FIRST DETROIT COMPANY This is the investment unit of your company. On December 31, 1932, it had Capital, Surplus and Undivided Profits of $1,116,916.73. For the year 1932 its Net Operating Profit was $96,844.07. Of this amount $36,227.68 was transferred to the Reserve for Contingencies, making that Reserve $466,672.22, and adjusting the Company's inventory acquired prior to 1932 to market value, no adjustment being necessary on securities purchased during the year. $13,954.85 in Special Operating Reserve was carried forward into 1933, and the balance of $46,661.67 was transferred to Undivided Profits. For the second consecutive year each office of the Company was operated at a profit. Branch offices of the Company were operated in New York, Chicago and San Francisco, the Boston and Los Angeles offices having been eliminated. Salaries and expenses were sharply contracted during the year, resulting in a total reduction of 46.71%. DETROIT BANKERS SAFE DEPOSIT COMPANY This corporation with a capital of $100,000 was operated at a small profit in 1932. IN CONCLUSION You will be interested in the following excerpt from a speech made by the Hon. Carter Glass, Chairman of the Senate Banking and Currency Committee, upon the floor of the United States Senate on Thursday, January 5th, commenting upon the two principal Michigan Banking groups. "I am glad to testify from the thorough investigation of the Banking and Currency Committee, that the group banking system of the State of Michigan has been as thoroughly and effectively well-managed as is possible to a chain banking system, and has been of great service to the commercial, industrial and the credit requirements of that State. They are capitalized upon a fair and honest basis. They have not gone out, as the managers of some such systems have done and stripped their victims by watering their stock in a shameful way." By Order of the Board of Directors. DIRECTORS E. D. STAIR, President. Albrecht, A. A., President, A. A. Albrecht Company. Butler, Lawrence K., Vice-President, Detroit Trust Company. Chittenden, Herbert L., Vice-Chairman, First National Bank-Detroit. Connely, E. F., President, First Detroit Company. Davidson, James E., Vice-Pres., Treasurer, American Ship Building Com pany. Dillon, William M., Vice-President, Scotten-Dillon Company. Drennan, George W., President, Drennan & Seldon, Inc. Eckert, Edwin J., Executive Vice-President, First National Bank-Detroit. Edwards, Allen F., President, Universal Products Company. Emmert, John H., Trustee, Murphy Family Trusts. Ferry, D. M. Jr., President, Ferry-Morse Seed Company. Fisher, Fred J., Vice-President, Director, General Motors Corporation. Flinn, James H., Vice-President, C. E. Jamieson Company. Ford, J. B. Jr., Vice-President, Director, Michigan Alkali Company. Hodges, Fred W., President, Detroit Lubricator Company. Holden, James S., President, James S. Holden Company. Hubbard, Frank W., Banker. Hutchins, J. C., President, Woodlawn Cemetery Association. Krentler, E. O., President, Krentler-Arnold Hinge Last Company. Lalley, W. H., President, Kelly-Springfield Tire Company. Livingstone, S. R., Livingstone, Dennis & Renfrew. Livingstone, T. W. P., Senior Executive Vice-Pres., First National Bank, Detroit. McLeod, Norman, H. F., Director, Secretary & Treasurer, Parke, Davis & Co. McMillan, James T., President, Detroit & Cleveland Navigation Company. Mayo, Wm. B., Director, United Aircraft & Transport Corporation. Mercier, John A., President, J. A. Mercier Company. Mills, Wilson W., Chairman, First National Bank, Detroit. Monaghan, Peter J., Attorney, Monaghan, Crowley, Reilley & Kellogg. Murphy, M. J., President, Murphy Chair Company. Navin, Frank J., President, Detroit Baseball Club. Newberry, Truman H., President, Newberry Estate, Inc. Ohliger, Willard, Chairman, Frederick Stearns & Company. Rands, W. C., President, Rands, Incorporated. Robinson, W. Dean, President, Detroit Hume Pipe Company. Russel, Walter S., Chairman, Russel Steel Construction Company. Seyburn, Wesson, President, Dodge Estates Corporation. Shearer, Henry, Vice-President, General Manager, Michigan Central R.R. Shelden, Henry, President, Shelden Sons. Shiell, Robert, C. A. Parcells & Company. Smith, Howard F., Director, Canada & Dominion Sugar Company, Ltd. Stone, Ralph, Chairman, Detroit Trust Company. Stroh, Emil, President, Wabash Portland Cement Company. Sweeny, Donald N., President, First National Bank, Detroit. Taylor, Orla B., Attorney, President, Detroit Legal News Co. Trix, Herbert B., Secretary, Treasurer, American Injector Company. Young, DuBois, President, General Manager, Hupp Motor Car Company. X HEARINGS BEFORE THE COMMITTEE ON BANKING AND CURRENCY UNITED STATES SENATE SEVENTY-THIRD CONGRESS SECOND SESSION ON S.Res. 84 A RESOLUTION TO INVESTIGATE PRACTICES OF STOCK 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, 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 PART 12 Detroit Bankers Company FEBRUARY 2 TO FEBRUARY 9, 1934 Printed for the use of the Committee on Banking and Currency HEARINGS BEFORE THE COMMITTEE ON BANKING AND CURRENCY UNITED STATES SENATE SEVENTY-THIRD CONGRESS SECOND SESSION ON S.Res. 84 (72d CONGRESS) A RESOLUTION TO INVESTIGATE PRACTICES OF STOCK 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, 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 PART 12 Detroit Bankers Company FEBRUARY 2 TO FEBRUARY 9, 1934 Printed for the use of the Committee on Banking and Currency |