17, 1934," and appears immediately following where read by Mr. Pecora.) Mr. LONGLEY. I was looking for the date on that paper but did not find it. Mr. PECORA. The paper just received in evidence as committee exhibit no. 89, reads as follows [reading]: Mr. HENRY E. BODMAN. Mr. E. C. HARRIS. PRESENT DISTRIBUTION OF FUNDS OF UNION GUARDIAN TRUST COMPANY (as of 1/16/33) Chicago: Continental Ill. Nat. Bk. & Tr. Co---- 778, 755. 03 Pittsburgh: Farmers Deposit National Bk.. Union Trust Co.-. 260,000.00 50, 498. 22 Cleveland: The Nat'l City Bk. of Cleveland___ 200, 000. 00 Gdn. Nat'l. Bk. of Com. (uptown). (This First National Bk.__. Windsor: Canadian Bk. of Commerce. Pontiac: First Nat'l Bk. & Tr. Co-‒‒‒‒ 480, 739.66 527, 343. 31 19, 733. 04 7,088. 34 Then there are attached two additional sheets itemizing some of the details, that is, with regard to some of the items that I have just read [reading]: Mr. Henry E. Bodman, Mr. E. C. Harris. Jan. 17, 1933. PRESENT DISTRIBUTION OF FUNDS OF UNION GUARDIAN TRUST CO. Detail-Special C/D's & Accts. Class A Units of Group: Guardian National Bk. of Com. First National Tr. & Savings Bk., Port Huron Total. $289,907.30 2, 336. 45 All of the above funds will be out of the Guardian National Bk. of Com. by the close of business today with the following exceptions: M. B. Mills, Savings Acct., $43,490.10. This is a savings account which it is desirable not to close out until the end of the interest period on account of loss of interest. At that time it will be placed in the form of a Certificate of Deposit. Troy Syndicate, Commercial Acct., $398.00. There are several reasons why this account should not be disturbed at this time due to the unsettled relations among syndicate members. John Hancock Life Insurance Co., $78.89. Under Trustees Agreement with this Insurance Company, the Guardian National Bank of Commerce was specifically designated as Depositary. Others: Detroit: $310, 243.75 9, 855. 36 6, 061.72 285, 998. 83 598, 242, 58 144, 000. 00 379,000.00 Mr. PECORA. Now, Mr. Longley, I want to show you what purports to be a photostatic copy of a statement or report found among the files of the Union Guardian Trust Co. entitled "Union Guardian Trust Co., withdrawals and deposits, January 1, 1933, to January 28, 1933." Will you look at it and tell me if you recognize it as being a true and correct copy of such report or statement contained among the files and records of the Trust Co.? Mr. LONGLEY (after reading the paper). I never saw it before, Mr. Pecora, but I wouldn't-just a minute? Mr. PECORA. You would not question the authenticity of it, would you? Mr. LONGLEY. I would not think so. I think probably it is correct. But I do not know anything about it. Mr. PECORA. At any rate, you do not question the authenticity of it, do you? Mr. LONGLEY. No; not if you got it from the files of the Trust Co. Mr. PECORA. Mr. Chairman, I offer it in evidence. Senator CouZENS. It will be admitted. (The statement entitled "Union Guardian Trust Co., withdrawals and deposits, Jan. 1, 1933, to Jan. 28, 1933 ", was received in evidence and marked" Committee Exhibit No. 90, Jan. 17, 1934 ", and will be found immediately following where read by Mr. Pecora.) Mr. PECORA. The paper just received in evidence and marked "Committee Exhibit No. 90" as of this date, reads as follows————— Mr. LONGLEY (interposing). Mr. Pecora, can you tell me where that paper came from? If so, that might refresh my recollection somewhat. Mr. PECORA. From among the records and files of the Union Guardian Trust Co. Mr. LONGLEY. You do not know from what particular file, I take it? I notice it is a copy coming, apparently, from a book of some sort. Mr. PECORA. I do not see anything on the document which would identify the particular file in which it had been placed. Mr. LONGLEY. All right. Mr. PECORA. Now, this exhibit reads as follows [reading]: UNION GUARDIAN TRUST COMPANY Withdrawals and Deposits January 1, 1933 to January 28, 1933 Mr. LONGLEY (interposing). That means Union Guardian Trust Co. Mr. PECORA. How was that? Mr. LONGLEY. I say the initials U. G. T. Co. mean Union Guardian Trust Co. Senator COUZENS. And about Mr. Trendle, was he one of your directors? Mr. LONGLEY. Yes, sir. Mr. PECORA. That is, Mr. Trendle was one of your Trust Co. directors? Mr. LONGLEY. Yes, sir. Mr. PECORA. I continue reading: Janet Jones Caulk George W. Trendle__ Conductors Protective Assurance Co___. Estate of William H. Murphy--. Guardian National Bank of Commerce_ F. E. Martin___ Senator COUZENS. That should be P. E. Martin. $15,000.00 10, 000. 