20765. Bank of Commerce (Memphis, TN)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 25, 1933
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
d43bf252

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

Articles (Washington Daily News Jan 26, 1933; Charlotte Observer Jan 27, 1933) report a run on the Bank of Commerce, Memphis. The bank received large cash infusions (armored Federal Reserve deliveries and $13,000,000 from the RFC) and remained operating; no suspension or closure is reported. Date for the run inferred as 1933-01-25 ('yesterday' in Jan 26 paper).

Events (1)

1. January 25, 1933 Run
Cause
Macro News
Cause Details
Contemporaneous banking turmoil in January 1933; article does not attribute run to a specific rumor or bank-specific failure but describes general heavy withdrawals.
Measures
Armored trucks from Federal Reserve branch delivered cash; bank obtained $13,000,000 from the Reconstruction Finance Corporation.
Newspaper Excerpt
A run on the Bank of Commerce at Memphis, Tenn., one of the largest banks in the South, brought a crowd to the institution yesterday.
Source
newspapers

Newspaper Articles (2)

Article from The Washington Daily News, January 26, 1933

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Article Text

KEEPING UP WITH EVENTS Edited by ROBERT W. HORTON World Economic Parley Indefinitely Delayed THE organizing committee of the World Economic Parley held a closed meeting in Geneva yesterday. What was said no one knows. What was decided was that the conference will not be held at least until summer. The organizing committee -adjourned for three months. At the end of that time it may meet again and see about setting another date. The committee did decide to ask Premier MacDonald to preside if and when the conference is ever held. Z Trotzky Criticizes Stalin in Books There are published in this country today the second and third volumes of Leon Trotzky's "History of the Russian Revolution.' In one of them, Trotzky writes: "Stalin's errors have brought him to a vulgar idealization of democracy, or a which can be nothing in reality but either an imperial dictatorship or a dictatorship of the proletariat. Step by step Stalin's groups have procooded along this road to a complete break' with the position of Lenin." Trotzky also says: "When faced by great problems, Stalin always renot thru lack of character as in the case of Kanenev, but thru narrowness of horizon and lack of creative imagination. suspicious caution almost organically compels him at moments of great decision and deep difference of opinion to retire into the shadow, to wait, and if possible to insure himself against insurrection." Police Kill Nine at Communist Meet Police fired on a meeting of Communists in a hall in Berlin last night and killed nine workmen. Fifteen were wounded. At another Communist meeting in Berlin earlier in the day, a big demonstration against the government was put on. The day was cold, and many of the workmen appeared on the street without coats. They didn't have any. There were shouts of "We are hungry," "Death to all Fascists" and "Down with the Schleicher Government.' Their antipathy to Von Schleicher is due to the rumor that he plans to set up an absolute dictatorship. French Cabinet Due to Be Defeated Thirty-one deputies were ready to begin questioning the Paul-Boncour government when the French Chamber of Deputies was called to order today. The questions of policy are expected to defeat Paul-Boncour before the end of the week. China Denies Planning to Quit the League For weeks there has been a rumor in Nanking and Geneva that China, as dissatisfied as Japan over the League of Nations' handling of the Manchurian invasion, would withdraw from the League. The rumor was denied in official circles in Peiping last night. It was admitted, however, that unless the League settled the dispute favorably to China, other means of satisfaction would be sought. Japan says the same thing. Communist Propaganda Found in Barracks The government of Chile has decided not to call this year's quota of military conscripts because a quantity of Communist propaganda was found in the garrison at Valparaiso. Instead, the government will call for volunteers to serve without pay. Lewis J. Selznick Dies; Pioneer Movie Man Lewis J. Selznick, 62, one of the pioneers of the movie industry, died at his home in Hollywood last night. His son, David, is production chief of the RKO studios in Hollywood. French Farmers Fight Police in Paris Several thousand wheat farmers descended upon Paris last night and held a demonstration during which they demanded that the government maintain the price of wheat. They passed a resolution which said: "If the government fails to act constructively to maintain the price of wheat, we representatives of small farmers from the four corners of France will declare a tax strike." After the meeting, the demonstrators started to march to the Chamber of Deputies. The battle with police followed. The police won. Woman Wants 'All' Her Cash in Bank A run on the Bank of Commerce at Memphis, Tenn., one of the largest banks in the South, brought a crowd to the institution yesterday. In the line was a woman, who began screaming and demanding all the money she had in the bank. When she finally got to the window and they checked up her account it was found that she had on dposit exactly 40 cents. She got it. The total funds on deposit were $16,000,000. The bank obtained $13,000,000 from the Reconstruction Finance Corporation. Thousand Teacher Out on 'No-Pay' Strike One thousand primary school teachers in Oriente Province, Chile, have been on strike two days in protest against failure to receive their pay checks. They have had to work for nothing several months. John Faulkner Dies at Age of 104 The "world's oldest jockey," John Faulkner, died at Appleford, Berkshire, England, last night. He was 104 years old and the father of 32 children. "Old John" was a tradition at the English race tracks and had been a familiar figure on them for nearly a century. He rode his last race at the age of 74. Two years ago he tried to break a mule for a friend and was thrown and broke a thigh. Faulkner married twice. Many of his 32 children were successful jockeys, trainers and stablemen. "Old John" abided by a single rule thruout life-never bet on the ponies.


Article from The Charlotte Observer, January 27, 1933

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Article Text

McNINCH COMES IN. Frank McNinch, vice chairman the FedPower Commission, has pricked up proposition by the Electric Company affiliated build $10,000,000 power plant on the New River, "without submitting the regulations the Commission," and made application Federal judge Alexandria. This raises Federal Government to regulate electric streams and provide such projects Here, CommisMcNinch, have outstanding issue whether companies utilizing the sources streams, from the Congress regulate. His contention that should be Congress has power regulate rates, curities services private corporations holding valuable franchises streains and provide the recapture these projects the end the license period, then this great will not only be lost the American but their property will become the means just exactions from the public. without Federal regulation and supervision, the capital investments these utilities will be inflated and padded capture the United States, the States nicipalities unfeasible and would sult exorbitant rates, based on fraudulent values The New River therefore, more than ordinary importance. decided that Congress, through its established has no power enforce water power there would no excuse for existence the regulatory body. Great the Federal Reserve! There on Memphis' big Bank of Commerce, but before well under way, couple armored trucks from the branch of Federal Reserve drew bank doors and carried cargo bank saved an saved day armored truck arrived from Charlotte Reserve branch with money that satisfied the The bill to legalize and beer has the already heavilymeanthe are being heard from, the reported petition signed over his constituency, opposing modification repeal any State Other petitions, will be on the Now bank that has shut shop conserve assets, and it the First National, operation since 1887, and truly financial for liquida tion of orderly kind in process. Meanwhile. Statesville means without banking cilities, three State banks surviving.