1799. Riggs National Bank (Washington, DC)

View Charter #5046 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
5046
Charter Number
5046
Start Date
March 6, 1933
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
aad8f673697c4fec

Response Measures

None

Description

The articles describe the nationwide/statewide bank holiday in March 1933 (presidential order) that closed banks in the District and the subsequent reopening; no run on Riggs is described. Article 1 (1933-03-14) explicitly lists Riggs National Bank among banks to reopen today. Article 3 (1933-12-31) recounts the 1933 holiday as a leading step and mentions Riggs among the large banks affected. Dates: national banking holiday began March 6, 1933; newspapers report reopenings by March 14, 1933.

Events (3)
1. June 30, 1896 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Presidentially ordered nationwide/D.C. bank holiday (bank moratorium) in March 1933 that halted operations.
Newspaper Excerpt
Closing of all the in by presidential edict in connection the holiday ... the turning banking map of Washington
Source
newspapers
3. March 14, 1933 Reopening
Newspaper Excerpt
The first group announced included: ... Riggs National Bank ... to reopen today.
Source
newspapers

Newspaper Articles (3)
1. March 14, 1933 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, March 14, 1933

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Article Text

RICHMOND To Six Virginia Banks To Reopen Today. Richmond, March Fifth District Federal Bank tonight announced that banks cities the district clearing house by the to for business reopen The first group announced included: NaBank, Liberty National Bank, Lincoln National Bank, tional Bank Washington, tional Capital of Washington, Bank, Riggs National Bank, Second National Bank. National Bank, First National Bank, Maryland Trust Company, National Central Bank, National Marine Bank, WestNational Bank. National Bank and Seaboard Citizens' National Bank, Virginia National Bank. National Bank, People's National Lynchburg Bank and Trust Company. American Bank, First National Exchange Bank. Charleston, W. National Bank, Kanawha Trust Company, ley Bank, National Bank of Com-

2. December 31, 1933 Evening Star Washington, DC
Article from Evening Star, December 31, 1933

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Article Text

order the proved the point banking pecteuring ation of The the the Presithe ban When a the finanto year city the The Riggs largest had been that banks for many doing Capital it when National. was the public.f the AmerFederalCo., PotoTrust ican Bank, Langdon Savings & SavSavings Northeast and ings. Savings Banks of Banks. D.C. Other Status the of Comthe finds end The likeThe Bank Savings in the Bank Savings has of figured in weeks. recent for part Bank The Savings Vernon Mount of the in early to weeks reopen pects Meof the as 1934 Savings chanics full been opera always Bank The basis. Franklin in this to intends to The Bank plans a with unit slight bank, reopen in change to cement, Treasury According will go and 'here the banks in with and into 1934 to held to in be the holiday. after heopen has the time that Since to the up still build action taken further to the by the Reconurging banks of prestruction In reor stock Finance pital up to their build banks goosevelt capital ,not only Romening of the structure the questing ferred the this way, mind the strengt of the of whole credit country, as for to loans out and broadens While banks some many apital, ;might the the step would others the of President patriotism, standpoint said. the was Riggs to the that capital being exthe to are the many took Riggs action. in New York, the Chicago banks similar had moves. made Code in the vital Conside banking Another the past city this incidenduring of of situation the code R. adoption N. the by fair of the by and code United in into went temporary details the code the an October have been of work amount the of in year. the to workfirst The largely ing wages. hours, of of other and points scores of subject closing of code weeks related hours of operations especial of to and, special employes The code final importance the to with will have more as itors, many of these chargesodes be adopted the all Hundredover country been framed have for for all call and charges additional large with they balances, called. comensating on no find will Checking placed be will fall which placed checking or acare very stated of the Many banks. such charges. banks be will also Fees in the past which ices cost. by a have all already the charged had have for other been serv- renwithout no A. R. N. banks codes at are business The expected operatwill The While dered Under the to have do any increase more off- the set it one, expenses of list new charges the or two that stated loss. ing costs. these added three of one will deposit new rules all and for banks code S. JohnHugh Gen. The now others final son's approval. Now Deposits. Banks Insuring great banking innovati as this year has picture the of Glassact banking steagall the when One come more into the the passa insurance of of banks deare Beginning which Tuesday, of Dethe Federal members dewill their insure posit to up loss $2,500. rewill This measure Continued positors new protective on Page.)

3. December 31, 1933 Evening star Washington, DC
Article from Evening star, December 31, 1933

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Article Text

BANK MORATORIUM HELD LEADING STEP OF 1933 IN FINANCE Adoption of Temporary Code for D. C. Institutions Also Vital Move. INSURANCE OF DEPOSITS MEANS NEW SAFETY ERA D. C. Trade Gains Cause Wide Re- joicing as Buying Power Expands at Year's End. BY EDWARD C. STONE. Closing of all the in by presidential edict in connection the holiday instigated halt the sweeping the try. financial standing the Capievent 1933 financial comin imporpared effects which followed the closing Maryland and Michigan the Without and its magnitude the unex- Edward the banking situthe turning banking map of Washington The materially during the changed lifted by the PresiWhen the ban was dent only the Capital's finanpermitted cial The unrestricted operations in this on National absorbed the The Riggs Chevy Chase The largest banks that had been the Capital for many doing business when The Hamilton the public. opened & Trust Co., Potoican National Langdon mac Savings Northeast Savings Savings and Status of Other D. Banks. The end of the year finds the ComUnited States Savings has figured in hands of a conservator. court proceedings in recent clamoring for part Mount Bank exThe the to the Meas unit The Franklin National Bank also The Savings Bank plans slight change According to Treasury the banks and elswhere will and held Preopen after the national holiday. Since time the Government has still to build up the capital notes. In ferred stock build up their banks capital not the of the whole of credit demands for loans meet increased broadens out and the banks the President of patriotism, standpoint National Bank the Riggs comply with that the capital announced it being expanded to the exwould be structure The are expected Before Riggs took many in New York, Chicago the biggest banks made similar moves. and elsewhere had Code Considered. Another vital incident banking during the past situation in this city the adoption year by the N. R. competition. approved fair President the signed United went effect in of the code have the subject of an endless amount of work the the The workof operations ing hours, other points of especial scores of employes of importance fair Hundreds of these codes adopted framed all the country have been call for additional charges for and all Depositors with large balances, compensating balances are called. charges placed on checking will find charges will accounts. fall below very Many the by all the banks. already had such charges. banks have will also charged for other services the past have dered Under the A. codes no banks are do any increased business have operatcosts. The fees set ing these added While stated that two or depositor. of the new rules will affect one The for Washington await Hugh Johnothers son's final Banks Now Insuring Deposits. One more great banking innovation has year Glassthe passage of the result Steagall banking of deposits. Beginning when banks open banks which are members of the Federal Insurance Deposit will deagainst loss up to This new will re(Continued on Second Page.)