LETTER TO MR. JOHN FOX FROM STANSFIELD TURNER

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP80B01554R003600190012-4
• Release Decision: RIFPUB
• Original Classification: K
• Document Page Count: 9
• Document Creation Date: December 9, 2016
• Document Release Date: July 16, 2001
• Sequence Number: 12
• Publication Date: July 9, 1973
• Content Type: LETTER

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Instructions on File
PRESIDENT OF THE NAVAL WAR COLLEGE
Newport, Rhode Island
02840
Dear Mr. Fox,
9 JUL 1973
Thank you for your interest and the
encouragement to attend the Conference Board
meeting at Chatham Bars Inn. Just scanning
the list of the North East Regional Advisory
Council, assures me of the quality of dis-
cussion which will characterize the meetings.
I'm looking forward to meeting you and to
the prospect of spending a delightful yet.
stimulating weekend in Chatham.
Warm regards.
?STANSFIELD TURNER
Vice Admiral, U.S. Navy
Mr. John Fox
H.P. Hood Inc.
500 Rutherford Avenue
Boston, Massachusetts 02129
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INDUSTRY
Topics of potential interest:
J
Workers become directors. It is law in Sweden and
may soon be sweeping all of Europe. Norway, Britain
and Denmark are considering now. Germany had practiced
for 20 years already. Results to date overseas 50/50.
Today -- a utility company in Northern U.S. has this
problem.
Fair financial disclosures. The CPA stamp on a financial
statement must be believable for the modern company is
so complex in different industries in different countries,
that the investor is not equipped to verify the finan-
cial statement. It is therefore essential to have an
auditor who can see that he gets the "fair disclosure
he is entitled to have. Trust is required between --
CPA, company and public."
Utilities: They claim that they are over regulated and
under financed and that the industry is drifting into
deep trouble. Most are short of money, ideas, and power --
can't serve present customers let alone those of tomorrow.
Regulators are preoccupied with rates and holding rate
of return on investments regardless of how company is
run. This leaves top management with little incentive
to control costs for smart or dumb-mate of return is same.
(May turn out to be like railroads if regulations aren't
changed.)
G) The stock market dries up:
A careful look at patte s of trading in U.S. financial
markets leads to an ominous conclusion: Today's mar-
kets are not performing their traditional function of
supplying new capital to companies that need it for
expansion and modernization So much in-
vestment is now concentrated in the hands of the in-
stitutions -- particularly pension funds and trusts --
that the small investor no longer_counts. And the
institutional investors are unwilling to put their money
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into anything but a limited list of favorite companies.
As a result, there are only two kinds of companies
that can sell stock today: the blessed few, who get
astronomical multiples, and the desperately hungry,
who are willing to take only four or five times earn-
ings for their equity. Hundreds of emerging com-
panies are cut off from stock financing entirely. Thou-
sands of established corporations are going dangerous-
ly into debt because they cannot get buyers for equity.
The situation fully justifies the concern shown by
Senator Lloyd Bentsen (D-Tex.), who says: "I do not
want banks to control American business the way they
control German business." Bentsen is holding hearings
and expects to bring in legislation designed to broaden
the markets. One suggestion is to limits the percentage
of any corporation's stock that an institution can hold.
Another is to limit the percentage of its assets that
an institution can put into any one corporation.
To judge the effectiveness of such measures, how-
ever, Congress and the public will need information.
The institutions have always been close-mouthed about
what they hold and when they make a change. The first
step toward repair of the deteriorating capital markets
should be to get all the facts about institutional
holdings and t,rading.opt_on the ?table. Senator Harrison
Williams (D-N.J.) has proposed a bill to require in-
stitutional disclosure. Congress should lose no time
adopting it.
The promise that productivity still holds:
areful look
c
l
on
a
Two major conclusions emerge from g,
at the productivity of the U.S. economy and the factors
that contribute to it or put a drag on it:
- Levels of productivity in the U.S. are high -- the
highest in the world. Despite cyclical ups and downs --
and with the notable exception of a few industries --
the record shows a strong, continuing uptrend.
