Sun Life Assurance Co. of Canada _ 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

10. American Superpower Corporation 

11. Electric Shareholding Corporation. - 

12. Trustees, of the Massachusetts Investors Trust 

OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

13. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees, the stock 
of which is 100 percent owned by General Electric Co.).. 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. Central Hanover Bank & Trust Co 

15. City Bank Farmers Trust Co 

16. J. Henry Schroder Banking Corporation 

17. National City Bank of New York... 

18. J. & W. Seligman & Co. 

19. E. A. Pierce & Co 

20. E. F. Hutton & Co 

Total _ 



18,090 
26,900 

34,100 

2, 002, 770 
56,900 



200,420 
131, 900 



40,000 



130, 198 



100.000 
73,500 
45,000 



31,918 
19,064 
15,944 
15,126 
47, 326 
17, 221 
14,800 



3,061,177 



$492, 952 
733, 025 

929,225 

54, 575, 482 
1, 550, 525 



5, 461, 445 
3, 594, 275 



3, 547, 895 

2, 725, 000 
2, 002. 875 
1, 226, 250 



869, 765 
519, 494 
434, 474 
412, 183 
1, 289, 633 
469, 272 
403, 300 



83,417,070 



0.29 
.43 

.54 

31.99 
.91 



3.20 
2.11 



1.60 
1.17 
.72 



.64 



.51 
.30 
.25 
.24 
.76 
.28 
.24 



1170 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

PACIFIC GAS & 
[Size rank: 30. 6 PERCENT (^JMULATIVE FIRST PREFERRED (VOTING) as of Dec. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Sun Life Assurance Co. of Canada. 

2. Florence Former Hesketh 

3. Kordula & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

4. Raymond & Co. (nominee for Wells Fargo Bank & Union Trust 

Co.; beneficiaries not disclosed). 

5. Hooper & Co. (nominee for Crocker First National Bank; bene- 

ficiaries not disclosed) 

6. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) • 

7. Tubbs Cordage Co -.. 

8. The Home Insurance Co ...^ - 

9. Louise T. Sharon 

10. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) - 

11. Provident Securities Co. (a holding company for the Crocker 

f amil y) 

12. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

13. Catton & Co. (nominee for Second National Bank of Boston; 

beneficiaries not disclosed) 

14. The Regents of the University of California 

15. Bankers Trust Co., trustee by d/o/t for the time being in the 

United States of the Canada Life Assurance Co 

16. Chase National Bank, trustee u/i, Dec. 27, 1928, made by Laura 

Spelman Rockefeller Memorial.. 

17. Dominick & Dominick '. 

18. Selina J. Gray, William J. Gray, Jr., and Carlton R. Gray, 

trustees u/w of W. J. Gray, deceased 

19. Benjamin Clayton 

20. D. J. Murphy 

Total. 



23,000 
1§, 534 

16, 037 

15, 750 

15, 130 

13, 7r,2 
13, 000 
12, 500 
12, 148 

11.527 

10, 720 

10, 640 

9,218 
8,297 

8,000 

7,415 
7,375 

7,000 
6,950 
6,563 



$672, 750 
542, 119 

469, 082 

460, 687 

442, 552 

402, 538 
380, 250 
365. 625 
355, 329 

337, 165 

313, 560 

311,220 

269, 626 
242, 687 

234,000 

216, 889 
215,719 

204, 750 
203,287 
191,968 



0.56 
.45 

.39 

.39 

.37 

.34 
.32 
.31 
.30 

.28 

.26 

.26 

.23 
.20 

.20 

.18 
.18 

.17 
.17 
.16 



233, 566 



6,831,803 



5.72 



CONCENTRATION OF ECONOMIC POWER 



1171 



beneficial ownership in such holdings — Continued 
ELECTRIC CO. 

31, 1937. Shares outstanding as of Dec. 31, 1937: 4,085,319. Price as of December 1937- $29?^] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Florence Fermer Hesketh.. _ 

2. Louise T. Sharon 

3. Provident Securities Co. (a holding company, for the Crocker 

family; for details of ownership see this appendix, sec. II) 

4. Selina J. Gray, William J. Gray, Jr., and Carlton R. Gray, 

trustees u/w W. J. Gray, deceased -- 

6. Benjamin Clayton - 

6. D. J. Murphy _ 

OTHER CORPORATIONS. NONFINANCIAL 

7. Tubbs Cordage Co .-. 

INSURANCE COMPANIES 

8. Sun Life Assurance Co. of Canada 

9. The Home Insurance Co. 

10. The Canada Life Assurance Co., through Bankers Trust Co., 

trustee, by d/o/t for the time being in the United States 

FOUNDATIONS 

11. Chase National Bank, trustee u/i, Dec. 27, 1928, made by Laura 

Spelman Rockefeller Memorial 

OTHER ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

12. University of California 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

13. City Bank Farmers Trust Co... 

14. Wells Fargo Bank & Union Trust Co 

15. Crocker First National Bank - 

16. Bankers Trust Co 

17. Central Hanover Bank & Trust Co 

18. Bank of Montreal _ _. 

19. Second National Bank of Boston 

20. Dominick & Dominick , _ 

Total 



18, 534 
12, 148 

10, 720 

7,000 
6,950 
6,563 



13,000 



23,000 
12, 500 



8,000 



7,415 



8.297 



.$542, 119 
355, 329 

313, 560 

204,750 
203,287 
191,968 



380, 250 



672, 750 
365, 625 



234,000 



216,889 



242, 687 



16,037 


469, 082 


15,750 


460,667 


15, 130 


442, 552 


13, 762 


402, 538 


11,527 


337, 165 


10, 640 


311,220 


9,218 


269, 626 


7.375 


215,719 



0.45 
.30 

.26 

.17 
.17 
.16 



.56 
.31 



.18 



.20 



.39 
.39 
.37 
.34 
.28 
.26 
.23 
.18 



233,566 



5.72 



1172 



CONCENTRATION OP ECONOMIC POWEJR 



Record holders and holders having legal and 
PACIFIC GAS & 
[Size rank: 30. 5}i PERCENT CUMULATIVE FIRST PREFERRED (VOTING) 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Sun Life Assurance Co. of Canada. _ 

Pacific Mutual Life Insurance Co.-. 

The Travelers Insurance Co 

The Home Insurance Co - 

President and Fellows of Harvard College 

Raymond <fe Co. (nominee for Wells Fargo Bank & Union Trust 

Co.; beneficiaries not disclosed) 

Hooper & Co. (nominee for Crocker First National Bank; bene- 
ficiaries not disclosed) 

Hooper & Co. (nominee for Crocker First National Bank; bene- 
ficiaries not diclosed) 

The Regents of the University of California. 

Alliance Assurance Co., Ltd 

Fireman's Fund Insurance Co 

Max C. Fleischmann.- 

Trustees of Dartmouth College. - 

Trustees of Princeton University 

Pacific Indemnity Co. 

Trustees by deed of trust, for the time being in the United States 

of the Confederation Life Association 

The New Jersey Title Guarantee & Trust Co., A. Newell Bene- 
dict, Helen W. Benedict, and Frank B. Smith, trustees u/w 

Frank E. Andrus - 

California Institute of Technology - - - 

The Delaware & Hudson Co 

New York Association for Improving the Condition of the Poor. 

Total - 



32,000 
24,200 
20,000 
10,000 
8,000 

6,411 

6,326 

5,500 
5,040 
5,000 
4,120 
4,000 
4,000 
4,000 
4,000 

3,500 



3,448 
3, .300 
2,700 
2,500 



$840, 000 
635, 250 
525, 000 
262, 500 
210, 000 

168, 289 

166, 057 

144, 375 
132, 300 
131,250 
108, 150 
105, 000 
105, 000 
105, GOO 
105, 000 

91, 875 



90, 510 
86, 625 
70, 875 
65, 625 



2.78 

2.11 

1.74 

.87 

.70 

.56 



.44 
.44 
.36 



.30 



.30 
.29 
.23 
.22 



158, 045 



4, 148, 681 



13.77 



CONCENTRATION OF ECONOMIC POWER 



1173 



beneficial ownership in such holdings — Continued 
ELECTRIC CO. 

as of Dec. 31, 1937. Shares outstanding as of Dec. 31, 1937: 1,149,303. Price as of December 1937: $262/8] 
Legal and BENEFiaAL Holders 



Type and name of holder 



Holdings 



Number 
of shares 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Max C. Fleischmann 

2. The New Jersey Title Guarantee & Trust Co., A. Newell Bene- 

dict, Helen W. Benedict, and Frank B. Smith, trustees u/w 
Franl£ E. Andrus 

OTHER CORPORATIONS, NONFINANCIAL 

3. The Delaware & Hudson Co _ 

INSURANCE COMPANIES 

4. Sun Life Assurance Co. of Canada 

5. Pacific Mutual Life Insurance Co 

R. The Travelers Insurance Co.. _ 

7. The Home Insurance Co 

8. Alliance Assurance Co , Ltd - 

9. Fireman's Fund Insurance Co _ 

10. Pacific Indemnity Co 

11. The Confederation Life Association through trustees by d/o/t for 

the time being in the United States 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

12. Harvard University 

13. University of California - 

14. Dartmouth College 

15. Princeton University.. 

16. California Institute of Technology 

17. New York Association for Improving the Condition of the Poor. 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

18. Crocker First National Bank _ 

19. Wells Fargo Bank & Union Trust Co 

Total. 



4,000 



3,448 



2,700 



32,000 
24,200 
20,000 
10,000 
5,000 
4,120 
4,000 

3,500 



Value 



$105,000 
90,510 

70, 875 



840,000 
635.250 
525,000 
262,500 
131,250 
108, 150 
105,000 

91, 875 



8,000 


210,000 


.70 


5,040 


132, 300 


.44 


4,000 


105,000 


.35 


4,000 


105,000 


.35 


3,300 


86, 625 


.29 


2,600 


65, 625 


.22 


11,826 
6,411 


310, 432 
168,289 


1.03 
.56 


158,045 


4, 148, 681 


13.77 



Percent 
of shares 
outstand- 
ing 



2.78 
2.11 
1.74 
.87 
.44 
.36 
.35 

.30 



1174 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
PACIFIC LIQHTINQ 
[Size rank: 123. COMMON (VOTING) as of Jan. 20, 1938. Shares outstanding as 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Schilling Estate Co. (a holding company for the Schilling fam- 
ily) - 

C. O. Q. Miller - 

Alice Cline Guthrie 

Constance C. Churchill 

D. G. Volkmann, trustee (beneficiary: George F. Volkmann).. 

Utility Equities Corporation 

Mrs. Charlotte L. Ehmann _ 

R.W.Miller 

Johanna M. Volkmann ' — 

Janet Watt Miller 

Nion R. Tucker.. _ .- - 

Sun Life Assurance Co. of Canada 

Alexander Properties Co. (a holding company for the Alexander 

family) 

Mrs. Marian Miller Ford 

Hurley & Co. (nominee for National City Bank of New York; 

beneficiaries not disclosed) 

Miss Else Schilling 

D. G. Volkmann. 

Raymond & Co. (nominee for Wells Fargo Bank & Union Trust 

Co.; beneficiaries not disclosed) 

Leslie Miller Moore . 

Dominick & Dominick. 

Total 



101, 100 
22, 218 
21,715 
20,795 
20,100 
19,000 
13, 773 
13,580 
13,500 
12,000 
12,000 
11,000 

10, 552 
10,400 

10, 145 
10, 010 
10,000 

9,322 
9.200 
8,929 



$3, 639, 600 
799, 848 
781,740 
748, 620 
723,600 
684,000 
495, 828 
488,880 
486,000 
432,000 
432,000 
396,000 

379, 872 
374, 400 

365,220 
360,360 
360, 000 

335, 592 
331,200 
321, 444 



6.28 
1.38 
1.35 
1.29 
1.25 
1.18 
.86 
.84 
.84 
.75 
.75 



.66 
.65 

.63 
.62 
.62 

.58 
.57 
.56 



359, 339 



12, 936, 204 



22.34 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
CORPORATION 

of Jan. 20, 1938: 1,608,631. Price as of December 1937: $36] 

Legal and Beneficial Holders 



1175 





Holdings 


Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Alice Cline Guthrie 


21,715 

101, 100 

10, 010 

20,795 

13, 773 

22,218 
13,580 
12,000 
10, 400 
9,200 

12,000 

20,100 
10,000 
13,500 

10, 552 

11,000 

19,000 

10. 145 
9,322 
8,929 


$781, 740 

3, 639, 600 

360, 360 

748, 620 

495, 828 

799, 848 
488,880 
432, 000 
374, 400 
331, 200 

432,000 

723,600 
360,000 
486,000 

379, 872 

396,000 

684,000 

365, 220 
335, 592 
321, 444 


1.35 


2. Schilling Estate Co. (a holding company, the common (voting) 

stock of which is owned by:- Carl Schilling, Rudolph Schilling, 
Else Schilling, and Walter Schilling (each 25 percent)) 

3. Miss Else Schilling 


6.28 
.62 


4. Constance C. Churchill 


1.29 


5. Mrs. Charlotte L. Ehmann.. __. 


.86 


6. C. 0. O. Miller 


1.38 


7. R. W. Miller _ 


.84 


8. Janet Watt Miller 


.75 


9. Mrs. Marian Miller Ford 


.65 


10. Leslie Miller Moore 


.57 


11. Nion R. Tucker . 


.75 


12. George F. Volkmann, through D. Q. Volkmann, trustee 

13. D. G. Volkmann 


1.25 
.62 


14. Johanna M. Volkmann ... 


.84 


15. Alexander Properties Co. (a family holding company, 28.08 per- 

cent of its stock being owned by Wallace M. Alexander) 

INSURANCE COMPANIES 

16. Sun Life Assurance Co. of Canada 


.66 
.68 


INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

17. Utility Equities Corporation 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

18. National City Bank of New York , 


1.18 
.63 


19. Wells Fargo Bank & Union Trust Co 


.58 


20. Dominick & Dominick ^ 


.56 






Total 


359, 339 


12, 936, 204 


22.34 







1176 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
PACIFIC IIGHTINO 
[Size rank: 123. $6 CUMULATIVE PREFERRED (VOTING) as of Dec. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Bolton & Co. (nominee for Straight Holding Co.) 

2. Crocker First Federal Thrust Co., trustee, estate of Charles H. 

Dickey, deceased (beneficiary, Mrs. Araminta F. Dickey) 

3. Wonham Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

4. Estate of Clara E. Cline, Stanley W. Guthrie, executor — 

5. Raymond & Co. (nominee for Wells Fargo Bank & Union Trust 

Co. ; beneficiaries not disclosed) 

6. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed). 

7. J. Barth & Co... 

8. Tubbs Cordage Co... - 

9. Hooper & Co. (nominee for Crocker, First National Bank; bene- 

ficiaries not disclosed) 

10. Egger & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

11. Miss Marian M. Jones 

12. Edith Rucker Spieker 

13. Fireman's Fund Insurance Co -. 

14. Henry Rosenfeld 

15. American Trust Co - - 

16. The Crocker Investment Co. (a holding company for the Crocker 

family) ._ 

17. Mrs. Charlotte L. Ehmann 

18. Mrs. Alice Hagar Tubbs 

19. Los Angeles First National Trust and Savings Bank, trustee, 

f/b/o S. W. Garretson. 

20.' American Trust Co , trustee, u/d/t Edith Giffln Tufts and Alice 
Giffln Ely, June 2, 1932._ 

Total - 



5,000 

2,400 

2,250 
2,100 

2,044 

1,730 
1,270 
1,250 

1,159 

1,150 

1,100 

1,000 

900 

840 

830 

775 
762 
700 

678 

640 



$522, 500 

250, 800 

235, 125 
219, 450 

213, 598 

180, 785 
132, 715 
130. 625 

121,115 

120, 175 
114, 950 
104, 500 
94, 050 
87, 780 
86, 735 

80,987 
79, 629 
73,150 

70. 851 

66,880 



28, 578 



2. 986, 400 



2.54 

1.22 

1.14 
1.07 

1.04 

.88 
.65 
.64 

.59 

.58 
.56 
.51 
.46 
.43 
.42 

.39 
.39 
.36 

.34 

.33 

14.54 



CONCENTRATION OF ECONOMIC POWER 



1177 



beneficial ownership in such holdings — Continued 

CORPORATION 

31, 1937. Shares outstanding as of Dec. 31, 1937: 196,665. Price as of December 1937: $104^6] 
Legal 4Nd Beneficial Holders 



T3rpe and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Mrs. Araminta F. Dickey, throueh Crocker First Federal Trust 

Co., trustee, estate of Charles H. Dickey, deceased 

2. Estate of Clara E. Cline; Executor Stanley W. Guthrie 

3. Miss Marian M. Jones 

4. Edith Rucker Spieker 

5. Henry Rosenfeld 

6. The Crocker Investment Co., a holding company, the stock of 

which is owned by — 

Percent 

William W. Crocker 12.74 

Others ---- 87.26 

Total 100.00 

7. Mrs. Charlotte L. Ehmann - 

8. Mrs. Alice Hagar Tubbs .. 

9. S. W. Qarretson through First National Trust & Savings Bank, 

trustee -. 

10. American Trust Co., trustee u/t by Edith QifRn Tufts and Alice 

Qiffin Ely, June 2, 1932 

OTHER CORPORATIONS, NONFTNANaAL 

11. Tubbs Cordage Co ----- 

INSURANCE COMPANIES 

12. Fireman's Fund Insurance Co - --- 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

13. Straight Holding Co. 

BANKS, BROKERS, ETC, BENEFICLAEIES NOT DISCLOSED 

W. Bank of Montreal. 

15. Wells Fargo Bank & Union Trust Co 

16. Guaranty Trust Co. of New York - 

17. Crocker First National Bank 

18. Chase National Bank l... - 

19. American Trust Co - - 

20. J. Barth & Co .-. 

Total - 



2,400 
2,100 
1,100 
1,000 
840 



775 
762 
700 

678 

640 

1,250 

900 

5,000 



2,250 
2,044 
1,730 
1,159 
1,150 
830 
1,270 



$250,800 
219, 450 
114,950 
104,500 
87, 780 



80,987 
79,629 
73,150 

70, 851 

66,889 

130, 625 

94,050 

522, 500 



235, 125 
213. 598 
ISO, 785 
121,115 
120, 175 
86, 735 
132. 715 



1.22 
1.07 
.56 
.51 
.43 



.4C 



2.54 



1.14 
1.04 
.88 
.59 
.58 
.42 
.65 



28, 578 



2, 986, 400 



1178 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
THE PACIFIC TELEPHONE 
[Size raak: 53. COMMON (VOTING) as of Dec. 31, 1937. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. American Telephone & Telegraph Co 

2. Rush & Co., nominee for— Shares 

Insurance Co. of North America _.. 500 

Indemnity Insurance Co. of North America 3, 500 

Alliance Insurance Co 500 

Total- 4,500 

3. Tubbs Cordage Co _ 

4. Raymond & Co. (nominee for Wells Fargo Union Trust Co.; 

beneficiaries not disclosed) 

5. Annie L. Wallace = 

6. Provident Securities Co. (a holding company for the Crocker 

family) 

7. Fireman's Fund Insurance Co 

8. J. Barth & Co _. 

9. President & Fellows of Harvard College 

10. Nion R. Tucker 

11. Selina J. Gray, William J. Gray, Jr., and Carlton R. Gray, 

trustees under will of W.J. Gray, deceased 

12. Alice H. Lester 

13. Alice Hagar Tubbs ,. 

14. Buehner Investment Co 

15. Arthur W.Elting _._ 

16. Hooper & Co. (nominee for Crocker First National Bank; bene- 

ficiaries not disclosed) 

17. Emma R. Dole., __ 

18. H.D.Pillsbury 

19. Quincy Ward Boese _. _ 

20. C. O. Q. Miller. 

Total 



1, 548, 709 



4,500 
3,300 

3,168 
2,967 

2,450 
2,196 
2,108 
2,000 
2,000 

1,800 
1,476 
1,427 
1,402 
1,401 

1,358 
1,330 
1,265 
1,200 
1,200 



$170,357,990 



495,000 
363,000 

348, 480 
326, 370 

269, 500 
241, 560 
231, 880 
220,000 
220,000 

198,000 
162, 360 
156,970 
154,220 
154, 110 

149, 380 
146, 300 
139, 150 
132,000 
132,000 



85.80 



1, 587, 257 



174, 598, 270 



CONCENTRATION OF ECONOMIC POWER 



1179 



beneficial ownership in such holdings — Continued 
& TELEGRAPH CO. 

outstanding as of Dec. 31, 1937: 1,805,000. Price as of December 1937: $110] 
Legal and Beneficial Holders 



Tjrjie and name of holder 



INDIVIDUALS, personal ANT) FAMILY HOLDING COMP.VNIES, TRUSTS, 
AND estates 

1. Annie L. Wallace... 

2. Provident Securities Co. (a holding company for the Crocker 

f&mily; for details of ownership, see this appendix, sec. 11) , 

3. Nion R. Tucker - 

4. Selina J. Gray, William J. Gray, Jr., and Carlton R. Gray, 

trustees under wiU of W. J. Gray, deceased 

5. Alice H. Lester 

6. Alice Hagar Tubbs 

7 Arthur W. Elting.... 

8. Emma R. Dole. 

9. H. D. Pillsbury.. 

10. Quincy Ward Boese 

11. C. 0. O. Miller 

corporations, parent and subsidurt 

12. American Telephone & Telegraph Co 

other corporations, nonfinanclal 

13. Tubbs Cordage Co -. 

INSURANCE COMPANIES 

14. In.surance Co. of North America.. 

15. Indemnity Insurance Co. of North America fsubsidiary of Insur- 

ance Co. of North America) 

16. Alliance Insurance Co. (subsidiary of Insurance Co. of North 

America) 

17. Fireman's Fund Insurance Co 

investment TRUSTS AND INVESTMENT COMPANIES 

18. Buehner Investment Co 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

19. Harvard University 

BANKS, BROKERS, ETC.; BENEFICTARIES NOT DISCLOSED 

20. Wells Fargo Union Trust Co 

21. Crocker First National Bank of San Francisco 

22. J. Barth & Co... 

Total.- 



Holdings 



Number 
of shares 



2,967 



2,196 



1,402 



3,168 
1,358 
2,108 



1, 687, 257 



Value 



$326, 370 



2,450 


269,600 


2,000 


220,000 


1,800 


198,000 


1,476 


162, 360 


1,427 


156, 970 


1,401 


1.54, 110 


1,330 


146, 300 


1,265 


139, 150 


1,200 


132,000 


1,200 


132,000 


1, 548, 709 


170, 357, 990 


3,300 


363,000 


500 


55,000 


3,500 


385,000 


500 


55,000 



241,560 



220,000 



348, 480 
149, 380 
231,880 



174, 598, 270 



Percent 
of shares 
outstand- 
ing 



0.16 

.14 
.11 

.10 



.07 
.07 
.07 
.07 



85.80 



.03 

.19 

.03 
.12 



.17 
.08 
.12 



87:94 



1180 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
THE PACIFIC TELEPHONE 
[Size rank: 53. 6 PERCENT CUMULATIVE PREFERRED (VOTING) as of Dec. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



American Telephone* Telegraph Co - ._ 

The Equitable Life Assurance Society of the United States 

Metropolitan Life Insurance Co 

The Mutual Life Insurance Co. of New York 

Tubbs Cordage Co 

National Life Insurance Co.. 

