NOTES
ABBREVIATIOGS
Introduction
1 NYT, March 5, 1933; Conrad Black,
Franklin Delano Roosevelt: Champion of Freedom (New York: Public Affairs, 2003), 269; Stanley Lebergott,
Americans, An Economic Record (New York: W.W. Norton, 1984), 447; Amity Shlaes,
The Forgotten Man: A New History of the Great Depression (New York: HarperCollins, 2007), 144; Edmund Wilson,
Travels in Two Democracies (New York: Harcourt, Brace and Company, 1936), 43.
2 NYT, March 5, 1933; Drew Pearson and Robert S. Allen, “Washington Merry-Go-Round,” United Feature Syndicate, December 16, 1932; Wilson,
Travels in Two Democracies, 43; Dixon Wecter,
The Age of the Great Depression, 1929-1941 (New York: Macmillan Co., 1948), 25- 40; T. H. Watkins,
The Great Depression: America in the 1930s (Boston: Little, Brown, 1993), 98-107; Donald A. Ritchie,
Electing FDR: The New Deal Campaign of 1932 (Lawrence, KS: University Press of Kansas, 2007), 116-120.
3 NYT, March 5, 1933; Davis W. Houck,
FDR and Fear Itself: The First Inaugural Address (College Station, TX: Texas A&M University Press, 2002), 64-65, 73.
4 Houck,
FDR and Fear Itself, 107.
5 Ferdinand Pecora,
Wall Street under Oath: The Story of Our Modern Money Changers (New York: Simon & Schuster, 1939), 3-4.
6 John Brooks,
Once in Golconda: A True Drama of Wall Street, 1920-1938 (New York: John Wiley & Sons, 1969), 191; Raymond Moley,
After Seven Years (New York: Harper & Brothers, 1939), 177; Joab H. Banton, “Ferdinand Pecora,”
U.S. Law Review 67 (1933): 302-306.
7 D. B. Hardeman and Donald C. Bacon,
Rayburn: A Biography (Austin, TX: Texas Monthly Press, 1987), 152; 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), 2; POH, 876; Reminiscences of James McCauley Landis (1964), in Oral History Collection of Columbia University, 199. The hearings are so unknown today that the appellation “Pecora Hearings” led one modern writer to assume that they were the handiwork of “Senator Ferdinand Pecora.” Donald Warren,
Radio Priest, Charles Coughlin, the Father of Hate Radio (New York: Free Press, 1996), 56.
Chapter 1. The Well-Driller and Wall Street
1 Peter Norbeck to D. C. Wallace, November 15, 1932, Norbeck Papers, Box 113, Folder 2; Donald A. Ritchie,
Electing FDR: The New Deal Campaign of 1932 (Lawrence, KS: University Press of Kansas, 2007), 38, 223-224; Gilbert C. Fite,
Peter Norbeck: Prairie Statesman (Pierre, SD: South Dakota Historical Society Press, 2005), 152-153.
2 NYT, November 21, 1932; John T. Flynn, “The Marines Land in Wall Street,”
Harper’s, July 1934: 149-155.
3 Peter Norbeck to Theo. J. P. Giedt, July 9, 1932, Norbeck Papers, Box 140, Folder 4; Peter Norbeck to W. R. Ronald, July 11, 1932, Norbeck Papers, Box 105, Folder 13; Fite,
Peter Norbeck: Prairie Statesman, 167, 186-188; John E. Miller, “Restrained, Respectable Radicals: The South Dakota Farm Holiday,”
Agricultural History 59 (January 1985): 429-447; Herbert H. Schell,
History of South Dakota (Lincoln, NE: University of Nebraska Press, 2nd edition, 1968), 282- 288; Jonathan Alter,
The Defining Moment: FDR’s Hundred Days and the Triumph of Hope (New York: Simon & Schuster, 2006), 149.
4 Ray Tucker, “Those Sons of the Wild Jackasses,”
The North American Review 229 (February 1930): 231-239.
5 Fite,
Peter Norbeck: Prairie Statesman, 153; Ray Tucker, “Those Sons of the Wild Jackasses,” 231-239.
6 Fite,
Peter Norbeck: Prairie Statesman, 43.
7 Schell,
History of South Dakota, 278-281.
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), 8-9; Ritchie,
Electing FDR, 168;
NYT, October 16, 1930; Ralph F. de Bedts,
The New Deal’s SEC: The Formative Years (New York: Columbia University Press, 1964), 15.
10 Senator Thomas Connally of Texas, 75th Cong., 1st sess.,
Congressional Record (February 29, 1932), 76, pt. 5:4912.
11 Herbert Hoover,
Memoirs: Great Depression (New York: Macmillan Co., 1951-52), 16-17; William R. Perkins, “Short Selling: A Reply to the Address of Richard Whitney,” October 16, 1931, NYSE Archives;
NYT, October 15, 1930.
12 Seligman,
The Transformation of Wall Street, 11-12; de Bedts,
The New Deal’s SEC, 16; 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), 2558;
NYT, October 16, 1930.
13 Washington Post, March 2, 1932;
Time, March 14, 1932; Drew Pearson and Robert S. Allen, “Washington Merry-Go-Round,” United Feature Syndicate, March 13, 1933; Drew Pearson and Robert S. Allen,
More Merry-Go-Round (New York: Liveright, Inc., 1932), 320-323, 352-357.
14 Peter Norbeck to James Stewart, April 18, 1932, Norbeck Papers, Box 111, Folder 6;
NYT, March 5, 1932.
15 Peter Norbeck to George W. Pennington, January 26, 1933, Norbeck Papers, Box 2, Folder 2;
NYT, June 25, 1932.
16 Forrest McDonald,
Insull (Chicago: University of Chicago Press, 1962), vii; Hiram W. Johnson to Peter Norbeck, September 22, 1932, Norbeck Papers, Box 112, Folder 1; W. Harry King to Peter Norbeck, September 29, 1932, Norbeck Papers, Box 101, Folder 7.
