The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-03-10

Issuance Of scrip was dis
cussed at the morning SEES
sion. However, while the
banking holiday extension un-
til Monday has weakened
local bankers objections to
scrip, it was not considered
likely that any action toward
its issuance would be taken
before Monday.
Pay roll problems we're reported to
have been discussed at the first con-
ference today, but most of those
present felt that the major problem
at this time is getting the banks
open, as nothing can be done about
anything else until the banks are
functioning.
Scrip Samples Submitted
Samples of scrip, or clearing
house certificates, we're reported to
have been submitted for considera-
ton at the meeting by several To-
cal printing firms.
With the average citizens supply
of cash dwindling, if not exhausted,
and bank deposits still frozen, the
payroll problem has reached seri-
Gus stage throughout the country.
Bankers had hoped to receive
supply of the new currency being
printed by the government in time
to provide for pay rolls Saturday of
at least some of the city's larger
employers of labor.
Hope for Currency
The clearing house members
failed to receive information from
Washington before their forenoon
meeting was adjourned as to when
the new currency might be shipped.
1t was estimated that from twelve to
twenty-four hours would be required
for the currency to reach Indian
apolis
Nearly every bank official in the
city attended the morning clearing
house session, most of them accom-
panied by their attorneys.
Representatives of two law firms
engaged a week ago to interpret
treasury department orders. also
were present, prepared to submit
reports.
Luther Symons, state bank COM
missioner. said he had received calls
from several Indiana bankers. an
nouncing they will proceed to issue
scrip against frozen accounts.
Approves Scrip Plan
Symons said approval of this plan
was given and he expected the &C
ton to be widespread by the first
of next week, unless the national
situation changes.
He said that later today he will
issue a proclamation, in line with
the Presidents, that will protect
state banks on the continued hoh-
day.
President RooSevelt's extension Of
the banking holiday, until at least
Monday, was welcomed by Indian
apolis bankers as a means of Civ
ing the additional time to work out
tremendous problems incident to re-
opening.
Work for Reopening
Bankers here were busy Thursday
making preparations for reopening
on limited basis, in case orders to
this effect should be received from
Washington.
However, they still insisted that
an attempt to reopen would be
futile until the federal reserve Sys-
tenn has been reopened and in
operation several days, so thousands
OF checks on out-of state banks. now
being held in local financial insti-
tutions. could be cleared.
Heads Of various business firms.
not having sufficient cash to meet
pay rolls Saturday, were perplexed
by the problem of what to use in
lieu Of cash.
Many reported that company
scrip had been found impractical,
because their customers were not of
the type who could be patti cuized
by the firms employees who OTHER
wise, could present the scrip in pay
ment for groceries and other neces-
sites.
Action of the treasury department
in ordering banks to provide lists
OF persons Withdrawing gold in the
Turn to Page Two