- There is a potential for even greater gains in the
future, but they will not come automatically. To con-
vert that potential into realized gains, management
must put into practice the new ideas that technology
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is feeding it, draw on the behavioral sciences to de-
vise new incentives for its workers, and organize to
increase its own effectivenss. Labor must accept the
fact that it cannot demand higher wages and more stim-
ulating work and still cling to restrictive job practices
and featherbedding.
The U.S. has not by any means come to the end of
the line in productivity, but it has come to a cross-
roads. If it is to achieve real growth in the future,
it must strike out now in a new direction.
It is vitally important that the U.S. should achieve
such growth -- at a rate even faster than the historical
averages. For the nation cannot reach the goals it
has set for itself -- and cannot face theever-toughen-
ing competition of overseas producers -- without lift-
ing itself to a new level of efficiency.
But before management can come to grips with the
problem it must get rid of some excess baggage consist-
ing of misconceptions about what productivity is and
how it has behaved in the recent past.
In fact, the U.S. has no reason to be ashamed of its
record in productivity. Despite all the rhetoric, the
American worker today produces $100 worth of goods
while his German counterpart is producing $74 worth
and a Japanese is producing $56.
Nor did lagging productivity cause the inflation
that began in the mid-1960s and still continues.
Rather, it was the inflation that caused the lag in
productivity -- by generating a boom-and recession
business cycle. Productivity always slows down in
the late stages of a boom, and it drops precipitously
when the economy goes into a slump. Significantly,
output per man-hour has begun to rise smartly now that
the economic recovery has picked up momentum.
But impressive though the U.S. record has been, it
still is not good enough. The average gain of 3.2%
a year in output per man-hour over the past decade will
not support wage increases of 8% and 10% without a
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violent cost-push inflation. If labor is to get the
rising wages that union leaders have promised, only
increasing productivity can keep wage bargaining from
becoming a permanent inflation machine.
Similarly, U.S. producers cannot expect to hold
their share of market when they are chugging along
at 3.2% and their competitors are shooting up at 6%
(the Common Market) and 11% (Japan).
Add to this the fact that in the fiscal 1973 budget,
federal spending exceeds by more than $12-billion
the level that receipts would reach at full employment.
Though tight controls on spending would reduce the
gap, they still would leave a full-employment deficit --
a sure sign that the nation is overcommitted. If the
U.S. cannot produce more -- and thereby lift revenues
toward the balance point -- it will have to choose.,.
be ween heavier taxes and more inflation.
This is where productivity could provide the long-
run answer. As Chairman C. Jackson Grayson of the
Price Commission has pointed out, just one more per-
centage point on the productivity growth rate for the
next 10 years would generate an additional $600-bil-
lion of output.
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Depression years ? cautious men -- operate local banking only
Past 15 years banking into retail service---------,z-foreign
branches--;global money managers. Spend millions on
computing machines and comm equip --)bank holding
companies------4 diversification into non banking business.
Banking
v,i
Assets of U.S. banks -- $746 billion
Main impact of technology = computer and proliferation of credit cards
o What's new --
ECON: NOW accounts -- essentially checking account that draws
interest
POLITICAL: Recent decision of Congress to permit all banks and
S&L in Mass & N.H. only to offer NOW accounts
Performance: Bank of America - biggest $43B assets
CITICORP* had greatest profit - $202M ($37B assets)
Chairman and Chief Executive Officer of
CITICORP = W. B. WRISTON
?
"Our corporate objective," says Wriston, is to pro-
vide every worthwhile service everywhere in the world
we can legally do it, and do it at a profit.. That
is part management philosophy and part temper of
the times."
*CITICORP = lst National City Corp, NYC
a Internal problem: Getting bright people with ability to control
costs. Their gray flannel suit man must come
with completely new wares today.
How to market their new services for competition
is severe, i.e., 5000 depositor gets toaster, etc.
Loans to minority groups -- takes inordinate
time to transact -- U.S. loan to GM for example
External problems - Some in Congress would like to see the trust
depts spin off from banks--they hold too much'.
$330B of the $500B worth of securities held by
institutional investors.
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200 top banks per
N_ ELOPER.
RET:
10-YEAR
MK
DEPOSITS
INCOME
COM.
GROWTH
LOANS
12 MOS.
CHANGE
EQY.
TOTAL
ASSETS
0/S
ENDING
FROM
12
12 MOS.
COM
6/30/73 TIME DEMAND FGN. DOM.
