Word: bankes
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Dates: during 1930-1939
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Charles Edwin Mitchell's last great New Era deal was an agreement to merge Manhattan's many-branched Corn Exchange Bank Trust Co. with his National City. Crashing bank stock prices made the terms of the deal look ridiculous, and on Nov. 7, 1929, National City's stockholders failed to ratify the merger. Same day some of Chase National Bank's bevy of affiliates began to buy Corn Exchange in the open market and elsewhere. Albert Henry Wiggin wanted to make Chase the biggest bank in the U. S. He did-but not by gobbling...
...annual meeting this week. Mr. Diamond & friends pointed to operating losses of $10,000,000 in the past four years, depletion of working capital, curtailed sales. And they made much of the fact that 70% of Reo's cash had been tied up in a closed Michigan bank of which old Mr. Olds was chairman. Hugh R. Baker of American Bank Note, a large Reo stockholder, was so alarmed by the charges that he called on Mr. Diamond's attorneys. "A more evasive set of men I have never contacted," Stockholder Baker reported...
...management: "We agree with the independent stockholders' committee that the results of operations of the company during the past few years have been unsatisfactory. For that very reason the board . . . voted to remove Mr. Scott from the position of general manager." As for the unfortunate Reo bank deposits, "the attempt to place the responsibility . . . on Mr. Olds is a flagrant disregard of the facts...
...statement of deposits. A week later it "sold" the bonds back to the Van Sweringens at the same price. Net result of these two transactions, according to the grand jury, was that the depositors and stockholders had been fraudulently deceived by the bank's statement. The jury slapped indictments not only on Mr. Nutt, who was once treasurer of the Republican National Committee, but on Union Trust's onetime President Wilbur M. Baldwin, who was indicted three weeks ago for misapplication of Union Trust funds in another connection. Mr. Van Sweringen was named as an aider and abettor...
...Nutt-Van Sweringen transactions were first discovered last year after Union Trust Co., which failed to reopen after the bank holiday, was taken over by liquidators. The State Senate had spent most of the summer raking over the muck left by Union's failure and the failure of another large Cleveland bank, Guardian Trust Co. But Cleveland businessmen raised their eyebrows skeptically over the rash of bank indictments that followed, including one against Guardian Trust's homely, church-loving President James Arthur House. They were ready to listen ast week to the explanations of Messrs. Mutt...