Ozone Park National Bank (New York, NY)

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Episode Information

Episode UID
1228001599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
122800 national
Charter Number
12280
Start Date
March 4, 1933
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ca5184b32ab5b06b

Response Measures

None

Receivership Details

Depositor recovery rate
73.0%
Date receivership started
1934-10-30
Share of assets assessed as good
50.2%
Share of assets assessed as doubtful
43.2%
Share of assets assessed as worthless
6.7%

Events (3)
1. December 5, 1922 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Statewide bank holiday/moratorium declared by New York Governor Herbert Lehman closing banks temporarily
Newspaper Excerpt
bank holiday declared by Gov. Lehman
Source
newspapers
3. October 30, 1934 Receivership
Source
historical_nic

Newspaper Articles (12)
1. March 4, 1933 Reno Gazette-Journal Reno, NV
Article from Reno Gazette-Journal, March 4, 1933

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NEW YORK BANKS HAVE HOLIDAY ALARM NEW YORK. Mar. the aid of bank holiday described likely to be national in leaders this giant metropolis, heart of the nation's money system, faced the future coolly today. and expected quick toward financial normaley. HALTS GOLD MOVEMENT high banking authority. soon after holiday had been proclaimed by Gov. Herbert Lehman. shortly after that while the holiday not technically national in its effect in general likely to be such. One important effect. the same authority pointed would be the stopping of gold withdrawals both local and to other countries, since the federal reserve bank in New York closed. hundred million dollars in gold had left the bank in cent days scheduled foreign count. and unestimated amount had been withdrawn by citizens. Federal reserve banks in other fected districts. the same authority pointed out, would also and exchanges in other cities might expected cease business with the New York stock exchange. POSITION IS STRONG While there came no official statement explaining the closing of the federal reserve which part the state system. the thority said would close because there would be no banks for it to do business with. The position of the large Wall Street banking described as unassailable by leading bankers, who sided with Governor Lehman in attributing the necessity for holiday the sweep hysteria the burden caused the banking situation in other tions.

2. March 4, 1933 Evening star Washington, DC
Article from Evening star, March 4, 1933

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NATIONAL SCOPE Financial Leaders Declare They Expect a Quick Return to Normalcy. By NEW YORK, March the aid holiday, described likely to be national leaders this metropolis, heart of the Nation's system, faced the ture and expected A high banking after holiday had by Herbert H. shortly said that while the holiday was not its effect in general was likely to be important effect, the same authority pointed would the stopping gold withdrawals, local and other countries, FedReserve Bank New York was to closed. hundred million dollars left the bank recent days scheduled for foreign account, had withby citizens. Federal Reserve banks in other affected districts, same high authority pointed out, would also close, and changes other cities might be exwith the New Stock Lehman Comments Little. While there no official stateFedState the close there banks for with comment making two-day bring normal he said: He said not had personal contact known that New York with the Capital. conference preceded the in one meetings the Clearing the Nation's foreattended- collection the in the banking life of the coun- Bankers Are Silent. Lamont, partner meeting nothing say. Similarly George governor biggest the the greatest the Winthrop of the Chase National largest bank James Perkins, chairman Federal Reserve said no but that Lehwould. The and Monday as bank holidays, followed. Lehman the necessity the holiday burden upon banks the The the vice the FedReserve of New Illinois the day of withNew York Gov. of the the National in the banks, also left the to the Governor. who stressed the the banking facilities through many great burYork for and leadsaid, adding that he was ership,' the of State Nation would be early this morning said procla"that would not be necesinterrupt the of the system of New York spread of hysteria the upon the banking facilities the measStates have placed the banks finally burden meeting the House York Clearing House, advice and of New me to banking the close of MonMarch make this with compeople are people this and of the spirit date in meetthe trying that this spirit these holidays interval should officials consider and

3. March 5, 1933 Daily News New York, NY
Article from Daily News, March 5, 1933

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Lack of Facilities Alibi. It was this lack of facilities for handling demands, more than anything else, which really forced the bank holiday declared by Gov. Lehman, according to the bank officials. In some cases bankers admitted they were caught napping by the bank moratorium, which began in Detroit Feb. 14, but was never expected to sweep the country the way it has done. Another hope of an early end to the holiday was aroused when Mortimer N. Buckner, president of the New York Clearing House Association, said "a plan" was being worked out with member institutions. He declined to say whether the plan was fo: issuance of clearing house certificates-a method advocated by several bank presidents. Although crowds milled around banks there was no disorder. "Instruct the men to jolly peo-

