Business & Finance: Continental

One morning last week the Chicago Tribune headlined over a Washington dateline the news that Walter J. Cummings, head of Federal Deposit Insurance Corp., was to be made chairman of Continental Illinois National Bank & Trust Co. Since Chicago's biggest bank had not planned to choose Mr. Cummings, the inference was the Administration, contrary to repeated promises, intended to force officers of its own choosing upon banks in which RFC was a stockholder.

The astonished officers of Continental Illinois rushed excitedly into one another's offices, consulted by telephone with their directors. For two days...

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!