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APPENDIX B

                      
COMPANIES WITH LARGEST TOTAL ASSETS
        TNEC                         Fortune*                Dominant       (1937)                          1964                   Family                                                       Groups--Fortune List                                                      (by TNEC and SEC source)

*Fortune publishes these rankings in July and August ofeach year. These company names were taken from the 1965 issues reporting on 1964performances under the categories of industrial, public utility, transportation andmerchandising companies.
** Railroads and other types of public utility companies are generally dominatedby small coalitions of several families, directly or through banks or other financialinstrumentalities. This holds as well for many industrial companies.

 1. American Telephone        1. American Telephone             **   & Telegraph                     & Telegraph 2. Standard Oil              2. Standard Oil (New           Rockefeller   (New Jersey)                  Jersey) 3. Pennsylvania RR           3. General Motors              Du Pont 4. U.S. Steel                4. Ford Motor                  Ford 5. Southern Pacific RR       5. U.S. Steel                  Phipps, Haldane et al. 6. N.Y. Central RR           6. Texaco                      Hill, Gates, Lapham                                                                 et al. 7. Consolidated Edison       7. Socony Mobil Oil            Rockefeller   (N.Y. 8. General Motors            8. Gulf Oil                    Mellon 9. Commonwealth &            9. Sears, Roebuck              Rosenwald   Southern (utility   properties distributed)10. Baltimore & Ohio RR      10. Standard Oil of             Rockefeller                                   California11. Santa Fe RR (ATSF)       11. General Telephone & Paine,  La Croix et al.                                   Electronics12. Cities Service           12. International Business      Watson-Smithers                                   Machines                  Hewitt-Fairchild13. Union Pacific RR         13. Standard Oil                Rockefeller                                   (Indiana)14. Socony Vacuum Oil        14. Consolidated Edison         Brady et al.                                   (N.Y.)15. Standard Gas &           15. General Electric            White, Gardner et al.      Electric (utility prop-      erties distributed)16. North American Co.       16. Pacific Gas & Electric      Crocker et al.      (utility properties      distributed)17. Northern Pacific Ry      17. Pennsylvania RR18. American Power &         18. Southern Pacific            Harkness, James,      Light (utility properties                              Dodge et al.      distributed)19. United Gas Improve-      19. E.I. du Pont de Nemours     Du Pont      ment (utility properties      distributed)20. Great Northern Ry        20. Chrysler                    Chrysler-Bache                                                             Hutton-Hanna-Mellon21. Standard Oil (Indiana)   21. Bethlehem Steel             Mellon-Grace22. Bethlehem Steel          22. Tennessee Gas               Symonds, Stone &                                   Transmission              Webster23. Ford Motor               23. New York Central            Kirby-Murchison                                   RR                        et al.24. American & Foreign       24. Shell Oil                   (Royal Dutch)      Power25. E.I. du Pont de          25. Western Electric      Nemours26. Electric Power & Light   26. Union Carbide               Kenan-Acheson      (utility properties                                       et al.      distributed)27. Commonwealth Edison      27. Santa Fe RR      (Chicago)28. Chesapeake & Ohio Ry     28. Commonwealth Edison (Chicago)29. Illinois Central RR      29. Phillips Petroleum          Du Pont-Phillips30. Pacific Gas & Electric   30. Southern Calif              Crocker      Edison31. Texaco                   31. Southern Co.32. Standard Oil of          32. Union Pacific RR            Harriman-Goelet      California                                             Vanderbilt33. Columbia Gas &           33. American Electric      Electric                     Power34. Anaconda                 34. Public Service                                   Electric & Gas35. Southern Ry              35. International Tele                                   phone & Telegraph36. Gulf Oil                 36. International                McCormick-Deering                                   Harvester37. Niagara Hudson Power     37. Sinclair Oil38. Public Service           38. Aluminum Co. of              Mellon      Electricity & Gas            America39. National Power & Light   39. Norfolk & Western Ry         (Pennsylvania RR)      (utility properties      distributed)40. Int'l Hydro-Electric     40. Westinghouse Electric         Mellon et al.      