BANKS IN TROUBLE
“Epidemic of Closings” MANY MAY SOON REOPEN New York, November 23. The epidemic of bank closings has extended into nine Central and Southern States, with business suspended or ended outright in a total of 119 banking institutions. Predictions have been made that many would reopen soon, but apparthe difficulties of a good number of them will not prove an easy matter to settle immediately. States hit by the closures are Arkansas, Kentucky, Missouri, Kansas, Indiana, Illinois, North Carolina, Tennessee, and Minnesota. On November 15 it was announced that the Bank of Tennessee had been compelled to close, although it was claimed that the assets were adequate to meet its liabilities. It had only 13 dollars in cash, however, and its liabilities were 13 000,000 dollars. The State of Tennessee had 5,000,000 dollars on deposit and a number of counties also had funds there. As a result of this closure the State banking situation lias become critical. The evidence of instability among small banks has spread to other states and, recently, several failures have been recorded.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/DOM19301125.2.85
Bibliographic details
Dominion, Volume 24, Issue 52, 25 November 1930, Page 9
Word Count
178BANKS IN TROUBLE Dominion, Volume 24, Issue 52, 25 November 1930, Page 9
Using This Item
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in