Business: Arrested: Caldwell & Lea

Investigation of the affairs of defunct Caldwell & Co. (TIME, Nov. 24 et seq.) has revealed many a skin-tight alliance between the banking interests of Rogers Clark Caldwell and the newspaper-political interests of his crony, Col. Luke Lea. Last week a federal grand jury pried into the affairs not of the big Caldwell-controlled bank of Tennessee but the smaller Holston-Union National Bank of Knoxville which went under early in the storm caused by the failure of Caldwell & Co. What the jury found was not pleasing. Contemplation of it lead to what many...

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