17 McDonald,
Insull, 309-313; Peter Norbeck to W. Harry King, October 3, 1932, Norbeck Papers, Box 101, Folder 7.
18 Undated memorandum to Peter Norbeck re William Gray, Norbeck Papers, Box 2, Folder 4;
NYT, November 18, 1932.
19 Ritchie,
Electing Roosevelt, 124; Eugene Nelson White,
The Regulation and Reform of the American Banking System, 1900-1929 (Princeton, NJ: Princeton University Press, 1983), 14-23.
20 Frederic Walcott to Herbert Hoover, August 5, 1932, Walcott Papers, Box 8; Reminiscences of Eugene Meyer (1953), in Oral History Collection of Columbia University, 684-685.
21 Susan Estabrook Kennedy,
The Banking Crisis of 1933 (Lexington, KY: University Press of Kentucky, 1973), 50-53, 67-74, 212; Richard H. K. Vietor, “Regulation-Defined Financial Markets: Fragmentation and Integration in Financial Services,” in
Wall Street and Regulation, ed. Samuel L. Hayes (Boston: Harvard Business School Press, 1987), 17-18; Rixey Smith and Norman Beasley,
Carter Glass: A Biography (New York: Longmans, Green and Co., 1939), 182, 301; Ritchie,
Electing FDR, 124; Francis H. Sisson, “Men, Not Laws, Make Sound Banks,”
Nation’s Business 21 (January 1933): 13.
22 Fite,
Peter Norbeck: Prairie Statesman, 179; Peter Norbeck to E. E. Gelheus, December 31, 1932, Norbeck Papers, Box 140, Folder 4.
Chapter 2. The Best Cross-Examiner in New York
1 POH, 1-2, 6-8, 18, 31; Erik Amfitheatrof,
The Children of Columbus: An Informal History of Italians in the New World (Boston: Little, Brown, 1973), 137-157;
NYT, July 29, 1875; George Ripley and Charles A. Dana,
American Cyclopaedia: A Popular Dictionary of General Knowledge, vol. 11 (New York: D. Appleton and Co., 1875), 644-649; Constantine M. Pannunzio,
The Soul of an Immigrant (New York: Macmillan Co., 1921), 134.
2 Salvatore J. LaGumina,
New York at Mid-Century (Westport, CT: Greenwood Press, 1992), 41; Ira A. Glazier and P. William Filby, eds.,
Italians to America: Lists of Passengers Arriving at U.S. Ports, 1880-1899, vol. 2 (Wilmington, DE: Scholarly Resources Inc., 1992), 180, 183.
3 Robert H. Wiebe,
The Search for Order, 1877-1920 (New York: Hill and Wang, 1967); Beverly Gage,
The Day Wall Street Exploded: A Story of America in Its First Age of Terror (New York: Oxford University Press, 2009); James Green,
Death in the Haymarket: A Story of Chicago, the First Labor Movement and the Bombing That Divided Gilded Age America (New York: Pantheon Books, 2006).
4 John Higham,
Strangers in the Land: Pattern of American Nativism, 1860-1925 (New Brunswick, NJ: Rutgers University Press, 1983), 55.
5 Higham,
Strangers in the Land, 55;
NYT, March 5, 1882.
6 NYT, March 5, 1882; Jacob A. Riis,
How the Other Half Lives: Studies Among the Tenements of New York (New York: Charles Scribner’s Sons, 1890), 48-54; Higham,
Strangers in the Land, 90.
7 Thomas Kessner,
The Golden Door: Italian and Jewish Immigrant Mobility in New York City 1880-1915 (New York: Oxford University Press, 1977), 8; Philip Cannistraro and Gerald Meyer,
The Lost World of Italian American Radicalism: Politics, Labor, and Culture (Westport, CT: Praeger, 2003), 6; Higham,
Strangers in the Land, 160.
8 Jerre Mangione and Ben Morreale,
La Storia: Five Centuries of the Italian American Experience (New York: HarperCollins, 1992), 200-213; Higham,
Strangers in the Land, 90-91;
NYT, March 16, 1891.
9 POH, 6-7, 31-32; Cannistraro and Meyer,
The Lost World of Italian American Radicalism, 12; Donna R. Gabaccia,
From Sicily to Elizabeth Street: Housing and Social Change Among Italian Immigrants (Albany, NY: State University of New York Press, 1984), 54.
11 Ferdinand Pecora, “Untitled,” in
I Am an American, ed. Robert S. Benjamin (Freeport, NY: Books for Libraries Press, 1970), 101-106.
12 POH, 5-6; Nancy Foner,
From Ellis Island to JFK: New York’s Two Great Waves of Immigration (New Haven: Yale University Press, 2002), 206-207.
13 POH, 5, 20-21, 24-25, 30; Kessner,
The Golden Door, 14.
14 Charity Organization Society of the City of New York, map showing overcrowding of the buildings on the lots and the consequent lack of light and air space also strongholds of poverty and agencies for betterment in the tenement house district bounded by 22nd Street, 17th Street, 11th Avenue, 6th Avenue (1899), New York Historical Society collection; POH, 12, 29, 53, 94-95.
17 POH, 24, 29; Olin Scott Roche,
Forty Years of Parish Life and Work (New York: Friebele Press, 1930).
18 POH, 3, 10, 39;
NYT, November 3, 1950.
19 POH, 10-13, 34; Roche,
Forty Years of Parish Life, 89, 177-178; Reamer Kline,
Education for the Common Good: A History of Bard College the First 100 Years, 1860-1960 (Annandale, NY: Bard College, 1982);
NYT, June 20, 1896.
21 POH, 15-16, 41; Irving Howe and Kenneth Libo,
World of Our Fathers: The Journey of the East European Jews to America and the Life They Found and Made (New York: Harcourt Brace Jovanovich, 1976), 158; Leon Stein, ed.,
Out of the Sweatshop: The Struggle for Industrial Democracy (New York: Quadrangle, 1977), 20-58.
