The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-03-13

all clearing mouse members.
The clearing house also is
awaiting approval of a set of
restrictions, designed to pre-
vent Withdrawals of large
sums of cash for boarding,
adopted at a meeting late Sat-
urday.
Possibility was seen that only part
Of the citys banks might be author
lied by the government to reopen
Tuesday, and that the others might
be delayed until Wednesday or later,
depending on the length Of time
necessary to determine each banks
individual status.
May Be Some Restrictions
While clearing house members de-
clined to divulge nature Of the re-
strictions drawn up Saturday, pend
ing their approval it was believed
that some banks would permit
unrestricted checking privileges, but
would restrict large Withdrawals OF
cash for boarding.
Others, for the time being, might
restrict Withdrawals by cash or
check, it was reported.
Regulations governing reopen
ing of Indiana state banks, with
more liberal restrictions than the
s per cent limit on Withdrawals,
have been prepared by Governor
Paul V. McNutt and his advisers
and are ready for announcement,
with approval of federal reserve Off
Gals
Prepared at Conference
The Governor said the regula-
tions, which will affect all state
banks, were prepared at confer
ence with Attorney-General Philip
Lutz Jr., state banking department
officials and representatives of the
Indianapolis clearing house.
Bank officials expected some word
from the Chicago federal reserve
bank on the proposed restrictions
and possibly Geographic permission
before night for banks to reopen.
All members of the indianapolis
clearing house were preparing to
open Tuesday if permission is
granted.
Clearing house banks include the |
Indiana National bank, Fletcher
American National bank. Merchants |
National bank and the Fletcher |
1oa fndnTo1
serve system member banks; and the |
Indiana Trust Company, Union |
Trust Company, Bankers Trust |
Company, Security Trust Company, |
Peoples State bank and Live Stock
Exchange bank. The Fountain |
Square State bank is an associate
member.
Cash Is Scarce
Reopening Of the banks will re-
lieve thousands of Indianapolis
families of highly pressing prob
lem, that of obtaining cash with
which to pay food and other bills.
With all bank accounts frozen, |
many firms paid their employees Sat-
urday with checks for which it was
found difficult to obtain cash.
The William H. Block Company
announced today that it will accept
pay checks, exchange one-half in
cash and the remainder in merch-
andise or merchandise credit.
An official of the E. C. Atkins
Company said the first regular pay
roll will be met at noon Tuesday.
Some Cash Released
Several banks, on authorization
from the treasury Department. paid
out cash for pay rolls Saturday from
the 5 per cent of deposits made on
and prior to Feb. IS, together with
money deposited in the new segre-
gated accounts.
Several loans were made for pay
rolls on government bonds, the only
collateral acceptable for loans I'M
der the bank holiday terms
Most firms, however, were forced
to pay by check, or by cash obtained
through their ordinary business
transactions.
Some paid part cash, others part
cash and grocery orders, while sew
eral companies divided the usual
pay check into a number of smaller