Word: edsel
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...Edsel: That the banking situation was very tense and was getting worse...
...Edsel: I don't recall actually sanctioning them, but I knew they were being paid and I didn't criticize them...
...Edsel: I think...
...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...