Word: depositors
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Speaking at a dinner of the Canada Club in London last fortnight, he anticipated the possibility that the Bank might be a disappointment until Canadian bankers were converted to its principle. Puffed he: "When you reflect that not a single depositor has lost a cent in this troublesome period and that the banks are firm and solvent, you will agree that the bankers of Canada may well take credit to themselves. . . . I am not at all sure that Canada may not, before many years are over, become the economic centre of the British Empire...
...himself will administer the deposit guarantee law: Walter Joseph Cummings, executive assistant in the Treasury, close friend of William Hartman Woodin, and Elbert G. Bennett, banker of Ogden, Utah. These announcements the polite bankers applauded. And they listened politely when Comptroller O'Connor told them: ''Every depositor has a right to his money. This law makes the theory a fact. It will banish fear in every banker's mind of runs upon his bank. ... Is there any depositor who would not accept one-half of 1% less interest and know his deposit was insured...
...Thus a depositor with $250,000 in a member bank that closed would promptly collect $140.000 from the Federal fund...
Bank secrecy: Q. Should not private banks be examined and forced to publish statements of condition? A. Possibly-but hitherto publication of such statements would conflict with State law prohibiting private bankers from advertising for deposits. Q. What assurance has a depositor of the solvency of Morgan & Co.? A. Faith. Q, Are not depositors entitled to statements of Morgan & Co.'s condition? A. They can have them if they want them; no one has ever asked. Q. Has any public statement of this fact ever been made except when the Elder Morgan testified before the Pujo Committee 20 years...
First large deposit was $1,000,000 from General Motors. Later in the day GM sent another $2,000.000. Biggest depositor was Chrysler with $4,000,000. Four guards from Kroger Baking lugged in $250,000 cash. The rush of small depositors kept the bank open 40 minutes after closing time. When the books closed the total inpouring...