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HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

SEVENTY-THIRD CONGRESS

FIRST SESSION

ON
S. Res. 84

(72d CONGRESS)
A RESOLUTION TO INVESTIGATE PRACTICES OF STOCK
EXCAANGES 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 11

DETROIT BANKERS COMPANY
JANUARY 24 TO FEBRUARY 1, 1934

Printed for the use of the Committee on Banking and Currency

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COMMITTEE ON BANKING AND CURRENCY

DUNCAN U. FLETCHER, Florida, 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

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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 Bankers 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

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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----

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.

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