22 Irving Bernstein,
The Lean Years: A History of the American Worker, 1920-1933 (Boston: Houghton Mifflin Company, 1960), 263.
23 POH, 84-89; Maureen A. Flanagan,
America Reformed: Progressives and Progressivisms, 1890s-1920s (New York: Oxford University Press, 2007).
24 POH, 105-108; Reminiscences of Thomas E. Dewey (1959), in Oral History Collection of Columbia University, 443.
25 J. Joseph Huthmacher, “Charles Evans Hughes and Charles Francis Murphy: The Metamorphosis of Progressivism,”
New York History 46 (January 1965): 25-40.
26 Nancy Joan Weiss,
Charles Francis Murphy, 1858-1924: Respectability and Responsibility in Tammany Politics (Northampton, MA: Smith College, 1968), 78-85.
27 Reminiscences of Reuben A. Lazarus (1951), in Oral History Collection of Columbia University, 399-403.
29 POH, 123-126; John Jones to Peter Norbeck, January 27, 1933, Norbeck Papers, Box 2, Folder 10.
31 POH, 140-43a; 441-457, 478-481;
NYT, August 23, 1928.
32 POH, 198-254;
NYT, August 21, 1921.
33 POH, 290, 359-367, 579-581;
NYT, June 8, 1921;
NYT, June 11, 1921;
Time, June 12, 1933.
34 POH, 313-330;
NYT, June 10, 1922.
35 NYT, December 30, 1920;
NYT, November 7, 1920;
NYT, July 21, 1923; Peter H. Odegard,
Pressure Politics: The Story of the Anti-Saloon League (New York: Columbia University Press, 1928), 228-240; K. Austin Kerr,
Organized for Prohibition: A New History of the Anti-Saloon League (New Haven: Yale University Press, 1985), 1-11, 121-122; Ron Chernow,
Titan: The Life of John D. Rockefeller, Sr. (New York: Vintage Books, 1998), 368; POH, 291-303, 308-312, 335-359, 624-628; 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), 21; Reminiscences of William H. Anderson (1950), in Oral History Collection of Columbia University, 61.
36 NYT, February 12, 1929;
NYT, July 7, 1929;
NYT, August 23, 1929;
NYT, November 6, 1929; POH, 275-277, 601-610.
37 NYT, April 12, 1929; POH, 581-594.
38 POH, 273; Weiss,
Charles Francis Murphy, 32-33; Warren Moscow,
Politics in the Empire State (New York: A.A. Knopf, 1948), 44-45.
39 Time, April 30, 1934; Weiss,
Charles Francis Murphy, 125; Alfred Connable and Edward Silberfarb,
Tigers of Tammany: Nine Men Who Ran New York (New York: Holt, Reinhart and Winston, 1967), 277-278; Herbert Mitgang,
The Man Who Rode the Tammany Tiger: The Life and Times of Judge Samuel Seabury (Philadelphia: J.B. Lippincott Company, 1963), 164-165; POH, 1026-1027.
40 David Von Drehle,
Triangle: The Fire That Changed America (New York: Atlantic Monthly Press, 2003), 306; POH, 582, 643.
41 POH, 590-594;
NYT, August 9, 1929.
44 POH, 619-620, 633-638.
Chapter 3. Sitting on the Lid
1 Peter Norbeck to W. E. Briggs, April 26, 1932, Norbeck Papers, Box 139, Folder 2.
2 Hugo L. Black, “Inside a Senate Investigation,”
Harper’s Monthly Magazine 172 (February 1936): 275-86.
3 William H. Harbaugh,
Lawyer’s Lawyer: The Life of John W. Davis (New York: Oxford University Press, 1973), 321.
4 NYT, March 7, 1932;
NYT, March 9, 1932;
NYT, March 10, 1932;
NYT, March 12, 1932; Drew Pearson and Robert S. Allen,
More Merry-Go-Round (New York: Liveright, Inc., 1932), 355.
5 Donald A. Ritchie,
Electing FDR: The New Deal Campaign of 1932 (Lawrence, KS: University Press of Kansas, 2007), 168; 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), 2559; SBCC Minutes, April 8, 1932;
NYT, April 9, 1932;
NYT, April 10, 1932; Peter Norbeck to J. D. Coon, April 11, 1932, Norbeck Papers, Box 139, Folder 5;
Public Papers of Herbert Hoover (Washington, D.C.: U.S. Government Printing Office, 1977), 1175; Pearson and Allen,
More Merry-Go-Round, 355-356.
6 John Brooks,
Once in Golconda: A True Drama of Wall Street 1920-1938 (New York: John Wiley & Sons, 1969), 61-62, 142; Steve Fraser,
Every Man a Speculator (New York: HarperCollins, 2005), 417; Ormonde de Kay, “Debt Before Dishonor: How Richard Whitney Went down the Drain and up the River,”
Quest (February 1988): 40-47.
7 Washington Post, April 9, 1932; 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), 15; Brooks,
Once in Golconda, 142.
8 POH, 662; Ritchie, “The Pecora Wall Street Expose 1934,” 2560; Seligman,
The Transformation of Wall Street, 15.
9 Brooks,
Once in Golconda, 144.
10 WSJ, April 23, 1932;
Tatler and American Sketch, May 1, 1932; P. M. Cushing to Editors,
New York Evening Post, May 10, 1932; Gilbert C. Fite,
Peter Norbeck: Prairie Statesman (Pierre, SD: South Dakota Historical Society Press, 2005), 176-177.
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.
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.
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.
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 University 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.
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.
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.
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).
17 NYT, February 10, 1933; POH, 671.
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.
