CONTENTS

Chapter I. Scope of staff study.

Legislative purpose--

Effects of corporate interlocks.

Patterns of interlocks.

Federal interlock legislation..

Objectives.--

Chapter II. Legislation

A. Clayton Act.

1. Political background...

2. Legislative history of sections 8 and 10..

a. The House bill..

b. H.R. 15657 in the Senate..

c. Conference report..

3. Analysis of section 8...

a. Banking provisions -

b. Industrial and commercial corporations.

4. Analysis of section 10..

5. Conclusion..

B. Ancillary legislation and implementing regulations.-

1. Interstate Commerce Commission..

a. Clayton Act regulations.-

b. Interstate Commerce Act.

(1) Section 20a (12)

(2) Section 5(14)-

2. Federal Reserve Board..

a. Clayton Act regulations.

b. The Banking Act of 1933.

c. Banking Act regulations.

3. Federal Communications Commission...

a. Communications Act of 1934..

b. Communications Satellite Act of 1962..

4. Federal Power Commission.--

5. Securities and Exchange Commission.-

a. Public Utility Holding Company Act.

b. Investment Company Act---

6. Civil Aeronautics Board.

7. Secretary of the Treasury-

8. Other.

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Chapter III. Experience Continued
B. The Sherman Act...

1. Department of Justice consent decrees.
2. Investment bankers case..

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Summary

C. Proceedings of regulatory bodies--
1. Interstate Commerce Commission.

a. Section 10 of the Clayton Act
b. Section 20a (12) of Interstate Commerce Act.

c. Section 5(14)-Panama Canal Act Amendment..
2. Federal Reserve Board.-
3. Federal Communications Commission.
4. Federal Power Commission.--
5. Securities and Exchange Commission.
6. Civil Aeronautics Board..

7. Secretary of the Treasury
D. Investigations and studies.
1. After World War II.

a. Federal Trade Commission report..
b. House Small Business Committee
c. American-Eastern Air Lines merger-
d. Study of mutual funds---
e. Report of New York State Joint Legislative Com-

mittee to Revise the Banking Law..
f. Report of the Advisory Committee on Banking to

Comptroller of the Currency -

g. The Heller report---
Chapter IV. Survey of current status of corporate management interlocks.

Introduction...
A. Interlocks of industrial and commercial companies...
1. Survey of industrial and commercial companies.

a. General summary -
b. Company analysis.-

(1) General Motors Corp-
(2) Standard Oil Co. (New Jersey)
(3) Ford Motor Co...
(4) General Electric Co.--
(5) Socony Mobil Oil Co., Inc.
(6) United States Steel Corp-

Texaco Inc....
(8) Gulf Oil Corp.
(9) Western Electric Co.-
(10) Swift & Co.--.
(11) E. I. du Pont de Nemours & Co.--
(12) Chrysler Corp-
(13) Standard Oil Co. of California..
(14) Standard Oil Co. (Indiana).
(15) Bethlehem Steel Corp.--
(16) Shell Oil Co...
(17) Westinghouse Electric Corp-
(18) International Business Machines Corp--
(19) General Dynamics Corp...
(20) Armour & Co.----
(21) Lockheed Aircraft Corp---
(22) North American Aviation, Inc.-
(23) Phillips Petroleum Co...
(24) Sinclair Oil Corp...
(25) United Aircraft Corp.-
(26) American Motors Corp-
(27) Continental Oil Co.--
(28) Douglas Aircraft Corp.--

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Chapter IV. Survey of current status, etc.—Continued
B. Banks

Competition.
Foreign banking-
Stockholdings.
1. Survey of interlocks of commercial banks and mutual

savings banks...

a. General summary -
b. Commercial banks...

(1) Interlocks with commercial banks.--
(2) Interlocks with mutual savings banks.
(3) Interlocks with insurance companies--
(4) Interlocks with industrial and com-

mercial companies.

c. Mutual savings banks.. C. Insurance industry ---

Competitive factors..
1. Survey of insurance company management interlocks.

a. General summary--
b. Life insurance companies.

(1) Metropolitan Life Insurance Co..
(2) Prudential Insurance Co. of America -
(3) Equitable Life Assurance Society of

the United States.--
(4) New York Life Insurance Co.
(5) John Hancock Mutual Life Insurance

Co.--.
(6) Aetna Life Insurance Co. and Aetna

Casualty & Surety Co---
(7) Northwestern Mutual Life Insurance

Co.--
(8) Travelers Insurance Co. and Travelers

Indemnity Co.
(9) Mutual Life Insurance Co. of New

York.--
(10) Massachusetts Mutual Life Insurance

Co.---
c. Fire and casualty insurance companies -

(1) Insurance Co. of North America.
(2) Continental Insurance Co...
(3) Allstate Insurance Co.--.
(4) State Farm Mutual Automobile In-

surance Co. (Illinois) -
(5) Liberty Mutual Insurance Co..
(6) United States Fidelity & Guaranty

Co.--
(7) Hartford Fire Insurance Co.

(8) Home Insurance Co..
Chapter V. Summary of conclusions and recommendations.
Appendix A. Legislative proposals prior to Clayton Act.
Appendix B. Tabulation of directors, corporations and SIC codes supplied

by Federal Trade Commission..
Appendix C. Distribution of directors within 74-company sample-

LIST OF TABLES

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Tables

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1. Interlocking Directorate Applications Under Section 20a (12) of the

Interstate Commerce Act . 2. Applications by Individuals To Hold Interlocking Directorates

Pursuant to Section 212 of the Communications Act of 1934, as

Amended.--3. Applications by Carriers or Persons for Authorizations To Hold

Interlocking Directorates in commonly Owned Carriers, Com

munications Act of 1934, as Amended.
4. Federal Power Commission Applications To Hold Interlocking

Positions Pursuant to Section 305(b) of the Federal Power Act,
January 1936 to December 1, 1964..

