HIGH COMMAND.
U.S.A. BANKING ORDERS National Examiner Tells of Hoover's Directions. "HOLIDAY" IN MICHIGAN. (United F.A.-Electric Telegraph-Copyright) (Received 1 p.m.) WASHINGTON", January 12. Events leading up to the Michigan "bank holiday," which resulted in the national financial crisis,vwere revealed before the Senate. Investigation Committee to-day. Mr. Alfred Leyburn, chief national bank examiner, testified that the "higher command"—which explained meant exPresident Hoover and Mr. Ogden Mills, ex-Secretary to the Treasury—told him "not to do anything to rock the boat and not to have any more bank failures."
Witness said this was the reason why insolvent institutions, notably the Guardian Trust Group in Detroit, were allowed to continue business after faulty conditions had become known to national bank officials.
The Reconstruction Finance Corporation assured payment to the Guardian Trust depositors with accounts below 1000 dollars by lending an additional 3,000,000 dollars to-day for that purpose.
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Auckland Star, Volume LXV, Issue 11, 13 January 1934, Page 9
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143HIGH COMMAND. Auckland Star, Volume LXV, Issue 11, 13 January 1934, Page 9
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