Because in the bank crash of 32 there wasn't a program to buy up banks. Banks went out of business, and depositors lost all or most of their money. One result was that GM had to start a bank - the National Bank of Detroit, so that employees had a place to cash paychecks. GM had been paying employees in cash. There were only a couple of banks in Michigan that survived the depression. Prior to the crash, Michigan had more banking activity than Chicogo, but after the crash, Detroit never caught up to the Windy city. My Grandfather told me that when Wall street fell, nobody seemed to care. But when the banks closed, they thought the world was ending.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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