Institutional investors' common stock : holding and voting rights

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Material Information

Title:
Institutional investors' common stock : holding and voting rights
Series Title:
Senate document - 94th Congress, 2d session ; no. 94-247
Physical Description:
xvii, 589 p. : ill. ; 24 cm.
Language:
English
Creator:
United States -- Congress. -- Senate. -- Committee on Government Operations. -- Subcommittee on Reports, Accounting, and Management
Martin, Curtiss
United States -- Congress. -- Senate. -- Committee on Government Operations. -- Subcommittee on Reports, Accounting, and Management
Publisher:
U.S. Govt. Print. Off.
Place of Publication:
Washington
Publication Date:

Subjects

Subjects / Keywords:
Stockholders' voting -- United States   ( lcsh )
Institutional investments -- United States   ( lcsh )
Bank investments -- United States   ( lcsh )
Stock ownership -- United States   ( lcsh )
Genre:
bibliography   ( marcgt )
federal government publication   ( marcgt )
non-fiction   ( marcgt )

Notes

Bibliography:
Includes bibliographical references.
General Note:
To be sent to depository libraries as Serial 13140-5.
General Note:
For sale in the committee print edition only under S/N 052-070-03373.
General Note:
At head of title: 94th Congress, 2d session. Committee print.
General Note:
CIS Microfiche Accession Numbers: CIS 76 S400-2
General Note:
Prepared by Robert M. Soldofsky and Curtiss Martin.
General Note:
Reuse of record except for individual research requires license from LexisNexis Academic & Library Solutions.
Statement of Responsibility:
prepared for the Subcommittee on Reports, Accounting, and Management of the Committee on Government Operations, United States Senate, May 1976.

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 024536744
oclc - 02271664
Classification:
lcc - KF49
System ID:
AA00025922:00001

Full Text







94t Congrs COXXITTEE PRINT
2d Session ]






INSTITUITIONAL INVESTORS COMMON

STOCK .





HOLDINGS AND VOTING RIGTS





PREPARED FOR THE

SUBCOMMITTEE ON REPORTSB ACCOUTNTING,
AND MANAGEMENT

OF THE

COMMITTEE ON GOVERNMENT OPERATIONS

UNITED STATES SENATE










MAY 1976




Printed for the use of the Oommittee on Government Operations


U.S. GOVERNMENT PRINTING OFFICE
606-M05 WASHINGTON : 1976
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COMMITTEE ON GOVERNMENT OPERATICON8
ABRAHAM RIBICOPff, Conneetlet, 19halean.
JOHN L. McCLELLAN, Arkansas CHARLES 9I. PERCY, III1nods.
HENRY M. JACKSON, Washington JACOB K. JAVITS, New York
EDMUND S. MUSKIE, Maine WILLIAM V. ROTH, JR., Delaware
LEE METCALF, Montana BILL BROCK, Tennessee
JAMES B. A T- EN, Alabama LOWELL P. WEI KERR, JR., Connetenmt
LAWTON CHILES, Florida
SAM NUNN, Georgia
JOHN GLENN, Ohio
RICHARD A. WEGMAN, Chie COUnse6 and OWa D&retor
PAUL. HOFF, oMUnSel
PAUL L& LEVENTHAL, 0OUSOCI
ELY E. NOBLEMAN, Counsel
DAVID R. SCHAEFER, O0OU#6I
MATTHEW SCHNECIDER, Counsel
JOHN B. CHILDERS, Ohief dOwnsel to the Minority
BRIAN CONBOY, Special CounseI to the Mi*oritV
MARILYTN A, HARRIS, Chief Clerk
ELIZABETH A. PREAST, Assistant Chief Clerk
HAitoLD C. ANDERSON, Staf Editor


SuacommrrrE ON REpoars, AcowTNTNGo mw AAGMN
LEE METCALF, Montana, Chairmaon
JOHN L. McCLELLAN, Arkeansas BILL BROCK, Tennessee.......
EDMUND S. MUSKIE, Maine CHARLES H. PBRCYIllinoi
SAM NUNN, Georgia LOWELL P. WEICKER, TiL, Connecticut
JOHN GLENN, Ohio
VIC REINEMERR, Staff Dire&ctor
E. W~wstow TURNER, Chief ConMel
LYLz RYTxR, Minority Counsel
JACK CHESSON, Counsel
GuALD S TURGEzs, Professional Staff Member
JAMES GEORGE, Professional Staf Member of the Minority
JEANNE A. MCNAUGHTON, Chief Okerk
DR. ROBRjaTM. SOLDOnEY, Conasstaut














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Preceding stuiesandheaiongs bny the Subcommittee,
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icers and directors.
heldcororaton e "Disclsur ofCorporate Ownership ,"n

and sockdposi ories.Atter "Corpolusrated D scosue"o
heaing i 194,harementsf indeffendent reguatorydcoe-






sovrioscomissions andotherwtnede iencies
it evloedmoelunfom reporting requirements whihealin




affiliatiosnofofies Jandire5.
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rV.


The Honorable Abraham Ribicoff
5 Ilay 1976
Page Two

One of the principal objections raised in connection
with the~reporting of major voting interests in corpora-
tions has been that the information is not available.
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Studies by the Subcommittee and itsae onutant show thae
a considerable amount of hard data on the subject is avail-
able. More infration wiii become available when the

Securities and bExhange Commission tollects additional
data pursuant to the Securities Act Amendments of 1975
(P.L. 94-29).
Part I of thie Subcommittee's current study is the
work of its consultant, Professor Robert M. Soldofsky
of the University of Iowa, and his assistants.- It shows
the stockholdings and voting rights of mutual funds, in-
surance companies and many of the nation's largest banks
in individual airline, broadcasting, insurance, trucking,
oil and other companies. .In many instances, these identi-
fied institutional investors 7- not including self-adminis-
tered pension funds, foundations and some banks -- hold
voting rights to more than 30,or 40 per cent of the stock
in large, well-knoi, idividual companies. His data

include summaries which show the concentration of voting
rights of major institutional investors in industry groups.
Part II, by Curtiss Martin economic analyst with
the Congressional Research Service, Library of Congress,
reveals previously unavailable data concerning stock held
by banks in custodial accounts. The banks generally have
neither investment discretion nor voting authority re-
gaii ing these custodial accounts. (The iiiiiprincipal ex-


ceptions are some smaller banks.) Banks do not .keep re-
cors d make reports, regarding custodial horings, as



they do with respect to trust accounts.
The total value of the custodial holdings of those
banks responding to Mr. Martin's survey were approximately
50 per cent larger than the reported trust assets of
responding banks. Two banks -- Citibank and Bankers Trust -
each-reported $20 billion in custodial accounts. State
Street Bank and Trust reported $11.2 billion in its custodial
account -- 20 times more than its trust account. Individual
and family investments amounted to only from I per cent
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to 55 pe cet of the custodial accounts of those three
baeanks -- inclding MrganGuaranty adhi;;~;; Chase


Manhttan-- dvised the Congressional Research Service
tha thy d nt maintain records regarding the market
value of stock in custodial accounts.
iication f the major types of depositors
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todial accots is provided in Appendix B



It hos tatmutual funds, pension funds, endowments,
other ~ a (icudn oreign) banks, insurance companies
s are the ajrdepositors in the three




bans hic rported the largest custodial accounts. The
bankis te stckholder of record -- but the other in-
stittion geerally have the power to vote the stock.
Reglaed companies filing ownership information
withFedeal egulatory commissions often list the record
ownrsas hemajor holders of voting stock. This over-
stats th inluence of banks -- if the holding is a
custdialaccunt -- while shielding from both stockholders
andreglatrsthe identity of those empowered to vote the
stok n te ustodial accounts. This gross distortion of
votig inerets would be corrected through adoption by
thereglatrycommissions of the model uniform corporate
repotingreqirements. They provide for reporting the
30 ajo voin stockholders, except that any voting, in-
terst moz~ ng to less than one tenth of one per cent
of copan'svoting stock would not have to be reported.

I blive that these studies by Professor Soldofsky
andMr.Marinwill be useful to the Committee, to the
commssios, nd to the companies which report ownership
infrmaiontothem. Therefore I ask that they be pub-
cmmittee print, along with the Appendix

In loing I would like to express my appreciation
to te baks hich cooperated with the Congressional
Reserch ervce and the Subcommittee, to Vickers Associates
forperissonto reprint information concerning mutual
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The onoabl AbrhamRibcof
.;1;;;5 May 1976


Ve 'L y yours,,,
l~i,,,,D,

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PART I

VOTNGRIGTSOFBANK TRUST DEPARTMENTS, MUTUAL FUNDS AND
INSURANCExa CMAISw INCRPORATIONS, By DR. ROBERT M. SOLDOF-
SKY POFESOR O FINANCE, UNIVERSITY OF IOWA ---------l------1 1-
Letter of Transmittal from Professor Soldofsky to Senator Lee Metcalf,
charma, Sbcomittee on Reports, Accounting and Management,
and.a........... com m entary. ..... ... @@-- -- -- -- -.............
on estimating total bank trust department holdings ofi
aiiindiviidiai commostok o th biis ofsple of the portfolios---- 7



Figue I-ercetage of bank trust department assets held by the 60
300lrgestrut departments ranked by size ----- .



Noteon ummay o total trust assets of commercial banks available for
estimtes.o.ho.dngs of common stoc.k by trust depatments .......---.



DIEVERSE SAMPLE COMPANIES
Percent of stock held, with authority to vote, by financial inter-
medirie atendof 1974, ranked by high concentration in regulated
m.ie (mual funds) at end of 1974-....
Pacen of cmmon tock held, with authority to vote, by financial inter-
of 1974, ranked by high concentration in bnk trust

Reguatedinvstmet cmpany (mutual fund) holdings, with authority
to ote indivrsecopanies favored by mutual funds in 1974 -------- 1






Averyn Productsic1




Data Geeral- e2
(. VII)



Fleetwood Enterprises 22
F!exi-Van_ 23

Fg Sfy-.2
Generl Auomatin- 2
General Dynamics--- 26~" *r~,r
Great Western Financial-- 27
29~
House of Fabrics-- 30i:;,, ;' ~t
Im 'a Corpratin of meric-- 3
Je~e'ren Pflct---- 3
Jim Walter_ 33~~'l Ul
Kidd, Water--- 3
Martin Martjettas____ 35




Nationai Airiines__ 40n
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Regulted nvestent ompan, et.-Coninue




Ogilvy and Mather-.. 46
Parker Drilling-. 47. .. .. .. .. .
Payless Cashways- 48...- -- ---- --
R a y c h e m --................................... - -
Rowan Companies. . -- - - - - - - - - - - 1
ooooooiiSambo's Restaurant- 5;2 -.


Seattle Trust and Savings-.. ... .54 .. .
Security Storage-:-- 55. .. .. -. .. ..
Service Master 75
Standard Security Life---- 58. .--. .... ..
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oo U.S Leasing Internationaol--oooo 2,
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Varian Association- ................. i63
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Veiti o Offshore-ii i ......... I4

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Insurance company holdings, with authority to vote,indvrec pg s,





iiiiiiiiiiiiiiiiiiiiii~ ii'i Aiiiiiiii ....... .............. .
Avery Produts-- 68...
Babcock and Wilcox- 69
Baker Industries-.. 70
Brush Wellman 71 .
Fleetwood Enterprises-- 72
Flexi--Van- 7
General Autom ation- 74
General Dynamics- 75...
Great Western Financial- 7
H ouse of Fabrics -- -- - -- -- -- -- -- -- -- -- 7
Imperial Corporation of America 7
Jeffrsn Pilt-----. so. -.
Kidde, W alter----.. ..: i .. io .. .. i=
Martin M arietta-....: ......... i ......
Medtronic.t 83.- .L. ...
Microwave Associates-......... .. ....
Miiiiiiii8 5illori: .'== ................... .iii .... -
N ew E ngland N ..l.........................6. .
Ogilvy and Mather international 87. ..
Parker Drilling Company-. 88. .. ..
Raychem Corp--0 0: .......... 89 iiiiiiiiii ..
R owan Com panies --------------------------------------------- 90
Service Master Industriesoo.. --............
SetaPhysics-. 92. .... .... ..
F.A.L. Inc-. 9...4..... ......... .. ..
United Aircraft----- 9.... ..
U.S. Leasing International
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Varian Associates........ 97
Vetco Offshore Industries- 98
Selected bank trust department holdings with authort< ovter i,
verse companies 1:
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ACF Industries-... 1
Avery Products- 0
Babcock and Wilcox- 0
Baker Industries--- 0
Brush Wellman- -10
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Data General 10
Fleetwood Enterprises.. jo7... .
Flexi-Van--- ... ..168.. .. . ..
SSee legend regarding bank trust department holdings on p.99
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Bank trust department olding% etc.--Cont:nue

......... .. ............... .... 1 0 9
Generalwwmmamyanm Autmaton 11
Great Western Financial- 112 mm











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House of Fabrics-- 114ril ri












I pira Corporatiiiiiiim1i5iiiiiiiii i '
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Kidde i, W alter----- 117ii, ;ii~




Martin Marietta ---- 118









Matriaxi11
Mercurym General 121eywomemm
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Nationaliewmy Airlines_ 124









New England Nuclear---- 125ada
Northwest Airlines-_- 126,iliiiiiiiiiiii

















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Oglv and Mathe Intrutina 1e28mnsn199


Ra ch m 131~em nm e om n.m; m:a

Rowan~a Comanes_13
Sambo,'s Restaurants-_- 133
Seattle rust&Svings--134
Security Storage--- ,135
Sr13
Spectra Physics_ 137

Varian Associates ----------------------------------------------- 14



Ve Ofsho e I dusrie -- --- ---- --- --- --- --- --- --- --- 144
W U 1 - - -- -- --- - -- -- -- -- - - --- --- - -- - -- -- -- -- -- -- - 14 5
Reuae netetcmay(uulfn)hligwt uhrt
ted1
E m ery In ustry -- -------- -------- -------- -------- -------- 146
Ge e alR in u an e-- -- - -- -- -- -- -- -- 14
T R W - - - - - - - - - - - - - - - - - - - - - - - - - - - - 14 6
T ran e -------------------------------------------------------- 147." .....


