Mutual National Bank (Chicago, IL)

View Charter #11092 on SPMC View balance sheet

Episode Information

Episode UID
1109201599
Episode Type
Suspension β†’ Reopening
Bank Type
national
Bank ID
110920 national
Charter Number
11092
Start Date
March 4, 1933
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ebb57edfe72157cf

Response Measures

None

Events (3)
1. October 20, 1917 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
State and federal-declared banking holiday/moratorium on withdrawals (Illinois governor/jurisdiction-wide closure)
Newspaper Excerpt
New York and Illinois Declare Holidays...The Federal Reserve Bank of New York was closed...banking holiday declared throughout Pennsylvania on Saturday, March 4, 1933.
Source
newspapers
3. March 14, 1933 Reopening
Newspaper Excerpt
CHICAGO BANK DISTRICTS ARE ALL REOPENED...With Chicago banks reporting their first day under new government regulation as successful, financial institutions in 18 clearing house cities in the seventh federal reserve district reopened today.
Source
newspapers

Newspaper Articles (17)
1. July 28, 1932 The Great Falls Leader Great Falls, MT
Article from The Great Falls Leader, July 28, 1932

Click image to open full size in new tab

Article Text

FOSTER DENIES REDS BACKING BANK ATTACK CHICAGO, July 28.-(P)-Authors of communistic propaganda found in a Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as the directors of a nationwide campaign against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesttatingly blamed the communist party for systematized attack on the Integrity of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, prosecuting attorney at Pontiac, to have been backed by sovlet Russia. William Z. Foster. communist candidate for president, denied his organization had sponsored whispering campaign against the First National bank of Pontiac. or that man known as George Rowland. in whose room seditious letters found. was member of the party. Illinois' drastic sedition law. providing 20 years' imprisonment and directed against "anyone who advocates reformation of the government by violence or any other unlawful means," was eyed as the handlest weapon should any radicals be caught (Continued on Page Two)

2. July 28, 1932 The Merrill Daily Herald Merrill, WI
Article from The Merrill Daily Herald, July 28, 1932

Click image to open full size in new tab

Article Text

BLAMED CAMPAIGN Melvin Head, Believes Plot found were sought today by the everywhere directors against the confidence Chicago officials Michigan police blamed the Communist party for attack the integrity financial institutions in many large cities, particularly the runs which every bank Chicago last month It said by prosecuting attorney Pontiac, have been backed by Soviet Russia William Foster. Communist candidate for president, denied organization had sponsored whisagainst the First pering campaign National bank Pontiac, that man known George ist whose room seditious was member of the party. 'Rowland,' believed today to be really George E. once candidate for president Queens Borough New York City and with record for criminal Michigan since last in August. Illinois' drastic sedition law. 20 years imprisonment and directed against "anyone who advocates the violence or any other ernment by unlawful means, was eyed as the should any radihandiest weapon caught and connected be the Pontiac more than the caused ing two in citadels soundest store upwards of order to meet cash on hand in mands of longer The situation definitely acute, appeared the Pontiac let references from Chicago, advising sent "much that there and progress on jugs in president of Melvin National bank and the First American Bankers head of the association, er blamed the 'radicals, "plot to be he believed the he said that he had and cities that ports from many used in frightenilar system was teledepositors by anonymous ing messages. bankers told how Other Chicago 300 400 bank radicals opened withdrew them accounts and en spreading news simultaneously, the

