NEW YORK BANKS HY TO REOPEN Action Expected Tomorrow as Financiers Complete Scrip Plans. iContlnued Ffom First Page/* open, with staffs standing by, but ex change officials could reach no decision u to when trading could be resumed pending further developments In re itorlng banking operation. The banking system bent its efforts toward perfection of a plan to resume modified operations to finance the Na tion's commerce, pending the conven ing of Congress for emergency legisla tion on Thursday. Preparations were rushed to take ad vantage of President Roosevelt's proc lamation declaring a four-day bank holiday starting today, but permitting the resumption of banking activity with clearing house certificates in place of currency. Huge supplies of certificates had al ready been printed by the American Bank Note Co.. In denominations of $5. $10, $20 and $50. and every effort was being made to put the new system Into operation as quickly as possible. The mechanical difficulties were enormous, but by Wednesday at least, or possibly earlier It was hoped that banks in a number of cities would be paying out the new "money." Gold Window* Closed. In the meantime, gold windows at the Federal Reserve banks, the Treas ury and subtrtusuries were closed. In keeping with the President's proclama tion. and all dealings In foreign ex change and international dealings in gold, silver or currency were at a standstill in the United States. The principal foreign financial centers struggled with the problem of trying to resume International payments, which vpre completely disrupted with official quotations on the dollar lacking. Some financial authorities were In clined to regard the United States as "technically" off the gold standard, al though this was denied by Treasury . Secretary Woodin In Washington. The Wall Street security and com modity markets and the Chicago wheat pit remained closed under the second day of the banking holidays proclaimed ; by the New York and Illinois Governors early Saturday. The security and commodity ex changes were not Included In Presi dent Roosevelt's proclamation and con sideration was given in financial quar ters to the desirability of resuming trading before the national holiday ex plres. It was recalled that the New York Stock Exchange continued to function during the banking crisis in | 1907, when clearing house certificates : were used. If trading were resumed, and the United States were regarded as off the gold standard, or likely to devalue its currency, financial experts argued that commodity and share prices should boom, but Secretary Woodin's emphatic denial that the country was leaving the gold standard tended to dash that theory. Given Special Status. A country generally is considered on a gold standard when its currency can be redeemed in gold on demand, al though definitions are varied, and in volve many technicalities. Although during the holiday American paper money is clearly not redeemable in gold, some bankers pointed out that it was merely a special situation during the four-day holiday, such as exists on Christmas day or any other holiday in which gold was not being paid out, so that it was idle to conjecture as to whether the country was technically "on gold." The situation differed from Oreat Britain's suspension of gold payments in September of 1931, for that was a definite suspension for an unlimited time, while the current suspension in thill country is specifically for a four day special holiday period, pending the enactment of a measure, as yet unre vealed, to restore stability. The British suspension of gold pay ments was followed by immediate for eign exchange dealings, permitting the pound sterling to depreciate sharply in terms of other currencies, which in turn decreased its purchasing power and brought an upturn in prices in terms of that currency. No enduring advance in commodity prices in terms of sterling has resulted, because world i commodity prices have continued to i decline. Sterling prices have remained j about unchanged, however, while prices i in France and the United States are | substantially lower than when Great Britain left the gold standard. Suspending gold payments, however, does not necessarily mean a deprecia tion of the currency. Germany has re stricted gold payments to a degree amounting almost to suspension since her banking crisis in the Summer of 1931, yet with rigid control of foreign exchange transactions the level of her currency has been kept virtually stable. When the international gold trans actions in this country were stopped last Saturday by the banking holiday in New York, which was observed by the New York Federal Reserve Bank, which handles these transactions, the country ■till had some $4,300,000,000 of mone tary gold, or more than a third of the entire supply in the world. This was well above the level reached as recently •s last June. Confidence Necessary. Bankers point out. therefore, that once confidence la restored, the United States has much more than enough geld to function as before on the in ternational gold basis. In ordinary times gold Is used only as the inter national means of settling balances. But for the first time in a generation, the recent banking crisis prompted Americans to seek gold coin, and even gold bullion, and in the last week mil lions of dollars In the yellow metal were paid out by the Federal Reserve banks, and put into safe deposit boxes by hoarders, aggravating the severe drain of gold abroad. The recent reduction In the Federal Reserve bank's gold reserves would not have been particularly serious, had it not come at a time when currency in circulation was rising at an unprece dented rate. The reserve system must, as a general rule, maintain a 40 per cent gold reserve against Its notes, so with each dollar of gold that goes out is removed the backing for $2.50 In currency. The reserve ratio of the system, when last reported as of the1 close of business on Wednesday, was I 53 H per cent, or well above the 40 per ' cent minimum, although since then and the clofe of business Friday the j ratios of the New York Reserve Bank alone and some of the others are under- I stood to have Slipped under the 40 per cent level. The Federal Reserve act provides, however, tnat the reserves] may be permitted to run below 40 per I cent under special arrangements. COMMITTEES ANNOUNCED Card Party to Be Held March 17 in Montgomery Club. Spccia! Dispatch to The Star. ROCKVILLE. Md„ March 6— Mrs. Frank Marshall, chairman of the Gen eral Committee on Arrangements, has announced the following committees for the card party to be held in the Mont gomery County Club here the evening of March 17 under auspices of the Aux iliary of the HendeTson-Smith-Edmonds American Legion Post of Rockville" Decorations, Mrs. Helen Weedon and Mrs. Louis J. Ryan; tickets. Miss Lucy Smith and Mrs. Hugh Thompson: re freshments. Mrs. A. Ouy Watkins and Mrs. J. fDan Louthan; prizes. Mrs. Chaupcey M. Grubb and Mrs. Berbln G. HMM. \ ', - • Epoch-Making Bank Conference Ends I Secretary of Treasury Wood In is seen leaving the Treasury after a long Sunday conference with his advisers and prominent financiers, at which the bank holiday was discussed. Left to right are Secretary Woodin. Adolph C. Miller of the Federal Reserve Board, Prof. Raymond Moley, financial adviser to President Roosevelt, and A A. Burll. —Underwood Photo. Holiday Cheerfully Met Credit Arrangements Liberal in Financial Centers. Theaters and Night Clubs Do Rush Business. Problem of Small Change Is Considerable. The spirit in which the bank holi day is being met throughout the country is shown In the following dispatches, assembled by The Star and the North American Newspaper j Alliance. NEW YORK. March 6 (N.A.N.A.).— New York has bowed to the edict of a I bank holiday with a friendly acquies ! cence that surpassed the hopes of the I most optimistic. Despite the forebodings of managers of restaurants and places of entertain ment. no one walking along Broadway would realize that eery bank in the State is closed. There is money, and plenty of it, and it is being spent with the same nonchalance as that of the normal Sunday night throng, composed mostly of men and women who work hard during the week. The restaurants catering to the man on the street, who spends perhap> $2.50 once a week for supper for tw. with dancing and a floor show thrown In, j have the usual patronage. On Satur- i day night they were jammed. Crowd* Throng Movie*. Every theater offering a good movie in the Times Square district did as much business as usual and an audit showed phenomenal Saturday receipts. There is no trouble in changing large bills at the box offices, and while one manage ment with two great theaters offered to take checks on New York banks in payment for tickets, not one was offered during the day. Thunderous applause greeted the news reels showing President Roosevelt mak 1 ing his inaugural address. Night club managers, while maintain ing a gay air. would not predict what would come after midnight, but insisted the night's receipts were good. The problem of checks, particularly those involving additional cash, troubled them, and it was expected they would function on a cash basts. The problem of change for large bills is considerable. The smaller cigar stores and neighborhood shops in mo6t cases decline to change a $5 bill unless the purchase is of considerable size, and anything above $10 is out of the question. Pennies, usually frowned upon in large numbers, are welcomed by a "well, it's money." Check* Practically Worthless. Checks are practically worthless. At, hotels or stores, old patrons may se cure $5 or $10, if fortunate, but the attitude of a cashier is that of one re ceiving an I. O. U. Women with accounts at stores or dered their foodstuffs in larger amounts i than usual. The small merchant, fear- j ing to lo6e an account, saw his stock ; running low, and no cash coming in with which to pay the wholesaler. There was surcease for those in bet ter circumstances when the depart ment stores opened today. Large ad vertisements, sponsored by nearly all prominent New York department stores, urged all customers to come and trade lavishly, and charge everything. Their attitude is the one concrete evidence of the value of credit, and theirs will be the harvest if bills are paid. Meanwhile, there is no confusion. There is evident a certain brotherhood that New York has not seen since the war. Every one is in the same boat, and willing to help another. Mingled with a lilting, "what's the use of worry ing?" thoughts turn to when the banks will—or will not—open. California. Lbs ANGELES, March 6 — Having endured with cheerful fortitude the three-day bank holiday first decreed for California by Gov. Rolph, this city awaits with optimism the future devel opments of the situation, with news of the extension of the holiday until Thursday. Plans pending for the issuance of scrip by the Los Angeles Clearing House Association have the widespread in dorsement of merchants and manu facturers. indicating the belief that this method will be a chief factor in keaping ] business and employment on an even ; keel. Scrip issuance is contingent on State legislative action on banking j , affairs, but there is a general feeling , of confidence that it will be an affec- ' | tive way of coping with the emer : gency. There is no lack of confidence in I Los Angeles banking Institutions and I the sentiment generally is that on the steps taken and contemplated will come a materially improved condition in i business throughout the State. The appearance of principal business dis tricts over the week end indicated busi ness as usual. Credit- extension and cashing of checks whenever possible are sustaining the spirit of courage and hopefulness. Georgia. ATLANTA. March 8.—For the most part, bank patronsjn Georgia are ac cepting the holiday philosophically. One couple who. in anticipation of the holiday, had withdrawn $7,000 in cur rency from an Atlanta bank, put it back the next morning, before the Gov ernor's moratorium proclamation was issued. The banks were scheduled to reopen tomorrow, but yesterday Gov. Talmadge extended the holiday to run through Thursday. Kentucky. LOUISVILLE. March 6— Although business has teen slowed down appre ciably by the i»ank holiday, the people take the situation calmly. March 1 a few employers issued pay checks that could be cashed. The board of edu cation stopped payment on $2,000 Sal ary checks so the restricted money available might be prorated. Credit Is being extended freely to known customers and many business Arms accept checks for the exact amount of purchases. All utility com panies have been accepting checks as usual There Is plenty of small change in circulation. Bank employers have been ordered to advise depositors on individual problems, such as Insurance premiums. Instalments and taxes Banks have been accepting new de posits and segregating them into trust funds for unrestricted checking. As a resul:. new deposits have been noted. The majority of Kentucky banks have been restricting withdrawals on other than new accounts to 5 per cent. Gov. LatToon has extended the original four-day holiday through March 11. Maatachuselts. BOSTON. March 6.—Boston faced tht. bank holiday situation without any fuss and evtn with a kind of smile. The public psychology was amazing No crowds or even groups gathered around elthsr the banks or the news paper bulletin boards, as occurred In the crash of 1929 and again In isolated bank closings at the end of 1931. There were, of course, minor Incon veniences. such as a lack of small coins. Change pas short. A newspaper row restaurant refused to fh&nge $100 bills. In the absence of banking, trade and business accommodation fell back on personal credit. Old customers of grocery stores paid for groceries with checks or were allowed to charge the amounts. Hotels took checks for the amount of the bill—no more. The larger stores agreed upon a policy of accepting no checks whatsoever. The theaters and night clubs did the largest business in week*. Ohio. CLEVELAND—Cleveland accepts the bank holiday