Word: detroit
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Dates: during 1930-1939
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...Detroit, Mich...
...Detroit, Mich...
...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 themselves humbly out to Dearborn and asked for a conference with the one man who could save their city and State...
...Detroit bankers explained the situation to Mr. Ford. Would he convert his deposits into bank stock? He would not. He had never owned any bank stock because banks were not properly run. Would he subscribe to new capital in any other form? Certainly not. His position was on the side of the $500 depositors, not the directors...
...from $11,000,000 to $8,250,000-$5,625,000 for the First National and $2,625,000 for Guardian National. The R. F. C. sat through a quiet Washington Sunday. The bankers-Clifford B. Longley, Wilson W. Mills, Dr. Fred T. Murphy, James Thayer McMillan-shuttled between Detroit and Dearborn all Sunday. The sun set. The R. F. C.'s 6 p. m. deadline for a yes-or-no answer came & went. There was the Ford proposition. The bankers could take it or leave it. Before midnight they took...