3. July 28, 1932 Finger Lakes Times Geneva, NY
Article from Finger Lakes Times, July 28, 1932

Click image to open full size in new tab

Article Text

Begun for Authors of Red Propaganda Chicago Bankers, Government Officials and Michigan Police Unhesitatingly Blame Communist Party for Systematized Attack on Integrity of Financial Institutions in Many Large Cities Chicago, July communistic propaganda found Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere the directors of campaign against the confidence bank depositors. Chicago bankers, government ficials and Michigan police unhesitatingly blamed the communist party systematized attack the integrity financial institutions in many large cities, particthe runs which threatened every bank Chicago month. said by Smith, prosecuting attorney Pontiac, have been backed by Soviet RusWilliam Foster, communist candidate for president, denied his organization had sponsored whispering campaign against the first national bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was member the party. "Rowland," was believed today really to be George Powers, once candidate for president Queens borough in York City with record for criminal syndicalism in Michigan since last August. He escaped police trap his raided hotel room and became object national dragnet. Illinois' drastic sedition viding 20 years imprisonment and directed against "anyone advocates reformation of ment by violence any lawful means," eyed the handiest weapon should any radicaught and connected with the Pontiac literature For letters signed "Yours for the revolution," and some discussed bringing about the unrest which will lead Chicago's June bank runs closed more than 40 includtwo in the loop, and caused city's citato store upwards of $100,000,000 in cash hand in order meet demands of depositors. The situation here. no longer acute, appeared definitely linked with in the Pontiac letters sent from Chicago, advising "Rowland" that there was "much progress here" and "considerable runs jugs in Melvin Traylor, president of the First Bank formhead the American Bankers Association, blamed the "radicals He said believed the "plot and that he had reports from many cities that similar system was used frightening depositors by anonymous telephone messages. Rowland's letters told of plan, discussed but abandoned, simultaneous many key cities. Other Chicago bankers radicals opened 400 bank accounts and then withdrew them simultaneously, spreading news of the The American vigilant intellifederation identified rade H. Rowland's Cleveland correspondent, Harry Gannes, director agitation and propaganda for the New They said he in Chicaduring 1931 when bank runs first became serious. Rowland's Chicago formant, they said, Herbert Newton, alias Gilmer Brady, with offices communist headquarters in West Madison St indicted in Atlanta for criminal syndicalism and studying sociology the Univerof Chicago. The federal seditious conspiracy makes force essential to prosecution for attempts to overthrow the government. Federal the service has jurisdiction over rumors against banks but that most state laws make them crimes.

4. July 28, 1932 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, July 28, 1932

Click image to open full size in new tab

Article Text

BANK PLOTTERS SOUGHT. Widespread Search Made for Men Traced to Pontiac, Mich. CHICAGO. July of Communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and everywhere as the directors of against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial institutions in many large cities, particularly the runs which every bank in Chicago last month. It was said by prosecuting attorney at Pontac, to have been backed by soviet William Z. Foster, Communist candidate for president, denied his organization had sponsored pering against the First National Bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was a. member of the party.

5. July 28, 1932 Los Angeles Evening Citizen News Hollywood, CA
Article from Los Angeles Evening Citizen News, July 28, 1932

Click image to open full size in new tab

Article Text

NET SPREAD RED BANK PLOT CHICAGO July 28 Authors of Communistic propaganda found sought today by the secret service and detactives everywhere as directors nationwide campaign against the confidence of bank depositors. Chicago bankers government of ficials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial institutions many large cities. particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, pros ecuting attorney at Pontiac to have been backed by Soviet Rus William Z. Foster Communist candidate for President, denied that his organization had sponsored whispering campaign against the First National Bank of Pontiac, or that man known as George Row ters were found. was member of the party Illinois' drastic sedition law provides 20 years imprisonment for "anyone who advocates reformation of the government by violence or any other unlawful means." Chicago's June bank rons closed more than 40 institutions and caused the city's soundest financial citadels to store upwards of $100.000,000 in cash on hand in order to meet demands of depositors. The situation here. no longer acute, appeared definitely linked with references in the Pontiac let ters sent from Chicago, advising 'Rowland' that there was "much progress here" and runs on jugs in loop."

6. July 28, 1932 The Evansville Journal Evansville, IN
Article from The Evansville Journal, July 28, 1932

Click image to open full size in new tab

Article Text

BANK BREAKERS ARE SOUGHT BY U. S. AND STATE COMMUNIST INFLUENCE IS OPENLY H ARGED AS RING IS EXPOSED CHICAGO, July 28-(AP) of communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as the directors of nationwide campaign against the confidence of bank depositors. Chicago bankers, government officials, and Michigan police unhesitatingly blamed the communist party for systematized attack on the integrity of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by C. Smith. prosecuting attorney at Pontiac, have been backed by soviet Russia. Foster Denies Connection William z. Foster, cominunist candidate for president, denied his organization had sponsored whispering campaign against the First National bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was member of the party "Rowland, was believed today to be really George E. Powers, once candidate for president of Queens borough in New York City and with record for criminal syndicalism Michigan since last August. He escaped police trap 20 Year Penalty Illinois' drastic sedition law, providing 20 years' imprisonment and directed against "anyone who advocates reformation of the government by violence or any other unlawful means,' was eyed as the handiest weapon should any radicals be caught and connected with the Pontiac literature Chicago's June bank runs closed more than 40 institutions, including two in the Loop, and caused the city's soundest financial citadels to store upwards of $100,000,000 in cash on hand in order to meet demands of depositors.

