First National Bank - Chippewa Falls, WI

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 2125
Charter Number: 2125
Start Date: March 6, 1933
Location: Chippewa Falls, Wisconsin (44.937, -91.393)

Metadata

Model: gpt-5-mini
Short Digest: 6dba1b5d

Response Measures

None

Description

Banks in Chippewa Falls closed as part of the nationwide bank holiday declared by the President in early March 1933. No bank-specific run is described; the closure is government-ordered and intended to be temporary (reopening expected after legislation).

Events (1)

1. March 6, 1933 Suspension

Cause: Government Action
Cause Details: Closure due to the nationwide bank holiday declared by the President and state executive orders in early March 1933.
Newspaper Excerpt: Why the banks of Chippewa Falls close last Friday? ... the president of the United [States] exercising [his power] declared the bank holiday
Source: newspapers

Newspaper Articles (1)

1. March 7, 1933 Leader-Telegram Eau Claire, WI

Article from Leader-Telegram, March 7, 1933

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Article Text

Chippewa Banker Explains Situation as Regards City, Urges Use of Common BY SPECIAL CHIPPEWA explanathe action of the Chippewa banks closing for the iod the national holiday, and the causes which made such action cessary, was issued yesterday officer First National bank after scores inquiries been received all banks during the day The explanation, question and answer form, follows: Why the following answers and questions? This bank, organized 60 years ago, feels called upon this situation, some of questions that are in the minds nearly aid bringing light situation. hope that this will brought that are conWhy the banks of Chippewa Falls close last Friday? the executive authorities the state Wisconsin decreed holiday. Why did the banks decide to open up Because they had confidence the people Chippewa Falls, felt there no need for the local close. Why then the banks close Satmorning? the order was mandatory the of state the state banks, and cause the federal banks (ownand operated the federal govthe whole and bank holidays were clared but one of the states the Why did not the banks open up Monday, March was anticipatBecause the president of the Unitexercising declared the bank holiday the banks and including Thursday, March Why did the president and the executive heads in the different take step? Undoubtedly the president and the banking departments of the various states have reasons that cannot incorporated but the main son for the banks being ordered close was that practically every place in this country, except in few local like our own, there had been very severe drains the in the banks. The people were panicky and when people get that frame mind, they not result, money that the banks fast being put into the socks hearding places the people. didn't the banks have the money to pay the includes investment business. The banker takes his deposits invests loans and people the community, and government, municipal and bonds. He keeps hand what known legal ranging from 20 percent his deposits. And must pay the depositors only the money he has on hand. unless were dump his get rough the prices. There forty billion dollars in deposits this and dolars in currency and gold bullion. What meant by this bank holiplan treat all depositors alike. give the spell that people to again and the result hasty, panicky action. provide work plans that the situation can and preserve every What should done about it? Sit think over. Follow the people. Listen the voice the What do you expect the government about it? shortly pass legislation will large protect depositor the against the possibility wrecking system. The government will provide ways and means that, like times, gold cannot hoarded or exported country. What caused this situation? There many The dent called chief cause: Nameunreasoning, unjustified terror which paralyzes needed only thing we have to fear fear itself." What have you to say about the Wisconsin situation? Wisconsin banks aren't any worse because the holiday. fact, they better off. had been hoped that in Wisconsin there would have no need for closing, because Wisconsin, which always leads had taken This state had acted emergency legislation, which other states and which the nation followed, but this state could not stand because proposition, but banking system. What about, the First National What WES its position? We joined other banks and were willing and ready open Saturday morning. ognizing seriousness the uation, and also our obligation depositors, had planned withdrawals restriction five percent, then the federal decidclose, and What result of opening up Saturday very satisfactory experThere bank any the banks the city. not for the school that would practically withdrawals deposits exceeded the withdrawals by considerable amount. What would have happened there had the would have paid under feature, and we had ample funds do We were ready the and proud the citizens this community they were not like sheep (which many other cities metropolitan centers) scared into thoughtless stampede. the future banking? We answer this the words the president: "This preminently speak the whole great nation will endure revive and will prosper. every dark hour national life, leadership frankhas met the understanding support of the people, which essential to victory."