Publisher's Synopsis
Excerpt from Annual Report of the Commissioner of Banks for the Year Ending October 31, 1929, Vol. 3: Relating to Co-Operative Banks and Savings and Loan Associations
During October and November these banks were subjected to heavy withdrawals in the most part through the cashing of paid-up and matured shares. It became necessary for many Of them to borrow funds to make these payments and this fact demonstrated the need of carrying a suitable portion of their assets in more liquid form than is required by the existing statutes. A recommendation to this effect has been submitted for consideration and is included among the following recommendations.
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