The CHAIRMAN. The committee will now take a recess until 10 o'clock tomorrow morning. (Whereupon, at 4:15 p.m., the subcommittee took a recess until tomorrow, Tuesday, January 16, 1934, at 10 a.m.) Amount Authorized Cancelled Disbursed Repaid Balance Due Collateral Held Maturity Interest Paid COMMITTEE EXHIBIT NO. 79-JANUARY 15, 1934 Status of loans made by Reconstruction Finance Corporation to banks in Guardian Detroit Union Group as of Dec. 19, 1933 $4,250,000 400,000 8,733, 000 2,767,000 4,391,000 $33, 150.94 3, 474, 629. 45 .do. 26, 000, 000 .do. 3,500,000 Capitol National Bank, Lansing. 425,000 Oct. 29, 1932 do. May 19, 1933 325,000 .do. 300,000 May 28, 1932 392, 410.00 City National Bank & Trust Co., Niles. 135,000 13, 224. 11 June 26, 1933 121, 775. 89 .do. June 15, 1932 150,000 10, 681. 43 139, 318.57 121, 775. 89 8, 624.94 130, 693, 63 354, 947. 59 Dec. 31, 1933 Creek. 515,000 STOCK EXCHANGE PRACTICES TUESDAY, JANUARY 16, 1934 UNITED STATES SENATE. SUBCOMMITTEE OF THE COMMITTEE ON BANKING AND CURRENCY, The subcommittee met at 10 a.m., pursuant to adjournment on yesterday, in Room No. 301 of the Senate Office Building, Senator Duncan U. Fletcher presiding. Present: Senators Fletcher (chairman), Adams, Townsend, and Couzens. Present also: Ferdinand Pecora, counsel to the committee; Julius Silver and David Saperstein, associate counsel to the committee; and Frank J. Meehan, chief statistician to the committee. The CHAIRMAN. The subcommittee will come to order, please. Mr. Pecora, who will you have first this morning? Mr. PECORA, Mr. Blair. The CHAIRMAN. Mr. Blair, will you please come forward to the committee table, hold up your right hand, and be sworn? You solemnly swear that you will tell the truth, the whole truth, and nothing but the truth, regarding the matters now under invesigation by the committee. So help you God. Mr. BLAIR. I do. TESTIMONY OF FRANK W. BLAIR, DETROIT, MICH., PRESIDENT OF THE UNION JOINT STOCK LAND BANK OF DETROIT Mr. PECORA. Mr. Blair, will you kindly give your name, address, and business occupation to the committee reporter? Mr. BLAIR. My name is Frank W. Blair; residence, Lake Orion, Mich.; office, 640 Free Press Building, Detroit. Mr. PECORA. What is your business or occupation? Mr. BLAIR. At the present time and for the past 10 years, since it was organized, I have been president of the Union Joint Stock Land Bank of Detroit. From 1908 until 1930 I was president of the Union Trust Co. of Detroit, and in 1930 and 1931 I was chairman of the board, first of the Union Trust Co. and then of its successor, the Union Guardian Trust Co. Mr. PECORA. Were you also connected as officer or director, or both, with the Guardian Detroit Union Group, Inc.? Mr. BLAIR. Yes. I was chairman of the board of the Guardian Detroit Union Group, Inc., from the time it became the Guardian Detroit Union Group, Inc., until the annual meeting in 1932. |