11 NYT, April 27, 1932.
12 Peter Norbeck to Lydia Norbeck, June 2, 1932, Norbeck Papers, Box 61, Folder 2; “Short Selling” on Stock Exchanges—Limit of Expenditures, 72nd Cong., 1st Sess., S.R. 239, Congressional Record, 75, pt. 12:13235-13236; Undated memorandum to Peter Norbeck re William Gray, Norbeck Papers, Box 2, Folder 4.
13 Richard Whitney to Ogden Mills, September 2, 1932, Mills Papers, Box 11; Statement of Richard Whitney in Regard to the Investigation of Stock Exchange Practices, August 24, 1932, NYSE Archives; Vincent P. Carosso, Investment Banking in America: A History (Cambridge, MA: Harvard University Press, 1970), 324; Commercial & Financial Chronicle, April 30, 1932.
14 Herbert Mitgang, The Man Who Rode the Tammany Tiger: The Life and Times of Judge Samuel Seabury (Philadelphia: J.B. Lippincott Company, 1963), 207-214; Henry F. Pringle, Big Frogs (New York: Macy-Masius, 1928), 139-160; Washington Post, April 2, 1932; Reminiscences of Benjamin J. Buttenwieser (1981), in Oral History Collection of Columbia University, 341.
15 Raymond Moley, After Seven Years (New York: Harper & Brothers, 1939), 176-177; Raymond Moley with Elliot A. Rosen, The First New Deal (New York: Harcourt, Brace & World, 1966), 309.
16 NYT, January 9, 1933.
17 Harold L. Ickes, The Autobiography of a Curmudgeon (New York: Reynal & Hitchcock, 1943), 258-271; T. H. Watkins, Righteous Pilgrim: The Life and Times of Harold L. Ickes 1874-1952 (New York: Henry Holt & Co., 1990), 280; Linda J. Lear, Harold L. Ickes: The Aggressive Progressive 1874-1933 (New York: Garland Publishing, 1981), i-ii, 120, 180, 316-319, 328, 360-362, 397-398.
18 Reminiscences of Morris Lincoln Strauss (1951), in Oral History Collection of Columbia University, 320.
19 Mitgang, The Man Who Rode the Tammany Tiger, 174, 186-187; Peter Norbeck to Irving Ben Cooper, January 6, 1933, Norbeck Papers, Box 2, Folder 2; SBCC Minutes, January 10, 1933; NYT, January 11, 1933; NYT, March 20, 1962; Washington Post, January 11, 1933.
20 NYWT, January 12, 1933.
21 Peter Norbeck to Nils Okland, January 16, 1933, Norbeck Papers, Box 115, Folder 4; William E. Leuchtenburg, Franklin D. Roosevelt and the New Deal (New York: Harper & Row, 1963), 25; Benjamin Roth, The Great Depression: A Diary, ed. James Ledbetter and Daniel B. Roth (New York: Public Affairs, 2009), 81-83.
22 Frank Partnoy, The Match King: Ivar Kreuger, the Financial Genius Behind a Century of Wall Street Scandals (New York: Public Affairs, 2009); NYT, January 13, 1933.
23 NYWT, January 12, 1933; NYT, January 14, 1933; NYT, January 19, 1933; Mitgang, The Man Who Rode the Tammany Tiger, 180; Seligman, The Transformation of Wall Street, 20; Peter Norbeck to Irving Ben Cooper, January 13, 1933, Norbeck Papers, Box 2, Folder 2.
24 NYT, March 20, 1962; NYT, March 21, 1962; NYT, June 14, 1962.
25 NYT, January 18, 1933; NYT, January 19, 1933.
26 NYWT, January 18, 1933; NYT, January 19, 1933; Mitgang, The Man Who Rode the Tammany Tiger, 275.
27 Sidney W. May to Peter Norbeck, January 19, 1933, SEIF, Box 81, Cooper, Irving Ben Folder; R. H. Nelson to Peter Norbeck, January 20, 1933, SEIF, Box 81, Cooper, Irving Ben Folder.
28 POH, 655.
29 Seligman, The Transformation of Wall Street, 21; David S. Levin, “Regulating the Securities Industry: The Evolution of a Government Policy” (Ph.D. diss., Columbia University, 1969), 196; Peter Norbeck to O. L. Brownlee, August 23, 1934, Norbeck Papers, Box 116, Folder 1; Bainbridge Colby to Duncan Fletcher, January 25, 1933, Colby Papers, Box 5; POH, 655.