X erox -- - -- - - - - - - -- - - - -- - - - -- -- - -- -- - - - -- -- 14 8
T ayl r W i e -- ---- ---- ---- --- ---- ---- ---- ---- ---- --- 148
-14
M erck - -- - -- - -- - - - - - -- -- - - - -- - - - - -- -- - - -- 14 9
C ontrol D a a -------- ---------- ---------- ---------- ------- 15
N ation al St el ------- ---------- ----------- ---------- ------- 15
C o lt In d u stries -- - - - - - - - - - - - - - - - - - - - - - - - 1 51u
Burroughs ---------------- 1,1o~o;,,;oo~o

- - - - - - - - - - - - - - -
M idd e L out U tiitie .. .... .... ... .... .... ... .... .... 15
U p io n - - -- ---- -- -- ---- ---- -- -- -- ---- -- -- -- - 15


F erro -- ------- ------- ------- -------- ------- ------- ---- 15






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Ratedinestmentc holding- with authort t vote
B o e in g - - - - - - - - - - - - - - 5



N.ort...op...
AmericanH P


In sranc e co p ny l 'ing si authority.............


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Ge( neral Ren ua nc - - -- - - -- - - 5




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TIR WO --------- - - - - - - - - - -11 8






..................................
H erculeso ------- - - - - - -15




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Co t o D aax .. ---..---- - - - - -- - -- - 5


Middled b n rSo eat en odutho Utloie -- --------------------6
U p jo h n - - - - - - - - - - - - - - - - - - - - - - - - - - - 1. .
F e r r o - - --- - - - - - - - - - - - - - - - - - - ........
E astm n K - - --------- ---- -


Avon Products--------- ------




N aioinaliiiiiiiikii
UI e m.B ....M - - - - - - -- ......
Pepsiio --------
- - - - - - - - - -
Sout~hern California Edison-- -- -- - - -- - -- - 13
IBoeing-- - - - - - - - - - - - - - 16
American Homne Producte -------------- ---- 6
Sunbeam - - - - - - - - - - - - 6





E s............................
Seetdbn!rs eatethlins ihatoiyt oe n
E mr!n u t i s- - - - - - - - - - - - 6
T R!- - - - - - - - - - - - - - - I
N o t r p - - - - - - -- - --@ -- - - 6
T r n - - - - - - - - - - - 6
X e o - - - - - - - - - - - - - - - - 6










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lar es institutional ~iijj~~~iiiiiii~j~iii~ii= investorsl -- -- - -- - ------- ------ --- 19
Detild lstng f nstitutions (bank trust departments, mutual funds,
insurncenes) holding significant peritage of airline stockssiii

Mutal un hodigs, with auhrttaity to vote,inindividual airlines ---- 199
Ale h n .Airlines..------ .-------------.............. ........- ---- 199
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Amria ne ------------------------------------ .- 200






.... ................. .... ..... .. ... ...... ...... .......... ... ... ... ........... ............................... ..-. ............................ ........
B ra I te na ioa l ---- mm mm n & ---- ---- ---- ---- ---- ---- ---- --- 201

Continenta Airlines -------------- ------------------ 202
E mery.. .. .. A.......... . 20iiiii
N r w s A r n s - - - .... . ...... ....-- ... - - 206
Pan Am rian W orl Airways.. . ---- ---- ---- ---- ---- ---- ---- 207
TAi es-... -..... "- .. ....... ........... .... .... ...... ....- 208
U .A .L .dam Inc ---- ------- ------- ------- ------- ------- -----20
W estern Ailines ---- ---------- ---- --- -- --- --- ---------, .. 210
yholdigs with authority to vote, in individual airlines 211
Ale h ny A ri es - - - - - - - - - - -- 211
A m er can A ir ines --------------- -------------- -------------- 212
... ......B.ranif ....... i..o. .. ----------------------------- 213
...Continental.............. 214





Delta Airlines- 215i
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Eatr iln s- . 2 & .J . . .s . 216
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..................r y .iiii ........r..... 2 1 7


Western ...Airline 2... 21
Selcte bak tustdepartment holdings, with authority to vote, in

AlehnyAri es- mm ~mm m mm~ m. 222
Americ i Aiiiiiiii 222

Braniff..-- Inentinl 222

Cotiena Airlines~w w w am 223
Delta Airlines-. .... 223
Easternw.,wwwa Airlnes 223
Em r i reight-----. .. .. 224
Naioa Airlines~.. .... .,. 224


Noth es A rlines---vsor .... .. . .. . 225
Panuo (mrna World Airways--- 2u2u5l funds,
I

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Tii Itrntoal- 225n infcatpretgs fbodatn
Trans World Airlinesiiiiiiii





Western Airlines----, 226l; ;
6oncntrtnof tockholings utoitn broadcating inidvdustry withaucthoity
1W ot bylages istitutionalpinvestors-.. .. 227
Deaiedlitig of instituttions (bn trus 231tm mta fns
-.4suacncmp nies)holiongsnicatpreaes ofboacstn

.ng.. ....230

CBS- .. 232


rpomesoo Enterprises-- 237
See legnd regrff bauk trust department holdines on p. 319.




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ci ng rompa n ies .238i ........ .....
American Broadcasting Company-. 28
Capital Cities Communications_-
Combined Communications ------




i R O A .................................... iii H=== ==== "i= =" '= ..... ....
Taft Broadcasting_ 244
Wometcoo Ensterprises- 245
;INSURA
Selectedraonk trust department holingsur
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vidual broa dcastingicompaionlivesoI-----ii---i---iii
aie Cities Co mmi uni cations --------------
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Combianed Communica)tholdns ---------------------- 4
Coxua Brd oadcsings ---- --- - -- -- -- ----- -- 247oit





M....ia.. - - -- - - ------
A om eica GEnterprse -- -- -- -- -- -- -- -- -- 2








.........i to o d n .
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ONAiiin ...ia.....
Conntrationfutoc horldig inInsurance inutywthahotyo
v o ntebnlresta institutiona in etr -- -- -- --------- 25




Detiled listing ofsti o b t d muu n
insrancei compIsuanies)hligsgiiatpretgso nuac




iiiiiial fiiiiiiiin gsniii winn....... a i tii
Gomericn Genea Imslo ae -i



IiiNiiiii '. H ....... ...........
J efelin -P lo t .............................
CnT (necticu Gn eal I nsuran ce --------------------)5
i Ciontiii Corporation -- ---..-
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Cru man d Foseric -- -- -- -- -- -- -- -- -- ---on
UnS Rieiitysiance Gu-

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GovernmentSEmployees Life ------------------- -
WL in gtol n National-- - - - - - - - - - - -- 2 6
Aet(Natoa Life and Accidenty --------------.6
St i Peaurl p isu c --
oTransAe ricaL Cop rto -- - -- - - - - -7
F ideli ty ai nd Guaran ty------ --------- -
U .S. m n E p oy e Life -- -- - -- - -- -- - -- - -- -- - -- 7
Inurancie mayholdings withpautoiytnotiyniiua nurn
Sc au ompanies - - - - - - - - - - - - - 7
Trnnmeticut G a
US.F delit Lifndsurance- -
Gulfifhnte Holding Compan ---------- ----i

T ralegnsa m eriard n ----- ----- ----- ----- ----- ----










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dividu1l insuancecompnie ------- -- ----------------------- 280
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Am eric an G e l nranee - - - - - - - 281
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Capto Hldng----------------------- --------------- 282
CNPA F n n i l- - ------------ I -- - - -- - - - 2831




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ConnctiutGnera Inesurance ------------------- 284
C o n toino rn tio - - - - - -- - - - - - - - - - - - - 2 8 5




F ra nk ln .Lif...... I r - - - - - - - - - 2 8 7
c-era Renuac ------------------------- ---------------- -- 288










...............Ni.. .' '= .... .... ... . . i 2 9
Linco n...... ......... ------------------ - 0--- ------- ------- 292
N T (N tin al Lif e anti tdAcci de(b nt) ------------------------------ 293











iuh o t to t e .i. i;.i i i i ii.ii.ii.iiiiiiiiiiiii ..............
St.Paul ompanies ----------------------------- i-- -i----------- 293




........ ... : ::. .... ..............
Tr n a e ic - -- - -- - -- --------------- 296mm em n m m dm m w m


Trvees ------------------------ ------------------------- 297











U .S F id e..lity.&......n......................... . ..... ..--- ... 1

a B . . . .. ....... ....... .......... .. iiii .............. .... .i 3 18iiiii iii
U S. Life ~~---- - - - -- - - -------------------wmmp 299mme my




W as ing on Nt io a ---- --- --- -------------------------.. ...-- 3800

Concent ato ofoi nduty tc holdings, with authority to vote, byidiiua




Mutalfu d thodns with authrit tovti ngvdailcmais 308
A s l nd O l -- - - - -- - - - -- - - - 309
C on ine ta M ------------------i---- o------- ------ 3
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d a n ....... .................................................... ... ................... -."
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t iiim o ..................................... ... . . .
Insurancecompay holdg .-









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can.... ..;~ iiii.i.i
Mobil O----
M ur p hy O i - - - - - - - -
,mmewmewwwomewwwn
Occdental Peroe m -- -- -- -- -- 4
hDilps Petroletum-- ----- - - - - -- - - - - 3 6
S andard Ol of Calfona - - -- - - -- - - -- -- 4
Sandard Oil ofIniana - - - - - -- - - - -- 4
Sandard OlCompany o f ho------------------ 5

Union Oil ompinm ofnCa lioni ------------- 5

Seleced bnkdrseprmn holdings, with authority to vote, iaindivid



Com onea lth Oil --- -- -- ----- ----- -- -- 5
Continent al p O - - -












E x x on -- -- - - - -- -- - - - - - - - - --
M urphay OinteC torp -- - - -- - - - ---- - - 6

S ellow O ri h ---- -- -- -- ---m 7
Stndar c Ompln hofC ldifg wthornia --- -- --- -- ----- -- --- -- -- --- -- 37
Stnoldared Oi frenihwana------------------s7



Cocentatin ostoc~khodnsiituknnusrwtgatoiyt
vo e, y ag est irnstoitu tionaliv so s-- - - - - - -I- 7


l re nd eway rdn banspo r ut -- -- -- -- -- -- -- -- -- -- -- hodi ---- 38119










R~yde System----------------------------------------------.--- 3981
SmthsFranhtsfer -- - - - - ---- -- ------------------- 399

Selcte bnk trust department holdings, with authority to vote, in
ind~ivda trucking companies:
H Cosoldated Freightways ---------------------------- 403
-an_ -----------------------40
Leasey Transport --------------------------------- 405
A.Mce.. Trucking -------------- 406
...ants. i---i-------- ------------------ 407
Overnight Transportation --- 408
R a w y Express - - - - - - - - - - -- 409

Trascn Lines -------------- ---- -------------------------- 412
....s.y International - - - - -- 413
Yellow Freight System ---------------------------..- 414

PART II

SURVEY OF6 MAJOR BANKS COMMON STOCK HOLDINGS AND VOTING
RIGHTSwom (ICUDN USTODIAL, CORPORA'TE TRUST AND CORPORATE
AGENY ACOUNTS) BY CURTISS MATINrr, ECONOMIC ANALYST, CONGRES-
SXONL REEARCH SERVICE IdBRARY OF CONGRESS -----------------_ 415
Leterfrom Norma Beckman Acting "Director, Congressional
Rsarch Service,Lib1rary of Conhgress, to Chairman Metcalf, Jan. 23,
1976--. .. . .. . .. . .. . .. . 417
Su m ary and Findings. ----------------- ----------------- 419
Bakground: Description of the Survey Procedure and Responses 424
Qua itative Findings -------------------------------------- 427
Data Problems: Market Value and Voting Rights. -------- 428
Definitional and Categorization Problems. ----------------- 431
Quaftitative Findings by Category of Account. --------------- 435
Trust Accounts - - - - -- - - - - 436
Custodial Accounts. ------- ------ ------ ------ ------ 440
Corporate Trust, Corporate Agency and Othe Accuts --- 443
Laist of Tables:
Table 1: Common Stock Holdinigs of Commercial Banks
Responintlg to Survey Letter --------------------- 437
F W Table II: Custodial Holdings for 23 Banks Responding to


PART HII

INVSTMENT COMPANY MANAGEMENT GROUPS AND HOLDINGS
N sriutonof assets of U.S. and Canadian investment companies by
spo so a d/or management. --- -- --- -- --- -- --- -- --- -- -- 451
Th frs 10U.S. open-end investment companies. --------------- 463
Thefist25U.S. closed-enO investment companies ------------- 465
Th frt 5Canadian investment companies -------------- 466
Ta-feeexhange funds by dollars --------------------- 467
Dtil exa ge funds by dollars - - - - - - -- - --- 468
Du l-uroe funds by dollars --- -- - -- - --- -- - 468
o adiv stment companies -- - - - - - - - - - 469

APPENDIX A

1. LtterfromChairman Metcalf to Lester Jayson, Director, Congressional
AeerhService, Library of Congrsrqetn R uvy
"Spebr 19, 1975- 473,rqusigCR uvy
Ld~ter romCurtiss Martin, Economic Analyst, Congressional Research
Servf beg thist.kfks requested to pairticipate in survey ------------ 474
2 Se lgen regarding bank trust department holdings on p. 319.








