Evening star., 1933-03-13
D. C. BANKS AWAIT
LICENSES TO Open
7' '| -.
First List to Start Program
Here Tomorrow Due
Some Time Tonight.
Continued From First Page.)

reopened on q solid basis later, secre-
tary Woodin said.
Opening Of the Federal Reserve Bank
of Richmond Saturday was vital step
toward restoring normalcy in the NTH
reserve district banking situation. It
was necessary that this bank be opened
a day or two before member banks In
Washington and elsewhere in the dis
trict could resume full functions. The
Richmond bank now Is In q position to
render the Washington banks any serv-
ice they may desire. ~.
Capital banks today were rendering
the same services that have been per-
mitted during the last seven business
days, cashing Government checks, CASH
ing pay checks given by employers to
employees, granting free access to safe
deposit boxes, receiving gold returned
from these strong boxes, furnishing
funds to assist In food transportation
and performing several other less I'm
day for the return Of so-called 'hoarded
gold" before the requested report on
hoarders was to be made to the Federal
Reserve Bank Of Richmond in response
to the order sent out by Gov: George
j. Seay.
Regulations Studied.
Clearing house officials here and all
other local bankers were giving further
study today to all the latest regulations
issued by the Treasury. There are more
than q score Of restrictions and expla-
nations which have come from the
Treasury during the present bank
holiday.
Jocol hooL.~. ~ra in r,bok ,,,;cht Ia
called a preferred position because OF
their closeneSs to the Treasury. In
connection with the endless number Of
questions which have arisen, they have
been able to obtain information quickly
from the Treasury. much sooner than
1t could be furnished bankers at dis
tant points. Bankers here have been
almost swamped with telephone requests
from their out connections for
detailed explanations of recent Treas
ury rulings.
They gave unlimited praise to Presi-
dent Roosevelt's radio talk last night
on the banking situation. 1T was
clear, right to the point, convincing
and reassurirg," leading financiers said
They added that it was bound to do q
great deal Of good IN making more defi-
mite the reasons for all the steps taken
to meet the changing conditions. The
whole address delighted bankers in this
city and also was most favorably re-
ceived by bank depositors.
by the President to meet the banking
crisis will go down In history as one
Of the most courageous steps ever taken
by any President in any national
emergency"
Resumption of complete banking &C.
tivities here tomorrow will prove a great
boon to local trade. Thousands OF
checks which have been tied up since
the President put the Nationwide bank
ing holiday into effect will start moving
through the channels of trade.
Currency Stirs Interest.
Much interest was manifested here
today in the new currency-Federal
Reserve bank notes-and how this
money viii be put into circulation
Washington bankers say that banks
which are members of the Federal Re
serve System will obtain supplies Of the
new currency in the same way they
have always procured notes from the
Federal Reserve banks. All member
banks keep reserves at the, Reserve
banks against their deposits.
When a member wants currency to
meet the demands of depositors, II
draws on its own balance at the Re-
serve Bank, receiving cash and a debit
to its account. The last step In get
ting the new expanded currency into
use Is its payment to the public through
the tellers' windows in the banks.
All that could be said today about
the reopening of the Washington Stock
Exchange was that 1t would probably
resume business sometime later in the
week. the governors not having met As
yet 10 fix the date.
Washington are awaiting news from
again will begin flashing across the
translux. Reports said more orders
were being received again today, to be
executed "at the market" when the
gong does sound for the Wall Street
opening. as
Hoarding Curb Discussed.
Bankers here today said they did no.
know just how the Treasury's regula-
ton on the restricting Of "hoarding'
would be carried out. A wide degree
of latitude would be adopted in inter-
preting this regulation, they added.
Most local banks are acquainted with
the normal currency requirements OF
their depositors, bank officials said, and
could tell whether the demands were
in accordance with normal needs. It
was not believed here that many de-
positors would be asked to take an oath
with reference to funds which they
wished to draw out.
It was believed such an oath would
be. resorted to only under exceptional
conditions, although the bankers ex-
pect to cooperate to the fullest extent
to prevent actual boarding.