Imágenes de páginas
PDF
EPUB

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.

E. D. STAIR,

President.

DIRECTORS

Albrecht, A. A., President, A. A. Albrecht Company.
Alger, Frederick M., Director, Packard Motor Car Company.
Ballantyne, Ford, Secretary, Director, Michigan Alkali Company.
Barbour, George H., Director, Detroit-Michigan Stove Company.
Barbour, William T., President, Detroit-Michigan Stove Company.
Bodde, John R., Vice-Chairman, First National Bank-Detroit.
Bowen, Julian P., Treasurer, Ferry-Morse Seed Company.
Browning, McPherson, President, Detroit Trust Company.
Buhl, Lawrence D., President, Buhl Stamping Company.
Butler, Lawrence K., Vice-President, Detroit Trust Company.
Butzel, Leo M., Attorney, Stevenson, Butzel, Eaman & Long.
Chittenden, Herbert L., Vice-Chairman, First National Bank-Detroit.
Clark, Emory W., Director, Michigan Bell Telephone Company.
Cole, Henry T., President, United States Radiator Corporation.
Collins, Charles F.
Connely, E. F., President, First Detroit Company.

Davidson, James E., Vice-Pres., Treasurer, American Ship Building Company.

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.
Haigh, Henry A., Chairman, Peoples Wayne County Bank, Highland Park.
Hart, John H., Executive Vice-President, First National Bank-Detroit.
Hickey, Edward J., President, E. J. Hickey 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.
Murfin, James O., Attorney, Regent, University of Michigan.
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.
Porath, Julius, President, Julius Porath & Son.
Race, Ú. Grant, Attorney, Race, Haass & Allen.
Rands, W. C., President, Rands, Incorporated.
Robinson, W. Dean, President, Detroit Hume Pipe Company.
Russel, Walter S., Chairman, Russel Steel Construction Company.
Schlotman, Joseph B., President, Floridagold Citrus Corporation.
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.
Stair, E. D., President, The Detroit Free Press.
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.
Walker, W. M., President, Walker Bros. Catering Company.
Wardell, Fred, President, Eureka Vacuum Cleaner Company.
Watling, John W., Watling, Lerchen & Hayes.
Young, DuBois, President, General Manager, Hupp Motor Car Company.

1

Х

HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE
SEVENTY-THIRD CONGRESS

[ocr errors]

SECOND SESSION

ON

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

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 12
Detroit Bankers Company
FEBRUARY 2 TO FEBRUARY 9, 1934

Printed for the use of the Committee on Banking and Currency

[blocks in formation]
[graphic]

HEARINGS

BEFORE TAB

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
EXCHANGES 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 12

Detroit Bankers Company

FEBRUARY 2 TO FEBRUARY 9, 1934

Printed for the use of the Committee on Banking and Currency

[blocks in formation]
« AnteriorContinuar »