Response from banks to iMr. Martin: e
Morgan Guaranty Trust Company of New York. ----------- 476
First National City Bank,. New York -------------------- .478
Bankers Trust Comay New York --------------------- 479
The Chase Manhattan BakN.A., --------- ..480
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Meon Bank N.A., Pittsburh -- 48ii

United States Truist ofm ------ 248
Manufacturers Hanoverlrs Company, New Ne-------- 487
Bank of Ameries, San Francisco... ------------------ 489
ir Harris Bank, CIago -------------- 40

The First National Bank of Chic... - 493
Continental Illinois Corporation, -------------------- 496
National Bank of Detroit-. ---- -- -- -- -- --- -------------- 498
Chemical Bank, New York ----------------------- -------- 501
The Northern Trs Company, Chicago --------- I.---- 5W8
The First National Bank of Boston.. ------------------- 505
Wilmington Trust Company. --------------------- 508
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Cleveland Trust----..............-.-.-.-.-.-.-.--.-.-.-.--.----- 509
The Bank of New York -.------------------------------- 510
Wells Fargo Bank, San Francisco ----------------------- 511
Security Pacific National Bank Los Angeles -------------- 51
G irard B anki Philadelphia.................................... .....
United California Bank, Los Angeles .....
Crocker National Bank, San Francisco -------..... ....
Irving Trust Company, New York. ... -----------------, 518
Provident National Bank, Philadelphia.... ---------............ 5 19
Washovia Bank and Trust Company, N.A., Winston-Salem... ----- 50
National Cit Bank, Cleveland ------ ----- ----- ----- ----- --- 5 1
Meranil-SfeDeposit and Trust Companly, Baltimor~e --------- 522
Pittsburgh N ational B ank.iiiiiiii ................................. 5
Detroit Bank and Trust---------- -- 527
The Fidelity Bank, Philadelphia --------------------------- 529
Trust Company of Georgia, Atlanta. ---------------------------- 30
Fidelity Union T rust Company, Newark. -----------...----- r-- ----- 531
Hartford National Bank and Trust Company. -----------------.---- 532
Manufacturers National Bank of Detroit. ---------- .-------------
American National Bank and Trust Company of Chicago,----------- 536
Republic National Bank of Dallas ---------------------- 539
The Banlk of Caiona San Francisco -------------------------- 540
First Pennsylvania Bank, Philadelphia -------------------- 542
LinconlaFirst Bank of R c eter .... ----- ---- ----- ---- ----- ---- 544
The Citizenis and Southern Natinal Bank, Atlantal,. -------------- 54
State Street, Bank and Trust,13so -------------- ------------- 547
First National Banik of Minneapoli ------------------------------ 548
Northwestern~ National Bank, Minneapolis_ ------------------------ 549
The Connecticut Bank and Trust Company, Hartford -------------- 550
M ercantile Bank St. Louis ------- ------ ------- ------ ------ 553
Fiduciary Trust Cmay of New York. --------------- 554
First Natfional Bank in Dallas. ------------ ---------------------- 55
American Security Bank, Washington, D.C --------------------- 55
The Boatmene's National Bank of St. Louis -------------- 551
New England Merchants National Bank, Bostonk ---------- -55
First Wisconsin Trust Company, Milwaukee-
Rhode Island Hospital Trust National Bank, Prdvie; -------e6
The Central Trust Company, Cincinnati. ------------- 56
The Indiana National Bank, Indianapolis ------------- 6
Seattle First National Bank.. ---- -- - -- ---- - -- -- 568
.The Toledo Trust Comipanyi --------------------- 570
The Fifth Third Bank, Cincinnati -------------- ---
Lloyds Bank California, Los Angeles --------I---------53
The First National Bank of Atlanta --------------- 574
The First National Bank of Denver ------------------- 578
Central National Bank of Cleveland ------------ 584
The Riggs National Bank of Washington, D--------... 48
N orth C arolina N ational Bank, Charlotte ------. 48
Bessemer Trust Comp any, Newark. ---------- --------.... ... $
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(One bank, Marine Midland, did not respond to eithrtergnlr
followuDp letter from the Congressional Research Service)
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LETTER OF TRANSMITAL
..........iiii;;'~ii ...... ..,, iiiiiiiii



THE UNIVERSITY OF IOWA,
.COLILEGE or B-tSINESS AMINISTRATION,
EPARTMEIN-T OF BUSINESS AomimiisTRATIoN
Iowa ity, oiiiiiiiiia, March ,1iiiiiii7i
Hon. LEE METCALF,
Chmohman, Subcommittee on Reports, Accounting and Managenwnt,
.Oofansittee on Government Operations, U.S. Senate.

repoft onl institkutional i -vestor's common stock holdings as of the
end of 1974. One especially noteworthy feature of this study of 146
ii idual companies is thedistribution of the voting rights stocks
held: by bank trust departments into the classifications of full voting
rights, partial votingc rights and no voting rights. The basic informa-
tio from which this part of my report was compiled were eports
.;iiiiiiiiiiiiiiiiliiiiiiiiiiiiiliiiiiiiiiiiiiiiiiiii ,iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii V




prepared by national banks for the Comptroller of the Currency and
rep erts furnished to me directly by a-number of State-chartered banks.
UThe 146 companies were selected for study on two bases. Onxe group
weva seleeted because these companies -%%ere known to be favorite in-
MAittionai holdings in terms of the percentage of the outstanding stock
in a company held by bank trust departments, regulated investment
companies and by insurance. companies. The second group was selected
on the basis of activities in one of the, five industries selected for
study because of intense public concern with its organization and con-
trol. The airline (15 companies), broadcasting (9 companies), insur-
ance (21 companies), petroleum (23 companies) and trucking (12
ca~mpanies) industries were those selected for such special study. Of
course, there was some overlap between these two groups.
The report includes both suimmary and detailed tables showing the
institutional holdings for both institutional favorites3 group and the
industrial groups. TIhe potential for communities of financial interests
that either exist or may exist in the future, as the same major financial
histiutiong have significant stockholdings in the same companies in
tlt3~d melyndusty, merits continuing public attention.
ii,







I~iN





10ftly Stra,6 c lp ini y and 'oplet' public disclosure of significant holdings
of common Eoek by institutional investors can, in my .opinion, prevent
undesiiible practires, assist in implementing- existing regulations, and
contriibute to tbe formation of appropriate public policies dealing wth
the con'centtation' of stocksJin the hands of institutional investors. Ex-
isting' problems: in' this area will continue to -orow and new problems
may eveop s the extent of institutional holdings expands through
the remamtder of this century.
wq









S 1incerely yoursi
*' .ROBERT M. SOLDOFSKY,
Profesor iiiiif Finance. i
(3)




; ii~; iiiiiiiiiiiiiiiiiiiiiiiiiii;; iiiliciiiiiiO~iiiii iiiliiiiiii =


INSTITUTIONAL HOLDINGS OF COMMON STOCK AT THE
END OF 1974
This study of the institutional holdings of common stocks of widely
held corporations is the third of this continuing series that has been
prepared from both piiiriiiy -iand see' idi materialsPo
folio concentration ratios as of the end of 1974 are presented for in-
diviiiiiiiiiiiiiiiiiidual stocks. Saate tabulations of institutional holdingiiiiiiiiiiiiiiiiiiiiiiiiiiiis are


presented for these stocks as well, as several -forms of summary
presentations.*
The evet that made this-study possible was a call upnthe national
banks by the Comptroller of the Currency to submitsceus hw g
i ,,,iiiiii iiiiiiiii
.iiiiiiiiiiiii









in prescribed detil thassets held by their trustdepartmentsasofthe,
iend of 1974. Copies o hese bank trust department po io became




public documents and could be reproduced or~read by the public at the
OiiiiiiiiiiiiEe of the Comptroller. Detailed information" for the stoc




by regulated investment companies (RIC's) and insurance quampanip
iiii,,:ii iii:,,!,;;,;;, i










(INSOOs) are available. in regularly published comumercial sum
xi







The maior omission from our summaries are the common stock he -
ings of State and local Pension funds. The market value of such funds
was $16.8 iililon at the end of 1974, which was up from $4.8 billon
the benchmark for 1968 data -used in the first study.".
Institutional holdings of common stock continue to grow steadil
mneasured relative to the total market value of traded, stocks and
measured in terms of the high portfolio concentrations of individual
company' stock. The institutional holdings as a- percent of the toa
market valu of common stock for recent years are as follows:
[In percent]


1970 --...---........ ---------------------------------------------- 27.2 X 9
1972 -- - - - - - - - - -- - - - - - - - -3 8 4t
iiiiiiiiiii...................................... .................. iiiii. . . . . . . . .4- M



"17Fact Bo"(New York: Now York Stock Exchange), p. 52.
2"tatitclk Bulletin,"op. tite, p. 439 for 1974. Data for prior years jomgputgel from ssrame W -
Withn te list of 146 stock reviewed, in this study, i.8 2,e mr
P'lan 40 percent of the shares were held by institutions'and inanj)
27 cases the total concentration -percentages, merex ebweea
percent. No search: was made to locate those stocks for whic~h. t r'ust
department (BTD) holdings represented. an especally lar'ge pret
.PM














xI wish to acknowledge the assistance of Shyam BhandrlifG. 1'.Naiud Thomas W
Schnack and Thomas R. Schneewels to the preparation of Ae detailed tazilation* kad
summaies'Professor Edith. Xnnis, Administrative Coordinator, -BureU of *alea ad
Economic Research, was most cooperative In having the lextengivt. tables typed dnirtng a
period that the workload of the unit was already very heavy. X Wls wih to acknw&edge
the assistance of the Computer Center of the Univerit~y of Iowa for their R*nerous
assistance.
SThe earlier studies are : Robert M. Soldofsky, Insfiestional 41,fag of Cmmo
Stock-1900-2000 (Ann Arbor, Michigan: Graduate School of: BusinebsAi nstain
TUniversity of Michigan, 1971) U.S. Renaes Committee on Government Oeafations, ~s
o,,,i,,,i .........

closure 10 Osvnrs)Wv (ashin ;on: 1978, Senat Documet 93-zu
an xhneCmison a 95 .49










age~~~wr oftepln tc fane indiidanl trutmpanyattheenda ofti1974
The detaileddo stok o
; iiii iiiiiiiiiiiiiiiiiiiiiiiiiiiiiii;=i,,,



thoritorovotingah summaries of hli hodings aI
based'upothoseshres.pfor whic nreprted ful vetin


thority ~ 6 onyrTe aetnt lato whichpartalc voting audthrity a iused
thoe ssesonwhchstockholders vote and on whic it is used y theu
persns wose tocsae placed in bomanktrst theprments longtine top
reurprtaddtyeailoed sthuldy.n mai Teprcn
The ftta1 reported inlues summriesg of tholig comfo RIstoc hD
and WSCO9 i set mindiviual companesn.Twdifrnsumy
formaxeusedto epr pommrtoioe concetsoreatin for h selected com-
...... in t e a r i e r a c s i gi s r n e iil== and::::::::::: tr c ing "iiiiiliiiiiiiii indusii

'T~~~~ he firsttag of t-thonese summrie fohacefthfieidusty groups
show*thenmes fro the portfolio copanesrceintclas alon the eratops
of th, coumnsand thenae of thes tlholdngistittion bymltype andal
phabeticall wihi type -alo ng the lef-ands mrin.tttoa The perenag
n 8,d 1cellreportsthprentae of thedi commonstheld

in,~ ~~uttndn eachofth company byr eahistttocweaha mu ti enerally
abofO the aritarlyseomnimumofk 1 ereint.c f h omai
The~~~in suecois nd of thesieutr summaries reot oaecrfteseetdcm
pmues ~ fo inca indsrth eengmot common stock heldnby oclass
ii











abov. Te rghthanosieref this tuable rspowsthed cumulaiv per-
Seoschdy 8 a rest in sti ut iional hodl
each type andl the 4, 8,ad1aret hoblders irreBsDpective of thir in-
stitt oa tpe.Ins-iaor cases fewe thng atweilvnes nN holder ih1pr
cent ormoe-oeteousaredinglstock Thf thre ompan wer loctied. Thbe
number ndperento theocommorstoc hemld inro ahofth companies adt
p .I-n iiiiw iiiesiihen itiiisiiiiiortioiiiioii

included ~ m in the openrsegssummarrous and in the industry umre r
~~~~~~auain finstitutional holder covre bythotuytr repore.Tufrex-e
thee theciiiiiiidiniiommistois o r id iseduil icr niiiiiii
i~s

detail bles wtin whthe st o es f stuodins of aieenber
epaat set oftabes for RIsheouttldings cmo t of airie anN cOold
werprpardfrtevtwopdierste seample goup the IcompanSCOs and for
the~~ fieinutherus.Iafew comanies, dwhnt the sam prcetfoi com-e
rst ~ on of thee two general summaries ofprflocnetrartewions
started,97 with, Yohe Wiesenberger "10vPercent ClbLst."rTics list





6

ithe most highly cnonentrated BTD portfolio: holdings a of M9
according to the,"Institutiond InveandeeSfdy Report." A ceoaven nt
list of these companies was included, in "Diseo~ure. of Gary retA
Owronrhip.1"* In this new research .37 ncmpanies, with portf*,Uo cob.
centrations ratios of 16 percent, or above in 1969 were restudiedO
Our iiinitial studies of the movementsi bi Portfolio coameoth



ratios for individual stocks over a period of years suggests! stonly
that these individual concentration ratiois are quite volatile.. he 1899
list of highly concentrated BTD holdings of common stocks isn ot: a
desirable starting point to search for highly concentrated portfolio
ratios as of the end of 1974 but no other starting point is phacti l.
Resources were not avail-able to -study the, holdings of the :sev al
thousand companies whose stocks were held in the limited number, of
iiiiiiiiiiiiiiBTD 1974 stock portfolios available for study...







A separate set of exhibits was prepared discussing the problems .of
iiiestimating the total holdingsiiiiiiii of individuaii commiiii sis hdiii biiiiiiiiiiiiyiiiiiiiii







BTD's from the sample of large national and State chartered banks
used in preparing this study.
In view of the limited amount of information on the degree and
growing extent of concentrated institutional holdings of common
stock, even the limited scope of the present results merits some atten-
tion. This study may be one of a series of benchmarks for future-
studies and for the formation of public, policy concerning disclosure
oft institutional holdings and. further restrictions on the legal. e..m.
of concentrated holding in a, single firm or in a group. of related firm.
_,,siiii





















House Document 92-64, eight parts.
G Disclosure of Corporate Ownership, op. cit., 349-360.
iili'
















i~~~~~~~i~~. ....................................................
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iiiii




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=iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii,, .i






iiioiStock on ther iso theso w
~~~~ ~~~i iiiiiiiiiiiiiiiiiiiiiiiiiiiii~i;iii~i~isi i i ii:;
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Sampe of thePortfoliostta a
13iiyRobet M. h0;iodoabo iiiit
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Areit h n f17 oe90cmeca ak ihed$7.iiiiii i eiiiih
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i 1;;;1;; ;;;;11;;;;;ii ii i ;ii; iiiR i ii iii



lionofastiitertutertont Wv e had a s







ie. vg
The 6 coplet porfolis covre banks whos tnroust departmen
absolute ;e;bou 497eren of the. toalofaiiiiil biaiiisi..
trus deartmnt.BTD assum. Thet 25 lares arag thad 51.8per
centof'te ttal rus hdeprtmnsht assets Our sampe include
18 c mp e e o t ol o a d fo r p t 5liii~;iiiiiiiHiiiNN HH iiiH HH"i i H







largest bni ouprtal porio reos ent.i b lightl







...................ass et s iiad i tiio ni o the iiii erhcent
nomreieedderesntabut60pe

partment~BT~ aset hodanteh2. ercent of otrhetotal asoha
all ~ ~ ~ ~ to10lags banks u oadicuigte10hl abou 76.4 percento
all ~ ~ ~ ~. on ses Te30lres hould 90.3oter2 percentofteoal
These ~ ~ ~ ~ ng BDasthligconent oprationuv sar shown asn igre
1ocnrtos and 2eutn inth oloiniags