20 SBCC Minutes, July 28, 1932; James E. Stewart to Peter Norbeck, October 3, 1932, Norbeck Papers, Box 2, Folder 1.
21 Unsigned memorandum, December 5, 1932, Norbeck Papers, Box 2, Folder 2; Drew Pearson and Robert S. Allen,
The Washington Merry-Go-Round, United Feature Syndicate, December 30, 1932; “Editor’s Note,”
The Washington Merry-Go-Round, United Feature Syndicate, December 30, 1932;
Hartford Courant, March 28, 1933;
Washington Post, March 28, 1933;
NYT, June 16, 1933.
22 Gilbert C. Fite,
Peter Norbeck: Prairie Statesman (Pierre, SD: South Dakota Historical Society Press, 2005), 181;
NYT, February 10, 1933;
Hartford Courant, February 10, 1933.
23 Although Olson’s specific charges did not pan out, he was not the only one to raise suspicions about Mellon’s taxes. In the coming years, the Roosevelt administration pursued a series of tax cases against the former Treasury secretary. David Cannadine,
Mellon: An American Life (New York: Vintage Books, 2008), 505-515, 523-35, 583-585;
Washington Post, July 18, 1933.
24 NYT, February 10, 1933;
Washington Post, February 10, 1933;
Hartford Courant, February 10, 1933;
CSM, February 11, 1933.
25 Ralph Blumenthal,
The Stork Club: America’s Most Famous Nightspot and the Lost World of Café Society (Boston: Little, Brown, 2000), 65-79, 127-129.
26 Raymond Moley,
First New Deal at 310; Henry F. Pringle,
Big Frogs (New York: Macy-Masius, 1928), 141; Samuel Untermyer to Peter Norbeck, February 23, 1933, Norbeck Papers, Box 2, Folder 2.
27 NYT, February 10, 1933; Fite,
Peter Norbeck: Prairie Statesman, 180.
28 F. A. Loitch to Peter Norbeck, February 9, 1933, Norbeck Papers, Box 2, Folder 10; James B. Nue to Peter Norbeck, February 9, 1933, Norbeck Papers, Box 2, Folder 10.
29 NYWT, February 2, 1933; Fite,
Peter Norbeck: Prairie Statesman, 181;
Boston Post, January 21, 1933.
30 CSM, February 11, 1933; Frederic Walcott to Herbert Hoover, August 5, 1932, Walcott Papers.
31 CSM, February 11, 1933; Paul Mallon,
The National Whirligig, McClure News Syndicate, February 23, 1933;
Hartford Courant, February 11, 1933;
Norfolk Way, February 11, 1933.
32 Peter Norbeck to H. C. Barton, February 13, 1933, Norbeck Papers, Box 2, Folder 10; George Norbeck to Peter Norbeck, February 15, 1933, Norbeck Papers, Box 65, Folder 3; Peter Norbeck to F. A. Loitch, February 13, 1933, Norbeck Papers, Box 2, Folder 10; Peter Norbeck to C. W. Robertson, February 11, 1933, Norbeck Papers, Box 129, Folder 9; Peter Norbeck to J. J. Linehan, February 14, 1933, Norbeck Papers, Box 65, Folder 2.
33 NYT, February 12, 1933; John Marrinan to Peter Norbeck, February 11, 1933, SEIF, Box 82, Norbeck Correspondence File.
34 Aurora Monitor, February 25, 1933.
Chapter 7. Junior
1 NYT, February 15, 1933;
Washington Post, February 15, 1933; Peter Norbeck to Col. J. W. McIntosh, February 4, 1933, Norbeck Papers, Box 115, Folder 3; Drew Pearson and Robert S. Allen,
The Washington Merry-Go-Round, United Feature Syndicate, February 23, 1933.
2 POH, 688-690; Frederick Lewis Allen,
The Lords of Creation (New York: Harper & Brothers, 1935), 272-278.
3 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), 11.
4 Charles R. Geisst,
Wall Street: A History (New York: Oxford University Press, 1997), 202-203.
5 Susan Estabrook Kennedy,
The Banking Crisis of 1933 (Lexington, KY: University Press of Kentucky, 1973), 1-5.
6 Federal Reserve Bulletin, September 1937, 907-908; Dixon Wecter,
The Age of the Great Depression, 1929-1941 (New York: Macmillan Co., 1948), 62; Gerald D. Nash, “Herbert Hoover and the Origins of the Reconstruction Finance Corporation,”
Mississippi Valley Historical Review 46 (1959): 455-468;
Literary Digest, January 21, 1933, 7; Kennedy,
The Banking Crisis of 1933, 74; Charles Calomiris and Joseph Mason, “Contagion and Bank Failures During the Depression: The June 1932 Chicago Banking Panic,”
American Economic Review 87 (1997): 863-883; Lawrence Sullivan,
Prelude to Panic: The Story of the Bank Holiday (Washington, D.C.: Statesman Press, 1936), 71; Calvin W. Coquillette,
Hoover, the Banks, the Depression: The Iowa Experience, 1930-1933 (Ph.D. diss., University of Iowa, 1997), 306-307;
NYT, October 5, 1932.
7 Marcus Nadler and Jules I. Bogen,
The Banking Crisis: The End of an Epoch (New York: Dodd, Mead & Company, 1933), 134; William E. Leuchtenburg,
Franklin D. Roosevelt and the New Deal (New York: Harper & Row, 1963), 23.
8 Kennedy,
The Banking Crisis of 1933, 75-76; James L. Butkiewicz, “The Reconstruction Finance Corporation, the Gold Standard and the Banking Panic of 1933,”
Southern Economic Journal 66 (1999): 271-293; Federal Reserve Bank of Boston,
Closed for the Holiday: The Bank Holiday of 1933 (Boston: Federal Reserve Bank of Boston, 1996), 13.
