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STATE BANK REOPENS UNDER NEW
Most of the national banks in Nebraska and some of the state banks opened week for business on an unrestricted deposit withdrawal basis while others opened under the many provisions of the new law governing state banks withdrawThe State Bank in Benkelman was this list and telegram among from the Banking Department was posted on the door Wednesday mornto that effect. The provisions of are more or less misleading reopening shown the telegram inasmuch states that withdrawals are restricted to fifty cent which stateup per ment leads the average depositor to believe that he is entitled to draw on his account up within fifty per total whereas in fact of his deposit, cent applies to the the fifty per which at the period of reserve amounted to little more opening In the case of the than Bank this reserve was more than State five cent the per required to meet the per cent reserve banking obligations under norlegal circumstances and was considered mal However, under an adequate reserve. that have existed during the weeks, all been aside and drastic rulings put into fect. President feels inconvenience to his deeply trons that the ruling has brought about but has no other alternative than to carry on under the handicap that his bank has suffered and hopes for the continued cooperation of the and the withdrawal of these patrons restrictions in the not far distance future. In the meantime, is necessary complete new set of recto reopen for the Bank which will cause an almost unlimited within the next few days. During the that the bank under these period restrictions, all funds deposited will become part of trust fund which be checked on or withdrawn can desires. Credit for the the depositor amount that the depositor is entitled to by virtue of his per cent of withdrawal from the old account will be credited to the new and in cases where depositor amount of his full deposit will credited to his obligation so that terest on his obligation will be stopped during the normal banking facilities will be stored to the community with the ception of withdrawals accounts in effect previous to the bank holiday further than the percentage permitted under the The first of banks in the opening large cities began Monday and met with the heaviest deposits in years. In the deposits exceeded some cases new withdrawals three to one. The order against hoarding and for the return of gold and gold certificates brought millions of dollars out of hiding. The stock market responded with sensational rises whole nation took enthusiasm. has granted President Roosegress velt practically war time powers in the formation of new banking laws and for the reorganization of departments looking to tax reductions and the balancing of the national budget this The beer bill has also year. passed and will soon be in Should the President now be in really balancing the budget and reducing national expenses, will have taken long step in the direction of better times.