Grand Rapids National Bank (Grand Rapids, MI)

View Charter #3293 on SPMC View balance sheet

Episode Information

Episode UID
329301598
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
32930 national
Charter Number
3293
Start Date
February 14, 1933
Location
Grand Rapids, Michigan

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d87cf45351988986

Response Measures

None

Receivership Details

Depositor recovery rate
70.0%
Date receivership started
1933-09-25
Share of assets assessed as good
42.5%
Share of assets assessed as doubtful
43.6%
Share of assets assessed as worthless
14.0%

Description

Bank closed under Michigan's Feb. 1933 statewide moratorium; later reorganization efforts occurred but conservator/receiver was appointed and bank was liquidated.

Events (7)
1. January 22, 1885 Chartered
Source
historical_nic
2. February 14, 1933 Suspension
Cause
Government Action
Cause Details
Statewide eight-day banking moratorium proclaimed by Governor Comstock in response to a banking crisis centered on Detroit (Union Guardian Trust) that closed all Michigan banks.
Newspaper Excerpt
Every bank and financial institution in Michigan was closed today under a sweeping, eight-day suspension order issued ... by Governor William A. Comstock.
Source
newspapers
3. March 21, 1933 Other
Newspaper Excerpt
directors of the Grand Rapids National bank Tuesday morning placed before depositors a plan expected to create within few days an entirely new Grand bank ... It would open for a complete and unrestricted banking business.
Source
newspapers
4. March 29, 1933 Reopening
Newspaper Excerpt
the Grand Rapids National bank, reported reorganization plans virtually complete. They expect to re[open] within few days.
Source
newspapers
5. June 30, 1933 Other
Newspaper Excerpt
G. R. BANK DIRECTOR NAMED CONSERVATOR ... appointed interim conservator the institution to handle its affairs ... The bank has been doing only limited business since the banking holiday
Source
newspapers
6. September 25, 1933 Receivership
Source
historical_nic
7. September 26, 1933 Receivership
Newspaper Excerpt
Grand Rapids Bank Receiver Is Named ... David Uhl, receiver for the Grand Rapids National bank ... will start liquidating frozen assets of the old bank immediately.
Source
newspapers

Newspaper Articles (24)
1. February 14, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 14, 1933

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Article Text

BY LESLIE D. HARROP United Press Staff Correspondent DETROIT, Feb. 14.—Every bank and financial institu- tion in Michigan was closed today under a sweeping, eight- day suspension order issued in the early hours of the morning by Governor William A. Comstock. The closing order brought to a standstill the financial affairs of Detroit, the nation's automobile capital, and halted similar activity in scores of farming and industrial communities of the state, which has a population of more than five million. Immediate necessity for the unprecedented moratorium was created, Governor Comstock declared, by a crisis in the

2. February 14, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 14, 1933

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Possibility that the eight-day banking holiday "might be modified in a day or so, after the banks get straightened out," was mentioned by Governor Comstock this morning, as he prepared to return to the capital. Banking officials estimated the holiday paralyzed approximately $1,410,978,629 in banks and $144,407,139 in trust companies. These amounts virtually are "frozen" during the suspension period. # Citizenes Are Bewildered Approxmately 420 state banks and 120 national banks were closed by the Governor's proclamation. Banks will retain skeleton staffs on duty, during the holiday period, to advise as to the credit of those wishing to check on funds on deposits. Reichert, ill with influenza at Ann Arbor, left early today by motor for the state capital against the advice of his physician. Stunned by the suddenness of the Governor's proclamation, citizens everywhere went about customary duties bewildered as to the outcome. Stores generally opened as usual and most announced that they had available funds for today or longer. What will be the outcome toward the end of the week, when pay rolls fall due, was not known. # Money Rushed by Truck Banking department officials were positive in asserting that, despite the legal closing of the banks, arrangements must and would be made to allow small withdrawals for necessary current funds to operate fundamental businesses. The actual plan that will be adopted was to be announced later in the day. Western Union telegraph rushed orders to offices in nearby states to ship currency into Michigan by armored truck. A. A. Burr, Detroit superintendent, said they had available cash for today and would secure funds to cash any and all money orders of the company that might be presented.

