Contrary to previous reports, officials of the Cambridge banks announced yesterday that the banks here would not be fully open until tomorrow at the earliest. They will be open in the meantime, however, to receive deposits and, in accordance with the regulations imposed by the State authorities, to pay private depositors not more than $10 for necessities, and employers not more than $25 per employee for payrolls. The banks, it was stated, will open in the next few days, along the following plan which has been instituted by the federal government: Today the federal reserve banks and those banks which are in federal reserve banks cities and which are licensed by the State, will open. Tomorrow the banks in the cities with recognized clearing house associations will, if sound, be licensed to open. On Wednesday the solvent banks in other localities will open.
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