Riggs National Bank (Washington, DC)

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Episode Information

Episode UID
504601599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
50460 national
Charter Number
5046
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
a18cd21daf654085

Response Measures

None

Events (3)
1. June 30, 1896 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
National bank holiday/Presidential edict closing banks (March 1933 federal banking holiday)
Newspaper Excerpt
closing of all the in by presidential edict in connection the holiday ... the bank holiday proclaimed by President Roosevelt
Source
newspapers
3. March 13, 1933 Reopening
Newspaper Excerpt
All to Resume at Same Time ... Washington banks today were awaiting word from the Federal Reserve Bank at Richmond for permission to resume activities tomorrow. ... local banks are expected to reopen tomorrow morning.
Source
newspapers

Newspaper Articles (7)
1. March 9, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 9, 1933

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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 Each depositor who came to draw money was required to sign a printed form to the effect that the money withdrawn was to be used for necessities.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)

2. March 10, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 10, 1933

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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.

3. March 13, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 13, 1933

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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.

4. March 14, 1933 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, March 14, 1933

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Article Text

RICHMOND To Six Virginia Banks To Reopen Today. Richmond, March Fifth District Federal Bank tonight announced that banks cities the district clearing house by the to for business reopen The first group announced included: NaBank, Liberty National Bank, Lincoln National Bank, tional Bank Washington, tional Capital of Washington, Bank, Riggs National Bank, Second National Bank. National Bank, First National Bank, Maryland Trust Company, National Central Bank, National Marine Bank, WestNational Bank. National Bank and Seaboard Citizens' National Bank, Virginia National Bank. National Bank, People's National Lynchburg Bank and Trust Company. American Bank, First National Exchange Bank. Charleston, W. National Bank, Kanawha Trust Company, ley Bank, National Bank of Com-

5. March 17, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 17, 1933

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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.

6. December 31, 1933 Evening Star Washington, DC
Article from Evening Star, December 31, 1933

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Article Text

order the proved the point banking pecteuring ation of The the the Presithe ban When a the finanto year city the The Riggs largest had been that banks for many doing Capital it when National. was the public.f the AmerFederalCo., PotoTrust ican Bank, Langdon Savings & SavSavings Northeast and ings. Savings Banks of Banks. D.C. Other Status the of Comthe finds end The likeThe Bank Savings in the Bank Savings has of figured in weeks. recent for part Bank The Savings Vernon Mount of the in early to weeks reopen pects Meof the as 1934 Savings chanics full been opera always Bank The basis. Franklin in this to intends to The Bank plans a with unit slight bank, reopen in change to cement, Treasury According will go and 'here the banks in with and into 1934 to held to in be the holiday. after heopen has the time that Since to the up still build action taken further to the by the Reconurging banks of prestruction In reor stock Finance pital up to their build banks goosevelt capital ,not only Romening of the structure the questing ferred the this way, mind the strengt of the of whole credit country, as for to loans out and broadens While banks some many apital, ;might the the step would others the of President patriotism, standpoint said. the was Riggs to the that capital being exthe to are the many took Riggs action. in New York, the Chicago banks similar had moves. made Code in the vital Conside banking Another the past city this incidenduring of of situation the code R. adoption N. the by fair of the by and code United in into went temporary details the code the an October have been of work amount the of in year. the to workfirst The largely ing wages. hours, of of other and points scores of subject closing of code weeks related hours of operations especial of to and, special employes The code final importance the to with will have more as itors, many of these chargesodes be adopted the all Hundredover country been framed have for for all call and charges additional large with they balances, called. comensating on no find will Checking placed be will fall which placed checking or acare very stated of the Many banks. such charges. banks be will also Fees in the past which ices cost. by a have all already the charged had have for other been serv- renwithout no A. R. N. banks codes at are business The expected operatwill The While dered Under the to have do any increase more off- the set it one, expenses of list new charges the or two that stated loss. ing costs. these added three of one will deposit new rules all and for banks code S. JohnHugh Gen. The now others final son's approval. Now Deposits. Banks Insuring great banking innovati as this year has picture the of Glassact banking steagall the when One come more into the the passa insurance of of banks deare Beginning which Tuesday, of Dethe Federal members dewill their insure posit to up loss $2,500. rewill This measure Continued positors new protective on Page.)

7. December 31, 1933 Evening star Washington, DC
Article from Evening star, December 31, 1933

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Article Text

BANK MORATORIUM HELD LEADING STEP OF 1933 IN FINANCE Adoption of Temporary Code for D. C. Institutions Also Vital Move. INSURANCE OF DEPOSITS MEANS NEW SAFETY ERA D. C. Trade Gains Cause Wide Re- joicing as Buying Power Expands at Year's End. BY EDWARD C. STONE. Closing of all the in by presidential edict in connection the holiday instigated halt the sweeping the try. financial standing the Capievent 1933 financial comin imporpared effects which followed the closing Maryland and Michigan the Without and its magnitude the unex- Edward the banking situthe turning banking map of Washington The materially during the changed lifted by the PresiWhen the ban was dent only the Capital's finanpermitted cial The unrestricted operations in this on National absorbed the The Riggs Chevy Chase The largest banks that had been the Capital for many doing business when The Hamilton the public. opened & Trust Co., Potoican National Langdon mac Savings Northeast Savings Savings and Status of Other D. Banks. The end of the year finds the ComUnited States Savings has figured in hands of a conservator. court proceedings in recent clamoring for part Mount Bank exThe the to the Meas unit The Franklin National Bank also The Savings Bank plans slight change According to Treasury the banks and elswhere will and held Preopen after the national holiday. Since time the Government has still to build up the capital notes. In ferred stock build up their banks capital not the of the whole of credit demands for loans meet increased broadens out and the banks the President of patriotism, standpoint National Bank the Riggs comply with that the capital announced it being expanded to the exwould be structure The are expected Before Riggs took many in New York, Chicago the biggest banks made similar moves. and elsewhere had Code Considered. Another vital incident banking during the past situation in this city the adoption year by the N. R. competition. approved fair President the signed United went effect in of the code have the subject of an endless amount of work the the The workof operations ing hours, other points of especial scores of employes of importance fair Hundreds of these codes adopted framed all the country have been call for additional charges for and all Depositors with large balances, compensating balances are called. charges placed on checking will find charges will accounts. fall below very Many the by all the banks. already had such charges. banks have will also charged for other services the past have dered Under the A. codes no banks are do any increased business have operatcosts. The fees set ing these added While stated that two or depositor. of the new rules will affect one The for Washington await Hugh Johnothers son's final Banks Now Insuring Deposits. One more great banking innovation has year Glassthe passage of the result Steagall banking of deposits. Beginning when banks open banks which are members of the Federal Insurance Deposit will deagainst loss up to This new will re(Continued on Second Page.)