On the first business day of 1931, Harvey Dow Gibson, then chairman of the executive committee of New York Trust Co., and a group of wealthy friends bought control of Manufacturers Trust Co. from Goldman Sachs Trading Corp. They paid $7,300,000. The deal brought an end to much gloomy talk about Manufacturers Trust after its proposed merger with Bank of United States had fallen through (TIME, Jan. 12). When J. P. Morgan one afternoon walked out of his little grey banking house at No. 23 Wall Street and dropped in to see Mr. Gibson in his new office at No. 55...
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