Even houg the otalasses fr eachwed and goropf BTDswhe ar
know, te reat've nd boluehie s of cetheir sotockholdng are

not avilable Wem st assue that onl the averagethe baksinou
sampe hve ommn sockholding tholdng are th stocks exlthavrg
of 627 perent fral eport.2 Thee ishothings tof baeickhi ssm


total ~ ~ ~ ~ oc stcbylig f so the 30basis ofxourneroi assupton
bank ~ ~~ .dn holdl.ngs whis is.5. percentag pont grae ha ti
for ur smplebank .def neiould add thanother 27Thren (16.pdi
vided~~ by6)thh odnsoldng any corpontionvatock esinclddi
our detailed listing of concentrations, the resulting estimate may;;";;'""""
be rather good.1;/I,,:~, ,il,,Nriiiil, ;;ii;;;




The use of specific nstance wil help to ilustrate te construc

cent. The estimated holding by all.BT;lll~llBs is 7.5 percent or halfosa~
moretha theholing idetifed n th saple Theexpnde

or extapolaed totl BTDholdigs is consrvativ estiate o




Ai,












what the total is likely to be becauawlt-Iff based upon the 300
bansh whose trust department assets ar et 90S of all B D assets.
We have very substantial confidence in th waoitinates that mifht
be made for the 100' largest beaks because Oeir portfolio selec-
tion process is more likely to be aimilar to those of the BTD
l ii iiIiiiiiiii iii i ii iii; ... ............................................ ..... .... .........................................




iiiii i


iportfoli iiamiiin in ii

There may be rather large concentrations of the stocks of small er-
companies which have not been identified in our studies. The stodk
portfolios of BTDs about 100th in rank order may be in the range
of $200,000,000 to $300,000,000. Even Me.about 300th in.
rank order may have stock portfolios of -W,000,000 to $50,.000,000
or more. If a BTD with a U200,000,000 stock portfolio -inenst oane
percentr of this amount in a ecommon stock it would hold $2,000,000
in the stock of a particular company. That-amount would be 2
earcent ofa company whose caommon stock had a market value of
$100,000,000 or 4 percent of a $50,000,000 company. Under these
circumstances concentrated holdings of 20 percent or more a singl A
company's outstanding common stock could easily have been missed
and undoubtedly a goodly number say something likely 25 to 50
have been misseed for just this reason.















1Trust Assets of Insured Commercial Banks -1973 :(Vashington,
21bid, p. 6.
im~




i~i~

iii iiiii iiiiisiiiii,,,,U~ ~~i,,: ,~: iii:;
iiiii iiiii iiiiiii:iiiiii iiiiii, ,:i ,N ~ i iiiix ii, ...............................................
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ssiiisiiiis~;iiiiiiis;,iiiii ......

































. ... .
Figure

6w. 07






4 44 0Z


43 3 0 "' z
I '1 -'












20207











0 10 15 20 25 30 35 40 45 50 55


Nmbe of (Lrget Bauk Trust Depa n.,,-+-n rt-ments












SA10



































10 ~ ~ ~ Fgr 206 08 0 2 4 6 8


PERCNTAGEr OF (LaresK TRS BEARTETASESHLDB H
3 A Trt DEPARTMENTS


















1002 io



90i- 9



401* &0z


?02 in~;'; ;~~~R;


W 60'A 6M,



502-i,, ,,


40; 401"


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i;;;r~i; i~i~lllllllllll I i~,,,e,, i202,


;btii E ""'a""OillL;; "1' 'loti



102040 0 4 10 12 14 1,40 a;F 0 20 20 I

Nube f Lagst Bn
:Ili" Trust Departmezlts i'li, i











iiiiiii iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii i
i[ i~ ~ ~ ~ ~ ~ ~~,iiiii==iiiiiii;, srir--r:::: ;;;;;;;;H iiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
T 9S IMATES OF HOLDINGS OF COMMON:.STOCKS BY TRUST DEPARTMENTS.i






iii";ri" i~iiiiii i i iiiii

18 BT sent the informaiiioni i iiii ii
iiiiiiiiiiiiiiiiiiiiiiiii iiiiiiiiii~ ii~ ii; ~ ; i iii iii ii iiiiiiiiiiiiiiii
@ i ii iiiiii iiiiiiiiiii iiii iiii..;;iiiiiiiiiiiiiil iiiilii
;iiii;iii:.;iii iii~iiiiiii;ii i==J iR iiiii"iiiiiii iiiiiiiiiii iii.iiiiiiii

BTD iformtion ot rceived are:
Ran 5 .S.Trust Company 3.00%
Rank 13 Wilmlington Trust Co. li62%
Ran 14 Norhern Trust Co. 1.61%
Ran 1 Bnkof Newton 1.24%
Ran 1 Clveand Trust 1l.18%


Additional Information Received Frommem




Rank35 orthwestern National of Minn. 0.55%
Rak 1 andg. N.B. Detroit 0.49%
l:iii;iiiiiiiiiiiiiiiiii iiiiiiiiii;,iii;;;;;i iiiiii;;i i
===== "=i" ii iiii i == == = =iiiiiiiiiiiiiiiiiiliii iii iiiiiiii
;;;;;;; i ii~,, i~~~iiiiiiiii iiiiiiiiiiiiiiiliiiiiiiiiii ,,iii r i;; iiiis ~ i~iii; ii;;;;;;;,,;; '"";
i iiiiii iiiiiiii iiiiiiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiii~llll ii"";; ;i;;











iiMinneapolis 0.45
Rak 8 eattle FNB 0.2
Rank63 Carolina National Bank 0.28%
Rank73 hiladelphia N. Bank 0.25%
Rank 85 alley National Bank of Arizona 0.18%
Rak10 NB Oregon 0.15%



)2's whose portfolio information
has een eceied=4.694 andran from 1st to 101th.

*Som biX prvidd iformtio ifinvestment in stocks exceeded a minimum numbe


Bankes Trst if more than $Sm.
..... iiiiiiiiiiiiiiiiiiiiiiiiiii~ Siiiis ~ u::a,i::~,:iiisi-~~ii t: ,III ./sllO:'l*;i ||~:,~ Ali




















in if more than $8m.
................................................. ..........;;;;; ii iii iiiiiiiiiii iiii



















iiiiiiiiiiiiiiiiiiiiank if more than $m.
ersHanover if more than $25 M.

olm .-, Trut Aset ofInsredCommercial Banks -1973 (Washington, D.C.,
Fedeal epoit IsurnceCorporation)
- - . - - - - -- ----- --i----- i-iiii -
;i, ; iii; ii; ; I ii ,s~ ~ ~iii i iii iiiii iiiiiiiiiii iiiiliiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii iiiiii i iiiiiiiiiiiiiiiii iii iii iiiii ii i iiiii
.. . . .. . ...... . .... ....... . ............. ......................................... ..... ....... ...... . 1iii i 1ii i ii i i i i i ii i i i i i ii i i i i i ii i i i i i












PER ENT F COMON TOCKHELDIN. FiiTiiiOCOMPNIi
;'; ~ ii~iiiiiiiiiiiiii",;




BYFINANCIAL iNEDA A 29.6 THEii .... OF19




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iiii;~ ~ ~~~ iliiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii H il;ll~Illliilllllllll
" :"IIIIBIIIIIII; ;;i;Illiiiiiiiii ;;il;iiiM


;;;i;;" iiii iiiiiiiiiiiiii%;;;;iiiii;,;




Percen 1fhae-. Hed 0



G.Riiiiiiiorp.252 Il o 3 5.2 0.3.5
National Airlines 318151.805






NewEnlad ucea23.58 181 4.81371
Raycem Crp.3056 3.7 410-1 442

GratWeten inncal 29. 63 1. 9 0.513.0
House of Fabrics 27-92 1.1 16-05 45.07;
















KideWate C.27-35 1. 0 28-5
23.17 ii 11.99


WUI nc.26247 02.5 20287


VecoOfshre25.02 41 11.08402
MedtonicInc.24-56 6. 8 .9 39.8
SericeMaser23-76 202 4.530
FlxiVa Crp 2.7. 21. 24 .2.3
Imera Cr. f mria23.61 1.9 0102.5-6
GenraDyamcs23.54 N0.5 0.21246
U.. eain Itl 23-17 7.8 11.994.06
Micrwav Ascae220.75 12.6 0 3 3

Daa enra Crp 20.29 5.8 9.31374
Mlll 22.18 4.4 743.2









ParkerDrillingCo.21.21 3.9 12.33217.4




SabosRetarntIn. 20.68 NHR 10-209


Syntx Crp.20.45 5.2 6.04 .16


NHR:No Hldins Reported
iii i i!i; i iiiii;!;~i iiii~

iii~i;~ii~lili; i N8nirsl;';1~;~i;i
i" """"""





HI ~ ~ ~ ~ ~ ~ ~ ~ ~ iii=i=i =iii=iil iiiiii; ii,;i i:iilij,:i ;















Invesmenmt Insurance Bnkm Trust Fiancala
Corporatson Companiess q0mpaiesh Dtpartments Interediaries

Spetr.,Pyses nc 1.9 6.30 28.60
BaerInusris20.30 6.8 3.50 30.60
ilil;;i,:;R siC;i =iiiiiiiiiiiiiiii;;iii iiiiiiiii;;; ;iiiis;oii ..;i: i
ii; li~i~ iiiii;ii iiiri;I~iiiiiBI;IR ........ =iiiiiiiiiiliiiiiiiiiiiiiiiiiii







Varia Assocatio 20i.24 4.7 3.54 28.48 i


Flet20.14 0.831 24.12
Bacok 'Wlcx20.13 6.1 0.59 26.82

SeurtyStrae or. 20 .12 NH R 0 20. 12
Avey Poduts20.105 3.9 10.85 34.80
Rown Cs.20.04 5.6 8.55 34.19
Flghsaet nt. nc 0.02 NHR 4.04 24.06







a. nvetmet Cmpnies 1975 (New York: Wiesenberger Investment
ger~ees,1975), pp. 104-106.

b. Bsts arke Gude. Volume 1. Corp~orate Stocks, Insurance gompany


-ceTheban trst epartment portfolios reviewed represented banks
tha hod llmstexactly 60 percent of the assets of all bank
trxbtdeprtens. Our actual tabulations were increased by
onehal an reresented conservative estimates of Bank Trust
Degrtmat oldngs of the individual securities.
i ii~ iiiiiiiiiiii ,' i i iiiiiiiii i"""'iiiii'"" """ ';i :i iii; iiiiiiii i ii iiiiiiii iiiiiii i ; iii i;;; i'ii iii ii r
i iiii i iiiiiiiiiiiiiiiiiiiiii;;o ii iiiiiiiiii ;;;; iii i===,==== -=iiiii" Iis;;iii '"" """" .iR il ;iA" ;; ;iii= =i =iiiiiiiiiiiiiiiiiiiiiiiiii iiii


i ilii Oii "i Oi0 0iii. ,i l l: ii iiii iiiii iiii iiiiiiiiiliiiiiiiii iiiii


~ ~~ ~iii iiiiliii
iiii ii iiii iiii@~ii; 8 @ i ~ i ii iiiiiiiliii
i iiiii, iii iii i i iii iii illii

iiiiiii@ @ !iiiiiR
ii~~~:;;;i ;;";iiiiili ,;;;i ',;"*,u.rziiii ji i
is



siiiiiiii ........ ill iiii iIi

@ i iii@ iii iiiili iiiR~ ~iii~;


iiiii~ ~i~i l i ~ ~ "",,, iiiii r, ,iiiii i iiiiiiiiilliiiiiiiiiiiliiiiliiiii


." ;I "" i ii
















MENTS AS. OF 196
iiiiiiii iiiiiiiiiiiiiiiiiiiiiiiiiiiiii ..... ....... ii. ................,, ... ... ,,,,.. . .

@ i 'iiiiiii ii J ... ......................iiiiiiiiiiiiiiiiiiiiiiiiiii...










he@" 235 3 iiiii
:rrrrrrrrrr!r iiiiiiiiiiiiiiiiiiii; iiiiiHH Hi|iiisiliiii
"i~li;;iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii:rrr inrrrrrrrrrrr nrrr
:;iii iii~~~iiiiiiiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiiiiiiiiiiiiii; ;s;;;;ii;;;;;;;;;;;;;;;
Coml2. 1969.2ORTFOLIO CONCENTRATION PERCENTAGE
:"~~~~iiiiiiiiiiii iiii iiiiliiiiiiiiiiiii ;l;;;' ;;;;a,; ~~;;iiis~~~oiiii,iiiiii
;ii;';iiiiiiiiiiii ;iiid iiiiH :
; ""'""""""""""""""""; '""""";;;; iliiiiiiiiiiiiiiiiil;;;;;;iiiiiiiiiiiiiiiiiiiiiiiiiiiiH

iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii;i;iiiiiiiiiii
ri;;; i~~~~ iiiiiiiiiiiiiiiiiiiii iiii;i iiiiiiiis .i,,;;iiiI;,,;~il~ s






ana 1974 124


G enera ............3 .6 22.. 7 5.........
il~llll~iiillj s~iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii;;i
:iii iiiiii ~i""iiii
iiiiiiiiiiiiiiiiiiii iiiiiiiiiiiii iiiiiiiiiii i iiiiiiiiii













i. iiiiiiii 2'1........
iiii iiiiiiiiiiiiiiiiiiii iiiiii%
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
G u lfiiiliiiiiiiiiiii4iiiii
TRW 26.8 14.2









Northrop Corp.12.5 10.8 1.7 v 6

TrnsWoldAilnerlIsura24."18 09.3867061.
NortwestAi sinesg ebhe 23.5 19.3 307574.
Aen Lf &Csalty 23.e176.121.72.61.
Trane Co. 22~1.5 24.85. 143.
Xerox Corp. 2~17.4 19.23. .43-6
Taylor WnCo217.42 D- 14.6
Herculelson Inc 20erah1.9 10.4800 1.- 3.

Merck nd Comany12.7 19.4 2..22.
BurroughsCorp.186. 15.46 07&63.