Elisabeth L. Hayden 

Annie L. Wallace 

Mrs. Ollie Eaton Mockbee 

Louise T. Sharon.- 

Raymond & Co. (nominee for Wells Fargo Bank &. Union Trust 

Co.; beneficiaries not disclosed) 

The Rex Improvement Co. (a holding company for the King 

family) 

E. D. PUlsbury 

Provident Securities Co. (a holding company for the Crocker 

family) 

Fireman's Fund Insurance Co 

New England Mutual Life Insurance Co 

Parrott Investment Co 

Alice Hagar Tubbs -^ -._ 

Safe Deposit & Trust Co. of Baltimore, trustee u/w of J. Henley 

Smith, deceased 

The Regents of the University of California 

Total -- - 



640, 957 
4,370 
3,253 
3,000 
3,000 
2,650 
2,368 
1,980 
1,970 
1,875 

1,819 

1,800 
1,600 

1,560 
1,500 
1,500 
1,360 
1,350 

1,142 
1,077 



$85, 888, 238 
585,580 
435, 902 
402,000 
402,000 
355, 100 
317, 312 
265, 320 
263, 980 
251, 250 

243, 746 

241,200 
214, 400 

209,040 
201,000 
201,000 
182, 240 
180, 900 

153, 028 
144,318 



78.17 
.53 
.40 
.37 
.37 
.32 
.29 
.24 
.24 
.23 

.22 

.22 
.20 

.19 
.18 
.18 
.17 
.16 

.14 
.13 



680, 131 



91, 137, 554 



82.95 



CONCENTRATION OF ECONOMIC POWER 



1181 



beneficial ownership in such holdings — Continued 
& TELEGRAPH CO. 

31, 1937. Shares outstanding as of December 1937: 820.000. Price as of December 1937: $134j 
Legal and Beneficial Holders 



Type and name of holder 



individuals, personal and family HOLDINCr COMPANIES, TRUSTS, 
AND ESTATES 

1. Elisabeth L. Hayden 

2. Annie L. Wallace- - 

3. Mrs. OUie Eaton Mockbee 

4. Louise T. Sharon -. - 

5. The Rex Improvement Co. (a holding company for the King 

family, approximately 6.9 percent of Jhe stock of which is 
owned directly by Frank B. King) 

6. H. D. PUlsbury --. - -- 

7. Provident Securities Co. (a holding company for the Crocker 

family; for details of ownership see this appendix, sec. II) 

8. Parrott Investment Co _-. 

9. Alice Hagar Tubbs._ 

10. Safe Deposit & Trust Co. of Baltimore, trustee u/w J. Henley 

Smith, deceased 

COkPORATIONS, PARENT AND SUBSIDLARY 

11. American Telephone & Telegraph Co.. 

OTHER CORPORATIONS, NONFINANCIAL 

12. Tubbs Cordage Co... 

INSURANCE COMPANIES 

13. The Equitable Life Assurance Society of the United States 

14. Metropolitan Life Insurance Co.-. 

15. The Mutual Life Insurance Co. of New York 

16. National Life Insurance Co. 

17. Fireman's Fund Insurance Co 

18. New England Mutual Life Insurance Co 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

19. University of California _ 

BANKS, BROKERS, ETC.; BENEFiaARIES NOT DISCLOSED 

20. Wells Fargo Bank & Union Trust Co 

Total - 



Holdings 



Number 
of shares 



2,368 

1,980 
1,970 
1,875 

1,800 
1,600 

1,560 
1,360 
1,350 

1,142 



640,957 

3,000 

4,370 
3,253 
3,000 
2,650 
1,500 
1,500 



1,819 



680,131 



Value 



$317, 312 
265, 320 
263,980 
251, 250 

241,200 
214, 400 

209, WO 
182,240 
180,900 

153, 028 

85, 888, 238 

402,000 

585,580 
435, 902 
402,000 
355, 100 
201,000 
201,000 

144, 318 

243, 746 



91, 137, 554 



Percent 
of shares 
outstand- 
ing 



0.29 
.24 
.24 
.23 

.22 
.20 

.19 
.17 
.16 



78.17 



.53 
.40 
.37 
.32 
.18 
.18 



.13 



82.95 



1182 



CONCENTRATION OF ECONOMIC POWBH 



Record holders and holders having legal and 

PARAMOUNT 
[Size rank: 148. COMMON (VOTING) as of May 12, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



E. A. Pierce & Co 

J. S. Bache & Co 

Thomson & McKinnon 

Paine, Webber & Co 

Fenner & Beane 

Hemphill, Noyes & Co 

Qoodbody & Co— 

E. F. Button & Co 

Post& Flagg 

Homblower <fe Weeks 

Hallgarten & Co 

Winthrop, Mitchell <fe Co.. 

Dominick & Dominick 

Josephthal & Co 

Bear, Steams & Co 

Hirsch, LUienthal & Co 

Abbott, Proctor A Paine... 
Lambom, Hutchings & Co 

L. F. Rothschild & Cd 

Redmond & Co .. 

Total - - 



72, 345 
67,841 
36,091 
35,943 
33,108 
31, 625 
29,363 
28,120 
27,099 
26,767 
25,646 
23,916 
21, 925 
19, 629 
19,203 
18, 473 
18, 273 
14,919 
14, 610 
14,324 



$696, 321 
652, 970 
347, 376 
345, 951 
318, 664 
304, 391 
282, 619 
270, 655 
260,828 
267, 632 
246,833 
230, 191 
211,028 
188, 929 
184, 829 
177, 803 
175, 878 
143. 595 
140, 621 
137, 868 



2.94 

2.75 

1.47 

1.46 

1.34 

1.28 

1.19 

1.14 

1.10 

1.09 

1.04 

.97 

.89 

.80 

.78 

.75 

.74 

.61 

.59 

.58 



579, 219 



6, 574, 982 



23.51 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
PICTURES, INC. 

outstanding as of May 12, 1938: 2,463,229. Price as of December 1937: $9^i] 
Legal and Beneficial Holders 



1183 



Type and name of holder 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

E. A. Pierce _ 

J. S. Bache 

Thomson & McKinnon 

Paine, Webber & Co.. 

Tenner & Beane 

Hemphill. Noyes.. __ 

Ooodbody & Co_ _ 

E. F. Hutton & Co 

Post & Flagg 

Hornblo wer & Weeks _._ 

Hallgarten & Co 

Winthrop, Mitchell & Co 

Dominick & Dominick.. 

Josephthal & Co _ 

Bear, Stearns & Co 

Hirsch, Lilienthal & Co 

Abbott, Proctor & Paine 

Lamborn, Hutchings & Co 

L. F. Rothschild & Co _ 

Redmond & Co 

Total 



Holdings 



Number 
of shares 



72, 345 
67,841 
36, 091 
35, 943 
33,108 
31,625 
29, 363 
28, 120 
27, 099 
26, 767 
25,645 
23, 916 
21,925 
19, 629 
19, 203 
18, 473 
18, 273 
14, 919 
14,610 
14, 324 



579, 219 



Value 



$696, 321 
652, 970 
347, 376 
345, 951 
318, 664 
304, 391 
282. 619 
270, 655 

260. 828 
257, 632 
246, 833 
230, 191 
211.028 
188, 929 

184. 829 
177,803 
175,878 
143,595 
140, 621 
137, 868 



5, 574, 982 



Percent 
of shares 
outstand- 
ing 



2.94 

2.75 

1.47 

1.46 

1.34 

1.28 

1.19 

1.14 

1.10 

1.09 

1.04 

.97 

.89 

.80 

.78 

.75 

.74 

.61 

.59 

.58 



23.51 



268443 — 41 — No. 20- 



1184 



OONCE?»rRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

PARAMOUNT 
Size rank: 148. 6 PERCENT CUMULATIVE CONVERTIBLE FIRST PREFERRED (VOTING) 

HoLOEBs OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



AUied Owners Corporation - 

Manufacturers Trust Co - •.--. 

Fuller, Rodney & Co 

Hemphill, Noyes & Co 

Lehman Bros 

Hayden, Stone & Co 

Depreciation Fund Bo.^ of the City of New York 

Pame, Webber & Co .- 

Dominion Investment Trust, Ltd _.. 

Moore & Schley 

Sigler & Co. (nominee for Central Hanover Bank & Trust Co. 

beneficiaries not disclosed).. _.. 

Warren Wright 

Tucker & Co. (nominee for J. Henry Schroeder Banking Cor 

poration; beneficiaries not disclosed) 

Hallgarten <feCo 

Bart & Co --. 

Lack & Lindsay (nominee for the Wilmington Trust Co.; ac- 
count of Tillie Balaban) 

Jesup & Lamont 

Green, Ellis & Anderson 

E. F. Hutton & Co 

Bertha Balaban 

Total 



9,900 
5,607 
5,210 
3,230 
3,100 
2,731 
2,700 
2,319 
2,100 
2,000 

1,589 
1,500 

1,445 
1,315 
1,300 

1,237 
1,110 
1,100 
1,041 
1,025 



$839, 025 
475, 193 
441,547 
273, 742 
262, 725 
231, 452 
228,825 
196,535 
177, 975 
169,500 

134,668 
127, 125 

122, 464 
111,446 
110, 175 

104,836 
94,072 
93.225 
88,225 
86, 869 



7.01 
3.97 
3.69 
2.29 
2.19 
1.93 
1.91 
1.64 
1.49 
1.42 

1.13 
1.06 

1.02 
.93 
.92 



.79 
.78 
.74 
.73 



51, 559 



4, 369, 624 



36.52 



CONCENTRATION OF ECONOMIC POWER 



1185 



beneficial ownership in such holdings — Continued 
PICTURES, INC. 

as of May 12, 1938. Shares outstanding as of May 12, 1938: 141.233. Price as of December 1937: $8496] 
Legal and Beneficial Holdebs 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS; 
AND ESTATES 

1. Warren Wright ..- 

2. TillieBalaban 

3. Bertha Balaban ..- --. 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

4. Allied Owners Corporation _. — 

5. Dominion Investment Trust, Ltd -. 

GOVERNMENTAL AGENCIES 

6. Depreciation Fund Board of the City of New York 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

7. Manufacturers Trust Co ., 

8. Central Hanover Bank & Trust Co 

9. J. Henry Schroeder Banking Corporation 

10. Hemphill Noyes & Co 

11. Lehman Bros 

12. Hayden, Stone & Co... _ 

13. Fuller, Rodney & Co 

14. Paine, Webber & Co... - 

15. Moore & Schley 

16. Hallgarten & Co 

17. Jesup & Lamont 

18. Green, Ellis & Anderson 

19. E. F. HuttoUffc Co 

20. BartA Co 

Total - - 



1,500 

1,237 
1,025 



9.900 
2,100 



5,607 
1, 589 
1,445 
3,230 
3,100 
2,731 
5,210 
2,319 
2,000 
1,315 
1,110 
1,100 
1,041 
1,300 



$127. 125 
104,836 



839, 025 
177. 978 



228, 825 



475, 193 

134, 668 

122, 464 

273. 742 

262, 725 

231,452 

441. 547 

196. 535 

169.500 

111.446 

94, 072 

93, 225 

88. 225 

110, 175 



1.06 

.88 
.73 



7.01 
1.49 



3.97 
1.13 
1.02 
2.29 
2.19 
1.93 



.69 
.64 
.42 
.93 
.79 
.78 
.74 
.92 



51. 559 



4, 369, 624 



36.52 



1186 CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 

PARAMOUNT 
[Size rank: 148. 6 PERCENT CUMULATIVE CONVERTIBLE 2ND PREFERRED (VOTING) 

Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Hayden, Stone & Co 

Adams Express Co 

E. A. Pierce & Co 

Hallgarten & Co .- 

Hemphill, Noyes & Co 

Rochelle Investment Corporation (a holding company for E. V 

Richards and family) 

Qoodbodv & Co 

White, Weld& Co. 

Tenner & Beane 

J. S. Bache & Co.-.- - 

Lehman Bros 

Shearson, Hammill & Co 

Paine, Webber & Co 

Mrs. Emilie L. Sinnott 

E. F. Button & Co 

Thomson & McKinnon ■- 

Smith, Barney & Co. 

Hornblower & Weeks 

Hooper & Co. (nominee for the Crocker First National Bank 

beneficiaries not disclosed) 

Lamborn, Hutchings & Co... 

Total- , 



35, 539 
15,000 
14, 574 
10,916 
7,892 

7,500 
6,856 
6,580 
6,441 
5,995 
5,440 
5,153 
4,895 
4,600 
3,768 
3,581 
3,304 
3,287 

3,000 
2,955 



$373, 159 
157, 500 
153, 027 
114,618 
82, 866 

78, 750 
71,988 
69,090 
67. 630 
62, 947 
57, 120 
54, 106 
51,397 
48, 300 
39,564 
37,600 
34, 692 
34, 513 

31,500 
31,027 



6.41 
2.71 
2.63 
1.97 
1.42 

1.35 
1.24 
1.19 
1.16 
1.08 
.98 
.93 
.88 
.83 
.68 
.65 
.60 
.59 

.54 
.53 



1, 651, 394 



28.37 



CONCENTRATION OF ECONOMIC POWER 



1187 



beneficial ownership in such holdings — Continued 
PICTURES, INC. 

as of May 12, 1938. Shares outstandifag as of May 12, 1938: 554,360. Price as of December 1937: $10^i] 
Legal and BKNKFiaAL Holdehs 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Mrs. Emilie L. Sinnott 

2. Rochelle Investment Corporation (owned by E. V. Richards 

and family 100 percent) - -. 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

3. Adams Express Co -. 

BANKS, BROKERS. ETC.; BENEFICIARIES NOT DISCLOSED 

4. Crocker First National Bank 

5. Hayden, Stone & Co... 

6. E. A. Pierce & Co 

7. Hallgarten & Co. ..- 

8. Hemphill, Noyes & Co ..- 

9. Qoodbody & Co. 

10. White, Weld & Co 

11. Fenner & Beane _ 

12. J. S. Bache & Co 

13. Lehman Bros 

14. Shearson, Hammill & Co 

15. Paine, Webber* Co... 

16. E. F. Hutton & Co 

17. Thomson & McKinnon 

18. Smith, Barney & Co 

19. Hornblower & Weeks 

20. Lamborn, Hatchings & Co 

Total 



4,600 
7,500 

15,000 



157, 276 



$48,300 
78,750 

157,500 



0.83 
1.35 



3,000 


31,500 


.54 


35, 539 


373, 159 


6.41 


14, 574 


153, 027 


2.63 


10, 916 


114,618 


1.97 


7,892 


82,866 


1.42 


6,856 


71,988 


1.24 


6,580 


69,090 


1.19 


6,441 


67,630 


1.16 


5,995 


62,947 


1.08 


5,440 


57, 120 


.98 


6,153 


54,106 


.93 


4,895 


51, 397 


.88 


3,768 


39,564 


.68 


3,581 


37,600 


.65 


3,304 


34,692 


.60 


3,287 


34, 513 


.59 


2,955 


31,027 


.53 



1, 651, 394 



28.37 



1188 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

J. C. 
[Size rank: 177. COMMON (VOTING) as of Dec. 13, 1937. Shares 
Holders of R;Scobd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. E. C. Sams 

2. Emmadine Farms, Inc., a holding company for the Penney 

family — which reports — 
Shares disposed of but not yet transferred out of com- Shares 

pany'sname - - 2,300 

This corporation's name was changed and these shares 

were left inadvertently in the original name 2, 800 

Balance to be added to reported figure _ . 500 

3. L. W. Hyer. 

4. J. M. McDonald: Shares 

Owns directly 35,783 

As trustee for D. Q. McDonald holds -- 5,024 

40,807 

5. G. G. Hoag and/or Grace Hoag 

6. Griffin & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

7. Trustees of the Massachusetts Investors Trust 

8. Guaranty Trust Co. of New York, trustee for H. R. Penney 

u/d/t Mar. 30, 1926 

9. H. B. Hooper 

10. Williams & Co. (nominee for Bank of New York & Trust Co.; 

beneficiaries not disclosed) 

11. J. & W. Sehgman & Co 

12. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

13. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

14. Geo. H. Bushnell 

15. Delpha Woidemann Barr 

16. C. J. Malmsten .- -.. 

17. C. A. Priess . 

18. The United States National Bank of Portland, Oregon 

19. Buckley & Co. (nominee for Fiduciary Trust Co. of New York; 

beneficiaries not disclosed) 

20. J. W. Hickman 

Subtotal -- 

Total legal and beneficial holdings not included above 

Total 



65, 469 



53,520 
47, 303 



40,807 
35, 352 

34,335 
29,000 

21,000 
19, 745 

18, 872 
18,629 

17, 541 

17,306 
16,441 
16,000 
15,991 
15, 874 
15,040 

14, 957 
14,400 



527, 682 
500 



$4, 108, 180 



3, 358, 380 
2, 968, 263 



2, 560, 639 
2, 218, 338 

2, 154, 521 
1, 819, 750 

1,317,750 
1, 238, 999 

1, 184, 218 
1, 168, 970 

1, 100, 698 

1, 085, 951 
1,031,673 
1, 004, 000 
1, 003, 435 
996, 093 
943, 760 

938, 552 
903,600 



33, 105, 770 
31,375 



2.10 

1.85 



1.60 
1.38 



1.34 
1.14 



.82 
.77 



.64 
.62 
.62 
.62 
.59 

.58 
.56 



20.63 
.02 



528, 082 



33,137,145 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership) in such holdings — Continued 

PENNEY CO. 

outstanding as of Dec. 13, 1937: 2,543,984. Price as of December 1937: $625i] 
Legal and BENEnaAL Holders 



1189 





Holdings 


T3rpe and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 
1, E f^. Rftms 


65. 469 

54.020 
21,000 

47, 303 

35, 352 

35, 783 

5,024 

19, 745 

16,441 

16,000 

15, 991 

15, 874 

14, 400 

29,000 

51,876 
18, 872 
17, 306 
15, 040 
14, 957 
18,629 


$4, 108. 180 

3, 389, 755 
1, 317, 750 

2, 968, 263 

2, 218, 338 

2, 245, 383 
315, 256 

1, 238, 999 

. 1, 031, 673 

1,004,000 

1,003,435 

996, 093 

903, 600 

1, 819, 750 

3, 255, 219 
1,184,218 
1, 085, 951 

943, 760 

938, 552 

1, 168, 970 


2.57 


2. Emmadine Farms, Inc., a holding company, the stock 

of which is owned by— Percent 

J. C. Penney 91.02 

R. W. Qwinn 5.16 

Essip O'Dnnoll Owinn 1.14 




Margaret H. Qwinn .54 

Robert Lewis Qwinn .54 

Gordon T. Qwinn 54 

David M. Qwinn... .54 

Foremost Guernsey Ass'n .52 




100.00 

3. H. R. Penney, through Guaranty Trust Co. of New York u/d/t. 

4. L. W. Hyer 


2.12 
.82 

1.85 




1.38 


6. J. M. McDonald 


1.41 


7. D. Q. MacDonald... . .. : 


.19 


8. H. B. Hooper . 


.77 


9. Geo. H. Bushnell... 


.64 


10. Dfilphft Wnidemann Barr 


.62 


11. C. J. Malmsten 


.62 


12. C. A. Priess... 


.62 


13. J. W. Richman 


.56 


INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

14. Trustees of the Massachusetts Investors Trust 


1.14 


BANKS, BROKERS, ETC.; BENEnnAL HOLDERS NOT DISCLOSED 

15. City Bank Farmers Trust Co 


2.02 


16. Bank of New York & Trust Co 


.74 


17. Central Hanover Bank & Trust Co 


.68 


18. The United States National Bank of Portland, Oregon 


.59 


19. Fiduciary Trust Co. of New York 


.58 


20. J. & W. Seligman & Co.. 


.73 






Total... 


