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HEARINGS

BEFORE THE

MMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

SEVENTY-THIRD CONGRESS

SECOND SESSION

ON

S.Res. 84

(720 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, 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 13
Alcohol Pools

FEBRUARY 14 TO FEBRUARY 20, 1934

Printed for the use of the Committee on Banking and Currency

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('OMMITTEE OX BANKING AND CURRENCY

DUNCAN V. FLETCHER, Florida, Chairman CARTER GLASS, Virginia

PETER NORBECK, South Dakota ROBERT F. WAGNER, New York

PHILLIPS LEE GOLDSBOROUGH, Varglaod ALBEN W. BARKLEY, Kentucky

JOHN G. TOWNSEND. JE. Delaware ROBERT J. BILKLEY, Ohio

FREDERIC C. WALCOTT, Connecticut THOMAS P. GORE, Oklahoma

ROBERT D. CARET. Wyoming
EDWARD P. COSTIGAN, Colorado JAMES COUZEXS, 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

WILLIAM L. HILL, Clerk
R. H. SPARK MAN, Acting Clerk

SUBCOMMITTEE ON STOCK EXCHANGE PRACTICES

DUNCAN U. FLETCHER, Florida, Chairman CARTER GLASS, Virginia

PETER NORBECK, South Dakota ? ALBEN W. BARKLEY, Kentucky ? JOHN G. TOWNSEND, JR., Delaware EDWARD P. COSTIGAN, Colorado JAMES COUZENS, Michigan ALVA B. ADAMS, Colorado

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CONTENTS

Testimony of

Page Altschul, Frank, New York City, chairman of the committee on stock list, New York Stock Exchange

5963, 6007 Brown, Russell R., chairman of the board, American Commercial Alcohol Corporation, New York, N.Y.-.

5851,

5885, 5911, 5919, 5954, 6027, 6065 Cutten, Ruloff E., member of the firm of E. F. Hutton & Co.

5895. Foster, Charles N., Englewood, N.J., partner in the firm of W. E. Hutton & Co.--.

6057 Quinn, Frank J, Westport, Conn.

6069 Whanger, accountant, New York, N.Y--

6046 Wright, Charles C., stock broker, New York, N.Y.

6073, 6119

EXHIBITS

(Italics indicate page on which exhibit was admitted into the record.

indicates page on which exhibit is printed)

Roman type

Page 5856

(*)

5859

5870

5871

5871

5877

1. Statement presented by Mr. Russell R. Brown..
2. Balance sheets of American Commercial Alcohol Corporation for years

1931 and 1932, 5858---
3. Three option agreements granted to Frank E. Bliss, the first dated

February 15, 1932_. 4a. Copy of option agreement, Brown to Prentice & Slepack, June 11,

1932-4b. Option agreement dated July 11, 1932, from R. R. Brown and Rich

ard H. Grimm to Prentice & Slepack, 587040. Option agreement dated July 22, 1932, from Russell R. Brown and

R. H. Grimm to Prentice & Slepack, 5870-5. Option agreement dated August 9, 1932, from Russell Brown to

Stephen M. Ames. 6 a, b, c, and d. Four option agreements between Russell R. Brown and

Ruloff E. Cutten, dated respectively September 12, 1932; September

5884

12, 1932; December 12, 1932; and March 12, 1933_ 7. Copy of confidential report on American Commercial Alcohol Corpora

tion, Coleman to Cutten... 8. Copy of market letters, E. F. Hutton & Co., commencing with Septem

ber 12, 1932---9. Copy of memorandum of agreement dated May 2, 1932, between Rus

sell R. Brown and Thomas E. Bragg-10. Copy of report made by accounting department of the New York Stock

Exchange covering the period from May 15 to July 24, 1933_-
11. Printed copy of listing application filed with the New York Stock

Exchange by American Commercial Alcohol Corporation for per-
mission to list fifty-one-thousand-and-odd shares of capital common

stock of American Commercial Alcohol Corporation, 5944--
12. Printed copy of listing application dated June 27, 1933, filed with the

New York Stock Exchange for permission to list 15,000 additional
shares of the capital common stock of the American Commercial

Alcohol Corporation, 5944--
13. Copy of letter, dated July 1, 1933, Colby to committee on stock list,

New York Stock Exchange.

5898

5900

5912

5916

5987

5995

5946

* Not printed because of length or for reasons given in text.

Page 14. Original minute book of the board of directors and stockholders of the

American Commercial Alcohol Corporation, 5954--15. Memorandum dated June 7, 1933, from L. Hasselbach to George Tirrell

5969 16. Memorandum dated June 12, 1933, with regard to additional listing

of 51,293 shares American Commercial Alcohol Corporation stock. 5970 17. Memorandum dated July 10, 1933, in regard to 15,000 shares American Commercial Alcohol Corporation common stock.

5971 18. Two-page document dated July 5, 1933, and headed “ Memorandum

for Mr. Tirrell in re American Commercial Alcohol Corporation"
etc., 5972---

5973 19. Letter dated July 1, 1933, from Cecil Page, secretary American Commercial Alcohol Corporation, to Mr. Louis Hasselbach

5975 20. Questionnaire, June 2, 1933, American Commercial Alcohol Corporation to listing committee, New York Stock Exchange.--

5983 21. First proof of printed application, 6013--22. Pro forma balance sheet of Noxon, Inc., dated June 27, 1933, 6014--- 6072 23. Letter dated July 1, 1933, signed by Mr. Colby and addressed to the

committee on stock list of the New York Stock Exchange, 6017---- (*) 24. Proof no. 3 of the application of the American Commercial Alcohol

Corporation, dated June 27, 1933, containing the pro forma bal-
ance sheet, 6018..

(*) 25. Document showing list of data and information required by the

stock list committee, and which must be furnished by applicants

seeking listing, 6020---26. Agreement dated May 31, 1933, between American Commercial Alco

hol Corporation, Thomas E. Bragg, and syndicate participants.--- 6033 27. Pool agreement dated May 2, 1933, between Thomas E. Bragg and K. B. Phagan et al.-

6043 28. Letter dated July 7, 1933, from B. E. Smith to W. E. Hutton & Co. 6059 29. Letter dated July 31, 1933, from B. E. Smith to W. E. Hutton & Co.-- 6059 30. Letter dated August 3, 1933, from B. E. Smith to W. E. Hutton & Co. 6059 31. Statement of account no. 296, B. E. Smith-American Commercial Alcohol, with W. E. Hutton & Co-----

6064 32. Answer of Wright & Sexton to questionnaire, dated November 17, 1933

6076 33. Printed questionnaire

6077 3447. Photostatic copies of 14 optional agreements made during the year 1933, identified by the witness, 6106--

6150 48–51. Photostatic copies of four optional agreements made during the calendar year 1932, identified by the witness, 6106--

6158 52–59. Photostatic copies of eight option agreements made during the calendar year 1931, identified by the witness, 6106

6161 60. The option dated March 10, 1932, from Redmond & Co. to Messrs. Wright & Sexton.--

6130 61. The option, dated May 6, 1932, from Redmond & Co. to Messrs. Wright & Sexton.-

6130

• Not printed because of length or for reasons given in text.

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