Quietly jubilating, British and Japanese businessmen in Shanghai spoke last week of "the most severe blow to American business prestige in China since the founding of the International Settlement in 1843." They were referring to the fact that in Shanghai's U. S. Court grave, tee- totaling, confidence-inspiring U. S. insurance, banking & real estate Tycoon Frank Jay Raven, founder of the famed "Raven Interests," which once boasted assets of $70,000,000 (TIME, June 17), had just been convicted of embezzlement on seven counts and sentenced to five years in prison at McNeil Island, Wash....
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