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COMMITTEE ON THE JUDICIARY

EMANUEL CELLER, New York, Chairman MICHAEL A. FEIGHAN, Ohio

WILLIAM M. MCCULLOCH, Ohio PETER W. RODINO, JR., New Jersey

RICHARD H. POFF, Virginia BYRON G. ROGERS, Colorado

CLARK MACGREGOR, Minnesota HAROLD D. DONOHUE, Massachusetts EDWARD HUTCHINSON, Michigan JACK BROOKS, Texas

ROBERT MCCLORY, Illinois JOHN DOWDY, Texas

HENRY P. SMITH III, New York ROBERT W. KASTENMEIER, Wisconsin THOMAS J. MESKILL, Connecticut DON EDWARDS, California

CHARLES W. SANDMAN, JR., New Jersey WILLIAM L. HUNGATE, Missouri

TOM RAILSBACK, Illinois JOHN CONYERS, JR., Michigan

EDWARD G. BIESTER, JR., Pennsylvania ANDREW JACOBS, JR., Indiana

CHARLES E. WIGGINS, California JOSHUA EILBERG, Pennsylvania

DAVID W. DENNIS, Indiana WILLIAM F. RYAN, New York

HAMILTON FISH, JR., New York JEROME R. WALDIE, California

R. LAWRENCE COUGHLIN, Pennsylvania EDWIN W. EDWARDS, Louisiana

WILEY MAYNE, Iowa
WALTER FLOWERS, Alabama
JAMES R. MANN, South Carolina
ABNER J. MIKVA, Illinois

BESS E. Dick, Staff Director
BENJAMIN L. ZELENKO, General Counsel
KENNETH R. HARKINS, Chief Counsel, Antitrust Subcommittee
GARNER J. CLINE, Counsel
HERBERT Fuchs, Counsel
WILLIAM P. SHATTUCK, Counsel
JEROME M. ZEIFMAN, Counsel
JOSEPH FISCHER, Law Revision Counsel
DONALD G. BENN, Associate Counsel
FRANKLIN G. POLK, A880ciate Counsel

ANTITRUST SUBCOMMITTEE

EMANUEL CELLER, New York, Chairman PETER W. RODINO, JR., New Jersey

WILLIAM M. MCCULLOCH, Ohio BYRON G. ROGERS, Colorado

CLARK MACGREGOR, Minnesota HAROLD D. DONOHUE, Massachusetts ROBERT MCCLORY, Illinois JACK BROOKS, Texas

TOM RAILSBACK, Illinois
ROBERT W. KASTENMEIER, Wisconsin RICHARD H. POFF, Virginia
DON EDWARDS, California

EDWARD HUTCHINSON, Michigan
KENNETH R. HARKINS, Chief Counsel
R. FREDERICK JETT, Counsel
0. DELK SIMPSON, Investigator
WILLIAM B. FORTI, Economist
JAMES J. Faris, Counsel
HOWARD W. FOGT, Jr., A88ociate Counsel

CONTENTS

Testimony of:

Fineli, Marvin, chairman of Operating Committee, Great American

Insurance Co., and general counsel, National General Corp-----

Klein, Eugene V., director, chairman of the board, and president,

National General Corp.; accompanied by Harold A. Lipton, director,

vice president, and secretary; Marvin Finnell, chairman of Operating

Committee of Great American Insurance Co., and general counsel,

National General Corp.; and Thomas H. Kuchel, counsel, National

General Corp.

Kuchel. Thomas H., counsel, National General Corp.-.

Lipton, Harold A., director, vice president, and secretary, National

General Corp-

Additional information:

Documents submitted for record January 28 and 29, 1970:

1. January 28, 1970:

Table 1, National General Corp., Selected Financial

Statistics.

Table II, National General Capitalization Ratios-

Table III, National General Financial Stability Ratios --

Table IV, National General Quarterly Common Stock

Prices from January 1964 through June 1969.

Organization Chart, Management Structure..

Organization Chart, Subsidiary Structure.

Prepared statement by Eugene V. Klein, chairman of the

board and chief executive officer, National General

Corp-

National General Corp., list of corporations of which

National General acquired or disposed of 50 percent or

more of the voting stock during the period January 1,

1960, to January 1, 1969.--

Celler, Hon. Emanuel, chairman, Committee on the

Judiciary:

Letter, dated February 18, 1969, to E. V. Klein,

president, National General Corp., with enclosure.

Letter, dated May 8, 1969, to E. V. Klein, president,

National General Corp.

