Imperial Valley press., 1933-03-13
FIRST BANKS
REOPENED BY
GOVERNMENT
Institutions In Federal Re-
serve Cities Permitted To Re-
sumo Business Today.
OTHERS FOLLOW LATER
Roosevelt Gives Pledge That
Nation Will Not Have Epi-
demic Of Failures Again.
BY RAYMOND CLAPPER
United Press Staff CORRESPONDENT


United Press Staff Correspondent
WASHINGTON, March 13.
Banks began to reopen for normal
business today with a pledge to the
nation srom; President Roosevelt
that I'VE will not have another
epidemic of bank failures"
Banks licensed by the treasury
we're permitted to open today in IL
key financial centers-the cities in
which federal reserve banks are To-
Gated. Tomorrow and Wednesday
the reopenings will be extended
throughout the country
President Roosevelt in a public
statement calling upon the nation
to unite in banishing fear" pro-
missed that the reopened banks
will meet all needs"
The lid remains clamped down
tight on release of funds for hoard
ing. BY order of Secretary of Treas
ury Woodin, Withdrawals of de-
posits are limited to the funds
needed for normal business and
necessary personal expenditures.
"The first duty of banks reopen
ing under the license of the secre-
tary of the treasury for the per-
formance of their usual functions
is to see that the primary needs of
the people for the necessities of life
and normal business undertakings
are met Woodin announced.
Accordingly Withdrawals for
boarding have been prohibited and
the secretary of the treasury rules
that until more normal conditions
have been established, transfers of
funds by banks or their business
will be limited to necessary pur-
pcses.'
New York, Boston, Philadelphia,
Atlanta, Richmond, ST. Louis, Kan
sas City, Dallas, Cleveland, Chica-
go, Minneapolis and San Francisco
are the IL cities in which licensed
banks were permitted to resume
business today. Treasury and fed
eral reserve officials passed on the
! fitness of federal reserve member
banks in these cities to reopen.
State authorities were certifying
state banks
Private Banks Open
Private banks such as j. P. Nor
gan & Co., which are not members
CT the reserve system or under the
immediate supervision of any state
authority, also were permitted to
reopen today, unless prohibited by
state restrictions.
Secretary Woodin further auth
orized the following institutions to
reopen this morning; all federal re-
serve banks and their branches,
federal land banks, federal inter-
mediate credit banks, joint stock
land banks, federal home loan
banks, regional agricultural credit
corporations and the ReconStruc-
ton Finance Corporation.
Tuesday certified banks in about
$50 cities in which there are or
ganized clearing houses may resume
business. On Wednesday banks in
all other cities and towns will re-
open as fast as federal and state
officials certify their soundncss
and relax present state restrictions.
The reopening was placed on this
gradual basis to afford ample time
for distribution of the new federal
reserve bank notes which the Du-
reau of engraving here is turning
out at the rate of S30,000,000 day.
1t also gives the 10000 state banks
which are not members of the fed
eral reserve system more time to
join the system or obtain ample
funds from member banks and
other agencies.