Business & Finance: New Rules for Bankers

For several recent weeks a Senate investigation gave the 20 partners of J. P. Morgan & Co. plenty to think about. Last week they had something far more serious on their joint minds: What they were going to do with their own business? For the Banking Act of 1933 (passed last week by accident because a Presidential blunder kept Congress in session four days longer than expected) requires private bankers to give up either their banking or their securities business.

To a great many private bankers this forced choice caused little or no worry....

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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