COMMITTEE ON BANKING AND CURRENCY UNITED STATES SENATE
SEVENTY-THIRD CONGRESS
S. Res. 84
(72d CONGRESS)
A RESOLUTION TO INVESTIGATE PRACTICES OF STOCK
EXCHANGES WITH RESPECT TO THE BUYING AND
SELLING AND THE BORROWING AND LENDING
OF LISTED SECURITIES
RESOLUTIONS TO INVESTIGATE THE MATTER OF BANKING OPERATIONS AND PRACTICES, TRANSACTIONS RELATING TO ANY SALE, EXCHANGE, PURCHASE, ACQUISITION, BORROWING, 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
DETROIT BANKERS COMPANY
JANUARY 24 TO FEBRUARY 1, 1934
Printed for the use of the Committee on Banking and Currency
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__.
5152, 5169, 5172, 5205, 5257, 5272
(Italics indicate page on which exhibit was admitted into the record. Roman type
indicates page on which exhibit is printed.)
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
Bankers Co., 5166.
11. The semiannual report of Detroit Bankers Co. to stockholders, as
of the date June 30, 1931, 5170_-.
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_-.
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-
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__
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-.
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