Word: depositors
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Dates: during 1920-1929
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Gossip. So soon as one or two banks closed their doors, came rumors that the whole banking structure of the State was on the point of collapse. Many a nervous depositor rushed to his bank, clamored for his money, brought on the very disaster that he feared. The bank failure climax came last week when Citizen's Bank & Trust Co. of Tampa closed its doors and carried down with it nine subsidiary banks. Between fruit flies, bad notes and wild rumors, a wholesale panic appeared imminent...
...bank that had all deposits and no withdrawals. Utopian, of course, such an idea. Yet a long step toward it has been made in the organization of a new (as yet unnamed) trust company in Scarsdale. Unique feature of this bank will be a bill-paying service for depositors. When a bill comes to the depositor's home, it is approved, sent to the bank and paid by the bank out of the depositor's funds. Thus the depositor is saved the mental anguish of writing a check and Scarsdale tradesmen receive prompt remittances...
...service also includes these tradesmen, however, and if their bills are also paid, the bank activities would seem to consist largely of transferring credits from one account to the other, meanwhile retaining all the actual cash. Thus if Depositor Doctor Jones buys an $80 suit from Depositor Tailor Brown, and Depositor Tailor Brown owes Depositor Doctor Jones $80 for services rendered, the bank sends the doctor's check to the tailor and the tailor's check to the doctor and everyone is happy. Manhattan businessmen living in Scarsdale have chartered the bank with capital & surplus of $400.000. Active...
Last week Mr. Smith was elected a director of the County Trust Co. of New York, headed by his friend James J. Riordan. When the company was founded in 1926 Mr. Smith was its first depositor...
...State Department to announce its attitude. The objection was impressive, since it put the State Department in the role of a defender of citizens' safe-deposit boxes. The objection was effective. The Chase National notified the State Department that it would "gladly refrain" from carrying out its Soviet depositor's instructions...