Stock Exchange Practices

1933

CONTENTS

Page

5144

5437

Testimony of

Ballantyne, John, 1750 Balmoral Drive, Detroit, Mich., president of

Manufacturers' National Bank of Detroit at the present time---- 5057,

5085, 5092, 5157, 5233

Browning, McPherson, president Detroit Trust Co., Detroit, Mich__-- 5368
Long, Thomas G., of Detroit, Mich___
Murfin, James O., Detroit, Mich.---.
Stair, Edward Douglas, newspaper publisher, Detroit, Mich.---- 5379, 5411
Stone, Ralph, vice chairman of the Detroit Trust Co., Detroit, Mich... 5288,
5319, 5347, 5354
Thomas, W. J., treasurer, Detroit Trust Co., Grosse Pointe, Mich. 5321, 5349
Verhelle. Joseph F., Grosse Pointe, Mich., senior officer of the Manu-
facturers National Bank of Detroit___

5085, 5135,

5152, 5169, 5172, 5205, 5257, 5272

EXHIBITS

(Italics indicate page on which exhibit was admitted into the record.
indicates page on which exhibit is printed.)

Roman type

Page

5127

1. Articles of Association of the Detroit Bankers Co., 5060--

2. Trust agreement with reference to the Detroit Bankers Co., 5064-

3. Printed circular dated October 5, 1929, addressed to the stockholders

of Peoples Wayne County Bank, First National Bank in Detroit,

Detroit and Security Trust Co., Bank of Michigan, and Peninsular

State Bank, and signed by Peoples Wayne County Bank, Julius

H. Haass, president, John R. Bodde, vice president; First National

Bank in Detroit, Emory W. Clark, chairman of the board, D.

Dwight Douglas, president; Detroit and Security Trust Co., Ralph

Stone, chairman of the board, Albert E. Green, vice chairman of

the board, McPherson Browning, president; Bank of Michigan,

John Ballantyne, chairman of the board, T. W. P. Livingstone,

president; Peninsular State Bank, E. J. Hickey, chairman of the

board, H. L. Chittenden, president...

4. Copy of certificate for trustee shares, Detroit Bankers Co., 5076,

5133___

5. Copy of certificate of shares of common stock, Detroit Bankers

Co., 5076, 5133.......

6. Large chart entitled "Organization of Detroit Bankers Co.", 5084--

7. A printed pamphlet entitled "Detroit Bankers Co., Consolidated

Balance Sheet of Wholly Owned Banks ", 5084---

8. Photostatic copy of service contract referred to and identified by

the witnesses, 5092--

9. Printed annual report for 1931 of the Detroit Bankers Co., 5112_

10. The annual report to stockholders for the year 1930 of the Detroit

11. The semiannual report of Detroit Bankers Co. to stockholders, as

of the date June 30, 1931, 5170.........-

12. Photostatic copy of draft of letter dated November 21, 1931, ad-

dressed, on the letterhead of the Detroit Bankers Co., "To our

stockholders", 5175---

(*)

5176

13. Mimeograph copy of letter on letterhead of the Detroit Bankers Co.,

dated November 21, 1931, address "To our stockholders" and

bearing facsimile signature of John Ballantyne, president, 5175_- 5176

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

14. Copy of annual report, 1931, filed with Michigan Securities Commis-

sion by Detroit Bankers Co., 5183_.

15. Memorandum March 7, 1932, Verhelle to Ballantyne, 5185__.

16. Papers and documents turned over to committee by the witness:

16-96. Marked for identifications only, 5185.

Page

91. A letter from H. G. Hentschell to Detroit Bankers Co., dated Janu-

92. A letter from the comptroller of the Detroit Bankers Co. to R. G.

Hentschell, dated February 10, 1932.

93. Letter February 16, 1932, Hentschell to Verhelle.

94. Letter February 23, 1932, Verhelle to Hentschell, 5215.

95. The document referred to, heretofore marked for identification as

Committee's Exhibit No. 16, was received in evidence, 5221...

96. Memorandum June 16, 1932, Verhelle to Mills, 5264.

97. Memorandum May 27, 1932, Verhelle to Mills, 5269.

98. Memorandum June 1, 1932, Verhelle to operating committee..

99. Memorandum from Joseph F. Verhelle to Wilson W. Mills, dated

May 5, 1932, 5272-

100. Memorandum dated May 28, 1932, from Joseph F. Verhelle to John

Ballantyne, 5280--

101. Pamphlet referred to and identified by the witness, entitled "The

Growth of the Trust Institution ", 5290.

