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TAKE HOLIDAY BANKS
The United Banks All Over Well Are Taking a States Earned Rest
WIDE SCOPE NATION
Of The Best Bank One Security Part Of The In This Country on banking A State Holiday Missouri last declared in was Saturday morning for two days It was and Monday. Saturday extended by a proclamalater President of the tion of the National United States to result of this Holiday. As a the banking interest and most of the country of the money of few days. took rest a The money must have enjoyed it has been working its rest as hard for quite some pretty time The Holiday coming on the newly elected when the day Franklin D. RoosePresident, velt, was inaugurated made a the world. stir all over great took that high No man ever under conditions even office such critical conapproaching a dition as it was when Mr. Roosevelt assumed his new duhe took hold imties. But delivered a great mediately, address in which he told the what he wanted people just and was going to try and do, defied the money powers who wanted to be crooked and gave the people of this country the assurance that he was going leader and chamto be their pion and that the forces of those opposed to the fundamental principles on which this country was founded were in for a right smart of a tussle. The people of the country and rated the liked the speech New President very highly on his fearlessness and courage. those are the two things And of this country like the people more than anything else. There was more history written in these few days than knew in the the country ever of time. We had same length been going along, slipping a little closer to the brink right along until the final drop on Saturday when we hit bottom. At that time it required someone to step forward and do something and do it quickly. dilly dallying tactics were needed then, but action. And that was what we got. The country feels considerably better and have high hopes that from will start to climb now on we back. regain the ground that we have lost and put the country back where it belongs on the high road to prosperity. Locally the proclamation of Gov. Park came as a big surprise. We had been reading of the other states where this means of checking the looting of banks had been going on but just a few days before the Governor had said that there would be holiday in Misno souri. But in Kansas City two of the large banks found it necessary to put a withdrawal limit on accounts of 5 per cent. This caused the people who had money in the other banks to start drawing their money out. This kept up all day Friday and there was a real run om two of the largest banks in Kansas City. They stood up and paid off fast as the checks just as were presented but it was a strain on them as it is on any bank. There was prospects that the same thing would happen on Saturday and then it would spread to all of the other banks in the State. To stop this and make the money of all the people safe it was decided to call this holiday in order to adjust matters. So Friday night the Governor after a number of conferences with bankers in both Kansas City and St. Louis well as some from over as the State decided to give them a breathing spell of two days. condition was not for This Missouri alone but included all the banks in New York, Chiand all the eastern cities. cago
They all closed Saturday morning. As soon as President Roosevelt was inaugurated he started in on the banking situation and the holiday followed which will stand until Congress meets in an extra session on Thursday. Our local bank, the Security Bank of Rich Hill, proved to be worthy in every way of its name. Cashier R. W. Trefz, was at the bank on Saturday and everyday since doing what he could to help out in the emergency. He makes change for the business people and tries to cooperate in all ways. They would not take deposits on Saturday but said that he was not going to have the customers of the bank suffer any inconvenience if it was at all possible for him to help them. The satisfaction of the people here knowing the strength of their bank was very gratifying. Mr. Trefz said that he was surprised to see the calm and common sense manner in which the people took the changed conditions. There was never anything even approaching a run the bank here. In fact on the contrtry the only inconvenience he experienced at all was the fact that people wanted to deposit their money rather than draw it out. He said that on Saturday there was something over $5,000 brought to the bank to be deposited and when he told them that he could not accept it on that day that they left it there in safe deposit boxes to be kept there until such time as he could receive it for deposits. This was a vast difference from what a number of banks experienced. On Friday script will be issued through all the clearing houses of the country. This script will be used just the same as currency with the exception that it is backed by the deposits of the banks rather than by gold. But for all intents and purposes it will be just the same as it will buy whatever you want and can be cashed at the bank. The ontrouble we anticipate with this new script will be the same as with the currency and that is getting hold of enough of it. Mr. Trefz has not heard whether this bank will distribute script or not but will know before the date to issue it arrives. Taking the financial situation as a whole we feel that it will work to the betterment of the country at large. It will allow the banks to readjust themselves, allow the people to get their feet on the ground and get away from their panicy feeling and establish the confidence of the country in the President which is absolutely necessary for a success. ful administration. It has been the of these financial flurries that immediately following one of them when the absolute bottom is reached that things begin rapidly to get better and the upward climb is made much faster than we went down. We hope and expect that to be the case this time.
