Word: cortell
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Dates: during 1930-1930
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...Knickerbocker Trust closed its doors. That night, many great bankers gathered to consider the situation. At this conference trust companies appealed to banks for aid. When the public heard of the meeting tremendous runs started on two trust companies. Secretary of the Treasury George Bruce Cortel, now president of Consolidated Gas Co. of New York, arranged a $35,000,000 credit. On Oct. 24 a great panic swept the Exchange. Demand loans rose to 125%. J. P. Morgan and associates released $25,000,000 to assuage the situation. But not until Nov. 6 did bank runs stop...
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