We also are sending a copy of the foregoing to the Director, Bureau of Accounts and Statistics, simultaneously with this mailing, as directed in your letter. Sincerely, Note: This listing as of Mar. 8, 1974, which is record date of stockholders entitled to vote at Eastern's annual meeting of stockholders to be held on Apr. 23, 1974, in New York City, and used since full stockholders list and other data available as of Mar. 8 and not at other dates entailing excessive cost; step-by-step prescribed procedure listing 6 steps was followed; it is impossible to list in order of number of shares owned (high to low) the 30 stockholders that "own" the most sock since there is no way that Eastern can determine the "beneficial holders" (owners) of shares held in brokers or nominees names, or for that matter in any other name. BURLINGTON NORTHERN, INC.-BOARD OF DIRECTOR INTERLOCKS WITH BANKS A staff Study by ICC Bureau of Accounts, Nov. 12, 1974 in response to request by Subcommittee on Budgeting, Management and Expenditures. Ownership: The 1973 annual ICC Report discloses in schedule 109 that 16 of the top 30 stockholders are banks. Two of these 16 banks are interlocked with the Board of Directors of the Burlington Northern. At 12/31/73 the 16 banks controlled 3,010,291 shares of 12,438,421 outstanding shares; this represented 24.2 percent ownership. See exhibit G for details. Bank Interlocks: A chart is attached showing the bank interlocks with the Board of Directors of the Burlington Northern, Inc. Please note that although only fourteen banks, six bank holding companies and one banking association are directly interlocks with the Board, the six bank holding companies control 187 other banks as follows: The one banking association, Allied Bank International, is controlled equally by 18 individual banks; see exhibit D. The total of direct and indirect bank related interlocks is as follows: Direct interlocks with banks controlled by interlocked bank holding companies.. (8) Exhibit F. (3) Do. Total direct and indirect bank related interlocks. 215 Using deposits as a measure of economic resources, the 215 bank related interlocks have combined financial impact of $64 billion at 12/31/73. See Exhibit E. Pension Funds: The First Trust Company of St. Paul is Trustee of the Burlington Northern's pension funds. At June 30, 1974, the pension funds had a market value of $60 million. The First Trust Company of St. Paul is a subsidiary of the First Bank System, Inc. Both the First Trust Company of St. Paul and its parent, the First Bank System, Inc., are interlocked with the B. N. Board. EXHIBIT A.-First Bank System, Inc.-88 Affiliates, Deposits of Bank Affiliates, as of Dec. 31, 1973 Minnesota & Wisconsin Affiliates: First National Bank of Minneapolis. First Bloomington Lake NB, Mpls....... First Southdale National Bank, Edina_ First Grand Ave. State Bank, St. Paul. Alexandria-1st NB. Austin-1st National Bank. Blue Earth-1st National Bank. Duluth Duluth National Bank. 28, 611, 285 EXHIBIT A.-First Bank System, Inc.-88 Affiliates, Deposits of Bank Affiliates, Montana affiliates-Continued Livingston-1st NPRKB. Miles City-1st National Bank....... North Dakota Affiliates: Bismarck-1st National Bank. Cavalier-1st Merch. & Farmers Bank. Wahpeton-Wahpeton National Bank. 19, 675, 196 17, 089, 080 45, 855, 279 7, 319, 794 14, 824, 501 11, 412, 852 South Dakota affiliates: Aberdeen Aberdeen National Bank.. Gettysburg-1st Potter County Bank.. Lemmon-1st National Bank- Miller-1st National Bank.. Sioux Falls-National Bank of South Dakota.. Total for all bank affiliates.. 18, 465, 658 19, 914, 928 286, 771, 974 4, 967, 129, 723 EXHIBIT B.-Northwest Bancorporation-81 affiliates, deposits of affiliated banks Minnesota: as of Dec. 31, 1973 |