Download e-book for iPad: Breaking the Banks in Motor City: The Auto Industry, the by Darwyn H. Lumley

Download e-book for iPad: Breaking the Banks in Motor City: The Auto Industry, the by Darwyn H. Lumley

By Darwyn H. Lumley

This historical past tells the particularly unknown tale of the way the Detroit vehicle performed a big function within the 1933 banking difficulty and the next New Deal reforms that enormously replaced the monetary undefined. Spurred by way of failed choice making via car leaders, Detroit banks skilled a serious emergency, precipitating the federal closure of banks on March four, 1933, the 1st in a chain of activities during which the government bought energy over economics formerly held via states and personal business and fiscal pursuits.

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Additional info for Breaking the Banks in Motor City: The Auto Industry, the 1933 Detroit Banking Crisis and the Start of the New Deal

Sample text

The formation of differing organizations with similar sounding names was one of the characteristics of the holding companies of the 1920s and 1930s. In some cases the identified subsidiaries actually produced revenue by engaging in some business activities. In other instances, the name might identify a holding company whose primary function was to receive income from a subsidiary, sell shares in it, distribute some of the income as dividends and pass the remaining funds up the line. Holding companies often held shares in other holding companies.

To the Ford Motor Company in all matters of further borrowing! 57 It is now clear that the Guardian Group was dependent on the Ford Motor Company, through Edsel Ford as president. Not only did he make the various loans to the Guardian Group either himself or on behalf of the Ford Motor Company, but also deposits of the Ford Motor Company were 43 Breaking the Banks in Motor City used to give financial clout to the bank. S. Senate investigation into the Detroit banking crisis. At the time of the crisis in February and March of 1933, the full connections between the Ford Motor Company and/or Edsel Ford, and the Guardian Group were believed to be real, but the facts were not known until January 1934.

This arrangement, as previously noted, was called a pool, which was commonly used at the time in many other sectors of the economy. There were two other considerations in being a part of the pool. The first was that participants in the pool were not to engage in trading the stock within the time period. Secondly, pool members hoped that after the year ended the pool manager could sell the stock at a profit. At least two other Guardian Group pool arrangements are found in various references, but the dates are uncertain.

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