7. July 29, 1932 Henryetta Daily Free-Lance Henryetta, OK
Article from Henryetta Daily Free-Lance, July 29, 1932

Click image to open full size in new tab

Article Text

NATION SCOURED FOR AUTHORS OF BANK RUN PLOT CHICAGO, July 20.--Authors of ommunistic propaganda found in a Pontiac, Mich., hotel are being sought by the secret service and detectives everywher as the directors of a nation-wide campaign against the confednce of bank depositors. Chicago bankers, government officials and Mi higan police unhesitatingly blamed the Communist party for systematized attack on the intgrity of finan instituions in many large cities. parti ularly the runs which threatened every bank in Chicago last month. It was said by C.L. Smith, prosecuting attorney at Pontiac to have been backed by Soviet Russia. Norman Z. Foster, communist candidate for president. denied his organiaztion had sponsored a whispering campaign against the First National bank of Pontiac. or that a man known as George Rowland, in whose room seditious letters were found, was member of the party Illinois's drastic sedition law. providing 20 years imprisonment and directed against "anyone who advocates reformation of the government by violence or any other unlawful means, was eyed as the handiest weapon should any radicals be caught and connected with the Pontiac literature. For the letters were signed "yours for the revolution.' and some disussed "bringing about the unrest which will lead to the revolution." Chicago's June bank runs closed more than 40 institutions, including two in the Loop. and caused the city's soundest financial citadels to store upward of $100,000,000 in cash on hand in order to meet demands of The situation here, no longer acute, appeared definitely linked with ref erences in the Pontia: letters sent from Chicago, advising "Rowland" that there was "much progress here" and "considerable runs on jugs in Loop." Rowland's letters told of a plan. discussed but abandoned, of starting simultaneous runs in many key cities.

