50 Combined Major Common Stock Holdings in Accounts of Chase Investors Management Corporation New York and the Trust Department of The Chase Manhattan Bank, N.A.* % of Shares Outstanding % of Shares Outstanding Sole Voting Responsibility Shared Security 50 Combined Major Common Stock Holdings in Accounts of Chase Investors Management Corporation New York and the Trust Department of The Chase Manhattan Bank, N.A.* % of Shares Outstanding % of Shares Outstanding Sole Voting Responsibility Shared Security Hon. LEE METCALF, MANUFACTURERS HANOVER TRUST CO., Chairman, Senate Subcommittee on Budgeting Management and Expenditures, DEAR SENATOR METCALF: In response to your letter to our Chairman, Mr. Hauge, I am enclosing copies of the brochure which we published last year and a list of our 20 largest holdings as of the beginning of this year. In each instance, the number of shares for each security for which we hold sole, shared and no voting responsibilities is indicated. We intend to incorporate this information into a brochure for public distribution again this year. Very truly yours, 20 LARGEST HOLDINGS OF STOCK OF MANUFACTURERS HANOVER TRUST CO. AS OF 1974 Investment Extended shares close of price Jan. 8, 1974 business Jan. 8, 1974 number of number of Percent shares Percent number of Percent 2,252, 384 228.000 513, 543, 552 1, 142, 683 50.7 727,845 32.3 381,856 17.0 2,276,493 96.000 218, 543, 328 727,565 31.9 885, 661 39.0 663, 267 29.1 1,985, 033 105.625 209, 669, 110 782, 972 39.5 581, 607 29.3 620, 454 31.2 1, 412, 129 110.375 155,863, 738 997, 050 70.6 189, 978 13.5 225, 101 15.9 1, 183, 720 99.750 118,076, 070 866, 720 73.2 163, 094 13.8 153, 906 13.0 1,571, 501 69.500 109, 219, 319 1, 329, 917 84.6 110,854 7.0 130, 730 8.4 952, 023 108, 750 103, 532, 501 685, 270 71.9 101, 212 10.7 165, 541 17.4 1,576, 484 63.250 99,712, 613 1,186, 282 75.2 162,266 10.3 227,936 14.5 1,529, 020 62.625 95,754,877 631, 776 41.3 481, 655 31.5 415, 589 27.2 780, 620 121.875 95, 138, 062 653, 410 83.7 38, 235 4.9 88,975 11.4 3,120, 413 30. 125 94, 002, 441 857, 233 27.5 1, 133, 740 36.3 1,129,440 36.2 1,555, 380 54,250 84,379, 365 1,186, 760 76.3 176, 394 11.3 192, 226 12.4 1, 126, 855 74,000 83, 387,270 767,614 68.1 149,973 13.3 209, 268 18,6 1,010, 867 74 500 75, 390, 591 510, 503 50.5 260,043 25.7 240, 321 23.8 903, 872 83.250 75, 247, 344 337, 213 37.3 344, 796 38. 1 221, 863 24.6 16 General Motors. 1,535, 264 47.125 72, 349, 316 560, 260 36.5 618,848 40.3 356, 156 23.2 17 First National City Corp. 1,760, 384 40.875 71,955, 696 1,200, 193 68. 2 290, 223 16.5 269, 968 15.3 18 Hewlett Packard. 934, 464 74.250 69, 383, 952 804, 728 86, 1 55, 916 6.0 73, 820 7.9 19 Baxter Laboratories. 1,587, 500 43. 125 68,460, 937 1,228, 612 77.4 162, 396 10.2 196, 492 12.4 20 American Home Products. 1,903, 621 35.375 67, 340, 592 1,051, 426 55.2 472, 215 24.8 379,980 20.0 37-733-74 - pt. 3 - 25 [Manufacturers Hanover subsequently provided the subcommittees with its July 1974, Report of the Trust Division, Employee Benefit Trust, Personal Trust, from which pertinent excerpts follow:] INTRODUCTION As the trust activities of major banks have expanded in recent years in both the numbers of institutions and individuals served and the volume of investments handled, trust operations have understandably attracted growing attention. This report contains information on Manufacturers Hanover Trust Company's activities in this regard through July 31, 1974. The Trust Division of this company contains three major components: Employee Benefit Trust, Personal Trust, and Corporate Trust. Corporate Trust activities, which include stock transfer and registrar functions and trusteeship of bond issues, are not reflected in this report because they do not involve stock for which Manufacturers Hanover has investment responsibility. Employee Benefit Trust comprises the management of pensions, profitsharing, and other employee benefit funds of corporations, unions, and other organizations, as well as those established by self-employed individuals. Although in most employee benefit accounts the company is entrusted with responsibilities for both discretionary investment and administration, in certain accounts the responsibilities are limited to administration. In a number of instances, investment decisions are shared with other individuals or organizations. The services of Personal Trust are offered primarily but not exclusively to individuals who are beneficiaries of estates or trusts of which Manufacturers Hanover is executor or trustee, or to individual owners of securities. For the latter, Personal Trust may provide investment management or custody services. Since, in the custody relationship, the company acts solely as an agent, carrying out the customer's instructions, information on custody holdings and transactions is not included in this reprrt. When the company acts as executor or trustee, or in other fiduciary capacities such as guardian or conservator, the Trust Division is responsible for all matters relating to the accounts, including investments. In some instances, the company has sole responsibility; in others, it shares responsibility with one or more cofiduciaries. In investment management accounts, the company provides advice to owners of securities deposited with it and may be authorized to buy or sell on its own initiative. This report contains information about holdings and transactions in Personal Trust accounts for which Manufacturers Hanover has either sole or shared investment responsibility. It is patterned to an extent on regulations released by the Comptroller of the Currency on July 31, 1974. C. RODERICK O'NEAL, Executive Vice President, Trust Division. |