Equitable National Bank (Baltimore, MD)

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Episode Information

Episode UID
453001598
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
45300 national
Charter Number
4530
Start Date
February 25, 1933
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a681d76a846980bd

Response Measures

None

Events (3)
1. March 5, 1891 Chartered
Source
historical_nic
2. May 17, 1900 Voluntary Liquidation
Source
historical_nic
3. February 25, 1933 Suspension
Cause
Government Action
Cause Details
Statewide three-day banking holiday proclaimed by Governor Ritchie impounding deposits and suspending operations while emergency legislation was drafted
Newspaper Excerpt
All banks in Maryland were closed today under a three day banking holiday proclaimed by Governor Albert C. Ritchie to stop heavy withdrawals
Source
newspapers

Newspaper Articles (13)
1. February 25, 1933 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, February 25, 1933

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BANKS CLOSED MARYLAND BALTIMORE, Md., Feb. 25. (U.P.) All banks in Maryland were closed today under a three day banking holiday proclaimed by Governor Albert C. Ritchie to stop heavy withdrawals which threatened the stability of the state's financial institutions. The holiday, impounding deposits of more than $800,000,000 in 205 banks and trust companies, will continue at least through Tuesday. Governor Ritchie in a formal statement announcing the holiday expressed confidence the banks would be able to reopen on Wednesday after passage of emergency legislation enabling them to restrict demand withdrawals to a given percentage of depositors' funds. The governor expected to work out details of the legislation today with Attorny General William Preston Lane. The proposal will be presented to the state legislature when it reconvenes at Annapolis Monday night. Immediate passage under suspension of rules will be sought. Governor Ritchie announced the holiday last midnight after a six hour conference with leading Baltimore bankers at the federal reserve branch bank

2. February 25, 1933 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, February 25, 1933

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Banking Holiday for All Maryland Feb. Albert Ritchie late tonight declared tomorrow legal holiday all banking and financial institutions of Maryland and made Monday and Tuesday in an effort for banks here take against heavy this week. Howard Bruce, chairman of the Baltimore Trust company, said withdrawals totaling made his institution today and the week's withdrawals were $13,000,000.

3. February 25, 1933 The Daily Times Salisbury, MD
Article from The Daily Times, February 25, 1933

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Seen In Line THREE DAY HOLIDAY For Post MARYLAND BANKS PROCLAIMED BY STATE EXECUTIVE Governor Ritchie Issued Proclamation Stem Heavy Withdrawals From Baltimore City Concerns During The Week SUSPENSION OF OPERATIONS IS TO-ENABLE GENERAL ASSEMBLY TO PASS PROPER LEGISLATION No Justification For Withdrawals, Declares Governor; Situation Not Created By Condition Of Any County Institution Baltimore, Feb. bank and financial institution Maryland was closed today by proclamation of Governor Albert Ritchie to stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchfe, by his proclamation, declared today legal holiday accompanied with statement that the moratorium would be extended daily to included Monday and Tuesday while the Maryland General Assembly prepared legislation to aid the banks. The proclamation, as interpreted by Attorney General William Preston Lane, affected banks, saving intitutions, trust companies and building and loan totaling more than 200 in the state as well the Baltimore stock exchange. A $13,000,000 withdrawal, principally by small depositors from Baltimore banks this week, prompted the bankers of the state to confer at the federal reserve branch bank last night with Governor Ritchie and state officials. The was followed the governor's proclamation and stateAttorney General Lane immediately began, with the aid of John Ghingher, State Bank and the state law and banking several intended to relieve the financial cerns for introduction in the state islature which reconvenes in Annapolis Monday night. The provisions of the proposed legislation were not revealed by the state officials but bankers intimated they would designed to declare the all banking institutions basis that would classify them in manner governing the rate which withdrawals from each institution would be permitted after the holiday's close. The hope was expressed by Governor Ritchie that the legislature would enact the measures. by Tuesday permit the banks to reopen with ample facilities available for the needs of the people." No bank was singled out for the withdrawals but they were general throughout the city, being taken out yesterday, while county banks were unaffected for the most part. Bankers who attended the conference said the withdrawals resulted from an uneasy state of mind created the state-wide suspension of bank in Michigan, the closing the Title Guarantee and Trust Company here Monday and made before the Senate Banking and Currency Committee in Washington during the week. The total resources of the Maryland banking concerns reported to the the currency of Dec. 31, The deposits the Baltimore banks was placed half billion Attorney General Lane said the terests depositors will be paramount in drafting of legislation under which the Maryland banks will reopen after the banking holiday. survey, he said, was being made legislation recently enacted in othstates to deal with banking situations similar to that in and this information would be utilized formulating the bills for the General Assembly. Special attention was being paid the Iowa law, passed in January, providing for the of fixed according schedule and in some the segregation of old and new declaring the Maryland bank iday, Ritchie relied section of the code, dealing exchange and notes" which in addition scribing certain regular holidays the Fourth of July and Columbus Day special days that may be pointed by this days fasting and prayer, sation of business, shall regarded legal Governor Ritchie had asked consider bank holiday night of first days the (Continued page