8. March 4, 1933 Evening Star Washington, DC
Article from Evening Star, March 4, 1933

Click image to open full size in new tab

Article Text

# EARLY U. S. ACTION # PLANNED ON BANKS New York and Illinois Declare Holidays-Only Four States Unrestricted. (Continued From First Page.) Connecticut took similar action, bring- ing to 43 the list of States in which restrictions on withdrawals are opera- tive in some form or another. Only Montana, Colorado, North Da- kota and South Carolina remained without restrictions at noon today. Delaware's banks were open, but the State Legislature has already taken emergency action. These developments had brought from Representative Rainey, the next Speaker of the House, the prediction that "an extra session of Congress will be called at the earliest possible time." He said he felt that early next week, possibly Tuesday, would not be too soon. Pre- viously Rainey had told House mem- bers-elect to remain in Washington. Others at the Capitol said the session probably would begin Wednesday. The Federal Reserve Bank of New York was closed with all other bank- ing institutions of that State. The Federal Reserve Bank at Philadelphia also closed, under a holiday declared throughout Pennsylvania by Gov. Pin- chot. Later in the day the Minne- apolis Federal Reserve Bank suspended business. The closing of the New York Federal Reserve Bank meant the tying up of its huge gold reserve for the period of the holiday against withdrawal by either domestic or foreign agencies. In discussing the banking relief pro- gram, Senator Robinson said: "We do not know just when it will be completed, but it will be expedited all possible. The details can not be announced right now but you may be assured there will be no delay." Wagner Plans Action, Previously Senator Wagner, Demo- crat, of New York, had told newspaper men he would carry immediately to Democratic leaders an appeal for imme- diate emergency banking moves. In- formed at his hotel here of banking moratoria in New York and Illinois. Wagner said he would appeal this morn- ing to Democratic leaders to begin working out a program and some time this afternoon would call on Mr. Roose- velt with the same objective. A bank holiday, he said, "is the only thing to do" to meet the emergency of the banks themselves, but he added quick steps are necessary to enable them to reopen and continue opera- tions. Harvey Couch, Democratic member of the Reconstruction Finance CorpoΠ³Π°- tion, was the first White House caller this morning. He said after a brief conference with President Hoover he had discussed "matters incident to the banking situation," but declined to give details. Couch conferred last night with President-elect Roosevelt. Officials in Conferences. High officials both of the outgoing Republican and incoming Democratic administrations were in conference most of the night. Secretary of the Treasury Mills said afterward the Hoover administration would have no statement, but that governors of the Federal Reserve banks in Chicago and New York would have announcements. Demands Impossible. The hours between midnight and dawn saw banking officials in many States struggling with the problem, made acute by the flurrying of nervous- ness on the part of depositors. As a statement by the New York Clearing House Committee put it: "The unthinking attempt of the pub- lic to convert over $40,000,000,000 of deposits into currency at one time is, on its face, impossible." The statement added that the condi- tion clearing house banks is such that "they could, through the facilities of the Federal Reserve Bank, pay on de- mand every dollar of their deposits," but that withdrawals throughout the country as a whole have increased so that a "halt" is necessary "to enable the proper authorities to consider and adopt remedies to meet this situation, not for New York primarily, but for the Nation as a whole." Only a few States remained today in which restrictions on withdrawals had not been invoked. No Holiday in Virginla. In Virginia, Gov. Pollard said no general banking holidays would be de- clared because the State's laws already protect the banks and their depositors. In Maryland, the General Assembly early today approved the emergency banking legislation without a dissenting vote in either House. Gov. Ritchie signed it this morning, but said that the banking institutions of the State will not reopen Monday. The resources of the Reconstruction Finance Corporation earlier had been made available to hard-pressed, but solvent banks in States that have imposed moratoria on withdrawals. This was one of a number of de- velopments yesterday that included introduction of legislation to allow postal savings checking accounts and to confer upon the incoming admin- istration sweeping authority to main- tain the security of deposits. Reconstruction Corporation officials said their policy called for lending in- stitutions if the loans were well secured enough money to pay the percentage of deposits that could be withdrawn, provided the banks did not have the funds immediately available. It was emphasized this was not a new departure, but was simply the ap- plication of regulations decided upon for individual instances in the past to a situation spread into a number of States. Pinchot's Statement. Gov. Pinchot of Pennsylvania here for the inauguration issued the follow- ing statement: "Because of the declaration of a bank holiday in New York, Illinois and most of the other States, similar action in Pennsylvania has become unavoidable. "Were our banks to remain open, the demands upon them would impose an impossible burden. "Therefore, upon specific recom- mendation of Gov. Norris of the Phila- delphia Federal Reserve Bank, I hereby declare a bank holiday throughout Pennsylvania on Saturady, March 4, 1933, and Monday, March 6, 1933." Exchange Statement. A statement issued by the Govern- ing Committee of the New York Stock Exchange said: "The Governing Committee at a meeting held this morning in order to give full effect to the banking holiday declared by the Governor of the State of New York directed: "First, that the exchange be closed during such holiday: "Second, that members and firms registered on the exchange be pro- hibited from making any contracts for the purchase or sale or the borrowing or lending of any securities, and also from permitting their offices or facili- ties to be used for the purpose of mak- ing or carrying out any such contracts; "Third, that all deliveries be suspend- ed on all member contracts, except on such contracts as may be cleared by or settled through the Stock Clearing Corporation, and that in such cases deliveries shall be made as the Stock Clearing Corporation shall direct

9. March 4, 1933 The Buffalo News Buffalo, NY
Article from The Buffalo News, March 4, 1933

Click image to open full size in new tab

Article Text

ILLINOIS BANKS ORDERED TO CLOSE FOR THREE DAYS CHICAGO. March general three-day holiday Illinois was early urday extended Chicago financiers and Gov. Henry Melvin the First National made announceeffect Saturday. Monday and Tuesday Traylor closing upon signed by The the reopen March may ited per cent. during the following eight Gov. Horner said the past several days have been conference banks Illinois effort the course tion has bank states surroundIllinois and the counthe banks this state would strain has them. This hour issued statement effect holiday The has made The banks paid more in the past effort tide also expected the national government might regard The picture has materially changed Friday day banks the banks and association the Federal Bank Chicago, deem the welfare citizens the protection bank referred my issued The Federal Reserve bank of Chijoined holiday and no gold Saturday would not reopen "until conditions

