Indianapolis Times, Volume 44, Number 260, Indianapolis, Marion County, 10 March 1933 — Page 9

MARCH 10, 1033.

'BANK HOLIDAY IS CONTINUED BY ROOSEVELT Legislation Is Passed in Record Time by Congress. (Continued From Page One) been accepted throughout the nation as insuring immediate reopening of sound banks. But no word came from the White .House or the treasury department. Hundreds of inquiries poured in as to whether banks would reopen Friday. Finally, Senator Carter Glass (Dem„ Va), leaving the White House at midnight, said that there would be a short delay. Soon thereafter, Secretary Woodin issued a statement, saying that none could reopen before Saturday. Some other officials believed it might be Monday before any banks reopened. Time Is Needed ‘ While much information already has been assembled," Woodin said, ■ the completion of the information and of the arrangements of the banks for resuming their functions takes some time. It therefore has been decided not to authorize any reopenings before Saturday, March 11. ‘‘lt is obvious that it will not be possible to act upon all applications, even by Saturday. Regulations and also other subjects covered by the legislation immediately will be published. ‘‘This legislation rr .kes possible the openings of banks upon a sound basis, backed by an adequate supply of currency. Through this law the hanks which will open will be placed in a position to meet all demands. Should Restore Confidence "This assurance should restore ♦iconfidence and create the foundation for a forward movement in business activities. “It will be the policy of the treasury to permit as rapidly as possible j the opening of sound banks. There | are. of course, many thousands of j such banks which promptly will be | restored to the performance of their normal functions. "The treasury already has taken steps to secure information through proper authorities as to condition of banks of the country and immediately invites from the banks applications for reopening.” For a time late Thursday it appeared the emergency bill might be opposed stubbornly. " Tempestuous Senator Huey Long (Dem., La.), delayed action. He wanted an amendment authorizing the President to admit all state banks to the federal reserve system. He declared that if state banks were compelled to reopen without reserve backing, (hey would have to close again "in three hours.” King-fish Is Assailed Senator Glass, old foe of Long on banking maters, rushed to the defence of the bill and took the Kingfish roundly to task for delaying its enactment. Every "desirable” state bank in the country can gain immediate membership in the reserve system, the Virginia said. He predicted the measure would enable early reopening of banks holding 64 per cent of the nation’s deposits. On the final vote, seventy senators supported the bill and only seven were against it. The seven were Borah (Rep., Idaho), Dale (Rep., Vt.i, La Follette (Rep., Wis.i, Nye Rep. N. D>, Carey (Rep., Wyo.), Costigan <Dem„ Colo.) and Shipstead (Farmer-Labor, Minn.),

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THE INDIANAPOLIS TIMES

FOOD PRICES TO ; REMAIN STEADY, SAY RETAILERS l No Shortage Apparent in Any Grocery Line, Is Opinion. Regardless of the banking situa- ! tion. food prices for the week-end | W’ill remain about normal, according to statements today by various heads : of retail and w holesale grocery firms. Despite the complications of receiving money during the past week, little change has been noted in purchasing of food supplied, it was stated. Several chain and independent stores reported no decrease in recent operations. Only rumors concerning shortage of canned food products was from Detroit earlier in the w'eek.

This condition is believed to have' been adjusted. Several wholesalers said there was no indication, what- 1 soever, of food price increases in the near future. Purchasing of food suplies by independent grocery stores showed no change, according to various wholesale companies. Only minor changes in grocery prices during the last week was in sugar and beans. Slight increase was displayed in that line in the middle of the week, but were back at normal prices today. HUGE GARDEN PLANNED Needy Families to Benefit by Summer Project. Bjj T'nitrd Trrs* OKLAHOMA CITY. March 10.— Oklahoma City will be “garden conscious” this spring and summer. Needy families will benefit. The biggest gardening project ever proposed here—a municipal garden of thirty-five acres and countless back-yard and vacant lot enterprises—are planned by the Community Fund and ParentTeacher Association. Most of the work will be done by unemployed and children.

EASTER WEEK SCORED Soviet Godless Society Campaigns Against Observance. MOSCOW, March 10.—Already the Godless Society has begun its annual campaign against the Greek Orthodox Easter, April 16.

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The carnival week, which precedes Easter here, is being made the special target of the anti-re-ligious forces. The Society’s official organ. The Godless One, is maintaining a running fire aimed at the I drinking bouts, parties and entertainments of the carnival.