cheerfully. Depositors thronged the downtown banks the first day of the restriction on withdrawals, and long lines stood before the cashiers' cages drawing out the small part of deposits made available. Reliable esti mates were that S5.000.000 was drawn that day. with no disorder and very little complaining or bed temper. The next day banks had little more than their usual crowds, and with drawals were estimated at about a tenth of the day before. The excite* ment was mostly over. Retail business announces that "usual lines" of credit will be maintained. One J of the theaters promises that checki 1 for tickets, though drawn against ac counts not Immediately negotiable, will be accepted. With hardly an exception, business and industry of this city met the flwt week's pay roll of the emergency in cash, generally by building up funds in new bank deposits, specifically ex empted from the restrictions of the emergency bank laws. Most Cleveland banks started th? holiday by limiting withdrawals from all accounts to 5 per cent of the total balance. Limitations of 1 or 2 per cent were in effect at a few banks. South Carolina. CHARLESTON. March 6.—Operating under moderate restrictions designed to prevent drainage of cash resources Into other States where banks are closed and to conserve resources for conduct ing business against withdrawals for hoarding, banks of Charleston func tioned Saturday completely In all busi ness relations and cashed checks for such sums as were considered actuallv needed by Individuals. Other South Carolina banks followed Charleston's lead. The State was among tbc few doing business on a cash basis. Depositors were allowed to withdraw sums to cover immediate needs. Checks from outside were not accepted. Two banks in Spartanburg announced they would observe a holiday until pas sage of Federal legislation for banking relief. The National Exchange Bank In Chester closed "until further order* from the controller of the fcurrency." Otherwise the banking situation In the State appeared good. Pay rolls were met In cash. Wisconsin. MILWAUKEE. March 6.—Merchants are planning liberal extensions of credit during the moratorium to keep business moving. The churches In Milwaukee announced that collection plates would not be passed during the moratorium. The Wisconsin holiday, proclaimed for 14 days, followed slow runs on banks In several parts of the State, particularly In the Milwaukee area. Financial leaders believe the situation will adjust itself quickly. The situa tion in this State Is ascribed to na tional tenseness and not to any ab normal local condition. (Coprrlcht. 1 H.%'1. by North American News paper Alliance, Inc.) MANILA BANKS OPEN Operations Resumed With With drawal! at Normal Level. MANILA, March 6 —Banking operations were resumed at 10 a.m.^ to day as usual, with withdrawals normal, but foreign exchange dealings were sus pended pending resumption of operation* in the chief monetary centers abroad. Drafts on American banks were sold, but with provisions covering delays due to the bank holiday in America, NATION HON AS CASH VANISHES People take Good-Humored View of Situation—Look for Scrip. BY RAYMOND CROWLEY. Br the Associated Presi. NEW YORK. March 6 —Quips, grlna and tall stories were on the lips of Americans today as tney went to a well they had not tapped since war days. It was a well of extra resourcefulness, of Ingenuity, of good humor. Human life, in spite of the shortage of cash, was finding ways of carrying on—as it has a way of doing always. Even before President Roosevelt, clothing himself with the powers of a wartime law, took quick steps prepar ing the way for scrip, the idea of scrip was racing through the country, and communities in many scattered sections were arranging to have it printed. Lar|( Bilii I'mIm. Tales of millionaires beseeching but lers for a spare dime, of folk with $100 bills being snubbed by change-guarding clerks went the rounds. Ladles who used to talk about their operations now had a new topic—of how that nasty grocer would not give them change for $20 when they bought a 10-cent can of beans. Prom the top to the bottom of the social scale people facing inconvenience grinned and bore it. Former President Hoover. Just a few hours out of the White House, found himself with only a small amount of cash—but was getting along. •Gov. Pinchot of Pennsylvania had jilst 95 cents in his jeans, but there was gasoline enough in the gubernatorial motor to carry him buck home from Washington. The movie folks in Hollywood had their fun. That wag. Jack Oakle. issued his own scrip, reading, "Compli- i menu of Jack Oakie. who owes you' blank dollars and hopes you get it." I At Dallas. Tex. Bernice Claire and Alexander