Show BANKS' BANKS DEPOSIT SYSTEM SHOWN Probe of Michigan Group Reveals Reveals Reveals Re Re- Methods Used to cover Up Bills WASHINGTON Dec 21 Evi W Evi Evidence dence W was U presented senate investigators tors today that the Guardian banks of Michigan used a Q system of inter inter- company deposits to prevent showIng show show- Ing bills payable In their statements I. I and rejected a proposal to issue a consolidated statement in understandable understandable under form While justice department agents listened to the testimony the senators senators sena sena- tors examined minutes of a Q meeting of the groups group's public relations committee committee com corn dated doted June 25 1931 which disclosed disclosed disclosed dis dis- dis- dis closed a decision to print the consolidated consolidated consoli consoli- dated daled statement in standard form rather than in the understandable form The meeting was presided over by Ernest Kanzler a law brother of or Edsel Ford The committee intends to io call Edsel Ford later laler and decided today also alo to Eugene W W. Stevens Stevens Ste Ste- vens yeas Chicago federal re reserve official Robert O. O Lord former head o of the Guardian group at the outset of at today's today's today's to to- days day's hearing repudiated his yesterdays yesterday's yesterdays yesterday's yester yester- days day's testimony that the b banks reported reported reported re re- re- re ported no bills payable when there were such debts He said deposits enabled the debts to be paid Evidence was presented however that the head of one of the groups group's banks regarded the bills biUs are still sun pay able despite the bookkeeping system |