Article Text
23 CITY BANKS ARE REOPENED FOR BUSINESS Financial Houses Operated Under Uniform Restrictions. (Continued from Page One) crowded throughout the morning, as citizens transacted their banking business for the last week. Many persons carried several pay roll checks, some of them bearing as many as three or four indorsements, indicating they had been circulated for cash during the bank holiday. There was a bustle of activity at the Merchants National bank, but no unusual crowds. Bank employes reported business was normal, with deposits exceding withdrawals. Postal savings deposits Monday totaled $22,621, largest for any day since the national bank restriction went into effect, according to Leslie D. Clancy, postmaster. Withdrawals Are Low Withdrawals Monday were $2,630, lowest for any day over the same period, Clancy said. Activities in money orders were about $100,000 less, he said. Double parking was popular in front of and around many banks, as car owners dashed into the buildings to make deposits or to obtain cash for current needs. Traffic officers appeared to regard the double parking offenses tolerantly, provided traffic was not blocked. Opening of the Bankers Trust Company was quiet, only about six persons being on hand when business was resumed. At the Indiana Trust Company, which opened at 8, officials said that there had been fewer than a dozen people in the lobby during the first hour of business. Only two persons were in the bank at the time the report was made. Regular morning opening hours were followed by the Fountain Square State bank, associated with the clearing house. The Fidelity Trust Company and Madison Avenue State bank opened for business under clearing house and state banking commissioner's restrictions. Other banks which opened, under the restrictions, were the Security Trust Company, Union Trust Company, Livestock Exchange bank. Brightwood State .bank and the State Bank of Massachusetts Avenue. Branches Are Opening In addition to the central bank of the Fletcher Trust Company, market and Pennsylvania streets, the company also opened its twelve branches. They are: Broad Ripple, 6235 Bellefontaine street; East Tenth, 2122 East Tenth street; East Side, 2506 East Washington street; Roosevelt Avenue, 1533 Roosevelt avenue; Irvington, 5501 East Washington street; West Michigan, 2601 West Michigan street; West Indianapolis, 1233 Oliver avenue; Sixteenth Street, 1541 North Illinois street; Thirtieth Street, 3001 North Illinois street; South Side, 1126 South Meridian street; East Washington, 500 East Washington street, and West Side. 474 West Washington street. Indianapolis banks reported more than $500,000 in gold and gold certificates, withdrawn from hiding places, had been exchanged at the banks for currency since the President's anti-hoarding order was issued. $40,000 in One Lot Much of this was in gold coins. One man took $40,000 in gold coins and old-fashioned large gold certificates to a bank here Monday, obtaining currency in exchange. A woman exchanged $3,000 in gold coins. The banks have until Thursday to report to the treasury the names of persons who have withdrawn gold or gold certificates and not returned them. Congress has fixed a penalty of $10,000 fine and up to ten years in prison for hoarding. Much of the gold and gold certificates being hoarded was withdrawn, bankers believe, because of fear of possible inflation and consequent cheapening of currency. The flow of gold back to the treasury will increase the gold reserve to the point where issuance of additional currency will not result in inflation, bankers said.