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Show Financial Interests Endeavoring to Obtain I Control of Industries i DETROIT. Oct. 2. For some time persistent rumors have been current that certain eastern financ ial Interests are attempting to obtain control of the motor industry. At first little cre-dence cre-dence w-as placed In these reports, but recent developments in Detroit and Other Industrial centers have convinced convinc-ed many of those who have the In-tere.stM In-tere.stM m the automotive industry fit heart that there Is much more behind tin- movement than really appears on tbo surface- , . For some weeks a man whose standing stand-ing In the business life of Michigan in ... his views Worth while has he-en conducting an investiugtion of the financial fi-nancial situation In relation to the futo Industry. The results of this inquiry in-quiry Just made public have caused a sensation. Alter spending considerable time in .New York, 'hicago. Boston, Cleveland and Indianapolis, he declares that he is firmly convinced that Wall street is making a determined effort to secure se-cure control of the automotive industry. indus-try. He is satisfied that there is umple confirmation ot a wlde-spreud conspiracy conspir-acy on the part of eastern capitalists, particularly that group which is largely large-ly interested In banks and railroadSi to fnrce receiverships, as far as possible, I In the automotive industry and that they have been actively engaged in i this destructive campaign for the past six months. l si : RESERVE. Certain eastern bankers, he says, arc using the federal reserve as a cats-paw. cats-paw. He Charges that eastern interests inter-ests who.se igent hanks tlourish in every federal reserve district are open- I) discriminating against automotive sales and inviting .stagnation of the industry, Under the blanket ruling of the federal reserve board to curtail all but essential loans. Wall street, he alleged, has placed automobiles in the luxury class and now is trying to cover up Its part in the proceedings by shifting shift-ing the responsibility to the federal reserve .-stTii. The federal reserve, too great an organisation to Investigate every loan made to industry, has placed the burden bur-den of decision upon its, Individual members and some of these member ban Its closely allied to New York financial fi-nancial Interests have openly opposed the discounting oi automotive paper In general. Automotive sales can be brought back to normal only through the agencies of the federal reserve board of W ashington, uccordlng to this authority. It can do this by Issuing a blanket order which will place the .. Mt . mobile in the 'necessary class, a ruling which will provide the manufacturer manu-facturer with a weapon with which to force the hand of tho banket who at-temptS at-temptS to continue ills poliC) of dis-criminatlng dis-criminatlng against automotive loans. About the only banks in the country coun-try who are financing automobile pa-per pa-per today are located In Cleveland, Indianapolis and Detroit Several Chl-i Chl-i ago bunks have aided. The situation has reached thi poini where financing financ-ing of dealers Is next to impossible .ind what financing is being put through is done at great expense sk ASSISTANCE. Ho points to the f i t also that when sevi i ll largo automobile concerns were forced to ask financial assistance t rmn X'cw Vnrk IntercMt.x the latter , insisted thai a man ol their own choosing must be placed in charge of Ithe business. Demurring at this ,u--tion, the wen told financial aid would be withheld unless 'he proposition was agreed to. Bdhg up against stone wall the automobile men wcri compelled to accept the loaners' terms. "This manufacturer sees the handwriting hand-writing on the wall," said a leading Detroit banker. "I think, however, that he is Just a little excited and has mil the tacts n little more forcefully than they really are. There Is no question that eastern capitalists Wall Street, as you may chOose to call them are seeking control of the automotive automo-tive industry. They recognize the Wonderful future of the industry and are covetous of the money now being made in the business, "Wall street his never been known to let anything good get by without gelling its share i:ui I do not think It will endeavor to force bankruptcy In the automotive industrj in order to gain control Receiverships are the court of last resort for companies in financial trouble But there Is a taint to a receivership, which lingers long upon a com pan af tr the receivership hns been dissolved and Its financial difficulties Btralghtentd out A com-pan com-pan once forced into a receivership is seldom, if ever, the paying concern It was before it went Into q United States court They are white elephants' so to speak, and Wall street Is not desirous desir-ous of investing In such animals " |