Evening star., 1933-03-16
BANKING SITUATION
GROWING BRIGHTER
Progress Made in Reopening
Nations Institutions
Cheers Officials.
BY the Associated Press.

BY the Associated Press.
NEW YORK, March l6.-The banks
Of the Wabash-and Of all the land
were clicking again today, innervated
not only by the flow of new currency,
but by continuing evidence Of reborn
national confidence.
President Roosevelt. in speaking to
the people of America last Sunday
night, cautioned that the mechanical
routine necessary for the rehabilitation
Of banking was In itself a heavy chore
and might not be accomplished as swift
ly as hoped for. The major part of the
job has been done, however, with even
greater speed and less confusion than
had been anticipated.
The results reflected themselves in
these significant condition:
/. Thousands of banks, closed by the
national and State banking holidays,
have reopened, most Of them ON unre-
stricted basis.
Facilities Restored.
2. Every section Of the country now
finds its banking facilities restored.
3. Hoarding has been checked.
4. Gold. hidden in fear, has been
routed out and returned to a live sup
port OF American money under regu-
!ations to prevent its escape from use
fulness.
S. Clearance of checks on a national
scale has been resumed.
6. The tide has been turned from
hysterical withdrawal to renewed de-
posit Of funds
T. Legislation has been formulated to
provide regulation under which the
American public need have no future
misgivings concerning its deposited
cash.
8. Talk of scrip-a horrid word to
sound money" torchbearers-has been
shelved as a general expedient Of ex-
change. so rapid has been the return
Of currency to circulation.
Some Cases of Delay.
9. Dealings in commodities and Sc
curities have been resumed.
10. The Nations business has begun
to sit up and take notice.
Each Federal Reserve district has
had its individual cases involving delay
in opening, and in a few instances
conservators have been named. There
have been reorganizations and con-
solidations. all incident to the general
purpose of re-establishing banking on
the sound" basis demanded by the
administration.
Detroit remains one of the large
cities still having much to be done
before its banking facilities can resume
unrestricted functions. Michigan was
the first State to go into a banking
holiday, excepting Nevada, where the
interruption of banking was regarded
more as local matter than as q symp-
tom Of national conditions.
Recreation Draws More.
Such barometers of the public SPEND
ing as the Broadway theaters, horse
racing and other forms of public di-
version, were more encouraging today.
The banking holiday, arresting the
flow Of ready money, was particularly
harmful to them, and In the case of
Broadway theaters there were other
complications involving wage disputes
which added more vinegar to the al
ready-bitter draught.
Horse racing was to be resumed to-
day at the New Orleans Fairgrounds
after a Today suspension. Theaters
in many parts of the country noted a
sharp pickup in interest at the box
Office Sporting events in several cases
are attracting large crowds. All are
being accepted by business observers
as reflection Of Frightening public
sentiment.
Ofdcials would make no prediction,
as to when banking would absolutely
be restored on an unrestricted basis
everywhere, but they were frankly en-
couraged at the progress already made.