The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-03-08
CITY BANKERS
MARK Time ON
CERTIFICATES
No Point in Acting Now,
Says Stout, on Receipt
of Woodin EdiCt.
AWAIT FEDERAL MOVES
Policy of Stores Varies;
Postal Savings Rush
Is Abated.

Proposals for issuance of
scrip or clearing house GER
tificates were halted today by
Indianapolis bankers, with the
national announcement that
currency will be thrown into
the breach of the bank holi-
day.
Elmer w. Stout, president of the
Indianapolis Clearing House As
ISOLATION, asserted that the edict
would mean that indianapolis must
await further national action"
There would be no point in TAX
ing other steps," he said.
Several local printing companies,
it was learned, had printed scrip
for approval by indianapolis banks
or by individual companies, if it was
needed.
Meeting Is Deferred
Clearing house members said they
will not meet again on the Indian
apoliS Setup until the Roosevelt adj
ministration plan Tor handling the
currency issue is outlined.
AS soon as the program IS re-
vealed, members will determine
methods of local distribution. The
currency probably would come to
indianapolis banks through federal
banking units in Chicago.
Until it is possible to clear checks
through the federal reserve banks, it
would be hopeless, local bankers
said, for them to attempt to reopen
institutions, even on the limited
basis permitted by Treasury Secre-
tary William H. Woodin in his order
Tuesday.
Governor Paul V. McNutt, follow
ing study of the present situation,
issued a statement asking support
OF the state to the national pro-
gram.
McNutt declared that the states
policy will continue in line with the
national action in regard to the
bank moratorium.
He expressed confidence in efforts
being made to solve the problem
and praised Hoosier bankers and
the citizenry generally for their
conduct during the crisis.
Improvement Is Seen
Il believe that the whole situa-
ton has shown definite improve
ment," McNutt declared.
Luther F. Synons, state banking
commissioner, saw little encourage
ment for Indiana banks in an
nouncement that federal reserve
banks would be authorized to re-
lease enough money to members to
issue pay roll checks.
Besides national banks, only eight
state banks, out of a total of more
than 500, are members of the fed
eral reserve system and could bene-
fit, he said.
Local banks would benefit little
from the currency released by fed
eral reserve banks, local financiers
said, because inability to clear
checks makes it impossible to de-
termine amount of balances in local
accounts.
Money Held Here
Bankers made it clear that money
on deposit in local banks is being
kept here.
The financial tieup has resulted in
slight increases in the prices of food
commodities, particularly me at,
merchants reported.
City restaurant operators were
threatening meat strike" today
as wholesale prices increased and
packers were demanding cash on de-
livery, according to one operator
1t was said that operators are
planning to exhaust stock on hand
and cease purchases until agreement
can be reached.
one operator Of a restaurant in
the 1900 block, North Illinois street.
said several restaurant men have
expressed indignation over the fact
that farmers are being paid in
paper by packers, but that cash is
demanded of the store owner.
Postal Savings Slump Noted
One building and loan company
which opened window Tuesday to
receive payments on accounts due
reported that more than $1,000 in
currency was paid in during the day.
Postal savings and money order
business at the postoffice had
dropped off greatly today, Post
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