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 13

Alcohol Pools

FEBRUARY 14 TO FEBRUARY 20, 1934

Printed for the use of the Committee on Banking and Currency

CONTENTS

163

Testimony of-

Altschul, Frank, New York City, chairman of the committee on stock

list, New York Stock Exchange-.

Pago

6186, 6286

Bowers, Henry S., partner in Goldman, Sachs & Co., New York City-- 6282
Brown, Russell R., chairman of the board, American Commercial
Alcohol Corporation, New York, N.Y---

.---- 6171, 6206

6240

Day, Henry Mason, Syosset, Long Island, member of the firm of Red-
mond & Co., New York_-_
6218, 6233, 6242, 6279

Gibson, Frank J., auditor of Redmond & Co., New York City--

Groesbeck, C. E., chairman of the board of Electric Bond & Share

Co., New York, N.Y____.

6322

Harris, George U., member brokerage firm Harris, Upham & Co. and

member publicity committee New York Stock Exchange---- 6347, 6391

Johnston, Ernest H., Westfield, N.J., vice president Cities Service Co.,

New York, N.Y....

6309

6247

6246, 6265

Levis, William E., Toledo, Ohio, president Owens-Illinois Glass Cor-

poration

Porter, Seton, New York, president National Distillers Product Cor-

poration

Resor, R. P., Bronxville, N.Y., assistant treasurer, Standard Oil Co.,
Inc., New Jersey--.

Sinclair, Harry F., Great Neck, Long Island, N.Y., chairman of the

executive committee of Consolidated Oil Corporation, New York

City

6338

6331

EXHIBITS

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

indicates page on which exhibit is printed.)

Roman type

Page

62. An application to the New York Stock Exchange for an additional

listing of common stock by the American Commercial Alcohol

Corporation, 6171---

63. Paper marked "Supplemental" application of the American Alco-

hol Corporation, dated November 23, 1933, to the committee on

stock list of the New York Stock Exchange, 6183__.

64. Comment by Mr. Tirrell, meeting of July 24, 1933, produced by

Mr. Altschul____.

(*)

(*)

6189

65. Transcript from minutes of executive committee meeting of Ameri-

can Commercial Alcohol Corporation of July 19, 1923, 6194--

66. Certificate of correctness and authenticity of resolutions adopted

by board of directors of American Commercial Alcohol Cor-

poration on August 8, 1933_.

67. Copy of option, June 1, 1933, Libby-Owens Securities Corporation

to Redmond & Co., 6220_.

6195

6195

6221

68. Tabulation of profits of Libbey-Owens-Ford Syndicate accounts,

6228---

6231

6234

6235

6244

6256

69. Letter dated June 1, 1933, addressed to Kuhn, Leob & Co----

70. Letter dated June 5, 1913, from Kuhn, Leob & Co. to Redmond & Co_

71. Copy of letter, Kuhn-Leob & Co, to Redmond & Co., June 16, 1933__.

72. Letter dated February 15, 1932, from Redmond & Co. to National

Distillers Products Corporation__

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