Evening star., 1933-03-11
ALL CAPITAL BANKS
ASK FOR LICENSES
Institutions Here Hope to
Resume Normal Business
simultaneously.

All banks in the Capital, which were
doing business at the time the presi-
Dental holiday proclamation went into
effect, have applied for licenses to re-
sumo the same banking functions as
soon as possible, it was reported IN the
financial district today.
Bankers here were quick to follow
the order promulgated by President
Roosevelt yesterday, which decreed that
all banks in the United States must OBJ
tain licenses before being granted per-
mission to resume operations.
The national banks In Washington
applied at once to the Federal Reserve
Rank of Richmond for such licenses,
while the local trust companies ana
State banks made application at the
Treasury. The license applications OF
the national banks will be forwarded
from the Richmond Reserve Bank TO
the Treasury for approval
Must Await Approval.
Just how soon sound banks will be
permitted to open could not be stated
today, the date depending on the time
required by the Treasury in acting upon
the license requests. only few days..
Secretary Woodin said, IL speaking OF
the banks all over the country.
It Is believed here that all banks IN
Washington which are granted licenses
to operate on 100 per cent basis. WILL
of action taken by the washington
Clearing House Association.
The clearing house has requested the
Secretary of the Treasury, in issuing
licenses for banks to reopen, to make
such licenses operative for all banks at
the same time, and mot permit any
preference or precedence in opening as
to any bank or as to any city"
"The action was TAKEN" clearing
house statement issued late last night
said. ito the end that sound banking
institutions of the District OF Columbia
will be permitted to open their doors
for the performance of all normal bank
ing functions as early as any other city
may receive like licenses"
Richmond Bank Open.
It is understood in banking circles
that the controller of the currency has
already been investigating the condi-
banks elsewhere In the country. rela-
tive to the issuing of the licenses. This
means that the Treasury will be ready
to rule on these applications much
sooner than would have been possible II
the investigation had not been COM
menced until after the Presidents
license order was actually issued. In
banking circles here today 1t was said
there were indications that good deal
of progress has already been made on
these full opening lists"
The Federal Reserve Bank OF Rich
mond was reopened today following yes
terday's Treasury regulation reopen1ng
all IL of these banks. The national
banks in Washington are members OF
the Richmond Federal Reserve Bank so
that the resuming of business by this
institution has highly important local
significance. The Richmond bank had
to be reopened before the banks here
and elsewhere in the fifth Federal Re
serve district could be permitted to
open and carry on their full functions
unhampered. AS soon as the banks
here return to full time they can OBJ
tain all the currency they may need
from the Richmond bank.
Stores Pay OF in Cash.
Banks were operating on a restricted
basis again today, meeting pay rolls,
cashing individual pay roll checks, max
ing change for customers, paying out
funds for necessity demands, honoring
bills of lading in connection with the
shipments of food, and giving patrons
free access to their safe deposit boxes.
They were also carrying on Other func-
tions of a technical nature relative to
the payment of certain checks drawn
before the bank holiday went into ef-
feet last Monday.
All the large department stores met
their weekly pay rolls in cash, it was
said today
At last nights meeting of the Wash
ington Clearing House Association rep
resentatives from the non-member
banks were invited to be present. The
Presidents license order was discussed
at length. It was at the conclusion of
that meeting. just before midnight, that
it was revealed how quickly the local
banks had complied with the new decree
and asked for the right to resume busi-
ness without the present limitations.
Increase in Demand.
The local banks today were on the
usual Saturday halliday schedule. 1t
was reported that the demand for small
sums for dire needs" increased toward
closing time, largely to meet require
ments over the week end.
Radio PROGRAMS on Pare A.lO