Article Text
during which we will decide what must be done." At the Chevy Chase Savings Bank, John C. Walker, president, explained that his bank is operating on the restricted basis it adopted for March 1, 2, and 3, before the banking holiday. The bank makes change, allows 5 per cent withdrawals on all accounts opened prior to 3 p.m., February 28, only for purposes of alleviating distress. The new Bailee accounts, which have been opened with the bank since that time on the basis of a trust fund, are now open to deposit and withdrawal. For further operation of the bank officials are awaiting additional advices from the Treasury Department. One of the chief problems of Washington bankers today and for the next several days is the handling of checks on out-of-town banks whose status is not definitely known here, George O. Vass, vice president and cashier of Riggs National Bank, said shortly before noon. Hundreds of these checks before the individual States holidays declared were drawn banking and to when deWashington payees undertook posit them they found the checks were caught in those State holidays and so the checks were returned to Washington. The national holiday added to the jam by prolonging the period in which the checks could not be cashed. Now these checks fairly swamp the banks here and since the local institutions are moving cautiously with each check, the time required by the mere mechanics of handling them is creating the problem. "We simply must ask the public to be patient with us," Mr. Vass said today, "until we can handle this tremendous volume of work. Today everybody's been splendid in the spirit they've shown us and it is through that cooperation that this problem will be solved. Our staff here at Riggs has been working night and day on the job and we're trying to do our part in handling this problem." Harry G. Meem. president of the Washington Loan & Trust Co., added to the general statement that condithe of are coming tions deposits were encouraging gold report in to that his bank. The gold. he said. will be turned over immediately to the Treasury "in support of President Roosevelt and the Government." One of the most graphic illustrations of the banking trend in the first hours of business today was shown at the Security Savings & Commercial Bank. Francis G. Addison, jr., said that at 9:30 o'clock this morning a total of $52,000 came in in the checking department, while only $600 went out. In the savings department request for withdrawal of only $211 was made. B. Agee Bowles, vice president of the Potomac Savings Bank of Georgetown, said that his institution expected its license "any day." He pointed out that the Potomac Savings Bank of Georgetown did not place any restrictions on its business prior to the national holiday and that, in fact, it didn't want the holiday at all. Until the license is granted, he said. however, his bank will continue to do business on the holiday basis. Other banks which have not yet received licenses and which will continue to operate under the restrictions of the national banking holiday proclamation include the Woodridge-Langdon Savings & Commercial Bank, the Washington Savings Bank, the United States Savings Bank, the Seventh Street Savings Bank and the Park Savings Bank. Many former depositors in the Commercial National Bank have inquired if it were possible for this bank to obtain a license from the Government and reopen on a normal basis. The bank was in receivership before the Nation-wide holiday went into effect and under those conditions no license can be issued.
