Word: bankes
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Dates: during 1930-1939
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Brokers. Besides its investigation of Manhattan's Chase National Bank and its investigation of Associated Gas & Electric Co. already afoot, the Senate Committee opened still another investigation. Inquisitor Ferdinand Pecora sent the New York Stock Exchange a questionnaire so exhaustive that it would have required practically a complete audit of the books of all the Exchange's members, a study of some 10,000,000 accounts of customers with brokers. The Exchange refused to answer, saying it had no authority to gather such information. Promptly a dozen prominent brokers were summoned to Washington for questioning and Inquisitor Pecora...
...appointment Irving Trust has paid $3,486,000 in legal fees to 361 lawyers for handling 4,419 bankruptcy cases, that the firm of Cravath, deGersdorff, Swaine & Wood got most ($409,000 for handling eleven cases) ; that four firms got over $1,000,000 of the total; that the bank holds $21,000,000 deposits for bankrupts in liquidation. Irving Trust as trustee for certain bankrupts filed claims of $778,000,000 against itself as trustee for other bankrupts...
When Albert Henry Wiggin sat down, the witness chair held the biggest load of banking ability which it had supported since the days when J. P. Morgan and certain of his partners occupied it. When Mr. Wiggin was a New England boy of 17 he became a bank clerk. When he was 23 he became an assistant bank examiner. When he was 29 he became vice president of a bank in Boston. In 1904 at 36 he joined Manhattan's Chase National as vice president. Seven years later he became its president. At that time...
...formation of the Federal Reserve System in 1914 took away from the Chase some of its job as a bank for bankers, but Mr. Wiggin was already off on a new tack-building up the Chase as a great commercial bank. It grew, partly by merger, to be the biggest bank in the U. S. Mr. Wiggin was never thrown off his great ground-covering stride. His bank was not rated an archly conservative institution- no bank which grew so fast could be- but it was an immensely successful (i. e. well run) commercial bank with a finger in many...
During the booming 1920's strapping, crisp-haired Charles E. Mitchell enlarged the National City Bank by mergers until, for a short time, it was bigger than the Chase. In 1930 Mr. Wiggin put an end to that by merging the Chase with Equitable Trust in which the Rockefellers were heavy stockholders. Thereafter Mr. Wiggin was no longer the Chase's biggest stockholder*-that title had passed to John D. Rockefeller Jr.-but the Rockefellers were content to leave him in command. At that time Mr. Wiggin ruled a bigger bank than any American before or since...