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WITHDRAWALS CUT BY 20 OHIO BANKS Institutions With $815,000,000 in Deposits Await Legislative Action. By the Associated Press. COLUMBUS, Ohio, February 27.Twenty Ohio Banks, all but two in Cleveland, Akron, Dayton and Ycungstown, today placed restrictions on heavy withdrawals in anticipation of emergency banking laws Gov. George White promised to offer to the current Legislature. On the basis of December 31, 1932, statements. the institutions had more than $815,000,000 in deposits and more than $1,025,000,000 in rescurces. Both in Akron and Cleveland, the banks announced future deposits would be set aside and not be placed under the restrictions. All Dayton banks closed for a three-day holiday. One Refuses to Participate. All eight of Cleveland's banks opened as usual, but six of them limited withto 5 per and a seventh, a Trust, drawals deposits, placed temporarily restriction the of Guardian cent 1 per of cent. The eighth, the National City Bank, declined to participate and announced it would conduct business on a normal basis. The six which limited withdrawals cent of deposits were the Bank, National Cleveland to American 5 per Savings Bank, Central Trust United Co., Lorain Street Savings & Trust Co., Society for Savings and Union Trust Co. While they placed no specified limit, the Union National and the Mahoning National Banks at Ycungstown announced they would restrict large and unusual withdrawals. Sufficient funds will be paid cut on demand, they said, to prevent inconvenience to customers. One Per Cent Per Month. Akron's five banks - First Central Trust Co., Firestone Park Trust & Savings Bank, the Commercial Bank & Trust Co., the Dime Savings Bank Co., and the Standard Savings Bank-restricted savings deposit withdrawals. to 1 per cent per month. "Abnormal" checking account withdrawals will not be honored under a complicated system. The four banks of Dayton-the Winters National, the Third National, the Merchants National and the Morris Plan-declared a three-day holiday under a declaration by the city commission and mayor. The Clinton Savings Bank Co., near Akron, announced it would follow the lead of Akron banks. The First American Trust Co. of Lima, Ohio, limited withdrawals to 2 per cent of deposits. There was no announced action to interrupt normal banking elsewhere in the State. Gov. White declined to divulge the nature of the proposed legislation. Manager G. A. Stephenson of the Cleveland Clearing House Association, however, said the suggested laws would "enable the superintendent of banks, with the approval of the Governor and attorney general, to stop or limit withdrawals from Ohio banks."
