BANKING: 100 Cent Integrity

In the bank crisis of 1930-33 some 37 Philadelphia banks, with deposits of $110,000,000, gave up the ghost. One bank which squeaked by was Integrity Trust Co., witt $47,240,000 of deposits (1931). Integrity, with its assets badly frozen in real estate, was probably saved because it had its crisis before most others.

In the fall of 1931 it was barely saved when twelve Philadelphia banks, investing in panic-prevention, pledged it $50,000,000 credit, deposited $12,000,000 cash. Later the twelve banks, backed up by Reconstruction Finance Corp., forced the resignation of the president, hired instead short, short-tempered George Washington Brown Jr., RFC's...

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