528, 082 


33, 137, 145 


20.65 







1190 



CONCENTRATION OF ECONOMIC POWEJR 



Record holders and holders having legal and 

PENNSYLVANIA 

[Size rank: 3. CAPITAL (VOTING) as of Dec. 31, 1937. Shares 

HOLDEBS OF RECOBD 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Union Pacific R. R. Co 

2. Maatschappij tot Beheer van het Administratiekantoor van 

Amerikaansche Spoorwegwaarden Opgericht door Wertheim 
& Qompertz, Westendorp & Co., en F. W. Oewel, N. V 

3. Swiss Bank Corporation 

4. Brown Bros., Harriman & Co.. 

5. Trustees of the Massachusetts Investors Trust 

6. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

7. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

8. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) - 

9. Egger & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

10. The Home Insurance Co 

11. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

12. Hurley & Co. (nominee for National City Bank of New York; 

beneficiaries not disclosed) 

13. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed ) 

14. The English Association of American Bond & Shareholders, Ltd 

15. E. A. Pierce & Co 

16. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

17. The Franklin Fire Insurance Co. of Philadelphia--- 

18. Incorporated Investors 

19. Kewanee Oil Co- 

20. William M. Potts 

Total 



115,200 

108, 748 
83,989 
54,469 
50,000 

42,728 

41,818 

39,520 

34, 376 
30, 000 

28, 352 

25, 015 

22,642 
2?, 279 
22, 107 

21. 698 
20,000 
20,000 
20,000 
20,000 



$2, 419, 200 

2, 283, 708 
1, 763, 769 
1, 143, 849 
1, 050, 000 

897,288 

878, 178 

829, 920 

721, 896 
630,000 

595, 392 

525, 315 

475, 482 
467, 859 
464, 247 

455, 658 
420,000 
420,000 
420,000 
420,000 



0.88 

.83 
.64 
.41 
.38 

.32 

.32 

.30 

.26 
.23 

.22 

.19 

.17 
.17 
.17 

.16 
.15 
.15 
.15 
.15 



822, 941 



6.25 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

R. R. CO. 

outstanding as of Dec. 31, 1937: 13,167,754. Price as of December 1937: $21] 
Legal akd Beneficial Holders 



1191 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. William M. Potts _ 

OTHER CORPORATIONS, NONFINANCIAL 

2. Union Pacific R. R. Co _. 

3. Kewanee Oil Co 

INSURANCE COMPANIES 

4. The Home Insurance Co _ _ 

5. The Franklin Fire Insurance Co. of Philadelphia- 

INVESTMENT TRUSTS ANT) INVESTMENT COMPANIES 

6. Maatschappij tot Beheer van het Administratiekantoor van 

Amerikaansche Spoorwegwaarden Opgericht door Wertheim 
& Gompertz, Westendorp & Co., en F. W. Oewel, N. V 

7. Trustees of the Massachusetts Investors Trust 

8. The English Association of American Bond & Shareholders, Ltd 

9. Incorporated Investors _ 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

10. Swiss Bank Corporation 

11. Chase National Bank 

12. Central Hanover Bank & Trust Co 

13. City Bank Farmers Trust Co 

14. Bank of Montreal _ 

15. National City Bank of New York 

16. Guaranty Trust Co. of New York 

17. United States Trust Co _ 

18. Brown Bros., Harriman & Co .. . 

19. E. A. Pierce & Co. 

Total _ 



Holdings 



Number 
of shares 



115,200 
20,000 



30,000 
20, 000 



108, 748 
50, 000 
22, 279 
20,000 



83, 989 
77, 104 
41,818 
39, 520 
28, 352 
25, 015 
22,642 
21,698 
54,469 
22, 107 



822,941 



Value 



$420, 000 



2, 419, 200 
420, 000 



630, 000 
420, 000 



2, 283, 708 

1,050,000 

467, 859 

420, 000 



1, 763, 769 
1,619,184 
878, 178 
829, 920 
595, 392 
525,315 
475, 482 
455, 658 
1, 143, 849 
464,247 



17, 281. 761 



Percent 
of shares 
outstand- 
ing 



.15 



.23 
.15 



.83 
.38 

.17 
.15 



.64 
.58 
.32 
.30 
.22 
.19 
.17 
.16 
.41 
. 17 



1192 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
THE PEOPLES GAS LIGHT 
[Size rank: 111. COMMON (VOTING) as of Feb. 8, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



John A. Sloyan (nominee for and beneficially owned by Central 

Hanover Bank & Trust Co.) ' 

Jason & Co. (nominee for and beneficially owned by Continental 

Illinois Bank & Trust Co.) ' 

Garner & Co. (nominee for and beneficially owned by Guaranty 

Trust Co.) 1...- 

Hurley & Co. (nominee for and beneficially owned by National 

City Bank of New York) ' 

William K. Harrison (nominee for and beneficially owned by 

the First National Bank of Chicago) ' 

J. & W. Seligman & Co 

Dominick & Dominick 

R. J. Baumel (nominee for the LaSalle Quincy Corporation) __ . 

Shearson, Hammill & Co 

Hornblower & Weeks 

Paine, Webber & Co 

McWilliam & Co. (nominee for and beneficially owned by Com- 
mercial National Bank & Trust Co.) 

American Automobile Insurance Co 

Egger & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

Lehman Bros 

Camp & Co. (nominee for and beneficially owned by Central 

Republic Bank & Trust Co. of Chicago) ■ 

Thomson & McKinnon 

A. O. Slaughter & Co 

E. A. Pierce & Co . _._ 

Carter* Co. 

Total 



46,081 

26,707 

24, 306 

17, 732 

12, 200 
8,250 
8,201 
7,464 
5,963 
5,777 
5,757 

5,061 
5,000 

5,000 
4,800 

4,747 
4,115 
3,700 
3,631 
3,175 



$1, 474, 592 

854, 624 

777, 792 

567, 424 

390,400 
264,000 
262, 432 
238, 848 
190, 816 
184, 864 
184,224 

161, 952 
160,000 

160,000 
153,600 

151, 904 
131,680 
118,400 
116, 192 
101,600 



6.94 

4.02 

3.66 

2.67 

1.84 
1.24 
1.23 
1.12 



.76 

.75 

.75 
.72 

.71 
.62 
.56 
.55 
.47 



207, 667 



6, 645, 344 



31.25 



1 The Peoples Gas Light & Coke Co. reports that these holdings were acquired by taking possession of 
stock held as collateral or part collateral for various loans made prior to 1934. 



CONCEINTRATION OF ECONOMIC POWER 



1193 



beneficial ownership in such holdings — Continued 

AND COKE CO. 

outstanding as of Feb. 8, 1938: 664,426. Price as of December 1937: $32] 
Legal and Benehcial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INSURANCE companies 

1. American Automobile Insurance Co 

investment trusts and investment companies 

2. LaSalle Quincy Corporation, care of R. J. BaumeJ 

BANKS as BENEFiaAL HOLDERS 

3. Central Hanover Bank & Trust Co 

4. Continental Illinois Bank & Trust Co 

5. Guaranty Trust Co. of New York 

6. National City Bank of New York 

7. The First National Bank of Chicago 

8. Commercial National Bank & Trust Co., New York 

9. Central Republic Bank & Trust Co. of Chicago .._- 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

10. Chase National Bank 

11. J. & W. Seligman & Co 

12. Dominick & Dominick 

13. Shearson, Hammill & Co 

14. Hornblower & Weeks i 

15. Paine, Webber & Co 

16. Lehman Bros 

17. Thomson & McKinnon 

18. A. O. Slaughter & Co 

19. E. A. Pierce & Co 

20. Carter & Co 

Total 



5,000 



7,464 



46, 081 
26, 707 
24,306 
17, 732 
12,200 
5,061 
4,747 



5,000 
8,250 
8,201 
5,963 
5,777 
5,757 
4,800 
4,115 
3,700 
3,631 
3,175 



$160,000 



238,848 



1, 474, 592 
854,624 
777, 792 
567, 424 
390,400 
161,952 
151,904 



160,000 
264,000 
262, 432 
190, 816 
184,864 
184,224 
153,600 
131,680 
118. 100 
116, 192 
101,600 



0.76 



6.94 
4.02 
3.66 
2.67 
1.84 
.76 
.71 



.75 
1.24 
1.23 
.90 
.87 
.87 
.72 
.62 
.66 
.65 
.47 



207, 667 



6, 645, 344 



31.25 



1194 



CONCENTRATION OF ECONOMIC POWEH 



Record holders and holders having legal and 

PERE MARQUETTE 
[Size rank: 121. COMMON (VOTING) as of Apr. 23, 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 

of shares 

outstand- 

mg 



The Chesapeake & Ohio Ry. Co..- 

William H. Coverdale 

Paine, Webber & Co 

The Travelers Insurance Co 

Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed) 

J. P. Morgan & Co 

E. T. Clark (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed) — 

Beekman Winthrop, Rob't Winthrop, Fred'k. Winthrop, Jr., 
and Nathaniel Thayer Winthrop, trustees u/w Frederick Win- 
throp, deceased 

A. Elliott (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed)... 

R. H. Gaunt, Jr. (nominee for J. P. Morgan & Co.; beneficiaries 

not disclosed) 

Home Insurance Co 

John M. Valleau 

Richard B. Wilson (nominee for Beekman Winthrop) 

Harz & Co. (nominee for Commercial Trust Co. of New Jersey; 

beneficiaries not disclosed) ..,. 

Trico Products Corporation 

Carl F. Cording 

Harry Payne Bingham 

Edward N. Brown _. 

Bema Corporation 

George L. Grotjan 

Total.. 



313,900 
12,100 
12,040 
5,000 

4,200 
3,500 

2,200 



2,040 

2,000 

2,000 
2,000 
2,000 
1,800 

1,500 
1,400 
1,300 
1,200 
1,101 
1,100 
1,100 



, 570, 612 
137, 638 
136, 955 
56, 875 

47, 775 
39, 812 

25,025 



23,205 

22, 750 

22, 750 
22, 750 
22, 750 
20,475 

17,062 
15,925 
14, 788 
13, 650 
12, 524 
12,512 
12,512 



69.68 
2.69 
2.67 
1.11 

.93 



.44 
.44 
.44 
.40 

.33 
.31 
.29 
.27 
.24 
.24 
.24 



373, 481 



4, 248, 345 



CONCENTRATION OF ECONOMIC POWER 



1195 



beneficial ownership in such holdings — Continued 

RY. CO. 

outstanding as of Apr. 23, 1938: 450,460. Price as of December 1937: $11*8] 
Legal axd Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. William H. Coverdale 

2. Beekman Winthrop, Rob't Winthrop, Fred'k Winthrop, Jr., 

and Nathaniel Thayer Winthrop, trustees u/w Frederick 

Winthrop, deceased: 
Beneficiaries: Shares 

Rob't Winthrop.-- 680 

Frederick Winthrop-.- - 680 

Nathaniel T. Winthrop - - 680 

Total 2.040 

3. Beekman Winthrop 

4. Bema Corporation- 

5. John M. Valleau--- 

6. Carl F. Cording ..- 

7. Harry Payne Bingham - - 

8. Edward N. Brown - 

9. George L. Qrotjan 

OTHER CORPORATIONS, NONFINANCIAL 

10. The Chesapeake & Ohio Ry. Co.' 

11. Trico Products Corporation 

INSURANCE COMPANIES 

12. The Travelers Insurance Co - - 

13. Home Insurance Co 

BANKS, BROKERS, ETC.; BENEFICLARIES NOT DISCLOSED 

14. J. P. Morgan & Co.- 

15. Commercial Trust Co. of New Jersey ; 

16. Paine, Webber & Co 

Total 



12,100 



2,040 
1,800 

1,100 

2,000 

1,300 

1,200 

1,101 

1,100 



313,900 
1,400 



5,000 
2,000 



13,900 

1,500 

12,040 



373, 481- 



$137, 638 



23,205 
20,475 

12, 512 

22,750 

14,788 

13, 650 

12,524 

12, 512 



3, 570, 612 
15, 925 



56,875 
22,750 



158,112 
17,062 
136, 955 



4, 248. 345 



.45 
.40 

.24 

.44 

.29 

.27 

.24 

.24 



69.68 
.31 



1.11 
.44 



3.08 
.33 

2.67 



82.88 



• The Chesapeake & Ohio Ry. Co. does not hold a majority voting control of Pere Marquette Ry. Co. 



1196 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
PERE MARQUETTA 
[Size rank: 121. 6 PERCENT CUMULATIVE PRIOR PREFERENCE (VOTING) as 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Prudential Insurance Co. of America 

Shearson, HamniiU & Co - - 

New York Life Insurance Co 

Chesapeake & Ohio Ry. Co 

Equitable Life Assurance Society of the United States 

Brown Bros., Harriman & Co 

Mansell & Co. (nominee for United States Trust Co.; bene- 
ficiaries not disclosed) .- 

J. & W. Seligman <feCo -- 

SiflerA Co. (nominee for Central Hanover Bank ATnistCo.; 

beneficiaries not disclosed) 

Qovett SonsA Co 

Kordula <t Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) _-_ 

Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

Great American Insurance Co - -.. 

Massachusetts Institute of Technology. 

Mutual Life Insurance Co. of New York 

Pearl Assurance Co., Ltd 

Paine, Webber & Co 

Jesup & Lamont 

Thomson, Mathewson & Co. - 

Mrs. Ruth S. Thayer 

Total , 



9,490 
4,300 
3,210 
3,000 
2,830 
2,416 

1,900 
1,826 

1,595 
1,500 

1,426 

1,360 

1,000 

1,000 

1,000 

1,000 

970 

800 

800 

750 



$322. 660 
146, 200 
109, 140 
102, 000 
96,220 
82,144 

64, 600 
62, 084 

54, 230 
51,000 

48,484 

41), 240 
34, 000 
34, 000 
34, 000 
34, 000 
32, 980 
27,200 
27,200 
25, 500 



42, 173 



1, 433, 882 



8.47 
3.84 
2.87 
2.68 
2.53 
2.16 



1.42 
1.34 



1.27 



1.21 
.89 



.89 
.87 
.71 
.7! 
.67 



37.64 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
RY. CO. 

of Apr. 23, 1938. Shares outstanding as of Apr. 23, 1938: 112,000. Price as of December 1937: $34] 
Legal and Beneficial Holdees 



1197 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 

of shares 

outstuid- 

ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Mrs. Ruth S. Thayer - 

OTHER CORPORATIONS, NONFINANCLAL 

2. Chesapeake & Ohio Ry. Co 

INSURANCE COMPANIES 

3. Prudential Instirance Co. of America 

4. New York Life Ins"»^-'U« Co - - 

5. Equitable Life Assurance Society of the United States. 

6. Great American Insurance Co _. 

7. Mutual Life Insurance Co. of New York... 

8. Pearl Assurance Co., Ltd 

ELEEMOSYNART AND EDUCATIONAL INSTITUTIONS 

9. Massachusetts Institute of Technology.. 

BANKS, BROKERS, ETC., BENEFICIARIES NOT DISCLOSED 

10. United States Trust Co 

11. Central Hanover Bank & Trust Co 

12. City Bank Farmers Trust Co.. 

13. Bankers Trust Co 

14. Shearson, Hammill & Co... 

15. Brown Bros., Harriman & Co 

16. J. & W. Seligman & Co 

17. Govett Sons & Co.... 

18. Paine, Webber & Co 

19. Jesup & Lamont 

20. Thomson, Mathewson & Co 

Total 



750 



3,000 



9,490 
3,210 
2,830 
1,000 
1,000 
1,000 



1,000 



1,900 

1,595 

1,426 

1,360 

4,300 

2,416 

1,826 

1,500 

970 

800 

800 



$25,500 



102,000 



322,660 
109, 140 
96,220 
34,000 
34,000 
34,000 



34,000 



64, 600 
54,230 
48, 484 
46,240 
146, 200 
82, 144 
62,084 
51,000 
32,980 
27, 200 
27, 200 



0.6V 



8.47 
2.87 
2.53 



1.70 

1.42 

1.27 

1.21 

3.84 

2.16 

1.63 

1.34 

.87 

.71 

.71 



42,173 



37.64 



1198 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
PERE MARQUETTE 
[Size rank: 121. 5 PERCENT CUMULATIVE PREFERRED (VOTING) as of 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. The Chesapeake & Ohio Ry. Co 

2. Western Pocahontas Corporation (a wholly-owned subsidiary 

of Chesapeake & Ohio Ry. Co.) 

3. The Rockefeller Foundation , 

4. Winthrop, Mitchell & Co ■ 

5. Equitable Life Assurance Society of the United States 

6. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

7. John E. Thayer, Jr., William Endicott, and Alexander White- 

side, trustees u/w Nathaniel Thayer 

8. J. P. Morgan* Co - 

9. National City Bank of New York and Edith Norman Hunter, 

substitute trustees u/w George H. Norman, deceased 

10. Lazard. Freres & Co 

n. The Travelers Insurance Co 

12. Chesapeake & Ohio Ry. Co. insurance reserve fund 

13. Salkeld & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) ._ 

14. Robert Winthrop & Co. nominee for — Shares 

Beekman Winthrop 1,2.50 

Archer Harmon... 100 

Orenville L. Winthrop, Beekman Winthrop, and 
Robert Winthrop, trustees u/d/t Kate W. Win- 
throp - 198 

Shares not held by Robert Winthrop & Co., but not 
yet transferred out of their name 270 

Total 1,818 

15. Shearson, Hammil & Co _ 

16. Faroll Bros 

17. Brown Bros., Harriman & Co 

18. Westchester Fire Insurance Co 

19. Holsapple, Harvey & Co :. 

20. Edward N. Brown 

21. Ralph C. Carey (nominee for Scottish American Investment Co.) 

22. John Hancock Mutual Life Insurance Co 

23. National Liberty Insurance Co. of America.... 

24. Alexander C. Robinson 

25. Trustees u/w Eugene V. R. Thayer ._ 

Total 



12,600 

6,000 
5,740 
5,150 
4,600 

3,788 

2,376 
2,290 

2,208 
2,100 
2,000 
1,900 



1,818 
1,750 
1,50Q 
1,480 
1,200 
1,020 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 



$415,800 

198,000 
189,420 
169, 950 
151,800 

125,004 

78,408 
75, 570 

72,864 
69,300 
66,000 
62,700 

62, 040 



10.14 

4.83 
4.62 
4.14 
3.70 

3.05 

1.91 
1.84 

1.78 
1.69 
1.61 
1.53 

1.51 



59.994 


1.46 


57,750 


1.41 


49,500 


1.21 


48,840 


1.19 


39,600 


.97 


33,660 


.82 


33,000 


.80 


33,000 


.80 


33,000 


.80 


33,000 


.80 


33,000 


.80 


33,000 


.80 



67,400 



2, 224, 200 



CONCEINTRATION OF ECONOMIC POWER 



1199 



beneficial ownership in such holdings — Continued 
BY. CO. 