6/30/73
6/30/73
6/30/73
1972
MOS.
ENDING
EQY. E.P.S.
$ MIL. %` % % I %
- $MIL.-
$ MIL.
$ MIL:.
U.S.
6/30/73
% 0.
1 BankAmerica (San Francisco)
36521
22058- 200.1
10 :
2.90
'13.8 6.2
8:8
2 First National City (New York)
29390
26(a)
25(a)
49
51
37350
24124 227.3
25 .
1.96
14.5 4.9
9.5
3 Chase Manhattan (New York)
26242
25(a)
37(a)
37
63
32608
19100 155.8
5
4.87.
12.4 4.7
7.6
4 Manufacturers Hanover (New York)
15238
26(a)
43(a)
31
69
18132
12335(b) 90.3
18
3.15
12.1 4.8
8.4
5 Western Bancorp (Los Angeles)
13472
61(c)
39
'9
91
16569
9647 74.4
17
3.25
11.8 6.4
6.8
P:) (New York)
6 Morgan (J
13129
23(a)
34(a)
44
56
17297
9196 132.7
1-5
3.63
14.9 3.7
9.8
.
7 Chemical New York
13016
61(e)
39 .
27
73
16151
9379. .62.6
-10"
4.58
9.2 3.7
4.5
8 Bankers Trust New York
12848
60(c)
40
31
69
16114
9219(b) 63.8
14
6.15
12.5 4.3
5.2
9 Security Pacific (Los Angeles)
11304
70(c)
30
21
79
12999
6498 58.3
6
2.88
10.8 6.4
7.7
10 Cant, inentalailinois (Chicago)
11227
.
40(a)
28(a)
32
68
14833
8675 80.1
2
4.64
12.6 5.7
7.9
11 First Chicago `
10703
49(a)
24(a)
28
72
13915
8833 82.1
16
4.17
12.5 6.1
9.4
12 Marine Midland Banks (Buffalo)
9979
63(c)
37'
31
69
12174
5936(b) 42.5
-4
3:32
11.1 5.6
6.7
13 Wells Fargo (San Francisco)
8275
48(a)
29(a)
23
77
10551
6427 42.9
18
2.24
11.5 4.6
6.8
14 Chaiter New York
7849
58(c)
42.
26
74
9318
4261(b) 30.7
22
3.65
10.0 5.7
2.0
ati'onal(San Francisco)
15 Crocker N
6532
71(c)
29
16
84
7714
4524 33.4
0
3.24
11.1 4.5
5.2
.
16 Mellon National (Pittsburgh)
6296
72(c)
28
39
61
8578
5604
49.5
10
4.98
9.4 3.3
6.6
0
5397
58(c)
42
15
85
6392
2783
37.2
3
6.20
11.0 6.4
9.
17 National Detroit,
3791-
46.0-
-18-
3.84-11.3- 5.5-
7.8
16 First National Boston
19 Northwest Bancorp (Minneapolis)
3675
40,
16
3.94
13.7 5.9
9.7
20 First Bank System (Minheapolis)
39
0
100
5780
3423
51.5
10
3.50
14.4 6.6
12.0
21 First Pennsylvania (Philadelphia)
3427
50(a)
33(a)
17
83
5193
3355
41.0
17
3.18
17.3 7.8
13.0
22 Franklin New York
3408
64(c)
36
26
74
4684
2496
13.7
-1
2.34
8.4 7.4
3.3
-
23 Bank of New York
3075
51(c)
49
10
90
3649
1928
27.0
0
4.40
13.3 9.9(d)
3.9(d)
24 Harris Bancorp (Chicago)
2938
51(c)
49
15
85
3650
1672
20.2
22
6.54
11.3 8.4
8.5.
25 Unienamerica (Los Angeles)
2929
50(a)
41(a)
9
91
3795
2362
28:1
26,
2.66
18.3 10.2
7.3
26 First International Bancshares (Dallas)
2678
61(c)
39
27
73
3613
1552
26.4
17
2.36
14.7 7.1
9.2
27 Seattle-First National Bank -
2626
61(c)
39
9
91
3507
1942
23.7
24
8
9
11
5.27
64
2
13.1 6.4
9
7 2
14
9.2
8
4
28 Republic National Bank of Dallas
2596
58(c)
42
33
67
3941
1871
.
