Hamilton National Bank - Knoxville, TN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 13539
Charter Number: 13539
Start Date: January 21, 1933
Location: Knoxville, Tennessee (35.961, -83.921)

Metadata

Model: gpt-5-mini
Short Digest: 1dbdc428

Response Measures

None

Description

Articles show earlier depositors' nervousness/withdrawals in January 1933 but no suspension then. In March 1933 the bank participated in the statewide/federal bank holiday (withdrawal limits, banks closed under Roosevelt's order); banks were functioning for payrolls and some limited services and were expected to reopen. Suspension is due to government action (bank holiday), and the bank remained able to resume operations.

Events (4)

1. April 15, 1931 Chartered

Source: historical_nic

2. January 21, 1933 Run

Cause: Rumor Or Misinformation
Cause Details: Nervousness and withdrawals earlier in the day; deposits largely redeposited after assurances from the president (no specific insolvency information stated).
Measures: President M. Preston publicly assured depositors that the 60-day notice rule would not be placed on savings; officers and clerks worked to handle business and encouraged redeposits.
Newspaper Excerpt: At the Hamilton National Bank officers as well as clerks were working in an effort to take care of business. Few withdrawals were being made said President M. Preston ... A large percentage of accounts withdrawn yesterday morning were redeposited today.
Source: newspapers

3. March 3, 1933 Suspension

Cause: Government Action
Cause Details: State-wide bank holiday and federal action related to President Roosevelt's bank holiday; withdrawal limits imposed (5% on checking, ban on savings).
Newspaper Excerpt: Withdrawals were limited to 5 per cent on checking accounts and no withdrawal was permitted on savings accounts and certificates of deposit. The banking situation remained unchanged in Knoxville today, the third day of the state-wide bank holiday.
Source: newspapers

4. March 10, 1933 Other

Newspaper Excerpt: Altho Knoxville banks remained closed today under President Roosevelt's order... and the Hamilton National kept open depot in the Gay Street branch this morning.
Source: newspapers

Newspaper Articles (3)

1. January 21, 1933 The Knoxville News-Sentinel Knoxville, TN

Article from The Knoxville News-Sentinel, January 21, 1933

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Article Text

Sues Stillman from 15 to 26 years of age. The eldest boy is chief clerk in bank at Waynesboro, Miss. the second is attending the University of Nebraska, and the youngest is in high school. The oldest girl keeps house for her father and the other one is married. The two youngest boys and probably the older girl will join him here at the close of school in June At the Hamilton National Bank officers as well as clerks were working in an effort to take care of business. Few withdrawals were being made said President M. Preston most of the business being in new accounts and deposits. Mr. Preston S assurance yester day that the 60-day notice rule would not be put on savings deposits banished nervousness apparent earlier in the day "A large percentage of accounts withdrawn yesterday morning were redeposited today. said Mr. "Today withdrawals were almost entirely confined to those necessary in carrying on legitimate business. On the other hand. a tremendous number of new accounts were opened.'

2. March 3, 1933 The Knoxville News-Sentinel Knoxville, TN

Article from The Knoxville News-Sentinel, March 3, 1933

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Article Text

RETAIN LIMITS UPON DEPOSITS Banks Hold Withdrawals on Checking Accounts to 5 Pct.; Ban on Savings. The banking situation remained unchanged in Knoxville today. the third day of the state-wide bank holiday. Withdrawals were limited to 5 per cent on checking accounts and no withdrawal was permitted on savings accounts and certificates of deposit. We are ready to come out of it any time the other banks do, said S. Reed. vice-president of the Hamilton National. "There was activity at the bank yesterday than the day before and we anticipate still less today The restrictions do not apply to money deposited from yesterday nor are legitimate payrolls affected The five per cent restriction will be in effect for an indefinite period. the banks said, and will be litted as soon as the present flurry subsides. The restriction means that total withdrawals must not exceed five per cent. It does not mean that one can withdraw five per cent today and five per cent tomorrow C. M. Preston, president of the Hamilton Bank, said "our business is getting back to normal again. Checks between Knoxville and Nashville banks conveying Reconstruction Finance Corporation funds are being honored in full, City Manager Bass said today. At time the bank holiday was declared approximately $22,000 of these checks were in transit. The city had been advancing money to pay unemployed and the $22,000 was to repay the city.

3. March 10, 1933 The Knoxville News-Sentinel Knoxville, TN

Article from The Knoxville News-Sentinel, March 10, 1933

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Article Text

HERE PAY OUT THOUSANDS Meet All Payrolls in Scrip Tho Remaining Closed as Holiday Continues. Altho Knoxville banks remained closed today under President Roosevelt's order, thousands of dollars in scrip were into circulation thru payrolls. The crisp, the size of regular currency apparently being accepted everywhere, and least two stores was worth more than its face value. Discounts were being made on purchases or old accounts paid in scrip. Holiday provisions for banks meet payrolls, keep perishable freight moving and necessities of life available were being observed. In safe deposit box were being permitted access their valuables, and the Hamilton National kept open depot in the Gay Street branch this morning. Here Are Colors Dollar scrip is gray-black, denominations in blue, $10 gray and $20 in purple. The scrip was being accepted everywhere and change made silver and city warrants. Public service companies accepting scrip as payment on bills: and Biddle the Retail Credit Association. said all merchants were. as far as knew. taking the new money. The Post Office would not accept scrip for money orders or savings since postal not currency. PostGraham stores which have not city were still undecided about scrip. will have about o'clock today said Scott JohnBankers here believed today that holiday would continue the and that the would authorize by individual re-openings after the last bank examiners' report each bank studied and the bank's condition regarded sound. May Become Members Under present state banks become of the FedReserve after examinations. John Cox of the Bank Knoxville said he would line with any action banks while Huff the Commercial Bank Trust Co. said he wanted to further information from ington before deciding what tion to Any bank may Federal Reserve depository.