ColtPInustcie 18.3 18.91 641.2.
Upjohn Co. ~18.3 10.6 7. .o2.
Ferro Corp. ~18.0 16.93. ,92.
ConectcutGeera Inurace18.0 19.6. .3 29.
Inenainl uies ahie 7. 93 .92.
Hoso ih ndPwr1. 2. 683.
Avn roucs Ic.176 04 .53. 3.
Polarid Crp. 7.6 2.5 84 3. 38.
Pepsico ;;;iilIi, Inc. 17.2 15.3 7.9 4.2 27 4i~i,it~
Natioal Ailines17.2 1.8 57 52:




Boeing Co. 16.4 3.1 12.8 0.9 16.8i; .niiiiliiiiii
American Rome roducts 16.3 1.1 3.3 4.2 23.
Subem oM162 0. 99 .7297
Easma Kdak161 5. 2. 38 1.
u.A.L. 16.1 16.3 21.0 2.8 40.1l;;~i;;";iiiii;;
















iiiiiiiiiiiii iiiiiiiiiiiiii iii~iiiiiiiiiiiiii i, iiiniiiiii;;ii: ;,i
a.U.. ent, omite o Gvenmn Oertin, Disclosure of Co orat





i this sty. The bank trust department portfol





~i
reviwedreprsened lmost 60 percent of the assets of all bank trust









7
deparment* Ou actal tabulations were Increased by onemrhalf and
reprsened cnsevatve estimates of Bank Trust Department holdings
Scrities.

c~kl4ueszentCompnie 1975 (New York: Wiesenberger Investment Services
pp. 04-06'.Vicers Guide to Investment Company Poratfoliosi
(New ork: icke s Asociates, Incorporated, March 11, 1975)}, Selected
STe n er .e S ceswas thebasis for concent~ratin;as abosv
the 1 perenteveland Vickers Associates was the busis for concentraio


d. HstsMaret uid, Vlume 1, Corporate Stocks, Insurance Company Portolo
(Olwic, ew ersy:A. A. Bet Company, 1975) .



e. Te deailsfor he istitutionsal holdings of this corporation' s commo
stok ae ncldedinthe secto of insurance company stables.

f. he et~ls or he nstitutional holdings of this corporation's commo
stok ae iclued n he section of oil company tables.

The etols or he nstitutional holdings of this corporation' s commo
stock are included In the section of airline company tables.




.. ..
... .. . .


Ki XHI




do-Sob 0 To 2ni















"l1Hls1"i llrillii H HHi/;l;l ii iiiiiii ~ iH~ i ii i ii ~ ii
niiii ;llllm i'l s:11 iiiiiisiis; s;i
iiiiiiD) HOLDINGS, Wr AUTHORITY.-To




;i~ii H~iiiii i'; :":; ;;u liili;Oi iiili .... == = = ".. .. = === =iiiiiiiiiiii @ i iiiiiiiiiiiiiiii' ,
Ap h q e liiand;ii .;isi, .;,:l"""";;;
;i~iiiiiiiiiiiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii

i iii;i iiiiiiiiiiiiiiiiii ii iiiiii;iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii ii i iiiii ii iiiiii
VOTE. I.... DIV RS 2OPA0E ..
UNUMge Itatual Inv., MU w

g ii SeA& industrie
ii ii i i i ii i ii i iii ii i i ii i ii i ii i ii i i ii i ii i i ii i ii;;i,,,, i .;;i i i ii i ii i i ii i ii i i ii i i
;i;; .,i~i; ;il;ii; li~;;;;; iiiiiii; iii ;; is; iiiiiiiiiii; i i i i iiiiiiiiiiiiiliii iii ii iiiiiii iiiiiiiiiii i i
;ii iiii ii"; iiiiii @ ii ii iiiiiiii iiiii
(.30 1974)




WellingtonsMCo. C.
Weiiiiiii Fundiii ;93iiiiiiiii -5 14

.aital Res. & Mgmt. Co. 220,000 3.8
:illii ii:' ~i iii i ii ii iiiiiiiiiiii iiiiiii i

iiiiiiiii(/::' iiii iiiii ii iiiiiiii




dAmeria Mutual Fund 1090

(dam Eopes CO.b
iiiiiii iiiiiliil~i~;










Aa iiiii Exnpr oes nod o a1150ai0 .9iii iii iii
iii i~~~~~~iiiiiiii ~ ~ ~ ~iiiiiiilliiiiiiiiiiiiil iii~i iiii iiiiiii a iiiiiiiii i iiiiiiiiiiiiiii ....
















iiiaiaemtgo Ideiiintcil fied 23.24iii







butia ofh0. poldtag or hs teeaeblwO
b) 1wtent Co ii 19 ften X & es Iw
9 p 0eb ( te2




cn-KC49 I=* dloss not Xerox, an watnd fu beldlwe emu 4n el too iipr

open md cbwe-m! fa ,e,




)I = et a -e1 1 0w


fm bu b fvo d e mbl 0 sn
d) PWAY 0t, 4MI m ONreftft bw~w n to"Nfe Mw









~~;; ;ls s;; ll,;iiiii'ii;i~iiiiiiiiiii i ... Aiiiiiiiiiiii








30s00 2.849









luvetorsMutul127,000 2.890
Douglas ......... T. ....











Jo~~nso1 Muul ud1250900 14.57(d

Fidelityma Maaemn (A Researc Co.e
;"jk;ii i;i;;;;' ;.I; j ,ii ;;
iiiiii;;;;;i il": ,i; iii";ll'; iii ii iiiiiiiiii s
N iiiiiiiiiiiiiiiiiii iiiii;; R;, ;l .lsi;iii,, i;iii iilili























.......1.. .. .. .. .. .
iiii 'ii;iii;i;;;; iiiiiiiiiiiiiii



























Wadl andk Rea Inc.ge nesmnBevcs.I
"'''''' i iiiiiiiii
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
iiiiiiiiiii ,,,;,,,,,Iiiiiiiiiiiiii;, ~l s













F.lm i iiiiiisiiiiiibi riiCoi.iii iiiii In es
Chemial al 99,300 1.05
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii "iiii
iiiii.. iiiiiiiiiiiiiiiiiiii iiiiiiii i i i i liii


iiiiiiiiiiiiiii
iiiiiiiiii














L~~~ 'A111a Cop 500 6
s,::::i,,rrr,,:irrrs:iiiiiiiliii
IN;n




:i;;;;;;;;;;;;;;;;;;i;20 .05 (b); ;""




ca t &"vice$ Ifte
d312 Samoa g" '"a"WOO Gay "a of do: baw ,t
also = 4oiii;ii~,ii
1 ;;;;;;;;;;11O n q ft li;; i
haft bet dw bl~ftpag. do"e obas we bd 0,3 pwrOWA6
NN Aw~"w ;~ =1 Note raw"% 4010"p 60 to ="Nab* ONNO












w e .........

Nsniiiiiii Giiiroup/ s e O Abases....
!iii=iiiiiiii ==iiiiii iiiiiiiiiiiii iiiiiiiiiliiiiiii = i=== ......................... .......... iiiiii






........................ @ i iiiiii iiiiiii i iiiiiiii iiii iiiiiiiiiiiiii i iiiiiii.iiii i..
Inv Di. er. Inc
InetosMtual 600,000

Dryf s Fn 1539100 12
Cede St Cosultant, Inc .4

Scuder tevn and Clark Co.
Scadr t and C. Com. St. 1005000.8

BradSteet Invest .959000.7











Total Percentage Identitted .26013 (h)
0 5 arees or9415,1600
i" iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii ................... ................. .
























BO BS a Vcers 2qie_ to aggagae s o Portfoa g M
Assolatep Icorporated# March 119 1975)o
h) liiiiiiiiiiiliii7 (Niw orts iiitm seaere .avest
197) 10-i Po;erenta" a be less.; tTis (dii viiiii iMbiir7Ii
.. ..................; .iin~ii is, ii,,iii iiiiiii ... ... ...............iiiis ,iiii ,-iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiliii





















Carvice, Inciiiidoes not repiort All autual Inmd bip4i PW USii iio
i, ,; ;;;;;;iiiiiiiiiiiiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiiiiiiii

@il~lll iiiiiiiiiiiiii iiiiiiiiiii iiiiu, = i ........ ........; ,; iiii iiiiiiii== i;iiiiiiiiiiiii iii=iliiiiiiiiiiiii iiili































em and cb ead foads.
sitoup may cote ddtesabsstrav* ter
funo ut heboldftag 49 thm i Mew e as I e 0el 0.V peCOWAI

.......................... ...s~N . .... .
iiiiiiiiii iiiiiiiiiiiiiiii.i i iiiiiiiiii;iiii:i iiiiiiiiiiii
iiiiiiiiiiiii ; iiiiliii iiiilll 1"""1;
liiiiiiliiiii iiiiiiiiiiiiiiii ii iiiiii ii
iii@,iiiiiiiii iiiii iiiiiiiiiiiiiiiiiiiiiii;;iii iii iiiii
iiiii i iiii iiiii iiiiiiii iiiiiiiiiii
i ii!;"I;ii
ii i iil ii i ii i = .... .. ........................................ ... ..
oiiiiiiiiiiiiiiiiiii N

;iiii~i :;i; l;;;:; i~i;; i iiii';;";iiiiiiiii ~ ~ a ;ii;;iii
iiiiiiiiiiii;;;i~";;;;; CIiii iiiiiiii iiiiiiiiiiiiiiiii ;iiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiiiiiii
I ii i;, ,iiiii :iiiiii ,,iiiiiiiiiiiiiiiiiiii ii "iiii == :; iiilli
iiiiiiiiiiiiii
iir: i 'ii'".." iii".. iiii""i".ii. i ii ;.ii ; 'i'iii iiiiiiiil=l 0; ii


iiiiiiiiiiiiiiiiiiiiiiiiiiii iii iiii iiiiiiiiiii ;'i~lii





19



Bakr Idutries



Th at sham 6zcmts




Gas S Pgtme u. 1850100 3.13
Deayfus Corp.
Dreyfu Leveage Fd. 1851000 3.13
iiiiiiiiiiiiiiiiiir;i;siiiiiiiiiiiiii iaisi;;;;;i;;;;; iiiiiiii
iiii iii;;; '













Investorsi Diversified Services, Inc.iii
Iiiiiiiei iie ii 75,00 i;01.27
.Indusiiiiitries Trn WO. .iiiiii ii 97






*uog pdn 50,0 .8

An. Co. Ca. ft .,, Inc.
Cbetnlxsg Spe;-.r sd. 501,000 '.85
Keytoe o of Bosto
Keystone S3 4*,0 .68
Vanceiii .Smders Co., Iuicii iiiiii.i i









b ee shmi 309000 .5 -












lai bP.1 Cluktm" Edumatten" 20.30(b)
P 67296 00 11 39 (d)

SW sa) m w f.t I"ONMi"(NWe Yorks ftcker

W) JgjM:bmm w:U (1We 11epks W a wobrge Inveestmt Samervis 16C.
2 p 044,-6On.. maWuag n be Lms them (d) siace o-h -amebe we ]*Metwmet
I i iiiiiiiii~ i ~ ii iiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiiiiiiiiii iiiii i


































eareslan des etreorIt on aNoma ften haoldwsey 422 of doe larget
GPMs ad.coeedtns
ale" f""" ;"I
m'" i""l;


mi II







/; iiiii "iii"



















Cle"3 A don DOW



Fud =14 M:do headaW off *AM. lbes an: balmw Des peftman
1 1100 lo t";"". ;; .;; ;8i














ii;;...... iiiiiiliiiii
CIA
YI.R ~ ~ ~ ~ ~ ~ ~iii ==iiiiiiiiiiiiiiiii~'l iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii~iiii

.~No of 295,000
;iiiiiiiiiiiiii; iiiii iiiiiiii









NOE~
;~~nss sii.uii

'"....... iiiiiiiiiiiiliiiliiii ;'iii ;oiii

;li





iiiiiiiii;....i oii iii"':l ,,,,,,l,;,iiil,: aiiiiiiiiiiiii~
Bernhard (Anold) Co" 295,000013-00







Value Lie Fund 0,0000AZ

Value Lne Spe. Sit.200,000 &8






,Dreyfus Corp
8.Dreyfus Fund .97s,500IIII~llii









Ke n 94s00














Anho Group .o.k .....ege ..va..
Anchor Growt Fun 509000 thn 4)sat Wes
Firstt allid ofl Va.t 309000e 4




















Tota Peretnta Identifiedesthou oha
mor 5871,4 0tes are9 (4ew0. prsa
A irrssocatsp ncrortdsMac U 17)o.... .. .....
11 IrI "ii Ii~ti iimmd:i lilt
b) nvmpdes..Ak





t Ox m y t m tlmd . ... ....... .. .iii

aw at 94"d OW: of 1 11 k vmvmdft ON i










Data General
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii;;I';;;; ;iiiii iiii iiii iiiiiiiii ri
i~~ll~B~11l~ ~Ri ii i i


i1 11,ii;l R i" ; ,iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii ii ii i iiiii; i i



i ii i ....... .. iiiiiii;. iiB l aiii


iiiiyitfBt255,400 4 20
iiiil; ,;i ;




Keysiiiiiii t.one ... 2: 60 00 .7 i5
Keystoe S4,195,400 2.45
-PtamMm. Co. 245,500 3.07
Puu rowth Fund 145g500 1S.8
Puna ista Fund 100*000 1.2
Welvt~nMm. -Co. 2240400 28
Ivs.Fnd 1159000 1.44
Moga W. ) Growth Fund 109*400 1.37
Invstos ivexsffied Services, Inc. 221.,290027
ISGoth 41,600 .52
..... NewiDimensi 179,9600 2.25




Unin Srvie Crp.
Wal Ivs. Corp. 150V000 1.88
Fieit gt. & Research *
FidelityCap. 1409000 .1.80

75*000 .9
iiii "ii=iiiiiiiiiiiiiiiiiiiiiiiiiiiiii i i "'
ii;ii iiiiiiiiiiiiiiiiiii ; iii





















A FuureFu nd52,000 .65

10144M o .065 percent or
19i36ii3,i500 17ii. 10 (d)Ii










'ftfb~f` 'Kfttent.99M Z993"s(NMw York$ Vickers
][ncorportedS March nip 1.97.0's
b- iiktl (Mriok mNsemberger Investmet Servicesp lace,
94-6. ercen 1ge w: be: less thas (4) idaem fieseabrger Invetma
X MOO: not para Mell ust0al fun b old"0ge, nlv42 of the largest..
GPMiiiioie adtieioh iiiiiii
@ iiiiiiiiiiiiiiiiiiiiiii'iIiiiiiii i, ,uiiio i iiiiiiiiiiiiiiiiii iiiiiiiiii