.
.
.
.
Philadelphia National
2567
52
48
29
71
3686
2096
23:3
1
4.14
12.2 6.1
10.1
first Wisconsin Bankshares (Milwaukee)
2538
70
30
21
79
3128
1758
18.4
21
4.38
12.4 6.9
10.1
31 Cleveland Trust
2513
63
37
(e)
100
3070
1789
30.3
17
10.06
10.3 7.0
9.9
N
32 NCNB (Charlotte
C
)
2511
64(c)
36
25
75
3456
1852
24.5
24
1.52
16.9 10.8
12.8
.
,
.
Pa.)
33 Girard (Bala Cynwyd
2492 '
62(c)
38
26
74
3103
1584
16.2
8
6.38
11.8 5.3
7.0
,
34 Michigan National (Bloomfield Hills)
2416
68
32
0
100
2881
1889
21.4
NA
5.44
18.7 12.3
7.7
35 Wachovia (Winston-Salem, N.C.)
2397
60(c)
40
13
87
3554
2132(b)
32.9
7
2.25
12.0 15.4
11.3
36 Detroitbank
2293
68
32
3
97
2710
1587
20.7
15
6.15
12.0 6.0
9.2
37 Nortrust (Chicago)
2264
61(c)
39
23
77
2876
1757
19.9
20
3.91
12.1 7.9
10.8
36 National Bank of North America (N.Y.)
2256
57(c)
43
11
89
2489
1811
17.7
-15
NA
9.6 18.7(d)
NA
39 Valley National Bank of Arizona (Phoenix)
2249
63
37
1
99
2725
1713(b)
15.6
1
1.76
12.9 7.9
9.5
40 Bancohio (Columbus)
2239
62
38
0
100
2783
1453.
19.4
17
2.86
11.1 11.4
6.0
41 Manufacturers National (Detroit)
2207
62
38
1
99
2579
1586
15.7
13
5.07
13.2 6.2
8.0
42 Citizens & Southern National (Atlanta)
2152
52
48
2
98
2894
1957
24.8
18
1.06
14.0 12.9
12.8
7
43 First City Bancorp of Texas (Houston)
2150
50(c)
50
7
93
2748
1378
18.0
18
2.38
14.1 4.8
'
8.
44 Bancal Tri-State (San Francisco)
2108
59(c)
41
9
91
2604
1630
7.4
10
2.45
8.8 4.3
1.3
45 Lincoln First Banks (Rochester)
2063
58
42
0
100
2462
1426
14.0
-2
3.69
9.9 8.6
7.1
Ore.)
Bancorp (Portland
46 U
S
1940
59(c)
41
3
97
2430
1500
18.2
19
2.25
14.2 4.8
8.6
,
.
.
47 Fidelity of Pennsylvania (Philadelphia)
1847
62(c)
38
22
78
2407
1510
18.3
15
4.17
15.0. 6.2
10.2
2
48 Texas Commerce Bancshares (Houston)
1830
52(c)
48
-8
92
2322
1274
19.4
24
2.14
13.9 6.5
-
8.
h National
49 Pittsbur
1755
56
44
5
95
2393
1221
22.4
5
3.65
6.3
12.3
10.8
g
50 Shawmut Association (Boston)
1695
45(c)
55
4
96
2247
1303
11.4
4
5.96
9.6 7.7
5.4
51 Marine Bancorp (Seattle)
1687
51(a)
36(a)
13
87
2089
1192
D.C.)
52 Financial General Bankshares (Wash.
1660
58
42
0
100
1925
1003
9.7
27
1.72
13.1 15.1(d)
20.2(d)
,
53 Southeast Banking (Miami)
1600
54
46
I
99
2042
1111
16.8
23
2.01
15.7- 15.1
11.3
N
Y
)
54 Security National (Hempstead
1596
57
43
0
100
2146
1387
11.5
-17
2.35
9.7 24.7
13.2
.
.
