Excerpt from Stock Exchange Practices, Vol. 10
The subcommittee met at 10 a.m., pursuant to adjournment on yesterday, in Room No. 301 of the Senate Office Building, Senator Duncan U. Fletcher presiding.
Present: Senators Fletcher (chairman), Adams (proxy for Costigan), Townsend, and Couzens.
Present also: Ferdinand Pecora, counsel to the committee, Julius Silver, and David Saperstein, associate counsel to the committee; and Frank J. Meehan, chief statistician to the committee.
The Chairman. The subcommittee will come to order. You may proceed, Mr. Pecora.
Mr. Pecora. Mr. Kanzler, will you resume the stand, please?
Testimony of Ernest Kanzler, Detroit, Mich. - Resumed
Mr. Pecora. Mr. Kanzler, referring again to the annual report, or the remarks, whatever you call them, that you made to the stockholders of the group at the last annual meeting of those stockholders, held on January 24 last, I want to call your attention to this statement, which I am reading from committee Exhibit No. 63, in evidence as of January 4, 1934:
During 1932, a difficult period for liquidation, securities carried on the boobs at $1.712,821 were sold with a resultant net loss of only $42.201, accomplishing this liquidation by the sale of the less desirable holdings and retaining only the highest grade securities.
On yesterday when you wore on the stand I asked you if you knew to whom the securities referred to in this part of your report were sold, and you undertook to obtain the information so as to be in a position to give it. to us today. Have you succeeded in doing so?
Mr. Kanzler. I called Dr. Badger, from whom that language and those facts were obtained. He advised me that those securities were sold in the market, not to the units. He said that he could almost state as a fact that none of them had been sold to any of the units. Then he said that lie did recall some discussion as to whether or not some amount might not be sold to I or 2 units, some securities that had been written down and a reserve set up the previous year against them, and that they might have disposed of those to 1 or 2 units. He said the amount involved might have been S10,000, but that, as his memory served him, it was not more than SI0,000 that was involved, and that they were then transferred at the then market value.
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