9 Elmus Wicker,
The Banking Panics of the Great Depression (New York: Cambridge University Press, 1996), 121; Arthur A. Ballantine, “When All the Banks Closed,”
Harvard Business Review 26 (1948): 129-143; Barrie A. Wigmore,
The Crash and Its Aftermath: A History of Securities Markets in the United States, 1929-1933 (Westport, CT: Greenwood Press, 1985), 429-431; Nadler and Bogen,
The Banking Crisis: The End of an Epoch, 1.
10 Timothy Walch and Dwight M. Miller,
Herbert Hoover and Franklin D. Roosevelt: A Documentary History (Westport, CT: Greenwood Press, 1998), 130, 135.
11 Jonathan Alter,
The Defining Moment: FDR’s Hundred Days and the Triumph of Hope (New York: Simon & Schuster, 2006), 168-177; Raymond Moley with Elliot A. Rosen,
The First New Deal (New York: Harcourt, Brace & World, 1966), 65-69.
12 Time, February 27, 1933.
13 POH, 695; Hearing Tr., 1397-1398;
Time, February 27, 1933; Forrest McDonald,
Insull (Chicago: University of Chicago Press, 1962), 276.
14 Hearing Tr., 1515-1516, 1519; Josephine Young Case and Everett Needham Case,
Owen D. Young and American Enterprise (Boston: David R. Godine, 1982), 595-616.
15 Hearing Tr., 1430-1431;
NYT, February 16, 1933.
16 Hearing Tr., 1521, 1523.
18 Conrad Black,
Franklin Delano Roosevelt: Champion of Freedom (New York: Public Affairs, 2003), 232.
19 McDonald,
Insull, 278.
20 Peter Norbeck to W. L. Dyce, February 3, 1932, Norbeck Papers, Box 140, Folder 1; Clyde B. Stovall to John Marrinan, February 16, 1933, SEIF, Box 149, Mitchell, Charles E. (Elizabeth R.), Income Tax Folder; Hearing Tr., 1529-1544;
NYT, February 17, 1933;
Time, February 27, 1933.
21 Forrest McDonald,
Insull, 204-205, 315; Vincent P. Carosso,
Investment Banking in America: A History (Cambridge, MA: Harvard University Press, 1970), 95-96, 102, 259.
22 Hearing Tr., 1626-1627, 1644;
Washington Post, February 18, 1933.
24 Carosso,
Investment Banking in America, 51-78, 255-270;
United States v. Morgan, 118 F. Supp. 621 (S.D.N.Y. 1953); Hearing Tr., 1662-1673.
25 NYT, February 19, 1933.
26 James McMullin,
The National Whirligig, McClure News Syndicate, February 23, 1933.
Chapter 8. Day One: Unimpeachable Integrity
2 Ferdinand Pecora,
Wall Street under Oath: The Story of Our Modern Money Changers (New York: Simon & Schuster, 1939), 71; POH, 686-687, 852-853;
Baltimore Sun, February 26, 1933; Julian Sherrod,
Scapegoats (New York: Brewer, Warren & Putnam, 1931), 14;
Newsweek, June 3, 1933.
5 Vincent Carosso, “Washington and Wall Street: The New Deal and Investment Bankers, 1933- 1940,
The Business History Review 44 (Winter 1970): 425-445; Lawrence Sullivan,
Prelude to Panic: The Story of the Bank Holiday (Washington, D.C.: Statesman Press, 1936), 94-96;
NYT, February 22, 1933.
6 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), 222; Pecora,
Wall Street under Oath, 71; Sherrod,
Scapegoats, 12-13.
7 POH, 858-859; Drew Pearson and Robert S. Allen,
More Merry-Go-Round (New York: Liveright Inc., 1932), 357.
8 E. W. Morriss to Ferdinand Pecora, February 8, 1933, SEIF, Box 152, Remedies NCB and NCC File; Thomas Stovall to Ferdinand Pecora, February 11, 1933, SEIF, Box 152, Remedies NCB and NCC File.
9 Helen Kirst to Peter Norbeck, SEIF, Box 152, Remedies NCB and NCC File.
10 A. H. Nicander to Senate Banking Committee, February 20, 1933, SEIF, Box 152, Remedies NCB and NCC File.
11 Christopher Lane to Ferdinand Pecora, February 18, 1933, SEIF, Box 152, National City Bank Remedies Folder.
12 William E. Leuchtenburg,
Franklin D. Roosevelt and the New Deal, (New York: Harper & Row, 1963), 19; Frances Murphy to Ferdinand Pecora, February 2, 1933, SEIF, Box 152, National City Bank Remedies Folder.
13 Hearing Tr., 1762-1767.
14 WSJ, February 22, 1933.
15 Hearing Tr., 1762-1767, 1774; Memorandum prepared by David Saperstein, February 16, 1933, SEIF, Box 149, National City, Check List Preliminary to Final Examination File; POH, 682.
16 Thomas L. Stokes,
Chip off My Shoulder (Princeton, NJ: Princeton University Press, 1940), 348.
17 Harry Barnard,
Independent Man: The Life of Senator James Couzens (New York: Scribner, 1958); Drew Pearson and Robert S. Allen,
The Washington Merry-Go-Round, United Feature Syndicate, May 29, 1933; ibid., May 19, 1936.
18 Barnard,
Independent Man, 88-93, 168, 192.
19 David Cannadine,
Mellon: An American Life (New York: Vintage Books, 2008), 343-347; Barnard,
Independent Man, 158-167;
WSJ, February 2, 1927,
WSJ, February 22, 1933;
NYT, March 29, 1925.
20 Susan Estabrook Kennedy,
The Banking Crisis of 1933 (Lexington, KY: University Press of Kentucky, 1973), 86-88; James L. Butkiewicz, “The Reconstruction Finance Corporation, the Gold Standard and the Banking Panic of 1933,”
Southern Economic Journal 66 (1999): 271-293;
NYT, February 15, 1933; Reminiscences of James Paul Warburg (1952), in Oral History Collection of Columbia University, 855.
21 Sherrod,
Scapegoats, 13.