10. March 5, 1933 Star Tribune Minneapolis, MN
Article from Star Tribune, March 5, 1933

Click image to open full size in new tab

Article Text

Nation's Leaders Lay Plans to Restore Financial Normalcy. (Continued From Page 1.) orders and gave checks for the balRailroad companies emergency ened credit and that travelers would not left stranded of difficulities. MECHANISM OF STILL By Claude Jagger Editor. York, March great United States stood still took office promising emergency action. the banks of New York well New the Chiboard trade and other and exchanges the closed. Financial and government offi. in York, Washington and other cities bent their efforts development procedure permit tran business settlements The banking holiday movement February finally the big Wall Street and La Salle End Tuesday in Y. The end in New York in and other states. from picted nation with good cheer unparalin the dustrial the United States. the meet ordinary living expenses failed to develop any and banks number localities vided cash meet and commerce functioned interference. with the practice extending credit or accepting The New York clearing house and banks in other to develop methods of banking operations next week. Affects World. apparent the hysterical and futures, also closed convert deposits dealers checked transact the be extended to ridieu- sources supply for fresh Arrangements made to extend for resuming banking personal credit. chiefly methods LONDON PRAISES records real MOVE By closely tinized. that house the European capitals New York and other result the American bank leading house Tourists cash checks used by travel tle transactions some extent agencies and some London foreign currency. was seen lack confi- gold. Currency rather rates Europe are based the lack dollar and there was some facilities. brought out the possibility adopting the French explained, there currency backwould for the for exchange than amount issued now far above that The foreign exchange policy days for Monday not certain. Amerithe branch 1928 statement was by the the of the bank. supplementing the right The statement, which result stock closed dull after the quiet session. Friday. Friday's report, had CLEARING HOUSE TO ISSU through account New March foreign and the largest Issuing clearing house certifireported single Saturday. the conduct however, that after there trade the expiration of state banking Tuesday had held for foreign account worked out Saturday by sulting the addition of that New York Clearing House association. amount stocks metal This left the nation's gold stock At meeting that lasted through. the end the week about the large more than third York city commercial banks decided all the gold in the this and about above the means facilitating commerce reached last June medium. sult of the large of metal during Mortimer N. Buckner, president the spring said the certifi. Saturday's holiday was the first be printed over the week and would ready for emergency stopped tion on Monday. The transactions exports of the previous metal the which certificates from October, to June. of 000 such the stock exchange paper in circula. was the time trading has been halted in this by Clearing are pa. when the effect per based deposits and war jointly though the bull 1928 and sued of banks They the selling late 1929 forced restriction hours per. the pointed out may was mit clerical forces catch the work. sible also taken November of 1929 trade provided those clerks had been clearing working night and day. would tion this plan, explained. After the closing the exchange avoid of an excessive the end July, 1914, amount of no trading currency. permitted until restricted dealings in bonds RICH EXPLORER WEDS. London. March M. trading again started in 25-year-old stocks. explorer. married today millionaire Frau. TERMS OF HOLIDAY LISTED Illinois for cash Saturpay for holiday decreed Horner. The and before Saturday all banking second center of the defied for usual, ready the full But these tions. Horner remained close touch with bankers. Terms the holiday All banks in Illinois directed close Saturday, Monday and The effect of the virtual banking the United States. world's richest nation third the world's supply gold. brought tional financial transactions much of the In London. long the world center international American and all foreign exchanges suspended quotations on gold. result. foreign exchange standstill time the dollar had not leading tals The and Chicago the owing general bank holl. formal issued federal reserve board Washington reserve banks San Francisco and open, Kansas tution transacted for territory The closing the New serve bank checked the large gold for port which had developed. The treasury New York open redeemed treasury certificates for usual, paid out bars, doing no business Bankers Hold Meetings. reopening Wednesday for period banks must of deposits March to paid the March any shall and held subject dated be honored. the midnight March In the fortnight had Chicago alone, report with 141 banks 36 leading seventh reserve district for the week ended The board of trade closed along with the Chicago stock and changes, stopping trading grain cotton futures. Immediate steps taken, however, to maintain Leading New York bankers held meetings the York clearing and Saturday sessons through Friday night and early Saturday morning. resulting March Governor Lehman's proclamation ordering two-day legal holiday. which The net demand deposits of the house banks were reduced ended market for grain. Saturday weekly clearing house At world's greatest packing statement leaving the farmer still able total Shipments Bankers explained the rush Monday the Chicago to convert bank will checks rency had point which the Banks taxed facilities the the After nn the banks and the federal reserve exchange. another tem plans was called the house Tuesday. the York banks The Mercantile exchange, mam that they market for futures trading facilities the on demand but to call One of the new halt dise" styles just reNew York but of the nation ceived priced at No Currency. Banking authorities there currency cilities, actual currency, but that had become Imperative check the rush for cash, preserve the and efficient practice doing business through and prevent an currency which be when hysteria had The people the the that the the the that the hig are strong blanket the noon closing hour: persons access to safety deposit swallowed up large amounts of rency this encountered no dif. ficulties. Financial authorities explained that 90 per cent the nation's was normally transacted through the medium checks Home and pointed out that total currency Shoe In circulation, the record fig. ure of shown in report, only fraction the Bates bank deposits in the country,

