Word: deposit
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...want to interfere in the bank, set out to pick a new chairman. They settled on George Alfred Ranney, onetime treasurer of International Harvester, now vice chairman of Commonwealth Edison Co. Then they got a shock. From Washington sped a report that Walter Joseph Cummings, head of Federal Deposit Insurance Corp., was to have the job (TIME, Dec. 25). Again Mr. Jones repeated his promises, but by last week Continental Illinois knew that being in Mr. Jones's parlor was like being in the parlor of any other majority stockholder. He would exercise his right -soft speeches...
...Fiscal 1934 Fiscal 1935 (in millions) (in millions) PWA $1,677 $1,090 Conservation Work. . 342 65 Bank Deposit Guarantee 150 none RFC 3,970 } Unforeseen Expenses 1,166} 2000 All Others...
More than 13,000 of the 15,000 banks in the U. S. last week held a shower for the Federal Deposit Insurance Corp. by sending checks to set the corporation up in business and get their deposits up to $2,500 guaranteed for six months. Their total contribution was estimated at $90,000.000 to $100,000,000 and they became liable to be assessed an equal amount later. The U. S. contributed $150,000,000 to the pot; the Federal Reserve Banks $131,000,000. Because banks, for the temporary guarantee, are assessed only on the portion of their...
...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...
...directors disclosing that: 1) the Federal Reserve Board had given approval for Mr. Ranney's election; 2) the RFC had been asked by letter for similar approval but had never answered. It was so evident last week that the RFC intended to put in Chairman Cummings of Deposit Insurance Corp. as Continental Illinois' chairman that Sewell Lee Avery of Montgomery Ward resigned from the bank's board in disgust. Mr. Ranney announced he would like to have his name withdrawn from consideration...