Business & Finance: Old Business, New Jobs

"In order to comply with existing banking laws, both State and Federal, we have . . . made application to ... the State Superintendent of Banks to continue as private bankers."

Thus last week did the House of Morgan bow to the Federal Banking Act of 1933 which cleaves the deposit business from the securities business as of June 16. Last year when the Senate Banking & Currency Committee was dragging ghosts out of No. 23 Wall Street, J. Pierpont Morgan testified that "straight banking" was a more important part of his business than...

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