Imperial Valley press., 1933-03-04
Of
BANK HOLIDAY
SEEMS LIKELY
Legislature Wrestling With New
Bill After Rejecting One Pre-
sented Yesterday.
ROLPH NAMES COMMITTEE
Various Financial Groups Will
Coordinanate With Assembly
Over Weekend.

SACRAMENTO, March 4. ,UP@
A determined move to bring some
order and accord out of the chaos
of conflicting opinions on emer-
gency bank legislation was taken
at noon today when Governor
Rolph appointed a coordinating
committee.
This committee, on which are
represented all the fundamental
conflicts of viewpoint, will go into
immediate session.
Futile attempts of bankers to
reach an informal agreement on
bank legislation convinced the ad-
ministration that a formal COM
mittee should take up the tremen-
dous problem. The following Or
CARNATIONS, offices and commit
tees are represented:
Federal reserve system, state
bank superintendent office, Wells
Fargo bank of San Francisco, Bank
of America, Los Angeles Independ-
ent banks, Humboldt Independent
banks, state chamber of commerce,
the attorney general and the bank
ing and judiciary committees OF
both houses.
Aware that the banking holiday
must be extended unless protec-
tive legislation is enacted today or
tomorrow, bankers and legislators
hoped to iron out their differen-
ces and draft a bill which would
adjust some of the conflicts.
SACRAMENTO, Mach 4. U.P)-
Although still deadlocked the leg
islature labored today to enact leg
islation that will permit the reop-
ening and limited operation of
California banks.
The legislature was trying to de-
wise a legal plan to prevent possi-
BILE runs and, simultaneously, per-
NIT transaction of imperative busi-
ness such as meeting payrolls.
The obstacle facing the legislature
is constitutional language which
prevents courts from functioning
on holidays.
Lawyers claimed that unless
courts can function normally, bus
iness would BE- hampered through
out the state and personal rights
jeopardized.
Considered improper in the form
in which the original bank legisla-
ton was offered, committee men,
berS were to meet with Edward T.
Rainey, superintendent of banks,
and representatives of banks late
today to draft a new bill. 1t will
be introduced in the assembly and
senate tonight or tomorrow, mem
berS said.
The senate judiciary committee
was preparing a bill giving the gov
ernor power to call limited holidays,
applicable to banks and building
and loan associations. 1t would ex-
clude courts. schools and other bus
inesses. 1t was planned in antici-
patton of the necessity to continu-
ing the bank holiday into next
week.
The original banking bill met
objections from three sources; those
who sought uniform rate in the
limitation of Withdrawals; those
who asked the act be made per-
miSSive and those who believed a
holiday was not necessary for their
institutions.
Preparing the way for the use
of scrip" the committee planned
to confine limitation of Withdrawals
to lawful money,
Adding to the problems of the
harried legislature, representatives
of building and loan associations
offered to the assembly committee
a number of amendments to the
building and loan act which they
seek to enact for protection against
Withdrawals from their institutions.