Apr. 23, 1938. Shares outstanding as of Apr. 23, 1938: 124,290. Price as of December 1937: $S3] 
Legal and Beneficial Holdebs 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, 
TRUST.S, AND ESTATES 

1. National City Bank of New York and Edith Norman Hunter, 

substitute trustees u/w George H. Norman, deceased 

2. John E. Thayer, William Endicott, and Alexander Whiteside 

trustees u/w Nathaniel Thayer: 
Beneficiaries: Shares 

Cornelia T. Moltke 792 

AnnaT. Davies 792 

Sarah T. Winthrop 792 

Total 2,376 

3. Trustees u/w Eugene V. R. Thayer: 

Beneficiaries: Shares 

KatherineT. Gape 600 

Susan T. Bigelow 500 

Total - 1,000 

4. Beekman Winthrop 

fi. Qrenville L. Winthrop, Beekman Winthrop, and Robert Win- 
throp, trustees u/d/t Kate W. Winthrop 

6. Edward N. Brown 

7. Alexander C. Robinson . 

OTHER CORPORATIONS, NONFINANCIAL 

8. The Chesapeake & Ohio Ry. Co 

9. The Chesapeake & Ohio Ry. Co., through Western Pocahontas 

Corporation (a wholly-owned subsidiary) 

INSURANCE COMPANIES 

10. Equitable Life Assurance Society of the United States — 

11. The Travelers Insurance Co 

12. Westchester Fire Insurance Co - 

13. John Hancock Mutual Life Insurance Co 

14. National Liberty Insurance Co. of America 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

15. Scottish American Investment Co 

OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE 
PLANS, ETC. 

16. Chesapeake & Ohio Ry. Co. insurance reserve fund.. 

FOUNDATION 

17. The Rockefeller Foundation 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

18. Bank of Montreal. 

19. J. P. Morgan & Co.... -. -- 

20. Bankers Trust Co 

21. Winthrop, Mitchell* Co 

22. Lazard Freres & Co 

23. Shearson, Hammil & Co 

24. Faroll Bros 

25. Brown Bros.. Harriman Co 

26. Holsapple, Harvey & Co 

Subtotal -. 

Total record holdings not included above 

Total - -. 



2,208 



2,376 



1,900 



3,788 
2,290 
1,880 
5,150 
2,100 
1,750 
1,500 
1,480 
1,020 



67, 030 
370 



67,400 



$72,864 



78,408 



1,000 


33,000 


1,250 


41. 2.S0 


198 


6,534 


1,000 


33,000 


1,000 


33,000 


12,600 


413,800 


6,000 


198,000 


4,600 


151,800 


2,000 


66,000 


1,200 


39,600 


1,000 


33,000 


1,000 


33,000 



33,000 



62.700 



189, 420 



125,004 
75. 570 
62,040 

169, 950 
69,300 
57,750 
49,500 
48, 840 
33,660 



2,211,990 
12,210 



2, 224, 200 



268445 — 41— No. 29- 



-77 



1200 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
PHELPS DODGE 
[Size rank: 96. COMMON (VOTING) as of Mar. 21, 1939. Shares out 
HoLDEBS OF Record 



Name of record holder 



1. Arthur Curtiss James. 

2. Greyston Agency Corporation: 

Nominee for — Shares 

Cleveland E. Dodge 43,378 

Bayard Dodge 33,750 

Grace Parrish Dodge 40,000 

Elizabeth D. Huntington.. 17,700 

Estate of Mary M. H. Dodge 43,584 

Alice D. Osborn 30,336 

Julia D. Rea 31,700 

AUeenWebb..-. 30,000 

Wm. H. Osborn 4,000 

Total 274,398 

3. Filor, Bullard & Smyth 

4. Curtiss Southwestern Co 

5. J. Childs Rea 

6. Cleveland H. Dodge Foundation, Inc 

7. NewmoD* Mming Co 

8. Vanderbiit Webb 

9. Lehman Bros 

10. TheM. A. HannaCo -. 

11. Williams & Co. (nominee for Bank of New York & Trust Co.; 

beneficiaries not disclosed) 

12. Elizabeth Douglas 

13. EarleK. Currie _ 

14. Rockefeller Foundation 

15. Lazard Freres & Co.. 

16. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

17. Henry Oliver Rea 

18. Curtiss Southwestern Corporation 

19. Trustees of Massachusetts Investors Trust 

20. Wm. T. Smith 

Total 



Nmnber 
of shares 



407,125 



274, 398 
194, 696 
120,000 
86, 151 
56,000 
52, 532 
50,000 
43, 530 
41,497 

41,436 
41, 036 
40, 195 
37,600 
36, 661 

33, 439 
31,863 
29,000 
29,000 
27,105 



1, 673, 264 



Holdings 



Value 



$10, 636, 141 



7, 168, 648 
6, 086, 433 
3,135,000 
2, 250, 695 
1, 463, 000 
1, 372, 398 
1, 306, 250 
1, 137, 221 
1.084,109 

1,082,515 

1,072,065 

1, 050, 094 

982, 300 

957, 769 

873, 594 
832, 421 
757, 625 
757, 625 
708,118 



43, 714, 021 



Percent 
of shares 
outstand- 
ing 



.03 



5.41 

3.84 

2.37 

1.70 

1.10 

1.04 

.99 

.86 

.82 

.82 
.81 
.79 

.74 
.72 

.66 
.63 
.57 
.57 
.63 



33.00 



CONCENTRATION OF ECONOMIC POWER 

heneficial ovmershij) in such holdings — Continued 
CORPORATION 
standing as of Mar. 21, 1939: 5,071,260. Price as of December 1937: %26H] 

LKOAL AMD BEKEFICIAL HOLDERS 



1201 



Type and nBine of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PEBSONAL AND rAKILT HOLDING COMPANIES, TRUSTS 
AND ESTATES 

1. Arthur Curtiss James 

2. Curtiss Southwestern Co. (a holding company for James family; 

for details of ownership see this appendix, sec. II) 

3. Curtiss Southwestern Co. (a holding company for James family; 

for details of ownership see this appendix, sec. II) -_ 

4. Estateof Mary M. H. Dodge 

6. Cleveland ". Dodge 

6. Grace Parrish Dodge.. 

7. Bayard Dodge 

8. J. Childs Rea 

9. Henry Oliver Rea 

10. Julia D. Rea 

11. Alice D. Osborn 

12. Vanderbilt Webb 

13. Aileen Osbom Webb... 

14. Elizabeth D. Huntington , 

16. Elizabeth Douglas 

16. EarleK. Currie 

17. Wm. T. Smith 

OTHER CORPORATIONS, NONtlNANCIAL 

18. Newmont Mining Co 

19. The M. A. Hanna Co. (a mining company; for details of owner- 

ship see this appendix, sec. 11).. 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

20. Trustees of Massachusetts Investors Trust 

FOUNDATIONS 

21. Cleveland H. Dodge Foundation, Inc 

22. Rockefeller Foundation 

BANES, BROKERS, ETC.; BKNKnCLABlBS NOT DISCLOSED 

23. Bank of New Y«k 

24. Central Hanover Bank & Trust Co. 

25. Filor, BullardA Smyth 

26. Lehman Bros 

27. Lazard Freres 

Subtotals. 

Total record holdings not included above ,. 

Total 



407, 125 

120,000 

29,000 
43,584 
43,378 
40,000 
33,700 
86,151 
31,863 
31,700 
30, 336 
60,000 
30,000 
17,700 

41,036 
40, 195 
27, 105 



52, 532 
41,497 

29,000 



56,000 
37,600 



41, 436 
33, 439 
194, 696 
43, 530 
36, 661 



1, 669, 264 
4,000 



$10, 636, 141 
3, 135, 000 

757, 625 

1, 138, 632 

1, 133, 250 

1, 045, 000 

880,412 

2, 250, 696 

832, 421 

828, 163 

792, 528 

1, 306, 250 

783, 750 

462, 413 

1, 072, 066 

1, 060, 094 

708, 118 



1, 372, 398 
1, 084, 109 

767, 625 



1, 463, 000 
982, 300 



1, 082, 515 

873, 594 

5, 086, 433 

1, 137, 221 

957, 769 



43, 609, 521 
104,800 



8.03 
2.37 

.67 

.86 
.86 
.79 
.66 
1.70 
.63 
.62 
.60 
.99 
.69 
.36 

.81 

.78 

.63 



1.04 



.67 



1.10 
.74 



.82 
.66 
3.84 
.86 
.72 



32.92 
.08 



1, 673, 264 



43, 714, 021 



33.00 



1202 



OONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
PHILADELPHIA 
[Size rank: 63. COMMON (VOTING) as of Dec. 31, 1937. Shares outstanding 
HoLDEEs OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Standard Gas & Electric Co 

2. Standard Power & Light Corporation 

3. Rhoades & Company _ ^- 

4. Henry W. Putnam Memorial Hospital 

5. Richard V. N. Gambrill 

6. Ladenburg, Thalmann & Co 

7. Belden & Co 

8. John J. Watson 

9. Joseph H. Haines, William H. Haines, Jr., Rachel H. Bacon and 

Mary H. Peacock, trustees u/w of William H. Haines, 
deceased - 

10. Michael Hussey, care of John Hussey, Executor, care of Mrs. C. 

Mieklejohn 

11. Safe Deposit & Trust Co. of Baltimore, trustee under will of 

James Sloan, Jr._ 

12. William A. Scifert 

13. DeHaven & Townsend.. - — 

14. Frank Bailey 

15. Mrs. Elizabeth H. Coulson 

16. William W. Harmar 

17. Charles C. Zimmerman - 

18. S. B. Chapin & Co - --. 

19. Augustine B. Conant 

20. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

Total 



4, 634, 530 
9,750 
i750 
4,000 
3,600 
3,500 
2,950 
2,585 



2,070 

2,067 

2,065 
2,000 
l,.'il5 
1,500 
1,500 
1,500 
i,400 
1,305 
1,200 

1,110 



$32,441,710 
68. 250 
33, 250 
28,000 
25,200 
24, 500 
20,650 
18,095 



14,490 

14, 469 

14,455 
14,000 
10, 605 
10, 500 
10,500 
10, 500 
9,800 
9,135 
8,400 



7,770 



96.55 
.20 
.10 
.08 
.07 
.07 
.06 
.05 



.04 



.04 

.01 
.04 
.03 
.03 
.03 
.03 
.03 
.03 
.02 

.02 



4, 684, 897 



32, 794, 279 



97. M 



CONCENTBATION OF ECONOMIC POWER 



1203 



beneficial ownership in such holdings — Continued 

CO. 

as of Dec. 31, 1937: 4,800,332. Price as of December 1937 : $7] 

Legal and BENEncuL Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



rNDIVlDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TEUSTS, 
AND ESTATES 

1. Richard V. N. Oambrill 

2. John J. Watson 

3. Joseph H. Haines, William H. Haines, Jr., Rachel H. Bacon, and 

Mary H. Peacock, trustees u/w of WUliam H. Haines, de- 
ceased --- --- -- 

t. Michael Hussey, care of John Hussey, Executor care of Mrs. C. 
Mieklejohn -. 

5. Safe Deposit and Trust Co. of Baltimore, trustee u/w of James 
Sloan. Jr - 

6. William A. Seifert 

7. William W. Harmar - 

8. Mrs. Elizabeth H. Coulson.. 

9. Frank Bailey -. - - - 

10. Charles C. Zimmerman ., 

11. Augustine B. Conant - - 

CORPORATIONS, PARENT AND SUBSIDIARY 

12. Standard Oas & Electric Co. (parent of Philadelphia Co.) 

13. Standard Power & Light Corporation (parent of Standard Gas 

& Electric Co.) 

ELEEMOSYNAEY AND EDUCATIONAL INSTITUTIONS 

14. Henry W. Putnam Memorial Hospital 

BANKS, BROKERS, ETC.; BENEnaARIES NOT DISCLOSED 

16. United States Trust Co - -- 

16. Rhoades & Co - -.- 

17. Ladenburg, Thalmann & Co. --- -. 

18. Belden & Co - 

19. De Haven & Townsend - ■ 

20. 8. B. Chapin & Co - 

Total 



3,600 
2,685 

2,070 
2,067 



4,000 



1.110 
4,760 
3,600 
2,960 
1,615 
1,306 



$26,200 
18,095 

14,490 
14,469 



28,000 



7,770 
33,250 
24,500 
20,650 
10,605 

9,135 



0.07 
.05 



2,065 


14. 465 


.04 


2,000 


14,000 


.04 


1,600 


10,500 


.03 


1,600 


10,600 


.03 


1,600 


10,500 


.03 


1,400 


9,800 


.03 


1,200 


8,400 


.02 


4, 634, 630 


32,441,710 


96.55 


9,760 


68,250 


.20 



.08 



.02 
.10 

.07 
.06 
.03 
.03 



i 684, 897 



32, 794, 279 



97.66 



1204 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

PHILADELPHIA 
[Size rank: 63. 5 PERCENT N ON CUMULATIVE PREFERRED (VOTING) as of Feb. 10. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



Lt. Col. Thomas Gerald Dalby _ 

Anna Marie Mars 

The English Association of American Bond & Share Holders, Ltd. 
Provident Trust Co. of Philadelphia and Frank Griffiths Taite, 

trustees u/w Frank Q. Taite, deceased 

J. M. Hoffman Co 

Joseph W. Smith 

Louisa L. Harrar._ - 

Thomas B. Main -_ - 

Emma C. Myers 

John Andrews Langenfeld 

Thomas L. Thayer... 

August Langenfeld 

William McLaughlin and Robert McLaughlin, trustees for the 

estate of Robert McLaughlin, deceased.. 

William E. Carter 

Total - 



1,000 
125 
100 

100 
75 
50 
35 
25 
20 
15 
15 
10 

10 
5 



$10,000 
1,250 
1,000 

1,000 
750 
500 
350 
250 
200 
150 
150 
100 

100 
50 



63.09 

7.89 
6.31 

6.31 

4.73 

3.15 

2.21 

1.58 

1.26 

.95 

.95 

.63 

.63 
.31 



1,685 



15,850 



100.00 



CONCENTRATION OF ECONOMIC POWER 



1205 



beneficial ownership in such holdings — Continued 
€0. 

1938. Shares outstanding as of Feb. 10, 1938: 1,585. Price (assigned) as of December 1937: $10] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holdino companies, trusts, 
and estates 

1. Lt. Col. Thomas Gerald Dalby 

2. Anna Marie Mars - 

3. Provident Trust Co. of Philadelphia and Frank GriflBths Taite, 

trustees u/w Frank G. Taite, deceased 

4. Joseph W. Smith 

5. Louisa L. Harrar -.. 

6. Thomas B. Main - 

7. Emma C. Myers 

8. Thomas L. Thayer __ -.. -.. 

9. Estate of Robert McLaughlin, William McLaughlin and 

Robert McLaughlin, trustees -- 

10. August Langenfeld 

11. John Andrews Langenfeld - 

12. William E. Carter - 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

13. The English Association of American Bond & Share Holders, 

Ltd.. 

BANKS, BROKERS, ETC.", BENEFICIARIES NOT DISCLOSED 

14. J. M. Hoffman Co 

Total 



1,000 
125 

100 
50 
35 
25 
20 
15 

10 

10 
15 

5 



100 



75 



$10,000 
1,250 

1,000 
500 
350 
250 
200 
150 



100 

100 
150 

50 



1.000 



63.00 
7.89 

6.31 
3.15 
2.21 
1.68 
1.26 
.95 



.63 

.63 
.95 

.31 



6.31 



4.73 



1,585 



15, 850 



100.00 



1206 



CX)NCENTRATrON OF ECONOMIC POWER 



Record holders and holders having legal and 

PHILADELPHIA 
[Size rank: 63. 6 PERCENT CUMULATIVE PREFERRED (CONTINGENT VOTING) 
Holders of Record 



Name of record holder 



1. William M. Potts 

2. Wonham, Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaties not disclosed) 

3. The Pennsylvania Co. for Insurances on Lives and Granting 

Annuities and William C. Hamilton, trustees u/w of Edwin E. 
Hamilton, deceased 

4. Hare & Co., Pittsburgh (nominee for Peoples- Pittsburgh Trust 

Co.; beneficiaries not disclosed) 

5. Benjamin, Morgan & Jones (nominee for Scranton Lackawanna 

Trust Co.; beneficiaries not disclosed) ..- 

e.Thos. A. Cleland 

7. Emanuel & Co 

8. Brown Bros., Harriman & Co 

9. Fidelity Trust Co., trustee for Frederick G. Hostetter et al 

10. Robert J. Montgomery 

11. Mary Pitcairn 

12. Bankmont & Co. (nominee for Bank of Montreal; beneficiaries 

not disclosed) 

13. Messrs. James Capel & Co 

14. Lazard Freres. 

15. W. Welsh Harrison, Jr 

16. Cudd & Co. (nominee for Chase National Bank; beneficiaries not 

disclosed )..- _. 

17. American Alliance Insurance Co. 

18. Fidelity Trust Co., trustee for Miss Helene Hostetter et al 

19. Fidelity Trust Co., trustee for D. Herbert Hostetter, Jr.. et al.. 

20. Fidelity Trust Co., trustee for Mrs. Mirian H. Smith et al 

Total - - 



Hidings 



Number 
of shares 



6,000 
5.461 

5,000 
3,018 



56,485 



Value 



$216, 000 
196. 596 



108, 648 



2,983 


107, 388 


2,982 


107, 352 


2,800 


100,800 


2,761 


99,3% 


2,685 


96,660 


2,200 


79,200 


2,187 


78, 732 


2,150 


77,400 


2,128 


76,608 


2,100 


75,600 


2,025 


72,900 


2,005 


72, 180 


2,000 


72,000 


2,000 


72,000 


2,000 


72,000 


2,000 


72,000 



2, 033, 460 



Percent 
of shares 
outstand- 
ing 



1.22 
1.11 



.60 

.60 
.57 
.56 
.54 
.44 
.44 

.43 
.43 
.42 
.41 

40 
.40 
.40 
.40 
.40 



11.39 



CONCENTRATION OF ECONOMIC POWER 



1207 



beneficial ownership in stich holdings — Continued 
CO. 

as of Oct. 1, 1937. Shares outstanding as of Oct. 1, 1937: 491,140. Price as of December 1937: $36) 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts, 
and estates 

1. William M. Potts _ _ 

2. The Pennsylvania Co. for Insurances on Lives and Granting 

Annuities and WiUiam C. Hamilton, trustees, u/w of Edwin 
E. Hamilton, deceased 

3. Thos. A. Cleland 

4. Fidelity Trust Co., trustee for Frederick Q. Hostetter et al 

5. Fidelity Trust Co., trustee for Miss Helens Hostetter et al 

6. Fidelity Trust Co., trustee for D. Herbert Hostetter, Jr., et al.. 

7. Fidelity Trust Co., trustee for Mrs. Mirlan H. Smith et al 

8. Robert J. Montgomery 

9. Mary Pitcaim 

10. W. Welsh Harrison, Jr 

insurance COMPANIES 

11. American Alliance Insurance Co 

BANKS, BROKERS, ETC.; BENEHCIARIES NOT DISCLOSED 

12. Bank of Montreal 

13. Peoples-Pittsburgh Trust Co 

14. Scranton Lackawanna Trust Co 

15. Chase National Bank 

16. Emanuel & Co 

17. Brown Bros., Harriman & Co 

18. Messrs. James Capel & Co .- 

19. Lazard Freres 

Total 



6,000 



2.000 



56,485 



$216, 000 



5,000 


180,000 


1.01 


2,982 


107, 352 


.60 


2,685 
2,000 
2,000 


96,660 
72,000 
72,000 


.54 
.40 
.40 


2,000 


72,000 


.40 


2,200 


79,200 


.44 


2,187 


78, 732 


.44 


2,025 


72,900 


.41 



72,000 



2, 033, 460 



.40 



7,611 


273, 996 


1.54 


3,018 


108,648 


.61 


2,983 


107,388 


.60 


2,005 


72, 180 


.40 


2,800 


100,800 


.57 


2,761 


99,396 


.66 


2,128 


76,608 


.43 


2,100 


75,600 


.42 



11.39 



1208 



CONCENTRATION OP ECONOMIC POWER 



[Size rank: 63. 



Record holders and holders having legal and 

PHILADELPHIA 
CUMULATIVE PKEFERENCE (CONTINGENT VOTING) as of 
Holders of Record 



Name of record holder 



1. Tucker & Co. (nominee for J. Henry Schroder Banking Cor- 

poration; beneficiaries not disclosed) 

2. Great American Insurance Co 

3. Fidelity-Philadelphia Trust Co., N. F. Milne, S. W. Milne, 

C. F. Milne; and D. D. Milne, administrators of the estate 
of Margaret S. Milne, deceased 

4. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

5. Hallgarten & Co 

6. Guinness, Mahon & Co 

7. Ralph C. Carey (nominee for Scottish American Investment 

Co., Ltd.) - 

8. O'Brien & Co. (nominee for Bank of Manhattan Co.; benefici- 

aries not disclosed)- 

9. Pearl Assurance Co., Ltd. 

10. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) 

11. The Security Trust Co. of Pottstown, Pa., Clara J. Davis, 

Helene A. Davis, and Florence E. Wampole, trustees, William 
J. Davis estate 

12. Dominick & Dominick 

13. Grahampton Securities Corporation , 

14. Robertson and Co... ._ _.. _ 

16. J. G. Sullivan (nominee for J. P. Morgan & Co.; beneficiaries 

not disclosed) 

16. Charles D. Barney & Co 

17. Kathleen J. Buckley 

18. Camden Fire Insurance Association 

19. E. W. Clark & Co 

20. The Columbian National Life Insurance Co 

Total 



Holdings 



Number 
of shares 



2,277 
2,000 



1,600 

1,400 
1,230 
1,200 

1,000 

1,000 
1,000 

975 



960 
848 
835 
600 

600 
600 
500 
500 
600 
600 



19, 926 



Value 



$146, 866 
129,000 



96,750 

90,300 
79, 335 
77,400 

64,500 

64,500 
64.500 

62,887 



61,920 
64,696 
53,857 
38,700 

38,700 
32, 250 
32,250 
32,260 
32,250 
32,250 



1,285.161 



Percent 
of shares 
outstand- 
ing 



2.28 
2.00 



1.50 

1.40 
1.23 
1.20 

1.00 

1.00 
1.00 



.96 
.85 
.84 



.60 
.60 
.50 
.60 
.60 
.60 



19.94 



CONCENTRATION OF ECONOMIC POWER 



1209 



beneficial ownership in such holdings — Continued 
CO. 

