gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2062cbf7cb4024b7
Response Measures
Full suspension, Books examined
Clearinghouse involved: Yes
(loan, examination, or other measures)
Receivership Details
Depositor recovery rate
95.0%
Date receivership started
1933-09-13
Share of assets assessed as good
44.4%
Share of assets assessed as doubtful
55.5%
Share of assets assessed as worthless
0.1%
Description
Statewide moratorium briefly suspended banks in Feb 1933 and newspapers later report an examiner's investigation of the Pontiac First National; final reopening status for this bank is unclear from these articles.
Events (6)
1.February 29, 1932Chartered
Source
historical_nic
2.July 28, 1932Run
Cause
Rumor Or Misinformation
Cause Details
Alleged communist 'whispering'/propaganda campaign aimed at destroying confidence in the First National Bank of Pontiac; letters and anonymous messages reported.
Newspaper Excerpt
whispering campaign against the First National bank of Pontiac
Source
newspapers
3.February 14, 1933Suspension
Cause
Government Action
Cause Details
Statewide eight-day banking moratorium proclaimed by Michigan governor (Feb 14, 1933) closing nearly all banks in the lower peninsula.
Newspaper Excerpt
Every bank and financial institution in Michigan was closed today under a sweeping, eight-day suspension order issued ... by Governor William A. Comstock.
Source
newspapers
4.February 23, 1933Reopening
Newspaper Excerpt
Michigan's banks opened today for limited business ... allowing depositors to withdraw 5 per cent of their deposits per the governor's proclamation adjustments and clearinghouse arrangements.
Source
newspapers
5.April 13, 1933Other
Newspaper Excerpt
Bank Examiner L. F. Burk, Wednesday began First National on his findings largely depends the possibility of reopening bank here. ... former president the bank whose suicide closed bank, was found in his home Tuesday, said newspapers.
Source
newspapers
6.September 13, 1933Receivership
Source
historical_nic
Newspaper Articles (24)
1.July 28, 1932The Great Falls LeaderGreat Falls, MT
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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, 1932The Daily HeraldEverett, WA
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COMMUNISTS ARE BLAMED IN PLOT TO WRECK BANKS
Michigan, Government Authorities Seek Authors of Propaganda
NORMAN z. FOSTER DENIES ALLEGATION
CHICAGO, July 28.-(AP)-Authors of communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as directors of nation-wide campaign against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitatingly blamed 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, to have been backed by soviet Rusia Norman 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 were found, was member of the party. "Rowland" was believed today to be really George Powers. once candidate for president of Queens borough in New York city with for criminal syndicalism in Michigan since last AuChicago's June bank runs closed more than 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
3.July 28, 1932The Washington HeraldWashington, DC
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Uncovers to Wreck
Seized Letters Show Red Tried to by 'Whispers'
Mich. July Red plot wreck some of wide to the largest and strongest banks in the country and eventually was ordered States of the Midtoday through dle West. City and Federal officers were asked to arrest George Rowland. described as one of the central figures the plot. PLOTTER ESCAPES Pontiac, yesterday, said, when was disauthorities covered he was engaged in propaganda to destroy the First Na tional Bank here and was intend out the same destrucing to carry tive against larger campaign troit banks. The campaign already had been directed against several cago's largest banks with resultruns not fully exant heavy plained at the time. State police raided Rowland's room in the Roosevelt Hotel yes terday. They seized number letters. but Rowland had fled. evidently forewarned. revealed widespread Letters of the plot. Cenramifications the Middle tered present in campaign was extended from one ecoast the and effect general collapse the nation's greatest banks, of the plotters hoped. CONFIRMS One seized letter boasted in the following fashion of the runs on Chicago banks: very much encouraged because we have had plenty against the big banks, runs particularly the big five in Chicago, the First National, the Continental Illinois, and the Union Trust and etc., Cleveland Trust in Cleveland, and others." Melvin A. Traylor, president the First National Bank in Chicago, of the foremost one financiers the nation. confirmed existence of the plot to day. He was quoted in Chicago saying: "There is no doubt recent bank runs here were inspired part of systematic plot. from nearly one the larger banks every in the country indicating plot to wreck banks by circula tion unfounded rumors.
