Gary State Bank - Gary, IN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: March 6, 1933
Location: Gary, Indiana (41.593, -87.346)

Metadata

Model: gpt-5-mini
Short Digest: b72b79d4

Response Measures

None

Description

The articles report the banks' first day of reopening after a nine-day moratorium (banking holiday) in March 1933. There is no description of a depositor run; instead deposits exceeded withdrawals on reopening. Cause of suspension is government_action (moratorium/banking holiday). Reopening occurred on 1933-03-15 (paper dated 1933-03-16 reports 'yesterday' as first day of reopening).

Events (2)

1. March 6, 1933 Suspension

Cause: Government Action
Cause Details: Banks were closed for a nine-day moratorium (banking holiday) beginning early March 1933 as part of statewide/national banking actions.
Newspaper Excerpt: first day of their reopening following a nine-day moratorium
Source: newspapers

2. March 15, 1933 Reopening

Newspaper Excerpt: Restored confidence in the soundness of Lake county's banking institutions was reported ... the first day of their reopening following a nine-day moratorium. Deposits ... were reported by each institution. W. W. Gasser, president of the Gary State bank... said: 'NEARLY NIL... Our deposits approximated $400,000 and our withdrawals almost nil.'
Source: newspapers

Newspaper Articles (2)

1. March 16, 1933 The Times Hammond, IN

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Article Text

RESTORED CONFIDENCE REPORTED BY Deposits Exceed WithdrawBy Ratio of 2 to 5 to 1 Restored confidence in the soundness of Lake county's banking institutions was reported by executives this morning in recounting the business turn-over yesterday-the first day of their reopening following a nine-day moratorium. Deposits, ranging from four times in more than were reported by each institution. In every Instance, the bankers stated that confidence W. W. president the Gary State bank. which is largest banking institution in Lake county. reflected the general tenor of statements the remarks: NEARLY NIL could not for better day. Our deposits approximated $400,000 and our in almost nil. Customers an excellent of mind. cheerful contrasted their attitude just before the declared. An even more optimistic ment came from G. Elam, president and cashier of the Mercantile Bank of Hammond. seen better spirit in my 20 years of banking experience than that which prevailed yesterday in our Mr. said. "In my opinion, fear has been routed and confidence stored. We look forward to the future optimism." Mr. Elam said deposits in his He excess of Theodore cashier of the Calumet State Bank of reported deposits withdrawals by five tainly surprised by the markable accorded bank by depositors and customers alike. letter day in the history of Hammond and fairly that (Continued on Page

2. March 16, 1933 The Times Hammond, IN

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Article Text

OMINOUS Over Business Received Lake Co. Banks Happy WARNING KIDNAPED CHILD BACK UNHARMED CRACK PENNSY Beer And Wine Just ECONOMY RESTORED FLYER IS PARTLY Around The Corner BILL NEAR CONFIDENCE DERAILEDINGARY REPORTED Deposits Exceed Withdrawals By Ratio of 2 to 5 to 1 Restored confidence in the soundness of Lake county's banking institutions was reported by executives this morning in recounting the business turn-over yesterday-the first day of their reopening following a nine-day moratorium. Deposits, ranging from to four times withdrawals, and, in one even more than that, were reported by each institution. In every the bankers stated that confidence completely restored. W. W. Gasser, president of the Gary State bank, which the largest banking institution in Lake is reflected the general tenor of the remarks: NEARLY NIL for better day. mated $400,000 in comparison, almost nil. Customers were an excellent frame mind. They cheerful contrasted their dark attitude just before the moratorium declared.' An even more optimistic ment came from Elam, vice president and cashier of the Mercantile Bank of Hammond, have never better spirit in my years banking experience than that which prevailed yesterday in institution,' Mr. Elam said. my has been routed stored. look future considerable optimism.' Mr. Elam said deposits in his in$50,000 yesterday. anticipates continued excess of deposits withdrawals. Theodore Moor, cashier of the Calumet State Bank of reported deposits exceeded withdrawals by five to "We certainly surprised by the markable response accorded our bank yesterday by depositors and customers alike. red letter day in the history of Hammond and indicates, fairly conclusively, that (Continued Two)