"We bank on the South" was the slogan with which Rogers Clark Caldwell reared his dreams of economic empire. In Caldwell & Co., his Nashville banking house, his dreams achieved the reality of a $100,000,000-a-year-investment business and the control of a complex, pyramided financial structure which embraced $600,000,000 of banks, insurance companies, newspapers, realty and industrial concerns. When the whole enterprise crashed (TIME, Nov. 24, 1930) the reverberations sent banks toppling, stripped thousands of depositors of their money, brought grief and ruin to investors from Kentucky to Arkansas, even rumbled into Tennessee's...
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