3. February 15, 1933 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, February 15, 1933

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BANK RELIEF SEEN IN MICHIGAN CRISIS CONCLUDED FROM PAGE ONE. branches of facilities for making reguhours of safe deposit departAmong the industrial concerns plans meeting pay rolls in cash were the General Motors Corporation, Ford Motor Company and the Chrysler Corporation. Text of Statement. The text of the clearing house statement "The Detroit Clearing House Association today to reguladesigned the ience the bank holithe day by the Governor last night. The arrangements which of considerable benefit the Acting upon the supplemental the Detroit arranged Thursday morning excess depositors, both checking and savings, may withdraw for purposes not in excess per cent the net on the of Feb. Such withdrawals made counter which will be paid in Safe Deposit Vaults Open. "2. All banks branches will maintain facilities for making change deposit departments will be open and will on the regular Arrangements are being made with many the large life insurance companies whereby for premiums will be order that the policies not Not in Bad Shape, View. "Let assure you, the Governor said in statement to the public, "that the banks Michigan, generally speaking, are not in bad The late reterms earlier that are "not as bad they might appear do not think there will the holimuch day as generally the Governor merely an emerthe gency of the banking struc- Period of Feb. 14 to Feb. 23. The closing, the banks was for the period Feb. 14 to Feb. 23. Although all banks in the lower peninsula the proclamation, stitutions in the upper peninsula, which the the Federal Minneapremained The Detroit Stock Exchange closed but were accepting selling orders made on exchanges outside Detroit Trading of any sort in Detroit bank stocks startled populace first order moved this morning when extras issued newspapers in the larger Immediately tion began afford relief to citizens. Plight for Farmers. Milk distributors planned extend credit temporarily but said they didn't know how farmers would get paid "when they can't checks Retail stores main. to cash during the day Groceries held determine and many reported they policy, would extend credit to regular tomers. Many gasoline did likewise Mayor Frank Murphy Detroit citizens to "be calm." and said resources the city government would be thrown into relief work, needed. At first, dazed by suddenness the action, the citizens adopted the main an apathetic Many, dollars' cash their planned message friends outside the funds to be sent in by for until the closing order lifted. companies said Telegraph cash money were orders for any "reasonable amount. Millions in Gold Received. $15,000,000 and Between shipped into the city gold today from the Federal Reserve bank Chicago, consigned to the Detroit Federal reserve bank branch the Accompanied by detail fifteen was transported to the detectives, vaults of Detroit any part the state Banks kept small staff on hand for and officials reported work depositors at any of the financial At resolution praising "courageous statesmanship in proclamation. Prevented Crash, Assertion. State Representative Vernon Brown, Republican, in supporting the resolution, said he convinced that the Governor had not declared there crashes in the history of the coun- The resolution had no legal stand bills were introduced but two the House which would force banks and trust One the during declare banking holidays and that banks and 'shall not trust The other during designates Feb and 21 as legal holidays and in Michigan May Shorten Holiday introduced The measures after some of the messages received by the during the day challenged his authority order holiday said there was The Governor holiday might possibility full cancelled United that Moran agents had eviobtain the spreading relating information arrest therefor responsible Chapin Goes Back to Capital. people of The urged the local the state report secret any fice of the the spreading false Chapin of the Secretary Commerce Department Ballentine Saturday confer on ington returned to the banking being straighten this out possible moment In these the steps the Federal the secretary of the treasury are

