census reports figures are given for three or more establishments when it can be done without disclosing approximations of data for individual concerns. In these tabulations figures are shown for groups of five enterprises only. Table I shows the 200 enterprises ranked according to the value added by manufacture and grouped by fives; table II presents the data for these enterprises ranked according to total manpower (salaried employees plus wage earners) and grouped by fives; and table III shows the 200 enterprises ranked according to value of products and grouped by fives. Data are shown for the following items: 1. Number of establishments. TABLE II.-Leading 200 manufacturing enterprises (based on value of products), grouped by fives and ranked according to manpower, 1935 TABLE III.-Leading 200 manufacturing enterprises (based on value of products), grouped by fives and ranked according to value of prod ucts, 1935 APPENDIX 10.-THE 200 LARGEST NON-FINANCIAL CORPORATIONS IN 1935 AND THEIR ASSETS 1929-19361 The first step in this study of corporate concentration is the bringing up to date of the figures published in 1930 by Berle & Means in The Modern Corporation and Private Property. Those figures covered the years through 1929. The information on assets of individual corporations was secured from the manuals issued yearly by Moody's Investment Service. When the present study was begun, the 1937 set of manuals was not yet complete. The 1936 manuals, giving information as of December 31, 1935, provided the latest data available. The three 1936 manuals for nonfinancial companiesindustrials, public utilities and railroads were scanned, page by page, and the total asset figure for each balance sheet noted. All companies reporting assets of $50,000,000 and over were listed. In every case where a reserve for depreciation and/or depletion was listed on the liability side of the balance sheet, this reserve was deducted from the total asset figure, so that the figures used represent in all but a few instances total assets less depreciation. In the case of a few companies, the information supplied did not indicate whether such deduction had been made in reporting their total assets, and no reserve for depreciation appeared among the liabilities. No company was listed if more than 50 percent of its voting stock was owned directly or indirectly by another company. In some cases, the information with regard to control provided by Moody's was supplemented by material filed with the Securities and Exchange Commission. From the list of nonfinancial companies with assets. of $50,000,000 and over the list of the 200 largest for 1935 was made up. A list of the 200 largest for 1932 was made by following the same procedure, beginning with a page-by-page scanning of the 1933 manuals, etc. These two lists and the Berle & Means list for 1929 provided the names of 268 companies which appeared on the list of the 200 largest nonfinancial corporations in 1929, 1932, and 1935. A card was made for each company of the 268, listing the Moody's figure for total assets less depreciation for each year from 1929 to 1935, inclusive. By sorting these cards in order of size for each year, a list of the 200 largest was secured for 1930, 1931, 1933, and 1934, and a figure for the total assets of the 200 largest for each of these years was arrived at. It was assumed that while a page-by-page examination of the manuals for these intervening years might reveal cases 1 Appendix 10 was prepared by Helen Hurd. The marked drops in total assets between 1931 and 1932 and between 1933 and 1934 are accounted for largely by the fact that in each of these years a large group of companies wrote down their assets. The difference between the total assets figure for 1929 derived above (78.1 billion dollars) and the figure for this year published by Berle & Means (81.0 billion dollars) is accounted for in great measure by the decision to exclude companies, included by Berle & Means, whose assets were principally foreign. If these companies are included, the total assets of the 200 largest corporations are as follows: 1 Assets of General Motors Acceptance Corporation, less value of total capital stock, plus assets of General Motors Corporation. Assets of Koppers Gas & Coke Co., plus assets of Eastern Gas & Fuel Associates, plus assets of Brooklyn Borough Gas Co., less the investment of Koppers Gas & Coke Co. in the latter two companies. Fuel Investment Associates, a 100-percent-owned subsidiary of The Koppers Co., owned 56.7 percent of the common stock of Eastern Gas & Fuel Associates. Another 21.1 percent was owned by Koppers Gas & Coke Co., also a wholly owned subsidiary of The Koppers Co. The Gas & Coke Co. owned more than 98 percent of the stock of Brooklyn Borough Gas Co. The North American Co. (estimated).... The United Gas Improvement Co.... American Power & Light Co.......... Public Service Corporation of New Jersey.. Electric Power & Light Corporation.... Niagara Hudson Power Corporation.. Pacific Gas & Electric Co.... Standard Gas & Electric Co..... Columbia Gas & Electric Corporation_ International Telephone & Telegraph Corporation _ _ 1,113. 2 4 1,042. 6 812.9 5 795.9 5 546. 8 5 417. 7 Associated Gas & Electric Properties is a Massachusetts trust controlling the Associated Gas & Electric Co. (assets $1,016,705,000), through the Associated Securities Corporation; and controlling the New England Gas & Electric Association (assets, $108,579,000), through Manson Securities. Included in the consolidated balance sheet of the Associated Gas & Electric Co. are the assets of the Rochester Gas & Electric Corporation. All the voting stock of this corporation is owned by companies in the Associated Gas & Electric System. Control of the corporation has been lodged since July 15, 1932, in a voting trust dominated by Chase National Bank and Guaranty Trust Co. of New York. The trust is to terminate in 1942 when control will revert to the Associated Gas & Electric Co. The assets for Rochester Gas & Electric Corporation for 1935 were $78,400,000. * Assets of the North American Co., plus assets of the North American Light & Power Co., less the investment of the former in the latter. The four major domestic companies in the Electric Bond & Share Group are listed as individual corporations. • Assets of International Paper & Power Co., plus assets of International HydroElectric System. 7 As revised in statement to the Securities and Exchange Commission, June 22, 1935. The company's books showed total assets, less depreciation, of $801,392,000, on Dec. 31, 1934, and $793,257,000, on Dec. 31, 1936. Standard Gas & Electric Co. is actually controlled by the H. M. Byllesby Corporation, although Moody's credits the control to United States Electric Power Corporation. The latter elects only a minority of the board of Standard Gas & Electric Co. Chicago Railways Co..... Boston Elevated Railway Co... Third Avenue Railway Co. (estimated). Jersey Central Power & Light Co... & Company was reorganized in November 1935 after going into receivership in 1932. Assets at the end of 1936 were reported as $444,187,000. Since no important additions or subtractions had been made in 1936, an estimate of $400,000,000 for 1935 and 1934 seems to be conservative. A report of the Federal Power Commission (National Power Survey, Principal Electric Utility Systems in the United States, Power Series No. 2, 1935) showing the corporate relationships of the principal electric utility systems in the United States in 1935 shows Commonwealth Edison Co. owning directly 28.5 percent of the voting stock of the Public Service Co. of Northern Illinois, and 30.0 percent through the Commonwealth Subsidiary Corporation, a wholly owned subsidiary. A prospectus filed with the Securities and Exchange Commission, however, shows no direct stockholding by Commonwealth Edison in the Public Service Co. of Northern Illinois. Hence both are included as separate corporations. 10 Company went into hands of trustee July 7, 1934. No balance sheet was filed from this date until Dec. 31, 1936. On that date, combined assets of subsidiaries were $318,000,000. Estimate was made by interpolation between 1933 figure and 1936 figure. 11 The figures here given are for the assets of Consolidated Electric & Gas Co., a wholly owned subsidiary of Central Public Utility Corporation. The assets of the latter for 1935 were $50,328,000, of which $50,258,000 were investments in Consolidated Electric & Gas Co. 12 Total assets of Third Avenue Railway Co. less depreciation, plus total assets of subsidiary companies, less investment of Third Avenue Railway Co. in "securities of associated companies," less "advances to associated companies," and less "miscellaneous investments." |