All the Presidents' Bankers (86 page)

57
. Ibid., 62.

58
. Letter to James Perkins, March 9, 1933, PPF 54, Perkins, James H., FDR Library.

59
. “J.D. Rockefeller, Jr., Weds Miss Aldrich,”
New York Times,
October 10, 1901.

60
. “Largest Bank in the World Formed in New York Merger,” Associated Press, March 19, 1930.

61
. “Wiggin Retires as Chase Executive,” Associated Press, January 11, 1933.

62
. A. Tabarrok, “The Separation of Commercial and Investment Banking: Morgans vs. Rockefellers,”
Quarterly Journal of Austrian Economics
1, no. 1 (1998): 1–18.

63
. Research Correspondence I: Box 8, Aldrich Archives.

64
. Thomas Ferguson, “From Normalcy to the New Deal: Industrial Structure, Party Competition, and American Public Policy in the Great Depression,”
International Organization
38, no. 1 (Winter 1984): 41–94.

65
. “Chase Dropping Affiliate,”
New York Times,
March 9, 1933.

66
. Ibid.

67
. Ferguson, “From Normalcy to the New Deal.”

68
. Chernow,
House of Morgan,
362.

69
. Letter to James H. Perkins, Letter to Winthrop W. Aldrich, March 9, 1933, PPF 54, Perkins, James H., FDR Library.

70
. Letter from Winthrop W. Aldrich, March 12, 1933, PPF 54, Perkins, James H., FDR Library.

71
. Franklin D. Roosevelt, Fireside Chat on Banking, March 12, 1933, American Presidency Project, at
www.presidency.ucsb.edu/ws/?pid=14540#axzz2gP1iPE3o
.

72
. Ibid.

73
. Letter to Mr. McIntyre from A. P. Giannini, March 16, 1933, PPF File 1135, Folder Giannini, A. P. 1933–1936, FDR Library.

74
.
The Pecora Investigation: Stock Exchange Practices and the Causes of the 1929 Wall Street Crash
(New York, NY: Cosimo, 2010), 181–182.

75
. “Mitchell Cleared, Weeps at Verdict, Ovation in Court,”
New York Times,
June 23, 1933.

76
. Galbraith,
The Great Crash, 1929,
154.

77
. Letter to E. S. Greenbaum, March 9, 1938, OF 3169, Folder: Mitchell, Charles E., 1933–1938, FDR Library.

78
. Letter to Aldrich from M. A. Le Hand, March 27, 1933, FDR Library.

79
. “Aldrich Hits at Private Bankers in Sweeping Plan for Reforms,”
New York Times,
March 9, 1933.

80
. Internal White House Memo from Daniel C. Roper, March 28, 1933, PPF 7591, Folder: Aldrich, Winthrop W., FDR Library.

81
. Internal White House Memo from Huston Thompson, March 29, 1933, PPF 7591, Folder: Aldrich, Winthrop W., FDR Library.

82
. Memo for the President. April 11, 1933, PPF File 70, Folder: Lamont, Thomas W., FDR Library.

83
. United States Senate Committee on Banking and Currency, “Stock Exchange Practices: Report of the Committee on Banking and Currency,” 321–322.

84
. Statement of J. P. Morgan & Company submitted to Senate Committee on Banking and Currency at Its Hearings in Washington, May 23 to June 9, 1933, PPF, File/Folder 143: Morgan, Junius P. [J. P.], FDR Library.

85
. Senate Committee on Banking and Currency, “Stock Exchange Practices: Hearings Before the Committee on Banking and Currency United States Senate, Part I: May 23, 24, and 25, 1933” (Washington, DC: Government Printing Office, 1934), 3.

86
. Senate Committee on Banking and Currency, “Stock Exchange Practices: Hearings Before the Committee on Banking and Currency United States Senate, Part II: May 26, 31, June 1, 2, 5, 6, 7, 8, and 9, 1933” (Washington, DC: Government Printing Office, 1934), 558.

87
. Chernow,
House of Morgan,
373–374.

88
. “Let the Banking Inquiry Go On!”
The Nation,
June 14, 1933.

89
. “Glorifying the House of Morgan,”
The Nation,
June 21, 1933.

90
. Final Statement of J. P. Morgan & Company submitted to Senate Committee on Banking and Currency.

91
. Galbraith,
The Great Crash, 1929,
150.

92
. “Aldrich Criticizes Bank Act ‘Fallacy,’”
New York Times,
December 7, 1933.