11*_ 111W 141:401bew6dMM MO WW 04, W"M
Iiiiiiiiiiii iiiiiiiiii iiiiiiiiiiii;,,

iii. x .,iii0ii;;
:
ii i iii ii iii iii.. ... .. ........ ....... ................................ ..... .. ............. ... ... .. ... ....................................... ii ii iii i ii i i i ii iii ii i i ii i ii iii i i i ii ii


... ... ... ... .. .. ... ... .. ... ... ii i ii ........................ iii ii i i i i i i i ii i i i ............................ .. ................. .. .. i
iiousiri iiisn s iiiiiiiiiiiii
1Iii ii;i;:;;l;;,, :~;L~ i



Il;i;;;;;



i;;ii1 luili








ana
ann pfi iiiiiiiiiiies








Fletoo EAnalr am Bs





Price & Assoc. Inc. 8199000 7.20
Price (T. Rove) Grow 499.000 3
Rov a Price New Hor. 320,000. 081

Vadell& Reed. Inc.
UntdInco me 5MP40

United Fund Mgat. Ltd.
United-Accumulative 3OOpO00 2.04

Union Servie o rp.
Nat. Invest. Corip. 909000 .79


Fairfield Fund Inc. 70900














Boldinga of 05 percent or
More 1,779.000 1.5s
@ iiiiiiiiii, ii
;lliiisii'~i iiiii;iiii:, ;; ',,,iiiiiiiiiiiiiiiiiiiiiiiii ii i
;; ;il;li i iiiiii~iiii;i:; i iiiiiiiiiiiiiiiiiiiiii; ; i P~'iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii1i1i1i
p :";;; """""""""""""""""""; ;r"lsii,, i~ i iiii,; iiiiiiiiiii~i~i~iiiii @ i
i olllllll i;;; i, ~ i ;;;;iiiiiii iiiiii iii iiiiii,,iiiiiiiiiiiiiiiiiiiiii~ ii
,~U; iii~~ iiiiiii;;~,; ii iiii ll """ : :"""""""""""""""""'""""""""""""iiiiiiiiiiiiiii iiiiiiiiiiiii iiiiiiii
l;~ll ii~ii;ii """"";" ,,,iiiiiiii ii Iiiiiiiii iii ............................................................................... i iiiii
;;;" i~iii;";iii; ii~i iiiiii;;;;; ;;;;; ss;;;;;;;si;;;;
';iiii~iii i iii iiiiiiiiiiiiiiii iiiii illiiiiisiiiiiiiiiii

;;. '; ; iiii'iii;; i i i iiiiii iiiii;iiiiii iii, .............................. ..... ......









































800ECMs 0) Vickersk ad& A- ersM
Asociiiiiatese )iiiiii...iiiiiiiiiiiiiiiii o oratedit Mrh 11 1975)






















b) 10aInvCneate17 (Raw Teant eebrgrlwqes dr:eele
1973 o pp. U 4weentage y be iiiiiiiiii4ou (0- m WiiiiINiiii ii i
er aticiliini does snot tpori anl wassal ai il iili4 9 iiiiiii mom'.i






















open and close**ad fends.
iil iiiiiai i:, ,,,,,,i iw,, .. .......................... ......






















itfud bao i do h boldi of l iiiiiii i d-es wter e -balm"wi 0.f atme
:i~ I~ I ~I ii;i """' """;;;;;"~ii~ii~i~ii i"i"ii';""i "I"";iiiiiiiiiiiiiiiiiii'~iiiii~iii~i iiiiiiiiiiiiiiiiiiiiiiii

iiii i' i iriN U,, ,,,,,,,,,,, ,,,,,,,, iiiiiiiiiiiiii ii
;;:;;;; ; ;,;,;;: ........... ,,,,iiioi;; ; iiiii~iiii iiii~iiii i i i i iiii i i ii i i i
iiiiiiii iiiiiiiiiii iiiii i i! ii ii ii;i iiiii

s, ~ ~ ~ ~ ~ ~ ~ ~ ~ iiiii ,Niiiiiii ii; iiii; rliiiiii;; iiiiiiiii




;ii~iiiii~ii;R; I~l~;i ;";"'O~l;;"iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii ~~~;:;;;iiiiiiiiiiiii





~ ~~~;iiiiiiliiiiiiiiiliiiil iiiiiiiiiiii


iiiili iiiiili iiiiiiliiiiiiiiil;',:2 1"'
!iiiiiiiiiiiiil iiililiiI;;; li~


;ii
iii ,i




















Q II"; st n fe q d t ---- 4 8W Am:
,, ,,,,,,ir








88grMEDINVESMM 1WeAMIRBlNSn= OF
a
Flexi-Van Corp.
(November 3s, 1974)
i~iiiiiiiii iiiiiii~iiii~iii~~iiiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiii ~ ~iiiiiii i P ii~ ~ ~iii R~~
I::b 'ii iiii""liii iiii i
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii"'
reek;"""" sek




gggg rechecked ggg
i ..... ............ @ ..... iiii i iibii iiiii~iiii;iiii,;,iiiiiiiiiiio iHHiiH;




.. ....= ... .. . . . . .. ......... ... ......
..... ..... .=" == == .. . .




Keyt 4525,000 .8.59ii


NationlSec Res. Corp.
Nal Goth Fund 275,625 45
Openeme gm.Corp. 254,250 4.2
Oppeneime Aim165,000 2.70
Opehemr Tie89 ,250 1.50
SecuityMgm. Co., Inc.
Seurt Equity i78,500 2.92




aemPd. 140v843 2.30
Chas (Jhn .) Coc
Chs Foter Cap. 85,625 1.40
Iest. Ser.
SuevsdInv. Growth 50,295 .82





T*W: 4 tap dentifed 2 3.72(b)
13414" oU.' percent or
1,510v138 24.70(d)
iiiiii;;;;;;i;;i; ;;;l;;; iii ii iiiii iiii iiiiir; I'; il: 'i




























0 ig QMG ulgzmto Inoeftmlnq Cl(ew Yorks Vickers

by %66 it C ee(Now Torki Wiesenberger lnvestment Ssrvicest Inc*
6. erentgemay be lIWO than 0) since Wiesfedberger Investment
l oftno report all Antual fwod Uoldings, only 422 of the largest
;;;ii;.......................... iiiiiii iii i ; I f iNi;

































open an cla-en wonto diinlsae hruhohrtdvda n
..ldtage of thes othse ae beow ... n |rcen


'""""ft" ""Vid"A ="MLd
iiiiiiiiiiiii i;i i;iiii"i i;ili,,i;iiiiiiiiiii~~iiii.ii ii";; ;; ""l
iiiiiiii"Iiiiiiiiiiiii iiiiiiiiiisiisii
iiiiiiiiii;;ii:iiiiiii.s. ;;siiii;iiiiz;;; ;iiiiP ............iiiii"U
iii ii iiii ii, iiii iiii ii .............. ............... .... .... ............. .... ................ .... .................... ........ ....










iiliifiii iiiiiiiii"i Ofi U s" *iiiis" ii reii A" b 003 iiiiiiiiiiii
64"i owniiiiiiii bd"W" d" itoii UiURi GiiW
iiiiiiiiiiiii~ iiiiiiiiiiii iiiii iiiiiiii iiiiiiiiiiiiiiiiiii iiiiii ,iii siiiiii

i liiiiiiiiii "'"l iiiill: i


;i;:.iiiiliiii iiiiiiiiliiiiiiiliiiiiliiiiiiiliiiiiiiiiliiiiiiiiiii












ii~~~ii iiiiiiiiiiiiiiiii::iiiliiiiii









147,4%
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii iili
;;iii;iii i iiiiiiiiiiiiiiii ii;; iiiiiii~iii
iiiiiiiiiiiNN iiNN : i.iiii iiiilili' i ]iiiiiiiiiiiiiiiiiii,,,,,iiiiiii,
iiiiiii*Piiiiii'iiii..ii.iiiiiii iiiiiiiiiiiiiiiiiiliiiiiii;;;;;;I;;;;;;;;;
'"'~;,,,ii~i;;....;, i ri, =iiiii
; ; iiiii; ii~, 1;; ;;;, iiiiiiii,,i iii; ,; I~l;ig 011I

i;i iiiiiiiiiiiiiiiiiiiiii~~ i~iiiiiiiiiiiiiiiiiiiiiiis iiiis

iiiiiiiiiiiii iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii i""";""""~ ~
IIII1III: 'U1 N TED IMM IN IllI











;'""""~~~ iiii~~ii iiiiiiiiiiiiliiiiiiiiiii;;;;; ;;;;;iiii
:::i" fl~lllllfRIlig f etyU'"











...................... I iiiiiiiiiiii iiiiiiiiiiiiiiiii ..................................
iiiiiiiiiiiiiii N ii !iii i iiiiiiiiiiiiiiiiiiiiii i

;;i;;; i ,Il:;s:";ii;;; si:;iiiiisi s iii


;,' ;;;;;"li:,,;, ;;iiiiiiiiiiiiiiiiiiiiiiiiiiiiii iiiiiiii @ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiliii
(Now 1
., Inc.
Rove Pice Ne Hor. 35,750 90
ScddrStvns&Clr Co. 99900
Scudde Devel 489800

Scuddr No.Amer.Fund11 0000 7
1~* .
















tedt



Holdngsof 05 prcet or
more ~~343,100.2.9
Assolatep Inorpoated Mach 19 195)0 ..... .

















197UPag asy146.O be Iowa Abwe (4) 0*0g met 0:e
In.d"p own 1 watual tend holdings, "; 212 A1


grud." cot"ol adit Abtsafts thru
fund dw oldlp o timse otedmm me b"We :04= ... .
a) pop matme aw we OWL ma as Vorso" Ulaw, 1 kl* mew


















i iiiiiii iiiiiii iiiiiii iiiiiii i. I iiiiiiiiiisi;;s;"; ii." i.".' i; srs, ii
iiiiiiiiiiiii;:ii;; ;;;; "lOi@'li"

iiiiiiiiiiii iiiiiii ,;: i~~,,; i iii iiiiiiii i ;. i
iiliiiiii i,;i;i iiii" iiiiiiiiiiii i iiii ii;l i iiiiiiii

iii~iiiiiiiiiiiiiiiiiiliiiiiliiiiiiiiiiiiii81 'I~iiii~ ..........: i~iiii i "i iii@ iiiiii~i~
i i ii i; ;""sii i;
f, (November 30, 1974)" 'ji


















ii;;,;
iiiiiii iiiitiiiiii

















...................................... .... "" iie i ;;;iii i

isiii~i s~;;iiisii~iiiiiii INNIiiiHHHH;iiiiH;iiiiiiHHI
I id ?aBlH
Nim Prspecives70000 2.8
Wellington Mgmi. Corp. "iliii;:.:';~;;;i;
Inves t Fund 631,000 2.53; ri
AmcapFund,489,50 1.9



Loomis, Sayles,& Co.,, Inc. ;ii'l;iii
Lbemis-Saylea Cap 309000 1.20
A~tna Investment Kgnt., Inc
Aetna und 2200 .9
Dreyfus Corporation'" s';
Dreyfs 3rdCentuy 20*00 .8







Tat"Operce~tate Identa" 21 .86(b
1b.141ge of 5 pecent o
one 479,800 19.3Xl;"lll ""iii!d )

rr~rrrrxl '"m Torki Vi ckm
Aanoclatee# Incorporated# March 119 1975)0~rll
itmtt ft ~ 73(Ne TrkiVleenbrge Inesmen Sevics, nc
1*"Yj *.' 044 i icm Y blas t -d) lac ftweberer sm
MllGeIdid d": 96' 1 al "Ut11 md 'oldop ~ly 22 f th lesex
qpea nd clse-en fin
Vi4W69W"t -9ftWO "Wleetwl e~t1OW':*Mree dwouth o"b' WitML
ftaft-....bt dw oldft : of h~t Otift a b61W0 WS erent











General OymWCG'


(MovestM Grove197
,, ';iigianimes as, of Stages ;;me;;nie






ft ANAwae Fuld am Weld ., .- aga



Lord Abbeat Co.
Affiliated Fund 10000,*0000- 9.57.

-Putamn Mgtm. Co. 485,000 4.63-
Putnam Growth Pd. 4109000 3.92
Putnam Vist a Fd. 75,1000 .71

Fidelity Ilgmt. & Research Co.
Fidelity Trend Fund 4489000 4.28

Capital Research and algmt. Co.
Inv. Co. of America .135,000 1*29a

Nat. Aviation Corp. 1259200 1

Keystone Co. of Boston

Ceder St. Consultant* Inc.
Energy Fund .5o,oo00 .47s
I;;lliiiiii;;;;;;;;;;;;; ;, ; ii ; ........................ ...... .....
































Total Pehasg ideastIRW JX.- 23.54%
odu ofaem Ot.'s paer nt or
amoen 2 93"1, 900 $*

80URES: a) Vickere Guide I* InvestmentC(M ok ite
A .soclateas Inceq,,atedo Numb UO 1975)0 A .. .. .... ........

h) (New lefts --- se aberer netsa eri s me
.1973i), pp., lo"-6 PIFeiiiiimy be in": ti (4) Blom iiW iiiii

















Cwrvice I=#* &We not report Onl amst" twd b odiagt e OW*:42At h
open sad claw-enda funds.
iPIls s l1 1111;, iiiiiiiiiiiiiiii"iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii @











































c) anaem n"" mrusay seatrl addttMW dharge 1.h 00AttAula
f.... but e h g d a...... whe.es ma.e b e....i ii i piiiiiiii ...
;il~n~O ftoil 4iiiiiiiiii .......... ii i i i i *idia mpiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
,; ii iii ii i iiiiii ,ii ...... ..... ......... .. ............ ........... .............
'""""" ,;; iliiiiiiiiiiiiiiiiiiiiiiiii
iiii; iiiiiiiiiiiii"' iii iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
."i !!!!!!!!iisi""i l;;;i;, ;;;;;
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
iiii';ii iiis;; "k iii
................ iiiiiiiiiiiiiiii i iiiiiiiiiii ==i iii ==i
., ii ]iiiii i iii'i;1iii iiiiiiiiiii

................................ i i i i ""= """' """""'",,,,,,,,,,,,,
';ii; lii "",,iiili i .Oii iiiii;i iiiiiiii iiii iil

1;1 ii ii;ii iiiiiiii ii
: iii iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiilii=
iiiiiiiiiliiiiiiiiiiiiiiiiiiiiiiiiii iiiiA;iiiii iAA iiiiiiiii iiii iii ,iii iiiiiiii iii iiiiiiiiiiiiiiiiiiiiiii ii i i~ ii i
iiiiiiiiiiii ;;ii i~ ii .""",ii

iiii iiliiiiiiiiiiiiii:;;i~iii
.... ........................ '' iiiil iii iiiiiiiii i!' ii i'~ iiiiii
........................ ii]ii".i liiili .." i~j i~iiii~iii iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii

iiiiiiiiiii s .................................' I"""""""""""'








!iiiiiiii~tiiii0 iiiii'iil"i ==== ============ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii



Great Weser Financialase






Dreyfus Fund 899,600 -5.89
H iiislrrr ii !iii









Haas Fn Sr. tInc. 400,000 2.69
Haa, i. ee. 150, 000 1.01
H thiiiiiiiii 250,000 -====' = "1.68 i! ili
InvstrsDierifed Servicess Inc. 400,0000 2.68
IDS ew Dmen.100,000 .67
IDS Pogresive300,0000 2.01
Cap.liesarch&.Nt. Co.
Inv.~~ ofAerc 400,000 2.68

S......311,575 2.09
Leprco Deeufize& Co.
ilii












l235,000 1.57
Fidelty Mgt. & iesearch Inst.
FieltyTradn~d 224,500 1.51

Anchor Grwt Fun 2003,000 1.34
Imof s or (Continued on following pagei )





9002C~~k 0)vik" de to xnvestmt COOS (Nefll w -'ork ROM=e
aed Nmb 19 1975).i
b) ~ ~ te 1975Ofio 3 (Oew Terkt W seeaberWe Investtnt leaVICest Inc.


fatbtteh aramat, dn mdw bahselm 0* Ed) wao tosna a netn

d) 10M :a" neqw entof 0ddiiona *hares ahm to othar saiium*mae










171;;~i;;;' ii;i;iiiiiii~iii iiii l




Greatima Wester nVCop.("t.