4. February 15, 1933 Steuben Republican Angola, IN
Article from Steuben Republican, February 15, 1933

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MICHIGAN BANKS ORDERED CLOSED Proclamation Provides for Eight Day Holiday Nearly 600 banks the lower peninsula state Michigan ordered Governor Comstock Tuesday morning of the ment the Union Guardian Trust Company of which with large of branch banks tions the state Unable their the bank meet steady demands made on Conferences called with state officials leading of including the heads of the General Motors. Chrysler Ford The former companies while the Ford company deposits excess of and claims have supported the bank with exceeding request made Ford company interests to those of smaller depositors and of Finance Corporation which already made loans the bank This port which they had already the bank Fearing bank panic after conference with leading and and state officials holiday decided upon until adjustments could made whereby all banks of the state would prepared withstand demands usually follow such financial upheaval Much citizens over the and particularly the large cities such Detroit denied made Wednesday ing. permitted withdraw per their relief and that perfected many the banks of again full before expiration of the eightday appreciable effect the Indiana cities by the the Michigan banks Banks of this county had with Michigan local bankers state that they amply able to render full their and depositors that he knew the general banking condition good. that the plan adoptwith approval struction Finance Corporation simply calculated to maintain steadiness an unstable financial situation.

5. February 15, 1933 Daily News New York, NY
Article from Daily News, February 15, 1933

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Article Text

THE MICHIGAN MORATORIUM The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?

6. February 17, 1933 Angola Herald Angola, IN
Article from Angola Herald, February 17, 1933

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Michigan Recovering from State Wide Bank Holiday Order Nearly 600 banks in the lower peninsula of the state Michigan ordered closed by proclamation of Governor Comstock Tuesday morning because of the embarrassment of the Union Guardian Trust Company of Detroit which with large of branch banks was one of the largest banking institutions in the state. Unable to convert their the bank was able to meet the steady demands made on its reserve. Conferences were called with state officials and with some of the leading industrialists of Detroit. including the heads of the General Motors. Chrysler and Ford Corporations. The two former companies were depositors. while the Ford company had deposits in excess of and claims to have supported the bank with investments exceeding request was made that the Ford company subordinate their interests to those smaller depositors and of the Reconstruction Finance Corporation. which had already made heavy loans to the bank This the Ford company refused to do in view of the heavy investment support which they had already given the bank Fearing general bank panic after conference with leading financiers and government and state officials the proclamation for an holiday was decided upon until could be made whereby all banks of the state would be prepared to withstand demands usually follow such financial upheaval. Much inconvenience was occasioncitizens over the entire state, and particularly in the large cities such Detroit when banking privileges were denied them. Arrangements were made Wednesday morning. however. whereby depositors were permitted to withdraw five per cent of their deposits as emergency relief. and is predicted that will be perfected whereby many of the banks of the state again be in full operation before the expiration of the eightday holiday. Much cash was poured into Michigan from outside sources on Wednesday and Thursday and it appeared Thursday that would available for circulation in than in the during the boom times Many banks were expecting to resume operations by Friday in limited and reported that in view of the expected recovery from the situation that state banking department would leave at discreation of the banks the matter of reopening before the expiration of the holiday set.

7. February 19, 1933 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, February 19, 1933

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WEEK'S SURPRISE SHOCKS WELL RESISTED BY PRICES IN GENERAL and CHARLES F. SPEARE BY Consolidated Leased Journal. Feb. The episodes in our unexpected business life and with all of their implications, could not have failed to produce certain liquidation securities fact that they did not The create an even greater degree of of this that stocks meaning have The liquidated group of values. other the most reother developments the subtract from what be encouraging appeared had The present average being the lowest since Octhe confitober, dence that has taken place since that time rather than conditions. measuring a The world was unprepared statewide banking moratorium in Michithat greeted it Tuesday morning some months been assured was sound the and that that while might be weaknesses in that will have supported, the crisis in last banking was there was distinct shock in the spectacle an entire one state, the country largest having its banking entirely withdrawn order to prewhose assets the extent of over per cent were invested in real the heart of this situation is of investing large banking portions the those paper that are not marketable and, while profitable fair weather. are liability disturbed public sentiment. realized now in many that the value of their banks little and henceforth is with the of The Michigan incident recalls the credited the Fidirectors that no major trouble would be permitted banking This might be supported the while no institution Detroit deposits over 500 banks and aggregating have been for prescribed period. That there on the part Corporaassist instiand that toward deinflation apparent each Report Scanned This the report of committee to the opinions and where the ing in mat in the past ters some promoted the investitransportation keen for if they the would of in the frank has closely follow Salt Lake City and Louis railroad conagain the position of the the bondhave abused their and up deearly must be accepted There for continuto railroads that handicapped ratio embarrasses such propreasonable financial the for the railroad sitsituations must an the market totheir the Reconstruction Finance Corporation to additional railroad practically defaulted price Firmer Some banking dismarket, with weakness has developed year suggestion fiinapparent exchanges Japan's credit rest quest for greater considerable loans by the the the foreign trade outlook in South republics the inColomCongress Still Lagging during been helpful legisthe fears the would been an institute what are termed and part in the shrinkage now the general not the time to They the betterment of the situinvolved listenrecital of the Insull vandal may have York Stock ago utterly immediate good and distraught people and farm sidetracked Pressuspend congress abruptly Comstock stopped the

