1.
November 1, 1932
Willows Daily Journal
Willows, CA
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ONLY ONE OPEN IN RENO: $3,000,000 RUSHED TO TOWN
Stunned by their inability to obtain money and the sudden realization they cannot live very well without it. hundreds of Reno residents strolled about the downtown streets today wishing they had deposited their funds in the one- Reno bank that was not closed A "banking holiday. proclaimed by Lieutenant Governor Morley Griswold in the absence of Governor Fred Balzar, resulted in at least twelve state banking institutions, including two of Reno's three banks, closing for a two weeks' period
1,000 Gather at Doors. The one bank to remain open was the First National A crowd of 1,000 persons waited patiently while Richard Kirman, president, unlocked the doors at 10 m "Bargain day, folks, he said. Come and get There was no disorderly conduct and no attempt was made to discourage the withdrawals. The First National, it was learned, had $3,000,000 in currency on hand. The huge sum had been shipped there from San Francisco during the night There was no hysteria on the streets but people gathered in small groups in streets throughout the city and, discussed ways and means of acquiring necessities, such as food and fuel. Livestock Responsible. All twelve of the banks controlled by George Wingfield, the state's lead ing capitalist, were closed. deposits totaling more than $17,000,000 That left only thirteen banks in the state that might now take advanage of the proclamation. Collapse of livestock prices was blamed for the unprecedented proclamation. The sharp decline in agricultural prices three years ago. and their failure to recover, left bankers with most of their funds tied up in lcans to livestock men of the state.
2.
November 1, 1932
Free Lance
Hollister, CA
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Proclamation Forces 12 Banks to Close For Two Week Period Today
Mild Run Reno's Sole on Bank Soon Put to Rout by inability obtain money and the sudden realization they cannot live without it, hundreds of Reno residents strolled about the streets today wishing they had deposited funds in the one Reno bank that was not closed. A banking holiday. proclaimed by Lieutenant Governor Moreley Griswold in the absence of Governor Fred Balzar. rseulted in at least 12 state institutions including two of Reno's three banks closing for a two weeks period. Griswold's proclamation provided two weeks moratorium on all debts with the exception of taxes. Collapse of livestock prices was blamed the blamed for the banking holiday. The sharp decline in agricultureal prices three years and their failure to recover. left bankers with most of their funds tied up in loans to livestocks men. Nevada vast grazing area devoted to. livestock and sheep The one bank to remain open here the First National. crowd of thousand waited while Richard Carmin, president smilingly walked up to the doors and swung open them at (Continued On Page Four)
3.
November 1, 1932
Imperial Valley Press
El Centro, CA
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NEVADA BANKS TO BE CLOSED FOR 2 WEEKS Moratorium Declared By Lieutenant Governor Stuns Residents Of State. GOVERNOR BALZAR AWAY Collapse Of Livestock Prices Given As Reason For Drastic Action. By GEORGE D. CRISSEY United Press Staff Correspondent RENO, Nev., Nov. 1. - Stunned by their inability to obtain money and the sudden realization that they cannot live very well without it, hundreds of Reno residents strolled about the downtown streets today wishing they had deposited their funds in the one Reno bank that was not closed. A "banking holiday" proclaimed by Lieut. Gov. Morley Griswold in the absence of Gov. Fred Balzar resulted in at least 12 state banking institutions, including two of Reno's three banks, closing for a two weeks' period. The one bank to remain open was the First National. A crowd of 1000 persons waited patiently while Richard Kirman, president, smiling walked up to the doors, unlocked them and swung them open at 10 a. m. "Bargain day, folks," he said. "Come and get it!" And the people "came." There was no disorderly conduct, no pushing or shouting. The people who had their money in the First National entered in lines and drew out as much money as they thought they would need during the next two weeks. They feared the First National might follow the example of the "Wingfield banks" and close. Plenty of Money No attempt was made to discourage their withdrawals. Each slip was honored quickly, and when the crowd saw how readily the bank was meeting the mild run, many began dropping out of the ranks. The First National, it was learned, had $3,000,000 or more in currency on hand to meet the demands of its depositors. The huge sum had been shipped here from San Francisco during the night. It was not the huge shipment alone that gave the people confidence, however. The First National long has had a reputation of being very solid, with plenty of funds on hand to meet withdrawal demands. The First National was the busiest place in Reno. Gambling halls and speakeasies were deserted, although their managers did their best to encourage playing. Most of those "institutitions" were well supplied with money, but the populace had not legal tender to "donate" to the games or bars. Those persons who drew money from the First National planned to use it for groceries. There was no hysteria on the streets; no shouts of disapproval were uttered in front of Wingfield banks. People gathered in small groups and discussed ways and means of acquiring "necessaries", such as food and fuel.
