OCR Text |
Show Guaranteed Deposits. The average citizen should" not hesitate to put his money in bank; now that the Federal Deposit Insurance In-surance Corporation guarantees the payment of deposits up to $2500. It is estimated that about $13,000,000,-000 $13,000,000,-000 of the $42,000,000,000 on deposit it' thir, country is protected by. this insurance. Maine led all the states in the ratio ra-tio of insured to total deposits with sixty-two per cent. Massachusetts has the lowest ratio, namely, about thirteen per cent, due to legal restrictions re-strictions which kept some banks out of insurance plan. In July, an even larger insurance coverage will go into effect. The success of the temporary plan and confidence which it has created should be an argument for the larger larg-er security but, strange to say, some spokesmen for the larger financial interests are using it as an argument argu-ment that this extension of the insurance in-surance guaranty is not now needed. |