BANKING: Out of Hock

According to Professor Raymond Moley, the New Deal mounted its economic horse and rode off in all directions about the time accordion-pumping Tommy Corcoran usurped the role of FDR enchanter previously played by guitar-plucking Will Woodin of American Car & Foundry. Woodin economy soon was forgotten, Woodin himself died, but left behind in the Treasury was an American Car & Foundry alumnus, Walter Joseph Cummings. Last week Mr. Cummings was conspicuous for a second time in recent years.

He was first publicly noted in 1933. Then Chicago's biggest bank, the Continental Illinois,...

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