DETROIT BANKING DEBACLE
STOCKHOLDERS’ EXTRA £5,000,000
DESPERATE UNSUCCESSFUL EFFORT By Telegraph—Press Assn.—Copyright Rec. 7 p.m. Washington, Dec. 19. Contributions of £5,400,000 by large stockholders guarding the Detroit Union Group Incorporated, including £2,400,000 by Mr. Edsel Ford and his company, in a desperate but unsuccessful effort to save that huge bank from collapse were to-day described before the Senate Banking Committee investigating the Detroit banking debacle in January. The former president of the group, Mr. Lord, admitted his organisation made mistakes but contended the downfall was primarily due to unprecedented economic conditions.
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Taranaki Daily News, 21 December 1933, Page 5
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91DETROIT BANKING DEBACLE Taranaki Daily News, 21 December 1933, Page 5
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