Dec. 1, 1937. Sbares outstanding as of Dec. 1, 1037: 100,000. Price as of II|eoember 1937: $64j] 
Legal and BiKKnciAL Holoebs 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDiyiDUALS, FEBSONAL AMD FAMILY HOLDINQ COMPANIES, 
TRUSTS, AND ESTATES 

1. Fidelity-Philadelphia Trust Co., N. F. Milne, S. W. Milne, 

C. F. MUne, and D. D. Milne, administrators of the estate 
of Margaret S. Milne, deceased 

2. The Security Trust Co. of Pottstown, Pa., Clara J. Davis, 

Helene A. Davis, and Florence E. Wampole, trustees, WiUiam 
J. Davis estate 



3. Qrahampton Securities Corporation. 

4. Kathleen J. Buckley 



INSUBANCE COMPANIES 

5. Great American Insurance Co 

6. Pearl Assurance Co., Ltd... 

7. Camden Fire Insurance Association 

8. The Columbian National Life Insurance Co. 



INVESTMENT TRUSTS AlO) INVESTMENT COMPANIES 

9. Scottish American Investment Co., Ltd 



BANKS, BROKERS, ETC.; BENEnOABIES NOT DISCLOSED 

10. J. Henry Schroder Banking Corporation 

11. City Bank Farmers Trust Co 

12. Guinness, Mahon & Co 

13. Bank of Manhattan Co 

14. Guaranty Trust Co. of New York 

15. 3. P. Morgan & Co 

K. Hallgarten & Co 

17. Dominick & Dominick. 

18. Robertson & Co 

19. Charles D. Barney & Co 

20. E. W. Clark & Co : 



Total. 



1,500 

960 
835 
500 



2,000 

1,000 

500 

500 



1,000 



2,277 

1,400 

1,200 

1,000 

975 

600 

1,230 

848 

600 

500 

500 

19,92fi 



$96,750 

61,920 
53,857 
32, 260 



129,000 
64,500 
32, 250 
32,250 



64,600 



146,866 
90,300 
77,400 
64,500 
62,887 
38,700 
79,335 
54,696 
38,700 
32.250 
32, 250 

1,285,161 



1.60 

.96 
.84 
.60 



2.00 
1.00 
.60 
.60 



1.00 



2.28 
1.40 
1.20 
1.00 
.98 
.60 
1.23 
.86 
.60 
.60 
.60 

19.94 



1210 



(X)NOENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
PHILADELPHIA 
[Size rank: 63. $5 CUMULATIVE PREFERENCE (CONTINGENT VOTING) as of Dec. 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Saxon & Co. (nominee for Land Title Bank & Trust Co. (Phila- 

delphia); beneficiaries not disclosed) 

2. Hare & Co. (nominee for Peoples-Pittsburgh Trust Co.; bene- 

ficiaries not disclosed) 

3. The Hanover Fire Insurance Co. of New York 

4. Alexander C. Robinson 

5. Fidelity Trust Co., Francis B. Nimick, and Thomas Howe 

Nimick, trustees u/w Frank B. Nimick, deceased 

6 Presbyterian Ministers Fund 

,'/. Miriam G. Hostetter.. - 

8. Mary E. Stewart 

9. Colonial Trust Co 

!0. Fidelity Trust Co., trustee u/w H. S. A. Stewart, deceased 

11. Fidelity-Philadelphia Trust Co. and Dorothea W. Walton, 

trustees u/w S. Davis Walton 

12. Home for Aged Protestant Women 

13. The Pennsylvania Co. for Insurances on Lives and Granting 

Annuities. 

14. Fidelity Trust Co., trustee u/d Sarah W. Warden, Nov. 6, 1907. 

15. Rhode Island Hospital Trust Co., trustee u/w Daniel A. Wight- 

man : 

16. The Pennsylvania Co. for Insurances on Lives and Granting 

Annuities and Jonathan A. Wilford, substitute trustees u/w 
Jonathan R. Seltzer 

17. Evan Randolph __ 

18. Louise McG. Motheral 

19. Ella Longstreth Supplee 

20. Fidehty Trust Co. and Thomas McK. Graham, trustees u/w 

Hattie McKee Graham, deceased 

Total 



2,230 

1,736 

1,000 

978 

710 
699 
510 
500 
495 
400 

390 
355 

322 
310 

300 



298 
285 
280 
280 

275 



$131, 570 

102, 424 
59,000 
57, 702 

41,890 
41, 241 
30,090 
29,500 
29,205 
23,600 

23. 010 
20,945 

18, 998 
18, 290 

17,700 



17, 582 
16.815 
16,520 
16,520 

16, 225 



4.13 

3.22 
1.85 
1.81 

1.31 
1.29 
.94 
.92 
.91 
.74 

.72 
.65 

.59 
.57 



.55 
.52 
.51 
.51 



12, 353 



728, 827 



22.80 



CONCENTRATION OP ECONOMIC POWER 



1211 



beneficial ownership in such holdings — Continued 
CO. 

1, 1937. Shares outstanding as of Dec. 1, 1937: 53,868. Price as of December 1937: $59] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holding companies, trusts, 
and estates 

1. Alexander C. Robinson 



2. Fidelity Trust Co., Francis B. Nimick, and Thomas Howe 

Nimick, trustees u/w Frank B. Nimick, deceased. 
Beneficiaries: Shares 

Francis B. Nimick 355 

Thomas Howe Nimick 355 

Total 710 

3. Miriam G. Hostetter 

4. Mary E. Stewart 

5. Fidelity Trust Co., trustee u/w H. S. A. Stewart, deceased 

6. Fidelity-Philadelphia Trust Co. and Dorothea W. Walton, trus- 

tees u/w S. Davis Walton 

7. Fidelity Trust Co., trustee u/d Sarah W. Warden, Nov. 6, 1907.. 

8. Rhode Island Hospital Trust Co., trustee u/w Daniel A. Wight- 



9. The Pennsylvania Co. for Insurances on Lives and Granting 
Annuities and Jonathan A. Wilford, substitute trustee u/w 
Jonathan R. Seltzer 



10. Evan Randolph 

11. Louise McQ. Motheral 

12. Ella Longstreth Supplee 

13. Fidelity Trust Co. and Thomas McK. Graham, trustees u/w 

Hattie McKee Graham, deceased 



INSURANCE COMPANIES 

14. The Hanover Fire Insurance Co. of New York 

eleemosynary AND EDUCATIONAL INSTITUTIONS 

15. Presbyterian Ministers Fund 

16. Home for Aged Protestant Women 



BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

17. Land Title Bank & Trust Co. (Philadelphia) 

18. Peoples-Pittsburgh Trust Co . 

19. Colonial Trust Co 

20. The Pennsylvania Co. for Insurances on Lives and Granting 

Annuities 



Total. 



978 



710 
510 
500 
400 

390 
310 



298 
285 
280 



1,000 



699 
355 



2,230 

1,736 

495 

322 

12, 353 



$57, 702 



17,700 



59,000 



41, 241 
20,945 



131, 570 
102, 424 
29,205 

18,998 

728,827 



1.81 



41,890 


1.31 


30,090 


.94 


29,500 


.92 


23,600 


.74 


23,010 


.72 


18,290 


.67 



.56 



17, 582 


.55 


16,815 


.62 


16,520 


.61 


16,520 


.61 



1.85 



1.29 
.66 



4.13 

3.22 

.91 

.69 

22.80 



1212 



CONCENTRATION OF ECONOMIC POWER 

Record holders and holders having legal and 
PHILADELPHIA 
[Size rank: 50. COMMON (VOTING) as of Jan. 10, 1938. Shares outstanding 
Holders or Recobd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



The United Oas Improvement Co 

The FrankUn Fire Insurance Co. of Philadelphia 

The Home Insurance Co.. : 

Qirard Trust Co., Berniee McI. Wintersteen and Henry P. 

McDhenny, surviving trustees u/d of Frances Plumer Mc- 

Dhenny, Apr. 6, 1932.. 

The Travelers Insurance Co -.. 

Selina B. Mcllhenny 

Harriet E. Blackburn 

William G. Greer 

Aetna Life Insurance Co -. - 

The Electric Storage Battery Co 

Norristown-Penn Trust Co., trustee for Dorothy Evans u/w 

Montgomery Evans, deceased... 

Norristown-Penn Trust Co., trustee for Montgomery Evans 

a/w Montgomery Evans, deceased-.., 

James MacClain , 

William Murphy i '-.. 

Estate of Horace C. Coleman...... 

The Pennsylvania Co. for Insurances on Lives and Granting 

Annuities, Marie Louise Mcllhenny (now Poe), trustees u/w 

of Francis S. Mcllhenny, deceased 

Helen W. Coleman 

Willis R. Roberts 

Provident Trust Co., of Philadelphia, and Anna Bella Bailie, 

trustees u/w Samuel Bailie, deceased 

Willard Storage Battery Co. (wholly owned subsidiary of the 

Electric Storage Battery Co.)...:.-. 

Total 



10, 239, 338 
10,000 
10,000 



10,000 
10,000 
4,456 
3,954 
3,150 
3,000 
3,000 

2,898 

2,898 
2,889 
2,877 
2,723 



2,482 
2,277 
2,142 

2,000 

2,000 



$318, 699, 395 
311,250 
311,250 



311, 250 
311,250 
138, 693 
123, 068 
98, 044 
93, 375 
93, 375 

90,200 

90,200 
89,920 
89, 547 
84, 753 



77,252 
70, 872 
66, 670 

62,250 

62,250 



97.25 
.09 
.09 



.02 
.02 
.02 

.02 

.02 



10, 322, 084 



321,274,864 



98.04 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in stick holdings — Continued 

ELECTRIC CO. 

as of Jan. 10, 1938: 10,528,808. Price as of December 1937: $3U^] 

Legal and Beneficial Holders 



1213 



Type and name of holder 



Holdugs 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TEUSTS 
AND ESTATES 

1. Qirard Trust Co., Bernice McI. Wintersteen and Henry P. 

Mcllhenny, surviving trustees u/d of Frances Plumer Mc- 
Ilhenny, Apr. 6, 1932 ._ 

2. Selina B. Mcllhenny ._ 

3. The Pennsylvania Co. for Insurances on Lives and Granting 

Annuities, Marie Louise Mcllhenny (now Poe), trustees u/w 
of Francis S. Mcllhenny, deceased 

4. Harriet E. Blackburn - - 

5. Dorothy Evans, through Norristown-Penn Trust Co., trustee 

u/w Montgomery Evans, deceased 

6. Montgomery Evans, through Norristown-Penn Trust Co., trus- 

tee u/w Montgomery Evans, deceased 

7. William C. Greer _ - 

8. James MacClain 



William Murphy 

Estate of Horace C. Coleman. 
Helen W. Coleman 

Willis R. Roberts 



Provident Trust Co. of Philadelphia and Anna Bella Bailie, 
trustees u/w Samuel Bailie, deceased 



CORPORATIONS. PARENT AND SUBSIDIARY 

14. The United Gas Improvement Co. (a statutory parent of 
Philadelphia Electric Co.; for details of ownership see pp. 
1360-3). .-. 



OTHER OMiPORATIONS, NONFINANCIAL 



15. The Electric Storage Battery Co. - 

16. Electric Storage Battery Co., through Willard Storage Battery 

Co. (100 percent owned) - --. 



INSURANCE COMPANIES 

17. The Franklin Fire Insurance Co. ot PhUadelphia- 

18. The Home Insurance Co..- - -- 

19. The Travelers Insurance Co 

20. Aetna Life Insurance Co - 



Total- 



10,000 
4,456 



2,482 
3,954 



2,898 

3,150 

2,889 

2,877 

2,723 
2,277 

2,142 
2.000 



10, 239, 338 

3,000 
2,000 



10,000 
10.000 
10,000 
3,000 

10, 322, 084 



$311,250 
138,693 



77,252 
123,068 

90,200 

90,200 

98,041 

89,920 

89,547 

84,753 
70. 872 

66,670 
62,250 



318, 699, 395 

93. 375 
62,250 



311,250 

311,250 

311,250 

93,375 

321, 274, 864 



0.09 
.05 



.02 
.04 

.03 

.03 

.03 

.03 

.03 

.03 
.02 



.02 



97.25 



.03 
.02 



.09 
.09 
.00 
.03 

98.04 



1214 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

PHILADELPHIA 
[Size rank: 50. $5 CUMULATIVE PREFERRED (CONTINGENT VOTING) as of 
Holders of Record 



Name of record holder 



Insurance Co. of North America. 

Prudential Insurance Co. of America 

Metropolitan Life Insurance Co 

The Mutual Assurance Co. for Insuring Houses from Loss by 

Fire.-. - 

Indemnity Insurance Co. of North America 

Penn Mutual Life Insurance Co 

Falls Co. (a holding company for the Rosengarten family and 

others) ... 

John Hancock Mutual Life Insurance Co 

The Alliance Insurance Co. of Philadelphia 

Bankers Trust Co., trustee by d/o/t for the time being in the 

United States of the Canada Life Assurance Co 

Estate of Samuel L. Kent, Annie J. Kent, executrix.. 

The Mutual Life Insurance Co. of Neve York 

Voss & Co 

Provident Mutual Life Insurance Co. of Philadelphia 

Rush % Co ,. 

John C. Holinger 

Steere & Co. (nominee for Girard Trust Co.; beneficiaries not 

disclosed) 

S. I/Conard Kent, Jr 

Philadelphia Electric Beneficial Association 

Total 



Holdings 



Number 
of shares 



24,100 
10, 825 
7,050 

7,000 
6,500 
6,000 

4,000 
4,000 
3,500 

3,445 
3,100 
3,100 
2,460 
2,100 
2,100 
1,625 

1,595 
1,500 
1,500 



95,500 



Value 



$2, 771, 500 

1,244,875 

810, 750 

805,000 
747,500 
690,000 

460,000 
460,000 
402,500 

396, 175 
356.500 
356,500 
282,900 
241,500 
241, 500 
186, 875 

183, 425 
172,500 
172,500 



10, 982, 600 



Percent 
of shares 
outstand- 
ing 



8.61 
3.86 
2.52 

2.60 
2.32 
2.14 

1.43 
1.43 
1.25 

1.23 
1.11 
1.11 
.88 
.75 
.75 
.58 

.57 
.53 
.53 



34.10 



CONCENTRATION OF ECONOMIC POWKR 



1215 



beneficial ownership in such holdings — Continued 
ELECTRIC CO. 

Jan. 10, 1938. Shares outstanding as of Jan. 10, 1938: 280,051. Price as of December 1937: $116] 
Legal and BeneficiXl Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Falls Co. (a holding companj' for the Rosengarten family; for 

details of ownership see this appendix sec. II)_ 

2. Estate of Samuel L. Kent, Annie J. Kent, executrix; after 

administrative expenses were paid with 351 shares of the 

estate, the remaining shares were transferred Jan. 14, 1940, to 

.\nnie J. Kent as trustee u/w of Samuel L. Kent, deceased. 

Beneficiaries of the trust are: Annie J. Kent (widow of 

S. L. Kent), 50 percent; Frances Kent Cook (daughter), 

S. Leonard Kent, Jr. (son), and Donald W. Kent (son), 

50 percent 

3. John C. Holinger 

4. S. Leonard Kent. Jr 

INSURANCE COMPANIES 

5. Prudential Insurance Co. of America. 

6. Insurance Co. of North America 

7. Indemnity Insurance Co. of North America (controlled by 

Insurance Co. of North America) 

8. The .\lliance Insurance Co. of Philadelphia (controlled by 

Insurance Co. of North America) 

9. Metropolitan Life Insurance Co. 

10. The Mutual Assurance Co. for Insuring Houses from Loss by 

Fire _ 

11. Penn Mutual Life Insurance Co 

12. John ...lancock Mutual Life Insurance Co 

13. Canada Life .\ssurance Co., through Bankers Trust Co., trustee 

by d/o/t for the time being in the United States 

14. The Mutual Life Insurance Co. of New York 

15. Provident Mutual Life Insurance Co. of Philadelphia 

PHILADELPHIA ELECTRIC COMPANY EMPLOYEES WELFARE, STOCK 
PURCHASE PLANS, ETC. 

16. Philadelphia Electric Benefrcial Association 

BANKS, BROKERS, ETC; BENEFICIARIES NOT DISCLOSED 

17. Qirard Trust Co. __ -.. 

18. Voss& Co - -- 

19. Rush & Co. (customarily nominee for the Insurance Co. of 

North America Group) 

Total _ 



Holdings 



Number 
of shares 



4,000 



3,100 
1,625 
1,500 

10, 825 
24,100 

6,500 

3,500 
7,050 

7,000 
6,000 
4,000 

3,445 
3,100 
2,100 



1,500 



1,595 
2,460 



2,100 



95,500 



Value 



$460,000 



356,500 
186, 875 
172,500 



1,244,875 
2,771,500 

747,500 

402,500 
810, 750 

805,000 
690,000 
460,000 

396, 175 
356,500 
241,500 



172,500 



183, 425 
282,900 



Percent 
of shares 
outstand- 
ing 



1.4$ 



1. ir 

.58 
.55 



3.86 
8.61 



1.25 
2.52 

2.50 
2.14 
1.43 

1.23 
1.11 
.75 



10, 982, 500 



.75 
34.10 



268445 — 41— No. 29- 



-78 



1216 



OONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
PHILADELPHIA & READING 
[Size rank: 176. COMMON (VOTING) as of Dec. 16, 1939. Shares 
Holders or Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Stuart & Co. (nominee for National City Bank;-this stock was 

pledged with the bank by the Baltimore & Ohio R. R. Co.).. 

2. Union Pacific Coal Co., (owned by Union Pacific R. R. Co. 100 

percent) _ 

3. Buffalo, Susquehanna Coal & Coke Co. (owned by the Balti- 

more & Ohio R. R. Co. 99 percent) 

4. J. S. Bache & Co 

5. Fenner & Beane. 

«. Henry Clews & Co 

7. Hancke Hencken ' 

8. E. A. Pierce & Co. 

9. Thomson & McKinnon 

10. Harris, Upham & Co. 

11. John J. Green. 

12. Ooodbody & Co 

13. Oranberry & Co 

14. Whitehouse & Co... 

15. Hornblower <fe Weeks.. 

16. Winthrop, Mitchell & Co 

17. Sutro Bros. & Co.. 

18. Newburger, Loeb & Co 

19. Sylvester Rich 

20. E. F. Hutton & Co 

Total 



303, 325 

22,000 

16,700 
16,295 
11,598 
10, 377 
9,187 
9,001 
7,770 
7,217 
7,050 
4,805 
4,775 
4,405 
3,899 
3,536 
3,340 
3,325 
3,300 
3,233 



465,138 



$151, 662 
11,000 



227,563 



21.67 



8,350 


1.19 


8,147 


1.16 


5,799 


.83 


5,188 


.74 


4,593 


.66 


4,500 


.64 


3,885 


.55 


3,608 


.62 


3,525 


.50 


2,402 


.34 


2, .387 


.34 


2,202 


.31 


1,949 


.28 


1,768 


.25 


1,670 


.24 


1,662 


.24 


1,650 


.24 


1,616 


.23 



32.60 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in siich holdings — Continued 
COAL & IRON CORPORATION 

outstanding as of Dec. 15, 1939: 1,400,000. Price as of December 1937: $^] 
Legal and Bbnefioal Holders 



1217 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



OTDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TKTJSTS, 
AND ESTATES 

1. Hancke Hencken _.. 

2. John J. Green 

3. Sylvester Rich _ 

OTHER CORPORATIONS, NONFINANCIAL 

4. Baltimore & Ohio R. R. Co. (stock pledged with National City 

Bank) _. _ 

5. Bf-'timore & Ohio R. R. Co. through Buffalo, Susquehanna Coal 

& Coke Co. (subsidiary of the Baltimore & Ohio R. R. Co.). 

