National Bank (Washington, DC)

Episode Information

Episode UID
342501599
Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
34250 national
Charter Number
3425
Start Date
March 6, 1933
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b714e045bd6342a2

Response Measures

None

Description

Articles also mention Commercial National Bank being placed in receivership; unclear if references to 'National' always mean this specific institution.

Events (3)

1. December 28, 1885 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Federal/state-declared bank holiday and Treasury/Federal Reserve regulations during March 1933 national banking holiday
Newspaper Excerpt
the four-day bank holiday; Washington banks licensed to reopen after the bank holiday
Source
newspapers
3. March 13, 1933 Reopening
Newspaper Excerpt
All to Resume at Same Time If Reserve Board O. K's; Washington banks today were awaiting word from the Federal Reserve Bank at Richmond for permission to resume activities tomorrow.
Source
newspapers

Newspaper Articles (6)

Article from The Washington Herald, March 1, 1933

Click image to open full size in new tab

Article Text

Will Cut All Red Tape in Making Loans on Good Securities; No Moratorium Likely By RICHARD HATTON The Reconstruction Finance Corporation was prepared last night to loan money immediately any bank that may be forced into difficult by the closing of the Comsition mercial Bank With this information came word from the corporation that loans would be made only on reptable security although all tape would be cut to make money available. NO MORATORIUM Possibility of banking mora torium in the District does not exist explained by the following statement: "There apparently been some misapprehension the possibility of action the District of Columbia affecting the banks similar that taken Michigan and "There no law and thority in public official declare moratorium bank holiday in the District. "What done in Michigan and other places not, under our laws, be feared by positors here because no one has the power to do what Comstock and Gov ernor Ritchie WILL CUT RED TAPE Discussing the availability immediate aid to any bank fected by closing of the National. official the Reconstruction Finance Corporation had the following has been ascertained that through the cooperation of the Board of the Reconstruction nance Corporation, together with the Richmond, Va., Loan Agency and the local advisory arrangements have been effected whereby local institutions. should the need arise, may secure loans sound assets from the and get prompt and almost service. "This occasioned by the fact that ordinarily is the practice. in making loans, that they must be proved by the committee prominent have been selected by the board and who first must give their approval and submit their recommendations the loan agency the Federal Reserve district which the banks are located. the of Washington, ordinarily loans. after being proved by the local would be transmitted to Richmond, the headquarters of the Fifth Federal district. being the headquarters of the board, the facilities that body are available to any the local banks desire make loans their sound assets, more the board being located