Mecur of ftum.




Opptenhteietr Mgt Corp.

Onae Willam t. In. 1" 98,



American Exp. Itiv. Mgmt..
SAmer. Exo. Capital Fund 1002,000.6
AGF Mgan.
Amer. Grovth Fund 80,00005









Toal Per Identi fi
Holdinsp of 0.5 percent or
more 3s70995752.8
SOMr t a) Vickers to luveitumat ROMEM-ft- d 00: Intl
l iiI~III, ;;;liiiliiiii:;~























Asoclatee# Incor;orated, Us15)..... ....ci .. 19...













IWO#p. 046 Percentag My be less hw (d) "afts
rervic'ev Ifc., doe" not =eport anl a"tua fto heAl"4g aft4 N-o
f undsl'"'" but"' th hoiag ofthee thee ae bii ii iii iiiii
iiiiiiiiiiiiiiiiiiiiiiliiiii






d) Peg my on 09" owed pm 'Bil
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii ... iiiiiiiiiiiiiiiiiiiiiiiiiiiii





I illi
@ ; ;;ii;











'" :;;ii;;; ;liiiliiljilii' "'"""" i i ""'"";"; ; ; "'";
ii iiiiiiiiiiii !"18" i u;i~: ni
ii;;;,;; iiii~iiiii ii~iii; iiiiiiii;~ ~~i is~i ;n;iii;



9 30. ii7;,i0i i ii
!!!!!!!!!! iiiiiiiiiiiiiiiiiiiiiiiii i ; iii i iiii; iiiil i iii iiiiiiiiiii'; ;,,i sl iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
si iioiii |I i


I ii





Keyston Sk 21,500 83.5
RovePrie0Nw149000 5.6







Mas. la Srvie nc 1 29500 5.20
Mass.Cap. ev. 2,000 .78
iiiii iiii iiii iiii iiii ............................................................ .. .. ...









Ines Fund, 9000 33.53





Ftitmat Fun (89,50 3.52ice
Oppenheimer 1975Corp
..0ppenheimer Time 70,300 2.7






ii;



















Amer. Invest.erger i3,e000a .52csh


ag"et ofs t..acn or()sae isnsorlwea
addletema srr@
8400 33.24(d)


07 ljideft 714 bjft;,m i;kw "orka Ticks=
ilAiweiteng siossporaw-AWl-4 0 Match Us 1975)0~
;;X W1 W W-W W ___&;;;;;;;il; ;n;;eitown;;;; services# 1=0:"';s;ii
be leall, tben (6) alum~ '"""""""""" '1""1;";"";
'An onema fuld 11011ahw silly 422 at dw laftw
0000o ll;;B II;;i:;" ;d icle ftug;;;;; iR""":smid top& *;" :".u:i: ;iir"
16W. eetta~ditleg sb hrow*othWINVA4011 WAM
2411ASbut .7he 49:-46@We an blm CeSPOVOW4
6W.-NW.eqw @Wof i 0 4&dfp toso ildut vor









imioiii I =oiiiiiiiii1iiiiiiiiiii

House of Fabricsa






....... i.. ..........






Tri-Continental Cp. 2259,000 377
;i;; i~ i iiiiiii;oiiiiiiiiiiiiiiiiii;;;; iiiii iiiiiii=
I iiIiiiiiiili iiiiiiiiiiliiiiiiiiiiiiiliiiiiiiiiiiii iiiiiliiiiiiiii
iiiiii ; ;i::;l;l,,;;~r;;;ii
.Iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiii iiiiiiiii= i iiiiiiiiiiii
















Oppenheimer gm. Corp.
Oppenheimer Tim rd. -215*00 3.60

Chase (John P.) Co.
Chase Fund Boston 1"8 000 3633BAS

Eaton & Boward, Inc. .
Eaton & Ekmard Growth 1003,000 1.68

Founders Muta Depeaito
Founders Growoth. Fd. 1009000 l.68
;llii~ iiiii iii =













................. .....













Houtq ofe 0t.5 spommat or
Mrs 1,372,700 22.194




b) IOvegma ORI"rz o orks I mb rge aaeesssesssa
1975)o "p. 204-6. Peras~ on m be less hew ( a &aftWeeseagIee
curvftcp Inc, does not regger SUl aNoewt fted MURatagES eSWy 42W49. *I* xhe la
ofe and Als~odtae

e)iil;;;son OWassement g conaet d=iW*a SOW:e -0lWt **h4s sp"P
eA
;""";;;;" iiiiiii N



































eqpa atN iI b A










/~iiiliiiill iiiii iii

iiiiiii iiiii i iiiiiiiiii i~i iiiill / ///iiiiiii ii i iiiii

iiiiiiiii~~iiiii;iiiiiiiiii~iiii! iiiiiiiiiii"'ii iiii~ iiiliii''i!!i "U'!! "' i,'':/i iiij! i'"'" ii iii,; ii,'ii'.i:;;;;sliiiiliI
;""" "i;:iii .ii ,,;;; ;""
31














iiiiiiiiiiii i



iiiiiiii ;9iii0;"lxiiH i; H0 H HHii i iii iiii i


iiiiii
IAVWS Ti CWANM Hi OF






















....... ... ........................ ........iiii iii ii i iii
inerial.Corp. of America -;

MEM-Mut 6="P/C NO. Of SMi~it illllw Percent";


iiiiiiiii iiliiFiiii
















iiiiiiiiiiiiU
UieFntLiiiiiiiiiiiiid











iiiii@~ sis
V 'lue Line Fmd 750000 .5


























Identified 23.61(b) @







.-Mat", M75, Ow. Yorke services is@.
d) IN w1W *W an sqwa og perewe






86-395 0 76 4icl;















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iiiiii;ii ~ is,;; iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii i =,
srrii::irrrr-rrrriip;;lu;;;i ,;iiiiiiiiil iiii

i~~llrIIII~~IIIII 1 110 .iiisiHiiili;;;ii;;;; ;;;;;;;;i;;;;;;;,;;;;;;;

iu~llll~ll~ll 1 110 iiiiiiiiiiiiiiiii; i l;;;;; iii.; ii ,~oiii
liiii ii
'"lillJefferson Pilot Corporation'''














iiiiiiiiiiiiiiiiiiiiiii;;;'; i;;i;;;" ;l;;; ,, iii,;" ; ,,;s
S... ... .. ......... ...............................














;;Ui;. ...";;iii R~ii. iiii; ;i;; i iiiiiii iiii iiiiiiiiiiiiii
iiili;..iii iii~iiiiiiiiiiiiiiiiiiiiiiiiiijiiiiiii
lii 0 ~ i : 88 iiiiii iiiiiii i i~ iiiiiiiiiiiiii iiii
............... ............. ... .............. ...........iiii ; ;; ri i ll; iiii iiiii iiii iiii: : i iI

iiiiiiiiiiiiiiiiiiii











; iiiii;
0 P ra *1b o g V4Njm
'""""""""""o :







Fidelity Fud 281,40

LifeIns Inestr 19980 5












Torma perceaft" laentiitfia . . . .~



'"; """""' ""...... ...... ..."""".
d~e G5M t a) Iftiim OM I&L lmwi~vwft:. IRiiO M 7...i4
.,,,,,l~same
Asocata IwraatdaMuhUs"7)
h) la ~ ii ;;"~ atmen't C A a a 'i~Illll~~lRlI~P
.;;il,,;; ;;::;ili;liii l-2 1 O w8 1
1975)-.Ono& O be 2M: tm (Qslow r ----
C SMI m.: d u". d Imotal ft"b*IAIW 0 TA$001
c e:i r;iiri;;~i i iiiiiiiiii~iiiiiii
Open md cla".end ia,;amb i
kl r ~i.iii; ;I." i~ii;" ii;"" ; 6i
but do ,iiilll
d) putmai' "" OA'






..i mwii caw== mim (w

Jim Walter Corp.a



Gro*/OWNo of Shares PGIVBAM
. ...= = = = i i = i i iii i i i i i iii iii i ii ii ii i i






.i r ... . . ... . . . . .


CRA, gmt. orp.52,000 .38
CN art ueet.*









NNO
ei


a








Ident~flod20.58 b
Ro~m f".5prcent or 52,000
.38 d

X020,a..ikwgy t v" tc"u ttole (New Yorks Vickr
a ated March Us 1975),
.......... 1973. (New Yorks W esenberger loves ti.e.t Service$ s ,SC..
191M Or.a1e"awW be lIwo tJ so d) alume Wiesouabgetr Invistwn
cgrfus Ie. &w ut xepot &ll auteal: fmd &oldiages coly 422 ofI the 1stw
out~loe."&u=0d11
ieu aaddiewim shwe t otie iiividi a
tuaft but di biid 49 /w 6iiiiiie : iiiiiiiiiii iiii i iiS P U!r.?iiiiimiiiii iiiiiii iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
iiisi';i;,liii;,iiii; """/""; ' ;""""""'i'. ';"; ;'




"iNHii; iiH; iiii; iiiiiHNHHiH;iHii~iiiiiiiiiiiiiiiiiiiiiiiHiiiiNHHiiiiiHiiiii iiii~i~
''" iR;O :ii iiiiii iii ; ;,iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii ii iiiiii ii ii iiiii ii
'i!!!iiiiiil'iiiiiH iiiiiiiii iiiiii




Kidde Watr &Co.
.i llllil s ii;;iiiiiii, ;;;;,,"i;;;;;;;;;,I;;;;
;;li; iiiii; ,iii ii, i~iii ii~iiiiii



ii IIIIII II III III IIII IIII II II..I~ .............. .. ... .



Udv 1a Pund Ma


Madison Fund 6681,700 6.99
Anchor Group 500sOOO 5, 23
Anchor Growth Fund 200y000 2.09
Fundamental Invest 300,000 .3.14
Delaware Mgmt. Co., Inc.
Delaware Fund 480v000 5.02
Wellington Mgmt. Co. 3629000 3.79.
Exeter Fund .60,000 .63
Windsor Fund 3029000 *30'16
United Fin. Mgmi. Lt. .
SUnited Adeuml. 223*200 2.33
Waddell & Reed,4 Inc.'
United Incomle 118*100 i.24
Keystone Co. of Boston
Keystone S4 100,0000 1.05

Elfun Trust .859000 .89
Dreyfus Corp.
Dreyfus Fund 51,800 .54
0 iiii"iiii"i ; miiiil~i. .liii,, iii;lriiiiiiiiiiiiiiiiiiiiiiiiiiiiii''''"liiiii""i' iii 'iiiiiii iiiiiiiiiiiiilliiiiiliii iiiiiii
.................................. i i @ iiiiii iiiiiiii iiiiii iiiiiiiiiiiii iiiiiiii iiiiiii iiiiiiiiiiiiiii



























Total Prenasa e Identified .. .. 270.00,. -P
; ii, i iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii iiiiiiii i
;iiili .;i.


























oldings. of 0.5 percent or .... .. ...
oe29,i588, 800 i27.
Ao t Incrpratd, March 11t iiii 5i



















b) InetetCE L 97,(Now Yoirke Vlesebergr vesmn Serft** se
1970s, pp, 104-6 maasy be l 6 i n (d) tae I
Csevice, Inc, does not Cavort Sll autual food holdtas&:aly4132 etO the-Iiamgage
;i open and close*nd fds, .. ....










c) angeentgrup my coatuel adito alharee dMhrough othr $d ,t---4Mats
funda but the boldtag of dhee othese wre baero 04. perGseas
)yefi
'";;"""; ;;;;";;' ii iiri

'""'""'' ;II riiilil 8 ; IIIIIIII;
.Uir;"" i ; iii iiiiiiiiii; 'ii Uii~llll~i li


























i' ;;' ii








Martin Marietta alllllllllll













(00mbe 38000 1974)
iiiiiiiiiiiiiiiiiiiiiiii Iiiiiiii~ ~ i~ii~ii~i~iiiM Miiiiiiiiiiiiiiiiiii~iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiiiiiiiiiiii i i m mm i i
................................................... ,,,, ,=,,,,,,,, ,,,,,,,,, ,,,,, , ,, , = E iii iii iii iii iii iii iii lii ii iii ii, iil iiliii i ii, i iii iii iii iii iii iiiiii ii

iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii iii .... iiii iii@o h me c
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii~i "" "!'" "" " ............... iiiiiiiiiiiiiiiiiiiii;iiii iiiiliiiii~iiii ii!iiiiii lii iii iilil iiiiii i i iiiiiiiiiiiiii I ii ii '! i.. .. iil~!ii i liii~iiliii~ii iilll i
................................. iiii;iiiii;;,;ii~~iiiiii iiii"""i'" i": il @ iiii iiiiiii iiiiii i ';,i;,,,,;;iii iii i.iiiiiiriili
si iiiiiii,~ cii iiiiiiiiiiii iiiiiiiiiiiiiiiiiii iiiiiiiii ii iiii iiiiiiiii iiiiii iiiiiiiiii iiiiiiiiiii
iiiil:~~~IP lll ii iiii i





iiiiiii iiiiiiiii" ;'; liiiiiriiiiiiiii~
Wellington00 Mm t Co.








