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PAGE NINE

PI EDLTROIVEWISil i11341CLE

-

6,

On October 6, 1933, JUDGE ADOLPH F. MARSCHNER authorized
formation of a committee to represent the interests of depositors and
claimants of the Guardian National Bank of Commerce.
The depositors selected the following committee: HUGH J. FERRY,
chairman; CLIFFORD B. LONGLEY, C. DAVID WIDMAN, AARON
DeROY, GEORGE BAILEY, AARON ROSENBERG, J. F. DITTUS
and LOUIS A. WEIL.
The committee received the active co-operation of HOWARD J. STOD-
DARD and CHAS. T. FISHER, JR., who represent the RECONSTRUC-
TION FINANCE CORPORATION in the development of a plan for the
immediate pay-off in full of depositors and creditors having claims of
$1,000.00 and under. Depositors having claims above that amount will be
paid an eight per cent dividend.
The detail of this plan, which had as its basis the waiver of an eight per
cent dividend by the larger depositors of the bank, was presented to the
Comptroller of the Currency, J. F. T. O'CONNOR, and JESSE H. JONES,

Chairman of the Reconstruction Finance Corporation, by the Chairman of
the Committee. Both officials gave the plan their hearty approval and the
Reconstruction Finance Corporation, on request of Mr. O'Connor, voted
an additional loan to the Receiver of the Guardian National Bank of Com-
merce, B. C. SCHRAM, to enable him to put the plan into effect and pay
off 136,000 creditors and depositors.

This pay-off will begin about the twenty-third of February, 1934.

More than two hundred citizens, firms and corporations interested in
the welfare of Detroit and Michigan, who were among the largest deposi-
tors of the bank, made this pay-off possible. They have presently waived
their portion of the eight per cent dividend, not only for the purpose of re-
lieving the smaller depositors but to indicate by constructive and tangible
effort their faith in Michigan and their belief that the ultimate recovery
from the liquidation of the remaining assets of the bank will practically
discharge all its liabilities.

The Names of the Contributing Depositors Who Have So Generously Aided and Co-operated Are:

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Ainsworth Mfg. Company
American Blower Corporation
American Brass Company
American Radiator Company
American Telephone & Telegraph Co.
Anderson, John W
Baits, Stuart and Vera
Beaumont, Smith & Harris
Beecher, Peck & Lewis
Bendix Aviation Corp.
Bendix Stromberg
Bendix Brake Corporation
Bethlehem Steel Corp. & Sub. Cos.
Booth, Mary B.
B.O.P. Sales Co. Retail Store Payroll
Brehmer, Ida M
Briggs Mfg. Company
Brink's Express Company
Budd Wheel Company
Burroughs Adding Machine Co.
Cadillac Motor Car Co. Detroit Branch
Campbell-Ewald Co.
Campbell Wyant & Cannon Fdry. Co.
Carboloy Company, Inc.
The Carborundum Company
Carter, Geo. R., Company
Caulkins, H. J. & Company
Central West Casualty Company
Chapin, Roy D.
Checker Mutual Auto Ins. Co.
Chevrolet Motor Co. Div. of G.M.G
Chevrolet Motor Co. Detroit Retail Store
Chrysler Corporation
Chrysler, Walter P.
Clark, Mrs. 0. M.
Commercial Credit Company
Congress Corporation
Consolidated Oil Corp.
Consumers Power Company
Cook Coffee Company
Craine-Schrage Steel Co.
Crowley, Milner & Company
Detroit Bevel Gear Company
Detroit City Gas Company
Detroit Club
Detroit Edison Company
Detroit Lubricator Company
Detroit Steel Corporation
Detroit, Toledo & Ironton R. R. Co.
Detroit Union R. R. Depot & Station Co.
Douglas, Mrs. Katherine Demme
E. I. Dupont DeNemours & Co.
Ebling Creamery Company
Ernst & Ernst
Eureka Vacuum Cleaner Co.