4.
November 1, 1932
Colusa Sun-Herald
Colusa, CA
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HUNDREDS ARE LEFT WITHOUT FUNDS TO BUY NECESSITIES
No Hysteria As Run Starts On Only Bank Open; Blame Stock Price Collapse
ENO. Nov. 1, (UP) Stunned by their inability to obtain money and the sudden realization that they cannot live very well without it. hundreds of Reno residents strolled about the downtown streets today wishing they had deposited their funds in the one Reno bank that was not closed. "banking holiday." proclaimed by Lieut. Governor Morley Griswold in the absence of Governor Fred Balzar, resulted in at least 12 state banking institutions. includ. ing two of Reno's three banks, closing for a two weeks' period. The one bank to remain open was the First National. A crowd of 1000 persons waited patiently while Richard Kirman. president. unlocked the doors at 10 a. m "Bargain day. folks," he said. "Come and get it."
There was no disorderly conduct and no attempt was made to discourage the withdrawals. The First National. It was learned. had $3,000,000 or more in currency on hand. The huge sum had been shipped here from San Francisco during the night.
There was no hysteria on the streets. but people gathered in small groups on streets throughout the city and discussed ways and means of acquiring necessities such as food and fuel. All 12 of the banks controlled by George Wingfield, the state's leading capitalist. were closed. They have deposits totalling more than $17,000,000. That left only 13 banks in the state that might not take advantage of the proclamation. Collapse of livesock prices was blamed for the unprecedented proclamation. The sharp decline in agricultural prices three years ago and their failure to recover left bankers with most of their funds tied up in loans to livestock men of the state.
5.
November 2, 1932
The Des Moines Register
Des Moines, IA
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BANK PROBLEMS
Holiday Called, R. F. C. Loan Sought. tion of the 12 banking corporations controlled by the George Wingfield interests was under way Tuesday as banks throughout Nevada took advantage of a 12-day holiday proclaimed by executive order In Washington, D. C., after flight there by airplane, Gov. Fred Balzar sought loan of $2,000.000 from the Reconstruction Finance Corp., while officials here worked to protect the interests of depositors.
Reno Bank Open. The legal cessation of business was ordered Monday night by Acting Gov. Morley Griswold after extended conference with state and banking The First National bank of Reno was the only local institution not to observe the holiday. run by depositors for time Tuesday morning, but withdrawals had subsided at noon and there were reports that several new deposits had been received.
Money Shipped In. by the arrival from San Francisco, Cal., of 500,000 money shipment, the First National, institution, "well prepared." its directors announced, to meet any emergency. All the 12 Wingfield banks, located in nine cities and carrying deposits of approximately $15,000,000, were closed, were several of the 14 other banks in the state. Among the banks that did not close were two at Las Vegas, center of the Hoover dam power and irrigation project activities, and two at Ely. heart of Nevada's copper mining industry.
Stockmen Hard Hit.
Inability of livestock men, hard by the and drought during the last three years, to meet their obligations was in large part responsible for the decision to declare the holiday. Conditions in the livestock industry are Governor Balzar told President Hoover in Washington, that may be necessary carry some our citizens over until next spring The said he informed the president that the Reconstruction Finance Corp. had directed an investigation of his request for loan.
6.
November 2, 1932
Evening Star
Washington, DC
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their obligations. Cattlemen have been hit by low prices and drought for three years. One of Reno's four banks, two at Las Vegas, near the Hoover Dam construction, and two at Ely, in the State's copper-mining center, ignored the holiday. A threatened run on the First National Bank of Reno was dissipated when directors announced $1,500,000 in gold and currency had been received from San Francisco and the institution was prepared to meet all demands. Of the 26 banks in the State, 12 are in the Wingfield chain. The chain has deposits in excess of $15,000,000.
7.
