The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-15

Immediate reOpenlng OF
many of the 420 state and 120
national banks closed by the
executive decree was expect
ed, since the financial predica-
ment responsible for the
moratorium was local to De-
trOit.
Less than thirty-six hours after
Governor William A. Comstock &C
coded to bankers pleas and decreed
an eight-day bank holiday, 100000,
OOO aid was ready in Detroit, and
relief measures were taking form
all over this peninsular state Of
100000 people.
Tuesday, when all the states
banks were ordered closed under an
emergency decree for the preserva-
ton of peace, health and safety"
gloom settled over Michigan.
1t lifted today before the spirited
gust of aroused industrialists, civic
leaders and citizenry.
Denies Ford Is to Blame
The name of Henry Ford, through
his Ford automobile company, flick
cred strangely through the maze Of
events.
Governor Comstock accused the
Ford Motor Company of failing to
cooperate with the General Motors
Corporation and the Chrysler Cor
poration in sustaining the Union
Guardian Trust Company of De-
troit
1t was imminent collapse of the
Guardian Trust that prompted the
bank moratorium.
Later the Governor issued a con-
Trajectory statement in which he
said that he had misunderstood
the facts" and that neither the
Chrysler corporation nor General
Motors was depositor in the
Guardian Trust, and that his in
depreciation of the cause of the
moratorium was ill-founded.
Cite Causes for Optimism
Cause for optimism was seen by
Michigan folk today in these deS
velopments:
Detroit banks arranged to release
S25,O0o,Oo0 today to facilitate busi-
ness.
From New York and Chicago
came $15,OOO,00O more cash.
The big three" of the automo-
bile manufacturing industry-Gen-
eral Motors, Chrysler and Ford
announced they would meet pay
rolls in cash or would see that en-
ployes got their checks cashed.
Milk and coal dealers promised
that children would have milk and
that no family would go cold for
lack of fuel in Detroit.
There was no sign of unrest over
the snow-clad rolling hills of south
ern Michigan. No riots had broken
out in Detroit, automobile capital
of the world. People stood staunch
against panic
Various ways were devised with
the characteristic Yankee ingenuity
that gave Detroit it's mushroom
growth, to thwart the menace.
Some Smiles In Situation
The Continental Motors Corpora
ton allowed employees to charge
food and gasoline. Grand Rapids
business men organized change
bureau" Metal money was planned
by the Dow Metal Company at
Midland.
Some notes of lighter and some Of
graver tone were struck.
Judge Theodore J. Richter sus-
pended all alimony payments dur
ing the moratorium.
Circuit Judge Harry Dingeman
suspended all fines in his division
Of criminal court.
The state insurance commissioner
urged all insurance companies in the
state to accept checks as payments
on insurance policies.
Assurance that more than $40,
900 900 would be available for De-
troit today came after action Tues
/ day night Of the Detroit Clearing
House Association, which voted to
allow depositors to withdraw up to
! 5 per cent of deposits. That action
was expected to free SIS, 100000 for
/ immediate use.
Millions of dollars in cash was be-
ing rushed from federal reserve