Business: Still Open Dawes

One memorable June night last year Chicago's biggest bankers worked and haggled until commuters were tumbling out of bed to catch early trains (TIME, June 15, 1931). Their work averted a Chicago catastrophe. Shaky Foreman-State National Bank was absorbed by Melvin Alvah Traylor's First National, and National Bank of the Republic by General Charles Gates Dawes's Central Trust Co.

Central Republic Bank & Trust Co., as the last two merged banks were called, had its troubles. Last spring its directors had sleepless nights until in June when, after General Dawes had resigned from R....

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