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Consolidated balance sheet, Guardian Detroit Union Group, Inc., including banks,

trust companies and other affiliated companies December 31st 1932

RESOURCES

$55, 664, 590.06

Cash in Vault and in Banks
U. S. Government Securities.
Municipal and Corporate Bonds.

$34, 332, 919. 57
44, 812, 591. 42

Stock of the Federal Reserve Bank
Loans and Discounts.
Real Estate Mortgages
Customers' Liability under Acceptances and Letters of Credit.
First Mortgage Bond Trust Fund.
Banking Quarters and Other Real Estate
Accrued Income Receivable and Other Reseurces

79, 145, 510.99

1, 161, 300.00 133, 731, 431. 67 66, 552, 210. 79

925, 882. 51 1, 973, 947. 40 40, 460, 305. 85 11, 086, 237, 29

Total Resources

390, 701, 416. 56

LIABILITIES Capital Stock

$30, 896, 880. 00 Surplus and t'ndivided Profits.

15, 342, 359. 12

$46, 239, 239. 12 Reserves.

7, 088, 989. 91 Accrued Interest, Taxes, Etc.

977, 041. 57 Liabilities under Acceptances and Letters of Credit

926, 875. 45 Mortgages and Bonds Outstanding

8, 330, 500.00 Circulation

10, 620, 775. 00 Bonds Sold Subject to Repurchase

1, 291, 777. 82 Bills Payable and Rediscounts.

31, 621, 617.01 Deposits

276, 610, 576. 62 Other Liabilities..

6, 994, 024. 06

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Total Liabilities

390, 701, 416. 56

Note.-In the above statement all inter-company accounts have been eliminated. Among these are deposits $13,464,857.13 carried by affiliated companies and banks in the transaction of regular business with other unit banks of the group.

.Iggregate resources and liabilities of banks and trust companies affiliated with

Guardian Detroit Union Group, Inc. December 31, 193?

RESOURCES

$65, 874, 955. 62

Cash in Vault and in Banks
('. S. Government Securities.
Municipal and Corporate Bonds -

$34, 204, 790, 12
39, 064, 849. 67

73, 269, 639. 79

1, 161, 300.00 127, 094, 738. 24 64, 894, 918. 27

Stock of the Federal Reserve Bank.
Loans and Discounts.
Real Estate Mortgages.
Customers Liability under Acceptances and

Letters of Credit
First Mortgage Bond Trust Fund.
Banking Quarters and Other Real Estate
Accrued Interest Receivable and Other

Resources.

925, 882. 51 1, 973, 947, 40 28, 850, 730. 56

5, 834, 249. 12

Total resources

369, 880, 361. 51

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CHANGING GROUP COMPANY BOOKS TO REFLECT BOOK VALUE PER SHARE

(1) Group Co. does not own all of shares of unit banks. Directors' qualifying shares and minority holdings must be excluded. Consequently, it becomes necessary to figure the exact portion of capital funds of each unit which belong to Group Co.

(2) Loans to subsidiaries other than banks and trust companies must be appraised on a basis of the liquidating value of collateral held by Group Co., no allowance being made for liabilities of subsidiaries direct or contingent, other than those to the Group Co.

(3) Stock of subsidiaries other than banks and trust companies to be carried on Group Co. books at book value of such subsidiaries. Each subsidiary to carry assets on its respective books at market value in case of securities and appraised value in case of other assets.

(4) Group Co. stock as well as other securities owned by Group Co. should be carried on its books at market value.

(5) In order that the books of the Group Co. reflect the condition outlined in the above four paragraphs, the carrying value of such assets must be adjusted at the end of each month by increasing or decreasing the reserve account with offsetting entry in the surplus or undivided profits account to reflect changes which took place during the month in each subsidiary.

(6) Operating under such a plan of accounting, it becomes necessary to write off against the Group Co. surplus account in similar amounts any sums written off against capital, surplus or undivided profits accounts at unit banks and trust companies.

(7) If such a method of operating the Group Co. books is adopted, it will result in present capital arrangement as follows at this time: Capital.

$30, 896, 000. 00 Surplus and undivided profits.

3, 152, 000. 00

34, 048, 000. 00 15, 137, 000. 00

Reserves.

Book value of 1,544,844 shares, equals $22.05.

Adjusted balance sheet, Group Company, Dec. 31, 1932

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70, 683, 000 Note.--Investment in Stocks of Unit Banks and Trust Companies shown above as $42,197,000 is carried at and is equal to the total Capital Surplus and Undivided Profits of such Banks and Trust Companies, but not including Reserves, and includes minority holdings and directors qualifying shares.

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