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MMITTEE ON BANKING AND CURRENCY
UNITED STATES SENATE
(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
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
FEBRUARY 14 TO FEBRUARY 20, 1934
Printed for the use of the Committee on Banking and Currency
('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
WILLIAM L. HILL, 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
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.-.
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.
(Italics indicate page on which exhibit was admitted into the record.
indicates page on which exhibit is printed)
1. Statement presented by Mr. Russell R. Brown..
1931 and 1932, 5858---
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
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_-
Exchange by American Commercial Alcohol Corporation for per-
stock of American Commercial Alcohol Corporation, 5944--
New York Stock Exchange for permission to list 15,000 additional
Alcohol Corporation, 5944--
New York Stock Exchange.
* 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"
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-
(*) 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.-
• Not printed because of length or for reasons given in text.