ABSTRACT
CoMMERCIALBANKINGduringthegreatdepressionwent throughtwosharplydefinedphases.Fromtheautumnof 1929throughthebankingholidayofMarch1933,thepublic wasskepticalofthesafetyofmanybanks.Bankfailureswere numerousand,from1931to1933,crisisfollowedcrisis. Duringthisperiod,thetotalamountof"adjusted"1deposits atcommercialbanksfellfrom$43billionintheautumnof 1929tolessthan$25billionjustafterthebankingholidayin 1933.2
Fromtheendofthebankingholidayonward,therewasa periodofrevivingconfidence.Veryfewbanksfailed,and bankdepositsexpandedsteadily.Thepeakfigureofadjusted depositswasjustover$41billion,attheendof1936.Since thentherehasbeenaslightdecline.
