BANKING: Back to the Indians

When Banker John Milton Nichols gets mad he stays mad (TIME, Oct. 19, 1936). He has been mad at the Administration since 1933, and last week he was still in there, seething.

As president of Chicago's First National Bank of Englewood, he won a nickname (100% Nichols) by keeping his bank 100% liquid during the depression.

To show his distrust of the New Deal, Banker Nichols refused to make loans. He advised depositors to "bury your money in a tomato can." He fought the Federal Deposit Insurance Corp. bitterly. He switched the bulk...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!