6. Union Pacific R. R. Co. through Union Pacific Coal Co. (100 per- 

cent owned by Union Pacific R. R. Co.) 

BANKS, BROKERS, ETC.; BENEFICURIES NOT DISCLOSED 

7. J. S. Bache & Co 

8. Fenner & Beane... 

9. Henry Clews & Co. 

10. E. A. Pierce & Co 

11. Thomson & McKinnon.. 

12. Harris Upham & Co 

13. Qoodbody & Co 

14. Cranberry & Co 

15. Whitehouse & Co , 

16. Hornblower & Weeks ^ , 

17. Wintbrop, Mitchell <fe Co... 

18. Sutro Bros. & Co.. 

19. Newburger, Loeb & Co , 

20. E. F. Hutton & Co 

Total 



9,187 
7,050 
3,300 



303, 325 
16,700 
22,000 



16,295 
11,598 
10, 377 
9,001 
7, 770 
7,217 
4,805 
4,775 
4,405 
3,899 
3,536 
3,340 
3,325 
3,233 



$4,693 
3,525 
1,650 



151, 662 
8,350 
11,000 



8,147 
6,799 
5,188 
4,500 
3,885 
3,608 
2,402 
2,387 
2,202 
1,949 
1,768 
1,670 
1,662 
1,616 



0.66 
.50 
.24 



21.67 
1.19 
1.57 



1.16 
.83 
.74 
.64 
.55 
.62 
.34 
.34 
.31 
.28 
.25 
.24 
.24 
.23 



465, 138 



227,663 



32.fi0 



1218 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

PHILLIPS 

[Size rank: 88. COMMON (VOTING) as of Mar. 25. 1938. Shares 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Phillips Investment Co. (a holding company for the Phillips 

family) 

2. N. V. Maatschappij tot Beheer van het Administratiekantoor 

van Amerikaansche Fondsen Opgericht door Broes & Gosman 
Ten Have & Van Essen en Jarman & Zoonen 

3. H. Hentz & Co 

4. W. R. Coe 

5. Christiana Realty & Investment Co. (holding company for the 

du Pont family) - . 

6. L. E. Phillips 

7. Lack & Lindsay: 

Held for— 

New Castle Corporation (holding company Shares 
owned by Mr. and Mrs. Alfred P. Sloan, Jr.) . . ^ 20, 059 

Deodu P. Weymouth 2,785 

Phyllis duP. Schutt 2,685 

Elizabeth M. du P. Carpenter 2,620 

Nancy du Pont... _. 2,620 

11 holdings 1,624 

Total 32,393 

8. Green, Ellis & Anderson 

9. Drysdale & Co 

10. Harris, Upham & Co 

11. The Nipoch Corporation (a holding company for Ellis P. Earle) . . 

12. Iren6e du Pont 

13. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

14. The John and Mary R. Markle Foundation 

15. Cudd & Co. (nominee for Chase National Bank; beneficiaries 

not disclosed) 

16. Thomson & McKinnon _ 

17. Taite Phillips 

18. Dominick & Dominick 

19. Lammot du Pont 

20. Lynn & Co. (nominee for Guaranty Trust Co.; beneflciaries not 

disclosed) _ 

Total 



115,710 
64,996 
42, 400 

41,476 
34,200 



32, 393 
31, 865 
28, 864 
28, 700 
26, 680 
25,900 

25, 328 
25,000 

21, 366 
21,361 
21,000 
20, 135 
19, 267 

18,000 



$5,930,812 



4, 396, 980 
2, 469, 848 
1,611,200 

1, 576, 088 
1, 299, 600 



1, 230, 934 
1, 210, 870 
1, 096, 832 
1, 090, 600 
1,013,840 
984,200 

962, 464 
950, 000 

811,908 
811,718 
798,000 
765,130 
732, 146 

684,000 



800, 715 



30, 427, 170 



2.60 
1.46 
.95 

.93 

.77 



.73 
.72 
.65 
.64 
.60 
.58 

.57 
.56 

.48 
.48 
.47 
.45 
.43 

.40 



C!ONCENTRATION OF ECONOMIC POWER 



1219 



beneficial oumership in such holdings — Continued 

PETROLEUM CO. 

outstanding as of Mar. 25, 1938: 4,449,052. Price as of December 1937; $38] 
Legal and Beneficial Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. W. R. Coe 



2. Irfo6e du Pont --- 

3. Lammot du Pont 

4. Nancy du Pont..- 

5- Christiana Realty & Investment Co., a holding company, 

the stock of which is owned by — Percent 

E. E.du Pont 11.6 

Trustees f/b/o Deo du P. Weymouth u/a Oct. 15, 1938.. 22 1 

Trustees f/b/o Phjllis du P. Schutt u/a Jan. 2, 1937 22. 1 

Trustees f/b/o Murton du P. Carpenter u/a Mar. 24, 

1938 22.1 

Trustees f/b/o Nancy du Pont u/a .July 27, 1938... 7.3 

Wilmington Trust Co., guardian for Nancy B. du 

Pont 14.8 

Total - 100.0 

6. Deodu P. Weymouth. -_ 

7. Phyllis du P. Schutt . 

8. Elizabeth M. du P. Carpenter... 

9. New Castle Corporation, a holding com- 

pany, the stock of which is owned bv — Common Preferred 

Alfred P. Sloan, Jr. (percent).. ." 50.05 

Irene Jackson Sloan (percent) 49. 95 100. 00 



Total 100.00 



100. 00 



12. 



Ellis P. Earle, through The Nipoch Corporation (100 percent 
owned).. 

Phillips Investment Co. (a holding company. 72.24 percent of 

its outstanding shares owned by Frank Phillips) 

L.E. Phillips 



13. Taite Phillips. 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

14. N. V. Maatschappij tot Beheer van het Administratiekantoor 

van Amerikaansche Fondson Opgericht door Broes & Qosman 
Ten Have & Van Essen en Jarman & Zoonen .- 

FOUNDATIONS 

15. The John and Mary R. Markle Foundation 

BANKS, BROKERS, ETC.; BENEFICLARIES NOT DISCLOSED 

16. Central Hanover Bank & Trust Co 

17. Chase National Bank 

18. Guaranty Trust Co. of New York 

19. H. Hentz & Co 

20. Green, Ellis & Anderson -.. 

21. DrvsdaleA Co , 

22. Harris Upham & Co - -- 

23. Thomson & McXinnon 

24. Dominick & Dominlck 

Subtotal 

Total record holdings not included above 

Total... 



Holdings 



Number 
of shares 



42, 400 

25,900 
19, 267 
2,620 



41,476 
2,785 
2. 6S5 
2,620 



20, 059 

26, 680 

156, 074 
34, 200 
21,000 



115,710 



25, 000 



25,328 
21,366 
18,000 
64.996 
31, 865 
28,864 
28. 700 
21,361 
20.135 



799, 091 
1,624 



Value 



$1,611,200 

984. 200 
732, 146 
99, 560 



1,576,088 
105, 830 
102, 030 
99, 560 



762, 242 

1,013,840 

5, 930, 812 

1, 299, 600 

798, 000 



4, .396, 980 



962, 464 

811,908 

684,000 

2, 469, 848 

1.210.870 

1.096,832 

1, 090. 600 

811,718 

765, 130 



30, 365, 458 
61.712 



Percent 
of shares 
outstand- 
ing 



1220 



CONCENTRATION OF Ei^ONOMIC POWER 



Record holders and holders having legal and 

PITTSBURGH 
[Size rank: 131. COMMON (VOTING) as of Mar. 2, 1938. Shares 

HOLDBSS OF RfCOBD 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. The Coalesced Co. (a holding company for Paul Mellon and 

Ailsa MeUon Bruce) - ^ 

2. Aloxite Corporation (a holding company for Richard K. Mellon 

and Sarah Mellon Scaife). - 

3. S. P. Curtis - -- 

4. J. Childs Rea 

6. Wrenn Bros. & Co. (held for W. G. Warden) , 

6. S. B. Chapia & Co 

7. Jackson Bros. Boesel & Co 

8. Carstairs & Co., held for— Shares 

W. O. Warden.---- - 5,700 

Others 2,300 

Total - 8,000 

9. Moore, Leonard & Lynch, held for — Shares 

W. Q. Warden 3,300 

Others 3,496 

Total 6,796 

10. Geo. B. Taylot -. 

11. J. D. A. Morrow.--- 

12. Hornblower & Weeks ^. 

13. Jesup & Lamont 

14. Louis Korijn & Co 

15. W. G. Warden (in addition, W. Q. Warden owns 1,000 shares in 

the name of C. D. Barnev & Co.) 

16. Pauie, Webber & Co -.- 

17. E. F. Hutton & Co., held for— Shares 

W. G. Warden 1,200 

Others - 90S 

Total - — 2,108 

18. H. O. Rea and Union Trust Co. of Pittsburgh, trustees 

19. E. S. Taylor -.- 

20. Mrs. Mary McHvaln - 

Subtotal - 

Total legal and beneficial holdings not included above 

Total -.-. 



123, 622 

76.' 723 
18, 700 
15, 000 
9.500 
9.175 
8,910 



6,796 
4,531 
4,101 
3,830 
3,813 
3,310 

2,800 
2,133 



2,108 
2,000 
1,585 
1,550 



308, 187 
1,000 



$772, 637 

479, 519 
116,875 
93,750 
59, 375 
57, 344 
55,687 



50,000 



13, 175 
12,500 
9,906 
9,687 



1, 926, 16& 
6,250 



30.91 

19.18 
4.68 
3.75 
2.38 
2.29 
2.23 



2.00 



42, 475 


1.70 


28, 319 


1.13 


25, 631 


1.03 


23,937 


.96 


23, 831 


.95 


20, 687 


.83 


17. mo 


.70 


13, 331 


.53 



77.07 
.25 



309, 187 



1, 932, 416 



77.32 



CONCENTRATION OF ECONOMIC POWER 



1221 



beneficial ownership in such holdings — Continued 
COAL CO. 

outstanding as of Mar. 2, 1938: 400,000. Price as of December 1937: $6^] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. W. O. Warden 

2. The Coalesced Co. (a holding company for the Mellon family; 

for details of ownership see this appendix, sec. II) ^- 

The Coalesced Co. was dissolved Dec. 22, 1938, and its 
holdings distributed to its stockholders. 

3. Aloxite Corporation (a holding company for the Mellon family; 

for details of ownership see this appendix, sec. II) -. 

The Aloxite Corporation was dissolved Dec. 22, 1938, and 
its holdings distributed to its stockholders. 

4. S. P. Curtis 

5. J. Childs Rea 

6. H. O. Rea and Union Trust Co. of Pittsburgh, trustees 

7. Geo. B. Taylot-- - 

8. J. D. A. Morrow 

9. E. S. Taylor. 

10. Mrs. Mary Mcllvain... 

BANKS, BROKERS, ETC.; BENEFICIAKIES NOT INCLUDED 

11. S. B. Chapin & Co 

12. Jackson Bros. Boesel & Co 

13. Homblower & Weeks 

14. Jesup & Lament 

15. Moore, Leonard & Ljnch 

16. Louis Korijn & Co 

17. Carstairs & Co .„ 

18. Paine, Webber <t Co 

Subtotal _ 

Total record holdings not included above 

Total 



23,600 
123, 622 



76, 723 



18,700 

15,000 
2,000 

4,531 

4,101 

1,685 

1,660 



9.175 
8,910 
3,830 
3,813 
3,496 
3,310 
2,300 
2,133 



308, 279 



$146, 875 
772, 637 

479, 519 

116, 875 

93,750 
12,500 

28,319 

25,631 

9,906 

9,687 



57. 344 
55,687 
23, 937 
23,831 
21,850 
20.687 
14, 375 
13, 331 



1,926,741 
5,676 



5.88 
30.91 



19.18 



3.75 
.60 

1.13 

1.03 

.40 
.39 



2.29 
2.23 
.96 
.95 
.87 
.83 
.58 
.63 



77. 0» 
.23 



309, 187 



1, 932, 416 



77.32 



1222 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

PITTSBURGH 
[Size rank: 131. 6 Percent CUMULATIVE PARTICIPATING PREFERRED (VOTING) 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Union Trust Co. of Pittsburgh, trustee u/d/t of A. W. Mellon.. 

2. The Coalesced Co. (a holding company for Paul Mellon and 

AUsa Mellon Bruce) 

3. R. K. Mellon 

4. Sarah M. Soaife 

5. S. B, ChapinA Co 

e. Qermantown Trust Co. and W. G. Warden, trustees u/d Sarah 

W. Warden 

7. Vaught & Co. (nominee for Peoples-Pittsburgh Trust Co.; bene- 

ficiaries not disclosed) _. __ 

8. Carstairs & Co., held for — Shares 

W. G. Warden . 4,400 

Others 300 

Total... 4,700 

9. Hare & Co. (nominee for Peoples-Pittsburgh Trust Co.; bene- 

ficiaries not disclosed) 

10. J. Childs Rea 

11. W. Q. Warden (in addition, W. G. Warden owns 1,700 shares in 

the name of James Carstairs and 92 shares in the name of John 
T. Sturgeon) 

12. Post & Flagg 

13. Home Insurance Co , 

14. Jas. P. Schrider 

15. Aloxite Corporation (a holding company for Richard K. Mellon 

and Sarah Mellon Scaife) 

16. J. D. Lyon 

17. Maud B. Lyon 

18. UnionTrustCo.of Pittsburgh, trustee u/d/t William L. Mellon.. 

19. Howard Aumend (nominee for Toledo Trust Co.; beneficiaries 

not disclosed) 

20. Aumend & Co. (nominee for Toledo Trust Co.; beneficiaries 

not disclosed) 

Subtotal. 

Total legal and beneficial holdings not included above 

TotaL. 



46,000 

34,600 
17, 120 
16, 320 
14, 726 

6,952 

4,743 



4,700 



4,118 
3,933 



3,500 
3,022 
3,000 
2,900 

2,691 
2,335 
2,060 
2,000 

1,900 

1,870 



178, 490 
1,792 



$1,150,000 

865, 000 
428, 000 
408, 000 
368, 150 

173, 800 

118,575 



117,500 



102, 950 
98, 325 



87, 500 
75, 550 
75, 000 
72, 500 

67, 275 
58,375 
51, 500 
50, 000 

47,500 

46, 750 



4, 462, 250 
44, 800 



4.89 
4.66 
4.21 

1.99 

1.36 



1.18 
1.12 



.86 
.83 

.77 
.67 
.59 
.57 

.54 

.53 



51.00 
.51 



180, 282 



4,507.050 



CONCENTRATION OF ECONOMIC POWER 



1223 



beneficial ownership in such holdings — Continued 
COAL CO. 

as of Mar. 2, 1938. Shares outstanding as of Mar. 2, 1938: SSO.OOO. Price as of December 1937: $25] 
Legal and Beneficiai, Holders 





Holdings 


Tyj)e and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


INDIVIDUALS, personal AND FAMILY HOLDING COMPANIES, TRUST, 
AND ESTATES 

1. J. Childs Rea... .-. 


3,933 
2,900 

34.600 

46, 000 
17, 120 
16, 320 

2,691 

2,000 

6,952 
9,692 

2,335 
2,060 

3,000 

8,861 
3,770 
14, 726 
3,022 


$98. 325 
72,500 

865, 000 

1,150,000 
428, 000 
408,000 

67, 275 

50,000 

173, 800 
242, 300 

58,375 
51,500 

75,000 

221, 525 
94,250 

368,150 
75,550 


1.12 


2. Jas P. Schrider 


.83 


3. The Coalesced Co. (a holding company, for Mellon family; for 

details on ownership, see this appendix, sec. II) 

The Coalesced Co. was dissolved Dec. 22, 1938, and its 
holdings distributed to its stockholders. 

4. Union Trust Co. of Pittsburgh, trustee u/d/t A. W. 

Mellon: 
Beneficiaries: Shares 
R S Scott, guardian for Audrey Bruce - . 23, 000 


9.89 


Catherine C. Mellon 23,000 




Total 46,000 

5. Richard K. Mellon _.- _ -.. 


13.14 
4.89 


6. Sarah Mellon Scaife - 


4.66 


7. Aloxite Corporation (a holding company for Mellon family; for 

details on ownership, see this appendix, sec. II) •- 

The Aloxite Corporation was dissolved Dec. 22, 1938, and 
its holdings distributed to its stockholders. 

8. Union Trust Co. of Pittsburgh, trustee u/d/t William L. 

Mellon: 
Beneficiaries: Shares 
Miss Anne Farley Walton. 222?6 


.77 


Mrs. Mary Taylor Walton.... 222^ 




Mr. John Fawcett Walton III 222^ 








Mr. James Mellon Walton 222^ 




Mr. William Larimer Mellon III 222?^ 








Mr Karl Negley Mellon .. 222?^ 








Total 2,000 

9. Germantown Trust Co. and W. O. Warden, trustees u/d/t 
Sarah W. Warden 


.57 
1.99 


10. W. O. Warden . 


2.77 


11. J.D.Lyon 


.67 


12. Maud B. Lyon 


.59 


INSUBANCE COMPANIES 

13 . Home Insurance Co 


.86 


BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

14. Peoples-Pittsburgh Trust Co -, 


2.54 


15. Toledo Trust Co. 


1.07 


16. S. B. Chapin & Co 


4.21 


17. Post & Flagg - 


.86 


Subtotal - - 


179, 982 
300 


4,499,550 
7,500 


51.43 


Total record holdings not included above 


.08. 






Total-. -.. 


180, 282 


4, 507, 050 


51.61 







1224 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

PITTSBURGH 
[Size rank: 150. COMMON (VOTING) as of Mar. 10, 1938. Shares 
Holders or Recobd 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. The Pitcaim Co. (a holding company for the Pitcaim family).. 

2. R. B. Mellon, deceased, estate of Richard B. Mellon, which held 

an additional 85 shares; the estate was distributed to the 

following: 

Shares 

Richard K. Mellon 15,498 

(Mrs.) Sara Mellon Scaife 15,498 

(Mrs.) Jennie K. Mellon.. 15,498 

Total 46,494 

Less 85 shares in name of nominees 46,409 

3. Union Trust Co. of Pittsburgh, trustee u/d/t A. W. Mellon 

Dec. 28, 1934 

4. Hare & Co. (nominee for Peoples-Pittsburgh Trust Co.; bene- 

ficiaries not disclosed) 

5. Mr. ChUdsFrick 

6. Andrew W. Mellon, deceased (held by the Estate of Andrew 

Mellon, Paul Mellon, D. D. Shepard, and David K. E. Bruce, 
executors; residuary legatee, A. W. Mellon Educational and 
Charitable Trust) 

7. R. L. Clause 

8. JVTrs. Ruth C. Bell. 

9. Mrs. Amelia D. Pitcaim .... 

10. Union Trust Co. of Pittsburgh, trustee for Henry Clay Frick II, 

u/d/t Helen C. Frick Feb. 8, 1922 

11. W. L. Mellon 

12. The A. W. Mellon Educational and Charitable Trust 

13. Mrs. Alice C. Campbell.. 

14. Griflin & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

15. Mrs. Helen H. Heroy 

16. Union Trust Co. of Pittsburgh, trustee for Frances Dixon Frick, 

u/w Henry C. Frick, deceased 

17. The Union Trust of Pittsburgh, trustee for Childs-Frick Cor- 

poration, u/d/t Dec. 5, 1934 (beneficiary, the Childs-Frick Cor- 
poration, a holding company for the Frick family) 

18. Robert F. Eraser, Wm. S. Lindeman, A. E. Braun, A. W. 

Robertson, board of managers of Buhl Foundation 

19. W. L. Clause, deceased 

20. Peoples-Pittsburgh Trust Co., trustee u/i from Laura B. Alex- 

ander, Nov. 26, 1927 .. 

