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1. Copy of the articles of association of the Guardian Detroit Group,

Inc., 4205-----

4268

la. Chart “ Organization of Guardian Detroit Union Group, Inc.". 4207

2. Chart showing bank failures in the State of Michigan --

4216

3. Pages 2, 3, and 4 of Annual Report of Guardian Detroit Union Group

for 1929_

4220

4. Photostatic copy of letter dated July 24, 1931, addressed to L. H. D.

Baker, National Bank of Commerce, Union Guardian Building,

Detroit, Mich.---

4227

5. Typewritten sheet purporting to be a copy of page 39 of minute book

of Guardian Detroit Group, Inc----

4251

6. Photostat of letter from Robert O. Lord to John N. Stalker, dated

June 4, 1930.--

4252

7. Letter dated June 5, 1930, from John N. Stalker to Robert 0. Lord. 4253

8. Photostatic copy of memorandum addressed to Mr. Lord by Mr.

Stalker under date of June 26, 1930_

4257

9. Photostatic copy of letter dated Mar, 4, 1930, to Mr. Frank Brandon

from Robert O. Lord__

4259

10. Letter, Mar. 4, 1930, Lord to Stalker.

4260

11, Letter, Mar. 4, 1930, Lord to Sanger-

4263

12. Letter, Mar, 11, 1930, Sanger to Lord.

4264

13. Letter, Mar. 13, 1930, Lord to Sanger-

4265

14. Letter, Mar. 18, 1930, Sanger to Lord.

4266

15. Letter, dated Aug. 24, 1929, addressed to Joseph H. Brewer by Robert

0. Lord.

4273

16. Letter, June 11, 1931, Maxwell to Reynolds---

4286

17, Letter, Dec. 12, 1931, Reynolds to Patterson.

4289

18. Letter, Sept. 18, 1929, Lord to Brewer..

4290

19. Letter, Nov. 18, 1929, Lord to Brewer..

1291, 4295

20. Letter, Nov. 21, 1929, Brewer to Lord__

4292

21. Letter, Jan. 22, 1930, Lord to Brewer---

4294

22. Memorandum dated Apr. 13, 1931, from Joseph H. Brewer to B. K.

Patterson, together with attached letter dated Apr. 10, 1931, from

Henry F. Quinn, national bank examiner, to Joseph H. Brewer, and

also attached tabulation of loans and discounts and bonds and

securities ----

1296

23. Photostatic copy of memorandum to A. A. F. Maxwell from F. M.

Brandon dated Sept. 17, 1931_--

4306

24. Photostatic copy of letter addressed to B. F. Patterson from Henry F.

Quinn dated Sept. 1, 1931.

4307

175541—pt. 9

tional Bank & Trust Co. of Niles, Mich., to B. K. Patterson, execu-

tive vice president of the Detroit Union Group-

4310

29. Memorandum addressed to Mr. Brandon by B. K. Patterson, under

date of Oct. 12, 1931.--.

4311

30. A letter dated Mar. 4, 1930, to Warren J. Rachow, president Union

State Bank, Dearborn, Mich., by R. O. Lord.

4315

31. A letter dated Mar. 7, 1930, to R. O. Lord, written by Warren J.

Rachow, president Union State Bank, Dearborn, Mich.

4316

32. Typewritten statement showing amounts of dividends declared by

various bank units of the Group during the years 1929, 1930, 1931,

and 1932, respectively, 4318----

4331

33. Typewritten statement referred to entitled Guardian Detroit Union

Group, Inc., Summary of Cash Dividends" 4318..

4331

34. Copy of proposed Annual Report of Guardian Detroit Union Group

Inc., 4319.--

4332

35. Photostatic copy of intra-group memorandum addressed by R. (). Lord

to the directors of the Guardian Detroit Bank under date of Jan.

21, 1931, 4321.

1333

36. Annual report Guardian Detroit Union Group, Inc., Dec. 31, 1930 1324

37. Letter, Sept. 17, 1931, Walsh to Robertson-

4317

38. Letter, Sept. 17, 1931, Walsh to Brandon

43-19

39. Letter, Sept. 16. 1931, Brandon to Walsh.

+372

40. Letter, Sept. 19, 1931, Robertson to Walsh.

4330

41, Letter dated Sept. 18, 1931, from H. S. Reynolds to James L. Walsh. 4378

42. Letter dated Dec. 31, 1930, from James L. Walsh to Herbert S.

Reynolds ---

43. Letter dated Jan, 5, 1931, from F. M. Brandon to James L. Wills11 4302

44. Letter dated Jan, 6, 1931, from James L. Walsh to Frank M. Brandon. 430+

45. Photostat of telegram dated Dec. 30, 1930, from James L. Walsh to

Herbert R. Wilkin.-

1366

46. Intra-Group memorandum dated Dec. 31, 1930, from James L. Walsh

to H, R. Wilkin...

