Imperial Valley press., 1933-03-04
ENTIRE NATION
PLACED UNDER
BANK HOLIDAY
Remaining States Follow After
Moratorium Declared By ILL
nois And New York.
STOCK EXCHANGES CLOSED
Suspension In Most Cases To
Be Of Short Duration Depend
ing Upon Readjustments.
BY United Press

Bank holidays or forms of
deposit withdrawal limitations
were in effect in every state in
the Union today.
Immediately after holidays
were declared in New York
state and Illinois early today,
other states which thus far had
escaped banking protective
paralysis" were swept into line.
Most of the holidays are of.
short duration and will termin-
ate early next week. In New
York the holiday is through
Monday.
The New York bank holiday
resulted in suspension of trad
ing on the New York stock ex-
change for duration of the hol-
iday and after this announce
ment all the major stock and
commodity markets of the ma
ton took similar action.
NEW YORK, March A. U.p)-A
protective paralysis descended to-
day over the harassed financial Or
ganism of the United States.
Banking and trading in securities
was suspended in almost all inn
portant centers while millionaires
and clerks, left alike with their
funds frozen, looked to the incom-
ing administration at Washington
for relief.
New York state and Illionis, en-
bracing the two financial capitols
of America, joined early today the
territories in which banking oper-
ationS were suspended.
With the declaration of holidays
in New York and Chicago, New
England, the one major area here
tofore unaffected by moratoria,
Joined the now nationwide move
ment.
Massachusetts, New Hampshire
and Rhode Island joined the list
of holiday states before banking
hours this morning.
Pennsylvania came in at $3.50 a.
m. Iowa, Missouri, Wyoming and
Kansas had chimed in during the
night. The number of states in
which banking was suspended or
limited passed beyond the two
thirds mark, and it seemed certain
that the few remaining would
have to fall in line.
Repercussions of New York's hol-
iday were felt around the world.
Trading in dollar exchange was
suspended in London and other
European capitals, and banks de-
clined to cash dollar checks or let
ters of credit for American tourists
and residents.
The ninth federal reserve district,
including Montana, North and
South Dakota, Minnesota and Wis
consin, joined the holiday move
ment. Montana and the Dakotas had
not previously been restricted.
Many Penniless
Loans were advanced by states
to known customers, but thousands
of Americans were left almost
penniless, just as tourists were in
the first days of the World war.
With banks closed, the stock ex-
NAAeAA6So Ia ANSW Olh OIll-
cago, as well as other securities
and commodity exchanges, were
left no choice but to suspend oper-
ations.
Since the New York holiday was
for two banking days only, today
and Monday, there seemed to be
reason to suppose that financial
authorities had confidence that
some measure of national relief
would be arranged between the ad-
of the oath OF office to
Franklin D. Roosevelt today and
the scheduled resumption of busi-
ness Tuesday.
The Chicago holiday, however,
was for three business days, and
others ranged from one day up
ward.
Much of the financial commun-
ity here was taken by surprise by
news late in the night that banks
would not open today.