Word: aldrich
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Dates: during 1930-1939
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...board (Frank Altschul of Lazard Freres; Frederic W. Allen of Lee, Higginson; Clarence Dillon of Dillon, Read; Charles Hayden of Hayden, Stone, etc., etc.). And it has one of the largest bank directorates in the country: 71 members. The sins of the Chase Bank were not necessarily on Mr. Aldrich's head, however. He could blame them if he chose on Albert H. Wiggin, vigorous chairman who resigned last January...
...which on Sept. 16, 1920 pockmarked for all time the front of the House of Morgan, was-so many thought last week-far less damaging to the most powerful banking house in the country than the blast last week in the Chase Bank building. For not only would Mr. Aldrich have the House of Morgan give up the deposits, but also give up its representation on the boards of many great banks on which ten of its 20 members now have seats. The effect on Kuhn, Loeb & Co., Speyer & Co., and other banking houses would be similar...
...business men asked last week, did Mr. Aldrich step off the reservation? Was it banking inexperience? Winthrop Aldrich, yachtsman son of Nelson Wilmarth Aldrich, late Rhode Island Senator, was a lawyer until 1929 when he was made president of his brother-in-law's Equitable Trust Co. (merged a year later with Chase). Was it a war between the Rockefellers and Morgan? The Hearst Press, without a single new fact to base its theory on, and making such blunders as describing Mr. Aldrich as a Rockefeller son-in-law,* seized this lurid angle: "The House of Rockefeller would strip...
...Aldrich merely acting as the vehicle of his brother'in-law's high-minded business code?† In 1929, while John D. Jr. was in the Holy Land, Lawyer Aldrich managed the proxy battle that wrested control of Standard Oil of Indiana from Robert Wright Stewart in order to purify the oil business. Was John D. Jr. trying to do the same for banking? (The same day that Mr. Aldrich spoke, John D. Sr., so short of dimes that he had given a $1 tip to a caddy, declared, "I have every confidence in our bankers...
...reason for Mr. Aldrich's move was self-evident: the promised Senate investigation of the Chase Bank, no matter what it discloses, will now fall flat, for Mr. Aldrich has by his statement repudiated the policies of his predecessor, Albert Henry Wiggin. He can, unlike Charles Edwin Mitchell, declare himself in agreement with the critics of his bank. Moreover banking reform measures are now bound to be enacted, and little would be gained but public censure by opposing them. By speaking out Mr. Aldrich bettered his position, aligned himself with the prevailing banking spirit of the times...