1300

47. Photostatic copy of intra-Group memorandum dated Jan. 8, 1931, from

F. M. Brandon to James L. Walsh.--

4373

48. Copy of certificate of deposit, Dec. 31, 1931.

1376

49. Photostatic copies of ledger sheets of the account of the Union Indus-

trial Trust & Savings Bank, Flint, Mich., on the books of the

Guardian Detroit Bank.-

4377

50. Report of condition, Union Industrial Trust & Savings Bank, Flint.

Mich., Dec. 31, 1931

4375

51. Annual Report, 1929, Guardian Detroit Union Group, Inc.

4380)

52. Letter, May 5, 1931, Morton to Lord..

1381

53. Letter from James L. Walsh to Scott D. Carpenter, dated Aug. 4.
1931

4383

54. Photostatic reproduction of Annual Report of Guardian Detroit Union

Group, Inc., for the year 1930, filed with the Michigan Securities

Commission 4430--

1161

55. Photostatic reproduction of Annual Report of Guardian Detroit Union

Group, Inc., for the year 1931, filed with the Michigan Securities

Commission 4430---

4163

56. Photostatic copy of Annual Report for the year 1932 filed by the

Guardian Detroit Union Group, Inc., with the Michigan Securi-

ties Commission 4430--

4468

1361

ian Detroit Union Group, Inc., to the Michigan Securities Com-

mission.---

4522

62. A photostatic copy of a report made for the year 1932 by the Guard-

ian Detroit Union Group, Inc., to the Michigan Securities Com-

misvion----

4522

63. Kanzler notes, annual meeting of Stockholders, Guardian Detroit

Union Group, Inc., Jan. 24, 1933_-

4545

64. Mimeographed copy of document addressed to the stockholders,

Guardian Detroit Union Group, produced by the witness, 4572.--- 4582.

Not printed because of length or for reasons given in text.

STOCK EXCHANGE PRACTICES

TUESDAY, DECEMBER 19, 1933

UNITED STATES SENATE,

SUBCOMMITTEE OF THE
COMMITTEE ON BANKING AND CURRENCY,

Washington, D.C. The subcommittee met at 10:30 a.m., pursuant to adjournment on Thursday, December 7, 1933, in Room No. 301 of the Senate Office Building, Senator Duncan U. Fletcher presiding.

Present: Senators Fletcher (chairman), Gore (substitute for Barkley), Adams (proxy for Costigan), Couzens, Townsend, and Goldsborough (substitute for Norbeck).

Present also: Ferdinand Pecora, counsel to the committee; Julius Silver and David Saperstein, associate counsel to the committee; and Frank J. Meehan, statistician to the committee.

The CHAIRMAN. The subcommittee will come to order, please. You may proceed, Mr. Pecora. Mr. PECORA. Mr. Lord, will you take the stand? The CHAIRMAN. Please stand, hold up your right hand and ha sworn: You solemnly swear that you will tell the truth, the whol? truth, and nothing but the truth, regarding the matters now under investigation by the committee. So help you God. Mr. LORD. I do.

TESTIMONY OF ROBERT O. LORD, DETROIT, MICH.

Mr. PECORA. Mr. Lord, will you give your full name and residence and business addresses to the committee reporter? Mr. LORD. Robert 0. Lord, 17 McKinley Place, Grosse Pointe Farms; business address, Penobscot Building, Detroit, Mich. Mr. Pecora. What is your business, occupation, or profession? Mr. LORD. Nothing at the present time. Mr. PECORA. What was it? Mr. Lord. Banker.

Mr. Pecora. With what banking institution or organization were you last affiliated or connected ?

Mr. Lord. My last connection was as president of the Guardian National Bank of Commerce. Mr. Pecora. Where was that bank situated ? Mr. LORD. Detroit, Mich. Mr. PECORA. When did you become president of it? Mr. LORD. I became president of the predecessor bank, the Guardian Detroit Bank, in June of 1927, when that bank was opened.

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