Gray, musical comedy artists, arranged to pay their hotel bill by sing ing for other guests. Like millions of others, they have money—but it is In banks. I A New York hotel, finding itself short I of cash, sent a messenger to churches ] to gather the contents of collection; plates. Business on Broadway boomed as some theaters accepted checks for tickets. Subways had a plentiful supply of nickels for the time being, but were considering what to do about scrip. You can't put it in a turnstile. Railroads, hotel and airplane lines. In many cases, took checks from well known customers. A Pasadena hotel, besieged by millionaires without the price of a shave, started to print its own scrip. Telegraph wires hummed as people sent cash to relatives. New Yorkers laughed when a naive business man complained that his bank should have warned him it was going to close, so he could draw out a little change for his till. But in a Chicago suburb a bank had done just that. John M. Nichols, president of the bank which advertises that "When plainer statements are made we will make them." said: "We've been telling people who asked about the possibility of a moratorium to come in and withdraw iunds to tide them over. A lot did, and then thanked us." Automat managers debated a weighty problem—how to prevent people from changing $5 bills Into nfckels and then going out without eating. Police in many cities arranged to allow people to place their money in station houses for safekeeping. Charge Accounb Solicited. In New York the Daily News fixed it so that boxing fans could pay lor 50 ccnt tickets to tonight's "golden gloves" semi-finals by presenting merchandise Instead of cash. Anything from cans of tomatoes to brassieres was good—all the cash the fan had to have was a nickel for the tax. Many department stores urged customers to make full use of charge accounts. "Prince Michael RomanofT," other wise known as Harry Gerguson, ex-pants presser, watched the situation with in terest. "A great many people's checks," he is reported to have tofd a New Yijrk hotel cashier, "are now as good as those of a great many others. U. S. EMBARGO ON GOLD TO AID CANADA'S MARKET Dominion to Xake Direct Pay ment* Instead of Usual Trans fer Through. New York. Bit the Associated Pre»«. TORONTO, March 6.—Charles Mc Crea, Ontario minister of mines, said today he thought the embargo placed on shipment of gold by the United States would act as a stimulant on the Canadian gold market. One banking authority said the em bargo would necessitate direct payment of Canadian debts to the United King dom rather than transfer of funds through New York, which has been cus tomary. British debts to Canadian concerns would have to be similarly routed, he said the change could be made without difficulty. S. H. Logan, general manager of the Canadian Bank of Commerce, said the embargo would have no harmful effect on Canada. PAY ROLLS TO BE MET, m WOODIN Scrip and Cash Both to Be Made Available Dur • ing Holiday. (Continued From Writ Page.) out any money, the Goverrilnent Mint at Philadelphia was operating as usual. Twenty dollar gold pieces and pennies were being minted. Bainey Calk Caucus. Representative Ralney, the next Speaker of the House, summoned a Democratic caucus for Wednesday to set up the controlling Ways and Means Committee for the special session on Thursday. The governors of the New York Stock Exchange appointed a special commit tee to decide if the market should re open tomorrow. Oovemors of the Omaha Grain Ex change voted to open the market today, trading on the buis of Chicago May option, settlements to be made on the May price bAsls when the Chicago futures market opens. Everywhere the attitude of the people was one of "watchful waiting." The President, In his proclamation issued under the war-time powers con tained in the trading with the enemy act of 1917, halted absolutely the flight of gold from tills country and from the Treasury and the banks. Two Courses Outlined. At the same time he authorised the Secretary of the Treasury, under the President's approval and under luch regulations as he may prescribe, to p.V mlt the banks to perform "any or all of the usual banking functions." Two courses were outlined by the President in nis proclamation which are expected to be followed by the Treasury Department in the Issuance of regulations permitting modified banking The first was to "direct, require or permit the Issuance of clearing house certificates or other evidences of claims against assets of banking institutions." The second was "to authorize and direct the creation in such banking in stitutions of special trust accounts for the receipt of new deposits," subject to withdrawal without any restriction, to