11. March 6, 1933 The Buffalo News Buffalo, NY
Article from The Buffalo News, March 6, 1933

Click image to open full size in new tab

Article Text

ILLINOIS BANKS ORDERED TO CLOSE FOR THREE DAYS CHICAGO, March general three-day Illinois was urday extended Chicago financiers Gov. Henry Horner Melvin president First National made will effect Saturday Monday and Tuesday Traylor closing upon banks signed the reopen may limited per cent. during the follow ing eight statement by Gov. Horner said "For the past several the effort best emergency spite holidays surrounding Illinois and the the this state the has This was this that holiday Illinois time. greatest effort has such necessity The banks paid more in the past tide also been the might that regard has by The picture has changed Friday Finally after day of unprecefrom the the House banks the the Federal now the welfare the protection depositors have funds, declare the bank day referred my proclamation issued The of Chiholiday and was Saturday not reopen conditions

12. March 7, 1933 Waukegan News-Sun Waukegan, IL
Article from Waukegan News-Sun, March 7, 1933

Click image to open full size in new tab

Article Text

DEMOCRAT OFFICIAL NOTE To Remain Closed Until Gov. Horner Instructs Officials To Obey Woodin. CHICAGO. March Uncertain what action to take. officials Illinois banks kept in constant touch with Washington interpretation of Secretary the Treasury Woodin's new regulations The Continental Illinois National Bank and Trust Chicago, largest bank of and accepted deposits for time but ceased doing after conferences between bank officials and communications Washington. In addition declining to accept deposits, of the banks did not drafts food shipments, other purposes described necessary by Secretary Woodin. There clearing house assomeeting however, and the outcome was expected banks with definite program Most the bank officials said variations between Secretary Woodin's lightened declared for Illinois last week Henry Horner made them hesitate modified basis. ned to proclamation lattoday authorizing Illinois banks follow made by the The national banks were informed by national bank that they should obey Secretary Woodin's and disregard the provisions of the state Under Horner's proclamation of last week, banks would reopen tomorwith per cent restriction on withdrawals for the next days. Several Illinois cities solved the problem medium of exchange by issuing scrip backed currency. Springfield. Urbana, and Peru were among the towns taking such action. The Federal Chicaready certifireceived from Washington Town Board Votes To Throw Out Democratic Ticket On Legal Technicality. The Zion township Democratic ticket today was ordered off ballot by the town election hearing held in the sheriff's office, the same time similar started against Independent candidates Cuba township them the The Zion board voted two ticket. Supervisor Thompson Town Clerk Hueneryager voted for rejection and Justice the Thomas McEwen for acceptance the slate. This only the Voliva ticket in the field. No Sworn Statements Attorney Joseph Bishop, the firm of Bishop. Carey LaRose. argued petitions were there was statements attached the petition. Earl Cook counsel for the argued that the petitions substantial conformity with the requirements prescribed The objection the Independent candidates Cuba township filed by Bishop Besides the alleged deficiency sworn statements candidacy there defects in these petideclared. May If action will leave candidates Citizen's tion. This ticket headed pervisor Harold D. Kelsey, Kelsey and Town Clerk Grom. are members the Cuba and candidates the Citizen's Bishop asked County Judge Persons point two other members their be Woller and Cornelius Snyder, Republican and Democratic precinct committeemen Cuba township. This hearing day morning and be held the county building room designated by the sheriff.

