Full text of Banking Holiday of 1933 : Statement to the Press

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FEDERAL RESERVE BANK
OF

ST. LOUIS

March 1 5 , 1933.

STATEMENT TO T H E PRESS
To All Banks in District No. 8:
The Secretary of the Treasury has released the
following statement to the Press: "Passing upon applications of member banks to reopen for normal banking
functions has taxed the personnel of the Treasury and
of the office of the Comptroller of the Currency.
While every possible effort has been made to act upon
all applications, delay in some cases has been found
to be inevitable. In some cases, also, steps are being
taken which as soon as completed will make it possible
for reopening to be licensed. I therefore wish to direct
especial attention to the statement of the President
in his radio address of last Sunday: fLet me make it
clear to you that if your bank does not open the first
day you are by no means justified in believing that it
will not open. A bank that opens on one of the subsequent days is in exactly the same status as the bank
that opens tomorrow.f
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Additional licenses will be issued from time
to time and the public should understand that banks
hereafter licensed to be opened for normal functions
are to be regarded in the same way as if it had been
possible to issue the license by today."
Respectifully,
WM. McC. MARTIN,
Governor,