System (utility prop-      erties distributed)41. International Telephone  41. Cities Service                Rockefeller Founda-      & Telegraph                                                tion et al.42. United Light & Power     42. Continental Oil      (utility properties      distributed)43. Norfolk & Western Ry     43. Monsanto44. Louisville & Nashville   44. Columbia Gas &                Pitcairn et al.      RR                           Electric45. American Gas & Electric  45. El Paso Natural Gas      (utility properties      distributed)46. International Harvester  46. Goodyear Tire & Rubber        (Sears, Roebuck)47. General Electric         47. Procter & Gamble              Procter-Gamble48. Empire Gas & Fuel Co.    48. Eastman Kodak                 U. of Rochester,      (utility properties                                      M.I.T., Philipp,      distributed)                                             Clark, Carter et al.49. Middle West Corpora-     49. Anaconda                      Connor, Gimbel,      tion (utility properties                                 Guggenheim      distributed)50. Philadelphia Electric    50. Republic Steel                Mather51. Reading                  51. Dow Chemical                  Dow52. Shell Union Oil          52. Consumers Power53. Pacific Telephone &      53. Philadelphia Electric         Rosengarten      Telegraph54. Republic Steel           54. Niagara Mohawk                Schoelkopf,                                     Power                      Machold,                                                               Easton, Lewis et al.55. New England Power        55. General Public      Association                   Utilities56. American Water Works     56. Firestone Tire &              Firestone-Rieck      & Electric (utility           Rubber                     Woodworth      properties distributed)57. Southern California      57. Allied Chemical               Meyer, Weber,      Edison                                                   Nichols et al.58. Kennecott Copper         58. Radio Corp. of America59. Consolidated Oil         59. International Paper           Phipps-Mills60. Koppers                  60. Texas Eastern                 Brown & Root                                    Transmission61. Engineers Public         61. Celanese      Service (utility      properties distributed)62. Atlantic Coast Line      62. Detroit Edison       RR63. Philadelphia Company     63. Armco Steel                   Payson et al.      (utility properties      distributed)64. Armour (Illinois)        64. Texas Utilities65. Swift                    65. Reynolds Metals               Reynolds66. Western Union            66. National Steel                M. A. Hanna      Telegraph67. Detroit Edison           67. Northern Pacific Ry                               68. Union Carbide            68. R. J. Reynolds                Reynolds                                    Tobacco69. Sears, Roebuck           69. Tidewater Oil                 Getty70. American Tobacco         70. Great Northern Ry                                    

In both these companies a strong interest was held by the lateArthur Curtiss James, who died without heirs. The late Vincent Astor was also a leadingstockholder in Great Northern Railway.

71. New York, Chicago &      71. American Natural      St. Louis RR                 Gas72. United Gas               72. American Can                  Moore73. Northern States Power    73. Olin Mathieson                Olin                                    Chemical74. Pullman                  74. Atlantic Refining             Rockefeller75. International Paper      75. Sun Oil                       Pew76. New England              76. Inland Steel                  Block-Mather      Telephone & Telegraph                                    Ryerson77. Missouri-Kansas-Texas    77. Southern Ry      RR78. West Penn Electric       78. Middle South Utilities79. Aluminum Co. of America  79. Consolidated Natural Gas80. Consumers Power          80. Jones & Laughlin               Laughlin-Horne                                    Steel                       Jones81. Allied Chemical          81. Kaiser Aluminum                Kaiser82. Westinghouse Electric    82. Virginia Electric & Power83. Delaware & Hudson        83. Union Oil of                   Matthews-Stewart      RR                            California                  Earl84. F. W. Woolworth          84. Kennecott Copper               Guggenheim                                                                Penrose et al.85. Youngstown Sheet &       85. W. R. Grace                    Grace-Phipps      Tube86. Jones & Laughlin         86. Louisville & Nashville         (Atlantic Coast      Steel                        RR                           Line RR)87. Montgomery Ward          87. Sperry Rand88. Phillips Petroleum       88. Deere                          Deere89. Armour (Delaware)        89. Montgomery Ward                Ward, Thorne,                                                                 Avery, McLennan90. Lehigh Valley RR         90. F. W. Woolworth                Woolworth-McCann                                                                