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compared with the total twc years earlier of $3,200,000.
The deposits consisted chiefly of $1,667,000 in checking accounts maintained by individuals, partnerships and corporations, and $1,921,000 in savings accounts and other time deposits. Inter-bank and government accounts made up the remainder.
Added to this was the undetermined amount of money on hand locally in the form of cash kept in private safes and vaults and in people’s pockets.
The findings are by the Federal Deposit Insurance Corporation, which has just released data covering banks throughout the country. It is the first such survey since 1966. The increase in deposits, 20.6 per cent, was more than the increase in the United States, 16.4 per cent, and the 19.5 per cent in the South Atlantic States. The supply of money available for the credit needs of a community are considered a major factor in its economic well-being. These funds, put into circulation by banks through loans to business concerns, to prospective homeowners, to automobile buyers and others, are vital to its maintenance and growth. If the funds on deposit in
92.2%