13. March 9, 1933 Argus-Leader Sioux Falls, SD
Article from Argus-Leader, March 9, 1933

Click image to open full size in new tab

Article Text

CHICAGO'S BANKS READY TO REOPEN Await Decision of Congress and State Is Withheld March ing of banks awaited the of national and state holidays and action of conBank employes were working on plans to open whatever may be forthfrom Ed banking business today was still the basis dictated by the He Scrip certificates had been prepared for the ciation, but under the new plan expanding the currency they probwill not be used. The banks handled transactions for produce, livestock, and other foodstuffs only in cash. The Chicago livestock exchange basis of holding drafts and checks pending reopenof the banks Many produce houses doing likewise The banks handled no drafts or checks.

14. March 9, 1933 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, March 9, 1933

Click image to open full size in new tab

Article Text

Philadelphia And Los Angeles Go Ahead With Plans For Issuance Of Scrip Friday Philadelphia, March Holding the Treasury Department's plans expansion discurrency tinct from the local situation, Philadelphia banks today went ahead with arrangements for the issuance of script. The Clearing House Association again held sessions, ironing details of its to $51,program worth certificates Friday. Delivery from the printers pected Leading banks opened "guardedemergency checks not exceeding accept deposits and to make change. given must need for funds before any would be out. know, the idea will not Philadelphia, George Norris, ernor Federal Reserve Bank. authorized ment obviate the regulation, and we are going ahead accordingly. plan here is to put the scrip and not means effecting balance banks." Los Angeles, March Plans issuing scrip in Angeles late today by the Executive Committee the Los Angeles Clearing House committee said it was acting instructions received from the Federal Bank of this trict and scrip would be issued by Friday "unless the Secretary the Treasury the instructions unless the President's proclamation of the national holiday extended." Nearly $50,000,000 has been printand ready for use. Oklahoma City, Okla., March financial paraleased today additional issues opening of several banks under Federal holiday strictions enactment of new banking William H. Murray signed the bill late today, placing power to the hands the State Bank the Governor, and carrying heavy for Barnett, Bank Commission- said regulations were prepared reopening Oklahoma banks Friday, unless the national holiday extended. Nashville, Tenn., March city swelled day with flood of new Almost without exception, merchants accepted face value fast long lines or men women turned away from tellers' windows their salary checks converted into the money, merchants started receive The system appeared satisfacbenefitted to the extent least $1,000,000 scrip estimated to be errculation Officials of the Memphis ClearHouse reached decision relative issuing scrip further from Washington. St. Paul, Minn. March in permitted scrip basis under order signed tonight by John Peyton, State Commissioner Peyton granted permission to the checks denominations of $5, $10 and $20. Such cashiers' checks must limited actual hand balance due each correspondent banks. Peyton under powers conferred upon him by one three special measures passed the Legislature Monday. New York, March Herbert Lehman ernor nounced tonight that the Treasury Department prohibited the of scrip the suance Certificate Corporation, set up last night by the Legislature. Without further the Governor handed out the following statement tonight: receipt of the following official the Treasury "Secretary of Treasury hereby certificates the Corporation of State York, organized provide adequately cured temporary medium change. of revocation is exercised regulations issued March by Sec- retary under authority conferred upon him by President's tion March The Governor refused to say in what status left Emergency Corporation, of which Alfred Smith was named Chairman Aside from issuance of scrip, the Emergency Corporation further purpose cooperating in any way during the banking any state or national banking undertaking. this purpose was indicated the Corporation would continue in existence. Wilmington, Del., March the Wilmington Clearing tonight they planned begin the issuance of scrip Friday Saturday. Chicago, March bankers held activities virtually standstill today view abandonment idea by the national administration. Although states and communities planning ahead with issuance scrip on the ground that had not been hibited definitely, bankers here took the position best await further instructions from Washington. Larger banks confined their activities financing food and feed shipments, making change for banking customers members the Federal Reserve System, keeping safe deposit boxes open clearing up transactions. None accepted deposits. The Clearing House Association had spent to scrip printed. prepared issue this on short Woodin, of the Treasury, Most Chicago bankers agreed with Woodin that scrip not present. They said there cash in Chicago meet current needs. Typical came from M. Stevens, the Federal Reserve Bank Chicago. "That's fine," he said, when he learned the statement. solves many of our problems and the brought by many where clearing house exists. Neither the Chicago New York banks wanted although they were preparing issue necessary.

