Royal Cited in a Footnote in “The Chicago Credit Market,” by Melchior Palyi

Courtesy of Google Books:

“During the building boom the owner gradually faded into the background until he was frequently nothing more than a stooge for the bond house. And the money raised by the sale of the bond issue was then almost the only money that went into the building. That was not illegal, but it was a dirty, rotten piece of business in which the public took the punishment, while the promoter took the profits” (Royal F. Munger, Chicago Daily News [March 8, 1937]).

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