4. February 25, 1933 The Daily Times Davenport, IA
Article from The Daily Times, February 25, 1933

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Banks on For Maryland Acts After Heavy Baltimore Feb. ciated bank and financial institution in Maryland closed today by proclamation of Governor Albert Ritchie stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchie, by his proclamation, declared today legal holiday and with that the would be extended daily to include Monday and Tuesday while the Maryland general prepared legislation to aid the banks. The governor's statement as interpreted by Attorney General William Preston Lane, affectbanks, savings institutions, trust companies and building and lqan associations, totaling more than 200 in the state as well as the Baltimore stock exchange. withdrawal, principally by small depositors from Baltimore banks this week, prompted the bankers the state confer the Federal Reserve branch bank night with Governor Ritchie and state officials. The conference followed by the governor's proclamation and statement. Legislature to Act Attorney General Lane immediately began, with the aid of John Gringher, recently appointed state bank and the state law and banking departments, several measures intended relieve financial introduction in the state legislature. reconvenes at Annapolis Monday night. The provisions of the proposed legislation were not revealed the state officials but bankers timated they would be designed to declare the assets of all banking

5. February 25, 1933 The Dispatch Moline, IL
Article from The Dispatch, February 25, 1933

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MARYLAND Governor Ritchie Acts to tect Institutions After Withdrawals. Baltimore, bank and financial institution in Maryland was closed today by proclamation of Gov. Albert Ritchie to stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchie, by his proclamation, declared today legal day and accompanied it with statement that the moratorium would be extended daily to include Monday and Tuesday while the Maryland general assembly prepared legislation to aid the banks. The governor's interpreted by Attorney General William Preston Lane affected banks, savings institutions. trust companies building and loan associations, more than 200 the state as well as the Baltimore stock exchange. Withdrawal. withdrawal. principally by small depositors from Baltimore banks this week, prompted the of the state to confer federal branch bank last night with Ritchie state officials. The conference by the governor's proclamation and statement. Attorney General Lane immediately began, with the of John Ghingher, recently appointed state bank commissioner, and state and banking department, preparation several measures tended to relieve the financial cerns introduction in the state which reconvenes at napolis Monday night. The provisions the proposed legislation were not revealed by the state officials bankers they would designed to declare the assets of all banking institutions "frozen" basis that would classify them in the rate which withdrawals from each be permitted after the holiday's close. Harry Fahnestock, president the Baltimore stock exchange, nounced today the exchange would closed until further notice. Confer with Bankers. Washington, of the poration have been conferring Maryland bank officials the situation in that state the several and although corporation discuss the question was understood today that for the banks likely to arranged. Field workers for the corporation keeping in close touch with state officials well bank presidents and directors. Since the Michigan bank holiday two weeks ago, more than the usual been shown members of the corporation board anything connected with the banking situation. Executive meetings of the board have been held with all except the actually needed employes barred from the room.