4.July 28, 1932The Daily BreezeTorrance, CA
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RED BANK PLOT LEADERS
Secret Service Joins With Nation's Police in Search
CHICAGO, July 28 of communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as directors of 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 every bank in Chicago last month was said by L. Smith, prosecuting attorney at Pontiac, to have been backed by Soviet Russia William z. Foster. communist candidate for president, denied his organization 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. "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 in Michigan since last August. He escaped a police trap in his raided hotel room and became the object of national dragnet. 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 runs closed more than 40 institutions 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 depositors. The here, no longer acute, appeared definitely linked with references in the Pontiac letters sent from Chicago, advising "Rowland" that there was "much progress here' and "considerable runs on jugs in loop.'
5.July 28, 1932The Clarksdale Press RegisterClarksdale, MS
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Authors of Communistic Propaganda Are Being Sought by Secret Service Agents in Nation-Wide Drive of
CHICAGO, July ors of propaganda found in Pontiac, Mich., hotel sought today by the seeret service and detectives everywhere as the directors of cam paign 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 in many large cities, partieularly the runs which threatened ery bank in Chicago last month. It was said by C. L. Smith, prosecuting attorney at Pontiac, to have been backed by Soviet Russia. William Z. Foster, communist can didate for president, denied his or ganization had sponsored whisper ing campaign against the First Na tional Bank of Pontine, or that man known as George Rowland, in whise room seditious letters were found, as 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 un (Continued on page 3)
6.July 28, 1932The Indianapolis TimesIndianapolis, IN
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FOSTER DENIES 'RED PLOT' TO DESTROY BANKS 'Whispering Drive' Charges Attempt to Find Excuses for Crashes, He Says. By United Press CHICAGO, July 28. Federal agents and police today hunted a mysterious individual, described as George Rowland, whom they charge with being an agent in a widespread campaign by persons of Communistic beliefs to wreck banks by starting runs among panicky depositors. The sensational charges were met with direct denial by William Z. Foster, Communist party candidate for President, that such an individual as Rowland exists. Foster denounced the accusations of a plot as "deliberate fabrications." Regardless of Rowland's existence, reports were in the hands of government investigators showing banks in many cities victims of runs apparently started by telephone "whispering" campaigns. Bankers were inclined to agree with federal agents that a concerted drive had been made. Traylor Charges "Plot" Melvin A. Traylor, president of the large First National Bank of Chicago, was positive an organized campaign had caused recent runs on his and other large Chicago institutions. "I have information," he said, "from virtually every large bank in the nation indicating a plot to wreck banks by unfounded rumors. Anonymous telephone calls were used in attempts to cause panic." At Salt Lake City, Utah, banks reported their belief such a plot was being attempted at the present moment. At Washington, D. C., federal authorities said the department of justice had investigated a virulent campaign against banks in a Pacific coast city. "Whispering" Campaign Traced The same investigators said, however, that study of runs showed many inspired by personal malice or misinformation. Authorities of the twin cities reported a recent whispering campaign against large banks there. Reports of similar activity came from Cleveland, O. Police of Pontiac, Mich., continued to reveal details of the plot which they said was aimed at the destruction of the First National bank there. Captain Ira Marmon of the Michigan state police, who caused the
7.July 28, 1932Jefferson City Post-TribuneJefferson City, MO
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thors of Communistic propaganda found in Pontiac, hotel were sought today by the secret service detectives everywhere the directors of nation-wide against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitatingly blaned the Communist for attack on integrity of financial Institutions in many large cites. particnlarly the runs which threatened bank in Chicago month said by Smith, prosecuting attorney, at Pontiac, have been backed by Soviet Russia William Z. Foster. Communist candidate for his organization sponsored whispering campaign against the First National Bank of Pontiac, or that man known as George Rowland. whose seditions was a member of the party.
