G634 COMMITTEE ON GOVERNMENT OPERATIONS SAM J. ERVIN, JR., North Carolina, Chairman JOHN L. MCCLELLAN, Arkansas ABRAHAM RIBICOFF, Connecticut JAMES B. ALLEN, Alabama LAWTON CHILES, Florida SAM NUNN, Georgia WALTER D. HUDDLESTON, Kentucky CHARLES H. PERCY, Illinois ROBERT BLAND SMITH, Jr., Chief Counsel and Staff Director ELI E. NOBLEMAN, Counsel W. P. GOODWIN, Jr., Counsel J. ROBERT VASTINE, Jr., Minority Counsel SUBCOMMITTEE ON BUDGETING, MANAGEMENT, AND EXPENDITURES LEE METCALF, Montana, Chairman CONTENTS Vanik, Hon. Charles A., a Representative in Congress from the State of Stafford, Hon. George M., Chairman, Interstate Commerce Commission, accompanied by Hon. W. Donald Brewer, Commissioner; Fritz R. Kahn, General Counsel; John A. Grady, Director, Bureau of Accounts; and William McCormick, Chief, Financial Section, Bureau of Accounts____ Nassikas, Hon. John N., Chairman, Federal Power Commission; ac- companied by Emmett J. Gavin, Assistant to the Chairman; Lorin H. Drennan, Jr., Chief, Office of Accounting and Finance; Daniel Goldstein, Assistant General Counsel; David S. Schwartz, Assistant Chief, Office of Economics; William Powell, Chief, Division of Systems, Office of Ac- counting and Finance; Charles Franklin, Chief, Division of Reports and Statistical Analysis, Office of Economics; and Daniel Lamke and Frank- lin P. Gould, Office of General Counsel.. Hughes, Hon. Phillip S., Assistant Comptroller General of the United Engman, Hon. Lewis A., Chairman, Federal Trade Commission; ac- companied by James T. Halverson, Director, Bureau of Competition___ Aspin, Hon. Les, a Representative in Congress from the State of Wis- Sommer, Hon. A. A., Jr., Commissioner, Securities and Exchange Com- mission; accompanied by Ralph Hocker, Associate Director, Division of Corporation Finance; and Ralph Bell, Director, Office of Data Proc- Vanik, Hon. Charles A.: Table-Chase-Manhattan Corp.-Taxes.. Excerpt from House Report 93-891 concerning declining tax rate of Machinery and Products Institute response to SEC on tax reform. Letter from Thomas E. Kauper, Assistant Attorney General, Anti- 600 601 602 604 605 611 612 Stafford, Hon. George M.: Notice to carriers to provide for the Interstate Commerce Commission, Follow-up letter for original letter dated February 14, 1974. Summary, A-1....... Indebtedness of the 15 largest rail carriers, A-2.. Percent of the 15 largest railroads' debt held by financial institu- Page 639 639 641 642 643 Debt and equity ratios, A-4. 644 Major shareholders, A-5-- 645-659 Ten largest motor carriers, schedules of debt and equity: Summary, B-1.. 660 Indebtedness of 10 largest motor carriers, B-2.. 661 Percent of the 10 largest motor carriers' debt held by financial in- 662 Major holders of debt of the 10 largest motor carriers, B-4. 663 Debt and equity ratios, B-5 664 Major shareholders, B-6.. 665-674 Ten largest pipelines, schedules of debt and equity: Summary, C-1. 675 Indebtedness of the 10 largest pipelines, C-2. 676 Percent of the 10 largest pipelines' debt held by financial institu- 677 Debt and equity ratios, C-4_. 678 Stockholders, C-5- 679 Undivided joint interest petroleum pipe line systems, C-6---- 680–682 Directors of large carriers and financial institutions, schedules of affiliations: Summary, D−1... 683 Interlocking directorates-large carriers and financial institutions, 684 Fifteen largest railroads, affiliations of nonofficer directors, D-3--685-691 Chart showing directors of the Penn Central Transportation Co. and their affiliations with banking institutions and other major corporations, as of January 1970-- Table showing major railroads directly controlled by holding companies and date of involvement.... Selected statistics for Class I railroads in the United States indirectly controlled by conglomerate holding companies, years 1972–73_Letter from Alvin E. Toffel, Special Consultant to Norman Simon, to Vic Reinemer, Staff Director, Subcommittee