TOO MANY BANKS
United States Failures
“CULLING” AFFECTS 1000
New York, December 22.
There were two further important bank failures to-day. The City .National Bank of Miami, with liabilities of 7,555,000 dollars, shut its doors after heavy withdrawals. The Bankers’ Trust Company of Philadelphia, with total liabilities of 55,491,000 dollars, has ‘been placed in the hands of the State Bank officials with a statement that the bank will probably continue ■after reorganisation. The estimated bank failures will total, at least a thousand by the end of the year, representing the largest closings in a long time. While it is generally admitted that adverse business conditions are responsible for it, it is felt that the United States had too many banks during the boom period and the situation will improve with culling.
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Bibliographic details
Dominion, Volume 24, Issue 77, 24 December 1930, Page 11
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131TOO MANY BANKS Dominion, Volume 24, Issue 77, 24 December 1930, Page 11
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