The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-03-13

A QUESTIONABLE sent out by
Quincy p. Hood, North Carolina
banking commissioner, W hic h
when answered will furnish the
basis by which he will judge
whether banks are to be reopened
in accordance with national pol
lev was in the hands of officials
of the State Trust company to-
day. or
The QUESTIONABLE will be filled
out signed by officers and direc-
tors and rushed to Raleigh tonight
in the hope that the bank will be
permitted to open Wednesday
without restrictions on business.
If the QUESTIONABLE sent to Hen
Jacksonville can not be passed on
in time for the bank to open Wed.
nesday. it is confidently expected
that a favorable reply will be re-
ceived in time for the resumption
of business Thursday. No state
bank will be permitted to be re-
opened before Wednesday,.
Each state bank. in addition to
furnishing information as to its
LIQUID assets, will have to return
to the commissioner an affidavit
by its directing head that in his
opinion the bank is sound and can
meet all Withdrawals. These APP
plications will be acted upon by
the state banking department as
soon as they are received IN Ra-
leigh, the state placing the same
requirements for reopening upon
the banks as provided in the ma.
tional governments policy OF
opening banks which are under
the Federal Reserve system.
Commissioner Hood was In
formed in a telegram from Secre-
tarv of the Treasury Woodin that
the treasury department will be
authorized to permit any sound
! bank which is a member of the
Federal Reserve system, whether
state or national, to reopen Tor
business as promptly as possible,
but it is the intention of the sec.
rotary of the treasury to permit
no member bank to reopen at any
time on a full 100 per cent basis
unless or until the secretary Is
satisfied that such bank is SOUND
going institution.
This same policy will be carried
out in regard to banks which are
not members of the Fedehal Re-
serve system, according to q dis
| patch from The Times-News bu-
/ reau in Raleigh. The applications
of these banks to reopen will be
passed upon by Commissioner
Hood. Under the presidents re-
cent proclamation. state banking
authorities are autsorized to per-
nit only sound institutions to car
nv on their usual functions to the
end that no bank shall be reopen
ed for business on any basis tnat
might run the risk of the banks
being forced to close again on de-
mands which it is not in position
to satisfy.
North Carolina has AZ national
banks, all of which are members
of the Federal Reserve and are
under the direct supervision OF
the Treasury department. Of the
295 commercial banks in the
state, including 80 branches. only
nine, including four branches. are
Federal Reserve members and are
under federal supervision. The
other 266 are under supervisor
of Commissioner Hood.
Commissioners Hood announced
from Raleigh that his office
would remain open until 10 p. m
Monday and Tuesday to receive
applications to reopen from banks
and that the applications would
be acted upon as quickly as posi-
BILE.
If the applications are returned
promptly enough. and they are
such that they can be approved at
! once, some of the banks may be
open as early as Wednesday, 1t
was announced. Those banks
Continued on page four}.