Word: trusts
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Dates: during 1920-1929
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Last week in Manhattan occurred an event to which Republicans like Senator Robinson would, if they could, have liked to point as showing the Democratic tie-up with the stockmarket. James J. Riordan, president of the New York's County Trust Co., close personal friend of Alfred Emanuel Smith, committed suicide with a revolver. For a whole day the news was suppressed lest a run on the County Trust develop. Ill health and mental derangement were given as the official reasons but stockmarket losses were suspected, admitted. Mr. Raskob was named acting chairman of the bank, which auditors quickly...
Died. James J. Riordan, 48, president of County Trust Co. of New York, long-time friend of Alfred Emanuel Smith; by his own hand with his cashier's pistol; in Manhattan...
...cheapness, excited criticism; further discovered that he had innocently selected a room in one of the Loop's worst dives. Solution: He moved, paid more rent, still made his $10 serve. In 1907 came a really major trouble. Summoned to Manhattan to be assistant to the president of Trust Co. of America, Mr. Mitchell had hardly unpacked his grip when the Panic of 1907 arose to greet him. Solution: Skillful liquidation of Trust Co. investments, during which Mr. Mitchell gained experience later applied in the formation of his own investment company...
These early troubles surmounted, Mr. Mitchell enjoyed many a successful year, during which, under his presidency. Na- tional City Bank became first a billion dollar, then a two billion dollar, institution. Within the past year, through its merger with Farmers' Loan and Trust (TIME, April 8) and the all-but-ratified merger with Corn Exchange Bank (TIME, Sept. 30) the Bank reiterated its position as greatest U. S. bank, became greatest world bank. Now Mr. Mitchell, who used to say that he was too poor to eat at Child's, instead, for reputation's sake, fed at expensive hotels, could...
...World War chanced to begin on Aug. 4, 1914. If some trace the War no further than to an archducal assassination, then others might trace the Crash to a variety of such moments as that when Goldman Sachs terminated the syndicate on their Blue Ridge investment trust. Vital point is the undermining of popular confidence that ended in the crash...