November 2, 1932
The Californian
Salinas, CA
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Speedy Help For Nevada Banks Seen
Examiners Rush To Reno By Plane After Aid Is Asked By Governor Balzar
Executive Is Certain Government Succor Will Save Situation In Stricken State the First National Bank, which started yesterday when Reno's other banks closed for weks' period, ended today depositors began opening new accounts. the unrest which marked of the banking had settled today and business had returned normal people were on the streets. Many persons who withdrew money from the First National terday made deposits today.
Governor Fred Nevada prepared leave for Reno this ternoon, confident that the struction Finance will grant the loan he the state's banks "back Most of the Nevada banks are closed under moratorium Balzar the loan made before the expires," holiday will open again," Balzar said. Corporation sent examiners Reno Balzar arrive Saturday to confer with them. He the examiners would remain Reno until the loan is acted on officials here. Balzar second conference today with heads the ReconstrucCorporation. He declined discuss details the meeting, but ready to talk the difficulties that depression has brought Nevada. use denying that we're in bad Balzar his western drawl. raise lot sheep, don't think anybody there now. Silver mines all even the legalized gambling business suffering.'
Nov. (U.P.) Relief loans Georgia, Missouri and Nevada totalling $145,748 were made today by the ReCorporation. Of the amount Missouri, $20,014, and Nevada, $4167. The Nevada loan for use in Nye between Nov. and Dec. The county is in the precious mining section employment has fallen within years 1500 relief sources have been exhausted. The state has already obtained $50,800 for relief needs.
8.
November 2, 1932
The Hanford Sentinel
Hanford, CA
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(Continued from Page bank in the city to remain open. stacked up $3,000,000 in cash. "Come get invited President Richard Kirnan. "Come again he urged closing time. Others, whose quiet withdrawals in recent weeks was in part responsible for the "moratorium," also found themselves with cash in their pockets or hidden in their sugarbowls. The gambling halls had their thousands of dollars kept pay off winning streaks. $17,000,000 Locked There was at least $17,000,000 locked up in the closed banks. But there was $3,000,000 more in the First National, and thousands on thousands in pockets of citizens. All the cash, so suddenly released from strongholds, began to rush into circulation.
Police Chief Kirkley feared footpads, armed with lengths of rubber hose filled would join the "holiday." He urged citizens to leave their cash in the station safe. Thousands of dollars "on deposit" there today. One "holiday victim." was Delbert Hammond. recently sold his nice little cozy
Today he still had the $7,000. but was locked up in the Reno National. one of the "holiday and Hammond eating his meals on credit.
"It's philosophized Hammond. "Twenty years ago when Tonopah gambler belonged the Elks club. There millionaires in the club Anent Wingfield "George Wingfield the only who still has his George's 12 banks are closed." Ed Voelitti, finishing course international law at the University Ed's over visiting him. Voelitti's partner, for Ed the other Ed's on the Closing of the banks leftfor and order when some $15,000 in election bets cancelled. Betting only form of bling against the law in Unable due to their funds being on "holiday", the wagerers called off their agreements. Due to the tremendous amount of cash in circulation, Reno residents probably will pull through the period moratorium without sufferfor lack of money.
MILD RUN ON BANK DEPOSITS BEGIN Nov. mild on the First National Bank. which started yesterday when Reno's other two banks closed for two weeks' period, ended today and depositors began opennew accounts. Most of the unrest which markannouncement of the banking holiday had settled and business returned to normal basis Fewpeople on the streets. who withdrew Many persons from the First National money yesterday made deposits today.
9.
November 2, 1932
Progress-Bulletin
Pomona, CA
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BANK
RENO, Nev., Nov. (U.P.)-A mild on First National bank, which started yesterday when Reno's other two banks closed for weeks' period. ended today and depositors began opening new accounts. Most of the unrest which marked the banking holihad settled today and business returned normal basis. Fewer people on the streets. Many persons who money from the First National yesterday made deposits today.
10.
November 2, 1932
Detroit Free Press
Detroit, MI
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Nevada Banks Close for 12-Day Holiday
RENO. Nev., Nov. 1-(A. Reorganization of the 12 banking controlled by the George was under way banks throughout Nevada took advantage twelve-day holiday proclaimed by executive In Washington, after flight there by airplane, Gov. Fred Balzar sought loan of $2,000,000 from the Reconstruction Finance Corp., while officials here worked to prothe of legal business ordered last night by acting Gov. Morley after an tended conference with state and banking executives. The First National Bank of Reno, Wingfield institution, was the only local institution open. of livestock men, hard hit by the and drought the last three years, to meet their was in large part for the decision to declare the holiday
11.
