The Waterbury Democrat., 1934-09-06

l under state-laws, have been urged broadened to include a national program which he will present to the next congress.
 The congress has enabled the president to fulfill his promises. Members of the House and Senate | cooperated in promptly enacting relief laws and other measures in record time. As the Seventy-third Congress began our financial structure was toppling, our loved ones, our neighbors, our friends, all were grappling with foe even greater than a foreign enemy. Co., operative effort was of gravest importance.
 Startling Record
 Is it any wonder then that the last congress left a record behind 1t which startles the imagination Among the major laws recently en- acted are: Emergency Banking Act, Economy Act, Beer Legaliza- tion Act, Reforestation Act, Farm | Relief-inflation Act, Federal Emer- gency Relief Act, Tennessee Valley Authority Act, Securities Act of | 1883, National Employment System Act, Home Owners Loan Act of 1883, Banking Act of 1883, Ma | tional Industrial Recovery Act, | Emergency Railroad Transporta- tion Act, Farm Credit Act of 1883, Independent Offices Appropriation Act, 1894, the Gold Reserve Act, the Silver Purchase Act, the Rev enue Act of 1894, the Securities Exchange Act, the Corporate and Municipal Bankruptcy Act, the Loans to Industries Act, the Naval tions Act, the Sugar and Cotton Control Acts, the Tariff Act, the National Housing Act, the Labor Adjustment Act, and many others Relief to Bankers | From January 1, 1921, to March 15, 1888, over 11.000 banks sus- | pended in the United States. De- posits in these banks at the time | $5,000,000. In other words, on the basis of these figures there was a bank suspension every nine and one-half hours during the period, and $47,600 of depositors' money was tied up by suspensions | for every hour of the twelve and a quarter year period.
 Since the inception of the Tenn porary Federal Deposit Insurance Fund of January 1, 1884, only four | insured banks have suspended, and the combined deposit liability of these institutions amounted to less than two million dollars. In each of the four banks depositors were paid their claims immediately upon the appointment of re- ceiver.
 Figures prepared by the Fed eral Reserve Board show that on March 5. 1884, deposits in member banks of the country totalled $29,- 300,000,00O, an increase of more than $2,70O,0O0,000 over the same figure as of June 30, 1888.
 Conservative estimates place the increase since March, 5, 1884, over per cent; and the substantial de- crease in the volume of Postal Savings Deposits during the past year would indicate that public confidence in the banks of the country has returned.
 It will be interesting for you to know that there are now ap- proximately 15,000 member banks participating in the Federal De- Y resents 93 per cent of all licensed banks in the country and includes nearly 5000 state banks, not mem bers of the Federal Reserve Sys- tenn, with whom membership in the fund was optional. Accounts of 49,000,000 depositors, amounting to over 12 billion dollars, are in- sured by the corporation. II Work of SavinD Homes
 The security of a mans home is even more important than the se- curity of his bank deposit. In Connecticut the Home Owners Loan Corporation made total loans of $25,940,991 to home owners up to July 27, 1894. Out of a total of 20,645 applications filed by Connecticut people, B. S52 loans have been closed. This represents 29 per cent of the net total of applications received, which is higher than the average for the United States-27.1 per cent. Not only is the state ahead in this respect, but it has achieved a favorable showing in relation to progress being made in carrying applications through the loan clos ing stage.
 For the entire United States. as of July goth. there were closed total of 395,464 home loans in the amount of $1,193,419,709. The average loan throughout the United States is $3.01S. In addition to the loans actually closed there have been nearly S00,O00 loans on which final appraisals have been, made and on which mortgagee consents have been obtained.
 Public Works Administration
 Among the most effective laws enacted by congress to take people off the relief rolls and find actual eainful employment for them, was the National Industrial Recovery Act. which combines both the MIRA and the Public Works Admin istration.
 Of the two, the Public Works Administration has proved effec- tive in. stimulating employment in federal and non-federal projects on large scale. while the MIRA was assigned to the task of reorganiz- ing industry and placing 1t on a basis of codes of fair competition intended to create permanent em- ployment for more people, and to again start the wheels of industry turning.
 Up to July 21. 1884, the total public works allotn ents to the state of Connecticut were $21,637,- 476. This includes $13.729.642 for federal projects. and $7.S97,- S32 representing loans and grants for non-federal projects. such as bridge construction. sewers and highways by cities and town of the state.
 MIRA Aiding Recovery | Few states have shown better cooperation with the National Re- covery Administration in its ef- forts than has been demonstrated by industrialists and business men of Connecticut. They have been well represented individually and by their trade groups and associa- tions in most of the hearings on the codes at Washington in which 'thev are interested. and have rar-