Letter, dated May 16, 1969, to Thomas H. Kuchel,

Esq--

Letter, dated June 16, 1969, to E. V. Klein, presi-

dent, National General Corp., with enclosure

Letter, dated January 7, 1970, to Eugene V. Klein,

chairman of the board, National General Corp----

Letter, dated January 7, 1967, to Harold A. Lipton,

director, vice president and secretary, National

General Corp--

Letter, dated January 7, 1970, to Marvin Finell,

chairman of operating committee, Great American

In:

ce Co., and general counsel, onal

General Corp

Letter, dated January 7, 1970, to Thomas H. Kuchel,

Wyman, Bautzer, Finell, Rothman & Kuchel. ----

(III)

Page

94

435

470

446

94

429

434

437

440

99

474

Additional information-Continued
Documents submitted for record January 28 and 29, 1970—Continued
1. January 28, 1970–Continued

National General Corp.:

Lipton, Harold A., general counsel, letter, dated

March 24, 1969, to Hon. Thomas H. Kuchel.-
Lipton, Harold A., first vice president, letter, dated

May 29, 1969, to Hon. Thomas H. Kuchel.'.
Wyman, Bautzer, Finnell, Rothman & Kuchel:

Gourevitch, Harry G., letter, dated July 6, 1970,

to Frederick R. Jett, with enclosure
Kaufman, Bernard R., associate counsel, letter,

dated September 24, 1969, to Edward Wein

berg---
Kuchel, Thomas H.:

Letter, dated March 26, 1969, to Hon.

Emanuel Celler....
Letter, dated May 9, 1969, to Hon. Emanuel

Celler..
Letter, dated May 20, 1969, to Hon. Eman-

uel Celler...
Letter, dated June 5, 1969, to Hon. Eman-

uel Celler, with enclosure..
Letter, dated July 22, 1969, to Hon. Eman-

uel Celler, with enclosure
Letter, dated January 16, 1969, to Hon.

Emanuel Celler, with enclosure--
Letter, dated July 23, 1969, to Hon. Eman-

uel Celler, with enclosures.--
Weinberg, Edward:

Letter, dated May 12, 1969, to Kenneth R.

Harkins.
Memorandum, dated September 18, 1969,

to R. Frederick Jett, with attachment-
Letter, dated September 25, 1969, to R.

Frederick Jett.
Letter, dated October 13, 1969, to R

Frederick Jett, with enclosure..
Letter, dated October 27, 1969, to R.

Frederick Jett..
Wyman, Eugene L., letter, dated February 24,

to Hon. Emanuel Celler
National Theatres & Television, Inc.- List of affiliated

companies as of January 1, 1960-
National General Corp.- List of affiliated companies as

of January 1, 1969.
National General Corp., personnel whose management

functions have included responsibility for identification,
development, evaluation, and final decision on merger
or acquisition transactions during the period from

March 9, 1961, through February 1, 1969.--
National General and subsidiaries— Location of facilities..
Agreement, dated February 20, 1964, between National

General Corp. and Columbia Savings & Loan Associa

tion..
Statement re consideration, by Eugene V. Klein, president,

and Harold A. Lipton, secretary, National General

Corp., dated August 14, 1964..
Certificate of Harold A. Lipton, dated August 14, 1964.
Excerpts from minutes, National General Board of

Directors meeting of February 18, 1964.-
Excerpts from minutes, National General Board of

Directors meeting of April 28, 1964.

431

442

448

450

469

428

100

102

103 104

111

125 125

125

130 Page 131

131

132

132

133

133

134

135

135

Additional information Continued
Documents submitted for record January 28 and 29, 1970—Continued
1. January 28, 1970—Continued

Letter, dated January 23, 1964, to Messrs. Samuel

Schulman, Alan May, Harold Lipton, from Eugene V.

Klein.
Letter, dated February 14, 1964, from Ralph J. Shapiro,

Kleiner, Bell & Co., to Samuel Schulman, president,

Mission Pak, Inc.-
National General Corp. and subsidiaries—Pro forma

consolidated statement of income giving effect to the
100 percent acquisition of Columbia Savings & Loan
Association-Based on statements of income for the

calendar year 1963.-
Press Release, dated February 19-National General votes

to acquire Columbia Savings & Loan Association ---
Letter, dated March 23, 1964, to Harold A. Lipton,

National General Corp., from Robert H. Powsner, Esq.,
Hindin, Sterling, McKittrick & Powsner, re National

General-Columbia Savings & Loan Association...
Letter, dated March 18, 1964, to Eugene V. Klein, from

Robert H. Powsner, re National General-Columbia

Savings & Loan Association.
Letter, dated March 25, 1964, to Charles E. Ricker-

shauser, Jr., Commissioner of Corporations, Div. of
Corporations, from Barry H. Sterling, Esq., Hindin,
Sterling, McKittrick & Powsner, re National General

Corp-
Letter, dated March 24, 1964, to Barry H. Sterling, from

Alan May, National General Corp.
Letter, dated March 24, 1964, to National General Corp.,

from Louis J. Zitnik, vice president, Mitchum, Jones &
Templeton, Inc.
Affidavit, dated March 23, 1964, of Paul Hallingly, Jr.,