93
. May 22, 1933, PPF 7591, Folder: Aldrich, Winthrop W., FDR Library.

94
. “Bank Deposit Bill Approved by House,”
New York Times,
May 24, 1933.

95
. PPF File 866, Leffingwell, Russell C. 1933–1934, FDR Library.

96
. Telegram to Aldrich: M. H. McIntyre, Assistant Sec to the President, December 26, 1933, OF 1599, Folder: Chase National Bank, 1933–1943, FDR Library.

Chapter 7. The Mid- to Late 1930s: Policing Wall Street, World War II

1
. Franklin D. Roosevelt: “Acceptance Speech for the Renomination for the Presidency, Philadelphia, Pa.,” June 27, 1936. Posted online by Gerhard Peters and John T. Woolley, American Presidency Project, at
www.presidency.ucsb.edu/ws/?pid=15314#axzz2gP1iPE3o
.

2
. Economic History Association, “US Banking History: Civil War to World War II,” Compiled by Richard S. Grossman, Wesleyan University, at
http://eh.net/encyclopedia/article/grossman.banking.history.us.civil.war.wwii
.

3
. “Public Control,”
The Nation,
February 21, 1934.

4
. “House Members Invited to Floor of Exchange,”
New York Times,
February 24, 1934.

5
. “Fletcher’s Statement on Stock ‘Propaganda,’”
New York Times,
February 22, 1934.

6
. “Roosevelt Wants ‘Teeth’ in Stock Exchange Bill; Seeks Speculation Limit,”
New York Times,
March 26, 1934.

7
. “New Leeway Put in Exchange Bill,”
New York Times,
April 11, 1934.

8
. Letter from Leffingwell, January 4, 1934, PPF File 866, Leffingwell, Russell C., 1933–1934, FDR Library.

9
. Letter from Leffingwell, February 20, 1934, PPF File 866, Leffingwell, Russell C., 1933–1934, FDR Library.

10
. Ibid.

11
. Telegram to Winthrop Aldrich from McIntyre, February 14, 1934, OF 1599, Folder: Chase National Bank, 1933–1943, FDR Library.

12
. Letter to Leffingwell from McIntyre, March 1, 1934, PPF File 866, Leffingwell, Russell C., 1933–1934, FDR Library.

13
. Letter from Leffingwell, March 4, 1934, PPF File 866, Leffingwell, Russell C., 1933–1934, FDR Library.

14
. Telegram to Aldrich from McIntyre, April 16, 1934, OF 1599, Folder: Chase National Bank, 1933–1943, FDR Library.

15
. Memo for FDR f/McIntyre, April 30, 1934, OF 1599, Folder: Chase National Bank, 1933–1943, FDR Library.

16
. “Chase Bank to Cut Ties with 2 Units,”
New York Times,
May 11, 1934.

17
. “City Bank Drops Its Security Unit,”
New York Times,
June 5, 1934.

18
. “J. M. Landis Slated for Stock Market Chief by Recess Appointment to Avoid Battle,”
New York Times,
May 26, 1934.

19
. Letter from Jack Morgan, June 8, 1934, FDR Library.

20
. Letter to Jack Morgan, June 13, 1934, FDR Library.

21
. “Kennedy Is Reported Chosen by President,”
New York Times,
June 30, 1934.

22
. Stock Exchange Practices: Hearings Before a Subcommittee of the Committee on Banking and Currency, US Senate, Seventy-third Congress, Second Session, on S. Res. 84 (72nd Congress) Resolutions to Thoroughly Investigate Practices of Stock Exchanges with Respect to the Buying and Selling and the Borrowing and Lending of Listed Securities and S.Res. 56 and S.Res. 97 (73rd Congress) Resolutions to Investigate the Matter of Banking Operations and Practices, February 21 to February 26, 73rd Cong. 6222 (1934) (Part 14 Alcohol Pools).

23
. “J.P. Kennedy Has Excelled in Various Endeavors,”
New York Times,
July 4, 1934.

24
. “Kennedy Started as a Candy Vendor,”
New York Times,
July 3, 1934.

25
. “Four Men & One,”
Time,
July 9, 1934.

26
. Letter to Joe Kennedy, May 11, 1933, PPF File 207, Folder: Kennedy, Joseph P., 1933–1938, FDR Library.

27
. “No Venom,”
Time,
August 6, 1934.

28
. “Whitney, Exchange Head, Approves Stand of Kennedy of Securities Commission,”
New York Times,
July 27, 1934.