22 This figure, as well as the other comparisons between dollar figures from the hearings and today’s equivalents, are based on the relative share that those figures represent of the total gross domestic product (GDP) of the United States economy. Samuel H. Williamson, “Six Ways to Compute the Relative Value of a U.S. Dollar Amount, 1774 to Present,” MeasuringWorth, 2009,
http://www.measuringworth.com/uscompare/.
23 Pecora,
Wall Street under Oath, 72; Sherrod,
Scapegoats, 19.
24 Barnard,
Independent Man, 50-51; 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), 26; Pecora,
Wall Street under Oath, 114.
25 Hearing Tr., 1774-1775.
26 Hearing Tr., 1775-1776; Pecora,
Wall Street under Oath, 73.
27 Sherrod,
Scapegoats, 13.
28 Hearing Tr., 1787-1788; Sherrod,
Scapegoats, 92.
29 Pecora,
Wall Street under Oath, 116.
30 Robert A. Caro,
The Power Broker: Robert Moses and the Fall of New York (New York: Vintage Books, 1974), 323; T. H. Watkins,
The Great Depression: America in the 1930s (Boston: Little, Brown, 1993), 70; Donald A. Ritchie,
Reporting from Washington: The History of the Washington Press Corps (New York: Oxford University Press, 2005), 3; Edmund Wilson,
The American Earthquake: A Documentary of the Twenties and Thirties (New York: Farrar, Straus and Giroux, 1958), 226;
NYT, February 22, 1933.
33 POH, 672; Harold van B. Cleveland and Thomas F. Huertas,
Citibank, 1812-1970 (Cambridge, MA: Harvard University Press, 1985), 184.
34 Hearing Tr., 1785-1786; Pecora,
Wall Street under Oath, 119.
35 Louis D. Brandeis,
Other People’s Money: And How the Bankers Use It (New York: Frederick A. Stokes, 1914), 92; Leonard Baker,
Brandeis and Frankfurter: A Dual Biography (New York: Harper & Row, 1984), 283.
36 Hearing Tr., 1801-1802, 1806; Thomas K. McCraw,
Prophets of Regulation: Charles Francis Adams, Louis D. Brandeis, James M. Landis, Alfred E. Kahn (Cambridge, MA: Belknap Press of Harvard University Press, 1984); 166.
38 Pearson and Allen,
The Washington Merry-Go-Round, January 9, 1934; ibid., April 15, 1934; Gilbert C. Fite,
Peter Norbeck: Prairie Statesman (Pierre, SD: South Dakota Historical Society Press, 2005), 173; Ray Tucker and Frederick R. Barkley,
Sons of the Wild Jackass (Boston: L.C. Page & Co., 1932), 346;
NYT, November 16, 1944; Reminiscences of Eugene Meyer (1953), in Oral History Collection of Columbia University, 455; Seligman,
The Transformation of Wall Street, 9.
39 Hearing Tr., 1807; 1811-1813;
NYT, February 22, 1933; Pearson and Allen,
The Daily Washington Merry-Go-Round, January 23, 1933.
40 Hearing Tr., 1811-1814.
41 Pecora,
Wall Street under Oath, 113.
42 NYT, February 22, 1933;
Washington Post, February 22, 1933;
WSJ, February 22, 1933;
Philadelphia Record, February 24, 1933.
43 Memorandum on “Michigan Banking Events,” undated, Couzens Papers, Box 141; John Kenneth Galbraith,
The Great Crash, 1929 (Boston: Houghton Mifflin Company, 1955), 157;
NYT, February 23, 1933; Pearson and Allen,
The Washington Merry-Go-Round, March 10, 1933.
44 Reminiscences of Eugene Meyer (1953), in Oral History Collection of Columbia University, A39, A79.
Chapter 9. Day Two: Morale
1 NYT, February 23, 1933.
2 Letter to Committee from S. J. Smelts, February 22, 1933, SEIF, Box 81, Criticisms, General File.
3 Harry Barnard,
Independent Man: The Life of Senator James Couzens (New York: Charles Scribner’s Sons, 1958), 242; Theodore G. Joslin,
Hoover Off the Record (Freeport, NY: Books for Libraries Press, 1971), 360; Liaquat Ahamed,
Lords of Finance: The Bankers Who Broke the World (New York: Penguin Press, 2009), 422-448; Memorandum: Meeting of Federal Reserve of New York Board of Directors, February 23, 1933, Harrison Papers, Box 23
4 Harold van B. Cleveland and Thomas F. Huertas,
Citibank, 1812-1970 (Cambridge, MA: Harvard University Press, 1985), 106-109; National City Bank 1923 Condensed Statement of Condition.
6 Hearing Tr., 1788-1790, 1793-1794; Ferdinand Pecora,
Wall Street under Oath: The Story of Our Modern Money Changers (New York: Simon & Schuster, 1939), 121.
7 Hearing Tr., 1795-1796.
8 Washington Daily News, March 1, 1933.
9 Hearing Tr., 1796-1799; Pecora,
Wall Street under Oath, 123.
10 Hearing Tr., 1831-1833.
12 Hearing Tr., 1833-1835, 1837.
13 Hearing Tr., 1840-1846.
14 Hearing Tr., 1862-1863;
NYT, February 23, 1933.
15 Cleveland and Huertas,
Citibank, 108-109;
Newsweek, March 4, 1933;
NYT, March 5, 1948.
16 Newsweek, March 31, 1934; Hearing Tr., 1868-1871.
17 Hearing Tr., 1871;
Hartford Courant, February 23, 1933.
18 Hearing Tr., 1872-1875; E. H. Adams to Peter Norbeck, February 19, 1933, SEIF, Box 152, Remedies National City Bank and National City Company File; Pecora,
Wall Street under Oath, 129.
19 Hearing Tr., 1877; Pecora,
Wall Street under Oath, 129.
