The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-03-07
Clearing House Decides to
Continue Holiday for
Time Being
UNCERTAIN ON SCRIP
Inability to Clear Checks
Another Reason for De-
laying Resumption.

Another Reason tor De-
laying Resumption.
BANKING SERVICE FOR YOU
Here are the banking services
available for Indianapolis citizens
today
Safety deposit box departments
are open for deposits and with
drawals.
Postal money orders may be
cashed and also purchased to use
in lieu Of checks.
Postal savings deposits are being
accepted and Withdrawals per-
mitted
Facilities for obtaining change
are being offered by banks.
Checks are being accepted.
subject to collection, in payment
of money orders.
The usual credit is being ex-
tended for necessities by business
firms to customers with good
credit rating.
Some public utilities are ac-
cepting checks, pending clearance,
IN payment of current accounts.
Some department stores recon-
mend use of charge accounts.
BY LOWELL NUSSBAUM
Indianapolis banks will re-
main closed for the time be-
ing, pending reopening of the
Chicago federal reserve bank,
it was announced this after
noon, following a meeting of
the Indianapolis Clearing
House Association.
Clearing house members decided
to continue to observe the banking
holiday proclaimed by President
Franklin D. RSosevelt rather than
elect to open for restricted bust
ness. as permitted under the latest
order issued by Treasury Secretary
William H, Woodin
Woodins order would permit
banks to pay, on demand, funds de-
posted last week in segregated &C
counts. and to accept for deposit,
ir new segregated accounts, funds
which must be kept liquid for with
drawals.
Await Action on Scrip
No definite action for issuance Of
scrip has been taken by local bank
ers. because of lack of definite in
formation on procedure.
It was stated the banks were I'M
determined as to the feasibility of
adopting such plan here.
Statement Of the treasury sec
rotary today authorized issuance Of
scrip, but made it optional with
localities.
1t was stated the clearing house
was deciding on its course of &C
ton for the present only, and
further developments, nationally,
will guide the next moves in the
local situation.
Decision of the clearing house not
to take immediate advantage of the
opportunity to open for restricted
was based on confusion
caused by inability to clear checks
through banks in other cities.
Checks Tied Up
With the Chicago federal re-
serve bank remaining closed, no
checks issued by local depositors to
persons in other cities could reach
here and local banks find it impos-
sible to determine the exact bal
ance of depositors' accounts.
It was reported that bundles of
checks sent to the Chicago Federal
Reserve bank for clearing late last
week were returned here Monday,
At present large percentage of
several million dollars placed in
accounts last week are in
-he form of checks on banks in
other cities. which cannot be cleared
now, according to Elmer w. Stout,
Clearing House president.
In the meantime, the local situa-
lion was relieved somewhat by re-
newal of full operations Of postal
savings department OF the post
office and the money order section.
Open to New Deposits
Issuance and cashing of money
orders is unlimited. and the ban on
Of postal savings funds
has been lifted by order of the post
office department, Postmaster Leslie
D. Clancy said today.
The banks Monday were author
lied to grant patrons access TO their
safety deposit boxes.
Luther F. Symons, state banking
said that he had re-
ceived telephone calls TODAY from
bankers in q number Of Indiana
cities announcing they planned TO
open for business this morning on
the new basis. These cities included
Anderson. French Lick, Windfall
and others.
Change Situation Relieved
One of the inconvenience ham,
pering business operations as re-
suit of the bank moratorium, that
of obtaining change for business
was relieved late
Monday, when the treasury depart
ment authorized banks to open one
window each for the purpose Of
making change.
Since the limitation order was IS
sued. most citizens have retained in
their possession much larger
2 amounts Of cash than usual, fearing
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