November 3, 1932
The San Diego Sun
San Diego, CA
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UP FOLLOWING BUYING SPREE
Citizens Hope To Make Cash Last For 2 Weeks
HOPE RESTS IN R. F. C.
$2,000,000 Loan To Stabilize Wingfield Banks Is Sought
RENO. Nev. Nov. Purse strings tightened perceptibly today as Nevada entered the third day of its two weeks "financial holiday" with 18 of the 25 banks in the state closed. Hope for relief was based largeby on the findings of two Reconstruction Finance corporation representatives sent here to investigate Gov. Balmar's application for a loan to stabilize the 12 banks controlled by George Wingfield. financial and political There was talk of a special legIslative session to provide for a state bond issue to aid the Wingfield chain of banks If the loan is refused. The banks handle the bulk of Nevada's banking business and hold $17,000,000 in deposits. After the first flush of spending which followed Lieut. Gov. Morley Griswold's proclamation of the banking holiday. residents settled down to budgeting their available cash today in the hope of making It last until the closed banks reopen. The mild "run" on the First National bank. only Reno bank to remain open. had ceased and many were re-depositing their cash. Some merchants were accepting checks on the closed Wingfield banks and an unprecedented number of charge accounts were opened. An "I. O. U." luncheon will be held Friday by the Twentieth Century club. The club will keep cash-less members "on the cutt" until the banking holiday is over. Even Lieut. Gov. Griswold was "caught short" by the holiday. He confessed he had been forced to "rob the baby's bank for in small change in order to have pocket money.
12.
November 3, 1932
Nevada State Journal
Reno, NV
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RUN ON BANK ENDS
Start New Accounts in First National
CHECK HOLDERS TO KEEP THEM
The so-called on the First National Bank in Reno when its doors were opened Tuesday morning vanished completely yesterday. Only five persons asked to withdraw their when the bank money for business yesterday and opened withdrawals were declared to be "practically normal" during the day, Officials had anticipated the run would last for several days before it petered did yesterday The busiest desk in the bank was the new accounts" department where steady business was all While checking progress accounts were opened by Reno business people who required some method of exchange, scores of new accounts were started. Deposits in the First National Bank were far greater than the total Journal reporter standing in the lobby of the bank for half an hour noted but three withdrawals as compared with scores of deposits heard Mr. Kirman, the bank president. saying few minutes ago that he was almost disappointed that the run didn't continue for week so he could show the people what the bank really could do. said one bank employe.
Holders of checks on banks that taking advantage the breathing spell" cannot compel the endorsers to redeem them. according legal here. The checks are valid SO long payment has not been rejected by the bank and they cannot be jected the banks are not open for business. the checks really amount debt and the proclamation of Lieut. Gov. Morley Griswold declares moratorium on all debts in Nevada.
Local people who were paid by check Saturday would probably number in the thousands and great proportion these cashed their checks in various Reno stores and clubs. The Waldorf Club on North Virginia street estimates that has approximately $2,000 tied up in checks on the banks which are takvacation this week. The Block on North Virginia street has about in checks hand which will probably have to await reopening of the banks before being cashed The Grand Cigar Second street has in the neighborhood of $500 in checks on hand. The proprietors of these places are not worried about their money. great many people who cashed their checks over the redeemed them voluntarily when announcement was made that the banks would not open for couple of weeks.
The Western Union and Postal Telegraph companies are still being rushed with money order business. The money order counter at the Reno postoffice one of the busiest places in the building these days.
Th women of the Twentieth Century Club will hold their regular luncheon Friday noon, but many of them 'temporarily embarrassed" due to the moratorium. Mrs. Earle Hart, chairman of the club's luncheon committee, had brilliant idea and announced that she'd accept and checks on Wingfield banks for the grub.
13.
