The Waterbury Democrat., 1933-03-07
Conn. Moves Along With Rest Of Nation
 In Roosevelt Path
All Sections Short of Cash But They Will Have Plenty When the Bell Sounds to Start Scrip Into Circula= ton Everywhere

Hartford, Conn, March 7-CUP) With bank doors still closed, business moved along as usual in Connecticut to-day despite @ lack of ready cash.
 The state, along with the nation, made the best of a situation that has reduced the usual flow of currency to a trickle. Here at the state capitol, and in the large and small towns of the state, officials and bankers moved rapidly to adjust themselves and business in general to the new state of affairs.
 Outstanding developments in cluded:
 Expected passage by the general assembly to-day of emergency banking legislation.
 Preparation by clearing houses to put into circulation scrip, backed by securities worth twice the value of the paper issued.
 Decision of hundreds of manu- lecturers of the state to pay their employees in certificates redeemable by the individual company treas urers.
 Opening of safety deposit vaults of many banks, although tellers cages remained closed.
 The proposed banking legisla- tion was expected to pass the house and senate to-day under sus- pension of the rules. The bills were drafted yesterday after ser ies of conference in which Cover nor Wilbur l.. Cross, George J. Bassett. state banking commission CT, bankers and members of the legislative banking committee par ticipated.
 The new measures are designed, according to Bassett, to give the Governor state power to issue a proclamations such as that of the would give broad powers to his of- flee and that of the banking com missioner, and permit them to or der banks to close or to limit the amount of withdrawals. Under present statutes closing order is not mandatory. and must be issued under the fasting" statute declar- ing the period a legal holiday.
 Throughout the state various measures were being adopted to meet the situation. In Hartford the clearing house has ordered scrip and expected to have it in circulation by the end of the week. The New Haven Clearing House has ordered $5,OOO,OOO in scrip.
 New Britain banks have not de- cided what action they will take. It is possible they will work in CO., operation with the Hartford bank ing houses. At Waterbury "change exchange" was esta blisheI for the purpose of making change for businessmen.
 Bridgeport bankers also pro- Yided change making facilities, and were accepting money for safe keeping which was not subject to withdrawals regulations. Scrip also was to be circulated there and in the neighboring towns of Stratford and Fairfield.
 Opening of the safe deposit vaults was expected to add some currency to. circulation with people drawing some of their hoarded savings out for their daily neces- sities. 1i~N.
 Manufacturers of H fo r d county led the way in deciding to pay off their thousands of employ eS Tn Scflp issued dSdlHSt tneiF o"H firms. Other manufacturers were expected to follow the plan.
 The private scrip, or drafts, will be issued in denominations of $1. $5, and $10. The drafts will be printed on bank note paper, and will be uniform size. -
 Many merchants, on whose CO., operation the successful operation of the plan depended, have agreed to accept the drafts in exchange for provisions and merchandise, according to Samuel M. Stone, president of the Manufacturers' as- sociation of Hartford county. Pay days of most of the companies comes Friday. and the notes will be printed and ready by then.
 Hartford, Conn. Mar 7-(UP) With grin and a quip Connec- ticut met the bank situation to- day. jingled it's fading supply of silver merrily, and counted the days until it could slip few pieces of scrip into its fiattened billfoid,