Evening star., 1933-02-25
MARYLAND SHAPES
RELIEF MEASURES
|NBANK|NGHOL|DAY
Ritchie Hopes for Enactment
to Permit Reopening
Wednesday.
DEP0SIT0Rs' INTERESTS
DECLARED PARAMOUNT
Legislature Expected to Act
Quickly, Returning Condi-
tions to Normal,

CUMBERLAND. Md, February 25.
Despite proclamation Of Gov.
Richie ordering all banks in Mary
land closed today, Monday and
Tuesday, all Cumberland banks are
open as usual, with usual orderly
procedure, but are expected to close
Monday and Tuesday.
By the Associated Press
BALTIMORE, February 25-Eyerv
bank and financial institution in Mary-
land was closed today by proclamation
OF Gov. Albert C. Ritchie to stem heavy
Withdrawals from Baltimore concerns
during the week.
Gov. Ritchie, by his proclamation.
declared a legal holiday and accom-
panied it with statement that the
moratorium would be extended daily to
include M nday and Tuesday, while the
Maryland General Assembly prepared
| legislation to aid the banks.
the Governors proclamation, as in
terpreted by Attorney General William
preston Lane, jr, affected banks, saw
ings institutions, trust companies and
build 7g and loan associations, totaling
more than 200 in the State, as well as
the Baltimore Stock Exchange.
R. F. c. Aid Held Likely.
An Associated Press dispatch from
washington said representatives of the
Reconstruction Corporation have been
conferrlng with Maryland bank officials
on the banking situation in that State
for the last several days and although
no corporation official would discuss the
| question it was understood here today
that aid for the Maryland banks was
likely to be arranged
Field workers for the corporation are
keeping in close touch with State off,
clals as well as bank presidents and
directors.
Since the Michigan bank holidays Of
two weeks ago, more than the usual
| reticence has been shown by members
| Of the corporation board in discussing
| anything connected with the banking
| situation.
Executive meetings of the board have
been held with all except the actually
| needed employees barred from the room.
A S13,000,000 withdrawal, principally
by small depositors, from Baltimore
banks this week prompted the bankers
Of the State TO confer at the Federal
Reserve branch bank last night with
Gov. Ritchie and State officials. The
conference was followed by the Gov
ernor's proclamation and statement.
Work Began on Aid Measure.
Attorney General Lane Immediately
began, with the aid of John j. Chin
CHER, recently appointed State BANK
J commissioner, and the State law and
| banking departments. several measures
| intended to relieve the financial con-
Germs for introduction in the State
Legislature, which reconvenes at An
napolis Monday night.
The provisions of the proposed legis-
| lation were not revealed by the State
| officials, but bankers intimated they
| would be designed to declare the assets
| of all banking institutions frozen" on
| basis that would classify them in a
manner governing the rate at which
| Withdrawals from each institution would
| be permitted after the holidays close.
The hope was expressed by Gov.
Ritchie that the Legislature would enact
the measures by Tuesday to permit the
banks to reopen Wednesday with ample
| facilities available for the needs of the
people"
No bank was singled out for the with
| drawals. but was general throughout the
| city, S6000,000 being taken out yester-
day, while county banks were unaf-
i fected for the most part.
Developments Cause Uneasiness.
Bankers who attended the conference
said the Withdrawals resulted probably
| from an uneasy state of mind created
| by the Statewide suspension of bank
| Withdrawals in Michigan. the closing of
| the Title Guarantee & Trust Co. here
Monday and disclosures made before
| the Senate Banking and Currency Com
| mlttee In washington during the week.
| The total resources of the 205 Mary
| land banking concerns reporting to the
controller of the currency amounted to
1888, 100000 as of December 81, 1892.
| The deposits of the Baltimore banks
was placed at half a billion dollars.
Attorney General Lane said the in
terests of depositors will be paramont
in drafting of legislation under which
the Maryland banks will reopen after
the banking holiday.
| A survey, he said, was being made
OF legislation recently enacted in other
States to deal with banking situations
similar to that in Maryland and this
| information would be utilizsd in formu-
latilg the bills for the general assembly,
Special attention was being paid
| legislation, particularly to the Iowa
law, passed in January, providing for
| the withdrawal of deposits in per-
centages fixed according to a time
schedule and in some instances for the
segregation Of old and new deposits.
In declaring the Maryland bank holi.
day, Gov. Ritchie relied upon a section