4. March 5, 1933 Daily News New York, NY
Article from Daily News, March 5, 1933

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Bank Holiday Sequel ple along-all this needs is a little bit of common sense," Police Commissioner Edward P. Mulrooney said, in ordering one patrolman posted at every branch bank. The largest crowd assembled in front of the East 42d St. branch of the Bowery Savings Bank, where women who could not speak English, bank books in their hands, straggled up to the doors as early as 6:30 A. M. By 10 A. M. there were 600 persons around the bank, most of them of foreign birth. They dispersed quickly when police informed them of the bank holiday. About 300 assembled at the headquarters of the same bank, Bowery and Grand St., but departed when told of the holiday. Almost all were poorly dressed. Payroll Checks Cashed. The Corn Exchange Bank Trust Company, with multiple branches, as well as the Central Hanover Bank and Trust Company and the Irving Trust, paid cash on all payroll checks, and also on other small checks from depositors. When the Corn Exchange, which had been allowing depositors to withdraw 10 per cent. of amount on deposit, learned that the bank holiday was mandatory, it closed its branches at 11 A. M. The Irving Trust continued to cash payroll checks until the regular closing hour at noon. R. H. Elmedorf, assistant vice-president, said this action was taken to ease the strain. He declared he didn't know what policy would be pursued tomorrow, but added his institution "will do nothing that would seem to be in violation of the understanding of the clearing house banks." Throughout the Bronx, Brooklyn, Queens and Staten Island, branches of various banks paid payroll checks until it was learned the Governor's order was considered mandatory. The Chase National, National City, Manufacturers' Trust and other big banks obeyed Gov. Lehman's holiday declaration to the letter, and remained closed throughout the day. The only real run on a bank was in Brooklyn-and a strange one it was. A long line of persons streamed from the Brooklyn main Post Office headquarters of the Postal Savings Bank, into the street. They were almost all waiting to deposit money which they had withdrawn from othe banks Friday. This created an absurd parallel, because the Government operated Postal Savings Bank is required, by law, to deposit its funds in national banks. The Governors of the Stock Exchange allowed Gov. Herbert H. Lehman only two hours' sleep before they got on the telephone to ask him if he would permit them to open for business. After the Governor issued his declaration of a bank holiday in New York State, the climax of wearying conferences with representatives of J. P. Morgan & Co. and heads of savings banks in the Lehman town house at 820 Park Ave., the Governor did not retire until 7:30 A. M. He bent over a pile of financial data trying to work out definite recommendations for Presidentelect Franklin D. Roosevelt, with whom he had been in telephone communication until late Friday night. At 9:15 A. M. the Stock Exchange Governors assembled and conferred until 9:45. They were in favor of opening, believing that stocks would go up because a large number of persons would buy them in a new-deal, speculative mood. They also had learned, over the grapevine underground, that President Roosevelt would make a stimulating speech, and they expected this would shoot stocks up. The Governors opening the market on the ground that this would bolster public morale, but were timorous about Gov. Lehman's reactions, SO they telephoned him at 9:45 A. M. "Are you opposed to the Stock Exchange doing regular business today the Stock Exchange spokesman asked Gov. Lehman, who had been routed from bed. "I am," replied the Governor. He then breakfasted and at 10:30 A. M. genially received reporters. Expects Opening Tuesday. "I hope and I think the banks will be able to open on Tuesday," he said. "I am going to stay right here on the job to work toward that end, and will be unable to attend the inaugural at Washington." When pressed at this time for a definite statement the banks of this city certainly would open on Tuesday, the Governor merely shook his head. During the panic of 1907 the Stock Exchange remained open. The exchange also functioned during the tension of Sept., 1931, when England went off the gold standard, despite the pressure in favor of closing. The Stock Exchange closed at the outbreak of the World War.

