Word: deposited
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Dates: during 1930-1939
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Chairman Leo Thomas Crowley of Federal Deposit Insurance Corp. was about to leave his room in Milwaukee's Hotel Schroeder one day last week and go downstairs to address the Wisconsin Bankers Association, when someone rapped on his door. In stepped a process server with a subpoena. Would Mr. Crowley please come right away? The Grand Jury could not wait. Mr. Crowley shook his head. frowned, remonstrated, finally went. While the Wisconsin bankers thrummed their fingers for 30 minutes, the Grand Jury extracted from Mr. Crowley all he knew about closed banks in Milwaukee county. Then and then only...
Cried Mr. Crowley: "You flatter yourselves if you believe the Government wishes to enter your institutions. . . . The Government is merely trying to protect depositors. ... On March 31, 1934 the book capital of 630 banks in this State amounted to $89,000,000. The total deposits amounted to $540,000,000. Upon the basis of examination recently made, it appears that the net sound capital in these 630 banks is about $50,000,000. In other words, the total net sound capital investment in Wisconsin banks amounts to less than 10% of the total deposit liability. This is an unhealthy situation...
...Houses. Then, at last, the 73rd Congress went home. Last Acts. According to the best Congressional precedent the 73rd Congress passed more laws in the last few hurried days of its session than in any previous week. Important bills that became laws in the final week of Congress: Bank Deposit Guarantee, providing continuance for another year of the present temporary system but with guaranteed deposits increased from $2,500 to $5,000. Silver Purchases, authorizing the Treasury to buy silver in the world market until the monetary reserve consists of 75% gold and 25% silver. Railroad Pensions, for all railway...
...homes, mortgages of not more than $20,000 not more than 20 years duration. 3) Because building and loan associations were fearful lest the new law take away much of their business, a Federal Savings and Loan Insurance Corp. was to be set up. This agency like Federal Deposit Insurance Corp. would guarantee building and loan deposits as bank deposits are guaranteed. To get this monster mechanism working would take $410,000,000 from the treasury...
Thus last week did the House of Morgan bow to the Federal Banking Act of 1933 which cleaves the deposit business from the securities business as of June 16. Last year when the Senate Banking & Currency Committee was dragging ghosts out of No. 23 Wall Street, J. Pierpont Morgan testified that "straight banking" was a more important part of his business than supposedly fabulous securities deals. Since there is practically no securities business today, Morgan partners simply elected to continue receiving deposits on which they pay, say, 1%, loaning or investing them at, say, 3%. Drexel & Co., Philadelphia branch...