First National Bank - Danville, VA

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 1985
Charter Number: 1985
Start Date: October 19, 1931
Location: Danville, Virginia (36.586, -79.395)

Metadata

Model: gpt-5-mini
Short Digest: 9818d0d1

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Article (dated Oct 20, 1931) describes the Federal Reserve flying $1,000,000 to Danville Oct 19 to forestall a run on the First National Bank. No suspension, closing, or receivership is mentioned. OCR errors in the clipping (missing numbers/words) have been corrected when extracting dates and amounts.

Events (1)

1. October 19, 1931 Run

Cause: Macro News
Cause Details: General panic/nervousness during the 1931 banking troubles prompted heavy withdrawals; Federal Reserve sent cash to bolster confidence.
Measures: Federal Reserve shipped $1,000,000 by airplane to the bank; police guarded delivery and escorted the cash to the vaults.
Newspaper Excerpt: Plane Takes That Amount to Danville to Forestall Run On Bank ... Federal Reserve Bank accompanied the money ... The purpose the large ship was the that amount bulwark public confidence
Source: newspapers

Newspaper Articles (1)

1. October 20, 1931 The News and Observer Raleigh, NC

Article from The News and Observer, October 20, 1931

Click image to open full size in new tab

Article Text

Plane Takes That Amount to Danville to Forestall Run On Bank Danville, Va., Oct. 19.-Lady Luck with million dollars Dan today from Richmond, ordered the First National Bank precaution against withdrawals. Four sacks feet and about feet wide, each two men could tained cool million in twenties, and fives. There was near disaster as Pilot Harman brought open seater biplane the ground, for the plane and pancake landing, scraping lower right along the runway sloughing the plane around stop. Albert John -tone, Richmond, representing Federal Reserve Bank, accompanied the money. On the field were six police with riot guns three armed with revolvers. On running boards of waiting cars they paralleled the slowing machine and as soon guards were Few stopped, the shipment not more than people hand million drop from The then were taken police the bank where the vaults. The purpose the large ship was the that amount bulwark public confidence Pilot Harmon said left Byrd Airport o'clock landed o'clock, laden plane route which the sacks fuselage. Harman recognized