8. February 23, 1933 Belleville Daily Advocate Belleville, IL
Article from Belleville Daily Advocate, February 23, 1933

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MICHIGAN'S BANKS OPENED TODAY FOR LIMITED BUSINESS gan's banks opened for restricted business today. some of them for the first time since Governor William A. Comstock's emergency closing order ten days ago. Rudolph E. Reichert state banking said that most banks were "doing business in the best possible way," and congratulated the state's bankers on their cooperation during the emergency. He said that most banks were cashing checks that had not already been cleared, on the depository percentage basis laid down in the governor's second proclamation issued Tuesday. Generally, the banks were following the plan under operation for the past week in Detroit, allowing depositors to withdraw 5 per cent of their deposits. In Detroit at the opening hour there were no lineups outside the banks and few instances of unusual numbers of customers inside.

9. February 24, 1933 Star Tribune Minneapolis, MN
Article from Star Tribune, February 24, 1933

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NEWS Page. Movie Reel Editorial Movies Markets Winchell Ads Folly Island. Weather Radio Sports 16 Plans started for early pres. the west farm relief proposal. Page The United States general ruling on the proper of assembling to vote repeal. Page The senate banking heard charge the City control the mar ket for its stock. Page Senator assailed he clared control by New York Page The senate did some expense paring and then wiped added Page Mrs. Theodore Roosevelt belated apology from health officer. Page Senator Thomas Walsh sailed for Cuba to marry sugar grower's Page President Roosevelt appointed Representative Douglas of Arizona as budget director. Page Michigan banks reopened. Page 2. Dr. Charles urged cational guidance for employed adults. Page The repeal proposal was put Page The city council committee recommended the department personnel cut Page The park board had natural goldfish bowl Birch at Page Presidents of state teachers' col. united against the proposed curtailment of the state sys. tem. Page Northwest Feed Dealers told unregulated trucks affected their business. Knowledge of school subjects was called not the essential of education of girls by Dr. Malcome Mc. Lean. Page Miss Helen Wilson, former resident of Minneapolis, died Tre mezzio, Page 6. Patrick 79. deputy sheriff, fell dead. Page Two suspended Paul policemen were sentenced for larceny. Page SINCE prohibition went effect several states which were dry have shown wet sentiment. map and story indicate the Page President-elect Roosevelt has decided he'll rely on service agents guard him the inanguration. He told Arlayne Brown, world champion revolver shot. offered that she won't be needed. Page The intelligence that gets marks not the only from educator. Dr. Malcolm college rector the University of urged education that will fit life. Page The big Japanese drive in Jehol started. Page The Mount Everest plane party from Sicily after five Page WOMEN'S NEWS. Evon Nollette describes garments designed for double duty. Page 13. for Swedish meat balls by Kate Smith. Page 13. Restlessness is Elsie Page 13. Jessie DeBoth presents Sunday dinner menu. Page 13. SPORTS. Mickey shaded Frankie Knauer the six-round of the boxing Page 16. The city high school basketball will wind up today. Page 16 Page 17. Alexandria's quintet was elimi nated by the St. Paul Flyers in the feature of the amateur basketball the Ascen sions, Holy Cross and Belle Plaine also won. Page 17. MARKETE Bullish vanished in the Minneapolis pit; Chicago tumbled. Page 18. Stock values slumped to new low averages on large turnover. Page 19. Bonds suffered the worst relapse since the first the 19. Page 19. Dog and lamb trade advanced in South St. Paul: cattle prices mained unchanged. Page