20 Hearing Tr. (73rd), 111-112; Senate Committee on Banking and Currency,
Stock Exchange Practices, 73rd Cong., 2nd Sess., 1934, S. Rept. 1455, 60; Ron Chernow,
The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Grove Press, 1990), 356.
21 John Kenneth Galbraith,
The Great Crash, 1929 (Boston: Houghton Mifflin, 1955), 151-152; Julian Sherrod,
Scapegoats (New York: Brewer, Warren & Putnam, 1931), 78-79, 82;
NYT, November 8, 1929; Anonymous to Peter Norbeck, February 22, 1933, SEIF, Box 146, Cuban Sugar Bonds General Correspondence File; Hearing Tr., 1875.
22 Drew Pearson and Robert S. Allen,
More Merry-Go-Round (New York: Liveright, 1932), 114- 154; Peter Norbeck to Ogden Mills, February 2, 1933, Norbeck Papers, Box 2, Folder 10; SBCC Minutes, February 21, 1933, March 13, 1933.
23 POH, 832-833; Reminiscences of James Paul Warburg (1952), in Oral History Collection of Columbia University, 187; Reminiscences of Eugene Meyer (1953), in Oral History Collection of Columbia University, 691; Pearson and Allen,
More Merry-Go-Round, 138.
24 Reminiscences of Morris Strauss (1951), in Oral History Collection of Columbia University, 317-318; Reminiscences of Reuben A. Lazarus (1951), in Oral History Collection of Columbia University, 399-402.
25 NYT, November 20, 1950.
26 Ferdinand Pecora to Franklin Roosevelt, June 24, 1935, PPF 2818, Pecora, Ferdinand, Folder, FDRPL; Ferdinand Pecora to Franklin Roosevelt, November 22, 1937, PPF 2818, Pecora, Ferdinand, Folder, FDRPL.
Chapter 10. Day Three: Manipulation
1 NYT, September 25, 1929;
NYT, December 20, 1939;
NYT, December 16, 1964;
WSJ, April 4, 1929.
2 Washington Post, February 24, 1933;
Washington Herald, February 24, 1933; Hearing Tr., 1893.
3 POH, 682; Hearing Tr., 1917.
4 Hearing Tr., 1881-1882, 1940.
5 Hearing Tr., 1879, 1884-1886; Julian Sherrod,
Scapegoats (New York: Brewer, Warren & Putnam, 1931), 50.
6 Hearing Tr., 1881-1882.
7 NYWT, February 23, 1933;
NYT, February 24, 1933.
9 A. E. Budell to Peter Norbeck, February 25, 1933, SEIF, Box 149, National City Bank Press Clippings File.
10 Hearing Tr., 1925-1926.
11 Hearing Tr., 1939, 1942-1943.
12 Hearing Tr., 1953-1954.
13 Hearing Tr. (73rd), 114;
NYT, February 24, 1933;
Time, April 3, 1933.
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.
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.
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;
Literary 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.
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.
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.
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.
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.
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.
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.
7 Edward Robb Ellis,
A Nation in Torment: The Great American Depression 1929-1939 (New York: Coward-McCann, 1970), 265;
Literary Digest, March 25, 1933.
8 Reminiscences of James Paul Warburg (1952), in Oral History Collection of Columbia University, 102; Pecora,
Wall Street under Oath, 71; Harold van B. Cleveland and Thomas F. Huertas,
Citibank, 1812-1970 (Cambridge, MA: Harvard University Press, 1985), 189; William A. Leuchtenburg,
Franklin D. Roosevelt and the New Deal, (New York: Harper & Row, 1963), 39-40; Edward Robb Ellis,
A Nation in Torment, 265-266; Michael E. Parrish,
Anxious Decades: America in Prosperity and Depression 1920-1941 (New York: W.W. Norton, 1992), 290.
9 Hearing Tr., 2344-2345.
11 NYT, March 3, 1933; Arthur M. Schlesinger Jr.,
The Age of Roosevelt: The Crisis of the Old Order, 1919-1933 (Boston: Houghton Mifflin Company, 1957), 479; Susan Estabrook Kennedy,
The Banking Crisis of 1933 (Lexington, KY: University Press of Kentucky, 1973), 144; Davis W. Houck,
FDR and Fear Itself: The First Inaugural Address (College Station, TX: Texas A&M University Press, 2002), 117-134.
Epilogue
1 Adam Cohen,
Nothing to Fear: FDR’s Inner Circle and the Hundred Days that Created Modern America (New York: Penguin Press, 2009), 276;
New York Herald Tribune, March 10, 1933; Ronald Steel,
Walter Lippmann and the American Century (Boston: Little, Brown, 1980), 280.
2 Cohen,
Nothing to Fear, 73; Charles A. Beard and George H. A. Smith,
The Old Deal and the New (New York: Macmillan Co., 1940), 78.
3 Conrad Black,
Franklin Delano Roosevelt: Champion of Freedom (New York: Public Affairs, 2003), 274-279; Susan Estabrook Kennedy,
The Banking Crisis of 1933 (Lexington, KY: University Press of Kentucky, 1973), 152-202.
4 Literary Digest, March 11, 1933.
5 Raymond Moley with Elliot A. Rosen,
The First New Deal (New York: Harcourt, Brace & World, 1966), 309-310; POH, 698; Samuel Untermyer to Peter Norbeck, March 6, 1933, Norbeck Papers, Box 2, Folder 10; 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), 52; Arthur M. Schlesinger Jr.,
The Age of Roosevelt: The Coming of the New Deal (Boston: Houghton Mifflin Company, 1958), 440.
6 Thomas Lamont to Franklin D. Roosevelt, April 11, 1933, PPF 70, Lamont, Thomas File, FDRPL.
7 Seligman,
The Transformation of Wall Street, 30-38; 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), 2564-2569; Ron Chernow,
The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Grove Press, 1990), 346-377; POH, 732-748;
NYT, May 30, 1933.