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Tables
5. Disposition of Applications for Approval of Interlocking Relation-

ships Filed Under Section 409 of the Civil Aeronautics Act of
1938 and the Federal Aviation Act of 1958 (49 U.S.C., Sec. 1379),

as of November 30, 1964.
6. Interlocking Directorate Applications Under the Provisions of the

Federal Alcohol Administration Act, August 25, 1935-December

1, 1964... 7. Number of Companies for Which Interlocking Connections Are

Shown, House Small Business Committee.. 8. Affiliations of Open-End Investment Company Directors, Officers,

and Principal Officers, and Trustees, With Their Investment

Advisers (1960) 9. Industrial and Commercial Companies, December 31, 1962.. 10. Summary of Management Interlocks in Category I: 29 Industrial

and Commercial Corporations, December 31, 1962.-
C-1. General Motors Corp. Management Interlocks, December 31, 1962.-
C-2. Standard Oil Co. (New Jersey) Management Interlocks, December

31, 1962..
C-3. Ford Motor Co. Management Interlocks, December 31, 1962..
C-4. General Electric Co. Management Interlocks, December 31, 1962.-
C-5. Socony Mobil Oil Co., Inc., Management Interlocks, December 31,

1962..
C-6. United States Steel Corp. Management Interlocks, December 31,

1962.-
C-7. Texaco, Inc., Management Interlocks, December 31, 1962-
C-8. Gulf Oil Corp. Management Interlocks, December 31, 1962. -
C-9. Western Electric Co. Management Interlocks, December 31, 1962-.
C-10. Swift & Co. Management Interlocks, December 31, 1962 -
C-11. E. I. duPont de Nemours & Co. Management Interlocks, December

31, 1962.-
C-12. Chrysler Corp. Management Interlocks, December 31, 1962-
C-13. Standard Oil Co. of California Management Interlocks, December

31, 1962.-
C-14. Standard Oil Co. (Indiana) Management Interlocks, December 31,

1962.-
C-15. Bethlehem Steel Corp. Management Interlocks, December 31, 1962-
C-16. Shell Oil Co. Management Interlocks, December 31, 1962.--
C-17. Westinghouse Electric Corp. Management Interlocks, December 31,

1962.
C-18. International Business Machines Corp. Management Interlocks,

December 31, 1962---
C-19. General Dynamics Corp. Management Interlocks, December 31,

1962.-
C-20. Armour & Co. Management Interlocks, December 31, 1962--
C-21. Lockheed Aircraft Corp. Management Interlocks, December 31,

1962.
C-22. North American Aviation, Inc., Management Interlocks, December

31, 1962..
C-23. Phillips Petroleum Co. Management Interlocks, December 31, 1962.
C-24. Sinclair Oil Corp. Management Interlocks, December 31, 1962-
C-25. United Aircraft Corp. Management Interlocks, December 31, 1962-
C-26. American Motors Corp. Management Interlocks, December 31,

1962.
C-27. Continental Oil Co. Management Interlocks, December 31, 1962..
C-28. Douglas Aircraft Corp. Management Interlocks, December 31, 1962-
C-29. American Telephone & Telegraph Co. Management Interlocks,

December 31, 1962...
B-1. Percentage of Total Assets Owned by Largest Banks in Principal

Financial Centers, December 31, 1962.-
B-2. Section 25 and Section 25(a) Corporations, October 1, 1964.
B-3. Oversea Branches and Corporations Engaged in Foreign Banking

and Financing in Operation on October 1, 1964.
B-4. Agencies and Branches of Foreign Banks Operating in New York

State as of December 31, 1963.

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Tables
B-5. 15 Largest Commercial Banks in the United States and Their

Deposits as of December 31, 1962...
B-6. 10 Largest Mutual Savings Banks in the United States and Their

Deposits as of December 31, 1962.-
B-7. Direct Interlocks with Other Commercial Banks.
B-8. Direct Interlocks Between New York City Commercial Banks and

Mutual Savings Banks as of December 31, 1962..
B-9. Direct Interlocks Between Selected New York Commercial Banks

and the 4 Largest Life Insurance Companies in the United States

as of December 31, 1962... B-10. Direct Interlocks Between Selected Industrial and Commercial

Corporations and Bank of America, and Other West Coast Banks,

as of December 31, 1962.--B-11. Industrial and Commercial Corporations With Direct Interlocks

With 2 or More of the 5 Leading New York Commercial Banks

as of December 31. 1962. B-12. Corporations Directly Linked With Both of the 2 Largest Com

mercial Banks in Chicago as of December 31, 1962.. B-13. Interlocks of Philadelphia Savings Fund Society With Leading

Financial Institutions in Philadelphia as of December 31, 1962.. 11. Assets of U.S. Life Insurance Companies --12. Assets of Fire and Casualty Insurance Companies. 13. Concentration, 1955–1962.. 14. Securities of Business and Industry Owned by U.S. Life Insurance

Companies.. 15. Stocks Owned by U.S. Life Insurance Companies.16. 10 Largest Life Insurance Companies, Based on Admitted Assets

on December 31, 1962.-17. 10 Largest Fire and Casualty Insurance Companies, Based on

Admitted Assets on December 31, 1962-18. Life Insurance Company Interlocks with Fire and Casualty Insur

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