banks of New York (bank holiday declared by Governor Lehman)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: March 10, 1933
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: e7f158c9

Response Measures

Full suspension

Other: State-declared bank holiday (two days) to halt runs; article describes runs on savings banks and shutdown by Governor Lehman.

Description

Article (dated 1933-03-10) describes runs on savings banks in New York followed by Governor Lehman declaring a two-day bank holiday (state-ordered suspension). The holiday indicates a temporary suspension (short closure) intended to be lifted, so I classify as run -> suspension -> reopening. Bank name refers collectively to New York banks; type is uncertain because both state and national banks are discussed.

Events (2)

1. March 10, 1933 Run

Cause: Macro News
Cause Details: General banking panic and news of bank closings in other states (Michigan) and nationwide crisis following Roosevelt administration transition
Measures: Heavy withdrawals from savings banks; immediate state action (see suspension) as response
Newspaper Excerpt: There has been run all afternoon the savings bank
Source: newspapers

2. March 10, 1933 Suspension

Cause: Government Action
Cause Details: Governor Lehman declared a two-day banking holiday for New York (state-ordered suspension to stem runs and stabilize system)
Newspaper Excerpt: Lehman has declared bank holiday of two days.
Source: newspapers

Newspaper Articles (1)

1. March 10, 1933 The American Guardian Oklahoma City, OK

Article from The American Guardian, March 10, 1933

Click image to open full size in new tab

Article Text

will apply to all funds in banks after the law What Maryiand and Michigan done has been followed by states and the National slature has passed law extendthis right of confiscation to banks states where such have been passed. Government by What rot! It's by few men who the impudence to violate the Constitution they pretend to upon as sacred document. was younger, remember the police break meetgreat square in this town. remember speaker from the shouting on our of free remember the police captain turning to his men, hell with the Constitugive 'em the Our the order of the bosses are saying by their Hell with the ConstituTake their money until back to FELLOWS ARENT WORRIED When wrote the above, there states who were authorizthe bankers impound the of their depositors. The they could impound varied the various states. Now, the there and for good measure the same the deposits in the banks the District Columbia. The leader of the band which played Roosevelt he left New York night had so little sense him his jourthe strains of Days "Happy Here Again." big fellows are not worried immediate future. Don't think for moment that mediately upon the news from Michigan of the closing of the banks that they didn't see had plenty their deposit boxes. Not stocks, bonds, but real money. This the place where real comes money they have dished their hands liberally. If take the and peer they had, you would find and of would They and theirs not hungry They and theirs will not be on the They theirs will keep warm. There weren't any long lines small depositors before the banks New York. big part of the seepage took place before the even began to discuss the financial crisis. VALUES What the big fellows about the decrease value their bonds and stocks and real estate. They turn all of this cash because there are too few people to buy The crop suckers who can buy what financiers have to sell small negligible. So the lows have hold They very amiable these Not days. very pleasant talk Their experts not able to dig up much comfor them. talked to lionaire few hours ago. He serves the multis and they have allowed him to seven figures. source news for and rather chummy. Said he, worth least won't starve this year and next something bound turn up out this He didn't know what. told him must crazy knew he this and in that and tioned the investments knew had. replied, mean just have real stuff, notes and coin that spend and some my the neighborhood of the amounts the pieces paper, stocks and bonds added may may not be worth stamped on the certificates. believe this storm going to over and I'll still but taking chances for the near future.' Don't this alone attitud lot of the multis have theirs also, only they have more than $18,000 salted away real stuff. HERE FACTS BEHIND RUN Now what sort of information financiers this week to in the readers will remember country: that there was some hope being held least slight spring That according to the "experts." The Financial porter, as you know, didn't share these hopes. Here report has forces are militating against employthis spring, banking inflationary fears have tended expand hoarding and, same token, funds have been tied through moratoria failures which normally would for the purchase of goods." Note the use of the nice word should really read of bank balances." Now read this which followed that just trends obviously are not conducive to marked revival the consumption commodities; with no present indications any early amelioration these conditions, demand during the next several months "probably will be confined the Isatisfaction of the barest necessi- NOTHING BETTER SIGHT This particular largest of the economic and financial advisers in the world, Reno Predicts General Strike Of Labor Farmers DES Unless the administration acts relieve distress, strike of labor and farmers will into effect, said Milo Reno, conservative leader of the farm holiday movement. The dairymen's strike showed that "farmers and labor can gether in common know days after the special congressional session whether they mean business they are going to play horse with they start playing horse, find themselves riding bucking bronco." maintains summary of recommended policies of modities clients. Under the heading "Forward buying tor the next six months justified" has the short but very eloquent some of the pollyannas still printing guff about the future. When you read this article member that this country plenty everything. Plenty raw material; equipment put material into the finished product. Plenty of gold and silver be used in exchanging things from one person to No physical kind has paralyzed our peoples' activities. Everything is here while most us haven't got anything. Are we crazy? Are of race imbeciles when comes to looking after interests? We most certainly are. Just wrote the above, the figures for the week came in dealwith the increase in currency. This way putting the situation misleading. person would naturally think that crease in should be nothing alarming. What it really means currency going out the banks and into hoarding. The increase for the week tremendous. The increase of money going into the Postal Savings service is also great. This money, however, goes back into the banks dislocate our financial system. RUN ON SAVINGS BANKS THIS TIME Just finished this, flash comes in that Governor Lehman, who was just ready to entrain for Washington has told the reporters that going to stay here. We that the governor of New York denied that he clare bank holiday. The story, however, not believed. Washington wire tells that there are long conferences going between Roosevelt and advisers. Lehman must know something and will take some his There has been run all afternoon the savings bank, something which occurred before. The last time there run the banks there was the savings bank the money taken out the other banks. will finish this the Next Well, has come. Lehman has declared bank holiday of two days. states are involved and before night all the states undoubtedly the banking holiday basis. The Stock Exchange not opened, the shutting the banks matically shut the great gambling house the nation. This is slight importance. What of importance is that the flow of what business there left has been stopped. No transac tion can completed. The very life blood the present system has been coagulated. heart of industry almost stopped beating. Roosevelt use Congress pulmotor to start beating again with an measure guaranteeing bank up certain maximum? That what they are asking in the Something must done. have just come in from my one knows anything. news that any value must come from Washington. Some the big boys look rather peaked and pale. Where are we drifting? There no of writing any more until what happens the capital. Wild are affoat that going off the gold standard. Now comes the message of the new President over the wires Comes from advanced little time before he actually delivers No specific named in Begins very gravely and all of is that he is going to the limit to meet the emerWe wait for other news from the capital. Up in the clubs the are milling around trying to get from their in Washington. Out the talk which comes over the phone emerges very definite belief that Congress meet Monday or Tuesday pass measure which will carry some sort of bank deposit guarantee by the national high guarantee of the entire amount of deposit up $3,000. Some say up $1,000. There more disagreement over the than there over the guarantee. My readers will know good deal about by the time this article appears in the Guardian. should have very interesting story to tell you in the issue Next week will cer tainly be big with events.