Chapter 4. A Short-Term Job
1 Gilbert C. Fite, Peter Norbeck: Prairie Statesman (Pierre, SD: South Dakota Historical Society Press, 2005), 167, 186-188.
2 POH, 656-657; Merlo J. Pusey, Charles Evans Hughes (New York: Macmillan Co. 1951), 132-168; Charles Evans Hughes, The Autobiographical Notes of Charles Evans Hughes, ed. David J. Danelski and Joseph S. Tulchin (Cambridge, MA: Harvard University Press, 1973), 119-127; J. Joseph Huthmacher, “Charles Evans Hughes and Charles Francis Murphy: The Metamorphosis of Progressivism,” New York History 46 no. 1 (January 1965): 25-40.
3 POH, 657-661.
4 Ferdinand Pecora, Wall Street under Oath: The Story of Our Modern Money Changers (New York: Simon & Schuster, 1939), 5.
5 NYT, January 25, 1933; NYT, January 29, 1933; POH, 664; Ferdinand Pecora to Peter Norbeck, January 28, 1933, Norbeck Papers, Box 2, Folder 10.
6 POH, 664-666, 704-606; NYT, January 26, 1933; NYT, January 29, 1933; NYT, September 6, 1953.
7 Peter Norbeck to W. L. Baker, March 21, 1933, Norbeck Papers, Box 1, Folder 3.
8 Rixey Smith and Norman Beasley, Carter Glass: A Biography (New York: Longmans, Green and Co., 1939), 85; NYT, January 6, 1933; NYT, January 25, 1933; WSJ, January 5, 1933; Drew Pearson and Robert S. Allen, “The Washington Merry-Go-Round,” United Feature Syndicate, December 8, 1932; Pearson and Allen, “The Washington Merry-Go-Round,” December 16, 1932.
9 Richard D. White Jr., Kingfish: The Reign of Huey P. Long (New York: Random House, 2006), 65, 143-146, 171-172; Alan Brinkley, Voices of Protest: Huey Long, Father Coughlin and the Great Depression (New York: Vintage Books, 1983), 22-23, 42-45, 77; NYT, May 29, 1946; Lawrence Sullivan, Prelude to Panic: The Story of the Bank Holiday (Washington, D.C.: Statesman Press, 1936), 3; Pearson and Allen, “The Washington Merry-Go-Round,” January 14, 1933; Pearson and Allen, “The Washington Merry-Go-Round,” February 16, 1933.
10 Brinkley, Voices of Protest, 55-56; White, Kingfish, 172-173; NYT, January 11, 1933; NYT, January 17, 1933; NYT, January 19, 1933; NYT, January 22, 1933; Washington Post, January 13, 1933; Washington Post, January 14, 1933; Theodore G. Joslin, Hoover Off the Record (Freeport, NY: Books for Libraries Press, 1971), 339-340; Pearson and Allen, “The Washington Merry-Go-Round,” December 8, 1932; Pearson and Allen, “The Washington Merry-Go-Round,” January 14, 1933.
11 NYT, January 17, 1933; Literary Digest, January 21, 1933, 10; William E. Leuchtenburg, Franklin D. Roosevelt and the New Deal (New York: Harper & Row, 1963), 28.
12 Katharine Graham, ed., Katharine Graham’s Washington (New York: Alfred A. Knopf, 2002), 393.
13 NYT, January 26, 1933; NYT, January 31, 1933; John Marrinan to Florence N. Wright, January 25, 1933, SEIF, Box 81, Gray, William A., Correspondence File; Memorandum from Florence Wright to John Marrinan, January 25, 1933, SEIF, Box 83, Wright, Florence M., Correspondence File; Peter Norbeck to Ferdinand Pecora, January 25, 1933, SEIF, Box 82, Norbeck Correspondence File.
14 NYT, February 1, 1933; Milwaukee Leader, February 7, 1933. Privately, Pecora also said that his goal for the hearings was to provide the basis for the first federal legislation of the stock markets. William O. Douglas to George E. Bates, April 7, 1933, in The Douglas Letters: Selections from the Private Papers of Justice William O. Douglas, ed. Melvin I. Urofsky (Bethesda: Adler & Adler, 1987), 18.
Chapter 5. Sunshine Charlie
1 POH, 669; Donald A. Ritchie, “The Pecora Wall Street Expose 1934,” in Congress Investigates: A Documented History, 1792-1974, ed. Arthur M. Schlesinger Jr. and Roger Bruns (New York: Chelsea House Publishers, 1975), 2652; NYT, June 5, 1932.
