TO AVOID CRASH

Evening Post, Volume CXV, Issue 38, 15 February 1933, Page 9

TO AVOID CRASH

'• BANKS IN MICHIGAN

GOVERNOR'S PROCLAMATION

EIGHT-DAY HOLIDAY

United Press Association—By Electric T.lberaph—Copyright. (Received February 15, 10 a.m.) DETROIT, February 14. The State Governor, Mr. Coinstock, early on Tuesday issued a proclamation calling for an eight-day public holiday in Michigan, during which all banks and trust companies and other financial institutions conducting banking or trust business in the State shall not be opened for the transaction of banking or trust business. .Governor Comstock's proclamation said that the holiday was proclaimed in view of an acute.financial emergency existing in the City of Detroit and throughout the State of Michigan. He explained that he was summoned to Detroit on Monday to a conference precipitated by, an unforeseen acute situation which had suddenly arisen in the affairs of "one of our leading financial institutions, the Union Guardian Trust Company." He said that it was the consensus of opinion after a long conference that the difficulties might be smoothed out provided time could be had for negotiations. As matters, stood, the Governor said, it would have been necessary to close the doors of the institution on Tuesday morning, which would very likely have brought m its train disaster to many other banking-institutions in Michigan.