Show I IFORD FORD AND THE BANKS Dear Editor Well Wen our Americans tried to convert forty billions of dollars of bank deposits into cash over overnight overnight overnight night on March 3 1933 Then Then Then-a a b bank holiday a period of rest and anda a new deal I Michigan bankers called on Henry Henry Henry Hen Hen- HenI I ry Ford and son Edsel They r asked them to convert their ty-two ty millions in one bank and and their seven and one-half one millions millions mil mil- mu milI I lions In another Detroit bank into bank stock Ford would not His terms were that he would take takeover takeover takeover over the two banks and pay depositors depositors depositors de de- de- de 30 per cent at once and the balance as business Improved the banks to be owned by the Fords and run as their own busi busl- ness He wanted to take the wind and water out of banking and p put t ina in ina ina a model T motor There Is to tobe tobe tobe be no or twiddling gadgets in the maner of the garage garage ga ga- rage medicine man who knows I everything about motors and would tell everything would everything would be open and above board The depositors are encouraged to watch the dials and see for themselves what the proper spark gap will do to gain power And the bank failures will go the way of the ox cart and the taU tallow ow dip I Now it h happened that we had Dad Eadi I Ino no banks and to our astonishment astonish astonIsh- ment we are still sUll here and we can I still eat and sleep and work and smile I Yours r F JAMES J. J COOK |