BANKING: Paid in Full

A nostalgic milestone of the Great Depression was passed in Chicago last week. In 1932, the Reconstruction Finance Corp. lent $90,000,000 to Chicago's Central Republic Bank & Trust Co., stirring up a tempest of criticism. The loan was sourly dubbed "a Government gift." The reason: RFC Chairman Charles G. Dawes had resigned his RFC chairmanship to resume the chairmanship of Central Republic only three weeks before the loan was made. The cash helped ease pressure on all Chicago banks; but Central Republic closed its doors. Deposit accounts were transferred to the City National Bank & Trust Co., now chairmaned...

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