2 Harold van B. Cleveland and Thomas F. Huertas, Citibank, 1812-1970 (Cambridge, MA: Harvard University Press, 1985), 9-15, 32-49.
3 Ibid., 88; Ana Robeson Burr, “The Portrait of a Great Banker,” World’s Work 54 (September 1927): 482-495.
4 Cleveland and Huertas, Citibank, 85-87; Vincent P. Carosso, Investment Banking in America: A History (Cambridge, MA: Harvard University Press, 1970), 96, 105.
5 Frederick Lewis Allen, The Lords of Creation (New York: Harper & Brothers, 1935), 311; Julian Sherrod, Scapegoats (New York: Brewer, Warren & Putnam, 1931), 14; Edmund Wilson, Travels in Two Democracies (New York: Harcourt, Brace and Company, 1936), 56; Barron’s, March 5, 1923; ibid., May 14, 1923; ibid., November 19, 1923; Newsweek, August 17, 1935; Time, March 3, 1933; NYT, May 4, 1921; NYT, December 15, 1955; WSJ, May 18, 1923.
6 Allen, The Lords of Creation, 311; Charles R. Geisst, Wall Street: A History (New York: Oxford Universi
ty Press, 1997), 117-121; Barron’s, March 5, 1923; WSJ, March 5, 1923; Maury Klein, Rainbow’s End: The Crash, 1929 (New York: Oxford University Press, 2001), 51; Bruce Barton, “Is There Anything Here That Other Men Couldn’t Do?” American Magazine, February 1923, 16-17, 128-135.
7 Cleveland and Huertas, Citibank, 138-139.
8 Ibid., 137-138; Stephen Fox, The Mirror Makers: A History of American Advertising and Its Creators (New York: William Morrow, 1984), 78-117; William E. Leuchtenburg, Franklin D. Roosevelt and the New Deal (New York: Harper & Row, 1963), 20.
9 Cleveland and Huertas, Citibank, 137-152; Carosso, Investment Banking in America, 244.
10 Cleveland and Huertas, Citibank, 136; Carosso, Investment Banking in America, 243.
11 Cleveland and Huertas, Citibank, 99-107; Anonymous, The Mirrors of Wall Street (New York: G.P. Putnam’s Sons, 1933), 156.
12 Charles Mitchell to Frank Vanderlip, May 7, 1921, Vanderlip Papers, Box A68.
13 NYT, January 17, 1922; WSJ, May 18, 1923; Cleveland and Huertas, Citibank, 107-112.
14 Cleveland and Huertas, Citibank, 114, 153; Literary Digest, May 19, 1928, 76.
15 National City Bank Annual Reports, 1927-1928; Cleveland and Huertas, Citibank, 113-158; Literary Digest, December 15, 1926, 50; Hearing Tr., 1885-86.
16 Cleveland and Huertas, Citibank, 133; NYT, September 20, 1929; NYT, September 22, 1929.
17 Anonymous, The Mirrors of Wall Street, 151-152.
18 William K. Klingaman, 1929: The Year of the Great Crash (New York: Harper & Row, 1989), 134- 135; Klein, Rainbow’s End, 58; Ron Chernow, The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Grove Press, 1990), 255; Christian R. Sonne & Chiu yin Hempel, eds., Tuxedo Park: The Historic Houses (Tuxedo Park, NY: Tuxedo Park Historical Society, 2007), 66-67, 250-253; Cleveland Amory, “Tuxedo Park—Black Tie,” Harper’s Magazine, September 1952, 82-90.
19 Joel Seligman, The Transformation of Wall Street: A History of the Securities and Exchange Commission and Modern Corporate Finance (New York: Aspen Publishers, 3rd edition, 2003), 4; John Kenneth Galbraith, The Great Crash, 1929 (Boston: Houghton Mifflin Company, 1955), 24-42; Klein, Rainbow’s End, 181; NYT, March 29, 1929; NYT, April 3, 1929.
20 Cleveland and Huertas, Citibank, 132-133, 382-383.
21 NYT, March 30, 1929.
22 Klein, Rainbow’s End, 201, 205, 215; Galbraith, The Great Crash, 1929, 88-127; William K. Klingaman, 1929, xiii, 56-57, 238.
23 NYT, November 29, 1929; New Yorker, December 14, 1929, 42; Sherrod, Scapegoats, 92-93.
24 Anonymous, The Mirrors of Wall Street, 157; William K. Klingaman, 1929, 223; Bernard Baruch, The Public Years (New York: Holt, Rinehart and Winston, 1960), 224-225.
