Business: Dawes Bank

On June 6, 1932, Charles Gates Dawes resigned as president of the Reconstruction Finance Corporation. On Sunday, June 26, directors of Chicago's Central Republic Bank & Trust Co., of which General Dawes was chairman, met to discuss an emergency which threatened all Loop banks. Three hours after midnight, with RFC officials in Washington on the other end of an open telephone wire, negotiations were completed for a $90,000,000 "Dawes loan." Much as it was, RFC money was not enough to keep Central Republic going and it withdrew from the banking field in...

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