BANKING: Banks Are Morgues

"Shall we have a revival of honest competition in private finance or will we persist in our present ways until the Government takes over all the banking business in America?" Unorthodox, white-haired Cyrus S. Eaton of Cleveland's Otis & Co. asked U.S. financiers this question this week in Financial World. He promptly answered it with harsh words for Manhattan's investment bankers, with whom he has long feuded over competitive bidding for rail road and utility issues. Said he:

"The Government is already obligated to loaning $27,000,000,000 to American business and agriculture. ... So obviously...

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