00 10, 000. 00 10, 000. 00 104, 459. 00 30, 000, 00 700,000.00 11, 307.00 25, 000. 00 Senator COUZENS. On my memorandum it is shown as P. E. Martin. Mr. LONGLEY. Well, I do not believe it is. I did not know that he had any funds in there. I wouldn't swear to that, however. Senator COUZENS. It shows P. E. Martin on my memorandum. Mr. LONGLEY. All right. Mr. PECORA. And where we have the initials "U. G. T. Co." that refers to the Union Guardian Trust Co., as I understand it. Mr. LONGLEY. Yes, sir. Mr. PECORA. I continue reading: U. G. T. Co., Agt. W. S. Knudsen. Pacific Steel Boiler Corp. Detroit Auto Club__-. $40, 300.00 50,000.00 50,000.00 170,000.00 Mr. PECORA. Now, among the names that I have read from this committee exhibit no. 90, do you recognize the names of any officers or directors of the Trust Co.? Mr. LONGLEY. Yes. There is Mr. Trendle's name, and Mr. Ford's name. Mr. PECORA. Mr. Trendle and Mr. Ford? Mr. LONGLEY. Let me see [reaching out for the exhibit]. Possibly there are some others. I did not examine it for that purpose. Mr. PECORA. Look it over and see if there are any others. Mr. LONGLEY [after looking the paper over]. No; I think that is all. Mr. PECORA, Just Mr. Trendle and Mr. Ford. Mr. LONGLEY. Mr. Trendle and Mr. Ford; yes. Mr. PECORA. Now, do you know whether or not any corporate depositors listed among the withdrawals on this exhibit are corporations that had among their officers and directors any officers and directors of the Union Guardian Trust Co.? Mr. LONGLEY. I don't think so. But I will look at the exhibit again. Mr. PECORA. Here it is. Please look at it. Senator COUZENS. Was Ewald a director of the Trust Co.? Mr. LONGLEY (after looking again at the exhibit). No. I think he was just on the group and on the bank. He does not seem to be on this list that I have here among my papers, not on this list at all. Mr. PECORA. Are you now referring to Mr. Ewald? Mr. LONGLEY. Yes, sir. Mr. PECORA. Was he a director of the Guardian Detroit Union Group, Inc.? Mr. LONGLEY. I think he was a director of the group, and was on the bank. But he is not a director shown here on my paper. Mr. PECORA. Are there any other depositors whose names are listed on that exhibit as having made withdrawals, who are officers or directors of the group; I mean as of that time? Mr. LONGLEY. No, sir; I don't think so. Here is the estate of William H. Murphy. I don't know whether Dr. Murphy was connected with that matter or not. Do you, Senator Couzens? Senator COUZENS. Dr. Murphy had a part of that estate, didn't he? Mr. LONGLEY. Well, I don't know about that. I say, I don't know just what the estate of William H. Murphy is. That is the only possibility there. Senator COUZENS. Why was $700,000 taken out by the Guardian. National Bank of Commerce at that time? Mr. LONGLEY. Well, they just withdrew it to cut down their deposit in the Trust Co., and whether because they needed the money I don't know. Senator COUZENS. Of course, they were getting more liquid all the time. Was that withdrawn to make them more liquid? Mr. LONGLEY. Well, I don't know. That had been there for quite a while, that account. Senator COUZENS. It is a very substantial withdrawal from one of your associates at a time when you were in great distress. Mr. LONGLEY. Well, I don't remember any particular reason that was given. Mr. PECORA. Was any inquiry made by you to ascertain the reason for this heavy withdrawal at that particular time? |