5. March 5, 1933 Daily News New York, NY
Article from Daily News, March 5, 1933

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EVERYTHING'S ON THE CUFF NOW IN CITY (Continued from page out for people like us. Gold at least will give us an even break." A poorly dressed woman, with a face wan and lined from suffering, appeared at the Manufacturers' Trust Company of which Harvey D. Gibson is president. He is also chairman of the city's Unemployment Relief Committee. She carried a card for food supplies which should have been presented to one of the branch depots. Gibson was standing by when she entered. She has four children, and her husband, ill, hasn't worked for a year. "Proclamation or no proclamation," he said, "this is one check that will be cashed today." Leaves $20 for Change. Patrolman Lewis Moore of the Snyder Avenue Station, who patrols Flatbush Ave., Brooklyn, disclosed he was paid March 1 and "the only think I have this morning is a $20 bill." He went to the store he patronizes for a pack of cigarettes and the clerk had no change. Finally they compromised. Moore left the $20, too $2 in change and was to go back later to see if the clerk had collected the $17.85 coming to him. Dr. H. S. Foltz, of Elgin Road, Valley Stream, L. I., didn't know of the moratorium until he went to the bank to draw a small amount. "But I'm not worrying," he said, "my grocer said he would trust me." Glad it Happened. Mrs. Oscar Neilsen, a housewife, of 65 Lincoln Boulevard, Hempstead, L. I., another who lost money in the Bank of the United States was "glad it happened because it will help the banking situation generally." "If a moratorium had been declared months ago, it would have saved the country a lot of trouble," she said. Samuel Traylor, an automobile salesman, living at the Tudor Hotel, was calling his wife from Newark, N. J., when the telephone girl asked for another dime. "Don't you know a bank holiday has just been declared ?" he asked. "Very well," she said, and let him talk on. Trouble with $100 Bill. Francis D. Saitta, an attorney, of 182 Suydam St., Brooklyn, had been paid $200 in cash Friday for work on a title closing. The money was in two $100 bills. Yesterday he started out to cash one of them. He went first to the Fulton Savings Bank and found the doors closed. He waved the bills outside the window, indicating he merely wanted change, but an employe signaled it couldn't be done. Then he visited the country treasurer's office, with no results. Next he went to a cafe frequented by judges, lawyers and public officials generally. "We're all cleaned out," they told him. Eventually, after tramping about for five hours, he obtained two $50 bills at the postal savings bank. The nhe called on a cigar store proprietor, ordered a dollar's worth of cigars and tendered a $50 bill. The proprietor handed him a slip of paper. "Just give us an I. O: U., Mr. Saitta," he said. So Saitta, walked out with the $50 still intact and in his pockets a dollar's worth of cigars he didn't want. Speaks Take it Easy. "There's one bright spot in all this," Police Commissioner Mulrooney remarked. "The speakeasies are going to take it on the chin. I don't think you'll see many of them taking scrip in exchange for drinks." Investigation by The News failed to establish the accuracy of the commissioner's prophecy. M ost speaks in the midtown area had the usual carefree, spending Saturday noon crowds. The general attitude seemed to be, 'What the hell! This will be over soon." Plant Issues Scrip. Throughout the day instances multiplied of individuals and corporations devising expedients to meet the emergency. Home made scrip made its appearance in Queens, thanks to the ingenuity of Ira I. Sloman, rubber cement manufacturer of 31-27 Thompson Ave., Long Island City. Saturday is pay day at his plant. When his six employes came into the office for their wages, Sloman handed each of them a letter bearing his signature, which read: "To whom it may concern: This scrip is issued for the sum of $-. It will be honored by the maker the same as money and will be accepted in trade or may be presented at the Bank of Manhattan, Hollis, L. I., branch, upon reopening." Scrip Plan Works Well. It worked out as he had planned. Miss Mary Wallick, his bookkeeper took her scrip for $18 to a restaurant in the building, where it was accepted for cash. The proprietor of the restaurant then sent it back to Sloman, who is owner of the building, as part payment on the March rent, and again it was accepted at face value. The policy of dairy concerns was outlined generally by the Borden Company in a statement issued by A. J. Cronk, president. It stated that the company would "continue its deliveries of milk and other products," and that "we have every reason to hope that the bank holiday and attendant difficulties will not interrupt the flow of milk from our producers to us." 1,200 paid by Orders. In an effort to help local merchants, the Brooklyn Ash Removal Company, which operates incinerators and ash dumps, issued to its 1,200 employes a species of scrip in the form of typewritten orders for merchandise in amounts varying from $5 to $20. Officials of the Interborough Rapid Transit reported $75,000 on hand in small currency. That in addition to the daily intake from the turnstile machines, they said, would easily carry them through until Tuesday morning. B.-M. T. Has $140,000, Too. The B.-M. T. reported it had about $140,000 from Friday's receipts which had not yet been banked, and therefore all its agents were adequately supplied with cash. Hospitals seemed to regard the situation as no more than the usual week-end holiday. At the Flower Hospital it was stated that all critical cases requiring immediate attention would be given the necessary hospitalization whether or not patients had cash.

