HEAVY LOSSES
FORD MOTOR COMPANY DETROIT BANK CRISIS WASHINGTON, Jan. 11 The huge losses which the. Ford Motor. Company suffered as the result of the collapse of the Detroit banking structure, which started the " bank holiday " there last February, were revealed before Senate's investigating committee to-day by Mr. Edsel Ford, son of Mr. Henry Ford. Personally held shares in the Guardian Trust group, which once were worth 15,000,000 dollars, Mr. Ford said, were now worth less than nothing. The company had 32,500,000 dollars deposited in several banks, and of this total only about 11,500,000 dollars had been recovered so far. Mr. Ferdinaud Pecora, who is conducting the investigation, tried to prove that the company had manipulated bond holdings and taxes, but witness insisted that a specific purchase of 7,500,000 dollars worth of Government bonds was jnade to " show lesa cash in the annual statement."
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New Zealand Herald, Volume LXXI, Issue 21698, 13 January 1934, Page 11
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144HEAVY LOSSES New Zealand Herald, Volume LXXI, Issue 21698, 13 January 1934, Page 11
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