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Show MICHIGAN GETS TWO HEW BANKS Liquid Asset of Detroit Institution In-stitution Ar Taken Over In Scheme ' ears BSTeTaMnMd gPfnfcM I DETROIT, Feb. 14 Organisation of two new bank! to take over the liquid assets ot th Pint National bank and the Guardian National Bank nf Commerce, th two largest in Detroit today awaited tha approval of the comptroller of th currency In Washington. Th plan, which hat tentative approval ap-proval ot tha treasury department la designed to make available at once M per cent ot all deposits and la seen as a short cut to solution ol financial riroblem which caused Governor Wil-lam Wil-lam A. Comslock to issue a bank holiday proclamation on February 14. As tha plan la explained, tha new institutions would have not only the liquid aaseta ot th old banks, but from 1 10.000.000 to $10 000.000 contributed con-tributed to the capitalizations by Urge depositors. The new banks would begin bust- nesa 100 par cent liquid, holding only . currency and securities ol tha federal ! government Aa rapidly as liquids- , tlon of other assets could bo accom- ' fllsbed. they would be transferred rom th old to the new banks. Offi-, Offi-, rials aald they expected tha ultimata liquidation, so far aa th banks them-, them-, selves were concerned, to bo 100 per , cent , During tbl period of liquidation the two new banks would provide the I city with banking acuities while the . old banks would carry on no business . other than cashing assets At Dearborn it was said that Henry . Ford would not subscribe to th new fOoetlawr ea SaM Threel MICHIGAN GETS TWO NEW BANKS lOattaM fraa ha Owl . rapltal fund ef either bank. Pie la the argeat depositor In eech metitutlon He let It be knows that ha would not withdraw those deposit which. It was iteted, ha considered substantial ronuibuuoa to UM financial aet- Meanwhile, tha Uo Michigan banka continued on tha modified holiday ichadula provided la tha governors econd proclamation, Issued Tuesday. Moat of I ham wara limiting withdraw-a withdraw-a la to I par rant of deposit, or other liaad percentage. In Berrien county, howavar, buainaaa batnf carrladj on aa uiuaL, aa waa tha raaa In tha uppar peninsula, which haa not been affected by tha holiday order. DapoalU of tha Tint National bank.1 Detroit, wara given an December 11 aa HU WHT. and the Gusrdisa National Na-tional i m j5 m |