gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4b9ab6ef5dfdf4ae
Response Measures
None
Events (2)
1.March 1, 1933*Suspension
Cause
Government Action
Cause Details
Bank was subject to restrictions under new state/federal banking rules and posted telegram limiting withdrawals to 50%.
Newspaper Excerpt
withdrawals are restricted to fifty per cent
Source
newspapers
2.March 17, 1933Reopening
Newspaper Excerpt
The State Bank in Benkelman was this list and telegram among from the Banking Department was posted on the door Wednesday morn to that effect.
Source
newspapers
Newspaper Articles (2)
1.November 4, 1932The Benkelman Post and News-ChronicleBenkelman, NE
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Article Text
The Woman's Club now preparing their annual play, which will be given the near future. Watch for date. Ladies of the M. E. church will dinner and supper election in the school house. The be held in the high school building Thursday, November as election day is November the regular meeting day. Vic Fettie returned Monday night from busines trip to Omaha. Mr. and Mrs. Martin Brethower McCook were visiting her father and Martin's mother in Max Tuesday. Kimsey left Monday morning for Holyoke, He will visit the home of his daughter, Mrs. Everett Brethower, for month fore returning to Max. The Max State Bank closed its doors in Max Wednesday morning and will open in Benkelman Thursday. Max's loss Benkelman's gain.
2.March 17, 1933The Benkelman Post and News-ChronicleBenkelman, NE
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Article Text
STATE BANK REOPENS UNDER NEW
Most of the national banks in Nebraska and some of the state banks opened week for business on an unrestricted deposit withdrawal basis while others opened under the many provisions of the new law governing state banks withdrawThe State Bank in Benkelman was this list and telegram among from the Banking Department was posted on the door Wednesday mornto that effect. The provisions of are more or less misleading reopening shown the telegram inasmuch states that withdrawals are restricted to fifty cent which stateup per ment leads the average depositor to believe that he is entitled to draw on his account up within fifty per total whereas in fact of his deposit, cent applies to the the fifty per which at the period of reserve amounted to little more opening In the case of the than Bank this reserve was more than State five cent the per required to meet the per cent reserve banking obligations under norlegal circumstances and was considered mal However, under an adequate reserve. that have existed during the weeks, all been aside and drastic rulings put into fect. President feels inconvenience to his deeply trons that the ruling has brought about but has no other alternative than to carry on under the handicap that his bank has suffered and hopes for the continued cooperation of the and the withdrawal of these patrons restrictions in the not far distance future. In the meantime, is necessary complete new set of recto reopen for the Bank which will cause an almost unlimited within the next few days. During the that the bank under these period restrictions, all funds deposited will become part of trust fund which be checked on or withdrawn can desires. Credit for the the depositor amount that the depositor is entitled to by virtue of his per cent of withdrawal from the old account will be credited to the new and in cases where depositor amount of his full deposit will credited to his obligation so that terest on his obligation will be stopped during the normal banking facilities will be stored to the community with the ception of withdrawals accounts in effect previous to the bank holiday further than the percentage permitted under the The first of banks in the opening large cities began Monday and met with the heaviest deposits in years. In the deposits exceeded some cases new withdrawals three to one. The order against hoarding and for the return of gold and gold certificates brought millions of dollars out of hiding. The stock market responded with sensational rises whole nation took enthusiasm. has granted President Roosegress velt practically war time powers in the formation of new banking laws and for the reorganization of departments looking to tax reductions and the balancing of the national budget this The beer bill has also year. passed and will soon be in Should the President now be in really balancing the budget and reducing national expenses, will have taken long step in the direction of better times.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