6. March 5, 1933 Daily News New York, NY
Article from Daily News, March 5, 1933

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Article Text

EVERYTHING'S ON THE CUFF NOW IN CITY (Continued from page out for people like us. Gold at least will give us an even break." A poorly dressed woman, with a face wan and lined from suffering, appeared at the Manufacturers' Trust Company. of which Harvey D. Gibson is president. He is also chairman of the city's Unemployment Relief Committee. She carried a card for food supplies which should have been presented to one of the branch depots. Gibson was standing by when she entered. She has four children, and her husband; ill, hasn't worked for a year. "Proclamation or no proclamation," he said, "this is one check that will be cashed today." Leaves $20 for Change. Patrolman Lewis Moore of the Snyder Avenue Station, who patrols Flatbush Ave., Brooklyn, disclosed he was paid March 1 and "the only think I have this morning is a $20 bill." He went to the store he patronizes for a pack of cigarettes and the clerk had no change. Finally they compromised. Moore left the $20, too $2 in change and was to go back later to see if the clerk had collected the $17.85 coming to him. Dr. H. S. Foltz, of Elgin Road, Valley Stream, L. I., didn't know of the moratorium until he went to the bank to draw a small amount. "But I'm not worrying," he said, "my grocer said he would trust me." Glad it Happened. Mrs. Oscar Neilsen, a housewife, of 65 Lincoln Boulevard, Hempstead, L. I., another who lost money in the Bank of the United States was "glad it happened because it will help the banking situation generally.' "If a moratorium had been declared months ago, it would have saved the country a lot of trouble," she said. Samuel Traylor, an automobile salesman, living at the Tudor Hotel, was calling his wife from Newark, N. J., when the telephone girl asked for another dime. "Don't you know a bank holiday has just been declared he asked. "Very well," she said, and let him talk on. Trouble with $100 Bill. Francis D. Saitta, an attorney, of 182 Suydam St., Brooklyn, had been paid $200 in cash Friday for work on a title closing. The money was in two $100 bills. Yesterday he started out to cash one of them. He went first to the Fulton Savings Bank and found the doors closed. He waved the bills outside the window, indicating he merely wanted change, but an employe signaled it couldn't be done. Then he visited the country treasurer's office, with no results. Next he went to a cafe frequented by judges, lawyers and public officials generally. "We're all cleaned out," they told him. Eventually, after tramping about for five hours, he obtained two $50 bills at the postal savings bank. The nhe called on a cigar store proprietor, ordered a dollar's worth of cigars and tendered a $50 bill. The proprietor handed him a slip of paper. "Just give us an I. 0. U., Mr. Saitta," he said. So Saitta walked out with the $50 still intact and in his pockets a dollar's worth of cigars he didn't want. Speaks Take it Easy. "There's one bright spot in all this," Police Commissioner Mulrooney remarked. "The speakeasies are going to take it on the chin. I don't think you'll see many of them taking scrip in exchange for drinks." Investigation by The News failed to establish the accuracy of the commissioner's prophecy. M t speaks in the midtown area had the usual carefree, spending Saturday noon crowds. The general attitude seemed to be, 'What the hell! This will be over soon." Plant Issues Scrip. Throughout the day instances multiplied of individuals and corporations devising expedients to meet the emergency. Home made scrip made its appearance in Queens, thanks to the ingenuity of Ira I. Sloman, rubber cement manufacturer of 31-27 Thompson Ave., Long Island City. Saturday is pay day at his plant. When his six employes came into the office for their wages, Sloman handed each of them a letter bearing his signature, which read: "To whom it may concern: This scrip is issued for the sum of $-. It will be honored by the maker the same as money and will be accepted in trade or may be presented at the Bank of Manhattan, Hollis, L. I., branch, upon reopening." Scrip Plan Works Well. It worked out as he had planned. Miss Mary Wallick, his bookkeeper took her scrip for $18 to a restaurant in the building, where it was accepted for cash. The proprietor of the restaurant then sent it back to Sloman, who is owner of the building, as part payment on the March rent, and again it was accepted at face value. The policy of dairy concerns was outlined generally by the Borden Company in a statement issued by A. J. Cronk, president. It stated that the company would "continue its deliveries of milk and other products," and that "we have every reason to hope that the bank holiday and attendant difficulties will not interrupt the flow of milk from our producers to us." 1,200 paid by Orders. In an effort to help local merchants, the Brooklyn Ash Removal Company, which operates incinerators and ash dumps, issued to its 1,200 employes a species of scrip in the form of typewritten orders for merchandise in amounts varying from $5 to $20. Officials of the Interborough Rapid Transit reported $75,000 on hand in small currency. That in addition to the daily intake from the turnstile machines, they said, would easily carry them through until Tuesday morning. B.-M. T. Has $140,000, Too. The B.-M. T. reported it had about $140,000 from Friday's receipts which had not yet been banked, and therefore all its agents were adequately supplied with cash. Hospitals seemed to regard the situation as no more than the usual week-end holiday. At the Flower Hospital it was stated that all critical cases requiring immediate attention would be given the necessary hospitalization whether or not patients had cash.

