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quite explained the Reserve Bank in difficulty having held banks being from Washington. list will be issued notice received from the banks in Pennnot members of the Federal Reserve System, which did receive license may apply restricted basis vided by state law and pending approval, may operate under the Federal emergency restrictions. Federal Reserve member banks which do get licenses to reopen apply for rehearing, George Norris, of the Federal governor Reserve Bank explained. Several banks have already done and the hearings being held by Richard are Austin, Federal Reserve agent. National banks not licensed canoperate on the restricted withdrawal plan, but must apply for pointment Norris the of today's reopened banks after he and his staff had worked all night to assemble instructions came in from Washington. Among the list of banks under Federal Reserve System authorized to resume normal business Conyngham National Bank, Conyngham. First National Bank, Nuremberg. The fact that bank not received permit should not construed as will not allowed to resume business. State Bank Situation March 15. Tired but smiling after week work sleepless nights, Dr. William D. Gordon, of Banking, closed his desk predicting banks be the end of week. open Of the 423 state banks, 348 were open basis today and operating deposit strictions under the Sordoni Act. The 62, Dr. Gordon said, will opened restrictions by Saturday. Of these, are cities which have Clearing Houses and are other cities outside of Philadelphia. Today, the department pressed forward on its task of opening the latter class Under the Sordoni act, directors of the banks must adopt askdepartment for authority use the plan. Until the application approved, the banks continue the national holiday proclaimed by President Roosevelt on March Dr. Gordon said several days will required before the banks can and the approve the applications. Some applications are now on file, but none was approved today, the secretary added. The banks which opened restrictions today are those which applied and approved prior the start of the national holiday. The complete picture of the statebank situation in Pennsylvania shown by these department figures: Open full basis, 348. be opened with restrictions, Not included in these figures are 150 state banks which closed during the past two years and are being liquidated the Secretary BankThe records show but two these banks closed prior to October, 1932. One bank closed on vember 16, and one on February 1933. As the department entered the final phase reopening the maining 62 banks, Gordon further will be issued no until the group been explained, however, that individual banks will be notified directly, possibly as early morrow. The Sordoni act, preceded by emegency resolution enacted ruary permits banks to restrict deposit under the pervision of the Secretary of ing. After analyzing the liquid assets, the what deposits may be paid, centage and what dates, to depositors whose accounts are held the bank when reopens the plan. The act specifies deposits must be kept in separate accounts and subject to withdrawal in full any time. Banks authorized to restrict deposits prohibited from paying dividends stockholders directors from accepting counts withdrawn from other banks. They make no new loans and, may loans are retired, the set aside for to payment positors whose accounts are stricted. The period over which withdrawals are limited by the and may be extended two by proclamation of the years ernor.