29
. Letter from Giannini to McIntyre, September 2, 1934, PPF File 1135, Folder: Giannini, A.P., 1933–1936, FDR Library.

30
. Notes from a New York dinner with bankers from Tom Lamont to FDR, October 1, 1934, PSF Box 141 Lamont, FDR Library.

31
. “Reform & Realism,”
Time,
July 22, 1935.

32
. Richard Whalen,
The Founding Father: The Story of Joseph P. Kennedy
(Washington, DC: Regnery, 1993), 138–144.

33
. October 10, 1936, PPF File 207, Folder: Kennedy, Joseph P., 1933–1938, FDR Library.

34
. Address at the dinner of the Democrat Business Men’s League of Massachusetts at the Hotel Copley-Plaza, Boston, October 24, 1936, PPF File 207, Folder: Kennedy, Joseph P., 1933–1938, FDR Library.

35
. Sasoon G. Ward, “Giannini Fights Morgan,”
The Nation,
June 26, 1935.

36
. Ibid.

37
. Frederick A. Bradford, “The Banking Act of 1935,”
The American Economic Review
25, no. 4 (December 1935): 661–672.

38
. “Bank Bill Assailed by Guaranty Trust,”
New York Times,
May 13, 1935.

39
. “Menace to Nation Is Seen by Aldrich in Banking Bill,”
New York Times,
May 15, 1935.

40
. “Congress Extends Deposit Insurance,”
New York Times,
June 28, 1935.

41
. “New Bill Will Let Banks Underwrite Securities Again,”
New York Times,
June 29, 1935.

42
. “Glass Is Incensed by Bank Bill News,”
New York Times,
June 30, 1935.

43
. “Wall Street Bankers Split on Glass Bill,”
New York Times,
July 6, 1935.

44
. “Bank Bill Revision Out,”
New York Times,
July 2, 1935.

45
. July 11, 1935, OF 1599, Folder: Chase National Bank, 1933–1943, FDR Library.

46
. President’s Personal File, July 1935, Folder 1358, Roosevelt Papers, FDR Library.

47
. “Cup & Lip,”
Time,
September 2, 1935.

48
. “House Divided,”
Time,
September 16, 1935.

49
. “Morgan Stanley & Co. Launched at 2 Wall Street, Taking over Underwriting of Morgan & Co.,”
New York Times,
September 17, 1935.

50
. Bureau of Labor Statistics, “The Economy 1934–1936,” at
www.bls.gov/opub/uscs/1934–36.pdf
.

51
. “Son’s Scheme,”
Time,
October 19, 1936.

52
. “Fadeout,”
Time,
February 10, 1936.

53
. US Senate, “An Era of Investigations: 1921–1940: Merchants of Death,” at
www.senate.gov/artandhistory/history/minute/merchants_of_death.htm
.

54
. Franklin Delano Roosevelt to William E. Dodd, March 16, 1936, FDR Library, at
http://docs.fdrlibrary.marist.edu/PSF/BOX32/t300d01.html
.

55
. Letter to Giannini, May 7, 1936, PPF File 1135, Folder: Giannini, A. P., 1933–1936, FDR Library.

56
. Assortment of newspaper clippings from mid-1936 to the beginning of 1937, PPF File 1135, Folder: Giannini, A. P., 1933–1936, FDR Library.

57
. Letter from Leffingwell, September 8, 1936, PPF 866, Folder: Leffingwell, Russell C., 1935–1944 and cross-references, FDR Library.

58
. “Franklin Roosevelt’s Address Announcing the Second New Deal,” October 31, 1936, at
http://docs.fdrlibrary.marist.edu/od2ndst.html
.

59
. William E. Leuchtenburg, “When Franklin Roosevelt Clashed with the Supreme Court and Lost,”
Smithsonian,
May 2005, at
www.smithsonianmag.com/history-archaeology/showdown.html
.

60
. Ibid.

61
. “Mussolini Will Receive Lamont,”
New York Times,
April 18, 1937.

62
. “1937 Erratic Year on Stock Exchange,”
New York Times,
January 3, 1938.

63
. James H. Perkins, “The Economic Situation: Extract from the Report to Shareholders,” January 11, 1938, PPF 54, Perkins, James H., FDR Library.

64
. “National Economic Accounts: Gross Domestic Product,” US Department of Commerce Bureau of Economic Analysis, at
www.bea.gov/national/index.htm#gdp
.