Full text of Banking Holiday of 1933 : To Those Member Banks in District No. 8 Which Have Not Been Licensed to Reopen:

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK
OF
ST. LOUIS
March 31, 1933.

To Those Member Banks In District No. 8
Which Have Not Been Licensed To Reopen:
We have received a notice from the Federal Reserve Board which is
quoted in part as follows:
"Member banks not licensed to open should, pending the
receipt of a license to open, maintain reserves on new deposits and old deposits made available for withdrawal as follows:
"Deposits received in special trust accounts pursuant to
provisions of Regulation 7 of the Secretary of the Treasury
and deposits received while a bank is in the hands of conservator appointed by the Comptroller of the Currency or in the
hands of a State official having similar authority are demand
deposits and subject to demand deposit reserve.
"The part of deposits made available for immediate withdrawal on a ratable basis under Regulation 27 of the Secretary of the Treasury should be treated as demand deposits
and subject to demand deposit reserve.
"The part of deposits made available for withdrawal on
a ratable basis from National banks in hands of conservators
as provided in Section 206 of the Bank Conservation Act or
under similar conditions from State member banks in hands
of conservators or other State officials having similar authority should be considered as demand deposits and subject to
demand deposit reserve."
Will you, therefore, until such time as your bank may receive a license
for the resumption of banking functions, submit your regular "Report of
Reserve Required Against Net Deposits" in two sections. The first section
should relate to deposits, withdrawal of which has been restricted by the
President's proclamation and the second section relating to those deposits
which were received pursuant to Regulation 7 or which were made available
pursuant to Regulation 27.
Balances on deposit with the Federal Reserve Bank of St. Louis in special
account shall be considered as available for reserve against deposits in the
second section of the report.
Respectfully,
WM. McC. MARTIN,
Governor.