Article from Paragould Daily Press, March 2, 1933

Click image to open full size in new tab

Article Text

Jealousy Charged For Killing Senate the Amend- of Bank Panic Ex- Murder Case of Leslie Cox Accepts Spread After Bring Call on of Fort Smith Goes to ments King pected to Bill Congress Jury nounces Mar. uncertain last night awaited the Smith cotrelief bill the White The intended to cotton prices through acreage his tion and pooling plan, sent President Hoover completion congressional action. for Administration senators expressed doubt that the bill would be while sponsors of the measure, including Senator Smith. Democrat. South Carolina, its author. claimed they lieved would receive White House proval. The bill was sent to the president early in after the Senate accepted without record vote and with only few audible amendments by the Senator King. Utah. denounced proposal tending "perpetuate the that has grown up under the Farm Board" and "projecting the government again into the buying and selling Smith and Senator McKellar, DemoTennessee, its the the former declaring "may the beginning in the break in the deadlock of price the Those predicting veto of the bill based their belief the fact that all Republicans the House except those in cotton textile voted against House passed Tuesday, 188 to State Campaign Under Smith Bill Planned Little Mar. Roy assistant director of Agricultural Extension Service. advised yesterday by official Washington of the passage the Smith cotton duction bill and requested to prepare organization for paign in behalf the measure signed by the president Evans, associate chief of extension will come to Arkansas immediately the bill signed by launch the acreage reduccampaign, Mr. Reid said. The bill provides for farmers to tain options on the amount of cotton they would have grown on the they agreed to take out of cotton cultivation to 30 per cent of their total acreage. there an increase in cotton prices they will have privilege of exercising their while they can cancel the contracts if prices do not increase. Mar. resplendnational already with visitors, awaiting the President for rival of Saturday and the distressed nation. quivering mingled and eagerly watching anxiety hope. harbinger of his promised With the banking panic addir to the regions and thereby the depression, the gravity like through the has run the president to make that new restore tranquility either in his inaugural and An address or immediately the regarded leaders here are saying that commanding gesture the calls for and what what they expect of Roosevelt he the oath of For this takes they attach much significance summons to William Woodin. his choice for secretary confer in New York Treasury. believe that the RooseThey action in emergency being shaped by the crisis Mr. Woodin and other advisors. Observes Proprieties that Mr. Roosevelt was appears leaders strongly by urged business men several ago and to the reassuring to either independently in President Hoover. He junction with contrary to his declined. take of the conception character before becoming step of this president. leaders are content Some Democratic policy of hands with Mr. Roosevelt's moment he takes off right up believe that the the oath. They country. which nomic condition of the violently the last fortslumped in reached lowest will depths the Republican regime ends Then, comes noon Saturday. the magician's wand will begin pick up at and things hitting the upgrade stock optimistic antiand all that the more cipate. Democratic leaders, however, Many alarm the bank are exhibiting much states where withscare spreads beyond has been partially drawal of deposits had visual suspended. Congress the bank scare and the evidence of right at its doors in of hoarding three as runs on many the last Washington banks have developed. The National Bank closed. the Commercial Bank limited withDistrict National five and many savdrawals banks invoked the 60-day notice ings clause. Democratic leaders in the House were yesterday that the emergency saying meeting of the new Concalls for the after March as phygress soon event before sically possible and any which the tentative date fixed. April, intend Mr. Some of them urge the call at once for Roosevelt to issue not later than session to that Henry March chosen for in the Rainey, Democratic caucus tonight, will take the leadership in this move. Rebinson for Definite Program DemoSenator Joseph denied that he contemcrat, Arkansas, plated urging the at once. He call new Congress matter for Mr. Roosesaid that was decide. Arkansas senator velt believes that definite program should before calling Congress. does what Congress could He the bank scare except by to allay to bank legislating S which he cold. The measure Glass banking reform would but this measure which his by the Senate has been been passed blocked the House by Representative Henry Democrat. chairman the Banking Currency Committee, because the refusal the Senate House bills sponpass sored by Mr. Steagall. Other leaders in the Sensaid that whether they would urge of would the Mr. Roosevelt depend on program brings forward. Mr. Roosevelt has said his inaugural address yould not take more than eight minutes to deliver, therefore concluded no detailed program presented. Still, is conceded that brief as be, the speech may outline action that will program dissipate alarm inspire the American with confidence that the people tide at hand. are confident that the inaugural address will contain definite that there will inflation of the that budget will be balanced, the counremain on the gold standard try and that the federal government be reduced radically. Assurances against inflation and pledges an balancing of the budget, early contended. would go far toward endthe bank scare and the increased hearding that started Panic has spread bank depositors, said, by the failure to budget increasing agitation for and the lack of evidence Mr. will take strong stand against inflationary Circuit Court asked night to jury decide whether Leslie Cox. rancher, killed Charlie one of his because the ranch his life Morris him when the rancher accused tenant stealing The case went to the composed 12 farmers merchants, at after sensational trial. Prosecuting Attorney Harrell Harper demanded conviction the strength testimony that Cox quarreled with Morris over the housekeeper his near Jenny Lind. Ark., while the asked acquittal on the ground that Morris attacked Cox with pocket knife. took stand deny any illicit relationships the in only and declared he shot him with knife Morris after he had Morris stealand food from the ranch. ing testified that he after Cox firing and the body for more than helpless hour. denied that Morris an dismiss requested ground she housekeeper dissension in the families causing ranch tenants. Clark and Jchn Morris, the Albert latter brother slain man. testified that the housekeeper the "constant trouble" beof her relations Cox. Bynum testified that Charles Morris him few days shooting that he had asked the Cox the housekeeper and had the unless his request was granted.


Article from The Washington Times, March 9, 1933

Click image to open full size in new tab

Article Text

Banks Free Money For Essentials Washington banks today started granting withdrawals by depositors who need the money for the purchase of food, medicine, and other essentials-and found few persons taking advantage of the service. Each depositor who came to draw money was required to sign a printed form to the effect that the money withdrawn was to be used for necessities. No limit was set by the banks, but those making the withdrawais were asked to explain their needs and the sum was determined by this method. Amounts paid out ranged from $5 to $25. Withdrawals Are Light Bank officials in all parts of the District said that the number of withdrawals was running exceedingly light, an indication that the four-day bank holiday has worked little if any hardship in Washington. The withdrawal of money was made possible through instructions issued by the Washington Clearing House Association to its members, based on regulation No. 10, the "humanitarian" regulation issued by Secretary of the Treasury William H. Woodin. Reversal of Position In taking this stand the clearing house reversed its position of yesterday when it recommended against any action on Regulation No. 10 pending further clarification of the ruling which was termed as vague and too broad. While this action releases a certain amount of funds from the banks, no action will be taken on another section of the regulation providing that the banks may meet payrolls. Bankers pointed out that if they did this they would jeopardize their own position, by paying out money while they are unable to take any in. No bank, no matter how strong its position and reserve, can long do this, they said. Under restrictions placed on the banks by Secretary Woodin, banks may receive new deposits, but these deposits must be kept in trust. So far all local banks (Continued on Page 2, Col. 3)


