AMERICAN BANK FAILURES
MILLIONS LOST IN EFFORTS TO PREVENT DISASTER. United Press Association—By Electric Telegraph—Copyright (Received December 20, 7.0 p.m.) WASHINGTON. December 19. The contribution of 27,000,000 dollars by large stock holders and guarantors of the Detroit Union Group Incorporated, including 12,000,000 dollars by Mr Edsel Ford and his company, in a desperate but unsuccessful effort to save this huge bank from collapse, were to-day described before the Senate Banking Committee, which is investigating the Detroit banking debacle.
Mr W. Lord ex-president of the bank admitted that his organisation made mistakes, but he contended the downfall of the bank was primarily due to economic conditions.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/THD19331221.2.74
Bibliographic details
Timaru Herald, Volume CXXXVII, Issue 19678, 21 December 1933, Page 9
Word Count
105AMERICAN BANK FAILURES Timaru Herald, Volume CXXXVII, Issue 19678, 21 December 1933, Page 9
Using This Item
Stuff Ltd is the copyright owner for the Timaru Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in