Donohue-Kirby91. National Steel           91. Chicago, Burl. & Quincy RR92. Tidewater Oil            92. Continental Can93. National Dairy Products  93. Caterpillar Tractor94. Duquesne Light Co.       94. Youngstown Sheet & Tube        Mather95. Phelps Dodge             95. Singer                         Singer-Clark96. Goodyear Tire &          96. Pacific Lighting               Miller-Volkman      Rubber                                                    Schilling97. Chrysler                 97. National Dairy                 Rieck-Breyer                                   Products                     McInnerney98. Central & South West     98. American Tobacco               Elkins-Widener      (utilities)99. United Fruit             99. U.S. Rubber                    Du Pont100. Atlantic Refining      100. Great Atlantic &               Hartford                                    Pacific Tea101. Great Atlantic &       101. Peoples Gas Light &      Pacific Tea                  Coke102. Liggett & Myers        102. Union Electric (St.      Tobacco                       Louis)103. R.J. Reynolds Tobacco  103. American Cyanamid              Bell-Darby                                                                Biddle-Duke104. Eastman Kodak          104. Pittsburgh Plate Glass         Pitcairn-Mellon105. U.S. Rubber            105. Transcontinental Gas           Stone & Webster                                   Pipe Line106. Pure Oil               106. Minnesota Mining & Mfg.        McKnight107. American Can           107. Pure Oil                       Dawes et al.108. Warner Brothers        108. Ohio Edison109. Federal Water Service  109. Burlington Industries110. Lackawanna RR          110. New England      (absorbed by Erie RR)         Electric System111. Peoples Gas Light &    111. Florida Power & Light        Coke112. Central RR of N. J     112. Illinois Central RR113. Western Maryland Ry    113. Duke Power                     Duke114. Firestone Tire &       114. American & Foreign             (Electric Bond &        Rubber                      Power                       Share)115. American Radiator &    115. United Air Lines        Std. Sanitary116. Union Oil of Cal.      116. General Foods                  Post-Davies-Hutton                                                                Woodward-Igleheart117. Boston Edison          117. Northern States Power118. Singer                 118. American Airlines119. Inland Steel           119. Northern Natural Gas120. Duke Power             120. Weyerhaeuser                   Weyerhaeuser                                                                Clapp-Bell                                                                McKnight121. Pere Marquette Ry      121. Crown Zellerbach               Zellerbach       (absorbed by       Chesapeake & Ohio Ry)122. Virginian Ry           122. Marathon Oil                   Rockefeller123. Pacific Lighting       123. Chicago, Mil. & St. Paul RR124. American Smelting &    124. Pacific Power and Light        Refining125. Consolidated Gas,      125. Allegheny Power System       Electric Light & Power        of Baltimore (name        changed)126. American Rolling Mill  126. B. F. Goodrich                 Goodrich, Raymond       (Armco)                                                  et al.127. Glen Alden Coal        127. Borden                         Borden-Milbank                                                                Horton128. Procter & Gamble       128. Boeing129. Loew's, Inc            129. Pan American Airways130. Weyerhaeuser           130. Brunswick131. Pittsburgh (Consolida- 131. Long Island Lighting           Phillips-Olmsted        tion) Coal                                              Childs132. Ohio (Marathon) Oil    132. J. C. Penney                   Penney-Ginn-Sams        Co.133. B. F. Goodrich         133. Erie-Lackawanna RR134. Continental Can        134. Georgia-Pacific                Cheatham-Pamplin135. Kansas City Southern   135. Federated Department        Ry                          Stores136. Long Island Lighting   136. Swift                          Swift137. Lone Star Gas Corp.    137. National Distillers            Panhandle Eastern        Pipeline138. Sun Oil                138. Sunray DX Oil139. Hearst Consolidated    139. Trans World Airlines           Howard Hughes        Publications, Inc.140. Cincinnati Gas &       140. General Dynamics               Henry Crown        Electric141. United Shoe Machinery  141. Baltimore Gas & Electric142. Cleveland Electric     142. Panhandle Eastern        Illuminating                Pipe Line143. National Biscuit       143. United Aircraft144. Wheeling Steel         144. Chicago & North Western Ry145. S. S. Kresge           145. Pennsylvania Power & Light146. Borden                 146. Atlantic Coast Line            Walters-Newcomer                                    RR                          Jenkins147. Hudson & Manhattan     147. Potomac Electric        RR                          Power148. Paramount Pictures     148. St. Regis Paper149. American Sugar         149. North American