,
55 Centran Bancshares JCleveland)`
1580
62(c)
38
6
94
1960
1124
12.2
.9
3.18
11.3 .., 7.7
7.6
56 United Virginia Bankshares (Richmond)
1563
55
45
0
100
2087
1339
14.5
15
2.91
14.3 12.4
9.2
57 Baystate (Boston)
1447
44
56
0
100
1675
966
13.0
9
4.30
12.1 7.7
8.4
58 National City (Cleveland)
1411
59(c)
41
9
91
1864
848
23.1
6
3.21
14.3 6.7
10.2
59 United Jersey Banks (Princeton)
1382
63
37
0
100
1757
1024
11.8
8
2.09
15.1 18.9(d)
11.2
60 Midlantic Banks (Newark)
1378
58(c)
42
2
98
1657
969
15.5
10
4.86
14.4 12.6
9.8
(a) Does not total 100% because foreign deposits, which cannot be broken out between time/savings and demand are excluded; (b) Loans include federal
funds sold; (c) Assumes that all foreign deposits are time/savings, but a breakdown from the bank is not available; (d) Five-year growth rate, 10-year data not
Allillbevailahle; (e) Foreign deposits amount to less than 1% of total deposits; NA, not available; NM; not meaningful. (Data: Investors Management Sciences, Inc.).
61 FBT (HaHf
1367 0 93 1719 965 9.5 -4 5.22 11.3 7.0
63 12
1 7
9
3
7.4
2
4
nab
62 3 First N iattx
o
'
.
.
.
1698 835 113 13
ard(3
4
8
.
4
6
(
)
63 First Emlike State u aro)
.
ppr vedre001/?9/05+: CIDP8(gp1554~0036(1019Q~g0~ 2- 2
8- 8
1
79'-T55
--
-
.
--11
9
Industrial National (Providence)
.
.
3
161 15.4 28
1346 -74 26 4 - 96 1744- 4
3 3
09 10
1
.
5
65 Hartford National
.
.
,
1340 44 56 4 96 1698 952 8.6
 Approved For Release 2001/09/05 : CIA-RDP80BO1554R003600190012-4
A M`sssage from T Mu
"A motto is only as meaningful as the efforts behind
it. Behind ours - `Sanwa Bank at Your Service' - is a
long tradition for serving the public's banking needs.
"With the increasing public demands for socially
responsible business conduct, and with dramatic changes
occurring in the international economic society, Sanwa
Bank has striven to expand and modernize its services.
"We're a people's bank, a pioneerin both customer
service and near-banking businesses, such as the 'credit-
card system, leasing; factoring and computer services.
This pioneer spirit can be seen not only in- our domestic
CONDENSED BALANCE SHEET
March 31, 1973
ASSETS (in thousands)
Cash and Due from Banks .....'# 397,356,374
$ 1,500,024
Call Loans ................. 4,107,918
15
507
Securities ...
730,104,984
,
2,756,153
Loans and Bills Discounted ....
3,821,564,193
14,426,441
Foreign Exchanges ..........
322,586,038
1,217,765
Domestic Exchange
Settlement a/c, Dr..........
18,038,329
Customers' Liabilities for
Acceptances and Guarantees..
701,178,266
2,646,955
Bank Premises and Real Estate .
89,185,422
336,676
Other Assets ...............
16,659,961
62,892
TOTAL .............
'6,100,781,485
$23,030,508
banking, but also in our international operations, such as
joint ventures and capital participations. We are also
increasingly supplying medium-term and long-term
loans, including syndicate loans, and making, internation-
al investments.
"In other words, we are meeting the needs of the
times. This, I believe, is an important basis for further
growth as it has been for our growth thus far. Our
financial statement reflects the result of Sahwa's efforts
to build better customer relationships through better
service."
LIABILITIES (in thousands)
Deposits .................. Y4,308,215,175
Call Money ................ 322,747,000
Borrowed Money .... . . . . . 164,602,060
Foreign Exchanges .......... 184,750,053
Domestic Exchange
Settlement a/c, Cr......... .
Acceptances and Guarantees ...
Accrued Expenses ...........
Unearned Income ...........
Other Liabilities ............
Reserve for
Possible Loan Losses .......
Reserve for
Retirement Allowances .......
Reserve for
Price Fluctuation ..........
Other Reserves .............
Capital (Paid-up) ............
Legal Reserves .............
Other Surplus ..............
-(Profit for the year after Tax) . .