8.July 28, 1932Marshfield News-HeraldMarshfield, WI
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Continue Search for Authors of Communistic Propaganda
CONFIDENCE IS REGAINED
Chicago, July communistic propaganda found in Pontiac, Mich., hotel were sought today by secret service and detectives everywhere the directors nationwide campaign against the confidence bank depositors. Chicago bankers, government ficials and Michigan police unhesitatingly blamed the communist attack financial institutions many large cities, particularly the runs which threatened bank in Chicago last month. said by Smith, prosecuting Pontiac, to have been backed by soviet Sussia. Denies Accusation William Foster, candidate for president, denied his organization had sponsored whispering campaign against First National bank Pontiac, that man known as George land, in whose room seditious letwere found, was member of the party. Illinois' drastic sedition law, providing years imprisonment and directed against who advocates reformation of the ment violence or any other unlawful means," eyed as the handiest should cals be caught and connected The letters signed "yours for the revolution," and discussed "bringing about the unrest which will lead to the Banks Closed Chicago's June bank closed more than 40 including two in the loop and caused the city's soundest financial citadels store upwards of $100,000,000 cash on hand in order to meet mands depositors. The situation here, longer acute, appeared definitely linked with references in the Pontiac letters from Chicago, advising "Rowland" that there "much progress and on jugs Melvin Traylor, president the First bank and forhead of the American Bankers association, blamed the "radicals," he said he believed the "plot to and that he had ports from that similar system was used in frightening depositors by telephone messages. Other Chicago bankers told how radicals opened to bank accounts and then withdrew them spreading of the
9.July 28, 1932The Daily TimesDavenport, IA
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BANK RUNS TO
Reds Believed to Have Caused Many Institutions to Close
CHICAGO, July of Communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and everywhere as the directors of nation wide campaign against the confidence of bank depositors. Chicago bankers, government officials Michigan police unhesitatingly blamed the Communist party for attack integrity of financial institutions many large cities, particularly the runs which threatened every bank in Chicago last month. was said by Smith, prosecuting attorney Pontiac, to have been backed Soviet Russia. William Foster, Communist candidate for president, denied his organization had sponsored whispering campaign against the First National Bank Pontiac, that man known as George Rowland, in whose room seditious letters found, was member of the party. Illinois Has Stringent Laws Illinois' drastic sedition law, providing 20 years imprisonment and directed against "anyone who advocates reformation of the ernment violence or any other unlawful means,' was eyed as the handiest weapon should any radibe caught and connected with the Pontiac literature. For the letters were signed "Yours for the revolution, and some "bringing about the unrest which will lead to the Chicago's June bank runs closed than 40 institutions, in the loop, and cause dthe city's soundest citadels store upwards of $100,000,000
(Continued on Page Fifteen)
10.July 28, 1932St. Joseph News-PressSt. Joseph, MO
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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.
11.July 28, 1932Spokane ChronicleSpokane, WA
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Scour Nation for Men Blamed for Bank Runs
CHICAGO, July 28. (A)Authors of communistic propaganda found in a Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as directors of a nation-wide campaign against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitantly 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 soviet Russia.
Foster Denies. 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 were found, was member of the party "Rowland" was believed to be really George E. candidate for of borough in New York city and with record for criminal syndicalism in Michigan since last August. He escaped police trap in his raided hotel room and became the object of national dragnet Illinois' drastic sedition law provides 20 years imprisonment for "any who reformation of the government by violence or any other unlawful The letters were signed "yours for the revolution, and some discussed about the unrest which will lead to the revolution.
Forty Banks Closed.
Chicago's June bank runs closed more 40 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 depositors.
The situation here, longer acute, appeared definitely linked with references in the Pontiac letters sent from Chicago, advising 'Rowland' that there was "much progress here" and "considerable runs on jugs in loop. Melvin A. Traylor, president of the First National bank and former head Bankers association. blamed the "radicals He said he believed the "plot to be and that he had reports from many cities similar system was used in frightening depositors by anonymous telephone messages. Rowland's letters told of a plan, discussed but abandoned, starting simultaneous runs in many key cities. Other Chicago bankers told how radicals opened 300 to 400 bank accounts withdrew simultaneously, spreading news of the
Identify One Man.
The American Vigilant Intelligence federation identified Comrade H. Rowland's Cleveland correspondent. as Harry Gannes, director of agitation and propgnda for the New York district. They said he was in Chicago during 1931 when bank runs first became B., Rowland's Chicago informant. they said, was Herbert Newton, alias Gilmer Brady, negro with offices at communist headquarters, who was indicted in Atlanta for criminal syndicalism and now studying sociology at the University of Chicago The federal seditious conspiracy act makes force essential to prosecution for attempts to overthrow the government. Federal men said the secret has no jurisdiction over rumors against banks, but that most state laws make them crimes.