10. February 25, 1933 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, February 25, 1933

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OPEN DEMAND OF MICHIGAN BANKS Mich. Feb. and busimerchants Seventy-five Michiof southwestern ness men the capitol today came state gan Governor William demand Comstock newly ac. to force powers quired bankers open of the normal business governor group require banks, should afteight-day closing an commercial restrictions while continuing checking accounts with around savings safeguards Church Pentecostal 2445 The Pentecostal street holding North Kennedy studies, conducted series of Bible on Sunday Elder Irvin Bradley, by subject bo "What Sin Unto The form an open take study Herman Basore, Mr. and sing the afterBeech noon and evening services. Resigns as Ambassador Feb. Hoover today accepted President Reuben Clark, the resignation Mexico, effective ambassador immediately. The ambassador told days Presithe after he would submit his resignation. Restrict Withdrawals the Lima First American Trust Company meeting night placed restriction withdrawals of effective today resolution, directors limit of two per cent on

11. March 21, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, March 21, 1933

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Moves to Wipe Out Former Guardian Group Holdings for New Capital. ISSUE COMMON SHARES TO Subscriptions to Embrace 25 Per Cent of Impounded Deposits. Following advices from Chicago and Washington the directors of the Grand Rapids National bank Tuesday morning placed before depositors a plan expected to create within few days an entirely new Grand bank, completely wipe out the former Guardian group stockholdings and substitute new capital in the form of common stock provided by subscriptions of 25 per cent of existing impounded deposits in the bank. The bank would thereafter be owned by its own depositors, with additional capital supplied by the Reconstruction Finance corporation. It would open for a complete and unrestricted banking business. Immediate enthusiastic reception of the plan was announced after five meetings with the depositors of the bank and promptly upon securing the necessary subscriptions it was planned to communicate with the RFC for final arrangements. Pointing out the usually fine position in which the plan will place the recapitalized bank, Joseph H. Brewer, president, sketched the situation as follows: "For three years this bank has been regularly off all on loans other instructed by the strictest all examiners, the national banksystem. With each writing off of losses the bank's surplus duced accordingly. Following the last examination just preceding the bank holiday stood with impaired capital of $1,000,000 and surplus. "This position we felt should have entitled the bank to ahead, but subsequent requests have brought insistence that every "doubtful" should off and all depreciation on bonds loss, regardless of probabilities that the loans would be restored sound basis and the bonds would rise in price. Recognizing the great inconcommunity from the lack banking facilities the rather than to for more favorable in this the go length and have offered the wiping out of clared the federal examiners to -and, to-place the bank and take of funds under which depositors themselves, 25 per cent of imto the new stock. would retheir bank. "The has been favorably hoping for reopenthough exact of determined." Board in Statement. The board directors the Grand Rapids National bank thorized the following statement: last business day governor's proclaimed for all Michigan banks, bank functioning banking customers in Grand Rapids and all of western Michthe regular semi-annual examination bank begun by national bank Feb. 1933, was shown that after charging off all actually determined its capital unimpaired and that had surplus. Like most banks, was carrying ing of made to and ordinarily able their debts. The report included list of bonds on which interest was being paid. but which like all bonds were depreciated value. The bank not borrowed at time from finance and on Feb. was not indebted federal bank Ample funds and assets were on hand which to continue functioning in normal and meet requirements of its customers Cites "Sound Policy." March the federal government licenses permitting banks that had (Continued on Page 2. Column 5.) Dance tonight, 949 Division. Admission 15c; check

12. March 29, 1933 Battle Creek Moon-Journal Battle Creek, MI
Article from Battle Creek Moon-Journal, March 29, 1933

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GRAND RAPIDS TRUST COMPANY IS REOPENED Grand Rapids, Mich., March 29. of the Grand Rapids Trust company for regular business under restrictions prohibiting withdrawals for hoarding today eased the strained banking situation here. Two other banks, the Grand Rapids Savings bank and the Grand Rapids National bank, reported reorganization plans virtually complete. They expect to rewithin few days. The savings bank asked Its depositors purchase preferred stock with 20 per cent of their ings, while the national bank will be reorganized with original stockholders surrendering their stock.

