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BANKS OPENED WEDNESDAY Following National Holiday; New Emergency Laws Govern; Gold is Protected Business conditions in Livingston returned to normal yesterday with the opening of the National Park bank following the end of the nation's banking holiday. The only restrictions placed upon banks and their customers are that banks must, under no circumstances pass out gold or gold certificates, nor will depositor be permitted to make heavy withdrawals of currency for hoarding. Where depositor desires to draw an unusual amount in cash from his deposit, the restrictions placed upon the banks make it mandatory that the depositor show that the withdrawal is for legitimate expenditures and not for hoarding. Otherwise receipt will be taken, which must be forwarded to the government, which will investi- gate. These restrictions are placed upon the banks to prevent run on any bank by panicky depositors. Normal business practices, full use of checking accounts, and all other banking business is on normal basis. It is significant of the speed that the American government can show when necessary, that only six ordinary banking days were written all the calendar of March by the proclamation of President Roosevelt on the fifth of March. Immediately congress came through with an emergency banking law which permitted federal reserve banks and other banks in federal reserve cities to open Monday this week. Banks in clearing house cities opened Tuesday, and yesterday sound banks in other cities opened, the latter having lost but eight days of banking due to the national holiday. In Montana, however, one day previous to the presidential proclamation was lost due to the state holiday. The principal effect of the holiday on business locally was to create certain shortage of currency in circulation, and to slow up business and reduce business volume considerably. But through it all was manifest spirit of confidence and certainty that the bottom of the depression had been reached. That spirit continues, and shows growing confidence that now business, agriculture, and all activities will start definite and lasting upward trend. In general, the banking crisis was brought about by huge withdrawals of gold in New York and other large cities, endangering the gold backing the federal treasury. The gold standard requires possession of $1 in gold for every $2.50 in currency outstanding. This condition led to, and enabled the federal government to take charge of, the situation which brought about the banking holiday. Literally hundreds of millions in hoarded gold, much of it withdrawn from banks in the past two months, was redeposited in banks last week. Much gold and many gold certificates, which had perhaps never been in banks, came to light and entered the the banks. In Livingston several thousands of dollars in gold and certificates were brought to the bank. Business in Livingston yesterday received rejuvenation and new stimulus which it is confidently expected will continue.