RADICAL BANK PLOTTERS SOUGHT
Associated CHICAGO, July of communistic propaganda found in Pontiac, Mich., hotel were sought Thursday by the directors of campaign the confidence of bank depositors. bankers, offiChicago cials Michigan police ingly blamed Communist party for systematized attack on the inof financial institutions in tegrity large particularly the many threatened Chicago last month. Smith, at Pontiac, to been backed by Soviet Russia. Norman Z. Foster. Communist candidate for president. his zation sponsored campaign against First National Bank of Pontiac. that man known George Rowland. whose room seditious letters found, was member the drastic sedition law. providing 20 and directed against "anyone who cates reformation of the Government by any unlawful means, eyed handiest weapon should any radicals caught and connected the Pontiac literature. For the letters were signed "yours for the and some discuss"bringing about unrest which will lead to the revolution.' Chicago's bank closed more 40 institutions, including two the Loop, caused the soundest citadels to store upwards in hand order to meet demands of situation here, no longer acute, appeared definitely linked with references in the Pontiac letters sent from Chicago, advising that there was "much progress here" and "considerable runs on jugs in Loop. Melvin the First National Bank and former head the Bankers blamed the "radicals." He said he believed the "plot to be nationwide,' and that he had reports from many in frightening depositors by anonytelephone messages. letters discussed but abandoned. starting runs many key cities. Other Chicago bankers how radicals opened 300 400 bank counts withdrew them ultaneously, spreading news the
13.July 28, 1932Bartlesville Examiner-EnterpriseBartlesville, OK
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BANK WRECKING
Man Hunt Being Staged for "Red" Gang the Associated Press) CHICAGO, of communistic propaganda found Pontiac, Mich., hotel were sought today by the secret service and detectives the directors campaign against the confidence bank depositors. Chicago Bankers, government ficials and Michigan police unhesitatingly blamed the communist party attack on the integrity financial institutions in many cities, particularly the runs which threatened every bank Chicago last month. said by Smith. prosecuting attorney at Pontiac, to have been backed by soviet Russia. Norman Foster, communist candidate for president, denied his organization had sponsored whispering campaign against the First Natoinal bank Pontiac, that known George seditious letters member of
14.July 28, 1932Evening ExpressPortland, ME
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Authors Of Communist Propaganda Sought
Officials Believe Nationwide Campaign Against Banks Checked-Dragnet Spread For Man In Whose Room Letters Found
CHICAGO, July 28. (A. 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 nation-wide campaign against the confidence of bank depositors.
Chicago bankers, Government officials and Michigan police unhesiratingly blamed the Communist party for systematized attack on the integrity of finanical institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by L. Smith, prosecuting attorney at Pontiac, to have been backed by Soviet Russia.
William Z. Foster Communist candidate for President. denied his organization had sponsored R whispering campaign against the First Na. tional Bank of Pontiac. or that man known as George Rowland in whose room seditious letters were found. was member of the party. Illinois' drastic sedition law, providing 20 years imprisonment and (Continued On Page 5, Fifth Column)
15.February 14, 1933The Indianapolis TimesIndianapolis, IN
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BY LESLIE D. HARROP
United Press Staff Correspondent
DETROIT, Feb. 14.—Every bank and financial institu-
tion in Michigan was closed today under a sweeping, eight-
day suspension order issued in the early hours of the morning
by Governor William A. Comstock.
The closing order brought to a standstill the financial
affairs of Detroit, the nation's automobile capital, and
halted similar activity in scores of farming and industrial
communities of the state, which has a population of more
than five million.
Immediate necessity for the unprecedented moratorium
was created, Governor Comstock declared, by a crisis in the
16.February 14, 1933The Indianapolis TimesIndianapolis, IN
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Possibility that the eight-day banking holiday "might be modified in a day or so, after the banks get straightened out," was mentioned by Governor Comstock this morning, as he prepared to return to the capital.
Banking officials estimated the holiday paralyzed approximately $1,410,978,629 in banks and $144,407,139 in trust companies. These amounts virtually are "frozen" during the suspension period.
# Citizenes Are Bewildered
Approxmately 420 state banks and 120 national banks were closed by the Governor's proclamation.
Banks will retain skeleton staffs on duty, during the holiday period, to advise as to the credit of those wishing to check on funds on deposits.
Reichert, ill with influenza at Ann Arbor, left early today by motor for the state capital against the advice of his physician.
Stunned by the suddenness of the Governor's proclamation, citizens everywhere went about customary duties bewildered as to the outcome.
Stores generally opened as usual and most announced that they had available funds for today or longer. What will be the outcome toward the end of the week, when pay rolls fall due, was not known.