Windsr Fud 1900,090 4..26
Lord Abbett &I Co.'""".".'"" '""
















Affiiatd Fud819,1200 3.49

WAA.~~5200 muua Inv 38t.64

Am~.,Mutal und1250,0000 .653






Anchor CGroNeupk Vckr

Funameta Ineso -300,000 1netet aie.28n
Dlwr t.C Inc .d soe;sbe rI etmn
............................................................ .......................... N"" ";;;";"""








D a Inc Fund 250,000 1.07
Nationl See & Re
National Stock Fund 200,000 .85riiiii,~
Pioneer Mgmt. Fun

Mass. Fin. Se rv., Inc.;;;;;;;
Mass. Inc. Devel. 152,000 .65 i. ;i ."ii"
Chase (JP.),Inc
Shareholders TR Boo.. 1509000 .65;;s;

Vance Sande,,,,s Inv. 133,600 .57...


"K1410 of, 04 "e"am" or



lAO;oq," IW* IncoIpoI atedo Match Us 1975).

,,pftii; 4080-an;;, tomb*.
-0 a"@ a coar who .. davo therswivdwa ut"
but. dw bot f;emto
4) O91MO-Of equl ofpan t.-h.1dp 4"to xundn onI I











Nedtroate -Ine
iiiii iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii N ................ .. ...................







Price (TR.) Assoc., Inc.
Rowe Price NwHer 362*0049

IDS (Inv. Div. Serv., anc.)
Investors Variable 24294032

United Fund Xgut. Ltd.
United Accumlaitive 100,0013'

Wellington Name Co.
Morgen Growth 10950 .4
F. Eberstadt & Co.
Cemia Fund '959,200 ..

All State Eaterp. Stk. *5096 6

Keystoen Co. of Boston
Kaeytone S3 "900 6
Eaton & Howard, Inc.
Eaton Howard Growth 40,0.5

Investment Fund 1 92j,0 .6



Total Percentage Idemntiie
Boldings of 0.5 percent or
;iiiiiiii;; ii;iii i;;iiiiiiiiiiiiiiiiiiiiiiiiii ii iiiii ii
,i;;~;;;; ii;r~; riiii iiiliiiiiii l ~;s;iiiiii-iiiiiiiiiiiliiiiiiiliiliiiiiii
.iiil~~ll~i, iiiiiiiiiiii iiiiiii;, ii;ii iiiiiiiiiiiiiiiiii
iibiiiiii l iiiii iiiiiiiiiiiiliii;ii iiiiii ii"iiiiiii~iiiiiiiiiiiiliiiiiili~iiiiiiiiil i
;;iiiiiiliiiiiiiiiiiliiiiiiiiliiiiiiiii"i;; llB::r;iii; ii;;iliiii


;" ill;;'iii=;0; i""".""









....,w m m..
i;;" iiiiiiiiiiiiiiiii iiii iiiiiiiiii nliiiii, i;l~iii; iiiii~iii ii ii i iii ii iiiiiiii






























SOURC=sI a) VcesfM t W
Associatesp uncoporatd March U1p 1975)s ... 4

1975) 9 rpp 10" 06 ar stage any be Iwos them (d): MAN*dg
Cgrw"m, I=. do" ot. welair ,aU matilod fvM. h~ik1W# 48W A=Oa.










...... .....i. .m ... J bq
i,,

i ~~u~ ii~ ~ ~I ; n iii( iiiiii~iiii )))))))) i iiii )))) iiiiiiiiiiiiiiiiiiiiiii i ii











iiiiiiiiiiii= =iiii



















mppmereuwh x *w
ii :: i d- 6 od d; .;;;:;;:,;;e ed,;r:l: ANMiiiiiiW
4) per O"Ift p Mir at *Pat. aw 44a;ftwIw0 -I =oft, 146m* rw









... .Mercury General Corpa
(November 309 1974)

ManagesentCroup/* No of Shareseren


Pie& so Inc.
RoerleNw Hor. 157,200 9.82
4)ppnhemerMgm. Co.
Opehimrfnd .85,000 5.31

Nichols Fun 740000 4.60
EdieMmt Srices, Inc. 58,000 3.00
EdieS. rwth 28v000 11.75
Eddi S.Is. 209000 1.25










Total Airiii ge Identified 20-54(b) 1
Hold pof 0, percent or
374, 200 23. 38 (d)
iii iiiiliiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii;;j. iii ,iiiii;
ililliii";iii ;;;;;;, ;;;;;iirrrrr: ; III.1; s;;.; i;; I ;iiii ;;;; i i i i :.""
I"""";"~; 11"" ili ilii;iiiiii i; u:;;; '"";; :rri i o;i~iiiiiiiiiii iiiiiiiiiii iii s;i;; l ;Ii;si ii~; ;;i~;ill;;;;;;;; s



























9) "'Vicklit alud:'ta nis :" "o"tf"ioe (New York: Vickierle
AxuoL!&t&& .nitowraedp Maxth 11g, 1975)o
eL3(MeW Yorks W1sebre Invesetment, -ervices, lace
Ieeese Fft fty be less than (d) since Viesenberger Investment
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vop ay. toutroladditional saeres vhrough other taivid oustwetol
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iiii I iiii iiiiiiiiiiii iiiiiiiiiiii i iiiiiiiiiiiiiiiiiiii iiiiii
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Microwave Aasocintesas

... . ....... ... ......

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Keystone Co. of Boston
Keystone S4 84,000 ..
-Supervised Investors Serv.
Technology Fund .739500 $465
Wellington Mgmt. Co.
Morgen OW.L.) Growth 89,000 4,*U
Vance, Sanders & Co., Inc,
Vance SBanders Spec. 54,600 3 .'98

United Vanguard Fd. 31,080 2.27

FIDUc Growth Assoc. 29v610 2. M

AGF Sp. Fd. Ltd. 129000.8
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.... ... ..



Total Perenaem Ideantified
W~dlage of 0.5 percent or
soe'-343*7902.094

800ECESt a) Vickers Ouide to Inwel~s C(atek Fabs -
Assoclatess Incorprateds March U1s 1975). 0 . ....

b) lmemt(amr Twks 1-m Abuegr neten a eeS
1975)w pp. 10*4-6 mvcntg a" be jam o am(4 slameRsme a m sa
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open san ls.ed funds.
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== iiiiiiiiiiiii iiiii iiiiiiiiiiiii iiiiiii iiiiiiiiii iiii i=iiii ii=iii iiIiiiiillilli i iiiiii iil i i=iii iiiii=ii iiiiliiiii !iii=iiiiilii iii= iii iiiiiiiiiiiiliiiiiiiii iiiiliiiiiiiiiiii""iiliiiiii
= i iiiiii iiiiiiii ,iiiiiii iiiii ;"iiiiiiii=iiiiiiiiiiiii ii;iii;ii i= sii si= ========== == ii iiliiiii,~iii iiiii=iiiiiiiii iiiiii iiiiiiiiii~iii iii= ii= iiii i;iiii''; ;;iiiiiiiiiii iiiiii iiii i ii" iiiiiiiiiii iiiiiiiiiiiiiiiii iiii iiiiiii iiiiii= iiiiiiii iiiiii =


1 amm mmunma caWOMOB= OF
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M ie s mileeor atm ab se s ence








Putnam Mmte. Co.
Putnam Growth Fund 2650500 7.18
-Price (.R. & eAsso. Inc.
Roe Prlce Nei Hor 238,800 6.46

Allstate Enterp. Stk 86,400 2.34

GE SS PrgramMut.539,500 *1.45
Scudderp Stevens- & Clark Co.
SScudder Special Fd. 42p500 1.15
Wellington fMts. Co.'
Morgan (W.L.): Growth 409000 1.08








11WA 3tgAAAtg Identifedms 22.18(b)
of 945 *at Me or
ana .726,700 19.66(d)

.... ...... ...... a),t.Ivd m co li (Now Yorki Vickers
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JVs OS(Mw Yorki fiesenberger Investment Servicess lace
928 $. Wersakategs, as be less thas (d) since Wiesemberger laesm',t
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wo 'we o:al am of peumtibold~p due to mouindiiing sweefiiiiiiiiiiiiiiii


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;;iiNat. Growth Fund- 143,100 1.67iiili;iiiiiii

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li oldin of 0. 5. percent or (ContinWE4 im iiiiiiq
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Natlonal Ailie ahin cegate


We~Sld adg



Madi HE73,000 .85

Fin.Indutria .539600 .63

4 8,100 .56

Amer Tae t- 469100 54















2,453,500 28.6-7(d)

Com" tnwpe(Nw Yorks Vickers

b) liftt. iI fe 1 (3 0w Totke viesebegger Investomet Servicest Ince
Pensetgemy be les them (d) since W"-eseab er, Investunt
...... ii~ i~ ii ~ iii ~ i~ i~ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiii~iiiiiiii~iii~iiiiiiii i i~iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii! iiiiiiiiiiiiiiiiiiiiiiiiiiiiriiiii iiiiiiiii iiii i iiiiiiiiiiiiiiiiiiiiiiiii~ii'i(iilii~i!iiii;iiiiiiiiiiiiiiiiiiiiiiiiiiiii .. .. Hi iiiiiii iiiiiiii~iiiiiiiiiiii
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Price T.owe) & Assoc., Inc.
RoePice New Horizon 135,0
j;ysieC. of Boston 95,700&
Kesoe S4 90800
Kestne Appalo 5,70.
Edde :m. Service. Inc. 359502'5
Ed iepecial Growth 1950
Ed iepecial Inst.1600.4
Vace anders & Co., Inc. 80,000
.Vnc anders Spec.. 50*0035

G...S. Program Nut.300021

2n Fdciary Exch. 28,0


-9
SRF Fund, Inc. 17,0512
TotalPercentage iidentified.ii..i

of 0.5 percent or






move ~~~436,50g d.

MM t a) Vickers Guide to Investm CM ft &A OW D:Ck .

b) nvstent(NeMMTesk12ZSOW Yburas
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No* of Shares Percent
t~divdwl undsold soldles

ID (nvstrsDi. er.,In.)129100,000 5.60
IDSProresivePd.210,000 .97
Invetor Stck und1,000,000 .4.63

Dreyfu Fund1,053,800 4.88
iiiiii, iliiiiiii iiiiiiii si~ iiiii iii ;iii ii ii iiiiii iiii iii, iiiiiii .... ............................ iiiiiiiiiiiiiiiiiiiiiiiiiiiiii=== iiiii~iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii iiiiiii
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Capial eserch& Kmt.Co.740,000 3 .412
NewPrspeties d.180,000 .83
Inv Co ofAmeica5609000 2.59
iii'iiiiil, "'iii i;rr ii iii ;;,,;,,,,,, iiiiiiii i i i ; ili iiiiilii iiiiiiiiiiiiiiiiiiiiIiiiiiiiii; N








Prei i(T.R. ii&iiii.I

Pric (T Roe) row5905000 2.73

Inst Inestrs ut.506,2Z00 2.34
Stat Stret M Crp.292-900 1.59 -
Federl Steet 110HO000 .51
Stat St.Inv.232.900 1.00

UniedAcumlaiv 150,000 .88

Fundmenal nvetr,3009000 1.39 'a



ftA s OfOJ ercetor(Continued on following page)


Otd~etto uvCstmeny portfolios (Nei York: Vickers,

(eYork: Viesenberger Investment Servicesip Inc*
; i ii ii ii iii ii ii ii iii ii ii ii iii ii i ii iii ii ii ii iii ii ii ii iii ii ii ii ii ii ii ii ii ii i ii iii ii ii iii ii ii ii iii ii .. .. ... .. .. .. ... .. .. .. ... .... .. .. .. . .. ... .... .. ... .. .. .. ... .. .. .. ... .. .. .. ... .. .. ..



















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No.m of ftraPac


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Mrs ~~~4961,50 136
......... iiiiii Incorporated$ iM"archi 11iii9ii 1975oi
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(Noeiier 3;,;s 1974)





n o. Of Sbases Pereat
dul *D old o4a
IMM,





Dreyus Crp.2189 300 5 .52
Dryfs-ud 1009600 2.99
Dryfa evrage Ed. 117,700 3.53,
Keystone Co. of:oton
K4180000 5.39
= ................ " i '''''=' i iiiiiiiiiiiii i iiiiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiiiiiiiii ll
iiiiiiiiiiiii iiiiiiiiiiiiiiiiiiiiiiiiiiiii i iiiiiii iii iiiiiiiii i iiiii ii i ii i ii


IAV. "r ......... Inc.












IDS ProgVd. 175,000, 5.25

Scmddibfteeos6 Clark Co.
ScddrSp d. .50,000 1.49

Invst MaleNt. 27,500 .82

Chapie olar 'Fd. 20,800.2
Awri~nExpespInvat. Cop
Axr. aV pecial rd. 20,000 .60
it.i













Aetn Fun 18,0600 .54

Delt Trnd und15,000 .45


dataM~e4.. 21,21a(b)
aSpercent or .. .
724,600 21.73(d) '


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... .................................
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ii,, ii i iiii

































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Eddie Mgt. Ser'ces, Inc 701,00
;iiEddie Special Growth 40iiloUOOi- 1.69
liiEddie Special Inst. 30m,000iiiiiiiiiliii

FounersGrowh P. 62OOO2.6
... .. ... .....
;;lFiduciary Exchange 259000 1.06,;iiliii;;liil;;ii,;iiiii

;;"";"Fidelity Destiny FdI,;- 259000,iiii~liii~;;iiil;"



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lb al Pe ;;;mftp Identifiediiir
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ft*. of shames lpa t .


la.Dv S-~ nc, 80,000 6.77
IDS Ne nmawon 10,000 .84
IES'rors we Pd. 40,000 3.39
InetrsVrable 30,000 2.54
PriefIT.Roej& Assoc, n c
Rom Prae ew orzo 45,800 3.88
Unit'd'in.Mgm. Ltd&
...Unted Acu&.27,500 2.32

Keyton ofBoson
Keystne S425,000 2.12
Ddug w T.Job~ on S Co.
Jonso Nt l Fund 20,000 1.69

LehmanCorpi20,000 1.69

Ma.Inetrs Or. 20,000 1.69
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