be kept separately In cash or on de posit in the Federal reserve banks or Invested In Government obligations." The second proposal is designed to bring hoarded money back into the banks and to reinsplre confidence in the banks. The hope was expressed that the Federal Reserve Banks would remain open and arrangements could be made with them to obtain cash needed. Offi cials of the post office were In con ference with the Federal Reserve Board in regard to this matter. At the Treasury Department checks drawn on the Federal Government, for whatever purpose, were today being paid in cash. Discussing the situation at the Treas ury Department. Mr. Woodln pointed out that the President's proclamation was Issued late last night, under date of March 8. and that there were many details which had to be worked out so that pay rolls can be cared for. "Every community has a different idea of how things should be handled," he said. "There will be mediums of exchange to care for all necessary things. We hope to have everything fixed today." Given Brood rower*. The Secretary Mid, too. that issuance of clearing house certificates to be used in the place of cash would be local in each instance, and that the same would be true of scrip. There was insufficient time, he said, for the Government to issue a uniform scrip. However, he In sisted that some medium of exchange would be available within a short time to the entire country. Efforts would be made Immediately to work out a plan by which checking accounts would be workable and this medium of busi ness could go forward. The President s proclamation of the bank holiday gave to Secretary Woodin practically unlimited powers to limit the bank holiday or to make the shut down of the banks complete. While the President's proclamation placed an embargo on gold and pro hibited the earmarking of gold for for eign account, and in effect put an end to payments In gold for the time being. Secretary Woodin emphatically de clared that the United States has not been taken off the gold standard. Suspension of gold payments was held in some quarters practically to have the effect of removing the gold standard. But It was pointed out that the suspension is temporary, and that nothing has been done really to disturb the gold standard. Oib Extend Holiday. The banking holiday proclaimed by the President runs through Thursday, the day on which Mr. Rooaevelt - has summoned the new Congress to meet at noon In special session. If It be necessary, using the same powers grant ed him under the trading with the enemy act, the President can extend the holiday, with such modifications as he deems fit. President Roosevelt. however, has in preparation legislation dealing with the banking situation which he will submit Immediately to the Congress on its opening. The congressional leaders are planning to expedite the consideration of this legislation. The President sat down in conference with the Governors of States today to talk over the banking situation. These Governors had come here for the inaug ural celebration Saturday, and the President met with them in the White House soon after he had returned from the Capitol where he attended the fu neral -services for the late Senator Thomas J. Walsh of Montana in the Senate chamber. Senator Walsh was to have been Attorney General In the Roosevelt cabinet. President Roosevelt has indicated that the new Congress will be called upon to deal first of all with emer gency banking legislation. Later will come permanent bank reform legisla tion. The emergency legislation, it Is ex pected. will be rushed through bath houses of Congress. Senator Robinson of Arkansas. Demo cratic leader, said that he expected the emergency legislation to authorize the use of clearing house certificates by banks that are in moratorla, to the extent of their liquid assets. He added that it would look, too, to the segrega tion of new deposits. It has been urged in some quarters History Tells •' JPmMm fnt «k*l Mr afcarfca art raumWt la Am la tii* Kfuiw to the rifbt, glv tag the Mtasl prim ptM far oar laat l,Mt >aw»lato >Mt fu«ral«. Law Than ISM.. 114 •Ml to UN.. Ml •Ml to MM.. 11* •Ml to MM.. IN •Ml to MM.. 1SS •Ml to MM.. M Otk MM.. 41 l.M* To Make Sure of Gawler Service, Remember to Call NAtionar 5512-5513 Joseph Gawler Sons, Inc. 1 Established 1850 1750-52-54 Pennsylvania Ave. N.W. GHAPEL LADY ATTENDANT CREMATION! * I *° —Awct omci | Bank Proclamation Text President Roosevelt, in View of National Emergency, Orders Bank Holiday From March 6 to March 9, Inclusive, Throughout the United States. full text of President Roose elt's proclamation on the bank ig situation follow*: Whereas there hare been heavy and unwarranted with drawals