Subtotal 

Total legal and beneficial holdings not included above 

Total 



746, 338 



46,409 
30,000 



29.007 
28,601 



20,000 
17,504 
12,050 
11,454 

11,440 
10, 100 
9,999 
9,443 

9,258 
8,813 

8,796 



8,000 



7,823 
7,218 



7,128 



1,039,381 
85 



$63, 998, 483 



3, 979, 572 

2, 572, 500 

2, 487, 350 
2, 452, 536 



1, 715, 000 

1, 500, 968 

1, 033, 287 

982, 180 

980,980 
866, 075 
857, 414 
809, 737 

793, 873 
755, 715 



686,000 



670, 822 
618, 943 



611, 226 



, 126, 918 
7,290 



34.81 



2.16 
1.40 



1.36 
1.33 



.37 

.36 
.34 

.33 



48.46 
.00 



1, 039, 466 



89, 134, 208 



48.46 



CONCENTRATION OF ECONOMIC POWER 



1225 



beneficial otvnershi-p in such, holdings — Continued 
PLATE GLASS CO. 

outstanding as of Mar. 10, 1938: 2,144,023. Price as of December 1937: $85|] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS. PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Richard K. Mellon - 

2. Sara Mellon Scaife - 

3. Jennie K. Mellon, now held by estate of Jennie K. Mellon who 

died Nov. 15, 1938: 
Beneficiaries: Share* 

Richard K. MeUon 7,749 

SaraMeUon Scaife 7,749 

Total 15,498 

4. Union Trust Co. of Pittsburgh, trustee, u/d/t A. W. Mellon 

Dec. 28, 1934: 
Beneficiaries: R. W. Scott, guardian for— Shares 

Audrey Bruce 15,000 

Catherine C. Mellon --. 15,000 

Total 30,000 

5. Wm. L. Mellon - 

6. Pitcaim Co. (a holding company for Pltcaim family; for details 

on ownership, see this appendix, sec. II) -■ 

7. (Mrs.) Amelia D. Pitcaim -- - 

8. ChildsFrick 

9. Childs-Frick Corporation, through Union Trust Co. of Pitts- 

burgh, trustee u/d/t Dec. 6, 1934 ..- 

10. Henry Clay Frick II, through Union Trust Co." of Pittsburgh, 

trustee u/d/t of Helen C. Frick, Feb. S, 1922 

11. Frances Dixon Frick, through Union Trust Co. of Pittsburgh, 

trustee u/w of Henry Clay Frick, deceased - 

12. R. L. Clause -- --- 

13. (Mrs.) Ruth Clause Bell.-.. - 

14. (Mrs.) Alice Clause Campbell - 

15. Estate of W. L. Clause, deceased — 

16. Helen H. Heroy 

17. Peoples-Pittsburgh Trust Co., trustee u/i from Laura B. Alex- 

ander 

FOUNDATIONS 

18. The A. W. Mellon Educational and Charitable Trust. 

19. The A. W. Mellon Educational and Charitable Trust, through 

Paul Mellon, D. D. Shepard, and David K. E. Bruce, ex- 
ecutors of the estate of Andrew W. Mellon, deceased... 

20.»Buhl Foundation; Robert F. Eraser, Wm. S. Lindeman, A. E. 
Braunn, A. W. Robertson, board of managers 

BANKS, BROKERS, ETC.; BENEnCUBEES NOT DISCLOSED 

21. Peoples-Pittsburgh Trust Co 

22. City Bank Farmers Trust Co 

TotaL.. 



15.498 
15, 498 



15, 498 



30,000 
10,100 

746,338 
11,464 

28,601 
8.000 
11,440 

8,796 

17,504 
12, 050 
9.443 
7,218 

8,813 
7,128 



9,999 

20,000 
7,823 



29,007 
9,258 



$1, 328, 954 
1, 328, 954 



1, 328, 954 



2, 572, 500 
866, 075 

63, 998. 483 
982,180 

2, 452, 536 
686,000 
980,980 

754,257 

1,500,968 

1,033,287 

809.737 

618, 943 

755, 715 



611,226 

857,414 

1,716.000 
670, 822 



2, 487, 350 
793, 873 



0.72 
.72 



.72 



L40 

.47 



34.81 
.53 



.37 
.53 

.41 

.82 
.56 
.44 
.34 

.41 
.33 



1.36 
.43 



1,039,466 



9, 134, 208 



48.46 



1226 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
THE PROCTER 
[Size rank: 128. COMMON (VOTING) as of Oct. 25, 1937. Shares 
Holders of Record 



Name of record holder 



1. Qirard Trust Co., trustee u/w Briggs S. Cunningham 

2. Olivia P. Gamble 

3. Jane E. Procter 

4. Mary E. Johnston 

5. Maud Gamble Nippert 

6. LueUa Rhodes Qarvey 

7. Mrs. Bessie E. Rogan... 

8. Cecil H. Gamble 

9. Rodngy Procter 

10. The Children's Hospital, Cincinnati-.. 

11. The Elizabeth Gamble Deaconess Home Association 

12. Elizabeth K. Cunningham 

13. The Central Trust Co. of Cincinnati, trustee f/b/o Edna F. Lee 

u/w Hastings L. French, deceased 

14. Kane & Co. (nominee for Chase National Bank; beneficiaries not 

disclosed). 

15. Herbert G. French 

16. The Central Trust Co. of Cincinnati, trustee u/a Elizabeth F. 

Gamble, Feb. 28, 1927.. 

17. Ralph F. Rogan 

18. George E. Gamble 

19. Sidney D. Gamble 

20. Mrs. Elsie Matthews . 

Total .-. 



Holdings 



Number 
of shares 



143, 580 
111,385 
98, 517 
84, 801 
84,465 
62, 660 
62, 330 
59, 301 
59, 120 
56, 155 
55, 653 
54, 985 

53, 600 

51,356 
50, 300 

40, 210 
40, 402 
40,000 
36, 380 
35, 314 



1, 280, 514 



Value 



$6, 604, 680 
5, 123, 710 
4,531,782 
3, 900, 846 
3, 885, 390 
2, 882, 360 
2, 867, 180 
2, 727, 846 
2, 719, 520 
2, 583, 130 
2, 560, 038 
? 529,310 

2, 465, 600 

2, 362, 376 
2, 313, 800 

1,849,660 
1, 858, 492 
1,840,000 
1, 673, 480 
1, 624, 444 



58, 903, 644 



Percent 
of shares 
outstand- 
ing 



2.27 
1.76 
1.56 
1.34 
1.34 
.99 
.99 
.94 
.93 



.87 
.85 
.81 



.64 
.64 
.63 
.58 
.56 



20.27 



CONCENTRATION OF ECONOMIC POWER 



1227 



beneficial ownership in such holdings — Continued 
& GAMBLE CO. 

outstanding as of Oct. 25, 1937: 6,325,087. Price as of December 1937: $46] 
Legal and BENEnciAL Holders 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILy HOLDING COMPANIES, 
TRUSTS, AND ESTATES 

1. Mary E. Johnston . 

2. Luella Khodes Garvey 

3. Mrs. Elsie Matthews 

4. Jane E. Procter... 

5. Rodney Procter 

6. Mrs. Bessie E. Procter Rogan 

7. Ralph F. Rogan.. ., 

8. Olivia P. Gamble 

9. Maud Gamble Nippert 

10. Cecil H. Gamble 

11. The Central Trust Co. of Cinciimati, trustee u/a Elizabeth F. 

Gamble, Feb. 28, 1927 

12. George E. Gamble 

13. Sidney D. Gamble 

14. Qirard Trust Co., trustee u/w Briggs S. Cunningham: 

Beneficiaries: 

Elizabeth K. Cunningham (life income benefi- Shares 

ciary only) 71,790 

Mary Cunningham Stephenson 35,895 

Briggs S. Cuimingham 35,895 

Total-. 143,580 

15. Elizabeth K. Cunningham 

16. Edna F. Lee, through the Central Trust Co. of Cincinnati, 

trustee u/w Hastings L. French, deceased 

17. Herbert G. French. ._ 

ELEIMOaZNABY AND EDUCATIONAL INSTITUTIONS 

18. The Children's Hospital, Cincinnati 

19. The Elizabeth Gamble Deaconess Home Association , 

BANKS, BROKERS, ETC.; BENEnCIARIES NOT DISCLOSED 

20. Chase National Bank 

Total 



Holdings 



Number 
of shares 



84,801 

62,660 

35,314 

98, 517 
59,120 
62,330 
40,402 

111,385 
8i465 
59,301 

40,210 
40,000 
36,380 



143,580 
54,985 

53,600 
50,300 



56, 155 
55,653 



51,356 



1, 280, 514 



Value 



$3, 900, 846 

2, 882, 360 

1, 624, 444 

4, 531, 782 
2, 719, 620 
2, 867, 180 

1, 858, 492 

5, 123, 710 
3, 885. 390 

2, 727, 846 

1, 849, 660 
1,840,000 
1, 673, 480 



6, 604, 680 
2, 529, 310 



2,465,600 
2, 313, 800 



2, 583, 130 
2, 560, 038 



2, 362, 376 



58, 903. 644 



Percent 
of shares 
outstand- 
ing 



1.34 

.99 

.56 

1.56 
.93 
.99 
.64 

1.76 
1.34 
.94 

.64 
.63 

.58 



2.27 
.87 



.85 
.80 



20.27 



1228 



CONCENTRATION OP ECONOMIC POWEK 



Record holders and holders having legal and 
THE PROCTER & 
[Size rank: 128. 8 PERCENT CUMULATIVE PREFERRED (VOTINQ> 
Holders of Record 



Name of reeerd bolder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
out-Stand- 
ing 



The Elizabeth Gamble Deaconess Home Association 

The Procter & Gamble Co. Pension and Benefit Fund 

The Western & Southern Life Insurance Co 

Estate of Casimir L. Werk, C. M. Werk, and George H. Werk, 
executors - 

The Central Trust Co. of Cincinnati, trustee u/a Edwin P. 
Gamble, Feb. 28, 1927 (beneficiary: Edwin P. Gamble) 

Eleanora C. Alms - 

Estate of David B. Gamble 

The Union Central Life Insurance Co 

The Cincinnati Equitable Insurance Co 

Girard Trust Co., trustee u/w Briggs S. Cunningham 

Mrs. Bertha H. Anderson Osborne 

Helen White Eustis 

Mary Hanna 

Mrs. Elizabeth K. Cimningham 

Estate of T. W. Qraydon. 

John B. Hollister and Robert A. Taft, trustees under Mary 
Hanna deed of gift, May «, 1932 

Louise McMahon.. 

Mrs. Bessie E. Rogan , 

Oscar Stoehr and Judith B. Colston, trustees u/w Edward Cols- 
ton, deceased -. 

Susanna W. Hlnkle - 

Total 



2,111 
1,406 
1,211 



490 
394 
357 
360 
315 
300 
300 
220 
210 
200 
200 

200 
200 
200 

191 
156 



$449,643 
299, 478 
267,943 

138,450 

104, 370 
83,922 
76,041 
74,560 
67,095 
63, 900 
63,900 
46,860 
44,730 
42,600 
42,600 

42,600 
42,600 
42,600 

40,683 
33,228 



9.38 
6.25. 
6.38 

2.89' 

2.18 

1.76- 

1.58 

1.56 

1.40 

1.33 

1.33 

.98 

.93 

.8* 

.89 

.89 
.89 
.8» 

.86 
.6» 



9,661 



2,057,793 



42.9$ 



CONCENTRATION OF ECONOMIC POWER 



1229 



beneficial ownership in such holdings — Continued 
GAMBLE CO. 

as of Oct. 25, 1937. Shares outstanding as of Oct. 25, 1937: 22,500. Price as of December 1937: $2ia] 
Legal and Beneficial Holders 



Type and name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUAT.S, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Estate of Casimir L. Werk, C. M. Werk, and George H. Weri, 
executors (this stock is held by executors as trustees under a 
25-year trust, agreement expiring in 1944; the trustees are to 
distribute the corpus of the estate equally among the follow- 
ing, who share equally in the income until then): 

Shares 

C. Michel Werk 108H 

George n. Werk 108^ 

Emile E. Werk... i08}4 

Casimir L. Werk, Jr 108H 

Pauline Werk Kleve 108^ 

Lillian Werk Price 108H 



Total 650 

2. Eleanora C. Alms- 

3. Mrs. Bertha H. Anderson Osborne 

4. Helen White Eustis 

5. Mrs. Bessie E. Procter Rogan. 

6. Louise McMahon 

7. Estate of T. W. Graydon 

8. O.sear Stoehr and Judith B. Colston, trustees u/w Edward Col- 

ston, deceased 

9. Susanna W. Hinkle . 

10. Mary Hanna 

11. John B. Hollister and Robert A. Taft, trustees under Mary 

Hanna deed of gift. May 9, 1932 

12. Edwin P. Gamble, through the Central Trust Co. of Cincinnati, 

trustee u/a Edwin P. Gamble, Feb. 28, 1927 (upon the death 
of Edwin P. Gamble on Apr. 23, 19.39. two shares were sold and 
488 shares were distributed as follows): 

Shares 

George E. Gamble 122 

Launcelot J. Gamble 122 

Elizabeth F. Gamble 122 

James L. Gamble 122 

Total 488 

13. Estate of David B. Gamble: 

Beneficiaries: Shares 

Cecil H. Gamble.. 119 

Sidney D. Gamble 119 

Clarence J. Gamble - 59H 

Sarah'B. Gamble 59J4 



Total 357 

14. Girard Trust Co., trustee u/w Briggs S. Cunningham: 

Beneficiaries: Shores 

Elizabeth K. (Junnineham (has life interest only). 1.10 

Mary Cunningham Stephenson 75 

Briggs S. Cunningham .. 75 



Total 300 

15. Mrs. Elizabeth K. Cunningham 



INSURANCE COMPANIES 

16. The Western & Southern Life Insurance Co. 

17. The Union Central Life Insurance Co 

18. The Cincinnati Equitable Insurance Co 



PROCTER A GAMBLE EMPLOYEES WELFARE, STOCK PURCHASE PLANS, 
ETC. 

19. The Procter & Gamble Co. Pension and Benefit Fund 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

20. The Elizabeth Gamble Deaconess Home Association 

Total 



650 


$138, 450 


394 


83,922 


300 


63,900 


220 


46,860 


200 


42,600 


200 


42,600 


300 


42,600 


191 


40,683 


156 


33,228 


210 


44,730 



357 



300 
200 



1,211 
350 

315 



1,406 
2,111 



9,601 



42,600 



104, 370 



63,900 
42,600 



257,943 
74,550 
67,095 



299,478 
449, 643 



2, 057, 793 



1230 



C50NCENTRATI0N OF ECONOMIC POWER 



Record holders and holders having legal and 

THE PROCTER &. 
[Size rank: 128. 5 percent CtJMULATIVE PREFERRED. SERIES OF FEB. 1, 1929 (CONTIN 

Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Prudential Insurance Co. of America 

2. New York Life Insurance Co. .- 

3. Metropolitan Life-insurance Co 

4. Mutual Life Insurance Co. of New York 

5. Northern Trust Co., successor trustee u/w James Alex- 

ander Kirk: Shares 

Northern Trust Co. reports an additional holding of 

the trust, through a nominee, of 1,279 

In addition, William P. Sidley, surviving former 

trustee, hold for the trust -^ 770 

Total 2,049 

Lesis shares sold but not as yet transferred out of name 
of trust. .- 120 

Total held in addition to record holding l, 929 

6. Equitable Life Assurance Society of the United States 

7. Wait & Co. (nominee for Harris Trust & Savings Bank; bene- 

ficiaries not disclosed) - - . 

8. E. Q. Holloway & Walter R. Kirk, trustees for Mrs. Josephine 

C. Kirk 

9. Alexander C. Kirk 

10. First National Bank of Cincinnati, trustee u/w Levi Addison 

Ault 

11. Continental Illinois National Bank & Trust Co. of Chicago, 

trustee for James M. Kirk, u/a Oct. 4, 1929 

12. The Children's Hospital, Cincinnati _ 

13. Teachers Insurance & Annuity Association of America 

14. Mrs. Carrie Morgan Wright 

15. Continental Illinois National Bank & Trust Co., trustee u/w 

James M. Kirk, deceased --- -.. 

16. Continental Illinois National Bank & Trust Co., trustee u/d 

Circuit Court of Cook County, re Kirk v. Kirk, General 
B-204426 - 

17. Gertrude Metzerott.. 

18. California- Western States Life Insurance Co 

19. Continental Illinois National Bank & Trust Co., trustee u/w 

Josephine Kirk Champlin f/b/o Frederick Kirk Champlin 

20. Continental Illinois National Bank & Trust Co., trustee u/w 

Josephine Kirk Champlin f/b/o Susanna Lavinia Ehrlich 

Subtotal - -- - 

Total legal and beneficial holdings not included above 

Total 



20.000 
14,750 
10; 000 
7,500 



3,200 
2,975 

2,873 

2,560 
2.399 

2,300 

2,200 
2.000 
2,000 
2,000 

1,900 



1.800 
1,749 
1,210 

1,005 

1,005 



85, 426 
1,929 



$2. 370. 000 

1, 747, 875 

1,185,000 

888,750 



379,200 
352, 537 

340.450 

303, 360 
284. 281 

272,550 

260,700 
237,000 
237,000 
237,000 

225, 150 



213, 300 
207, 256 
143, 385 

119, 092 

119,092 



10, 122, 978 
228,586 



11.80 
8.70 
5.90 
4.42 



1.89 
1.75 

1.69 

LSI 
1.42 

1.36 

1.30 
1.18 
1.18 
1.18 

1.12 



1.06 
1.03 
.71 

.69 

.69 



50.38 
1.14 



87, 355 



10,351,53 4 



61.62 



CONCENTRATION OF ECONOMIC POWER 



1231 



beneficial ownership in such holdings — Continued 
GAMBLE CO. 

OENT VOTING) as of Oct. 25, 1937. Shares outstanding as of Oct. 25, 1937: 169,517. Price as of Dec. 
1937: $118^^] 

Legal and Beneficial Holdee.s 



Type und name of holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



individuals, personal and family holdino companies, trusts, 

AND estates 

1. First National Bank of Cincinnati, trustee u/w Levi 

Addison Ault — 

Beneficiaries: Shares 

Hildegard Ault Helm 766^^ 

Lee A. Ault, Jr -.-_ 766^ 

Olga Ault Carter 766^ 

Total 2,300 

2. Mrs. Carrie Morgan Wright 

3. Northern Trust Co., successor trustee u/w James Alex- 

ander Kirk: 
Beneficiaries: Shares 

Mrs. Gertrude Kirk Metzerott 1, 282H 

Mrs. Margaret Kirk Ruddock.. 1,282)4 

Alexander C. Kirk 1, 282M 

Mr.=. Hamptou Ripley 64U6 

Van Gorder Kirk - Gim 

Total ^ - 5,129 

4. Mrs. Josephine C. Kirk, through E. G. Holloway and W.ilter 

R. Kirk, trustees __ 

5. Alexander C. Kirk 

6. James M. Kirk, through Continental Illinois National Bank <fe 

Trust Co., of Chieaeo, trustee u/a Oct. 4, 1929 

7. Continental Illinois National Bank & Trust Co., trustee u/w 

James M. Kirk, deceased 

8. Continentil nilnoisNational Bank & Trust Co., tnistee u/d 

Circuit Court of Cook County, re Kirk v. Kirk, General 
B-204426 

9. Gertrude Kirk Met'erott 

10. Susanna Lavinia Ehrlich. through Continental Illinois National 

Bank & Trust Co , trustee u/w Josephine Kirk Champlin 

11. Frederick Kirk Champlin, through Continental Illinois Na- 

tional Bank & Trust Co., trustee u/w Josephine Kirk Champ- 
lin 

INSURANCE companies 

12. Prudential Insurance Co. of America^ _ 

13. New York Life Insurance Co -. 

14. Metropolitan Life Insurance Co I 

15. Mutual Life Insurance Co. of New York 

16. Equitable Life Assurance Society of the United States 

17. Teachers Insurance & Annuity Association of America. 

. 18. California-Western States Insurance Co 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

19. The Children's Hospital, Cincinnati 

BANKS, BROKERS, ETC.; BENEFICLARIES NOT DISCLOSED 

20. Harris Trust & Savings Bank 

Total 



2,300 
2,000 



5,129 



2,873 



87,355 



$272, 550 
237,000 



607,786 



2,560 
2,399 


303,360 
284,281 


2,200 


260,700 


1,900 


225,150 


1,800 
1,749 


213,300 
207,266 


1,005 


119,092 


1,005 


119,092 


20,000 


2,370,000 


14,750 


1, 747. 875 


10,000 


1, 185, 000 


7,500 


888,750 


2,975 


352,537 


2,000 


237,000 


1, 210 


143,385 



237,000 



340,450 



10, 351, 564 



268445 — 41— No. 29- 



-79 



1232 



C50NCENTRATI0N OF ECONOMIC POWER 

Record holders and holders having legal and 
PUBLIC SERVICE CORPORATION 
[Size rank: 38. COMMON (VOTING) as of Nov. 26, 1937. Shares out 
Holders ov Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



United Gas Improvement Co 

Albert Taliaferro (apparently nominee for United Corporation)... 

Sun Life Assurance Co. of Canada 

Mills & Co. (nominee for United Corporation) . 

Shares 

Gustave Loeber (nominee for United Corporation) 47, 216 

Marquis de Portes and/or Marquise de Portes and 
survivor 50 



Total 47,266 

6. Electrical Securities Corporation (owned 100 percent by General 

Electric Co.) __ 

7. Home Insurance Co. 

8. F. K. Gibbons (nominee for J. P. Morgan & Co., apparently for 

account of United Corporation) _ 

9. Dominick & Dominick ,.. 

10. Cudd & Co. (nominee for Chase National Bank; beneficiaries not 

disclosed) . . 

