Detroit evening times. (Detroit, Mich) 1921-1958, 1942-04-13
On the
business
front
BY WARD SCHULTZ
Detroit Times Financial Editor


WAS OUT when Joseph B.
Schlotman called Saturday to.
apologize for the manner in which
the announcement was made about
a local group taking over the First
National Bank Detroit receiver
ship.
Why it broke that way, he didn't
know, but il did have a funny side
The plan has been on the fire
for several months and SchlOtman
and other DetrolterS w. T. Eur
Seminole, head oi-the GUARDIAN
lDepoSltorS Corporation. and Atty.
Clifford B. LonGlcy have been
Ijunketing to and from Washington.
conferring with Michigan Senator
PrCntiSs Brown.
Schlotman had asked that MOTH
ling be released until the official
I announcement came Il rou b.
1PrenttSS Brown was scheduled to
! get the privilege Of making the
announcement because of his work
in behalf of the plan.
+ But the plan got TO be common
knowledge on GriSWold street and
lemployeS of the receIverShip began
ito get jittery wondering how long
their jobs would last. Many quit
and two weeks ago, all were called
in and told what was brewing
And, too, a number Of wise
guys who knew that the deal
would call for a final settlement
offer of about 7l2 cents started TO
make the rounds, trying to sell
-tcfa1ms at 9 cents or better.
Then the story finally broke
from Washington in the morning
paper. But you would never have
recognized it. Depositors we're out
of the picture and the story CEN
tered around payment to stock
thUiderS. 1t did have the name OF
the bank correct though.
Well. that ar least started things
moving and the telephone worked
overtime. an official announcement
being released in time to catch the
morning papers final edition. This
second version correctly stated
that 1t would be a settlement OF
interest claims 10 depositors with
the added option of continuing
with the new li9uidating group
And out of it all. saddest mar
was Senator Brown. who worke,
for months on the deal in order Il
= have the chance 10 get some ink
only 10 be lost in the shuttle.
AND 7 MISSED the call he
cause l was out watching the boy
at Great Lakes Engineerin
launch another sistership TO tn
worlds largest ore carrier-th
0'Leon Fraser. which is nearly read
for operation.
This new sistership was III
EnderS Voorhees, and when the
complete the third one that's wait
ing to be launched in few week
and the two at Lorain, there'll b.
quintS.
; Each IS $50 feet 6 inches long
or longer than the Penobsco
Building is high.
Chatted with a rigper Will
awaiting the launching and he ex
planned that although the boa
would hit the water a little behint
schedule, II was not because of tn,
strike down there last fall.
I'VE were only out about 10
days-and we were two weeks
ahead at that time" he NUT
tered apologetically. so you see
you really can't blame"
Al that point he broke off an,
; walked away embarrassed.
The excuse did sound rathe
lame AFTER PEARL HARBOR.
SIGNS OF THE TINES: Fo
more than decade. battere,
round table in Charlie Fishers ca
and drink emporium behind III,
Fisher Building has been reserved
at lunch time.
1t was unwrtten law that onl,
automotive tom-tom heaters (pub
, llclty men TO you), newspaper mer
and junior automotive executive,
could sit at the table
My uptown correspondent re
ports that the round table" ha
been taken over by a group from
National Carborundum-and an
parently there weren't enough o
: the old gang left to put up a fight