of gold and currency from our banking institution* for the purpose of hoarding: and Whereas continuous and increas ingly extensive speculative activity abroad in foreign exchange has re sulted in severe drains on the Na tion's stocks of gold; and Whereas these conditions have created a national emergency; and Whereas it is in the best inter ests of all bank depositors that a period of respite be provided with a view to preventing further hoarding of coin, bullion or currency or spec ulation in foreign exchange and per mitting the application of appro priate measures to protect the in terests of our people; and Whereas it is provided in section S (B) of the act of October 6, 1917, (40 statute of limitations 411) as amended, "that the President may investigate, regulate, or prohibit, un der such rules and regulations as he may prescribe, by means of licenses or otherwise, any transac tions in foreign exchange and the export, hoarding, melting, or ear marking of gold or silver coin or bullion or currency • • •" and Whereas it is provided in sec tion 16 of the said act "that who ever shall willfully violate any of the provisions of this act or of any license, rule, or regulation issued thereunder, and whoever shall will fully violate, neglect, or refuse to comply with any order of the Presi dent Issued in compliance with the provisions of this act, shall, upon conviction, be fined not more than 110,000. or. if a natural person, im prisoned for not more than 10 years, or both. • • Now, therefore. I, Pranklin D. Roosevelt, President of the United States of America, in view of such national emergency and by virtue of the authority vested in me by said act and in order to prevent the export, hoarding, or earmarking of gold or silver coin or bullion or currency, do hereby proclaim, order, direct and declare that from Mon day, the sixth day of March, to INSURANCE CHECKS MAILED AS USUAL Policyholder! at End of Grace Period Heed Hot Fear Loiing Policy if Fundi Are Tied Up. Br the Associated Prtti NEW YORK. March € —Bank holi days In the various States are not af fecting the payment* of the life insur ance companies to policyholders and beneficiaries, it was said yesterday by the president of one of the leading life com pan lea. Checks are going forward as usual. It was said, but the companies cannot guarantee their Immediate conversion into cash in regions where holidays have caused a temporary suspension of banking operations. Policyholders who have reached the end of their period of grace before pay ment of premiums need not fear the loss of their policies, it was asserted by another official, regardless of what may happen In the banking institution, unless It Is determined that they have or had not sufficient funds to their credit either in closed banks or un cashed pay checks to meet the pay ments at the time of the occurrence of any personal emergencies. HOLIDAY IN VIRGINIA Pollard Signs Pour-Day Legal Sus pension by Banks. ALEXANDRIA. Va., March 6 OP).— Gov. Pollard today signed a proclama tion declaring a four-day legal holiday for Virginia. that not only should these new deposits be segregated, but that there should be a Government guarantee thrown about, thereby bring money out of hoarding. The question largely depends, accord ing to one of the Democratic Senators Interested In banking legislation, on how great these new deposits might be. If there is to be no great volume of them, then little would be accom plished. he said. Governors of States are at liberty, of course to ask the Secretary of the Treasury for permission for the banks in their States to open, and the Gov ernor of New Mexico, Sellgman. was ex pected to make such a request. Indi vidual banks could make similar re quest. It was said. Yesterday. President Roosevelt's first full day as Chief Executive, was a crowded one. Before midnight two proclamations of vast Importance were issued by the President; the first, which came in the afternoon after the Presi dent had conferred with the congres sional leaders. Democratic and Repub lican at the White House, called Con gress into special session on Thursday. The second, which was made public shortly before midnight, declared the Nation-wide bank holiday. During the day. President Roosevelt met not only with the congressional leaders but also with the members of his cablflfct. The President in his inaugural ad dress had pledged himself to exert war powers, if necessary to meet the situa tion. He had already familiarised him self with the provisions of the trading with the enemy act of 1917, and it was under its powers that he placed a ban on the flight of gold, and called a halt on banking generally. In his proclamation the President said there