Business: Ford Bank

Four years ago Chicago had her St. Valentine's Day gang massacre. Sadder by far was this year's St. Valentine's Day bank massacre in Detroit—a massacre which closed both of Detroit's big banks, tying up $560,000,000 of deposits.

Detroit's massacre not only destroyed the Guardian National and First National Banks. It apparently destroyed Detroit's capacity to give birth to new banks. No less than three promising bank reopening plans miscarried. Not until March 24 was National Bank of Detroit successfully born with $25,000,000 in capital, half put up by General Motors, half by R. F....

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