The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-03-13

President Roosevelt, in a
public statement Sunday
night calling upon the nation
to unite in lanishing fear"
promised that the reopened
banks will meet all needs"
The lid remains clamped tight on
release of funds for boarding. BY
order of Secretary of Treasury Will
liam H. Woodin, Withdrawals of
deposits are limited to the funds
needed for normal business and
necessary personal expenditures.
HOarding Is Banned
First duty of banks reopening
under the license of the secretary
of the treasury for performance of
their usual functions is to see that
the primary needs of the people
for the necessaries of life and nor
NAL 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 customers
will be limited to necessary pur-
poses"
New York, Boston, Philadelphia,
Atlanta, Richmond, ST Louis,
Kansas City, Dallas, Cleveland, Chi
cago, Minneapolis and San Francis
co are the twelve cities in which
licensed banks we're permitted to
resume business today.
Fitness Is Passed On
Treasury and federal reserve Of
ficialS passed on the fitness of fed
eral reserve member banks in these
cities to reopen. State authorities
were certifying state banks.
Private banks, such as j. P. Nor
gan 81 Co, which are not members
of 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 author
lied the following institutions to
reopen this morning All federal re-
serve banks and their branches, fed
eral land banks, federal interme-
diate credit banks. joint stock land
banks, federal home loan banks, re-
gional agricultural credit corpora
tons and Reconstruction 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 ether cities and towns will re-
open as fast as federal and state
officials certify their SoundneSS and
relax present state restrictions.
Ample Time Given
The reopening was placed on thi;
gradual basis to afford ample time
for distribution of the new fedora
reserve bank notes, which the bu.
reau of engraving here is turning
out at the rate of $30000,000 a day
1t also gives the 10000 state bank,
which are not members of the fed
eral reserve bank system more time
to join the system or obtain ample
funds from member banks and other
agencies.
4 know that many people arr
worrying about state marks no
81
system" President Roosevelt said
These banks can and will receive
assistance from member banks anC
from the Reconstruction Finance
Corporation.
These state banks are following
the same course as the nationa
banks, except that they get theil
licenses to resume business from tn,
state authorities. and these authori.
ties have been asked by the secre.
tary of the treasury to permit theil
good banks 30 open up on the sam,
schedule as the national banks.
Has Confidence in States
L am confident that the STATE
banking departments will be a.
careful as the national government
in the policy relating to the open.
ing OF banks and will follow the
same broad policy
Mr.. Roosevelt again emphasized
that "if your bank does not oper
the first day you are by no means
justified in believing that it Will not
open. A bank that opens on one OF
the subsequent DAYS is in exactly