Aviation150. Pittsburgh Plate Glass 150. Joseph E.Seagram               Bronfman                                    and Sons151. Western Pacific RR     151. May Department Stores          May152. Brooklyn Union Gas     152. Corn Products                  Milbank-Allen                                                                Moffett et al.153. Allis-Chalmers         153. General Tire & Rubber154. Corn Products          154. Owens-Illinois                 Levis, Allied                                                                    Chemical155. Crane                  155. FMC156. Deere                  156. Coca-Cola                      Woodruff-Candler                                                                Whitehead-Lupton157. Crown Zellerbach       157. Safeway Stores                 Skagg-Lynch                                                                Merrill158. Continental Oil        158. Allis-Chalmers                 Milbank-Falk                                                                Albright159. General American       159. Lockheed Aircraft        Transportation160. National Lead          160. Signal Oil & Gas161. R. H. Macy             161. Wisconsin Electric Power162. New England Gas &      162. Western Union                  Vanderbilt-Astor        Electric                    Telegraph                   Geddes-Schiff163. American Car &         163. Kimberly-Clark                 Kimberly        Foundry164. Anderson, Clayton      164. Public Service of Colorado165. Wilson                 165. Houston Lighting & Power166. Morris & Essex RR      166. General American               Mellon-Epstein                                    Transportation              Bernheim167. Radio Corp. of         167. Borg-Warner        America168. New Jersey Zinc        168. Public Service of Indiana169. Owens-Illinois         169. Honeywell170. Richfield Oil          170. Standard Oil (Ohio)            Rockefeller171. Cudahy                 171. Armour                         Armour-Prince172. International Shoe     172. Cleveland Electric Illuminating173. Marshall Field         173. Illinois Power174. Gimbel Brothers        174. Southern New England Telephone175. Philadelphia & Reading 175. Chicago, Rock Island                                    & Pac. RR176. Schenley Distillers    176. Kroger177. J. C. Penney           177. Martin Marietta178. Climax Molybdenum      178. Schenley Industries            Rosenstiel-Jacobi                                                                Wiehe-Schwarzhaup                                                                Gerngross179. Lehigh Coal &          179. Seaboard Air Line RR        Navigation180. Standard Brands        180. Phelps Dodge                   Hanna-Dodge181. Coca-Cola              181. American Smelting &            Deering                                    Refining182. Kansas City Power &    182. National Cash Register        Light183. General Foods          183. Richfield Oil                  Atlantic Refining                                                                (Rockefeller)184. S. H. Kress            184. National Lead                  Cornish185. International Business 185. American Metal Climax          Hochschild-Loeb        Machines                                                Sussman-Selection                                                                Trust186. National Supply        186. J. P. Stevens                  Stevens, Duke187. General Telephone      187. Charles Pfizer                 Pfizer188. Safeway Stores         188. Consolidation Coal             Mellon-Hanna189. U.S. Smelting          189. Spiegel190. American Cyanamid      190. Colgate-Palmolive              Colgate191. Colgate-Palmolive-Peet 191. Campbell Soup                  Dorrance192. Carolina Clinchfield   192. Philip Morris        & Ohio Ry193. American Metal         193. American Machine                                    & Foundry194. Boston & Albany RR     194. Kaiser Industries              Kaiser195. California Packing     195. Bendix196. Mid-Continent          196. Kaiser Steel                   Kaiser        Petroleum197. American Woolen        197. United Merchants & Mfrs.        (now Textron)198. U.S. Gypsum            198. Litton Industries              Ash199. National Distillers    199. American Motors200. Texas Gulf Sulphur     200. Douglas Aircraft               Douglas,                                                                J. S. McDonnell                            201. Scott Paper                            202. Allied Stores                  Prudential                                                                Insurance Co.

   Fortune does not rate these companies by assetsbut by total sales or operating revenues. It does, however, indicate on its fourlists of nonfinancial companies-industrial, railroad, public utility and merchandisingthe assets of each company. For the list above the categories have been blended,by size of assets, into a single list that is comparable with the TNEC list. Bothlists are based on the same type of data: assets.