15. March 13, 1933 Biddeford-Saco Journal Biddeford, ME
Article from Biddeford-Saco Journal, March 13, 1933

Click image to open full size in new tab

Article Text

HOLIDAY IN Chicago, March national banking holiday ended for 31 Chicago today lowing orders from Secretary Treasury Woodin and State Auditor Edward Barrett that they might reopen without restricthe federal ban withdrawals for hoarding. The moratorium was efsuburban banks, however, but its duration short necessary time measure for his office, Barrett said. Permission for reopening of Chicago banks, including five ones the Loop, given Woodin Reserve bank night. Later Barrett list state banks authorized reopen their doors this morning for busi-

16. March 14, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 14, 1933

Click image to open full size in new tab

Article Text

CHICAGO BANK DISTRICTS ARE ALL REOPENED The Runs On Banks Were to Deposit Money and Not to Take It OutGold Still Coming Back Chicago, March 14-(UP)-With Chicago banks reporting their first day under new government regulation as "successful," financial institutions in 18 clearing house cities in the seventh federal reserve district reopened today. Deposits were greater than withdrawals as "runs" in the reverse order were registered at Windy City banks yesterday. State street merchants and others indicated the greatest buying since the preChristmas holidays. Two other developments held financial attention besides the gradual reopening of banks: The resignation of Stanley Field, nephew of the late Marshall Field, as director and chairman of the board of the Continental Illinois National Bank and Trust Company Payment in full of depositors in the Security bank of Chicago and the Second Security bank, both of which are going out of business. Cities in which banks of the seventh federal reserve district reopen today include: Illinois-Champaign, Danville, Decatur, Peoria. Rockford. Indiana-Fort Wayne, Indianapolis, Terre Haute. Iowa-Des Moines, Mason City, Sioux City. Michigan-Battle Creek, Detroit, Grand Rapids, Kalamazoo. Wisconsin-Green Bay, Milwaukee, Sheboygan. Field's resignation as a leader of one of the "loop" banks resulted from his indictment February 27 in connection with the defunct corporation securities company, a unit in the toppled Insull financial pyramid. Field also resigned as a director of the Commonwealth Edison company and the Public Service company of Northern Illinois. James Simpson, chairman of the utility companies, accepted the resiginations "with the greatest reluctance." Simpson succeeded Samuel Insull, Sr, now a fugitive in Greece. Deposits of $4,000,000 were being paid out by the liquidating security banks. Approximately $8,000,000 in gold was turned into the Federal Reserve bank yesterday. The Chicago Board of Trade and other local exchanges which closed during the banking crisis are expected to reopen before the end of the week, it was said. Another protection, this time for life insurance policy holders, was taken when Ernest Palmer, state superintendent of insurance, ordered that companies operating in Illinois could not make policy loans or pay cash surrender values. Death benefits must be paid promptly, Palmer said.

17. March 24, 1933 Chicago Tribune Chicago, IL
Article from Chicago Tribune, March 24, 1933

Click image to open full size in new tab

Article Text

REPORTS OF RESERVE SHOW MOST MEMBER [BY THE PRESS.] Reports from the twelve federal serve last night reflected the reopening of member banks under of the treasury, as provided by proolamation. The by districts, for member banks only. showed: Number. Boston Richmond Atlanta Chicago St. Louis Kasas City Dallas San [All but of approximately 800 open.)