6. February 25, 1933 The Dayton Herald Dayton, OH
Article from The Dayton Herald, February 25, 1933

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SENATE AND HOUSE BOTH APPROVE BILL CONCERNING BANKS Couzens Resolution Is Passed, Giving More Power to Comptroller. Feb. 25.-Acting senate today concurred in house to the Couzens emergency banking enabling the of the currency authorize bank co-operation banks in crises as those Maryland and Michigan. senate acted after the The resolution will sent to the White House for it has been signed Vic President Curtis Speaker Garner The would be in effect six with provision can be for like period by of the It introduced by Senator Couzens, (R.), Governor of declared eight-day Sponsors the believe will effective co-operation to emergencies as that in Specific against any of banking by national the nary powers granted the comptroller All banks Maryland closed under banking holiday by Albert Ritchie stop heavy drawals the stability of the state's financial instituThe holiday impounding deposits of more than $800,000,000 in 205 banks and companies. will con. at least through Tuesday Ritchie formal announcing the holiday exthe banks would be reopen Wednesday after passage of emergency legislation enabling to demand withdrawals given percentage of depositors' proposal will be presented legislature when Annapolis Monday night. Immediate passage under suspension of rules will be sought Governor Ritchie announced the holiday last midnight after six-hour conference leading Baltimore bankers the Federal Reserve Branch To assure legality of the action, he today to be legal holiday for all issued proclamation declaring financial in the state. He arranged issue similar proclamations succeeding business days until emergency legislation enacted. was precipitated by heavy withdrawals banks. The withdrawals began increased day by and yesterday reached One at $6,000,000 and the total for the week more than $13,000,000. banks have deposits of about Officials the crisis was conto city It was to the holiday the hold three-fourths the state's total deposits. The 205 banks the on Dec reported aggregate reof $889,000,000.

7. February 25, 1933 The Modesto Bee Modesto, CA
Article from The Modesto Bee, February 25, 1933

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BANK HOLIDAY IS DECLARED IN MARYLAND Governor Ritchie Takes Action To Prevent Withdrawals Of Money $13,000,000 IS TAKEN FROM ONE INSTITUTION Legislation For Protection Of Depositors Be Presented Feb. Governor Albert C. Ritchie late to-night declared to-morrow legal holiday for all banking and nancial of Maryland also made Monday and Tueslegal holidays an effort for day banks take against heavy withdrawals this week. Howard Bruce chairman Baltimore Company, talling $6,000,000 made his institution to-day and Governor Ritchie formal statement: believe there justification which place, savings Ritchio city and state these large withshould stop. concensus that bank holiday should be declared to-morrow, Monday and Tuesday, during certain legislathe protection the and security the banks could be presented to the legislabank holiday will cease soon legislation has been passed.

8. February 25, 1933 Ames Tribune Ames, IA
Article from Ames Tribune, February 25, 1933

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IN MARYLAND Deposits Are Impounded BALTIMORE, Md. All banks in Maryland were closed Sat. urday under three-day banking holiday proclaimed by Gov. Albert Ritchie stop heavy withdrawwhich threatened the stability of the state's financial institutions The holiday. impounding depos its more than in banks and trust companies. will continue least thru Tuesday. Governor Ritchie formal statement announcing the holiday expressed confidence the banks would able to reopen on Wed nesday after passage of emergency legislation enabling them strict demand given percentage of funds. The governor expected to work out details of the legislation Satur day with Atty. Gen. William Pres. Lane. The proposal will be presented the state legislature when reconvenes at Annapolis Monday night. Immediate passage under suspension rules will be sought. Governor Ritchie announced the holiday last midnight after conference with leading timore bankers the federal branch bank. To assure legality of the action. he also issued proclamation claring Saturday to be legal iday for all financial Institutions similar (Continued on Page

