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TO SAVE A BANK IN RASKOB TELLS HOW HE AND ACTED IN 1931. Suicide of James J. Riordan, Presiof the County Trust Caused Group Buy in Shares. kob. former Democratic national chairman, today told the senate banking inquiry how he and Alfred Smith former governor of New York organized syndicate year ago to prevent run on the County Trust Company of New York. Raskob said the syndicate traded only in stock of the County Trust Company. He explained this step was taken retain public confidence in the bank following the suicide of James Riordan, then president of the bank, in November, 1931. INVESTED $916,609 IN SYNDICATE Raskob voluntary witness. He said the syndicate purchased 3,794 shares the bank's stock for total of sold shares for $267,596.53. Its net holdings were 2,564 shares which cost the syndicate $649,013.03 Raskob said the syndicate was dissolved and "the stock distributed among members of the syndicate. Smith said in statement in New York last night that the syndicate was only of directors of the County Trust Company, of which he chairman of the board. and that it borrowed money simply to "buy the stock of our own trust company.' Arthur Cutten noted wheat and stock trader, was in the committee room waiting testify under subpoena about pool he managed in 1928 and 1929 in the stock of Sinclair Consolidated Oil Company. SINCLAIR TOO ILL TO APPEAR. JOHN TAYLOR clothes if you buy now, Come in COMPANY Ferdinand Pecora committee countomorrow and take advantage of said Harry Sinclair, wealthy oil the FELIX THRIFT PLAN. operator. who also had been subpoe- Just a Step Ahead on Petticoat Lane naed, would not appear until next week, because of illness. Committee members joked with Pecora about his unsuccessful race for district attorney in New York He smilingly replied he was relieved to be able remain in private life. 920 Grand BANK'S CRISIS IS MET. "The facts are these Raskob said. beginning with the story of what he termed the death" of Riordan News of the death was withheld until the next day. Saturday, Raskob said. adding meeting was held directors of the bank and others to devise means to prevent run on the bank. Raskob said he agreed to take the CLOSE-OUT post of chairman the bank's SALE and then told how he suggested formation of syndicate to prevent the 98 bank stock from being depressed when FLORSHEIM the market opened the following Monday. He suggested he said that "dumping' the bank stock might cause the price to drop 100 or more. to $4.98 For that the syndicate was formed the bank's directors to purchase up to 3,800 shares. SHOE STORES We never sold any except 230 10th AND GRAND AVE. shares Raskob added. have 10th AND MAIN STS. been able to find out why we did Kenny, 500: Arthur Lehman, 500: Vincent Astor. 500; Alfred Smith, 100 John Cavanagh. 100: John Pulleyn, 100: and Peter 100. 'Slick" New Oxfords of Rough Later. Raskob said the bank manExperience, agement was reorganized and Edward Kelly was made president. In get him to take the po- facilities and the sition. Raskob added was given EBBLE CALF option on 1,000 shares. desire to be helpTo get stock second syndicate was formed Kelly never took over the stock. Raskob said, ful at the SMITH'S PART IS DEFENDED. and at Smooth Raskob said was "unfair" give the impression that the syndicate Little Price Black engaged stock operations. He added certain articles were unfair to Smith, or Brown Perforated, because the knew nothing about stock market opera- Smartly Underlayed and Raskob was on the stand for only with Continental Heel 18th and Grand Ave. few and left with an expression of appreciation to the com- Another StyleWorth mittee for hearing him. BUY