BANKING: Revolt in the Colonies

From the bankers' standpoint, the first nine years of RFC were the easiest. Jesse Jones always said: "We only take what the banks leave over." When excoriating the New Deal, the bankers always made an exception of their friend and fellow businessman, Uncle Jesse. But last week this beautiful friendship was strained.

Fortnight ago, Jesse Jones pulled a coup that made many a banker narrow his eyes. Its chief victims were Chase National Bank, Kuhn, Loeb & Co., Mercantile-Commerce Bank (St. Louis). For over two years they had been nursing a deal with the State of Arkansas for the marketing...

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