14 Nation, March 8, 1933.
15 Joseph P. Kennedy, I’m for Roosevelt (New York: Reynal & Hitchcock, 1936), 93.
16 NY Inquiry, March 5, 1933; Nation, March 8, 1933.
17 Raymond Moley, After Seven Years (New York: Harper & Brothers, 1939), 377; Philadelphia Record, February 23, 1933; Hartford Courant, February 24, 1933; WSJ, February 24, 1933.
18 Paul W. Doyle to Peter Norbeck, February 28, 1933, SEIF, Box 152, National City Bank Remedies Folder; John S. Campen to Peter Norbeck, February 24, 1933, SEIF, Box 149, National City Bank Press Clippings Folder; H. W. Frund to Ferdinand Pecora, February 26, 1933, SEIF, Box 152, National City Bank Remedies Folder; Dr. J. W. Gould to Ferdinand Pecora, March 1, 1933, SEIF, Box 152, National City Bank Remedies Folder; Ferdinand Pecora to Dr. J. W. Gould, March 10, 1933, SEIF, Box 152, National City Bank Remedies Folder.
19 Silas Green to Peter Norbeck, February 2, 1933, SEIF, Box 152, National City Bank Remedies Folder.
20 Edmund Wilson, The Thirties: From Notebooks and Diaries of the Period (New York: Farrar, Straus and Giroux, 1980), 324; NYT, June 20, 1930.
21 NYT, February 24, 1933; NYWT, February 24, 1933; Congressional Record, 72nd Cong., 2nd Sess., 1933, 76, pt. 5:4769-4780.
22 Public Papers of President Herbert H. Hoover, Volume 4: 1932-33 (Washington, D.C.: U.S. Government Printing Office, 1977), 1048-1049.
23 Reminiscences of Eugene Meyer (1953), in Oral History Collection of Columbia University, A119.
Chapter 11. Day Four: Legal Legerdemain
1 NYT, February 25, 1933.
2 John Marrinan to Ferdinand Pecora, February 4, 1933, SEIF, Box 149, Mitchell, Charles E. (Elizabeth R.) Income Tax File; Ambrose W. Hussey to Peter Norbeck, February 23, 1933, SEIF, Box 149, Mitchell, Charles E. (Elizabeth R.) Income Tax File.
3 NYT, February 25, 1933; John H. Highfill to Senator Joseph T. Robinson, March 20, 1933, quoted in Pamela Webb, “The Bank Holiday in Arkansas,” Arkansas Historical Quarterly 39 (1980): 247-261; Digest of Diary of Charles S. Hamlin, February 24, 1933, Hamlin Papers, Reel 21.
4 Hearing Tr., 1965-1966.
5 Hearing Tr., 1970-1971.
6 Edwin J. Perkins, “The Divorce of Commercial and Investment Banking: A History,” Banking Law Journal 88 (1971): 483-528; Eugene Nelson White, The Regulation and Reform of the American Banking System, 1900-1929 (Princeton, NJ: Princeton University Press, 1983).
7 Richard H. K. Vietor, “Regulation-Defined Financial Markets: Fragmentation and Integration in Financial Services,” in Wall Street and Regulation, ed. Samuel L. Hayes III (Boston: Harvard Business School Press, 1987), 12; Harold van B. Cleveland and Thomas F. Huertas, Citibank, 1812-1970 (Cambridge, MA: Harvard University Press, 1985), 358; Ferdinand Pecora, Wall Street under Oath: The Story of Our Modern Money Changers (New York: Simon & Schuster, 1939), 76.
8 Pecora, Wall Street under Oath, 80; Hearing Tr., 1995.
9 Hearing Tr., 2007-2008; Perkins, “The Divorce of Commercial and Investment Banking,” 488.
10 Hearing Tr., 2010.
11 Julian Sherrod, Scapegoats (New York: Brewer, Warren & Putnam, 1931), 16.
12 Pecora, Wall Street under Oath, 89.
13 Hearing Tr., 2019-2020.Hearing Tr., 2020.
14 Hearing Tr., 2025.
15 Sherrod, Scapegoats, 22-23, 39; NYT, January 18, 1920; Edmund Wilson, Travels in Two Democracies (New York: Harcourt, Brace and Company, 1936), 55-56; Maury Klein, Rainbow’s End: The Crash, 1929 (New York: Oxford University Press, 2001), 56.
