Evening star., 1933-03-14

! during which we will decide what must
be done"
At the Chevy Chase Savings Bank,
John C. Walker, president, explained
that his bank Is operating on the re-
| stricted basis it adopted tor March l.
/ 2, and 3, before the banking holiday
The bank makes change, allows per
cent Withdrawals on all accounts opened
| prior to 3 pm, February %, only for
i new Bailee accounts, which have been
opened with the bank since that time
i on the basis of trust fund, are now
open to deposit and withdrawal. For
! further operation of the bank officials
are awaiting additional adviceS from
| the Treasury Department..
One of the chief problems of Wash
| ington bankers today and for the next
several days is the handling of checks
on out oftown banks whose status is
| not definitely known here, George O.
Vass, vice president and cashier of
Riggs National Bank. said shortly be-
were drawn before the individual States
declared banking holidays and when
Washington payees undertook to de-
posit them they found the checks were
caught in those State holidays and so
the checks were returned to Washing
ton. The national holiday added to
the jam by prolonging the period in
which the checks could not be cashed.
Now these checks fairly swamp the
banks here and since the local insti-
tutionS are moving cautiously with each
| check, the time required by the mere
mechanics of handling them is creating
| the problem.
I'VE simply must ask the public to
L. rotI 70
day, until We can handle this tremen-
dous volume Of work. Today every
body's been splendid in the spirit they've
shown us and it is through that CO.
operation that this problem will be
solved. Our staff here at Riggs has
been working night and day on the
job and we're trying to do our part in
handling this problem"
Harry G. Meem. president Of the
Washington Loan g. Trust Co., added
to the general statement that condi-
tions were encouraging the report that
deposits Of gold are coming in to his
bank The gold. he said. will be turned
over Immediately to the Treasury lin
support of President Roosevelt and the
Government"
One of the most graphic illustrations
of the banking trend in the first hours
VI lOddy WdS SllOWh al tiiC
Security Savings & Commercial Bank.
Francis G. Addison, jr., said that at
$50 o'clock this morning a total of
$50 900 came in in the checking de-
partment, while only $500 went out. In
the savings department request for
withdrawal of only S2ll was made
B. Agee Bowles, vice president of the
Potomac Savings Bank of Georgetown.
said that his institution expected its
license "any day." He pointed out that
the Potomac Savings Bank of George
town did not place any restrictions on
its business prior to the national holi-
day and that, in fact. it didn't want
the holiday at all Until the license
is granted, he said. however, his bank
will continue to do business on the
holiday basis.
Other banks which have not yet re-
ceived licenses and which will continue
to operate under the restrictions of the
national banking holiday proclamation
include the Woodbridge -Langdon Savings
e. Commercial Bank, the Washington
Savings Bank, the United States Saw
ings Bank, the Seventh Street Savings
Bank and the Park Savings Bank
Many former depositors in the Com
mercial National Bank have inquired If
it were possible for this bank to obtain
a license from the Government and re-
open on normal basis. The bank was
in receivership before the Nation wide
holiday went into effect and under
those conditions no license ran he iss,ed