Closed Doors

An ominous S and L failure

After federal regulators locked the doors at the failed Economy Savings and Loan Association in Chicago last week, worried depositors immediately began gathering on the sidewalk outside. For one white-haired woman, the scene is just brought what back happened haunting in the memories. '30s," she "This fretted.

But it was not exactly like the early 1930s, when depositors might have lost their money. H. Brent Beesley, director of the Federal Savings and Loan Insurance Corp. (FSLIC), was on hand last week to reassure the customers personally. Be cause their accounts were protected by the U.S. Government up...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!