November 5, 1932
Seward Daily Gateway
Seward, AK
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BUSINESS AS USUAL AT RENO ALTHOUGH BANKS ON HOLIDAY RENO, Nev., Nov. 5.-Business was being conducted as usual in Reno today. although four of its five banks were on the official 12day holiday proclaimed by Lieutenant Governor Morley Griswould. Excitement ran high, but gradually subsided. Possibility that gambling casinos and speakeasies might become emergency banking institutions during the "banking holiday" became evident. Many additional divorce seekers arrived in Reno during the day, and indications are that the business will remain normal. President Richard Kirman, Sr., of the First National Bank of Reno, said they would remain open throughout the 12-day holiday, and are prepared to meet all demands. He was very pleased that many large depositors had already offered their accounts and placed them at his disposal free from withdrawal. From San Francisco by airplanes and trains has come more than a million dollars to the First National Bank which, Kirman said, was more than enough to meet any emergency.
14.
March 4, 1933
Reno Gazette-Journal
Reno, NV
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HOLIDAY BANKING EXTENSION NOT EXPECTED IN NEVADA the First National Bank in With to open Monday morning Reno ready without limiting checking and withdrawals, was indicated count that Governor probtoday ably not extend the Nevada holiday, which ends midnight tomorrow night. although no definite statement in this respect by the govmade ernor who is still studying the situation. Passage by the legislature of bill authorizing banks to limit withdrawwith the approval of the state banking board, is expected to prove sufficient for any emergency that might arise elsewhere in Nevada in the future. The signed the withdrawal limit bill yesterday but had not signed the measure by the legislature authorizing him to declare holidays as several features of the bill are being studied by the attorney general and others. An immediate improvement in local business circles followed the announcement of the First National yesterday that it would place no tions upon withdrawals from checking accounts.
15.
March 10, 1933
Nevada State Journal
Reno, NV
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First National Will Do Limited Business Today
Withdrawals for Necessities, Payrolls Will Be Permitted; Payroll Checks Honored
The First National Bank of Reno will open its doors this morning to exercise the full powers allowed by the prevailing banking moratorium. The bank will conduct limited local banking business sufficient to permit the functioning of local business and commerce, and to prevent hunger and want. Deposits consisting of cash or checks the First National Bank will be accepted. Withdrawals for necessities will be permitted. Payroll checks on counts in the bank will be cashed. Personal checks on accounts in the bank will be honored provided they are for legitimate payments for By EARL H. LEAF necessities and not for withdrawals We are very very scientific to hoard. Personal checks issued low. We don't believe anything until since Monday when the bank closed observe Gov. Balzar's holiday will has been proven beyond peradbe honored. Most Reno business venture of doubt. Even at school, in concerns accepted First National the adolescent stage, we refused to checks to the amount of purchase during the holiday. believe we had code in de head Richard Kirman, president of the until our supply of handkerchiefs bank, said virtually every withwas drawal will be subjected to an indiThus it was that, while we were vidual scrutiny. strolling down Douglas Alley early This is necessary in accordance breast chirped our Secretary of Treasury Woodin, he said. here," and we gave the statement healthy doubt. Banking officials of other banks Nevada were undecided how But decided to investigate act. Most of the banks had planned After diligent survey of the situopen this but the moraation we decided must be spring torium left them doubt. went home and put our red expect resume flannels in the trunk with the moth soon as authorized by the United balls. State comptroller of said Last night we spotted 110 auto- Ennor, of the First National Bank of Elko. mobiles in the sparking places along Glendale road, old Verdi road, Plans of the Ely banks to open, this morning were altered by the Purdy highway, Peckham Lane and proclamation extending the holiday. the Indian village. The couples
16.
March 14, 1933
Reno Gazette-Journal
Reno, NV
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FIRST RESUMED OPERATING ON HERE INTO RATE NORMAL BASIS CHARGED FOR TODAY POWER
The First National Bank in Reno resumed normal this ing having received license last night from the federal banking partment resume all the banking functions in which was previously engaged. The permit to reopen on one hundred per cent basis came one day than generally pected as Reno has no clearing house this The bank opened modified basis last Friday, after having been closed for week under the terms the presidential proclamation. On Saturday and yesterday accepted deposits and cashed payroll checks for its own depositors and also small checks for depositors. Starting today no limitations are being placed commercial account checks drawn the bank by its depositors while checks for other banks in federal reserve cities and other cities that are known to be are being accepted for collection state that are operating on normal said the ficials of the bank this morning. Deposits made the bank since Friday have far exceeded indicated morning.