# Money Rushed by Truck
Banking department officials were positive in asserting that, despite the legal closing of the banks, arrangements must and would be made to allow small withdrawals for necessary current funds to operate fundamental businesses.
The actual plan that will be adopted was to be announced later in the day.
Western Union telegraph rushed orders to offices in nearby states to ship currency into Michigan by armored truck. A. A. Burr, Detroit superintendent, said they had available cash for today and would secure funds to cash any and all money orders of the company that might be presented.
17.February 15, 1933The Indianapolis StarIndianapolis, IN
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BANK RELIEF SEEN IN MICHIGAN CRISIS
CONCLUDED FROM PAGE ONE. branches of facilities for making reguhours of safe deposit departAmong the industrial concerns plans meeting pay rolls in cash were the General Motors Corporation, Ford Motor Company and the Chrysler Corporation.
Text of Statement. The text of the clearing house statement "The Detroit Clearing House Association today to reguladesigned the ience the bank holithe day by the Governor last night. The arrangements which of considerable benefit the Acting upon the supplemental the Detroit arranged Thursday morning excess depositors, both checking and savings, may withdraw for purposes not in excess per cent the net on the of Feb. Such withdrawals made counter which will be paid in
Safe Deposit Vaults Open. "2. All banks branches will maintain facilities for making change deposit departments will be open and will on the regular Arrangements are being made with many the large life insurance companies whereby for premiums will be order that the policies not
Not in Bad Shape, View. "Let assure you, the Governor said in statement to the public, "that the banks Michigan, generally speaking, are not in bad The late reterms earlier that are "not as bad they might appear do not think there will the holimuch day as generally the Governor merely an emerthe gency of the banking struc-
Period of Feb. 14 to Feb. 23. The closing, the banks was for the period Feb. 14 to Feb. 23. Although all banks in the lower peninsula the proclamation, stitutions in the upper peninsula, which the the Federal Minneapremained The Detroit Stock Exchange closed but were accepting selling orders made on exchanges outside Detroit Trading of any sort in Detroit bank stocks startled populace first order moved this morning when extras issued newspapers in the larger Immediately tion began afford relief to citizens.
Plight for Farmers. Milk distributors planned extend credit temporarily but said they didn't know how farmers would get paid "when they can't checks Retail stores main. to cash during the day Groceries held determine and many reported they policy, would extend credit to regular tomers. Many gasoline did likewise Mayor Frank Murphy Detroit citizens to "be calm." and said resources the city government would be thrown into relief work, needed. At first, dazed by suddenness the action, the citizens adopted the main an apathetic Many, dollars' cash their planned message friends outside the funds to be sent in by for until the closing order lifted. companies said Telegraph cash money were orders for any "reasonable amount. Millions in Gold Received. $15,000,000 and Between shipped into the city gold today from the Federal Reserve bank Chicago, consigned to the Detroit Federal reserve bank branch the Accompanied by detail fifteen was transported to the detectives, vaults of Detroit any part the state Banks kept small staff on hand for and officials reported work depositors at any of the financial At resolution praising "courageous statesmanship in proclamation.
Prevented Crash, Assertion. State Representative Vernon Brown, Republican, in supporting the resolution, said he convinced that the Governor had not declared there crashes in the history of the coun-
The resolution had no legal stand bills were introduced but two the House which would force banks and trust One the during declare banking holidays and that banks and 'shall not trust The other during designates Feb and 21 as legal holidays and in Michigan
May Shorten Holiday introduced The measures after some of the messages received by the during the day challenged his authority order holiday said there was The Governor holiday might possibility full cancelled United that Moran agents had eviobtain the spreading relating information arrest therefor responsible Chapin Goes Back to Capital. people of The urged the local the state report secret any fice of the the spreading false Chapin of the Secretary Commerce Department Ballentine Saturday confer on ington returned to the banking being straighten this out possible moment In these the steps the Federal the secretary of the treasury are
18.February 15, 1933Steuben RepublicanAngola, IN
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MICHIGAN BANKS ORDERED CLOSED
Proclamation Provides for Eight Day Holiday
Nearly 600 banks the lower peninsula state Michigan ordered Governor Comstock Tuesday morning of the ment the Union Guardian Trust Company of which with large of branch banks tions the state Unable their the bank meet steady demands made on Conferences called with state officials leading of including the heads of the General Motors. Chrysler Ford The former companies while the Ford company deposits excess of and claims have supported the bank with exceeding request made Ford company interests to those of smaller depositors and of Finance Corporation which already made loans the bank This port which they had already the bank Fearing bank panic after conference with leading and and state officials holiday decided upon until adjustments could made whereby all banks of the state would prepared withstand demands usually follow such financial upheaval Much citizens over the and particularly the large cities such Detroit denied made Wednesday ing. permitted withdraw per their relief and that perfected many the banks of again full before expiration of the eightday appreciable effect the Indiana cities by the the Michigan banks Banks of this county had with Michigan local bankers state that they amply able to render full their and depositors that he knew the general banking condition good. that the plan adoptwith approval struction Finance Corporation simply calculated to maintain steadiness an unstable financial situation.