7. March 5, 1933 Daily News New York, NY
Article from Daily News, March 5, 1933

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ASK CONGRESS TO APPROVE CITY'S SCRIP (Continued from page 4) ing from bank holidays, became SO enormous the local- institutions simply lacked the facilities to handle it. It was this lack of facilities for handling demands, more than anything else, which really forced the bank holiday declared by Gov. Lehman, according to the bank officials. In some cases bankers admitted they were caught napping by the bank moratorium, which began in Detroit Feb. 14, but was never expected to sweep the country the way it has done. Although crowds milled around banks there was no disorder. However, at Geneva, N. Y., angry muttering of crowds around closed banks led to troops being called out to protect public buildings. "Instruct the men to jolly peo- Bank Superintendent Broderick Confers with bankers. ple along-all this needs is a little bit of common sense," Police Commissioner Edward P. Mulrooney said, in ordering one patrolman posted at every branch bank. Payroll Checks Cashed. The-Corn Exchange Bank Trust Company, with multiple branches, as well as the Central Hanover Bank and Trust Company and the Irving Trust, paid cash on all payroll checks, and also on other small checks from depositors. When the Corn Exchange, which had been allowing depositors to withdraw 10 per cent. of amount on deposit, learned that the bank holiday was mandatory, it closed its branches at 11 A. M. The Irving Trust continued to cash payroll checks until the regular closing hour at noon. R. H. Elmedorf, assistant vice-president, said this action was taken to ease the strain. He declared he didn't know what policy would be pursued tomorrow, but added his institution "will do nothing that would seem to be in violation of the understanding of the clearing house banks." Throughout the Bronx, Brooklyn, Queens and Staten Island, branches of various banks paid payroll checks until it was learned the Governor's order was considered mandatory. The Chase National, National City, Manufacturers' Trust and other big banks obeyed Gov. Lehman's holiday declaration to the letter, and remained closed throughout the day. The only real run on a bank was. in Brooklyn-and a strange one it was. A long line of persons streamed from the Brooklyn main Post Office headquarters of the Postal Savings Bank, into the street. They were almost all waiting to deposit money which they had withdrawn from other banks Friday. This created an absurd parallel, because the Government operated Postal Savings Bank is required, by law, to deposit its funds in national banks. The Governors of the Stock Exchange allowed Gov. Herbert H.