9. February 26, 1933 The Philadelphia Inquirer Philadelphia, PA
Article from The Philadelphia Inquirer, February 26, 1933

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Maryland Emergency Bank Law Drafted Continued From Page 13 were hampered somewhat in transaction of business. Bank Statement Erroneous BALTIMORE, Feb. 25 (A P.).In the announcement of the Maryland bank holiday last night, statement was made that withdrawals from the Baltimore Trust Company yesterday were $6,000,000. incorrect, and was incorrectly attributed Howard Bruce, the board. Mr Bruce did not make statement. The was announced by the Bank who said it was from all Baltimore banks. The Associated Press is glad to this correction.

10. February 26, 1933 The Baltimore Sun Baltimore, MD
Article from The Baltimore Sun, February 26, 1933

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The text of the speech to the of which Govpeople ernor Ritchie delivered at last night over WCAO, at the Sunpapers' invitation, follows: My reason for being on the night obvious. want to tell the people Maryland the story of the past few days and the facts which to declare the banking holiday which went into effect this morning Perhaps no one can estimate the causes the situation which developed Baltimore city during the past week. may have been one several things. may have been Certainly the Louisiana moratorium and then the Michigan moratorium didn't help any. event, people, usually money out the banks. They didn't pick and choose between banks. Even the strongest and most liquid banking institutions the city jected the constant drain. The thing seemed cumulative. On Friday almost $6,000,000 in cash withdrawn. What was done with means of But takes the most mentary knowledge banking know that such situation cannot long continue, in good times bad Banks do not just keep money piled in their vaults ready for depositors. They lend and invest their duty to this with great part of They lend to business to promote and develop industry They lend for thirty days sixty ninety days, longer, may be Time Needed To Cash Assets The point that takes time turn these investments into cash. the depositors suddenly rush demand cash the mere mechanics selling the investments and calling puts an impossible burden banks and the business community. pay off all depositors physical impossibility. Yet that, apparently, was exactly great proportion of the on Page 3, Column BRUCE the board the Baltimore Trust Company. Posr, president of the Mercantile Trust Company chairman the executive committee of the clearing house. BROOKE LEE, of Montgomery coun- HEYWARD BOYCE president of the Maryland Trust Company. JACOB FRANCE, attorney. HOOPER MILES. of the Eastern Shore Trust Company Salisbury. Others At Conference Others at the meeting were: AUSTIN McLANAHAN president the Savings Bank Baltimore. RIDGELY attorney. WILLIAM LEE RAWLS, attorney. GRAHAM BOYCE, vice-president or the Union Trust Company. JONES, Deputy AttorneyGeneral. JOHN State Bank Commissioner JOHN HOSPELHORN, Deputy State Bank Commissioner ANDERSON, Assistant AttorEDWIN BAETJER, attorney. HOWELL GRISWOLD JR., of Alexander Brown Sons. GEORGE WEEMS WILLIAMS, attorney. BUCK, attorney. MORTON PRENTIS, president the First National Bank. PHILIP attorney. WILLIAM GORDY, JR., State Comptroller. Banks To Supply Change Moving to check what interference the beginning Maryland's threeday bank holiday had offered to the normal course of trade here, members the Baltimore Clearing House Association yesterday decided to open their banks tomorrow for changemaking purposes. Their safe deposit, trust and stock transfer departments be open, Charles Reiman, association presi- Tax Payments Total Wholesalers and retailers reported normal Saturday business, despite the and the bank holiday, adding that that hampered trade was the difficulty making change. Officials the Bureau Receipts said tax payments for the half day amounted to $481,exceeding by sixty for February which Page Column

