Word: comstocking
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Michigan, first important state to suffer a banking collapse, last week was the first to make headway out of its troubles-under the spectacular leadership of none other than Henry Ford, foe of all bankers. Three weeks ago when Michigan's Governor Comstock closed all banks in the state, Mr. Ford had $7,500,000 in Union Guardian Trust Co., $22,000,000 in First National (TIME, Feb. 20, 27). After the shut-down the Detroit bankers began to scratch barren ground for new capital with which to reopen Guardian National Bank and First National. Finally the bankers betook...
Although the Michigan moratorium was officially over, Governor Comstock imposed such drastic restrictions on withdrawals that actually the holiday was extended indefinitely. These were limited to a depositor's pro rata share of a bank's cash and government bonds, thus anticipating the "Michigan Plan" (not yet enacted) of segregating liquid and frozen assets. All out-State institutions opened for what business they could do, but in Detroit, a man could draw out only 5% of his deposits...
...delegates representing Paraguay will be Comstock Glaser '35, Just Lunning 1G, S. M. Peyser '34, who will take the Paraguayan side of the Chaco dispute, J. G. Simonds '35, P. H. Singer '34, and W. F. Wolff...
...Governor Comstock soon made the holiday optional and many banks outside Detroit reopened with severe restrictions on withdrawals. In Ann Arbor, home of the State University, banks allowed $20 to heads of families. Banks in the northern peninsula across Lake Michigan resumed normal business...
While the Michigan Legislature cooled its heels in Lansing waiting for a program to be submitted by Detroit bankers, the State Senate voted to make Governor Comstock banking dictator.* The House, wary, postponed action. Breezy, baldish, bespectacled Bill Comstock has long headed the State Democratic organization. His election last autumn was his fourth run for Governor. Since the Depression he has lost his personal fortune, made in lumber; his salary ($5,000 reduced voluntarily to $4,000) was garnisheed under an old judgment last fortnight...