Evening star., 1933-03-10
Treasury Secretary and Aides
Busy Checking List Which
Will Be Allowed to Resume
Full Operations.
WOODIN Halls MEASURE
RUSHED BY CONGRESS
Many Institutions Expected to
Be Doing Business as Usual
Within a Few Days-Payment
on Treasury Notes Sold March 6
Authorized.
By the Associated Press.

By the Associated Press.
An Executive order designed to
speed the opening of the Nations
banks under close supervision OF
the Treasury was issued today by
President Roosevelt.
Under the order, the Secretary
of the Treasury was given author
ity to issue licenses to Federal Re-
serve member banks to reopen.
Applications for the licenses are
to be filed with the district Fed
eral Reserve Banks.
State banks, not members OF the
Federal Reserve, will be allowed
by Secretary Woodin to reopen
after obtaining approval from the
proper State banking authorities.
His plan was outlined in a state
ment little before he went to
the White House with the Execu-
tive order to be signed by the
President.
At the Treasury Secretary Woodin
and corps of assistants were cont1nu-
ing their work of checking and recheck-
ing the list Of banks that will be per-
mitted to reopen.
Secretary Woodin said that applica-
tions for reopening Of the Federal Re-
serve member banks would be acted
ascertained that the banks reopened
Ponah1p nf O iy, inc
Woodin's Announcement.
An announcement made by Mr..
Woodin said:
Executive order directs all banks
which are members of the Federal Re-
serve system desiring to reopen for
the performance Of all usual and normal
banking functions, except as otherwise
prohibited, to apply for license to the
Secretary of the Treasury, applications
to be filed with the Federal Reserve
bank in the appropriate district,
The appropriate authority having
immediate supervision of banking in
stitutions in each State will be au-
thorized under such regulations as such
authority may prescribe to permit any
banking institution in such State or
place, other than member banks OF the
Federal Reserve system to perform any
or all their usual banking functions,
except as otherwise prohibited"
A presidential proclamation kept rigid
restrictions clamped tightly about opera
tions of the Nations banks until-pos-
sibly tomorrow-many of them can re-
open for business as usual.
Less than two hours before the re-
strictions would have become ineffective
at midnight last night, President Roose-
velt used the power Congress had just
given to him by extending the bank
holiday until further proclamation.
That meant that for the time being
banks can do only what they have been
doing the last few days-enough b1lSt-
ness to prevent food shortages or keep
people from going payless. There was
no change Immediately in the various
regulations issued by the Treasury since
Mr.. Roosevelts proclamation slapped
on the gold embargo and started the
money holiday last Sunday night.
Senator Long, Democrat OF Louisi-
ana, who unsuccessfully sought to
amend the emergency bank bill yester-
day to protect State banks not men,
bers of the Federal Reserve system,
served notice in the Senate today he
might offer resolution later to make
this change in the act.
Il don't know whether any Senators
have suffered change CT heart or not" !"
the Louisianan said. but several Sen
ators have come to me since the bill
was passed and indicated they would
like to see such a correction made"
Secretary Woodin today authorized
banking institutions to complete for
their own account or account of their
customers payment on subscriptions for
Treasury bills sold on March 6.
Sixteenth Regulation Issued.
The Treasury regulation issued today.
the sixteenth since the bank holiday
was proclaimed, was announced as the
Treasury officials set to work on the
procedure that will be employed in
applying the freshly enacted legisla-
tion to the tangled banking situation.
The Treasury sold approximately
S75,O00,000 in Treasury bills on March
6, and the banking holiday has tied
UP some of the funds. The regulation,
which permits these to be paid over
to the Government, reads: 80.
"All banking institutions are here
by authorized to take such steps and
carry through such transactions as may
be necessary to complete for their own
account or the account OF their Gus
toners, payment on any subscriptions
for Treasury bills of the United States
for which payment was due on March
6, 1888"
Secretary Woodin visited the White
House for a conference with the Presi-
dent before his morning chat with the
newspaper correspondents.
On leaving the White House, the
7Con+in71e5 IN PoCe 4 CoI1innrl IL