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COVINGTON BANK RESTRICTS ALL DEPOSITS The Covingto nBank and Trust company of Covington has stricted withdrawal of deposits to five percent pending reorganization, E. Davis, president announced yesterday. The restriction placed effect when the bank opened yesterday. There was no sign of run on the bank, Mr. Davis said. "Recently had conference daylight savings allowed. And with members of the state bankthe rest is out of our jurisdiction. ing department and they told Just as hint, we're telling me we would have to do someyou that shoes, dresses, gasoline, thing," he said. "We decided to theatre tickets, and baby food reorganize and have placed are just few of the gifts which five percent restriction on withare waiting for the first baby of drawal of deposits. The restric1934. And there will be many tion order does not come from more listed. In fact, one of these the state banking department." days, a Hammond citizen may Mr. Davis said that plans for look back twenty or thirty years, the reorganization had not as and wish that he or she could been completed. be born all over again just to Meanwhile, C. E. Schonberg, another good start. president of the Commercial Bank and Trust company of CovANTI-CRAWFISH ington announced this morning that his bank was operating on PETITION IS an unrestricted basis and that word had been received from CIRCULATED Washington giving approval to the bank's debentures, thereby assuring depositors in the Com- Shreveport, La., Dec. mercial bank that their deposits petition addressed to the presup to $2400 would be protected ident and members of the United States Senate, and patterned by government insurance. The federal insurance plan after Thomas Jefferson's imwas one of the features of the mortal Declaration of Indepenfederal banking act and becomes dence, has been placed in circueffective It is to lation in the state of Louisiana. January declaration of tinue to July where it is It proposes a new for Louisiana and pected that a permanent deposit independence lists numerous and grave charges insurance plan will have been United States Senators perfected. against P. Long and John H. OverSchonberg also made pub- Huey lic letter received by him from ton of this state. Mr. Brock, as follows: The original petition is signed "To The Public: "The Com- Ruffin by former Governor mercial Bank and Trust Shreveport, and Pleasant, pany of Covington, La., has met Browne, former state Wayles for certifica- in the Demevery requirement senator and leader tion for guarantee of deposits New Deal organization ocratic by the federal deposit insurance which has been actively opposing The bank throcorporation. the Long regime. ughly solvent and there is no of the are Copies petition reason whatever for any uneasbe forwarded to all parts of the iness by its depositors. This in- circulators state and the stitution has been certified for asked to secure as many signathe of deposits by the possible and forward tures as John N. Garner,