HUGE LOSSES.
MILLIONS VANISH. FORD MOTOR COMPANY Detroit Banking Crash Strikes Ruthlessly. DENIAL OP MANIPULATION. (United P.A.—Electric Telegraph—Copyright) (Received 1.30 p.m.) WASHINGTON, January 11, The huge losses which the Ford Motor Company suffered from the collapse of the Detroit banking structure, "which started a "bank holiday" there in February, were revealed before the Senate Investigating Committee to-day by Mr. Edsel Ford, son of Mr. Henry Ford. Personally held shares in the Guardian Trust Group, which were once worth 15,000,000 dollars, Mr. Ford said, were now worth less than nothing, due to the assessment of stockholders. The Ford Company had 32,500,000 dollars deposited in several banks, and of this total only about 11,500,000 dollars has been recovered thus far. Mr. Fferdinand Pecora, who is conducting the Senate investigation, tried to prove that the Ford Company manipulated bond holdings and Ford taxes, but Mr. Edsel Ford insisted that a specific purchase of 7,500,000 dollars in Government bonds was made to "show less cash in the annual statement."
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Auckland Star, Volume LXV, Issue 10, 12 January 1934, Page 7
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165HUGE LOSSES. Auckland Star, Volume LXV, Issue 10, 12 January 1934, Page 7
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