In the booming 'twenties it was normal for 600 banks to fail per year. In 1930, after a year of depression the figure vaulted to 1,350. Last week the present depression had been going only six months. But in that time business generally had fallen as far as it did in the entire year after the 1929 market smash. Significant therefore was the year-end report made by Federal Deposit Insurance Corp. last week.
In headline form the news looked bad—not only had bank failures in the last six months of 1937 almost doubled but in that period FDIC's earnings failed for the...
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