16 James C. German Jr., Taft’s Attorney General: George W. Wickersham (New York: New York University, 1969), 47.
17 Hearing Tr., 2027-2044; Pecora, Wall Street under Oath, 77, 80-81.
18 NYT, February 6, 1942; Hearing Tr., 2043.
19 German, Taft’s Attorney General, 26.
20 Henry F. Pringle, The Life and Times of William Howard Taft: A Biography (New York: Farrar & Rinehart, 1939), 676.
21 Cleveland and Huertas, Citibank, 66-67; Pringle, The Life and Times of William Howard Taft, 677.
22 Perkins, “The Divorce of Commercial and Investment Banking,” 488, 491-495; Vietor, “Regulation-Defined Financial Markets,” 12; Vincent P. Carosso, Investment Banking in America: A History (Cambridge, MA: Harvard University Press, 1970), 272-273.
23 NYT, February 24, 1933; NYWT, February 24, 1933; Drew Pearson and Robert S. Allen, The Washington Merry-Go-Round, United Feature Syndicate, March 11, 1933.
24 Marcus Nadler and Jules I. Bogen, The Banking Crisis: The End of an Epoch (New York: Dodd, Mead & Company, 1933), 44.
25 NYT, May 10, 1932; NYWT, February 24, 1933; NY American, February 25, 1933; John Marrinan to Ferdinand Pecora, February 27, 1933, SEIF, Box 82, Marrinan, John Correspondence File.
26 POH, 852; Nation, July 1, 1939; George J. Benston, The Separation of Commercial and Investment Banking: The Glass-Steagall Act Revisited and Reconsidered (New York: Oxford University Press, 1990).
Chapter 12. Days Five and Six: Intermission
1 Darwyn H. Lumley, Breaking the Banks in Motor City: The Auto Industry, the 1933 Detroit Banking Crisis and the Start of the New Deal (Jefferson, NC: McFarland & Co, 2009), 84- 85; Roy Chapin to James Couzens, February 25, 1933, Couzens Papers, Box 139.
2 Elmus Wicker, The Banking Panics of the Great Depression (New York: Cambridge University Press, 1996), 126-127; Ellen N. Lawson, “Banking,” The Encyclopedia of Cleveland History, http://ech.cwru.edu/index.html; Lawrence Sullivan, Prelude to Panic: The Story of the Bank Holiday (Washington, D.C.: Statesman Press, 1936), 98, 101-104; NYT, February 25, 1933; WSJ, February 25, 1933; Jo Ann E. Argersinger, Toward a New Deal in Baltimore: People and Government in the Great Depression (Chapel Hill, NC: University of North Carolina Press, 1988), 17-19.
3 Reminiscences of Eugene Meyer (1953), in Oral History Collection of Columbia University, A92; Digest of Diary of Charles S. Hamlin, February 25, 1933, Hamlin Papers, Reel 21; Harold van B. Cleveland and Thomas F. Huertas, Citibank, 1812-1970 (Cambridge, MA: Harvard University Press, 1985), 407.
4 Reminiscences of Eugene Meyer, A92-A93.
5 NY Evening Post, February 25, 1933.
6 Fred W. Sargent to Peter Norbeck, February 27, 1933, Norbeck Papers, Box 115, Folder 4; William Purnell to Peter Norbeck, February 27, 1933, SEIF, Box 81, Criticisms General File.
7 Washington Herald, February 25, 1933; CSM, February 27, 1933; Frank E. Karelsen Jr. to Peter Norbeck, February 28, 1933, Norbeck Papers, Box 2, Folder 2.
8 Reminiscences of James Paul Warburg (1952), in Oral History Collection of Columbia University, 135.
9 Literary Digest, April 8, 1933.
10 Business Week, March 8, 1933; Baltimore Sun, February 26, 1933.
11 NYT, February 26, 1933.
12 Washington Herald, February 25, 1933; Newsweek, March 4, 1933.
13 Eli Wald, “The Rise and Fall of the WASP and Jewish Law Firms,” Stanford Law Review 60 (2008): 1803; Samuel Untermyer to Peter Norbeck, February 25, 1933, Norbeck Papers, Box 2, Folder 2; Raymond Moley with Elliot A. Rosen, The First New Deal (New York: Harcourt, Brace & World, 1966), 310; Allan H. MacLean to Peter Norbeck, February 27, 1933, Norbeck Papers, Box 2, Folder 10.
