Word: bankes
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Dates: during 1930-1939
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National City Bank (Manhattan...
First National Bank (Chicago...
Because Manhattan banks have generally large accounts the percentage of total deposits guaranteed there was around 10%. Elsewhere the guarantee ran up as high as 95% of a bank's total deposits. All 6,000 members of the Federal Reserve System were automatically taken into the guarantee system. Of the 9,000 nonmember banks in the U. S. upwards of 7,750 applied for the guarantee. Jesse Jones estimated that all but 400 of these applicants would be accepted, thanks to the RFC's having advanced $700,000,000 to buy preferred bank stock...
...chairman of Deposit Insurance Corp. Walter Joseph Cummings was busy up to the last minute passing on the solvency of banks seeking guaranteed status. Showing no qualms about the huge contingent liability for some $40,000,000,000 of bank deposits which his corporation, with assets of less than $500,000,000 (ratio: $1 to 1¼?), was assuming, he found time to tell the Press, "Deposit insurance should have a stimulating effect upon business . . . should forever end the fear of 'runs' on banks ... should return large sums from hoarding...
...savings banks in Massachusetts (largest number in any state) applied for the guarantee, and all Connecticut savings banks were forbidden by the State attorney to participate. In New Hampshire, which has had but one savings bank failure in 30 years, the Governor and State bank superintendent encouraged banks not to join but to form an association of their own, pointing out that the Federal Government's guarantee would cost them more than the total losses in New Hampshire's savings banks in the last 100 years...