Bankers Trust Company FIFTY LARGEST COMMON STOCK HOLDINGS OF THE TRUST DEPARTMENT (A) Shares held as Co-Trustee Proxies are signed in blank by the Bank and mailed to the other Co-Trustee(s) for execution. BANKERS TRUST CO., Hon. LEE METCALF, Washington, D.C. DEAR SENATOR METCALF: In response to your letter of March 11, 1974 to Mr. Brittain concerning Trust Department investments in portfolio companies as of the end of 1973, I am pleased to enclose a list of Bankers Trust Company's fifty largest common stock holdings ranked by market value as of December 31, 1973, which list was made available and released to the press at the Corporation's Annual Meeting of shareholders March 19, 1974. Very truly yours, Enclosure. Q. U. FORD, Senior Vice President. Bankers Trust Company FIFTY LARGEST COMMON STOCK HOLDINGS OF THE TRUST DEPARTMENT (A) Shares held as Co-Trustee. Proxies are signed in blank by the Bank and mailed to the other Co-Trustee(s) for execution. THE CHASE MANHATTAN BANK. Hon. LEE MEtcalf, Committee on Government Operations, DEAR SENATOR METCALF: David Rockefeller has asked me to reply to your letter of March 11th. Several years ago, Chase recognized that its over-all investment function served two very different market areas, and assigned the investment management of assets owned by individuals or personal trust relationships to the the Trust Department of the Bank, and assigned the management of pension and institutional assest to Chase Investors Management Corporation (CIMC), our investment affiliate. The multiplicity of objectives of individuals' relationships, the ever-present tax factor, the personal preference ingredient and the existence of a co-trustee or other consent relationship on most individually-oriented accounts has led to the development of policies, strategies and security selections in the individual area that may at times significantly differ from the approach taken by CIMC to managing the larger tax-exempt more performance-oriented institutional accounts. The 1973 year-end report that Chase filed with the Comptroller of the Currency included a total of $3,425MM under management by this Trust Department. Of this amount, $2,048 MM is invested in equities, and of this sum only $663MM is subject to our sole discretion. For the past two years the Trust Department has published a brochure which is designed to serve the dual purpose of an information piece for our trust beneficiaries and investment management customers, and a marketing piece to attract new business. Incorporated is material describing our investment policies, decision processes, and our major equity holdings to the extent we felt appropriate for this audience. I am enclosing copies of these booklets for your use. If there is any further information you would like, please do not hesitate to call on me. I would be delighted to spend some time with you to discuss the trust business generally if you felt this would serve a useful purpose. I am sending your letter to Mr. Rockefeller along to Jim Lane, the Executive Officer of CIMC for response from his end of our Chase trust and investment operation. Sincerely, JAMES W. NORTH, Common Stock The 171 common stocks listed here were held for our Individual Investment Management and Trust accounts as of 12/31/73 and had a market value of at least one million dollars. Some holdings may in part represent the instructions of a client, a trust agreement, or a will. No holdings managed by Chase Investors Management Corporation are included in this report. All holdings in excess of twenty million dollars are listed in order of market value. All other stock holdings are shown alphabetically within dollar categories. All securities of the Chase Manhattan Corporation, parent company of The Chase Manhattan Bank, are held at the direction of the client involved. It is not our policy to direct the purchase of our securities or to recommend them. Nor do we ever determine the voting of these shares. American Cyanamid Company J. P. Morgan & Co., Incorporated |