F. M. Edgar & J. L. Frey, Trustee
Federal Motor Truck Co.
Federated Publications, Inc.
Firestone Tire & Rubber Co.
Fisher, Burtha M.
F. J. Fisher-Horace S. Maynard
Charles T. Fisher and T. P. Archer
Howard Flint Ink Company
Ford, Clara J.
Ford, Henry
Ford Motor Co. of Canada, Ltd.
Ford Motor Company
Fisher Body Corp. Div. of G.M.C.
Fisher Body Corp. Div. of G. M. C.
Fleetwood Unit
The Forging & Casting Corp.
General Electric Company
General Foods Corporation
General Motors Acceptance Corp.
General Motors Corporation
General Motors Bldg. Corp.
General Motors Truck Corp.
German Protestant Home for Orphans and
Old People
Graham-Paige Motors Corp.
Graybar Electric Company, Inc.
Great Lakes Steel Company
Guardian Detroit Union Group, Inc.
Guardian Safe Deposit Company
Harrison Radiator Corp.
Henry Haag
Hemphill, Noyes & Company
Hess, William
Hickman Williams Company
Hertz Drive UR Self Stations, Inc.
Hodges, Charles II.
Hodges, C. H. Jr.
Holley Carburetor Co.
Holley, Earl
Holley, E. C.
Hoskins Mfg. Company
Houdaille-Hershey Corporation
Household Finance Corporation
J. L. Hudson Company
Hudson Motor Car Company
The Investment Co. of America
Johns-Manville Corporation
Kelvinator Corporation
Kelvinator Sales Corp.
Kingston Products Corporation
Krieghoff Company
Kresge, S. S., Company
LeBaron-Detroit Company
Lee & Cady Company
Libbey-Owens-Ford Glass Company

Locke Pattern Works
Long Mfg. Company
Francis H. Leggett & Company
Marsh & McLennan
Martin Smith & Morgan, Inc.
Maxon, Inc.
McMillan, Elizabeth K
McNaughton McKay Electric Co.
Mendelssohn, Louis
Metropolitan Motion Picture Co.
Michigan Bell Telephone Company
Michigan Mutual Liability Company
Michigan Smelting & Refining Company
Modern Housing Corp.
Moore, Lyford M., Inc.
Moreland Oil Corp. of Delaware
Morgan, Thomas C.
Motor Products Corporation
Murphy Family Trusts
Murray Corp. of America
National Battery Company
National Bond & Investment Company
National Plate Glass Company
National Steel Corporation
New Union Building Co.
Noble, J. H.
Packard Aid Association
Packard Motor Car Company
Parke, Davis & Company
Parker Rust-Proof Company
G. M. Peet Packing Company
Pennsylvania Railroad Company
Pere Marquette Railroad Company
Philgas Company
Pittsburgh Piping & Equipment Co.
Pittsburgh Plate Glass Company
Pierce, E. A. & Company
Pontiac Motor Co. Div. of G.M.C.
Postal Telegraph-Cable Company
The Province of St. Joseph of the Capuchin
Order
Prudential Ins. Co. of America
Rathbun & Company
Refrigeration Discount Corporation
Remington Rand, Inc.
Reo Motor Car Company
Republic Gear Company

Republic Steel Corporation
Revere Copper & Brass, Inc.
Rice, Wesley
Louis Rose Investment Company
Saginaw Malleable Iron Div. of G. M. C.
Second Nat'l Bank & Trust Co., Saginaw
Sales, Murray W. & Co.
Solvay Sales Corporation
Sears-Roebuck & Company
Senior Investment Corporation
Sheldon, Elizabeth Warren
Standard Accident Insurance Co.
Stearns, Frederick & Company
Symons Bros. & Company
Tappey, Ernest T.
The Great Atlantic & Pacific Tea Co.
The Sherwin-Williams Co.
The Recess Club
The Kroger Grocery & Baking Company
The Texas Company
Thibodeau, Alfred
Thibodeau, A. F. & Company
The Timken-Detroit Axle Company
The Timken Roller Bearing Company
Ternstedt Mfg. Company
Underwriters, Inc.
Universal Credit Corp.
Udylite Process Company
Union Belt of Detroit
Union Guardian Trust Co. (Geo. H.
Kirchener, Conservator)
United Motors Service, Inc.
United States Rubber Company
Universal Button Fastening & Button Co.
Wabash Portland Cement Company
Walker & Company
Wardell Realty Company
Wayne Colorplate Company
Wayne Surety Company
Westinghouse Electric & Mfg. Company
Wetherald, Charles E.
White Star Refining Co.
Whitney, David C.
Wilcox Rich Corporation
Woodward, M. L.
Tre Youngstown Sheet & Tube Company
Yellow Mfg. Acceptance Corp.

In connection with the administration of the pay-off, HUGH J. FERRY,
MEYER L. PRENTIS and CLIFFORD B. LONGLEY were named trus-
tees to represent the contributing depositors.
We expect to make further progress in the interest of the remaining de-
positors of the bank, and when plans are finally approved a further report
of our activities will be made.

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GUARDIAN DETROIT UNION GROUP
INCORPORATED,

ALEX. J. GROESBECK,

Receiver

DEPOSITORS' COMMITTEE OF THE
GUARDIAN NATIONAL BANK OF COMMERCE

HUGH J. FERRY,

Chairman