13. June 30, 1933 The Flint Journal Flint, MI
Article from The Flint Journal, June 30, 1933

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G. R. BANK DIRECTOR NAMED CONSERVATOR Grand June Burch, director of the Grand Rapids National bank, today was appointed interim conservator the institution to handle its affairs organization of bank on the foundations of the old can be The bank has been doing only limited business since the banking holiday The appointment, made by the

14. August 4, 1933 The Kalamazoo Gazette Kalamazoo, MI
Article from The Kalamazoo Gazette, August 4, 1933

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NEW GRAND RAPIDS BANK CHIEF NAMED Brewer to Head Institution He Says Probably Will Open August 14. GRAND RAPIDS, Aug. president of the Grand National announced Friday been and confir National Bank of Grand old His to replace the approved by appointment federal reserve Reconthe er said. of bank will directors elect bank organized to the Grand Rapids National which been doing limited state 14, according to

15. September 1, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, September 1, 1933

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URGES BE PRESENTED G. R. National Conservator Reports 15,358 Depositors Delay Action. John K. Burch, conservator for the Grand Rapids National bank, announced Friday that while 34 cent been presented in with the 50 per release of pounded deposits, claims of such not yet been For of these depositors the ranged for the bank handle claims, well as the National Bank of Grand Rapids, this and the week. Depositors urged present their claims before the coming week after that claims must presented at the Grand Rapids National bank floor Grand Rapids stead the Bank of Grand Rapids or the branches.

16. September 25, 1933 Fort Worth Star-Telegram Fort Worth, TX
Article from Fort Worth Star-Telegram, September 25, 1933

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Advanced by RFC During August WASHINGTON, Sept. Finance Corporation Monday reported to Congress that during August it authorized advances aggregating $111,495,529. The report, made public by South of the House, showed was authorized loans banks, companies, railroads and institutions. total turned to Federal Relief for distressed States. That brought the amount under act to Aug. 31. Of loans to financial institutions, $36,178,287 went banks trust companies. This included $17,aid the liquidation of banks closed or in process liquidation. Other advances were listed as follows: To building and loan associations, insurance companies, $650, mortgage companies, $3.Federal Land Bank Omaha, $2,000,000 : Agricultural Credit Corporations, stock Credit Corporations, Corpothe cago Northwestern ComApplications for loans filed by fed institutions August totaled 221, as follows: 148 from banks and trust three each from building and loan and surance companies: 20 from mortgage companies: each from credit union, Federal Land Bank, Joint Stock Land Bank, railroad and from State insurance fund from Agricultural Credit Corporations and from Regional Agricultural Credit Corporations. Of the other advances authorized, $3,500,000 went the Agriculture for 500,000 the Secretary of the Treasmake payments Federal ury Home Loan stocks; $3,200,000 the Land Bank Commissioner facilitate loans on farm mortgages. The corporation sold $70,000,000 making total $1,690,000,000 notes outstanding at the close of business on Aug. Among some of the larger leads au thorized Federal National Bank Trust Washington, the Commercial Bank of Washington (receiver), $1,885,000 District National Bank, conservator, Washington, the City Savings Bank Trust Company ShrevePresque Isle National Bank, conservator, Presque Maine, $1,378,000; Dearborn State Bank, Mich. $2,539,000; Guardian Bank Dearborn, Mich., $2,000,000; Grand Rapids National Bank, conservator, Grand Rapids, Mich., Highland Park State Bank, Highland Park, Mich., Peoples Bank of Highland authorized includ$1,000,000 to the East Tennessee National Bank receiver, Knoxville: the County Corporation of Cambridge, Md., $1,600,000 New Mexico Corporation, Albuquer$400,000: Lebanco Realty Investment Company of Louis, $2,048,000. Loans previously authorized and withdrawn canceled during August totaled Receipts the corporation during the month amounted expenditures totaled $149,064,634.

