VI-INVESTMENT STATISTICS The following tables summarize the largest stock holdings in the Trust and Investment Bank: The first table shows our fifty largest equity holdings. The holdings of the Personal Group and of the Corporate and Institutional Group are also presented separately because they are governed by, and represent, different investment considerations. In estates and trusts, and in investment management accounts of individuals, the individual circumstances of each, the impact of taxes upon changes in investments and, very frequently, particular provisions in wills and trusts, necessarily have a bearing upon investment decisions. These factors are usually not present in the corporate and institutional funds, especially those which are exempt from income and capital gains taxes. Because of this, the Commingled Funds which are managed by the Corporate and Institutional Group and which are used as investment mediums for tax-exempt pension and other employee benefit trusts are most representative of the Bank's investment policies unaffected by tax and other considerations, and while not indicative of the performance of any single employee benefit fund, the investment performance records of the commingled funds are separately shown. 1 Where the Bank has sole investment control, proxies on this stock are not voted. Where the control is shared or rests in others, proxies are referred to cotrustees or others with investment control without recommendation. Of these shares 169,254 are held in the Chemical Bank Profit Sharing Plan. Proxies for these shares are voted by the employee-participants. 2 Of these shares 1,130,644 are held in the Uniroyal Savings Plan. Proxies for these shares are voted by the employeeparticipants. 3 Of these shares 644,250 are held in the Goodrich Employees Savings and Stock Purchase Plan. Proxies for these shares are voted by the employee-participants. Where the Bank has sole investment control, proxies on this stock are not voted. Where the control is shared or rests in others, proxies are referred to cotrustees or others with investment control without recommendation. Hon. LEE METCALF, WILMINGTON TRUST CO., Wilmington, Del., March 15, 1974. Chairman, Subcommittee on Government Operations, DEAR SENATOR METCALF: Your letter of March 11, 1974 to Mr. W. W. Geddes has been referred to me for reply. We have not published and are not planning to publish a report dealing with our Trust Department's investments as of the end of 1973. Sincerely yours, W. D. MERTZ, Senior Vice President. SECURITY PACIFIC NATIONAL BANK, Hon. LEE METCALF, U.S. Senate, Committee on Government Operations, DEAR SENATOR METCALF: Mr. Larkin referred your letter of March 11 to me for reply, as I am the officer in charge of our Fiduciary Services Group. We have not published nor do we have plans to publish a report on our Trust Department investments with respect to the year ended 1973. Sincerely, ROBERT L. HUNT, Executive Vice President. WELLS FARGO BANK, San Francisco, Calif., March 19, 1974. Hon. LEE Metcalf, Washington, D.C. DEAR SENATOR METCALF: This is in response to your letter to our President, Richard P. Cooley inquiring as to whether or not we have published a report dealing with the activities of our Trust Division. We have not published such a report but have been giving serious consideration to doing so. Should we conclude to prepare such a report we will be sure to send you a copy. Sincerely yours, Hon. LEE METCALF, Senate Office Building, Washington, D.C. DEAR SENATOR METCALF: Thank you for your letter of March 11. If we publish a listing of our Trust Department holdings, I will be happy to see that you get a copy. Sincerely, W. B. EAGLESON, Jr., Hon. LEE METCALF, Nature of Bank Nominees MORGAN GUARANTY TRUST Co., Russell Senate Office Building, Washington, D.Č. DEAR SENATOR METCALF: Recalling our correspondence of earlier this year dealing with the use of nominee registration of securities held by banks, I enclose copies of a publication we have just issued. We are sending copies to the government regulatory agencies which obtain information on registered stockholders from companies under their jurisdiction and to a broad range of companies whose securities we hold. We would welcome any suggestions you might have as to other parties that might find this publication interesting. We hope this publication may further affirm to you the point we have made before, namely that our use of nominees is in no way an attempt to conceal our identity. Sincerely, ELLMORE C. PATTERSON, |