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them soon. Permits for reopening were being issued as fast as conditions of the banks here and throughout the state can be determined by the state and federal authorities. The Fletcher American National bank, status of which had not yet been checked by federal examiners, was ordered to reopen today to receive deposits in trust and conduct a limited business, pending issuance of a permit. Delay Is No Smirch State banking officials announced that the fact that a bank has not received a permit to reopen should not alarm depositors, as it has been impossible to examine condition of all banks in the brief period of time since powers of the state department were clarified. Indianapolis bankers were gratified with the signs of confidence in the banking situation expressed by their patrons. Few of the banks were crowded. Many persons visited the banks during the morning to cash pay roll checks, but most banks reported deposits far exceeded withdrawals. "I am glad the banks are open so I won't have to keep this around home," one bank patron remarked as he deposited a sum of cash and two pay roll checks. Guard Against Hoarding The banks today had printed statements to be signed by persons withdrawing substantial sums in cash, stating that the currency was not to be taken out of circulation or hoarded, but a survey at noon revealed that no banks had found it necessary to have any of the statements signed, as withdrawals were few and small. Checking of status of other banks is being conducted by state banking officials and it is expected that institutions which have not yet received permits to reopen will receive them soon. All the reopened banks will operate under uniform restrictions adopted by the Indianapolis Clearing House Association and the state banking department. These permit ordinary check transactions without limit; ban paying out of gold or gold certificates; ban cashing of checks drawn on another bank; limit paying of cash on checking accounts to $10 a day and on savings accounts to $10 a week, except for necessary purposes. The withdrawal limitations do not apply to segregated balances created on or after Feb. 27, when the 5 per cent withdrawal limitation went into effect. State Banks Reopen At the office of Governor Paul V. McNutt it was stated that about twenty state-chartered banks were in condition to resume business today. Wayne Coy, a McNutt secretary, announced that at no time would a bank advisory committee, working with the state banking department, announce a list of banks which are opened. State banks in cities not having clearing houses may be permitted to reopen Wednesday, it was stated at the statehouse. Other federal reserve system member banks notified to reopen this morning in Indiana included: Ft. Wayne, Lincoln National Bank and Trust Company, and Terre Haute, Terre Haute First National bank. "This is the best thing that ever happened," Fred C. Dickson, Indiana Trust Company president, said. "As soon as we get our banking situation cleared, let's keep it clear." Much Gold Received "Our business during the morning was satisfactory in every way. The public is showing a wonderful spirit. Our deposits have been nearly normal and withdrawals have been slight. In addition, we have been receiving large quantities of gold and gold certificates." Deposits at the Indiana National bank were three times as great as withdrawals during the morning, it was announced by Arthur V. Brown, president. He said there has been no demand for withdrawals from accounts opened after Feb. 27. The bank cashed a large number of pay roll checks, many bearers depositing a large part of the checks. Lobby of the Indiana National was (Turn to Page Seven)
