Business: Corn Exchange to the Public

Charles Edwin Mitchell's last great New Era deal was an agreement to merge Manhattan's many-branched Corn Exchange Bank Trust Co. with his National City. Crashing bank stock prices made the terms of the deal look ridiculous, and on Nov. 7, 1929, National City's stockholders failed to ratify the merger. Same day some of Chase National Bank's bevy of affiliates began to buy Corn Exchange in the open market and elsewhere. Albert Henry Wiggin wanted to make Chase the biggest bank in the U. S. He did—but not by gobbling up $245,000,000 Corn Exchange,...

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!