$16,263,553
1,218,373
621,374
697,433
12,283,098 46,369
701,178,266 2,646,955
86,711,83.7 327,338
26,893,611 101,524
24,126,399 91,077
67,045,121 253,096
17,277,209 65,222
8,583,968
12,823,045
50,400,000
11,034,750
102,109,893
(22,858,404)
32,405
48,407
190,260
41,656
385,466
(86,291)
TOTAL .............'6,100,781;485 $23,030,508
* Yen amounts were converted into U.S. dollars at the current rate of Mar. 30, 1973 (U.S.$1=''264.90)
SANWA BANK
Tokyo, Osaka and 209 Domestic Offices
OVERSEAS OFFICES: New York Agency: 1 Chase Manhattan Plaza, New York, N.Y. 10005 / Chicago Representative Office: One
IBM Plaza, Suite 3610, Chicago, Ill. 60611 / San Francisco Branch: 300 Montgomery Street, San Francisco, Calif. 94104 / London,
Frankfurt, Hong Kong, Kowloon, Sydney, Singapore, Jakarta, Kuala Lumpur
ASSOCIATES AND AFFILIATES: The Sanwa Bank of California: 300 Montgomery Street, San Francisco, Calif. 94104 / Sanwa Bank
(Underwriters) Ltd.: London / Sanwa Financial Services Ltd.: London / Associated Japanese Bank (International) Ltd.: London /
Banco Bradesco de Investimento S.A.: Sao Paulo / Eurofinance: Paris / Commercial Continental Ltd.: Sydney / Commercial
Continental (Securities) Ltd.: Sydney) Liberty Bank: Honolulu / New Hebrides Trust Co., Ltd.: New Hebrides./ Bangkok Nomura
0
BANK
DEPOSITS
NETOPER.
INCOME
0T.
COM
10-YEAR
LOANS
12 MOS.
CHANGE
.
EQY
GROWTH
TOTAL
6/30/73 TIME` DEMAND F.N. DON.
ASSETS
6/30/73
0/S
6/30/73
ENDING
6/30/73
FROM
1972
12
MOS.
.
12
MOS.
ENDING
COM
EQY
P
S
E
$ MIL. % % ? %
$MIL.
$ MIL.
$ MIL.
%
E.P.S.
6/30/73
.
.
.
.
% ?,/o
131-South Carolina NationaI-(Columbia) 703 34 66 0 100 883 544 81, 19 2.49 14 8 8 7 13.8
133 132 Idaho Arizona First Bank (Phoenix)
Bank lo 0 uts 701 ''b Od' Tg2' d`J proved F Rel se 201/005 )dp .I`A-gyp8f}Bg 36Q ?~ 4 14.8 17.3(tl) 13.6(d)
134 Old Kent Financial (Grand Rapids, Mich.) 687 71 , 7 3.63 16.5 14.7(d) 14.3(4)
29 0 100 829 443 8.6 13 2.57 16.1 17.1(d) 13.4(d)
oval Ce' al " ineial (L.W,a ter, Pa.) 684 62 38 0 100 818 501(b) 7.3 24 2.30 12.9 NA NA
 Deposits
Total deposits as of June 30, 1973.
Time and savings deposits and
demand deposits will together.total
100% unless otherwise indicated.
Foreign and domestic deposits will
together total 100% unless otherwise
indicated:
Loans outstanding
Aggregate face value of all outstanding
loans before deduction of loan loss
reserves. Excludes federal funds sold
and securities purchased under
agreements to resell unless otherwise
indicated.
Net operating income
Net current operating income after
minority-interest and taxes but before
securities gains and losses and
preferred-dividends for the 12 months
ending June 30, 1973.
Earnings per share
Net operating income available for
common per share after the effect of
common stock equivalents and
minority interest, and before securities
gains and losses and extraordinary
items, for the 12 months ending
June 30, 1973.
Return on common equity
The ratio of net available for common
stockholders to average common.
equity, which includes common stock,
undivided profits (retained earnings),
capital surplus, andcontingept reserves.
Growth in common equity
Annual percentage growth in common
equity for latest 10-year period, based
on least squares method.
Growth in earnings per share
Annual percentage growth in earnings
per share, including all common stock
equivalents, for latest 10-year period,
based on least squares method.