Word: detroit
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Dates: during 1930-1939
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...President summoned to the White House Ernest Tener Weir, chairman of Weirton Steel Co. (National Steel), ordered him to settle the labor row in his mills (TIME, Dec. 25). He also received Rev. Charles E. Coughlin of Detroit. When the priest emerged from the White House, he reported: "I discovered that Mr. Roosevelt is about 20 years ahead of the thought that is current in the country today...
Both Senate and House held hearings. Banker James P. Warburg, Professor Edwin W. Kemmerer, Professor O. M. W. Sprague and several Reserve Bank officials criticized one or several aspects of the President's plans for the dollar. The House Coinage Committee received Father Coughlin of Detroit with open arms, posed with him for pictures, came member by member and whispered in his ear. and attended in awed silence while he declared...
...Edsel was able to give an account of the Ford family's losses in the Detroit banks. Grand total of Ford (father, son & motor company) funds tied up in the crash was $63,200,000 in deposits, loans and advances. Of this total $18,708,000 was tied up by the failure of Detroit's First National, the rest by the failure of the Guardian Detroit Union Group. Total recovered to date: $18,000,000, leaving over $45,000,000 lost or still unrecovered...
Edsel Ford likewise told his story of what occurred just before the crash. On Feb. 13, 1933 Secretary Roy Dikeman Chapin (Hudson Motor) and Arthur Atwood Ballantine, Assistant Secretary of the Treasury, visited Detroit, asked the Fords to permit the freezing of $7,500,000 of their deposits in Union Guardian Trust Co., asked them to put up $5,000,000 capital for a new mortgage company which was to assist in getting a $49,000,000 loan for the Guardian from...
Another important version of the Detroit debacle was given by Alfred P. Leyburn, chief national bank examiner in the Detroit area. His points...