Article from The Washington Times, March 10, 1933

Click image to open full size in new tab

Article Text

PAYROLLS HERE MET BY BANKS (Continued from Page One) certificates may be withdrawn, however. The local banks also continued allowing their depositors to withdraw funds up to $25 for purchases of food, medicine, and other essentials permitted under Regulation No. 10. Those making the withdrawls must sign statements that the money is to be expended in accordance with the regulations of the department. Padded Payrolls Alleged Several banks reported they had detected several instances of business men trying to pad their payrolls to get larger amounts of cash on hand in their establishments. To check this, the banks were requiring the business men to present their payroll books as proof of their needs. Some banks, however, not sure of the authority to issue money to meet payrolls, were asking the business men to sign 10-day notes for the money they withdraw to meet the payrolls. In this manner, they said, they would be protected if it was learned afterward that they did not have authority to issue the money. Rent Not Considered Banks do not consider payment of rent one of the essentials covered in the regulation, several being reported as refusing to honor withdrawals for rent payments, holding that the landlord must wait payment as do stores and other business concerns. The Clearing House last night advised its members to prepare to reopen on short notice, and it was believed that all banks will be opened for business in full by next Monday. Some banks may be reopened tomorrow, it was indicated. At Upper Marlboro, Md., the First National Bank today started cashing pay roll checks and also cashed checks for county employes whose offices carry accounts in the bank. Exchange to Open The Washington Stock Exchange, closed following the proclamation of the bank holiday, will also open again Monday, it is believed, and local brokers are looking for a rising market.


Article from The Washington Times, March 13, 1933

Click image to open full size in new tab

Article Text

BANKS PREPARE FOR OPENING TOMORROW All to Resume at Same Time If Reserve Board 0. K's Clearing House Plea Washington banks today were awaiting word from the Federal Reserve Bank at Richmond for permission to resume activities tomorrow. It is expected that the Federal Reserve will honor the request of the Washington Clearing House Association and send out notification simultaneously, so that all banks here which are members of the system will receive licenses and open at the same time. The Clearing House made this request, pointing out that failure of any bank to open at the same time as the others might be misconstrued by depositors. While the local banks are expected to reopen tomorrow morning. Secretary of the Treasury William H. Woodin issued instructions to banks that they guard against hoarders. Withdrawals Limited Until more normal conditions have been established. the Secretary instructed, withdrawals should be limited at the discretion of the bank to necessary funds. This will permit the banks to restrict withdrawals of, in their judgment, the money to be taken out of circulation. Warning was again issued that 3 o'clock Friday is the deadline for those who have been hoarding gold or gold certificates to turn them in. Names to Be Listed At the close of the banking lists of those who sums or 1 will be have gold day February Friday withdrawn gold certificates large sent Reserve to since the of governor of the Federal at Richmond for such action as the Government may deem advisable in view of the President's edict against hoarding. It is believed that few persons will fail to turn in their gold as the President asked, bankers pointing out that in the past few days many thousands of dollars have already been turned in at local banks and at the Treasury. Today, the last of the bank holiday proclaimed by President Roosevelt, found Washington banks carrying on limited business and prepared for general reopening tomorrow. The reopening is expected to give a bc m to local business. Savings banks and other institutions here which are not members of the Federal Reserve System have applied to the Comptroller of the Currency for licenses to reopen, and it is expected that they will be given permission to resume on Wednesday.


Article from The Washington Times, March 17, 1933

Click image to open full size in new tab

Article Text

STOCKHOLDERS AND PATRONS TO CONFER Commercial National Chief To Bare Plan to Reorganize; D. C. Banking "Normal" Washington banks licensed to reopen after the bank holiday are back on a practically "normal" operating basis, local bankers declared as reopenpositors today that followed the rush the of deon ing of 20 local the banks usual volume Tuesday fell away to of business. Clearing House records showed that checks totalling $1,716,728.31 were cleared yesterday. This figure, it was said, is about the normal day's clearing. Wednesday $2,888,365.93 was cleared, but this large sum was due to the Government pay day and to some of the outstanding checks from the holiday period still being cleared, it was said. Depositors to Meet Plans for reorganization and reopening of the Commercial National Bank, the only institution in the District placed in the hands of a receiver as a result of the recent banking crisis, will be discussed at a meeting of depositors and stockholders to be held at the Mayflower Hotel tomorrow night. Col. Wade H. Cooper, president of the bank, who called the meet- a ing, declared he would hold series of such gatherings if necessary in order that the 20,000 depositors may learn "the true facts" leading up to the closing of the institution February 28. A "safe and sure" plan for speedy recovery of the bank has been developed by Colonel Cooper, he said, and he expects to reveal this at the meeting tomorrow night. Merger Plans Wait Plans for reorganization and possible consolidation of the 13 Washington banks which were not licensed to reopen at the end of the President's national bank holiday were still in abeyance today. Officials of the banks are exmeet pected shortly to to discuss in the conference possibility of receiving Federal aid in event plan of consolidation may be worked out. Meanwhile conservators of the banks are working over the assets of the institutions, preparatory to making a report to the Comptroller of the Currency as to their strength and the possibility of reorganization for the protection of depositors and stockholders. One Reopening Denied Reports that one of the 10 savings banks which failed to receive a license would open tomorrow was denied at the office of the Comptroller of the Treasury and by the conservator handling the affairs of the bank. The conservator pointed out that he has been at work for only two days on the bank's affairs, and said it would probably require several weeks before his report on the assets would be completed and sent to the Treasury Department, which will then act on the question of issuing a license.