Farmers Loan & Trust Company

Bank Information

Episode Type: Suspension → Reopening
Bank Type: trust company
Start Date: March 6, 1933
Location: Tipton, Indiana (40.282, -86.041)

Metadata

Model: gpt-5-mini
Short Digest: f85c8597

Response Measures

None

Description

Banks in Tipton (including Farmers Loan & Trust Company) were closed under the national banking holiday declared in early March 1933 and had just reopened by 1933-03-15. Article describes reopening and explicitly notes there were no large withdrawals; the suspension was due to federal government action (bank holiday).

Events (2)

1. March 6, 1933 Suspension

Cause: Government Action
Cause Details: Closed under the national banking holiday declared by the President (federal bank holiday in early March 1933).
Newspaper Excerpt: opening of the banks ... prior to the declaration of a national bank holiday by President
Source: newspapers

2. March 15, 1933 Reopening

Newspaper Excerpt: Tipton's first day with banks operating without restrictions ... With the opening of the banks there was most noticeable change in the feeling the community. Deposits at both the Farmers Loan & Trust Company and the Citizens National far exceeded payments on checks ... No large withdrawals were made or requested.
Source: newspapers

Newspaper Articles (1)

1. March 15, 1933 The Tipton Daily Tribune Tipton, IN

Article from The Tipton Daily Tribune, March 15, 1933

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Article Text

SKIES CLEAR OPERATING Practically Normal Condition Most Pleasing to All People. GETTING MUCH MONEY Everybody Feels Upgrade of Better Times Has Been Reached. Tipton's first day with banks operating without restrictions passed any usual banking day prior to the declaration of a na- tional bank holiday by President Inquiries revealed that deposits at both the Farmers Loan & Trust Company and the Citizens National far exceeded payments on checks which have been written during the period of closing and before and the withdrawals of Wednesday No restrictions are on at either institution, but both banks are ordered by Washington, not to permit withdrawals for hoarding and when an apparent case of this is encountered the banks are to require statement under oath as to the purpose of the withdrawal. With the opening of the banks there was most noticeable change in the feeling the community. Everybody was smiling and business took a spurt which was noticeable. Persons who had small funds tied up in checks secured the currency and much of it was spent instantly The general attitude in Tipton is that the upgrade has been reached and that from now on times are going to Banks report that there were no calls for large sums and checks cashed were those used in the usual course of business. No large withdrawals were made or requested. The banks are cashing checks on banks they know to be open and others are collected as some of the state banks have not yet opened. Their own checks are cashed without question and checks drawn during the period of closing are being cashed. Reports from all over the country are identically the same, showing the confidence of the people in the banking institutions which are opening under the Washington orders. (By United Press). imately half of Indiana's 505 state banks have been authorized to open under restrictions dered for class "A" institutions, Luther F Symons. state banking commissioner, announced today. Reopening of class "B" banks, which will have slightly different restrictions, will start tomorrow, it was understood. A list of these being prepared. Madison county banks reopenContinued on Page 2.