Business: Disaster on Regardless

After a brief career as a bond salesman in Baltimore a smart young man named Wallace Groves went to Washington in the early 1930s, entered Georgetown University law school. He had a brother in the small-loan business in Baltimore and a sister with some money. Soon Wallace Groves had small-loan companies scattered about the District of Columbia, nearby Virginia and Maryland. In 1931, having merged his companies with a Chicago concern, he sold out, decided to try his hand in Wall Street.

Mr. Groves was not slow in making his presence felt. He acquired...

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