102. Statement January 9, 1932, signed Felix M. Farrell, 5299_

103. Document signed F. C. Van Every, January 9, 1934, 5300.

104. Copy of resolution creating trust for investment of trust funds,

adopted by executive committee_.

105. A number of statements, verified by Mr. Van Every, auditor of the

Detroit Trust Co., under date of January 6, 1934, relating to

issuance of certificates of participation by the Detroit Trust Co.,

5321____

106. Set of statements signed by A. J. Colvin and by Mr. Van Every,

certifying to certain facts with regard to the issuance of partici-

pating mortgage certificates, 5325.

107. Tabulation headed Detroit Trust Co., Certificates of Participation

as of January 1, 1934, 5328.

109. Letter dated September 18, 1931, from R. A. Carroll, examiner, to

Detroit Trust Co..

108. Report or statement dated December 20, 1933, signed by F. C. Van

110. Letter, Thomas to Reichert, October 27, 1931.

111. A photostat of a certificate of deposit dated August 8, 1931, issued

by the Detroit Trust Co., and payable to the Peoples Wayne County

Bank of Detroit for $4,500,000, 5350-

5338

112. A photostatic reproduction of a certificate of deposit issued by the

Detroit Trust Co., dated August 8, 1931, payable to the First

National Bank in Detroit for $1,700,000, 5351.

113. A photostatic reproduction of a certificate of deposit issued by the

Detroit Trust Co., dated August 8, 1931, payable to the Detroit

Savings Bank for $300,000, 5351--

5377

114. A letter dated January 11, 1934, from William J. Thomas, treasurer

of Detroit Trust Co., to H. F. Muir

115. Photostatic copy of a letter addressed to the Detroit Trust Co., by

H. G. Taylor, examiner of the State of Michigan Department of

Banking

5352

5354

116. A carbon copy of a letter dated August 2, 1932, addressed to the

Department of Banking, Lansing, Mich., by W. J. Thomas, treas

urer of the Detroit Trust Co.--.

117. A memorandum of Detroit Trust Co., of certificates of deposit held

by the First National Bank in Detroit, 5358-

5355

5377

118. Photostat copy of statement from files of the Detroit Trust Co.,

dated June 1, 1933, identified by the witness Stone, 5360---

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

(*) Some of these latter appear under different exhibit numbers as, for instance,

no. 16 appears as regular exhibit no. 91.

119. Photostatic copy of certificate of deposit dated August 2, 1929, pay-
able on demand to the Ford Motor Co. in the sum of $1,000,000,
5360

120. Photostatic copy of certificate of deposit dated August 13, 1928, pay-
able on demand to the Ford Motor Co. in the sum of $300,000,
5360
121. Photostatic copy of certificate of deposit dated August 13, 1928, pay-
able on demand to the Ford Motor Co. in the sum of $200,000,
5360

122. Photostatic copy of certificate of deposit dated September 11, 1929,
payable on demand to the Ford Motor Co. in the sum of $1,000,000,
5360.

Page

5377

123. Photostatic copy of certificate of deposit dated December 29, 1932, payable on demand to the First National Bank of Detroit in the sum of $2,500,000, 5360‒‒‒

124. The copies of four certificates of deposit issued by Detroit Trust Co.,
payable to Ford Motor Co., dated December 29, 1932, 5366_
125. Report dated July 9, 1932, signed by Truman H. Newberry, Wilson
W. Mills, Lawrence K. Butler, and George J. Pipper___
126. Report dated May 25, 1932, signed by Wilson W. Mills, J. O. Murfin,
Truman H. Newberry, and Lawrence K. Butler-

5377

5390

127. Portion of subpena duces tecum_

5427

128. Statement of loans_-_

5427

129. Statement of purchases and sales of Detroit Bankers stock by Mr.
Stair from January 8, 1930, to February 11, 1933___.
130. Annual report of Detroit Bankers Co., dated December 31, 1932,
5429

131. The witness' copy of the private and confidential memorandum made by Mr. Verhelle and addressed to Mr. Mills, as chairman of the board of the First National Bank, dated May 18, 1932, 5439----

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

5428

5449

(*)

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