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HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

SEVENTY-THIRD CONGRESS

SECOND SESSION

ON

S.Res. 84

(72d CONGRESS)
RESOLUTION TO INVESTIGATE PRACTICES OF STOCK
EXCHANGES WITH RESPECT TO THE BUYING AND
SELLING AND THE BORROWING AND LENDING
OF LISTED SECURITIES

AND
S.Res. 56 and S.Res. 97

(73d CONGRESS)
RESOLUTIONS TO INVESTIGATE THE MATTER OF BANKING
OPERATIONS AND PRACTICES, TRANSACTIONS RELATING TO
ANY SALE, EXCHANGE, PURCHASE, ACQUISITION, BORROW-
ING, LENDING, FINANCING, ISSUING, DISTRIBUTING, OR
OTHER DISPOSITION OF, OR DEALING IN, SECURITIES OR
CREDIT BY ANY PERSON OR FIRM, PARTNERSHIP, COMPANY,
ASSOCIATION, CORPORATION, OR OTHER ENTITY, WITH A
VIEW TO RECOMMENDING NECESSARY LEGISLATION, UNDER

THE TAXING POWER OR OTHER FEDERAL POWERS

PART 10
Guardian Detroit Union Group
JANUARY 5 TO JANUARY 23, 1934

Printed for the use of the Committee on Banking and Currency

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1933

COMMITTEE ON BANKING AND CURRENCY

DUNCAN U. FLETCHER, rida, Chairman CARTER GLASS, Virginia

PETER NORBECK, South Dakota ROBERT F. WAGNER, New York

PHILLIPS LEE GOLDSBOROUGH, Maryland ALBEN W. BARKLEY, Kentucky

JOHN G. TOWNSEND, JR., Delaware ROBERT J. BULKLEY, Ohio

FREDERIC C. WALCOTT, Connecticut THOMAS P. GORE, Oklahoma

ROBERT D. CAREY, Wyoming
EDWARD P. COSTIGAN Colorado

JAMES COUZENS, Michigan
ROBERT R. REYNOLDS, North Carolina FREDERICK STEIWER, Oregon
JAMES F. BYRNES, South Carolina HAMILTON F. KEAN, New Jersey
JOHN H. BANKHEAD, Alabama
WILLIAM GIBBS MCADOO, California
ALVA B. ADAMS, Colorado

WILLIAM L. HILL, Clerk
R. H. SPARK MAN, Acting Clerk

SUBCOMMITTEE ON STOCK EXCHANGE PRACTICES

DUNCAN U. FLETCHER, Florida, Chairman

CARTER GLASS, Virginia

PETER NORBECK, South Dakota ?
ALBEN W. BARKLEY, Kentucky 1 JOHN G. TOWNSEND, JR., Delaware
EDWARD P. COSTIGAN, Colorado JAMES COUZENS, Michigan
ALVA B. ADAMS, Colorado

1 Alternate, Thomas P. Gore, Oklahoma.
a Alternate, Phillips Lee Goldsborough, Maryland.

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Blair, Frank W., Detroit, Mich., president of the Union Joint-Stock Land Page
Bank of Detroit.---

4759, 4797
Bodman, Henry E., Detroit, Mich..

4965
Bryan, Charles A., 1209 Federal Reserve Building, Chicago, Ill.

4707
Covington, Harry S., New York, N.Y.-

1904, 4962
Ford, Edsel B., President, Ford Motor Co., Dearborn, Mich..

1655, 4677
Higbie, Carlton M., investment broker, Detroit, Mich.

4924, 1934
Kanzler, Ernest, 2501 Iroquois Ave., Detroit, Mich.

4587, 4624
Leyburn, Alfred P., Lakeshore Hotel, Cleveland, Ohio; chief national

bank examiner, Fourth Federal Reserve District-- 4615, 4618, 4625, 4641, 4699
Longley, Clifford B., Grosse Pointe Farms, Mich--

4807, 4823, 4860
Lord, Robert O., 3974 Penobscot Building, Detroit, Mich---

5026

Mekee, John K., Chief of Examiners' Division, R.F.C., Washington,

D.C.

4722, 4731

Mott, Charles S., Flint, Mich.

