Business & Finance: Record Resources

• Share

A buttress to the banking strength of the nation is the McFadden act, whose principal paragraph is the permission granted to national banks to maintain branches. Last week Comptroller of the Currency J. W. Mclntosh announced that national bank resources equalled $27,213,824,000—the largest amount reported on record. This was due, said Mr. Mclntosh, to the McFadden law.

The statement as of Oct. 10 involved the totals of 7,804 banks in the continental U. S., Hawaii & Alaska. The present figures exceed those of June 30 by $631,881,000.