19.February 15, 1933Daily NewsNew York, NY
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THE MICHIGAN MORATORIUM
The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?
20.February 19, 1933The Atlanta JournalAtlanta, GA
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WEEK'S
SURPRISE SHOCKS WELL RESISTED BY PRICES IN GENERAL and
CHARLES F. SPEARE BY Consolidated Leased Journal. Feb. The episodes in our unexpected business life and with all of their implications, could not have failed to produce certain liquidation securities fact that they did not The create an even greater degree of of this that stocks meaning have The liquidated group of values. other the most reother developments the subtract from what be encouraging appeared had The present average being the lowest since Octhe confitober, dence that has taken place since that time rather than conditions. measuring a The world was unprepared statewide banking moratorium in Michithat greeted it Tuesday morning some months been assured was sound the and that that while might be weaknesses in that will have supported, the crisis in last banking was there was distinct shock in the spectacle an entire one state, the country largest having its banking entirely withdrawn order to prewhose assets the extent of over per cent were invested in real the heart of this situation is of investing large banking portions the those paper that are not marketable and, while profitable fair weather. are liability disturbed public sentiment. realized now in many that the value of their banks little and henceforth is with the of The Michigan incident recalls the credited the Fidirectors that no major trouble would be permitted banking This might be supported the while no institution Detroit deposits over 500 banks and aggregating have been for prescribed period. That there on the part Corporaassist instiand that toward deinflation apparent each Report Scanned This the report of committee to the opinions and where the ing in mat in the past ters some promoted the investitransportation keen for if they the would of in the frank has closely follow Salt Lake City and Louis railroad conagain the position of the the bondhave abused their and up deearly must be accepted There for continuto railroads that handicapped ratio embarrasses such propreasonable financial the for the railroad sitsituations must an the market totheir the Reconstruction Finance Corporation to additional railroad practically defaulted price
Firmer Some banking dismarket, with weakness has developed year suggestion fiinapparent exchanges Japan's credit rest quest for greater considerable loans by the the the foreign trade outlook in South republics the inColomCongress Still Lagging during been helpful legisthe fears the would been an institute what are termed and part in the shrinkage now the general not the time to They the betterment of the situinvolved listenrecital of the Insull vandal may have York Stock ago utterly immediate good and distraught people and farm sidetracked Pressuspend congress abruptly Comstock stopped the
21.February 23, 1933Belleville Daily AdvocateBelleville, IL
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MICHIGAN'S BANKS OPENED TODAY FOR LIMITED BUSINESS gan's banks opened for restricted business today. some of them for the first time since Governor William A. Comstock's emergency closing order ten days ago. Rudolph E. Reichert state banking said that most banks were "doing business in the best possible way," and congratulated the state's bankers on their cooperation during the emergency. He said that most banks were cashing checks that had not already been cleared, on the depository percentage basis laid down in the governor's second proclamation issued Tuesday. Generally, the banks were following the plan under operation for the past week in Detroit, allowing depositors to withdraw 5 per cent of their deposits. In Detroit at the opening hour there were no lineups outside the banks and few instances of unusual numbers of customers inside.
22.February 24, 1933Star TribuneMinneapolis, MN
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NEWS
Page. Movie Reel Editorial Movies Markets Winchell Ads Folly Island. Weather Radio Sports 16 Plans started for early pres. the west farm relief proposal. Page The United States general ruling on the proper of assembling to vote repeal. Page The senate banking heard charge the City control the mar ket for its stock. Page Senator assailed he clared control by New York Page The senate did some expense paring and then wiped added Page
Mrs. Theodore Roosevelt belated apology from health officer. Page Senator Thomas Walsh sailed for Cuba to marry sugar grower's Page President Roosevelt appointed Representative Douglas of Arizona as budget director. Page Michigan banks reopened. Page 2.
