The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-10
NEWS OF THE WEEK IN BUSINESS AND INDUSTRY
COMMITTEE TO
WORK TO FREE
BANK DEPOSITS
Business Men Join Move to
Release Frozen Assets,
Aid Buying Power.

BIZ Timcs Special
NEW YORK, July 10-Lag in re-
covery Of consumer buying power.
traceable to delay in releasing fro
zen bank deposits, has brought a
committee of nationally known in
dustrial leaders to the aid Of bank
depositors. A special organization
for this purpose, affiliated with the
committee for the nation, an
nounced its personnel today.
Railroads, life insurance, chain
stores, agricultural organizations,
automobile and other industries are
represented on the committee to
release frozen bank deposits" which
will operate from headquarters Of
the committee for the nation IN
New York.
The bank committees activities
are intended to cover every COM
munity where a bank remains closed
or restricted.
Individual business men consti-
tuting the directing committee dis
covered for themselves, said E. /.
McClintock, it's chairman. sur
prising lack Of exact information
on the extent and consequences of
the closed hank situation.
Matter Is Overlooked
Communities stripped Of banking
facilities, with deposits frozen in
closed or restricted banks, reflect
their condition on the maps of every
national sales manager; but cor
poration executives have been so
busy with their own recovery prob
lens that the iepOsitOrs' Flight and
its cumulative effect on local and
national business have received rel
atively little constructive attention
from business men.
The committee for the nation en-
gagged the national industrial con-
ference board to survey the bank
situation prior to the bank holiday
in March. That survey is being
brought down to date for the affill-
ated committee The new data will
be used to reinforce earlier recon-
mendations of the committee for
the nation, urging the economic i'm
portance of Fastening relief for
bank depOSitors.
Early in April the committee
stressed the need for prompt action
to release bank depositors' buying
power. It advocated issuance of
currency to banks, secured by as
signment of frozen bank assets, to
pay depositors.
Business Leaders Aid
E. I. McClintock, chairman OF the
bank committee, is an officer OF
the Bayer Company in New York.
Former Attorney General A. Nit
cheu Palmer, now a practicing at
torney in Washington, is the COM
mittees counsel, and Edward J..
Noble. president of Life Savers, Inc,
Jersey City, is treasurer.
Other members of the directing
committee announced by Mr.. Nc
Clintock are:
Vincent BendiX, president BendiX
Aviation corporation. Chica o.;
George w. Borg. chairman Borg
Warner corporation, Chicago; A. E,
Dickinson. president Indiana Lime
stone company; Oscar G. Mayer,
Chicago packer; G.. S. Nollen, presi-
dent Bankers Life Insurance COM
pany, Des Moines: j. H. Rand Jr.,
president Remington Rand, Inc,
and chairman of the committee for
the nation; II. Smith Richardson,
chairman Wick Chemical company.
New York; Leasing j. Rosenwald,
chairman Sears, ROebuck g. Co.:
Fred w. Sargent, president Chicago
IL Northwestern railway; David
Stern, publisher Philadelphia Rec
ord; Philip d. Wagner, president
Underwood Elliott Fisher company;
B. l.. Winchell, chairman Reming-
ton Rand, Inc; William A. Writ,
banker, Gary, Ind.
Agricultural organizations are
represented by R. j. Anderson of
the Dairymen'S League Cooperative
Association.