on Budgeting, Management, and Expenditures, dated May 28, 1974, concerning testimony by Mr. McCormick, of ICC Chairman Stafford's staff, in respect to Mr. Toffel's role in the ICC's follow-up to Mr. Simon's complaints about proper disclosure in a recent security offering--Letter to E. Winslow Turner, Chief Counsel, Subcommittee on Budgeting, Management, and Expenditures, Senator Metcalf, Chairman, from Norman Medvin, Senior Consultant, Stanley H. Ruttenberg & Associates, Inc., dated April 24, 1974, responding to invitation for information on joint venture oil pipeline systems__ Exhibit 1.-Notice of proposed rulemaking, Docket No. RM74-17, increasing FPC reporting requirements to include 30 top principal voting stockholders rather than top 10 737 Exhibit 2.-Holdings of common stock of Carolina Power & Light held and reported by First National City Bank.......... 744 Nassikas, Hon. John N-Continued Exhibit_3.-Holdings of Carolina Power & Light by First National Page City Bank as reported to FPC. Exhibit 4.-List of officers and directors authorized to hold interlocking positions in public utilities who also hold positions with investing institutions_ Exhibit 5.-List of banks having a director position interlocked with officer or director positions of public utilities which had short-term borrowings from the banks as of December 31, 1972. List of banks having a director position interlocked with officer or director positions of public utilities-stock of public utility held by nominees of banks.. Memorandum to Chairman Nassikas, from the Office of General Memorandum from Morris R. Fitzgerald, Chief, Division of Audits, Letter to Senator Metcalf from Chairman Nassikas, dated June 12, Appendix C.-Memorandum to L. H. Drennan, Jr., Chief Hughes, Hon. Phillip S.: GAO notice of proposed rulemaking: Clearance of proposals by inde- Letter to Hon. Dean Burch, Chairman, Federal Communications Commission, from Phillip S. Hughes, Assistant Comptroller General, dated February 12, 1974 concerning certain review functions of the Comptroller General relating to information-gathering activities of independent regulatory agencies Letter to Hon. Elmer B. Staats, Comptroller General of the United States, from Charles A. Tobin, Secretary, Federal Trade Commission, dated March 15, 1974, in response for comments on the proposed General Accounting Office regulations to implement 44 USC sec. 3512, to review the collection of information by independent Federal regulatory agencies--- 745 746 755 757 761 764 774 782 1077 1086 1087 1088 1088 1094 862 865 871 872 Staff Summary of independent regulatory agencies' response to Chairman Chairman Metcalf's letter to Commissions, dated March 5, 1974.. Atomic Energy Commission__ Civil Aeronautics Board....... Consumer Product Safety Commission.. Equal Employment Opportunity Commission. Federal Communications Commission_. Federal Maritime Commission__ Federal Power Commission__. Federal Trade Commission__ Interstate Commerce Commission_. Page 877 878 878 878 883 884 884 885 885 885 888 889 "Bureau of Economics Staff Report,' Federal Trade Commission line of business reporting program_. 912 Exhibit 1.-Interlocking oil company directors 931 Exhibit 2.-Leading "insider" stockholders of 14 major oil companies and their holdings... 932 Statement regarding interlocks by Hon. Bill Gunter, a U.S. Congressman from the State of Florida, from the hearings before the Senate Committee on Interior and Insular Affairs, December 5, and 6, 1973_ _ TEXT OF CORRESPONDENCE BETWEEN CHAIRMAN METCALF AND AGENCY OFFICIALS REGARDING INTERLOCKING DIRECTORSHIPS Text of letter sent to agencies.. Responses to letter from Chairman Metcalf to agencies: APPENDIX A-II-INTERLOCKED DIRECTORATES OF 18 OIL COMPANIES (Excerpted from Interlocking Oil, by Angus McDonald (Albert J. Fritsch, Ph. D., editor), Center for Science in the Public Interest, 1779 Church St. NW., Washington, D.C. 20036) – |