FORD COMPANY LOSSES
Result of Bank Collapse EVIDENCE AT INQUIRY Washington, January 11. The huge losses the Fords suffered from the collapse of the Detroit banking structure, which started the bank “holiday” there in February, were revealed before the Senate Investigating Committee to-day by Mr. Edsel Ford. He personally held shares in the Guardian Trust Group once worth 15,000,000 dollars, and now worth less than nothing. The Ford Company had 32,500,000 dollars deposited in several banks. Only about 11,500,000 dollars have been recovered so far. Senator Pecora tried to prove that the Fords manipulated bond holdings, but Edsel Ford insisted that a specific purchase of 7,500,000 dollars of Government bonds was made to “show less cash in the annual statement.”
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Dominion, Volume 27, Issue 93, 13 January 1934, Page 6
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120FORD COMPANY LOSSES Dominion, Volume 27, Issue 93, 13 January 1934, Page 6
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