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EXHIBITS

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

Page

1. Articles of Association of the Detroit B.inkers Co., 5060---

5127

2. Trust agreement with reference to the Detroit Bankers Co., 5064--- 5131

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.--

5069

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

Bankers Co., 5166----

()

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-

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

ary 25, 1932, 5210.-

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_-

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

Every

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

Detroit Trust Co.-

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.-

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..--

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--

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_.

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

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

5377

5352

5354

5355

5377

(*)

(*) 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.

Page

5377

5377

5377

5377

5377

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 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, 5366125. 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. (. Murfin,

Truman H. Newberry, and Lawrence K. Butler--127. Portion of subpena duces tecum_ 128. Statement of loans.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, 5.439---

5377

5390

5390 5427 5427

5428

5449

(*)

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

STOCK-EXCHANGE PRACTICES

WEDNESDAY, JANUARY 24, 1934

UNITED STATES SENATE,

SUBCOMMITTEE OF THE
COMMITTEE ON BANKING AND CURRENCY,

Washington, D.C. 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; Thomas G. Long, attorney for witnesses summoned in connection with Detroit Bankers Co.; Clifford B. Longley, attorney for John Ballantyne.

The CHAIRMAN. The subcommittee will please come to order. Mr. Pecora, who will you have first?

Mr. Pecora. Mr. Chairman, this is the beginning of the hearings in connection with the Detroit Bankers Co. I will call Mr. Ballantyne as the first witness.

The CHAIRMAN. Mr. Ballantyne, will you please come forward to the committee table, stand, 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 investigation by the committee. So help you God.

Mr. BALLANTYNE. I do.

The CHAIRMAN. Just take a seat there opposite that microphone on the committee table.

TESTIMONY OF JOHN BALLANTYNE, 1750 BALMORAL DRIVE, DE

TROIT, MICH., PRESIDENT OF MANUFACTURERS' NATIONAL BANK OF DETROIT AT THE PRESENT TIME

Mr. PECORA. Mr. Ballantyne, will you give your full name, address, and business or occupation?

Mr. BALLANTYNE. My name is John Ballantyne. I reside at 1750 Balmoral Drive, Detroit, Mich. My occupation at the present time is president of the Manufacturers' National Bank of Detroit.

Senator Couzens. Mr. Longley, are you attorney for Mr. Ballantyne?

Mr. LONGLEY. Yes, sir.
Mr. BALLANTYNE. How was that, Senator Couzens?

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