11. Fidelity-Philadelphia Trust Co., trustee of the estate of Thomas 

Dolan, deceased _ , 

12. ■General Electric Employees Securities Corporation (an invest- 

ment com pany for General Electric Co. employees) 

13. Brown Bros., Harriman& Co. _. 

14. J. P. Morgan & Co (for account of United Corporation) . 

15. Atwell & Co. (nominee for United States Trust Co. of New York; 

beneficiaries not disclosed) . . 

16. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclosed) _ 

17. Wonham Albert & Co. (nominee for Bank of Montreal: bene- 

ficiaries not disclosed) 

18. John W. Ludewig 

19. Fidelity Union Trust Co... 

20. Hall & Co. (nominee for Commercial Trust Co. of New Jersey; 

beneficiaries not disclosed) 



Total. 



2, 017, 490 

839,900 

175, 298 

69, 705 



47, 266 

31,000 
20,000 

17, 836 
17, 718 

17, 262 

14, 390 

13, 'i92 
12,069 
11, LSO 

10,849 

10, 068 

10, 040 
10.000 
9,700 

9,200 

3, 364, 633 



$65, 568r 425 

27, 296, 750 

5, 697, 185 

2, 265, 412 



1, 536, 145 

1, 007, 500 
650,000 

579, 670 
575, 835 

561,015 

467, 675 

444,990 
392, 242 
3fi2, 375 

352, 592 

327, 210 

326,300 
325 000 
315, 250 

299,000 

109, 350. 571 



36.66 

15.26 

3.19 

1.27 



.86 

.56 
.36 

.32 
.32 

.31 

.26 

.25 

22 

.20 

.20 

.18 

.18 
.18 
.18 



61.13 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 

OF NEW JERSEY 

Standing as of Nov. 26, 1937: 5,503,193. Price as of December 1937: $32H] 
Legal and BsxEnaAL Holders 



1233 



Type and name of holder 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. John W. Ludewig 

2. Fidelity-Philadelphia Trust Co., trustee of the estate of Thomas 

Dolan, deceased: 

Beneficiaries: Shares 

H. Yale Dolan 4,797 

Isabella W. H. Dolan 959^ 

Thomas Dolan III 959^ 

H. Hofman Dolan 959^ 

Isobel Dolan Mead 959J.4 

Brooke Dolan II 959).i 

Rosalie Brown Dolan 1, 199^ 

Rose B. Dolan. ._. 1, 199>| 

Alexandra Dolan Toland. 1, 199^ 

Rita Dolan Sellar 1, 199^ 

Total 14,390 

CORPORATIONS, PARENT AND SUBSIDIARY 

3. United Corporation (a statutory parent of Public Service Cor- 

poration of New Jersey) 

4. United Gas Improvement Co. (a statutory parent of Public 

Service Corporation of New Jersey and a statutory subsidiary 
of United Corporation) 

OTHER CORPORATIONS, NONFINANCIAL 

fi. General Electric Co. through Electrical Securities Corporation 
( 100 percent owned) 

INSURANCE COMPANIES 

6. Sun Life Assurance Co. of Canada 

7. Home Insurance Co 

OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE 
PLANS, ETC. 

8. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co., employees, the 
stock of which is 100 percent owned by General Electric Co.) . 

BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

9. Chase National Bank. . 

10. United States Trust Co. of New York... 

11. Guaranty Trust Co. of New York 

12. Bank of Montreal... 

13. Fidelity Union Trust Co 

14. Commercial Trust Co. of New Jersey ,... 

15. Dominick & Dominick 

16. Brown Bros., Harriman & Co.. I 

Subtotal 

Total record holdings not included above 

Total 



Holdings 



Number 
of shares 



10,000 



14, 390 

985, 807 
2, 017, 490 

31,000 

175, 298 
20,000 



17, 262 
10, 849 
10,068 
10,040 
9,700 
9,200 
17, 718 
12,069 



3, 364, 583 
60 



3, 364, 633 



Value 



.$325, 000 



467, 675 

32, 038, 727 
6.5, 568, 425 

1, 007, 500 



5, 697, 185 
650,000 



444,990 



.sei, 015 
352, 592 
327, 210 
326, 300 
315, 250 
299,000 
575, 835 
392, 242 



109, 348, 946 
1,625 



109, 360, 571 



Percent 
of shares 
outstand- 
ing 



.26 

17.91 
36.66 

.66 



3.19 
.36 



.25 



.31 
.20 
.18 
.18 
.18 
.17 
.32 
.22 



61.13 
.00 



61. la 



1234 



CX)NCBNTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
PUBLIC SERVICE CORPORATION 
[Size rank: 38. 8 PERCENT CUMULATIVE PREFERRED (VOTING) as of Nov. 20, 
Holders of Record 



Name of record holder 



1. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co. employees) 

2. The Sun Life Assurance Co. of Canada - 

3. The United Gas Improvement Co 

4. The Eqiytahle Life Assurance Society of -the Uirited States 

6. Great American Insurance Co -- 

*). Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) '_-.- _ 

7. United States Fire Insurance Co - — 

8. Leroy & Co. (nominee for National Newark & Essex Banking 

Co. for account of Chartered Investors, Inc.) 

9. Atwell & Co. (nominee for United States Trust Co.; beneficiaries 

not disclosed) 

10. Zlnk & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed) _ - 

11. Salkeld & Co. (nominee for Bankers Trust Co.: beneficiaries not 

disclosed) - - - - - 

12. The North River Insurance Co 

13. The Charity Organization Society of the City of New York 

14. Hare & Co. (nominee for Bank of New York & Trust Co.; bene- 

ficiaries not disclosed) 

15. American Alliance Insurance Co. of New York 

16. The D. N. Barney Co., Inc 

17. Electrical Securities Corporation (100 percent owned by General 

Electric Co.) 

18. Fidelity A Casualty Co. of New York --. 

19. John Hancock Mutual Life Insurande Co 

20. Yale University - -- 

Total - - 



Holdings 



Number 
of shares 



26, 874 
10, 150 
10,000 
3,768 
3,055 

2,165 
1,500 

1,500 

1,440 

1,407 

1,300 
1,200 
1,100 

1,065 

1,000 

, 1,000 

1,000 
1,000 
1,000 
1,000 



72, 524 



Value 



$3, 654, 864 

1, 380, 400 

1,360,000 

3t2, 448 

415, 480 

294,440 
204,000 

204,000 

195, 840 



176, 800 
163.200 
149,600 

144,840 
136,000 
136, 000 

136,000 
136,000 
136.000 
136,000 



9, 863, 264 



Percent 
of shares 
outstand- 
ing 



12.48 
4.71 
4.64 
1.75 
1.42 

1.01 
.69 



.60 
.56 
.51 

.49 
.46 
.46 

.46 
.46 
.46 
.46 



33.63 



CONCENTRATION OF ECONOMIC POWER 

heneficial ownership in such holdings — Continued 

OF NEW JERSEY 

1937. Shares outstanding as of Nov. 20, 1937; 215,312. Price as of December 1937: $136] 
Legal and BENEFiaAL Holders 



1235 



Holdings 



Type and name of holder 



Number 
of shares 



CORPORATIONS, PARENT AND SUBSIDIARY 

1. The United Gas Improvement Co. (a statutory parent of Public 
Service Corporation of New Jersey and a statutory subsidiary 
of United Corporation) 



OTHER CORPORATIONS, NONFINANCIAL 

2. General Electric Co., through Electrical Securities Corporation 
(100 percent owned) 



INSURANCE COMPANIES 

3. Sun Life Assurance Co. of Canada -.. 

4. The Equitable Life Assurance Society of the United States. 

5. Great American Insurance Co 

6. United States Fire Insurance Co_ 

7. The North River Insurance Co 

8. Fidelity & Casualty Co. of New York....^ 

9. American Alliance Insurance Co. of New York 

10. John Hancock Mutual Life Insurance Co 



INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

11. Chartered Investors, Inc. 



OTHER COMPANY EMPLOYEES WELFARE, STOCK PURCHASE PLANS, ETC. 

12. General Electric Employees Securities Corporation (an invest- 

ment company for General Electric Co., employees the. 
stock of which is 100 percent owned by General Electric Co.) 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

13. The Charity Organization Society of the City of New York.. 

14. Yale University 



BANKS, BROKERS, ETC.; BENEFICLiRIES NOT DISCLOSED 

15. Central Hanover Bank & Trust Co 

16. United States Trust Co 

17. Guaranty Trust Co. of New York 

18. Bankers Trust Co 

19. Bank of New York & Trust Co 

20. The D. N. Barney Co., Inc 



Total. 



10,150 
3,768 
3.055 
1,500 
1,200 
1,000 
1,000 
1,000 

1.500 



1,100 
1.000 



2,165 
1,440 
1,407 
1,300 
1,065 
1,000 

72, 524 



Value 



Percent 
of shares 
outstand- 
ing 



$1,360,000 



1.380,400 
512, 448 
415,480 
204,000 
163,200 
136,000 
136,000 
136,000 



3. 654, 864 



149,600 
136,000 



294,440 
195.840 
191,352 
176, 800 
144,840 
136,000 

9, 863, 264 



4.71 
1.75 
1.42 
.69 
.56 
.46 
.46 
.46 



12.48 



.51 
.46 



1.01 
.67 
.65 
.60 
.49 
.46 

33.63 



1236 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
PUBLIC SERVICE CORPORATION 
[Size rank: 38. 7 percent CUMULATIVE PREFERRED (VOTING) as of Nov. 20, 
Holders of Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1 . The Equitable Life Assurance Society of the U.S 

2. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

3. Insurance Co.of North America 

4. Barnes & Tucker Co. (a holding company, the principal stock- 

holder of which is Rachel Barnes as trustee) .- 

5. Indemnity Insurance Co. of North America _. 

€. John Hancock Mutual Life Insurance Co 

7. MaxC. Flei.schmann _ 

8. President and Fellows of Harvard College --. 

9. SunLife Assurance Co. of Canada 

10. The Home Insurance Co..- 

11. Heidelbach Ickelheimer & Co 

12. Hank & Co. (nominee for First National Bank of New York; 

beneficiaries not disclosed) 

13. Camden Fire Insurance Association 

14. White & Co. (nominee for Bank of Manhattan Co.; beneficiaries 

not disclosed) 

15. Atwell & Co. (nominee for United States Trust Co. of New York; 

beneficiaries not disclosed) _ _ 

10. Fidelity-Philadelphia Trust Co., trustee of the estate of Thomas 
Dolan, deceased 

17. Wonham Albert & Co. (nominee for Bank of Montreal; benefi- 

ciaries not disclosed) 

18. Yale University _ 

19. Central Union Trust Co. of New Yoik 

20. Leroy & Co. (nominee for National Newark and Essex Banking 

Co. for account of Chartered Investors, Inc.) 

Total-. 



6,840 

3,731 
3,200 

3,000 
3,000 
3,000 
2,500 
1,780 
1,700 
1,600 
1,560 

1,407 
1,400 

1,291 

1,264 

1,100 

1,100 
1,020 
1,000 

1,000 



$848, 160 

462, 644 
396,800 

372,000 
372,000 
372,000 
310.000 
220,720 
210, 800 
198, 400 
193,440 

174, 468 
173,600 

160, 081 

156,736 

136. 400 

136, 400 
1?6, 480 
124,000 

124,000 



2.37 

1.29 
1.11 

1.04 
1.04 
1.04 
.86 
.62 
.59 
.55 
.54 

.49 

.48 

.45 

.44 

.38 

.38 
.35 
.35 

.35 



42,493 



5, 269, 132 



14.72 



CONCENTRATION OF ECONOMIC POWER 

beneficial ownership in such holdings — Continued 
OF NEW JERSEY 

1937. Shares outstanding as of Nov. 20, 1937: 289,080. Price as of December 1937: $124] 
Legal and BENEnaAL Holdees 



1237 



Type and name 6f holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



INDIVIDUALS, PERSONAL AND FAMILY HOLDING COMPANIES, TRUSTS, 
AND ESTATES 

1. Barnes & Tucker Co. (a holding company, the stock of 

which is held by— Percent 

Rachel Barnes, trustee u/w Thomas Barnes 99.98 

Twoothers .02 

Total 100.00 

2. MaxC.Fleischmann 

3. Fidelity-Philadelphia Trust Co., trustee of the estate of 

Thomas Dolan, deceased: 
Beneficiaries: Shares 

H.Ytfle Dolan. _ 367 

Isabella W. H. Dolan 73 

Thomas Dolan III 73 

H. Hoffman Dolan 73 

Isabel Dolan Meade. -.. 73 

Brooke Dolan H 73 

Rosalie Brown Dolan .- 92 

Rose B. Dolan 92 

Alexandra Dolan Toland - 92 

RitaD.Sellar. - 92 

Total.. 1.100 

INSURANCE COMPANIES 

4. The Equitable Life Assurance Society of the United States 

5. Insurance Co. of North America 

6. Indemnity Insurance Co. of North America (subsidiary of Insur- 

ance Co. of North America) 

7. John Hancock Mutual Life Insurance Co 

8. Sun Life Assurance Co. of Canada.. 

9. The Home Insurance Co 

10. Camden Fire Insurance Association , 

INVESTMENT TRUSTS AND INVESTMENT COMPANIES 

11. Chartered Investors, Inc.. 

ELEEMOSYNARY AND EDUCATIONAL INSTITUTIONS 

12. Harvard University ..^ 

13. Yale University 

BANKS, BROKERS, ETC.; BENEFICTARIES NOT DISCLOSED 

14. Central Hanover Bank & Trust Co... 

15. First National Bankof New York 

16. Bank of Manhattan Co 

17. United States Trust Co. of New Yorki 

18. Bank of Montreal 

19. Central Union Trust Co. of New York...- 

20. Heidelbach Ickelheimer & Co 

Total. 



3,000 
2,500 



1,100 



6,840 
3,200 

3,000 
3,000 
1,700 
1,600 
1,400 



1,780 
1,020 



3,731 
1,407 
1,291 
1,264 
1,100 
1,000 
1,660 



$372, 000 
310, 000 



136,400 



848, 160 
396, 800 

372, 000 
372, 000 
210, 800 
198, 400 
173, 600 



124, 000 



220, 720 
126, 480 



462, 644 
174, 468 
160. 084 
156, 736 
136, 400 
124,000 
193, 440 



1.04 
.86 



1 38 

2.37 
1.11 

1.04 
1.04 
.59 
.55 
.48 

.35 



.62 
.35 



1.29 
.49 
.45 
.44 
.38 
.36 
.64 



42,493 



6, 269, 132 



14.72 



1238 



CONCENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 
PUBLIC SERVICE COR 
[Size rank: 38. 6 percent CUMULATIVE PREFERRED (VOTING) as of Nov. 20, 
HoLDEEs OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Public Service Electric & Gas Co.._ 

2. Thomas N. McCarter 

3. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) _ 

4. Atwell & Co. (nominee for United States Trust Co. of New 

York; beneficiaries not disclosed) 

5. The Equitable Life Assurance Society of the United States 

6. Electrical Securities Corporation (100 percent owned by General 

Electric Co.) ._ 

7. J. M . Forbes & Co. (customarily agents or nominees for members 

of the family of J. Cameron Forbes et al.) 

8. Barnes & Tucker Co. (a holding company, the principal stock- 

holder of which is Rachel Barnes as trustee) 

9. Tarr & Co. (nominee for Old Colony Trust Co.; beneficiaries 

not disclosed) 

10. Griffin & Co. (nominee for City Bank Farmers Trust Co.; bene- 

ficiaries not disclosed) 

11. The Travelers Insurance Co i 

12. Eddy & Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed) 

13. Bonner & Co. (nominee for Brooklyn Trust Co.; beneficiaries 

not disclosed) 

14. The Continental Insurance Co. of New York 

15. John Hancock Mutual Life Insurance Co 

16. Yale University 

17. C. Easman Jacobus, Inc 

18. Rowe & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) 

19. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

20. The Metropolitan Museum of Art 

Total 



11,552 
10,000 

9, 130 

7,790 
5, 578 

4,583 

4, 084 

3,013 

3. 201 

3, 025 
3, 000 

2, 076 

2, e.'iO 
2. ,500 
2, ,500 
2, 500 
2, 300. 

2. 145 

1,918 
1,800 

86,^57 



$1,230,288 
1,005,000 

972, 984 

830, 274 
594, 057 

488, 089 

434, 940 

384, 784 

340, 906 

322, 102 
319, 500 

284, 991 

282, 225 
266, 250 
206. 250 
206, 250 
244, 950 

228, 442 

204, 207 
191,700 



1.93 
1.67 



1.30 
.93 



.51 
.50 



.44 
.42 
.42 
.42 
.38 



.32 
.30 



9,218,318 



14.46 



CONCENTRATION OF ECONOMIC POWER 



1239 



beneficial ownership in such holdings — Continued 

PORATION OF NEW JERSEY 

1937. Shares outstanding as of Nov. 20, 1937: 598,864. Price as of December 1937: $106^) 
Legal and Beneficial Holders 







Holdings 




Type and name of holder 


Number 
of shares 


Value 


Percent 
of shares 
outstand- 
ing 


individuals, personal and family holding companies, trusts, 

AND estates 


10,000 
4,084 

3,613 
11, 552 

4,583 

5,578 
3,000 
2,500 
2,500 

2,500 
1,800 

11.281 
7,796 
4,943 
3.201 
2,676 
2,650 
2,300 


$1, 065, 000 
434, 946 

384, 784 
1, 230, 288 

488, 089 

594, 057 
319, 500 
266, 250 
266, 250 

266, 250 
191, 700 

1, 201, 426 
830, 274 
526. 429 
340, 906 
284.994 
282. 225 
244.950 


1.67 


2. J. M. Forbes & Co. (customarily acts as agents or nominee for 


.68 


3. Barnes & Tucker Co. (a holding company; for details of owner- 
ship see information given under 7 percent preferred stocks. 


.60 


corporations, parents and subsidiary 

4. Public Service Electric & Gas Co. ClOO percent owned sub- 
sidiary of Public Service Corporation of New Jersey). 


1.93 


other corporations, nonfinancial 
6. General Electric Co., through Electrical Securities Corporation 


.77 


insurance companies 
6. The Equitable Life Assurance Society of the United States 


.93 
.50 




.42 


9 John Hancock Mutual Life Insurance Co - 


.42 


eleemosynary and educational institutions 
10 Yale University .. 


.42 




.30 


BANKS, BROKERS, ETC.; BENEFICIARIES NOT DISCLOSED 

12 Central Hanover Bank & Trust Co -- 


1.89 


13 United States Trust Co. of New York - 


1.30 


14 City Bank Farmers Trust Co - 


.83 


15. Old Colony Trust Co - --- 

16 Bankers Trust Co - 


.53 
.45 


17. Brooklyn Trust Co 


.44 




.38 






Total - - ■-- 


86. 557 


9, 218, 318 


14.46 







1240 



CJONOENTRATION OF ECONOMIC POWER 



Record holders and holders having legal and 

PUBLIC SERVICE 
[Size rank: 38. $5 CUMULATIVE PREFERRED (VOTING) as of Nov. 20, 
HoLDEBS OF Record 



Name of record holder 



Holdings 



Number 
of shares 



Value 



Percent 
of shares 
outstand- 
ing 



1. Sigler & Co. (nominee for Central Hanover Bank & Trust Co.; 

beneficiaries not disclosed) - 

2. Atwell & Co (nominee for United States Trust Co. of New York; 

beneficiaries not disclosed) - 

3. Fidelity Union Trust Co 

4. The Home Insurance Co 

5. Sun Life Assurance' Co. of Canada 

6. Kordula & Co. (nominee for City Bank Farmers Trust Co.; 

beneficiaries not disclosed) 

7. Aetna Life Insurance Co... - - --_ ... 

8. Dent & Co. (nominee for Guaranty Trust Co. of New York; 

beneficiaries not disclosed) 

9. Schmidt & Co. (nominee for Guaranty Trust Co.; beneficiaries 

not disclo-ed) 

10. Shaw & Co. (nominee for J. P. Morgan & Co.; beneficiaries not 

disclosed) - 

11. Boehm &Co. (nominee for Bankers Trust Co.; beneficiaries not 

disclosed)-. 

12. Dominick & Dominxk. 

13. The Church Pension Fund 

14. Massachusetts Institute of Technology . 

15. President and Fellows of Harvard College 

16. Steere & Co. (nominee for Girard Trust Co.; beneficiaries not 

disclosed) _.. 

17. Wonham Albert & Co. (nominee for Bank of Montreal; bene- 

ficiaries not disclosed) 

18. J. Russell Jensen . 

19. Juilliard Musical Foundation 

20. New England Mutual Life Insurance Co 

Total 



9,772 

5,908 
5,000 
5,000 
4,473 

4,437 
.■^,000 

3,000 

2,820 

2,611 

2.545 
2,524 
2,500 
2,500 
2,216 

2,095 

2,032 
2.000 
2,000 
2,000 



$936, 890 

566, 429 
479, 375 
479, 375 
428,849 

425, 397 
287, 625 

287, 625 

270, 367 

250, 330 

244.002 
241, 9