17.
July 11, 1933
Reno Gazette-Journal
Reno, NV
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TRANSFERS ASSET BEING OF BANKS CHECKED
Due to Be Numerous Suits National Filed Soon by Bank Receivers weeks, possiWithin the next in the Wingto the hearings bly prior field bank reorganization liability suits more stockholders' eral filed in the federal will probably be of the Reno court by the receivers the First National National Bank and Bank of Winnemucca, indicated will also be asked today. The court several agreements with to approve of the two banks in stockholders which the stockholders have arranged the assessment over period pay and have executed years by collateral notes, supported on real estate. mortgages national bank stockholders Where the assessment in cash fail pay arrangements, satisfacfail to make the comptroller of currentory the federal to pay the and the bank receivers bring suit and secure judgquired ment. When the judgment is secured the bank receiver proceeds collect on the judgment in the same mannr other civil The national banks not only face stockholders' liability equal to 100 per cent of their stock holdings in the bank but they also face directors' liability equal to the entire amount lost by the depositors the institution. Such explained, must be supported by evidence that the failure of the bank was caused by unlawful acts the directors, through their neglect. So far. understood. no special investigation been made regarding transfers of property or the placof upon their property national bank prior the closing of such banks last November. Inquiries regarding such transactions now being made by number depositors. Attorneys who have gone into the matter that such transactions can aside can shown that they made escape unsatisfied stockholders' directors' liability. the bank reorganization plan for Wingfield banks carried out notes and mortgages taken by the two national banks from stockholders will sold the bank as of part banks' assets and will therefore become the property of the new bank the federal government loses further interest in them, explained. The new bank can proceed to the notes in that the directors determine, said.
18.
March 1, 1934
The Sacramento Bee
Sacramento, CA
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PACT BLOCKS TRANSAMERICA PROMISED NEW BUYS RENO BANK RECALL MOVE (Continued From Page One) in communities of sufficient size
Grass Valley Justice And Two Councilmen Reach An Understanding
GRASS VALLEY (Nevada Co.), March -Justice of the Peace Oscar E. Winburn Grass Valley, whose recall is sought in petition now in circulation, will not institute retaliatory recall proceedings against Mayor John Harris and Matt Laity. This decision was announced by all three parties to-day following conference Understanding Reached. In statement yesterday, Judge Winburn said he would file counter recall against the two city officials for in office in the event the against himself received the 543 necessary signatures. "We have reached an understanding, Winburn said, "and neither the city officials nor contemplate any further action on this matter.
Mayor's Statement. Mayor said to-day he and Laity had talked to the judge and had decided to take no further action. Mayor Harris said: "Whatever Judge Winburn does is all right with me. If he can get me recalled, am willing to step out of office However, fter our talk last night there will be no Councilman Laity said: never anything against Judge Winburn Mayor Harris and were surprised when we read in the paper that the judge was planning to file petitions against us. As a matter of fact. approached yesterday by one of the men circulating the petition against Judge Winburn and refused to sign it.
Los Angeles is America's largest to make operations profitable. Reports have been heard for months that Transamerica would enter
Long Interested In State. After the collapse of the Wingfield banks were made to the Giannini interests take over the chain of banks. Nothing came out of the negotiations. Then, shortly after the turn of the year, made to link the First National of Reno with the system.
Headed By Kirman. An official of the corporation has been Reno for the last month on the proposed deal. The First National, which at the end total resources of $7,306,896 is headed by Richard Kirman, one of the most picturesque and bankers of the
Ignored Bank Holiday The First National Bank in Reno was organized in 1902 and has of the strongest banks in the West. When the Wingfield bank crash came in November, 1932, the First National remained despite the governor's state bank holiday proclamation. first operated under a state charter and then became a national bank, known as the Farmers & Merchants National Bank, changing its name to First tional several years ago. Its present officers are Richard Kirman, president: Walter Harris, president; L. S. Reese, cashier, and these three with Albert Caton, Lizzie R. Mudd and Dr. W. H. Hood comprise the directorate. During the thirty-two years of its existence it has paid regular annual dividends totaling $360,000. Has Strong Position. The following year-end figures indicate the bank is one the most liquid among the interior banks of the country ASSETS. 200,000 bonds and Banking $7,306,896 $ undivided money