Article Text
CORVALLIS BANKS OPEN TOMORROW Only Emergency Business and Accommodation of Public on Restricted Basis MORATORIUM TODAY Governor Calls a State-Wide Holiday, Due to California Closing At ten minutes to 10 o'clock this morning the banks of Corvallis were notified that the governor had declared a three-day moratorium for all the banks in the state. The news came as a bolt from a clear sky and when we were informed that the order was mandatory, we submitted to the will of constituted authority. The banks of Portland were closed, but since then they have opened up for the transaction of emergency business only and other banks throughout the state will doubtless follow their lead. Under these conditions the banks of Corvallis will open their doors tomorrow morning for the transaction of emergency business and the accommodation of the public on a restricted basis. First National Bank of Corvallis Benton County State Bank PORTLAND, Mar. 2 — (AP) — Statewide three day bank holiday ordered today by Governor Meier was met generally throughout Oregon with a decision by bankers to remain open for the transaction of what was described as "necessary business." Only in a few cities of the state did banks remain closed. The First National of La Grande which has been closed for more than four months, reopened today and officers said the bank would not observe the holiday. California banks also were operating under the holiday proclamation. Large downtown Portland banks did not observe the banking holiday called by Governor Meier today and shortly after the regular opening hour they said they would pay on checking and saving accounts up to a "reasonable" amount, to enable depositors to purchase necessities. Although signs announcing the banking holiday were posted on the doors of all Portland banks before regular opening hours, these signs later were taken down by the larger institutions which announced they would remain open and transact "necessary business." Postmaster Jones announced the proclamation would in no way interfere with the operation of the Postal Savings bank which continued to transact business in the regular way. SALEM, Mar. 2—(AP)—The three Salem banks were to open at 11:15 this morning to transact "necessary business," they announced following word that Portland banks were taking similar action. SALEM, Mar. 2—(UP)—Governor Meier today issued a proclamation declaring a three day legal holiday in Oregon, starting today and continuing through Saturday, such action will allow the closing of all Oregon banks for three days. "It is the only step to take to protect banks here because many of them clear through California banks and the California banks are closed," he said. "Financial distress prevailing in neighboring states is making its effects felt in Oregon," Governor Meier said in his statement. "It is essential for the protection of all depositors that bank withdrawals be suspended for a brief period to permit enactment of necessary regulatory acts stabilizing legislation, in line with federal enactments and legislation enacted in other states." The governor said he understood Arizona banks to be in strong financial condition. "We have had no advices any Arizona banks are in distress, but today's action is merely a safeguard," he said. General Holiday The governor's proclamation, declaring a legal holiday for all banks, financial institutions, county and city offices, courts and schools, was made today because it was (Continued on page 8)