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CENTRAL BANK ADDS MILLION
(Continued from Page will government Every effort being made, was said, to plete details of the plan for ernment participation as quickly possible At noon today the bank was short of its goal, but order expedite of to the plans. the needed balance was by persons, who have already and the closed. Clears Up Situation with full the Central ment together with tional's the for the National Bank Battle Creek definitely clears situation Battle the Creek for the first time since the Michigan banking holiday was claimed Governor that Battle February means Creek will be one of few cities the whose banks first in line to have bank posits guaranteed under provisions which the comes effective January pointed out. balance of local stock The small Central which has the to expedite mat been will be made available for ters, they desire to few late comers was said. In any participate, stock has been however, fully subscribed, and the governtogether with ment resentatives of the bank, will begin at once work out details. definite bank statement for the Central cannot anticipated. was stated, until government officials representing the Reconstruction Finance Cor the Federal Reserve poration, board. and the Controller the Currency. have worked out details the To Work Out Details William Taylor. chief bank aminer for the Seventh Federal Reserve district, representing the Comptroller of the Currency. and Howard Stoddard of the RFC will confer with officials the Central National within 48 hours of working out deview The entire purpose of the plan for bank officials said today, assure operation of the Central National "The continuing Central National the unusual and different from the usual procedure in various parts the where which are either in receivership in hands of conservators, reorganized, they declared. Central National is today and has been since the ginning. 100 per cent open bank and regarded by the government. During the trying period following appointment of for the National Bank, the restriction 90-day notice withquiring drawals from the savings imposed, at the sugges. tion of officials, for against serious runs, permitted under laws governsafety deposits
Roosevelt "The process taking place the one urged upon all banks President Roosevelt and Jesse Jones, the who have urged all regularly functioning to accept additional govern ment capital and ownership permit of free action making loans and helping the generally To Liquidate Slow Assets. It today that the slower which held the Central Bank and Trust company, holding dated and the meet the bank's indebtedness of about the United States government, and to pay off subscribers to the bank's original capital stock of $500,000 At the time of the closing of the Bank, it was plained. the Central National had no money Due to heavy runs on bank and at the sug. gestion of the United States gov. ernment the funds were loaned to the bank to meet the situation This obligation to the government, together with the paying old will be cared for out of the slower segregated assets. The new bank, was phasized. will not have dollar of borrowed money. The for sale of the new stock under the direction of Edwin R. Morton, executive vice president of the