11. February 26, 1933 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, February 26, 1933

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DEPOSITORS Holiday Is Declared Bill Prepared as for Baltimore, Md., Feb. 25 State today rushed preparation legislation protect depositors Maryland closed by holiday proclamation of Governor Ritchie. Attorney General Lane completthe first draft the emergency plan and présented at conferattended by the governor and bank officials Just what the draft contained not made public. The final or measures to be given to the state legislature Monday, and quick passage and senate leaders. The present plan of the governor to end the holiday Despite the governor's proclawhich came Friday night conference of bankers here after withdrawals banks, those in the western tip of the state decided to remain open. At Cumberland, largest city the state with exception Baltimore, five banking institutions remained open, but they to take action before Monday on plans next week. The crisis was precipitated by withdrawals in Baltimore banks. bankers totaled million dollars Friday and 13 mildollars during the week. The withdrawals were and not confined to single bank. they said.

12. February 27, 1933 The Dispatch Moline, IL
Article from The Dispatch, February 27, 1933

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Detroit Institutions to Buttressed by Millions of Auto Baron. SEEKS ADVICE Governor Plans to Hold Conference with Leading Citizens. Detroit, Detroit banks, buttressed by the lions Henry Ford, today became the keystone of plans to lead out of the difficulties which resulted in the proclamation of statewide holiday two weeks ago. The new banks, whose capital will consist of $8,250,000 furnished by Ford and his son, Edsel, pected to open for business Wednesday. They will be built from the liquid assets of the First National bank and the Guardian National Bank Commerce, whose depositors able to receive immediately about percent of their deposits. Disbursement of the remaining 70 percent must await the liquidation the assets of the two banks. Fast Moving Development. The Ford climaxed weekend of fast moving developduring which of the First National and the National accepted loan from the Finance corporation to be used in the formathe new banks. The Fords' offer to subscribe the capital stock of the banks accepted by directors and stockholders the First National the Guardian grants and his son right to name the official sonnel of the new institutions and to ultimately merge them into ganization These rights were cifically by the Under the plan the Fords will put for the First National and of the Guardian tional. Of the will to the bank built out of First National the remainder to the bank to be from the Guardian National. Ford Policy. Henry Ford's alone" policy been given another striking manifestation in his undertaking up two new banks to relieve the banking situation in Detroit. Under the terms of his officer, accepted after numerous other proposals had been discussed length at failed of Ford his Edsel, are the in the two stitutions, unless they choose otheralone" long has been the policy. Back in the days when automobile industry just getting started threatened impasse by the famed Selden suit. patent several motor combined opposing action, but ultimately they dropped out and left alone to He carry finally victorious and subsequently that but for the victory could have been an automoindustry such there Maryland Solution. Baltimore, Feb. Gov. Albert Ritchie today the advice citizens" bank legislation. described "those who and reflect the the general depositing pubto confer with Maryland's chief the began the second of its financial holiday. was late after steady from Baltimore banks had brought financial crisis. With exceptions, financial institutions banks, and loan associations and the Baltimore stock exchange, were holiday was expected Wednesday. Seeks Outside Advice. In making the announcement that seeking outside advice, Ritchie said: legislation under consideration must prepared cooperation with bankers, know the practical problems must met, want the and help those who are bankers and who reflect the the general depositing pub- state legislature. before which must convenes Annapolis

13. March 1, 1933 The Journal Meriden, CT
Article from The Journal, March 1, 1933

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MARYLANDERS LABOR BANK LEGISLATION Gov. Ritchie Expected to Offer Emergency Program Today Annapolis, Md. March Albert C. Ritchie announced early today the draft of the emerglegislative measure for governing the 200-odd banks of Maryland business and financial leaders remained in in Baltimore throughout the night. Members the Maryland General Assembly waited patiently here for the presentation the and an address by the governor provisions The speech set for last, night before joint both houses, was postponed until The three-day banking holiday which last Saturday tended by Ritchle to include today in the the legislation would enacted by the GenAssembly and the banks would be able to reopen The tentative measure would place wide powers in the hands of the bank to control all state banks and to regulate of deposits.