8 Time, June 12, 1933; Flynn, “The Marines Land in Wall Street,” 149;
Newsweek, May 27, 1933;
Newsweek, June 10, 1933;
Time, June 12, 1933; Drew Pearson and Robert S. Allen,
The Washington Merry-Go-Round, United Feature Syndicate, May 31, 1933; ibid., June 4, 1933.
9 Barron’s, September 17, 1934;
Boston Globe, May 21, 1933;
NYT, May 21, 1933;
NYT, May 28, 1933;
NYT, June 2, 1933;
WSJ, June 23, 1933; Peter Norbeck to James E. Stewart, May 6, 1933, Norbeck Papers, Box 115, Folder 4.
10 Schlesinger,
The Coming of the New Deal, 423, 439-442; D. B. Hardeman & Donald C. Bacon,
Rayburn: A Biography (Austin, TX: Texas Monthly Press, 1987), 154; Seligman,
The Transformation of Wall Street, 39-72; Donald A. Ritchie,
James M. Landis: Dean of Regulators (Cambridge, MA: Harvard University Press, 1980), 43-61;
WSJ, March 31, 1933; Peter Norbeck to James E. Stewart, May 6, 1933, Norbeck Papers, Box 115, Folder 4.
11 Franklin D. Roosevelt to James H. Perkins, March 9, 1933, PPF 54, Perkins, James H. File, FDRPL; Schlesinger,
The Coming of the New Deal, 442-443; Kennedy,
The Banking Crisis of 1933, 203-223; Seligman,
The Transformation of Wall Street, 66; Harold van B. Cleveland and Thomas F. Huertas,
Citibank, 1812-1970 (Cambridge, MA: Harvard University Press, 1985), 197.
12 Melanie L. Fein,
Securities Activities of Banks (New York: Wolters Kluwer, 3rd edition, 2009); Ingo Walter, ed.,
Deregulating Wall Street: Commercial Bank Penetration of the Corporate Securities Market (New York: John Wiley & Sons, 1985); Amey Stone and Mike Brewster,
King of Capital: Sandy Weill and the Making of Citigroup (New York: John Wiley & Sons, 2002), 217-244, 254-257.
13 Kennedy,
The Banking Crisis of 1933, 203-223; Milton Friedman and Anna Jacobson Schwartz,
A Monetary History of the United States, 1867-1960 (Princeton, NJ: Princeton University Press, 1963), 434-442.
14 Seligman,
The Transformation of Wall Street, 73-100; Schlesinger,
The Coming of the New Deal, 461-467; Michael R. Beschloss,
Kennedy and Roosevelt: The Uneasy Alliance (New York: W.W. Norton, 1980), 83-91.
15 Peter Norbeck to Ferdinand Pecora, March 10, 1933, Norbeck Papers, Box 2, Folder 2; John T. Flynn, “The Marines Land in Wall Street,”
Harper’s 169 (July 1934): 148-153; Peter Norbeck to James E. Stewart, March 24, 1933, Norbeck Papers, Box 134, Folder 5; Gilbert C. Fite,
Peter Norbeck: Prairie Statesman (Pierre, SD: South Dakota Historical Society Press, 2005), 182-183.
16 Fite,
Peter Norbeck: Prairie Statesman, 182, 192-208.
17 Ormonde de Kay, “Debt Before Dishonor: How Richard Whitney Went down the Drain and up the River,”
Quest (February 1988), 40-47; Seligman,
The Transformation of Wall Street, 169; John Brooks,
Once in Golconda: A True Drama of Wall Street, 1920-1938 (New York: John Wiley & Sons, 1969), passim;
NYT, April 12, 1938;
NYT, April 13, 1938;
NYT, April 15, 1938;
NYT, December 6, 1974.
18 Richard O. Boyer,
Max Steuer: Magician of the Law (New York: Greenberg, 1932), 43; Frank Vanderlip to Julian Street, May 31, 1933, Vanderlip Papers, Box B-1-10; Assaf Likhovski, “The Duke and the Lady:
Helvering v. Gregory and the History of Tax Avoidance Litigation,”
Cardozo Law Review 25 (2003-2004): 954-1018.
19 Newsweek, June 24, 1933; ibid., July 1, 1933;
NYT, March 23, 1933;
NYT, June 22, 1933;
NYT, December 15, 1955;
New Republic, July 5, 1933.
20 POH, 790-795; Edward J. Flynn,
You’re the Boss (New York: Viking Press, 1947), 133-138; Warren Moscow,
What Have You Done for Me Lately? The Ins and Outs of New York City Politics (Englewood Cliffs, NJ: Prentice-Hall, Inc., 1967), 171;
NYT, October 9, 1933;
NYT, November 8, 1933.
21 Raymond Moley,
After Seven Years (New York: Harper & Brothers, 1939), 285-290; Schlesinger,
The Coming of the New Deal, 557; Beschloss,
Kennedy and Roosevelt, 60, 83-91; David E. Koskoff,
Joseph P. Kennedy: A Life and Times (Englewood Cliffs, NJ: Prentice-Hall, 1974), 55-63; Reminiscences of James McCauley Landis (1964), in Oral History Collection of Columbia University, 192-193; Ralph F. de Bedts,
The New Deal’s SEC: The Formative Years (New York: Columbia University Press, 1964), 96-111;
New Republic, July 18, 1934;
New York Evening Post, July 2, 1934; ibid., July 3, 1934; ibid., July 5, 1934.
22 de Bedts,
The New Deal’s SEC, 104-105; Koskoff,
Joseph P. Kennedy, 62-63; POH, 852.
23 NYT, March 27, 1938;
NYT, February 23, 1939;
NYT, September 17, 1939; Florence Louise Pecora to FDR, August 20, 1935, PPF 2818, Pecora, Ferdinand Folder, FDRPL.
24 NYT, December 8, 1949; October 6, 1950.
