Central State Bank - Indianapolis, IN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: March 15, 1933
Location: Indianapolis, Indiana (39.768, -86.158)

Metadata

Model: gpt-5-mini
Short Digest: 80522453

Response Measures

None

Description

Article (The Indianapolis Times, 1933-03-15) reports that Northwestern State Bank 'reopened today' following the recent banking emergency/holiday. There is no mention of a depositor run specific to this bank; the suspension is implied as part of the nationwide/state banking holiday (government action). Reopening date taken from the publication.

Events (2)

1. March 15, 1933 Reopening

Newspaper Excerpt: In addition to the Class A banks reopened Tuesday, the Northwestern State bank and Central State bank reopened today in this class.
Source: newspapers

2. * Suspension

Cause: Government Action
Cause Details: Closed earlier during the March 1933 banking emergency/holiday called by authorities; suspension implied as part of that government action.
Newspaper Excerpt: Reopening of the banks today was almost complete. In addition to the Class A banks reopened Tuesday, the Northwestern State bank and Central State bank reopened today in this class.
Source: newspapers

Newspaper Articles (1)

1. March 15, 1933 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, March 15, 1933

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Article Text

This flood of currency, filling bank vaults, is believed to have relieved local banks of the necessity of asking for any of the new currency printed by the government as an emergency measure. The difference between the total and cash deposits is accounted for by check deposits. Total withdrawal figures for the day will not be available until all checks have been cleared. So far as could be learned, none of the banks here had received any of the new currency and it was considered unlikely that any would be sought. More Currency Than Needed Several of the banks reported that they had more currency than they wanted to keep on hand and were shipping large quantities to the federal reserve bank at Chicago. Bankers expressed themselves as pleased with the attitude of confidence displayed by the public with reopening of the banks. Survey of downtown banks at noon revealed that crowds practically were back to normal. Most banks reported much smaller crowds than on Tuesday. Fred C. Dickson, Indiana Trust Company president, said there was no line of customers at tellers' windows in the bank today. The Indiana Trust Company shipped $37,400 in gold Monday and took in $28,200 in gold and gold certificates Tuesday. Postal Deposits Boom "The public should be complimented on the way it has acted during the banking emergency," Dickson said. "There is a certain service the banks owe the public and while the President's proclamation prevents this service in full, the public has accepted the situation graciously." Postal savings deposits Tuesday were six times greater than withdrawals, Postmaster Leslie D. Clancy said today. Deposits were $24,842, and withdrawals $4,459, he said. Money orders sold totaled $28,916, while those cashed amounted to $154,642. One of the federal reserve system member banks reported that its deposits Tuesday exceeded withdrawals by more than $500,000. One of the clearing house banks reported cash deposits six times as great as withdrawals. Cash deposits at the Merchants National bank Tuesday were twice as great as for any other one day in the history of the bank, which was founded in 1865, according to Otto Frenzel, cashier. Withdrawals were slightly under normal, he said. Cash Deposits Heavy The Indiana National bank and the Union Trust Company both had the heaviest cash deposits in their history, according to Arthur V. Brown, president of both banks. "Cash deposits in the two banks were five times as great as for any one other day in history of both banks," Brown said. "This fine spirit of the public is a direct indication of an early revival of business. "The present system of banking was praised by the public, and President Roosevelt, Governor Paul V. McNutt, and other officials who helped plan the system deserve high commendation. "The liquid condition of the banks at the present time is a forward step in renewal of business." Other Banks Reopen Reopening of the banks today was almost complete. In addition to the Class A banks reopened Tuesday, the Northwestern State bank and Central State bank reopened today in this class. Six other banks were reopened in Class B, limiting withdrawals to 5 per cent on old deposits, but ac(Turn to Page Two) 4 Cless!