4877, 4887
Walsh, James L., Detroit, Mich-

4989
Wilkin, Herbert R., Detroit, Mich-

5017

[Italies indicate page on which exhibit was admitted into the record; roman type,

exhibit printed]

65. Photostat of letter on letterhead of Second National Bank & Trust

Co. of Saginaw, dated Apr. 28, 1932, from R. Perry Shorts to Ernest

Kanzler---

4604

66. Photostat of letter on letterhead of Guardian National Bank of

Commerce of Detroit, dated Apr. 27, 1932, from Ernest Kanzler

to R. Perry Shorts-

4605

67. Letter on letterhead of Guardian Detroit Bank, dated May 5, 1932,

from Fred T. Murphy to Ernest Kanzler--

4605

68. Photostat of letter on letterhead of the Capital National Bank of

Lansing, dated May 23, 1932, from F. E. Gorman, president, to

Ernest Kanzler.---

4606

69. A receipt dated Dec. 11, 1930, from the Guardian Detroit Co. for

$5,000,000 of securities loaned by Mr. Ford---

4665

70. A note dated Mar. 9, 1932, for $1,000,000 at 6 months pa yable to the

order of R. O. Lord, agent, by the Guardian Detroit Co---

4666

il. Photostat of a letter on letterhead of Guardian National Bank of

Commerce of Detroit, dated Dec. 22, 1932, from vice president and

cashier to B. J. Craig, secretary Ford Motor Co., Dearborn, Mich. 4671

72. Photostat of copy of letter on letterhead of Ford Motor Co., dated

Dec. 28, 1932, from Ford Motor Co., by B. J. Craig, secretary and

assistant treasurer, to Guaranty Trust Co. of New York.-

4672

73. Photostat of letter on letterhead of Guaranty Trust Co. of New York,

dated Dec. 29, 1932, from William L. Kleitz to Elbert S. Burns.-- 4673

74. Photostat of letter on letterhead of Guardian National Bank of

Commerce of Detroit, dated Dec. 24, 1932, from Elbert S. Burns,

vice president Guardian National Bank of Commerce of Detroit,

to Guaranty Trust Co. of New York.-

4673

175541—pt. 10

4925

85. Statement entitled “General journal and statement of condition

l'nion Guardian Trust Co., Dec. 31, 1932.

4825

86. The intra-Group and interoffice memorandum dated Jan. 16, 1933,

from E. C. Harris to Frank Maurice_

4831

87. Memorandum referred to, dated Jan. 12, 1933, to Mr. Frank J.

Maurice from Mr. E. C. Harris.

4834

88. Photostat of intra-Group and interoffice memorandum, dated Jan.

24, 1933, from E. C. Harris to F. J. Maurice

4836

89. Photostat of paper dated Jan. 17, 1933, to Henry E. Bodman from

E. C. Harris -

4837

90. Statement entitled “Union Guardian Trust Co., withdrawals and

deposits, Jan. 1, 1933, to Jan. 28, 1933"

4840

91. Photostatie copy of sheet entitled “Certificate of deposit with-

drawals (Feb. 1 to Feb. 11, inclusive, 1933)" 1851-

5056

92. Photostatic copy of report of examining committee of Union Guardian

Trust ('o. as of Dec. 13, 1932 4855----

93. Photostat of hand-written memorandum from A. Quay Beyer to

Frank Maurice, filed Apr. 18, 1933_-

4873

94. Letter Oct. 23, 1933, Mott to Covington.

1918

'95. Photostatic copy of the opinion rendered by attorney general of Michi-
igan, Jan. 27, 1931 1967---

5012

96. Photostat of a letter written June 17, 1930, by Henry E. Bodiman

to Paul H. King, referee in bankruptcy, Detroit, Mich. 1969.

4970

97. Photostatic copy of intra-Group memorandum dated Aug. 27, 1931,

to Mr. Robert 0. Lord and signed by Mr. Henry E. Bodman.

4977

98, 99, 100, and 101. Photostats, debit and credit slips.-

5002

102. Memorandum dated Jan. 31, 1932_

5004

103. Photostatie copy of report of condition of Union Industrial Savings

& Trust Co., Flint, Mich., of Dec. 31, 1931 5006_

104, 105. L'hotostatic copies of documents captioned • Union Industrial

Trust and Savings Bank, Flint, Mich., General Journal

Ledges and statement of Condition 5007

106. Bulletin no. 2. Jan. 2, 1930, Guardian nion Group, Inc., 5031

107. Letter Jan. 6, 1930, cashier, Bank of Hamtramck, to Lord.

5033

108. Letter dated Jan. 9, 1930, from Robert 0. Lord to W. E. Dingman.

34

109. Intra-Group memorandum, dated Dec. 10, 1930, from B. K. Patterson

to J. N. Stalker.-

503.)

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

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