THE BANKING POSITION
IMPROVEMENT REPORTED WASHINGTON, August 23. Mergers between the better banks and the forced liquidation of the weaker ones are bringing about a stronger banking situation in the United States, according to reports presented to President Roosevelt. More than half the banks that operated in 1921—when there were 30,800 separate institutions—have been closed, and the total deposits have increased from £7,600,000,000' to £8,200,000,000. Several thousand banks which were closed in March will never be reopened. Most, of the guarantee funds and insurance deposits are being provided by the banks themselves, and Mr Roosevelt has been assured that the situation is gradually becoming very sound.
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Otago Daily Times, Issue 22051, 6 September 1933, Page 7
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106THE BANKING POSITION Otago Daily Times, Issue 22051, 6 September 1933, Page 7
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