Word: bankes
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Dates: during 1930-1939
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Four years ago Chicago had her St. Valentine's Day gang massacre. Sadder by far was this year's St. Valentine's Day bank massacre in Detroit-a massacre which closed both of Detroit's big banks, tying up $560,000,000 of deposits...
Detroit's massacre not only destroyed the Guardian National and First National Banks. It apparently destroyed Detroit's capacity to give birth to new banks. No less than three promising bank reopening plans miscarried. Not until March 24 was National Bank of Detroit successfully born with $25,000,000 in capital, half put up by General Motors, half by R. F. C. Last week with $317,000,000 of their deposits still tied up, Detroiters waited hopefully for the birth of a second bank, the Manufacturers National, fathered by Ford...
...weeks a judge acting (according to Michigan law) as a "one-man grand jury" had been investigating the causes of the old banks closing, of their staying closed, of the reasons why three bank plans collapsed. Result was a potpourri of charges and counter-charges-that the old banks never should have been closed, that they were and still are solvent, that Manhattan bankers, Senator Couzens, the R. F. C. or rival motor makers had stupidly if not maliciously kept Detroit from getting back her banks. Three weeks ago the one-man grand jury recessed to give Edsel Ford...
Second of the three bank plans that fizzled was Ford-sponsored. The Fords were then to have put up $8,250,000 and with the aid of bank loans from Manhattan and R. F. C. replaced closed First National and Guardian with two new banks. That plan failed because Manhattan refused to do its part. Last week's plan was less ambitious. Edsel Ford and associates raised capital with which to merge four suburban banks (Highland Park State Bank, Peoples Wayne County Bank, Guardian Bank of Dearborn, Dearborn State Bank). The R. F. C. agreed to lend...
Last week the $5,250,000 capital and surplus of the new bank, to be known as the Manufacturers National, had already been raised. Only one thing was still needed: a charter from the Comptroller of the Currency. John Ballantyne, one-time chairman of the First National, was selected as president. The board of directors included Alex Dow, president of Detroit Edison Co., George R. Fink, president of National Steel (maker of much automobile steel), Murray W. Sales, Wesson Seyburn, Clifford B. Longley (Ford attorney) and Edsel Ford. Many a time in the past has Henry Ford, dissatisfied with purchasing...