Word: deposits
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Dates: during 1940-1949
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Eight years in London had a profound effect on the younger Morgan. They made him a conservative banker, interested in doing a safe deposit and security business. And they gave him an undying loyalty to England...
This week the Country's 15,000 banks were not only open, they were booming. Through their doors by day, and often by night, customers thronged to deposit and draw on their big wartime earnings. Money, which was skin-tight in 1933, was now plentiful. Circulation of coin and notes was at an alltime high of $15.9 billions, or more than double the levels of 1933. Demand deposits of Federal Reserve member banks stood at the end of 1942 at a record $43 billions, as against $13 billions ten years...
Given the gold, the country still has plenty of ultimate reserves; the danger lies in the rapid rise in deposits. Yet here again the banker has played safe-safer than he would like. One source of deposit money is commercial loans. In 1917-18, for instance, total bank loans rose by 50%. But since the U.S. has been at war, total bank loans have actually decreased, now stand at about $16 billions, only $3 billions above...
...Washington are no more infallible than were the prophets of Wall Street. If the President is serious about private enterprise creating new jobs, commercial and investing banking may come back into their own. Big New York banks with branches in South America and Europe will have a considerable foreign deposit and lending business. If the world returns to some fixed standard of exchange (and the U.S. is still after all on $35 gold) banks may once more play a creative role in furthering the nation's foreign trade...
...leaving College before their entry-way canvassers have visited them should inquire from House Janitors where to deposit their old clothes and books, so they can be picked up later by agents of the drive...