White, Weld & Co..
Letter, dated March 31, 1964, to Charles E. Rickershauser,

Jr., from Barry H. Sterling, re National General Corp-
Letter, dated March 26, 1964, to Ralph J. Shapiro, from

Jack M. Levy, resident manager, Dempsey-Tegeler &

Co., Inc.
Letter, dated April 1, 1964, to Burt Kleiner, Kleiner, Bell

& Co., from Barry H. Sterling, re National General

Corp-Columbia Savings & Loan Association.
Press release, dated July 14-Majority interest in Colum-

bia S. & L. now held by National General Corp--
Press release-NGC acquires 93.9 percent of Columbia

Savings & Loan stock with purchase offer.---
Press release-Columbia Savings adds four new directors,
Letter, dated December 30, 1968, to National General

Corp., from Jerald S. Schutzbank, Wyman, Bautzer,

Finell & Rotham...
Extracts from National General Corp. annual report of

1964..
Extracts from National General Corp.-Notice of special

meeting of stockholders to be held June 22, 1964, dated

May 6, 1964.
Offering circular-125,000 shares Columbia Savings &

Loan Association guarantee stock, White, Weld & Co.

Inc., dated October 15, 1963..
Proxy statement for special meetings of stockholders and

members of Superior Savings & Loan Association,
Pyramid Savings & Loan Association, and Columbia

Savings & Loan Association..
2. January 29, 1970:

Article from Forbes Magazine, dated Feb. 1, 1970, “The

Morning After".

136

136

137

137

138

138 138

139

141

147

168

194

52

Additional information--Continued
Documents submitted for record January 28 and 29, 1970-Continued
2. January 29, 1970—Continued

Report of the Special Committee on Insurance Holding Page
Companies, dated February 15, 1968.-

230 Minutes of meeting of Executive Committee of the board

of directors of National General Corp., dated May 28,
1968.-

282 Letter, dated June 18, 1968, to William J. Lerner, Carter,

Berlind & Weill, Inc., from Alan D. Alan, Carter,
Berlind & Weill, Inc.--

282
Handwritten memorandum, dated June 5, 1968, to “Ed"
from Alan D. Alan.

284 Letter, dated July 3, 1968, to Thomas H. Shilson, assistant

vice president, New York Stock Exchange, from
Arthur Carter, president, Carter, Berlind & Weill, Inc.,
with enclosure

285 Letter, dated August 21, 1968, to Securities and Exchange

Commission, from Richard E. Sobelle, Wyman, Bautzer,
Finell & Rothman, re National General Corp-

292 Letter, dated June 12, 1968, to Harold Lipton, National

General Corp., from William Lerner, counsel, Carter,
Berlind & Weill, Inc.-

294, 295 Letter, dated June 13, 1968, to Security First National

Bank, attention of Mr. John Lobas, from Haruld A.
Lipton.-

296
National General Corp., press release, dated June 12,
1968.--

296 Minutes of meeting of Executive Committee of the board

of directors of National General Corp., dated June 25,
1968...

296
National General Corp., press release, dated June 26,
1968...

297 Minutes of meeting of Executive Committee of the board

of directors of National General Corp., dated July 15,
1968..

298
National General Corp., press release, dated July 16, 1968.
Letter, dated July 18, 1968, to stockholders, from William

E. Newcomb, chairman of the board, Great American
Holding Corp----

299 Press release, dated July 18, 1968

299 Press release, dated July 29, 1968, Wall Street Consul, Inc.

299 Letter, dated October 21, 1968, to George Duff, Esq.,

Holtzmann, Wise & Shepard, from Lionel Bell, vice
president, Kleiner, Bell & Co., Inc.

300 Letter, dated October 21, 1968, to Lionel Bell, from Bernard R. Kaufman..

300 Letter, dated September 2, 1968, to Carter, Berlind & Weill, Inc., from Eugene V. Klein.

300 Excerpts from August 20, 1968, notice of special meeting of

stockholders to be held September 10, 1968, and at-
tached proxy statement, National General Corp.

301 Letter, dated October 9, 1968 from Stephen D. Silbert,

Wyman, Bautzer, Finell & Rothman to Bernard
Kaufman

317 Letter, dated September 18, 1968, to Carter, Berlind &

Weill, Inc., from president, National General Corp-- 318
Letter, dated September 26, 1968, to Carter, Berlind &

Weill, Inc., attention William Lerner, from Harold A.
Lipton, re Great American Holding Corp-

319
Extracts from renewal of exchange offer to holders of com-
mon stock of Great American Holding Corp., prospec-
tus dated January 24, 1969 --

320 Letter, dated June 25, 1969, to Hon. Emanuel Celler, from

Arthur Levitt, Jr., re Cogan, Berlind, Weill & Levitt,
Inc., with enclosure.

328

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