25 NYT, November 13, 1929; Nation, January 1, 1930, 11; Clifford Reeves, “A Brief for Bankers,” American Mercury, September 1932, 20-29.
26 NYT, August 21, 1930; Edward Robb Ellis, A Nation in Torment: The Great American Depression 1929-1939 (New York: Coward-McCann, 1970), 140-141.
27 Edward Robb Ellis, The Epic of New York City (New York: Old Town Books, 1990), 532; Nation’s Business, December 1932, 59; American Experience: The Crash of 1929, DVD, produced by Ellen Hovde and Muffie Meyer (PBS, 1990), http://www.pbs.org/wgbh/americanexperience/crash/.
28 Time, March 6, 1933; NYT, September 26, 1923; NYT, September 29, 1929; Gerald D. Nash, “Herbert Hoover and the Origins of the Reconstruction Finance Corporation,” Mississippi Valley Historical Review 46 (1959): 455-468; NYWT, January 10, 1933; NYT, January 6, 1933; NYT, January 11, 1933; Washington Post, January 11, 1933.
29 Drew Pearson and Robert S. Allen, More Merry-Go-Round (New York: Liveright, Inc., 1932), 14- 15; Alan Brinkley, Voices of Protest: Huey Long, Father Coughlin and the Great Depression (New York: Vintage Books, 1983), 110; David H. Bennett, Demagogues in the Depression: American Radicals and the Union Party, 1932-1936 (New Brunswick, NJ: Rutgers University Press, 1969), 36-37, 43; Donald Warren, Radio Priest, Charles Coughlin, the Father of Hate Radio (New York: Free Press, 1996); Clifford Reeves, “A Brief for Bankers,” American Mercury, September 1932, 20-29.
30 NYT, February 28, 1932; Time, January 2, 1933; Literary Digest, January 28, 1933, 11; Father Coughlin’s Radio Discourses (Royal Oak, MI: Radio League of the Little Flower, 1932), 218.
31 Ferdinand Pecora to Peter Norbeck, February 4, 1933, SEIF, Box 82, Norbeck Correspondence File; Charles Mitchell to Ferdinand Pecora, February 3, 1933, SEIF, Box 146, General Correspondence/National City Co. File; New York Landmarks Preservation Commission, National City Bank Building (New York: Landmarks Preservation Commission, 1999), 5-6.
32 M. R. Werner and John Starr, Teapot Dome (Clifton, NJ: Augustus M. Kelley Publishers, 1973), 187, 227-228, 292-293.
33 Hugo L. Black, “Inside a Senate Investigation,” Harper’s Monthly Magazine, 172 (February 1936), 275-286; Ferdinand Pecora to Peter Norbeck, February 4, 1933, SEIF, Box 82, Norbeck Correspondence File.
34 Ferdinand Pecora to Peter Norbeck, February 4, 1933, SEIF, Box 82, Norbeck Correspondence File; Ivan Lashins Handwritten Notes, February 1, 1933-February 4, 1933, SEIF, Box 150, National City Company Conference Memoranda; Memorandum from J. F. O’Hanlon to George K. Watson, May 23, 1932, SEIF, Box 144, Anaconda Copper Mining Company File.
35 NYT, February 2, 1933.
36 Walter K. Earle and Charles C. Parlin, Shearman and Sterling: 1873-1973 (New York: Private Imprint, 2nd edition, 1973), 208-211; NYT, July 7, 1922.
37 POH, 704-709.
38 Ferdinand Pecora to Peter Norbeck, February 4, 1933, SEIF, Box 82, Norbeck Correspondence File; Ferdinand Pecora to Charles Mitchell, February 2, 1933, SEIF, Box 149, Mitchell, Charles E., File; NYT, February 3, 1933.
39 John Marrinan to Ferdinand Pecora, February 4, 1933, SEIF, Box 150, National City Company Conference Memoranda.
40 John E. Miller, “Restrained, Respectable Radicals: The South Dakota Farm Holiday,” Agricultural History 59 (July 1985): 429-447.
41 SBCC Minutes, February 7, 1933; NYT, February 8, 1933; NYT, February 9, 1933.
Chapter 6. A Mine of Information
1 William E. Leuchtenburg, Franklin D. Roosevelt and the New Deal (New York: Harper & Row, 1963), 2-3, 19-21; Michael Vincent Namorato, ed., The Diary of Rexford G. Tugwell: The New Deal, 1932-1935 (New York: Greenwood Press, 1992), 30; Robert A. Caro, The Power Broker: Robert Moses and the Fall of New York (New York: Vintage Books, 1974), 323, 336; Edward Robb Ellis, The Epic of New York City (New York: Old Town Books, 1990), 531-39; Studs Terkel, Hard Times: An Oral History of the Great Depression (New York: Pantheon Books, 1970), 5, 20, 303, 381-382; T. H. Watkins, The Great Depression: America in the 1930s (Boston: Little, Brown, 1993), 13, 54; Irving Bernstein, The Lean Years: A History of the American Worker, 1920-1933 (Boston: Houghton Mifflin, 1960), 326, 360-363; NYT, January 13, 1933.
