Word: loans
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Dates: during 1930-1939
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...Loan...
...Attorney General's office called in Robert J. Rosenthal, cashier of Richard Whitney & Co. Cashier Rosenthal revealed that Richard Whitney had established "Richard Whitney's stock control account" in January, had transferred big batches of customers' securities to it, then apparently hypothecated them for personal loans. The first such transfer revealed was $125,000 worth of securities belonging to the New York Yacht Club. Other revelations: Dick Whitney had an unsecured loan of $474,000 from J. P. Morgan, his Far Hills estate was mortgaged in September for $300,000 and the total Whitney loss on Distilled...
Next day J. P. Morgan & Co. announced that its $474,000 unsecured loan to Whitney dated from 1932. This made it evident that in that year Dick Whitney must have had what amounted to a private failure. Then to the stand came various of Dick Whitney's partners to say that they were all in ignorance of the situation, that Dick Whitney had literally been dictator of company affairs.* By this time the Attorney General's office had the total of Whitney "transferences...
...body. Commodore William A. Stewart of the Yacht Club wanted the club's securities back. Missing now was a total of $109,384 in securities the club had trusted to Treasurer Whitney. Assistant Attorney General McCall found them at Public National Bank as part collateral for the Whitney loan, and, as the Daily News's news section put it, "Richard Whitney ... for the second time in 24 hours [was] fingerprinted and mugged like a Hell's Kitchen package thief and held in $25,000 bail...
...kitty) are once more open for business. The riotous Little Businessmen's Conference in Washington last month called loudest for increased credit facilities. Last week Jesse Jones revealed that the day after Franklin Roosevelt untied RFC's purse strings, it received loan applications from 200 small businessmen. RFC now welcomes such applications no matter how small...