8. March 5, 1933 The Oklahoma News Oklahoma City, OK
Article from The Oklahoma News, March 5, 1933

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New Yorkers Revive Plan of 1907 As Solution in Money Crisis By ELMER WALZER NEW YORK March Banking leaders principal cities and deposit the Bankers, of the New Clearing House revived the plan whereby $10 and $20 would They enable York banks printed and ready for Monday reopen Tuesday The United learned of York bankers of certificates so for invoke federal they would be available plan similar tender nation New York Clearindicated the Federal honor such certificates of member House Herbert H. cognizant Philadelphia urged end bankers two-day banking holiday to that pointing addithe house move clearing embargo gold exports United States presidential decree federal guarantee be Philadelphia Considers Plan The is in

9. March 6, 1933 Pittsburgh Sun-Telegraph Pittsburgh, PA
Article from Pittsburgh Sun-Telegraph, March 6, 1933

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Forbes Our Troubles, Man-Made. Can Be Remedied C. FORBES have cousin who Whenfarmer cannot manage turns him black smith once asked "How He comes excitMr Forbes don't understand horses: they don't know how to quieten them down. know how horses think just keep cool. don't whip them: talk nicely them. First thing you know they stop getting excited and start doing tell them. When they know that I'm not ous they stop being nervous. So many bank depositors have been kicking over the traces that banking trouble has developed Our bankers by and large, failed to the public from nervous What we now need is somebody take hold who understands us as well as this rustic blacksmith He that the clame for horses with who handle them than with the not true that the blame for the recent state mind bank depositors chargeable largely bankers? Weren't bankers among the first to rush to become 'liquid?' WE BANK DEPOSITORS need somebody calm us down New brooms sweep clean Happily Washington has new broom. in the person of PresiRoosevelt At Miami he demonstrated his and Anxious to make creditable record. he doubtless will immediately address himself to the most of all our problems. namely the of banking facilities and confidence THE DECISION to close New York banks two days not reached until the early hours 0. Saturday understand the largest the felt entirely capable of any could arise But was finally ad judged prudent to take brief breathing spell DOUBTLESS this decision was influenced by the panicky action of foreign countries. Friday's "raid" America's was the severest ever experienced Under normal conditions absolutely are ideal But today's ditions are not hooves this protect itself. protect its stock of gold. to to that its financial strength not undermined by other nations THE HUMAN ANIMAL the most adaptable the most resourceful in all creation way out of these banking difficulties will found how much worse off Ponder America would be her troubles were being caused by extreme scarcity of food clothing shelter water other absolute of We are not afflicted by famine We are afflicted afJuence by surfeit of life's necessaries SURELY IT WILL not prove beyond the ingenuity man. beyond the of Amer. icans admittedly resourceful to devise ways and means make available for those who them the In short our troubles are superficial rather then fundamental. created by man rather than by nature. ROOSEVELT has an opportunity not equalled by president since Lincoln infinite and immortal glory instituting truly effective It Congress attempt obstruct prompt clearcut, aggressive, courageous

10. March 6, 1933 The Idaho Statesman Boise, ID
Article from The Idaho Statesman, March 6, 1933

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CERTIFICATES REPLACE REGULAR CASH Clearing Houses Preparing to Print Scrip Enabling Business to Continue Until End of Moratorium NEW YORK New York Clearing House association Sunday night announced it had perfected the machinery for circulation of scrip, or clearing house certificates, which will enable residents of the metropolis to pay their bills without cash. A statement issued by Mortimer N. Buckner, president of the association. said that member banks also members the federal reserve system had formed group under the Glass-Steagall amendment to reserve which affords additional credit fácilities. This provision enables member banks to borrow under collateral not ordinarily acceptable under the law if other banks guarantee such security. The big clearing house banks thus took drastic action to facilitate of trade and business during the The certificates can currency, and taken under the legislation will make for easing the general situation, pointed Preparation of the certificates, which roughly resemble money, was going forward Sunday and that they would be ready for use soon, probably by Tuesday. if they are then needed. The total to be issued not announced. PLANS COMPLETED CHICAGO (Universal) Plans completed here Sunday to issue clearing house certificates to serve medium of exchange during the bank holiday. Printing of Chicago scrip in denominations of $1 and up may be ordered here Monday morning. that the temporary money may be available for use by Wednesday. Scrip was last used here for six weeks in 1907. PRESSES ROLL TODAY LOS ANGELES (Universal) With eye possible national action on the banking emergency and the other on the state legislature, local bankers Sunday ironed out final plans for issuance of 50 million dollars in scrip, which off the presses Monday. SEATTLE MAKES ISSUE SEATTLE (/P)-An issue of twenmillion dollars clearing house certificates was authorized by the Seattle Clearing House association late Sunday, of which fifteen million dollars will be printed immediately. large part of that amount had already been printed Sunday night, members said. the clearing house certificates distributed among the banks, it was said, restrictions on the cashing of checks and withdrawals will be immediately lifted. with payment to be made in the certificates.