14 Richard O. Boyer, Max Steuer: Magician of the Law (New York: Greenberg, 1932), 11; James McMullin, The National Whirligig, McClure News Syndicate, February 23, 1933.
15 Commonweal, March 15, 1933; CSM, February 21, 1934; Arthur M. Schlesinger Jr., The Age of Roosevelt: The Coming of the New Deal (Boston: Houghton Mifflin Company, 1958), 120.
16 CSM, February 21, 1934; Boston Globe, May 21, 1933; Literary Digest, June 10, 1933; Time, March 6, 1933; Charles N. Camp, undated, SEIF, Box 82, Miscellaneous Correspondence File; Ron Chernow, The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Grove Press, 1990), 361-362; Business Week, June 7, 1933.
17 Joab H. Banton, “Ferdinand Pecora,” U.S. Law Review 67 (1933): 302-306; Barron’s, September 17, 1934; Boston Globe, May 21, 1933; Lit
erary Digest, June 10, 1933; Time, March 6, 1933; Newsweek, June 10, 1933; Ralph F. de Bedts, The New Deal’s SEC: The Formative Years (New York: Columbia University Press, 1964), 94; Peter Norbeck to James E. Stewart, March 24, 1933, Norbeck Papers, Box 134, Folder 5.
18 Thomas F. Huertas and Joan L. Silverman, “Charles E. Mitchell: Scapegoat of the Crash?” Business History Review 60 (1986): 81-103; NYT, October 25, 1929.
19 Philadelphia Record, February 24, 1933; Public Opinion, February 25, 1933; St. Louis Star and Times, February 24, 1933.
20 St. Louis Star and Times, February 24, 1933; NYWT, February 25, 1933.
21 Commercial & Financial Chronicle, February 25, 1933; Max Freedman, ed., Roosevelt and Frankfurter: Their Correspondence, 1928-45 (Boston: Little, Brown, 1967), 123.
22 Freedman, Roosevelt and Frankfurter, 114-117; Ronald Steel, Walter Lippmann and the American Century (Boston: Little, Brown, 1980), 289-290.
23 Reminiscences of Eugene Meyer (1953), in Oral History Collection of Columbia University, A119-A120; Thomas L. Stokes, Chip off My Shoulder (Princeton, NJ: Princeton University Press, 1940), 347.
24 John Marrinan to Ferdinand Pecora, February 25, 1933, SEIF, Box 82, Marrinan, John Correspondence File; NYT, February 26, 1933; NYWT, February 27, 1933.
25 Literary Digest, March 11, 1933 (quoting Troy Record).
26 Public Papers of President Herbert H. Hoover, Volume 4: 1932-33 (Washington, D.C.: U.S. Government Printing Office, 1977), 1054-1055; William E. Leuchtenburg, Franklin D. Roosevelt and the New Deal, 1932-1940 (New York: Harper & Row, 1963), 36; Raymond Moley, After Seven Years (New York: Harper & Brothers, 1939), 143, 377; Edward M. Lamont, The Ambassador from Wall Street: The Story of Thomas W. Lamont, J.P. Morgan’s Chief Executive (Lanham, MD: Madison Books, 1994), 338; Ernest K. Lindley, The Roosevelt Revolution: First Phase (New York: Viking Press, 1933), 75-76.
27 CSM, February 27, 1933; NYT, February 27, 1933; Cleveland and Huertas, Citibank, 186-188.
28 POH, 678-679.
Chapter 13. Day Seven: South of the Border
1 NYT, February 28, 1933; Washington Daily News, March 1, 1933.
2 Philadelphia Record, March 2, 1933; NYWT, February 28, 1933.
3 POH, 682.
4 Ferdinand Pecora, Wall Street under Oath: The Story of Our Modern Money Changers (New York: Simon & Schuster, 1939), 100.
5 Vincent P. Carosso, Investment Banking in America: A History (Cambridge, MA: Harvard University Press, 1970), 248-249; 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), 10-11.
6 Harold van B. Cleveland and Thomas F. Huertas, Citibank, 1812-1970 (Cambridge, MA: Harvard University Press, 1985), 145-153; Seligman, The Transformation of Wall Street, 10-11; Carosso, Investment Banking in America, 262.
