Word: detroit
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Dates: during 1930-1939
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Direct cause was the precarious position of Detroit's $51,000,000 Union Guardian Trust Co., potent unit of the $400,000,000 Guardian Group, brought on by heavy investments in real estate mortgages. On Monday night lights gleamed from the directors' room on the seventh floor of the Guardian Building. Governor William A. Comstock presided over the conference hurriedly assembled. The Guardian clearly could not face another day. From Washington came Secretary of Commerce Roy Dikeman Chapin. a Detroit man. and Under Secretary of the Treasury Arthur Atwood Ballantine. Most of Detroit's industrial and banking...
...banking business. ... To do so it would have to pay off depositors in cash and it did not have the funds available. . . . The company had already borrowed $15,000,000 from the R. F. C. and had asked for more. Representatives of the R. F. C. were in Detroit going over the assets and were prepared to loan an additional $23,000,000. . . . This loan would have still left the Guardian about $2,000,000 short of paying all depositors...
...Detroit Stock Exchange closed during the day. Outside trading of bank stocks was banned. On the New York exchanges both stocks and bonds slumped sharply. Meantime throughout Michigan plans were rushed to permit withdrawals for household accounts and payrolls. General modification of the "holiday"' was envisaged...
...with the sudden growth of men's squash racquets, women took to using them. The Junior League in Manhattan built two courts, the Cosmopolitan Club another. There are now 17 clubs in the Metropolitan (Manhattan) Women's Squash Racquets League, formed last autumn. In Baltimore, Chicago, Detroit, Cleveland, women use men's courts whenever they get a chance. Last week the sixth women's squash racquets championship had a special importance: a team of seven Englishwomen had come over to play...
...Detroit last week, Beekman Pool of New York retained the title he won from his brother J. Lawrence Pool a year ago by beating Neil Sullivan of Philadelphia in the final of the men's National Squash Racquets Championship...