Show PLANS TO FREE FROZEN FUNDS I in Deposits Deposit in Closed Institutions to toBe toBe Be Thawed By fly y United Unie P Press es WASHINGTON Oct Oct 16 The 16 The gov eminent today came me to the aid o of depositors In co closed national banks ba with announcement by President Roosevelt of the creation of a federal te creaton board boardo to free deposit liquidation o r The Te board bad will wil concentrate on la lating ting the te distribution of frozen assets at of banks bak closed since sice January 1 I salvaging salvaging sal sal- se vagia as a much as a possible for depositors dc de de- de to bolster purchasing power The general genera intention a White WhiteHouse WhiteHouse WhIt House Ho announcement said id is I to t make mae loans loa on the te assets ct of closed banks bank for forthe forthe or orte the te benefit of oC depositors up to lo a maximum maximum maxi maxi- mum of oC 50 per cent of their deposits inclusive of ef distribution heretofore made I WILL IL SUPPLY MONEY The Te Reconstruction Finance corporation coror corpor por will supply the Uie money for loans loas wI C C. B. B Merriam Meriam a director of ot the te R. R F. F Cwill C C. will wi head hed the liquidation board boad Other Oter members will wi be chairman chIna Jesse Jee H H. Jones Jone of the te R. R R F. F C. C undersecretary of ot treasury Budget Director Douglas Comptroller of the Currency OConnor O'Connor and Chairman Walter Waler J. J Cwi Cummings 01 of o the te Deposit Insurance corporation i It I is i not intended the Wit White House Houe announced announce that tt the distribution shall hal be uniform un orm but will wi be D limited lo to t the te orderly liquidation of assets on which loans loans' loa can c be made reserving rere ing ig only ony what will wi appear sufficient to pay taxes taxes' expenses and interest during the te liquidation period prod MAY Y RUN HIGHER In cases where the te condition condlon of ofte the te c clos bank bak will wi jus justify it It proper consideration will wi be given to a larger distribution than tn 50 per cent cent More Moreta than ta one distribution will wi be made as asand asand a and if assets et improve in value The exact sum su that tat will wi be freed eed depends depend upon the appraisal of the actual acal assets et of each closed coed bank The Te president estimated that the te distribution would approximate 1 el- el 3 a- a Special advisory and md appraisal committees will wi be organized throughout through through- out the country to speed the ou te county te ap- ap p ras it was wa announced These Tee committees will wi be recruited from representative local loal banks bak business buie i nen en ad and farmers |