7 James Grant, Money of the Mind: Borrowing and Lending in America from the Civil War to Michael Milken (New York: Farrar, Straus and Giroux, 1992), 174; Cleveland and Huertas, Citibank, 145; John Brooks, Once in Golconda: A True Drama of Wall Street, 1920-1938 (New York: John Wiley & Sons, 1969), 103; Carosso, Investment Banking in America, 251.
8 Hearing Tr., 2053-2063.
9 NYWT, February 27, 1933; Pecora, Wall Street under Oath, 101.
10 Hearing Tr., 2115.
11 David Bristow to Peter Norbeck, February 21, 1933, SEIF, Box 149, National City Remedies File.
12 Hearing Tr., 2067-2068.
13 Hearing Tr., 2069, 2071, 2076.
14 Hearing Tr., 2085-2086.
15 Hearing Tr., 2106.
16 NYT, May 20, 1934, NYT February 12, 1942; Washington Post, November 11, 1943.
17 POH, 817-818, 827-828; Peter Norbeck to George A. Perley, April 17, 1933, Norbeck Papers, Box 115, Folder 4.
18 Chauncey Overfield to Ferdinand Pecora, February 28, 1933, SEIF, Box 152, Remedies NCB and NCC File.
19 New York Herald Tribune, February 27, 1933; Nation, February 27, 1933; Nation, March 15, 1933.
20 Benjamin Roth, The Great Depression: A Diary, ed. James Ledbetter and Daniel B. Roth (New York: Public Affairs, 2009), 93; Theodore G. Joslin, Hoover off the Record (Freeport, NY: Books for Libraries Press, 1971), 360; Lawrence Sullivan, Prelude to Panic: The Story of the Bank Holiday (Washington, D.C.: Statesman Press, 1936), 104.
21 Thomas W. Lamont to Franklin D. Roosevelt, February 27, 1933, PPF 70, Lamont, Thomas File, FDRPL; Michael Vincent Namorato, ed., The Diary of Rexford G. Tugwell: The New Deal, 1932-1935 (New York: Greenwood Press, 1992), 82.
22 Susan Estabrook Kennedy, The Banking Crisis of 1933 (Lexington, KY: University Press of Kentucky, 1973), 133, 161; Interview of Mary Eloise Green, The Ohio State University Oral History Project, http://hdl.handle.net/1811/478; Literary Digest, March 25, 1933; Pamela Webb, “The Bank Holiday in Arkansas,” Arkansas Historical Quarterly 39 (1980): 247-261; Federal Reserve Bank of Boston, Closed for the Holiday: The Bank Holiday of 1933 (Boston: Federal Reserve Bank of Boston, 1996), 10; Calvin W. Coquillette, Hoover, the Banks, the Depression: The Iowa Experience, 1930-1933 (Ph.D. diss., University of Iowa, 1997), 310- 311; William H. Jervey Jr., “When the Banks Closed: Arizona’s Bank Holiday of 1933,” in Hitting Home: The Great Depression in Town and Country, ed. Bernard Sternsher (Chicago: Ivan R. Dee, 1989), 219-246.
23 Davis W. Houck, FDR and Fear Itself: The First Inaugural Address (College Station, TX: Texas A&M University Press, 2002), 96-116; Raymond Moley with Elliot A. Rosen, The First New Deal (New York: Harcourt, Brace & World, 1966), 113-120.
Chapter 14. Day Eight: Shorn Lamb
1 Davis W. Houck, FDR and Fear Itself: The First Inaugural Address (College Station, TX: Texas A&M University Press, 2002), 98-99, 117-124; Raymond Moley with Elliot A. Rosen, The First New Deal (New York: Harcourt, Brace & World, 1966), 113-120; Alfred B. Rollins Jr., Roosevelt and Howe (New Brunswick, NJ: Transaction Publishers, 2002), 338-348; Geoffrey C. Ward. “Howe, Louis McHenry,” American National Biography Online, http://www.anb. org/articles/06/06-00295.html.
2 Charles R. Geisst, Wall Street: A History (New York: Oxford University Press, 1997), 214-215; Hearing Tr., 2123.
3 Hearing Tr., 2119-2120.
4 Hearing Tr., 2134-2135.
5 Hearing Tr., 2136-2138.
6 Hearing Tr., 2155.
7 Hearing Tr., 2157-2160.
8 Vincent P. Carosso, Investment Banking in America: A History (Cambridge, MA: Harvard University Press, 1970), 101.
9 Hearing Tr., 2163-2166; NYT, March 1, 1933.
10 Newsweek, March 11, 1933; Pottsville Republican, February 27, 1933; Irving Bernstein, The Lean Years: A History of the American Worker, 1920-1933 (Boston: Houghton Mifflin Company, 1960), 432.
