REFUSED TESTIMONY.
HOOVER AND DETROIT BANES. Mr Hoover, the ex-President, refused to testify at a sensational grand jury inquiry as to how certain Detroit banks “went broke.” For the past 10 days (says a message dated September 1) exciting testimony has been presented, covering political loans and many other wild transactions. Senator Couzens, giving the inside story of the collapse, said the biggest banks finally were “kiting” cheques between themselves and loaning each other millions of dollars by mere 1.0.U.’5. “They were,” he said, “attempting to make millions by consolidations and pyramiding capital, all utterly regardless of depositors’ consent.” Mr Hoover’s name was mentioned a dozen times in various intimate connections. Mr Harry Toy, the prosecutor, wired Mr Hoover in California, asking him if he would accept service of a subpoena. The former President replied with a 600-word message and declined to attend.
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Manawatu Standard, Volume LIII, Issue 254, 23 September 1933, Page 7
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143REFUSED TESTIMONY. Manawatu Standard, Volume LIII, Issue 254, 23 September 1933, Page 7
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