The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1933-02-15
ALL MICHIGAN
BANKS CLOSED
'DailyWorker' Warned
of This Outcome
CONTINUED FROM PAGE ONE

WIN L 14N LII AIkoNl Z ASI0 CLNGi
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leaders. Members of the federal re-
serve bank were active participants
in the conference.
Guardian Bank on Rocks.
The formerly powerful Guardian
Trust is facing bankruptcy and will
carry with it a dozen other loca
banks of Detroit. There have beer
frenzied conferences for several week!
past and all efforts to avert the i'm
pending crash have failed.
The Union Guardian Trust Co.
has strong connections with the
auto interests. Its president is
Clifford b. Longley, former Ford at
torney, and it is part of the Guard
ian Detroit Union Group, Inc,
which is the holding company for
a chain of banks throughout Michi-
gan. Ernest Kanzler, president of
the Guardian Detroit Union Group.
is president of the Universal Credit
Co., which is a subsidiary of the
Ford Motor Company, organized TO
finance auto buying on the install
ment plan. II. E. Bodman, chair
man of the executive committee Of
the Union Group, is Yice-president
of Paekard's.
Secretary of Commerce Chaplin,
chairman of the board Of directors
of the Briggs body company, where
a. militant strike has been in pro-
sgress for three weeks, is a director
of the Guardian Detroit Union
Group, Inc.
Other directors are w. O. Briggs,
president, and j. III. French, a mem
Der of the board of directors of the
Briggs company; w. A. Fisher, Of
the Fisher Body company, a sub
sidiary of General Motors; c. F.
Mott, enc of the vice presidents of
General Motors, and Alvin Maeau-
ley, president of Packard's and head
Of the Automobile Chamber Of
Commerce.
The closing down of all Michigan
banks to prevent them from crash
ing shows the growing sharpness OF
the economic crisis. 1t disproveS the
statements made by capitalist econo-
mists that the bottom has already
been reached in the present crisis.
Exposes Anti Communist Plot.
NEW YORK, Feb. 14.-That thf
Detroit bankers and other Michigan
concerns have been facing bankrupt
cy for months was revealed by thu
Daily Worker last July when thu
police of the state of Michigan vert
exposed in a forgery plot to charge
Communists in Michigan with start
ing a whispering campaign agains
the banks. At that time the Daily
Worker charged that the attacl
against Communists was launched il
an effort to pave the way for evadint
responsibility for bank crashes tina
were inevitable.
Seeking to evade responsibility fol
these bank crashes a group of bank
ers, under the leadership of Melvin
A. Traylor, head of the First Ma
tioral Bank of Chicago. began pub
fishing wild tales to the effect tina
all the banks in the country WERE
endangered by Communist whis'
pering campaign" Traylor, in ar
interview said he had reports from
practically every large city in The
nation concerning a plot to wreck
banks by circulating unfounded rum
ors against them
The Michigan Forgeries.
At the same time the Michigan po-
lice got busy and produced forgerie'
purporting to be letters from the
Communist Party in Grand Rapids
Michigan dealing with instructions
on bank campaign" The forged
letterhead contained such foolish anc
non-Communist slogans that it de-
feated its purpose. The forged letter
head was published in the Daily
Worker of July 10Th, 1882, by the side
of a genuine letter-head, from the
Grand Rapids section of the Com
munist Party. This exposure and the
campaign against the provocations
of the bankers and police compelled
them to abandon their frame-up.
The present moratorium" pro-
claimed by Comstock shows again
that the Daily Worker in its analysis
of the motives of the bankers and
their police forgers was correct, and
that the real bank wreckers are the
bankers, the industrialists and their
political lackeys.
2 NEW BRUNSWICK BANKS