Business: Downtown

¶To encourage loyalty among its employes Manhattan's National City Bank allowed them in 1929 to purchase some 50,000 shares of its stock at the specially low price of $200 per share. Last week most of the employes completed their payments, took title to their stock, soon to be reduced in par value from $20 to $12.50 and now selling in the open market at about $19. The day last week's payment was due a number of National City's loyal employes resigned. Reason: by leaving the employ of the bank before the stock was...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!