11 Ferdinand Pecora, Wall Street under Oath: The Story of Our Modern Money Changers (New York: Simon & Schuster, 1939), 85, 89.
12 Newsweek, March 11, 1933.
13 NYWT, February 28, 1933.
14 Hearing Tr., 2170-2182.
15 Susan Estabrook Kennedy, The Banking Crisis of 1933 (Lexington, KY: University Press of Kentucky, 1973), 144; Pamela Webb, “The Bank Holiday in Arkansas,” Arkansas Historical Quarterly 39 (1980): 247-261.
16 Jo Ann E. Argersinger, Toward a New Deal in Baltimore: People and Government in the Great Depression (Chapel Hill, NC: University of North Carolina Press, 1988), 17-19.
17 Lawrence Sullivan, Prelude to Panic: The Story of the Bank Holiday (Washington, D.C.: Statesman Press, 1936), 108; Benjamin Roth, The Great Depression: A Diary, ed. James Ledbetter and Daniel B. Roth (New York: Public Affairs, 2009), 93, 96; NYT, March 1, 1933; CSM, March 1, 1933.
18 S.R. 371, 72nd Cong., 2nd Sess., Congressional Record, 76, pt. 5:5212-5214.
Chapter 15. Day Nine: A Free and Open Market
1 Susan Estabrook Kennedy, The Banking Crisis of 1933 (Lexington, KY: University Press of Kentucky, 1973), 144; Elmus Wicker, The Banking Panics of the Great Depression (New York: Cambridge University Press, 1996), 108; Reminiscences
of Robert H. Jackson (1952), in Oral History Collection of Columbia University, 237; NYT, March 1, 1933; Washington Post, March 1, 1933.
2 NYT, October 8, 1926, Jan 11, 1990.
3 Hearing Tr., 2141-2151; NYT, March 22, 1933.
4 Hearing Tr., 2183-2196.
5 Hearing Tr., 2196-2202; NYT, March 1, 1933; NYT, March 22, 1933; NYT, April 12, 1933; NYT, October 8, 1933; Nation, March 15, 1933.
6 Baltimore Sun, February 28, 1933; NYT, March 1, 1933; WSJ, March 1, 1933.
7 Arthur M. Schlesinger Jr., The Age of Roosevelt: The Crisis of the Old Order, 1919-1933 (Boston: Houghton Mifflin Company, 1957), 461-462; Report of Richard Whitney to NYSE Governing Committee, August 24, 1932, NYSE Archives; Hearing Tr., 2262.
8 Hearing Tr., 2203-2213.
9 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), 46-47; Ferdinand Pecora, Wall Street under Oath: The Story of Our Modern Money Changers (New York: Simon & Schuster, 1939), 264.
10 Hearing Tr., 2206-2210; 2247-2248.
11 Hearing Tr., 2249.
12 Hearing Tr., 2219-2224.
13 Hearing Tr., 2234, 2257.
14 Hearing Tr., 2263-2264.
15 Charles R. Geisst, Wall Street: A History (New York: Oxford University Press, 1997), 183; Pecora, Wall Street under Oath, 263.
16 Hearing Tr., 2227-2228.
Chapter 16. Day Ten: The End of an Era
1 POH, 682; Ferdinand Pecora, Wall Street under Oath: The Story of Our Modern Money Changers (New York: Simon & Schuster, 1939), 88.
2 Hearing Tr., 2265-2269.
3 Hearing Tr., 2269-2323.
4 Hearing Tr., 2323-2343; POH, 763; David S. Levin, “Regulating the Securities Industry: The Evolution of a Government Policy” (Ph.D. diss., Columbia University, 1969), 207; Pecora, Wall Street under Oath, 123-126.
5 Pecora, Wall Street under Oath, 130.
6 William H. Jervey Jr., “When the Banks Closed: Arizona’s Bank Holiday of 1933,” in Hitting Home: The Great Depression in Town and Country, ed. Bernard Sternsher (Chicago: Ivan R. Dee, 1989), 219-246; San Mateo Times, March 2, 1933.
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