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Emergency Business and Only Accommodation of Public on Restricted Basis
MORATORIUM TODAY
Governor Calls Due to California Holiday, Closing minutes to o'clock this banks of Corvallis morning that the governor declared three-day moratorium for all the banks in the state, The bolt clear news came and when were informed sky that the order mandatory, to the will of constituted submitted The banks of Portland closed, but since then they opened up for the business only and other banks the state will doubtless follow their lead. these conditions the banks Under Corvallis will open their doors tomorrow morning for the transac. tion of emergency business and the accommodation of the public restricted basis. National Bank Corvallis First Benton County State Bank
PORTLAND, Mar. Statewide three day bank holiday by Governor Meier ordered today was met Orewith decision by bankers remain the transaction of what described "necessary business." Only in few cities the state did banks remain closed. National of Grande which has been closed for more than four months, reopened today officers said the bank would and not observe holiday. Califorbanks also operating the holiday Large downtown Portland banks not observe the banking holiby Governor Meier toshortly after the regular opening hour they said they would pay checking to "reasonable" counts up amount, to enable depositors purchase necessities. Although signs announcing the banking holiday were posted the doors of all Portland before regular opening hours, these signs later were taken down by the larger they would remain open and transact "necessary business.' Postmaster Jones announced the proclamation would way terfere with the operation the Postol Savings bank which continued to transact business in the regular way.
SALEM, Mar. three Salem banks were to open this morning to transact "necessary business," they announced following word that Portland banks were taking similar action.
SALEM, Mar. Meier today issued proclamation declaring three legal holiday in Oregon, starting today and continuing through Saturday, such tion will allow the closing of all Oregon banks for three days. the only step to take to protect banks here because many them clear through California banks and the California banks are he said. "Financial distress prevailing in neighboring states making felt in Oregon," Governor Meier said in his statement. "It essential for the protection of be suspended for brief period permit enactment of necessary regulatory acts stabilizing legislation, in line with federal enactments and legislation enacted other states.
The governor said he understood Arizona banks to be in strong financial condition. "We have had advices any Arizona banks are in distress, but action is meresaid.
The governor's claring holiday for all banks, financial institutions, county and city offices, courts schools, made today because (Continued on page
