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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
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 14

Alcohol Pools

FEBRUARY 21 TO FEBRUARY 26, 1934

Printed for the use of the Committee on Banking and Currency

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COMMITTEE ON BANKING AND CURRENCY

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

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

PHILLIPS LEE GOLDSBOROUGH, Maryland ALBEN W. BARKLEY, Kentucky

JOHN G. TOWNSEND, JR., Delaware ROBERT J. BULKLEY, Ohio

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

ROBERT D. CAREY, Wyoming
EDWARD P. COSTIGAN, Colorado JAMES COUZENS. Michigan
ROBERT R. REYNOLDS, North Carolina FREDERICK STEIWER, Oregon
JAMES F. BYRNES, South Carolina HAMILTON F. KEAN, New Jersey
JOHN F. BANKHEAD, Alabama
WILLIAM GIBBS MCADOO, California
ALVA B. ADAMS, Colorado

WILLIAM L. HILL, Clerk
R. H. SPARKMAN, Acting Clerk

SUBCOMMITTEE ON STOCK EXCHANGE PRACTICES

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

PETER NORBECK, South Dakota :
ALBEN W. BARKLEY, Kentucky 1 JOHN G. TOWNSEND, JR., Delaware
EDWARD P. COSTIGAN, Colorado JAMES COUZENS, Michigan
ALVA B. ADAMS, Colorado

1 Alternate, Thomas P. Gore, Oklahoma.
* Alternate, Phillips Lee Goldsborough, Maryland.

CONTENTS

Page

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

Page

73. Letter dated May 3, 1932, from Seton Porter, president National

Distillers Products Corporation, to Redmond & Co-----

6257

74. Letter dated April 28, 1933, from National Distillers Products Cor-

poration to William B. Levis---

6262

75. Letter dated April 28, 1933, from Seton Porter, president National

Distillers Products Corporation, to Illinois Glass Consolidated

Corporation-----

6263

76. Letter dated April 28, 1933, from Seton Porter, president National

Distillers Products Corporation, to Redmond & Co---

6263

77. Copy of draft of letter, April 27, 1933, National Distillers to Red-

mond & Co., 6274---

(*)

78. Copies of options given to Redmond & Co., 1929 to 1933, 6281--- 6290

79. Letter dated August 4, 1933, from Goldman, Sachs & Co. to secre-

tary committee on Business Conduct, New York Stock Exchange_- 6283

80. Application of Kelsey-Hayes Wheel Co., dated February 1, 1933, to

committee on Stock List, New York Stock Exchange, 6284--

(*)

81. Letter dated February 7, 1933, from Goldman, Sachs & Co., and

Lehman Bros. to committee on stock list, New York Stock Ex-

change

6285

82. Minutes of meeting of February 6, 1933, of committee on stock

list, 6289

83. An excerpt from the monthly letter on economic conditions to the

executive committee of Henry L. Doherty & Co. for December

1928_

6310

84. Printed document entitled “ Confidential. Monthly Letter on Eoco-

nomic Conditions to the Executive Committee, Henry L. Doherty

& Co., January 1929" 6312--

85. Paper entitled “ Further Developments in Brokers' Loans ".

6314

86. Letter dated November 1, 1933, from W. A. Jones to Ferdinand

Pecora, together with accompanying data, 6319----

6359

87. Letter dated November 9, 1933, from A. C. Ray, treasurer Electric

Bond & Share Co., to Ferdinand Pecora, counsel, Committee on

Banking and Currency, 6328_

6359

88. Letter dated November 9, 1933, from A. C. Ray, treasurer American

& Foreign Power Co., Inc., to Ferdinand Pecora, counsel Com-

mittee on Banking and Currency, 6329---

6361

89. Copy of communication, November 3, 1933, Teagle to Pecora, 6332_- 6362

90. Statement entitled “ Interest on Jesup & Lamont deposit account

for the year 1929 ", 6335_-

6365

91. Answers made by the Consolidated Oil Corporation to the ques-

tionnaire sent by the committee, 6339.

6366

92. The recapitulation made by members of the investigating staff of the

committee, entitled “ Total number and amount of street loans

made by private corporations for the year 1929 in the call money

market of New York City ", 6342----

6370

93. Answer of the American Can Co. to the committee's question-

naire, 6342------

6370

94. Answer made by the Anaconda Copper Mining Co. to the commit-

tee's questionnaire, 6342--

6371

95. Answer by the Auburn Automobile Co. to the committee's question-

naire, 6342----

6373

96. Answer by the Bethlehem Steel Corporation to the committee's

questionnaire, 6343 ---

6374

97. Answer by the Chrysler Corporation to the committee's question-

naire, 6343---

6375

98. Answer of the General Foods Corporation to the committee's ques-

tionnaire, 6343

6376

99. Answer of the General Motors Corporation and subsidiaries to the

committee's questionnaire, 6343-

6378

100. Return made by the International Nickel Co. of Canada, Ltd., 6343_- 6380

101. Return made by the Pan American Petroleum & Transport Co. to the

committee's questionnaire, 6343-----

6382

102. Return made by the Radio Corporation of America to the committee's

questionnaire, 6344------

6383

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

Page

103. Answer submitted by the Radio-Keith-Orpheum Corporation to the

committee's questionnaire, 6344--

6385

104. Return made by the Tri-Continental Corporation to the committee's

questionnaire, 6344--.

6386

105. Answer made by the United Corporation to the committee's question-

naire, 6344----

6387

106. Answer made by the United Gas Improvement Co. to the committee's

questionnaire, 6344---

6388

107. Return to questionnaire, dated November 6, 1933, from L. H. Seagrave,

president American Founders Corporation, to Ferdinand Pecora,

counsel, Committee on Banking and Currency, and supplemental

return from L. H. Seagrave to Ferdinand Pecora, dated February

21, 1934, 6346-

6389

108. Constitution, rules, together with amendments thereto, of the New

York Stock Exchange, 6348-----

109. Statement (copy of) entitled “ Schedule C, Committee on Publicity”,

1929 to 1933, both inclusive, 6355..

6389

110. Copy of letter, February 14, 1934, Whitney to Stock Exchange

members, 6402

(**)

111. Copy of letter, February 14, 1934, Whitney to member corporations,

6405-----

(**)

112. Copy of undated, unsigned, memorandum in re effect of National

Securities Act, 6405----

(**)

113. Document entitled "Answers Submitted by the New York Stock Ex-

change to the Questions Asked of It by Counsel for the United States

Senate Committee on Banking and Currency, 6416_-

(**)

114. Letter dated November 27, 1933, from Charles E. Hudson, president

San Francisco Mining Exchange, to Ferdinand Pecora, together

with accompanying data, 6416--

6417

115. Document purporting to be statement of Mr. Richard Whitney before

the House Committee on Interstate and Foreign Commerce, 6419--- (**)

116. Document purporting to be final proof of statement or proposal of Mr.

Richard Whitney before the House Committee on Interstate and

Foreign Commerce, 6419-----

(**)

• Not printed because of length or for reasons given in text.
(**) Éxhibits No. 110-116 appear in vol. 15.

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