2 NYT, December 11, 1932; NYT, December 17, 1932; NYT, February 12, 1933.
3 POH, 13-15, 41-42, 853.
4 POH, 853-855; Ron Chernow, The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Grove Press, 1990), 86-87.
5 POH, 44-46, 59.
6 Jerold Auerbach, Unequal Justice: Lawyers and Social Change in Modern America (New York: Oxford University Press, 1976), 14-129.
7 Robert B. Stevens, Law School: Legal Education in America from the 1850s to the 1980s (Chapel Hill, NC: University of North Carolina Press, 1983), 27, 101; Auerbach, Unequal Justice, 117; Joseph M. Proskauer, A Segment of My Times (New York: Farrar, Straus and Co., 1950), 179-180.
8 POH, 46-50, 63-67; Alfred Z. Reed, Training for the Public Profession of the Law (New York: Carnegie Foundation, 1921), 320, 452; Auerbach, Unequal Justice, 94-101; Deborah L. Rhode, “Moral Character as a Professional Credential,” Yale Law Journal 94 (1985): 491.
9 POH, 90-91, 95-97; Newsweek, June 10, 1933; NYT, June 17, 1906; NYT, July 1, 1906; NYT, July 8, 1906; NYT, July 29, 1906; NYT, December 2, 1910.
10 Reminiscences of Morris
Lincoln Strauss (1951), in Oral History Collection of Columbia University, 317; Reminiscences of Harold R. Medina (1977), in Oral History Collection of Columbia University, 553-556; Susan L. Brinson, Personal and Public Interests: Frieda B. Hennock and the Federal Communications Commission (Westport, CT: Praeger, 2002), 150, 159; Tyler Abell, ed., Drew Pearson Diaries, 1949-1959 (New York: Holt, Rinehart and Winston, 1974), 425.
11 CSM, February 21, 1934; Time, June 12, 1933.
12 Donald A. Ritchie, Electing FDR: The New Deal Campaign of 1932 (Lawrence, KS: University Press of Kansas, 2007), 46; Time, March 6, 1933; United States Immigration Commission, Dictionary of Races or Peoples (Washington, D.C.: U.S. Government Printing Office, 1911), 81-85; Edward Alsworth Ross, “Italians in America,” Century Magazine 87 (July 1914): 443- 445; Salvatore J. LaGumina, Wop! A Documentary History of Anti-Italian Discrimination (Toronto: Guernica Editions, 1999), 183.
13 Federal Writers’ Project, The Italians of New York (New York: Random House, 1938), 138.
14 POH, 668-669; Harold van B. Cleveland and Thomas F. Huertas, Citibank, 1812-1970 (Cambridge, MA: Harvard University Press, 1985), 54; 55 Wall Street: A Working Landmark (New York: Citibank, 1979), 15-18. In his oral history, Pecora recalls this trip occurring the next week, after he had finished the Insull hearings. Contemporary records, both newspaper accounts and Pecora’s travel records during the period, suggest that it was on February 9, a week earlier. NYT, February 10, 1933; Donald A. Ritchie, “The Pecora Wall Street Expose 1934,” in Congress Investigates: A Documented History, 1792-1974, ed. Arthur M. Schlesinger Jr. and Roger Bruns (New York: Chelsea House Publishers, 1975), 2562.
15 James B. Stewart, The Partners (New York: Simon & Schuster, 1982), 24-25; Walter K. Earle and Charles C. Parlin, Shearman and Sterling: 1873-1973 (New York: Private Imprint, 1973).
16 POH, 669-670.
17 NYT, February 10, 1933; POH, 671.
18 POH, 671-672.
19 POH, 670-672, 676; Ferdinand Pecora to Julian Sherrod, February 11, 1933, SEIF, Box 83, Telegrams Folder; Julian Sherrod to Ferdinand Pecora, February 14, 1933, SEIF, Box 83, Telegrams Folder; David S. Jordan to Ferdinand Pecora, January 27, 1933, SEIF, Box 81, Jordan, David S. File.
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