11. March 8, 1933 Standard-Speaker Hazleton, PA
Article from Standard-Speaker, March 8, 1933

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FEDERAL Resources Thrown Behind Member Banks To Facilitate Limited Operations. ANNOUNCED LAST NIGHT Banks Can Exchange Their Own Certificates for Other Forms of Currency. NEW YORK, March of the Federal Reserve System thrown behind its ber banks tonight to facilitate the limited banking such providing funds for movement of food, which started today. But the reserve system, according the new regulation by Treasury Sccretary Woodin, made public New York Federal Reserve Bank tonight, may aid those banks up the gold which they hold their right, in exchange for other forms currency. The reserve system aid may banks, which, in the judgement the individual reserve institutions, complying with spirit and purpose well the letter" of the regulations for financing business, through currency, other than gold certificates, making vances or discounts, transfer credits between member banks, and handle checks and other collections But in keeping with President campaign to end hoardthe Reserve banks must first that each member informs reserve institution of the amount currency on hand, the reasons why additional currency needed, must "deliver to the Federal Reserve Bank in exchange for other forms of coin currency of credit its books, all gold and gold certificates held by such member bank in its right." New York bankers regarded the opening of the reserve most which closed last Saturday, vital step in the storation of adequate normal bankactivity. Some bank executives earlier in the day expressed the opinion that the New York banks could resume rather extensive tivity, should Reserve Bank open. In quarters, it felt that resumption of Reserve Bank operations would obviate much of the need of an scrip system. explained that Reserve System could legally almost amount of currency any which might desirable. Nevertheless, the scrip plan was abandoned, and Governor Lehformation of Emergency Certificate chairmaned by former Governor Smith, put the plan into effect in New York state. The New York Clearing House plan, which was among first be developed, was held abeyance. With the Federal Reserve and statement from Governor Lehman making it plain the holiday in this state not conflict with treasury regulations arising out of the national holiday, expected that all of the large New York banks would open morrow for payroll payments other essential The experience of the New York banks in trying to resume operation today was owing frequent of opinion bankers and the clearing house how regulations should be interpreted. Firms which tried to funds for payrolls had difficulty, few able their amounts. Some banks deposits and some did not. (Continued

12. March 10, 1933 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, March 10, 1933

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BANKING SURVEY (By The Associated Press) President oxtends banking Hourded gold flows back Into foderal reserve banks. President completes plan slash half billion dollars expenditures off certuin lopping and reducing compensations Presidential proposal for 500,000 half billion dollar issue to put men at work in reforestation, flood and in power development vast internal Improvements is profor presentation to congress, pared probably tomorrow. New bank Inw. swiftly passed by both houses signed by President Roosevelt inst night. provides other things for of "sound banks" upon their being approved by the treasury departSecretary Woodin of the treasury announces policy will be "to permit possible the opening rapidly sound banks." Senntor Glass interprets exten sion of bank holiday as being de signed to permit states possible to the shelter the federal reserve." No bank reopenings are to be before Saturday the treasury indicates. order that All be placed banks upon opening to meet all demands. position Food supplies continue plentiful and New York stock exchanges to main closed until national holiday lifted. Banks In many parts of the counoperating within the try open, down by the treasstrictions ury department. Loans and payments on surrendvalue of Insurance policies York state is ordered haltNew period of the emergency for superintendent of Insurthe state New York savings banks announce reopening today to resume payment of limited sums to deposNew York clearing house begins clearing checks. New already being to be available as rapidly banks are authorized to reopen. Small Starter. SALESMAN: What kind of car, cylinders? CUSTOMER: Couldn't begin Wheel.