Dr. Charles urged cational guidance for employed adults. Page The repeal proposal was put Page The city council committee recommended the department personnel cut Page The park board had natural goldfish bowl Birch at Page Presidents of state teachers' col. united against the proposed curtailment of the state sys. tem. Page Northwest Feed Dealers told unregulated trucks affected their business. Knowledge of school subjects was called not the essential of education of girls by Dr. Malcome Mc. Lean. Page Miss Helen Wilson, former resident of Minneapolis, died Tre mezzio, Page 6. Patrick 79. deputy sheriff, fell dead. Page Two suspended Paul policemen were sentenced for larceny. Page
SINCE prohibition went effect several states which were dry have shown wet sentiment. map and story indicate the Page President-elect Roosevelt has decided he'll rely on service agents guard him the inanguration. He told Arlayne Brown, world champion revolver shot. offered that she won't be needed. Page The intelligence that gets marks not the only from educator. Dr. Malcolm college rector the University of urged education that will fit life. Page
The big Japanese drive in Jehol started. Page The Mount Everest plane party from Sicily after five Page WOMEN'S NEWS. Evon Nollette describes garments designed for double duty. Page 13. for Swedish meat balls by Kate Smith. Page 13. Restlessness is Elsie Page 13. Jessie DeBoth presents Sunday dinner menu. Page 13. SPORTS. Mickey shaded Frankie Knauer the six-round of the boxing Page 16. The city high school basketball will wind up today. Page 16 Page 17. Alexandria's quintet was elimi nated by the St. Paul Flyers in the feature of the amateur basketball the Ascen sions, Holy Cross and Belle Plaine also won. Page 17.
MARKETE
Bullish vanished in the Minneapolis pit; Chicago tumbled. Page 18. Stock values slumped to new low averages on large turnover. Page 19. Bonds suffered the worst relapse since the first the 19. Page 19. Dog and lamb trade advanced in South St. Paul: cattle prices mained unchanged. Page
23.February 25, 1933The Kokomo TribuneKokomo, IN
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OPEN DEMAND OF MICHIGAN BANKS
Mich. Feb. and busimerchants Seventy-five Michiof southwestern ness men the capitol today came state gan Governor William demand Comstock newly ac. to force powers quired bankers open of the normal business governor group require banks, should afteight-day closing an commercial restrictions while continuing checking accounts with around savings safeguards
Church Pentecostal 2445 The Pentecostal street holding North Kennedy studies, conducted series of Bible on Sunday Elder Irvin Bradley, by subject bo "What Sin Unto The form an open take study Herman Basore, Mr. and sing the afterBeech noon and evening services.
Resigns as Ambassador Feb. Hoover today accepted President Reuben Clark, the resignation Mexico, effective ambassador immediately. The ambassador told days Presithe after he would submit his resignation.
Restrict Withdrawals the Lima First American Trust Company meeting night placed restriction withdrawals of effective today resolution, directors limit of two per cent on
24.April 13, 1933Detroit Free PressDetroit, MI
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Studies Judge Culhane Case
$90,000 Sought from Pontiac Trust Co. the Trust heirs of the William Culhane estate return approxithe Commercial Bank shortly before under Charles Niles, The heirs allege that trust company about weeks after being of funds from banks the Pontiac the trust the bank and known to the trust company In evidence introduced from the State Banking Depart Smith, former president the bank whose suicide closed bank, him that excessive loans of the total loans had been made officers, and others allied with the bank. of the of Wisner successful candidate for the City Commission April whose found in his home Tuesday, has been ordered by Coroner Voorhees. An autopsy failed the cause of death which to have been the heart dead week when found Funeral services to be held at Thursday from the Voorhees funeral home.
Dr Clarence W. McArthur and Dr. Stephen Gordon, dentists, defendants malpractice hearing which started Judge Frank Doty Betty Spencer, Pontiac, the with failing to extract the in pulling one of her teeth with the result that infection developed.
More than 80 county 4-H clubs and 800 boys girls participate Day program at Pontiac High School Saturday.
Bank Examiner L. F. Burk, Wednesday began First National On his findings largely depends the possibility of reopening bank here.
Examinations demanded Ancel Tottingham. 29 years Court Wednesday when they arraigned charges stealing 20 chickens from of Russel Route Holly.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
