Business & Finance: Michigan

". . . The thoughts of you, dear Michigan, Will fill our eyes with tears."—Ann Arbor college song.

Like a frightened recruit after his first day under fire, many a cashless U. S. citizen wondered last week about the grizzled veteran, Michigan, fighting along in its fourth week of banking moratoria. How was Michigan taking it?

¶ With no scrip available to stimulate trade, department store business was estimated at 60% to 70% below normal. For the first week personal checks were accepted, subject to collection. Later, credit was extended to known customers....

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