Amalgamated Bank - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: March 8, 1933
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 67a8f214

Response Measures

None

Description

Article (Mar 8, 1933) describes New York banks opening on a limited basis after the banking holiday. Amalgamated Bank is reported still awaiting Federal Reserve funds before resuming business — this is a suspension due to government action (banking holiday) with reopening implied by the broader context of banks resuming operations.

Events (1)

1. March 8, 1933 Suspension

Cause: Government Action
Cause Details: Nationwide banking holiday and new Treasury/Federal Reserve regulations; bank remained closed pending receipt of Federal Reserve funds to resume limited operations
Newspaper Excerpt: Amalgamated bank announced would have to get the federal reserve loosen funds before starting business under the new regulations
Source: newspapers

Newspaper Articles (1)

1. March 8, 1933 The Omaha Evening Bee-News Omaha, NE

Article from The Omaha Evening Bee-News, March 8, 1933

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Article Text

BANKS OPEN IN NEW YORK ON LIMITED BASIS By JAMES L. KILGALLEN and International News Service Staff Correspondent Leading New York city banks and trust most pow. erful financial institutions in America opened for business on limited basis again Wednesday, operating fairly smoothly and efficiently in contrast to Tuesday's confusion and uncertainty. A stream of needed cash was sent pouring into the public pulse, chiefly through the cashing of pay roll checks. The situation seemed to have taken on a decided inThe Federal Reserve bank which been authorized overnight to resume portion of its central banking functions opened for the time since Friday Its opening assured member banks of cash for necessary pay New York city. in effect was on rations of approximately $10.little under 000 was for pay rolls. The remainder was for other necessities. such as food Member banks of the city are said to have in the neighborhood of cash on hand. The reserve bank has much more and believed to have received at least 000 in new money from Washington Friday Business was done in conform ity with the regulations issued Tuesday by Secretary of the Treasury These provid ed for supplying funds to meet honoring checks absolutely necessary purchases and furnishing accommodations to finance the movement of foodstuffs into the city Governor Herbert H Lehman had assured could operate the federal regulations The bankers thought federal and state regulations conflicted The Central Hanover Bank and Trust Co. announced It was "com plying fully with Secretary Wood rulings on cashing pay rolls and meeting the needs of the necessities of Depositors could get small checks cashed if they could show they needed it. We will continue to meet pay rolls in limited way. the as yesterday was the of the Continental Bank and Trust Co. 'Pay rolls were met 25 to 30 per cent Tuesday not cashing personal checks.' The Corn Exchange Bank and Trust Co. was "meeting pay rolls in limited They were also accepting new deposits in special accounts for the first time since the banking holiday Amalgamated bank announced would have to get the federal reserve loosen funds before starting business under the new regulations