17. September 26, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, September 26, 1933

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UHL RECEIVER FOR OLD BANK Conservatorship Is Terminated by Order of Comptroller of Currency. TAKES POST IMMEDIATELY E. prominent Grand Rapids business man and leader in the party in Michigan, late Monday appointed ceiver for the Grand Rapids National by the National Bank of Grand Appointment made by J. T. comptroller Uhl. It marks the termination of of old John received following telegram late Monday from Mr. appointed receiver the Grand Rapids bank ship. Take trust receipt telegram by forwarded to Grand Awaits Instructions. He he would over the He probably will the post Wednesday The that the attorney for the The receiver would follow conservative program in liquidating the of the bank in his Mr. Uhl of the late Edwin Uhl, to Geron Page 2. Column 7.)

18. September 26, 1933 Lansing State Journal Lansing, MI
Article from Lansing State Journal, September 26, 1933

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Grand Rapids Bank Receiver Is Named GRAND RAPIDS, Sept. 26 (AP) of the defunct Grand Rapids National bank has been changed to and David Uhl, in circles the bank, the National Bank of Grand Rapids, has been organized take over the assets of the old institution. Uhl will start liquidating frozen sets of the old bank immediately, he said.

19. October 3, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, October 3, 1933

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CITY, COUNTY WIN SUIT from First Page.) faith is not urged to be excessive, must While the suit the two to only was paid under protest the City Frank Thomas Vidro all that the county expected collect from the Had the plaintiff the county likely would have been whatever this part the tax that had lected as Frank Peterson, chairman the committee, announced time that those who paid without would have been accorded the same those budget this might have been difficult. Led by League. Under of the league tax to City Treasurer Smith under pro test pending outcome the suit. That part of the collection involved in the segregated Smith, was the agent, left the Grand Rapids National bank, which closed the banking holiday and since reorganized. decision the high court Thaddeus B. Appearing for the league case was Attorney Hall. Attorney Souter, attorney when the city and Prosecutor Bartel an assistant, N. Searle, for the county.

20. January 2, 1934 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, January 2, 1934

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ASKS TRUST FUND CASH BE CLAIMED BY FEB. 1 Those still ve trust funds the Grand Rapids National bank urged by David E. Uhl, receiver for that bank, to draw those funds before Feb. 1934. These trust funds are separate account from the impounded deposits and total many who had trust funds transferr them the National Bank of Grand Rapids or other banks this total remains inactive Mr. Uhl added that if the trust funds are not withdrawn by Feb. can to the National Bank of Grand Rapcrediting them to their respective owners Grand Rapids National bank still has $30,000 deposits which has not the sent dividend rrangement of last August.