had been heavy and widespread withdrawals of gold and currency from the banks for the purpose of1 hoarding, and that there had been also great ac tivity abroad in foreign exchange, re sulting in a severe drain od the Nation's gold stocks. Secretary Wood In had the assistance last night of Ogden L. Mills, who until Saturday was Secretary of the Treas ury in the Hoover administration, and of all his aides in the department. Thursday, the ninth day of March, 1933, both dates inclusive, there shall be maintained end observed by all banking Institutions and all branches thereof located In the United 8tates of America. Includ ing the territories and Insular pos sessions. a bank holiday, and that during said period all banking trans actions shall be suspended. During such holiday, excepting as herein after provided, no such banking in stitution or branch shall pay out, export, earmark, or permit the withdrawal or transfer In any man ner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoard ing thereof; nor shall any such banking institution or branch pay out deposits, make loans or dis counts. deal In foreign exchange, transfer credits from the United State* to anv place abroad, or trans act any other banking business whatsoever. During such holiday, the Secre tary of the Treasury, with the ap proval of the President under such regulations as he may prescribe, Is authorized and empowered to permit any or all of such banking institutions to perform any or all of the usual banking functions. ).—The dollar *u still unquoted today, but trading In other foreign exchanges continued, with considerable offeis of Dutch guilders, Qerman marks and Swiss franca. Bankers said this apparently was bring done by interests needing French franca and unable to convert dollar credits. Paris American banks were advancing customers three-fourths of exchange on dollar checks. Tourists agencies were cashing travelers- checks at the nom inal rate of 24 francs per dollar. The American Aid Society, anticipat ing financial stringency of members of the colony unable to receive money from America, will meet tomorrow to discuss relief possibilities. The society transported two Americans to London, where funds were awaiting them. Reports from other world cities follow: Berlin—The Relchsbank fixed the dol lar rate at 4.18 marts, slightly up. Bankers expressed the conviction that the American gold standard is in no danger. Rome—Foreign exchange markets were closed and the stock market was down. The unofficial dollar rate was 18>2 lire. Madrid—Financiers expressed com plete faith In the United Statrj. but urged the maintenance of s~!1 standard. The dollar was cov. n ' l pesetas, as compered with 8 and a frac tion on Saturday. Amsterdam - Stock market prices were up, little affected by the Ameri can situation. Holland, still on the gold standard Itself, was certain that the United States would not abandon gold. Basel—The Bank for International Settlements was lltrt? affected by con ditions in the Statfes. for most of its business Is done in sterling. Vienna—The government Instructed all banks to cash no checks or drafts on American institutions for the time being. Lisbon—Banks discontinued dollar transactions. Johannesburg — Gold shares were down under heavy selling. Cairo—American tourists were incon venienced. Their ciiecks were worth 7 piasters less to the dollar than on Fri day. TOfcio— Foreign exchange transaction! were suspended and the markets were closed except for quotations on gov ernment bonds. TTje silk exchanges here, at Yokohama, and at Kobe also were closed, but the rice exchange re mained open. Shanghai—The dollar was down 33 taels as compared with 29on Satur day. Havana—President Machado issued a decree closing all Cuban banks and exchanges San Juan, Puerto Rico—Gov. Bever ley declared a three-day bank holiday and announced that the Insular govern ment is considering the issuance ol scrip. Montreal—Canadian banks accepted the dollar at par but American visitors experienced difficulty obtaining funds elsewhere. Toronto—The stock exchange and the Standard Mining Exchange re mained open, but the authorities an nounced that if any distress selling from United States sources appeared, the exchanges would be closed. Betheida C. of C. to Meet. BETHESDA. Md.. March 6 iSpecial). —Bethesda Chamber of Commerce will hold its monthly meeting in the County Building here tonight at S o'clock. HAVE A SMILE THAT * M rFREEfl 50^Toothbrush L see below J Do as 3/000 dentists urge —get this revolutionary new WORCESTER SALT TOOTHPASTE What mm sua at yao, da iImt tWiN to ymm liinMi mhU-h- do thajr drop (Mr aya* rad try *• f«««t "(Am* tmtk"? Do m 3,000 dwrtirti art*, um tin* rorelntioe. iTJr ■•w