On January 11, 1930, the Ensley Bank of Birmingham, Ala., failed. Since then the wave of banking suspension has increased. Last week the Federal Reserve reported that for the first eleven months 981 banks with deposits of $515,486,000 were suspended, which compares to 372 banks with deposits of $129,000,000 in the relatively quiet year of 1928, 132 banks with deposits of $233,000,000 in the panic year of 1907. Preliminary estimates place the 1930 total at 1,121 banks with $700,000,000 in deposits. Of these failures, the greatest part has occurred in recent months as...
To continue reading:
or
Log-In