21. January 13, 1934 The Baltimore Sun Baltimore, MD
Article from The Baltimore Sun, January 13, 1934

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Senate Witness Testifies President Wanted No More Failures TO GUARDIAN Edsel Ford Reveals How His Father Precipitated Banking Holiday In Michigan By (Continued from Page represented entertaining that opinion. Defends Banking System Mr. Leyburn also defended the tional banking system against tee criticism based the fact that although, the record shows, bank examiners frequently criticized the group, action their reports was taken by the Comptroller's office. Senator Couzens (Rep., What your interpretation of his A.-Because he told by the leged higher command. Senator are you from hearsay from your knowledge? from my own knowledge. From my knowledge was told by the higher mand do rock and not any more failures. Quizzed By Couzens Senator Couzens asked the witness meant by "the higher command,' and the and the Secrethe Treasury.' the committee's counsel, brought out that, until the 1933 banking was the passed, tional bank examiners without power remove bank officials cause mismanagement. Otherwise, their only power close bank because to take away that necessitated court Mr. adding that the in the act, tion referred teeth in question of power to take away national bank's has been law since Mr. has been resorted to only of Maryland the First National Bank Hagerstown, fourteen fifteen Banking Act Violated The Hagerstown bank, he said, "violated section the National Banking looked for more The Comptroller, he powerless other than bring action the Federal court 1921 away the bank's precipitated run on the bank forced receivership. The bank's offered to resign and sell their stock others drawn and that was done, their stock Mr. Leyburn, but the publicity the that recovered shock" later close. other words," continued, sounds good that you anything to with offending bank, but you give medicine the patient." Concerning the true condition of the group banks, Mr. Leyburn. reviewing what happened them since the banking holiday, could talk forhappened them.' unit banks that reopened, had been able to do so only reorganization. Bank Reorganized "The Grand Rapids National cember 1932, had in said. been reorganwith RFC aid under fifty Asked what he meant by fifty waiver,' he replied: depositors got cents on the and gamble the The Ionia bank under servator hopes reorganize and RFC aid basis. bank Lansing, said. similar condition, proceeded list the other units the group like fashion. One For When he got the Union Guardian Trust Company, keystone in the group and the institution where group's collapse began, he said: don't think any attempt has been reopen that bank. matter would take Houdini open dead. the bank. have been made Detroit the Guardian National (biggest the group) others the group because of some Wall Street you know A.-No, think it's wonderful fairy Government Defended Mr. Pecora asked if the witness wished before being excused, Mr. Leyburn plied: "Only that the the Treasury and the RFC of being the big, Detroit dark virgin and baby Most of that from some big politicians there they're trying to out of depositors insult the people Michigan." The collapse the Guardian due number things, to follows: mouthful when say that. Then,

22. March 9, 1934 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, March 9, 1934

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IS SEEKING FURTHER PAYOFF Grand Rapids National Bank Receiver Confers With C. in Detroit. David E. Uhl. receiver for the Grand Rapids National bank, in Detroit Friday. understood being made the RFC for of deposits by the local bank. Ladies' beautiful rectangular and the 182 $1 down. $1 weekly.

23. March 20, 1934 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, March 20, 1934

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SEEKS UHL ADVICE ON DEPOSIT LOANS School Board Will Submit Resolution to Local Bank Receiver. A resolution adopted by the board of education Monday night urging legislation by congress to provide loan funds for schools on impounded bank balances and delinquent taxes will be submitted to Marshall Uhl. receiver for the old Grand Rapids National bank. before copies are sent to the local representatives in congress. motion to submit the resolution to Mr. Uhl was by Fred P. Geib, who mentioned that Mr. Uhl was making efforts to obtain federal loan to pay off part of the impounded balance. Mr. Geib said he believed the board should take no steps which might embarrass Mr. Uhl's efforts. George Davis, president of the board, reported he planned to send copies of the resolution adopted to other school districts for similar action in promoting legislation. Robert H. Merrill, chairman of the business committee, reported the board of education had saved $27,069 by the painting done in the schools by the CWA. The work cost the CWA more than $34,000. he said. but the board had estimated it could be done for the lower figure under normal contract conditions. Field Work Expensive. Mr. Merrill pointed out the purthe CWA was to create jobs at once and that there was no time for adequate planning of projects. For this reason. he said, the work at Houseman field had been expensive. He assured board members the field will be in good condition when work is completed. and remarked that the recent heavy rain proved the drainage was excellent. Claims of $190,341. including teachers' pay roll of $165,385. were approved. Unless state funds are received the board will have insufficient funds meet the next pay roll, Herbert N. Morrill, business manager, informed the board. Supt. Leslie A. Butler reported a. decrease of 1,124 in enrollment for March from March, 1933. The big drop is in postgraduate classes which show decrease of 601. The enrollment nows is 29,734.

24. November 5, 1934 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, November 5, 1934

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BANK RECEIVERS CLOSE OFFICES ELECTION DAY Receivership offices for the Grand Rapids Savings bank, Grand Rapids National bank, American Home Security bank, GalewoodWyoming bank and East Grand Rapids will be closed all day Tuesday because of the election.