First National Bank (Jasper, AL)

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Episode Information

Episode UID
774601599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
77460 national
Charter Number
7746
Start Date
March 2, 1933
Location
Jasper, Alabama

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
606984e202624781

Response Measures

None

Events (3)
1. May 17, 1905 Chartered
Source
historical_nic
2. March 2, 1933 Suspension
Cause
Government Action
Cause Details
State governor proclaimed a 10-day banking holiday effective noon Mar 2, 1933, affecting all state and national banks in Alabama.
Newspaper Excerpt
Governor Miller ... declared 10-day banking holiday in Alabama to protect the interests of the public, bank depositors and bank stockholders.
Source
newspapers
3. March 3, 1933 Reopening
Newspaper Excerpt
Alabama banks ... were authorized today by the state banking department to reopen tomorrow with withdrawals restricted to per cent. until the holiday ends.
Source
newspapers

Newspaper Articles (4)
1. March 2, 1933 The Dadeville Record Dadeville, AL
Article from The Dadeville Record, March 2, 1933

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Article Text

Declares Bank Holiday Montgomery, Ala., Mar. recommendation of the state superintendent of banks, Gov. Miller Wednesday declared 10-day banking holiday in Alabama to "protect the interests of the public, bank depositors and bank stockholders." Governor Miller, in announcing the holiday at o'clock said the order would affect all state and national banks and would subject to such modifications, extensions and rules and regulations as to banking operations during such holiday as may from time to time be ordered by the state superintendent of The holiday was declared in an official proclamation, and dates from 12 noon today until 12 noon March 10. The proclamation follows: the banking situation throughout the United States has been so materially effected by separate state and loactions as to threaten the public interest and the interests of the depositors and stockholders of the banks of Alabama; and "Whereas, the congress of the United States has taken action in the public interest looking towards proper adjustment of the banking structure of the nation; and "Whereas, it is my information that the condition of the banking system in this state is fundamentally sound, and the necessity is suggested of protecting the interest of the public, bank depositors and bank stockholders to avert useless and unnecessary loss which might result in action by other states to temporary or extended suspension in whole or in part of banking operations; and "Whereas, such action by other states may result in serious contraction of free commerce between them and this state to such an extent as to unnecessariembarrass our banking system; "Now, therefore, be it known and proclaimed that pursuant to the authority in me vested as governor of the state of Alabama, hereby declare the existence of an emergency in the state and do hereby proclaim and order bank holiday in the state of Alabama to become effective immediately for period of 10 days from the date of this proclamation and to be subject to such modifications, extensions and rules and regulations as to banking operations during such holiday as may from time to time be ordered by the superintendent of banks." The proclamation followed the introduction Monday afternoon in the house and senate of identical bills giving authority to the state superintendent of banks to declare banking holiday in cases of extreme emergency. H. H. Montgomery, state superintendent of banks, said that Alabama had 158 state banks, with 16 branches, on December 31, the latest date for which figures are available. Deposits in the institutions totalled approximately $45,and total resources, $64,These figures do not include national banks, over which the state department has no control. Mr. Montgomery, who is given power to make regulations during the holiday period by the governproclamation said that he had not determined what action, any, he would take before March 10, the date on which the holiday expires.

2. March 2, 1933 The Blocton Enterprise West Blocton, AL
Article from The Blocton Enterprise, March 2, 1933

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Article Text

Proclamation issued dal noon, Governor M. ordered all banks in Alabama pend business for ten days. This action was made necessary, similar action had been taken in states, and caused the banks Alabama to run low on cash, due the fact that checks issued banks other could not be paid until the banks reopened. There no need for worry the condition Eibb's two financial institutions, The Peoples Bank and The Brent Bank. These banks wanted to remain open, but the Governor order that all banks close for ten days. Banks And State Of Mind Logislative action in various states to afford banks protection against panic "runs" of depositors has now become too familiar thing to alarm the level-headed. All business men have realized for months past the existence of the situation which calls for expedients; they should have difficulty in recognizing that, convenient bank holidays and companying restrictions upon withof deposits are, they actually the interests of depositors and promise to maintain something like normal business processes communities which would presumably fare worse without them. All these emergency measures of state governors and Legislatures have two main purposes; first, keep available liquid bank resources in circulation through check payments and release of limited amounts of currency; second, to put all depositors on equal footing as ed with the preference enjoyed the typical "run on the bank" by those having early knowledge of the imminence of run or otherwise infectwith the virus of fear. The point be remembered that these pedients themselves are not the heart the prevailing bank situation but only the means of temporary controlling until such times as depositors in general regain their composure. Actually, the tap root of the difficulty which banks in communities are experiencing their constant exposure to unreasoning attack by their creditors, the depositors, and their inability heretofore command any effective means of fense therefrom. In ordinary times, when the confidence of depositors the bank position what may be called normal. that exposure no serious matter: even today would be nullified by universal disposition among all depositors to govern themselves with reason and selfcontrol. Bank holidays are intended to prompt such sanity to assert itself. Essentially, this bank situation and its immediate depends upon popular state of mind. happen that our long period of political drifting since the November election together with the chapter of acci dents, has affected the public mind adversely and cumulatively. Any distinctly favorable change in the trend of popular thinking, even based upon mere incident or circumstance, would in all probability nean successful outcome of these temporary expedients and fairly rapid lisappearance of the conditons which occasion them.

3. March 2, 1933 The Dothan Eagle Dothan, AL
Article from The Dothan Eagle, March 2, 1933

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Article Text

Withdrawals Of Deposits Have A Limit Per Cent. Public Utilities, Telephone Companies Cannot Cut Off Service While Banking Holiday Order Is In Force MONTGOMERY, March Alabama Public Service commission today ordered all public utilities and ephone companies to suspend rules governing cutting off serv fee for non-payment, forfeiture of discount for failure to pay within prescribed period during the banking holiday. The emergency order sued with the statement: the opinion of this commission that the existing emergency condition warrants the suspension of rules during such banking moratorium'. Meanwhile, the per cent. withdrawal restriction was said to apply to all types of demands, including payrolls. In other words, no depositor will be permitted withdraw more than per cent. of his total deposit at the close banking business yesterday during any time of the holiday. The legislature approved the governor's holiday proclamation by adopting joint resolution concurring with the governor's action. The resolution, introduced in the senate, was rushed across to the house and adopted unanimously It also moved to grant extraordinary powers to the superintendent of banks and the banking board when both the Rish and Teasley bills delegating such powers were reported favorably. Rish said the would placed for final passage The house passed the Riddle bill to erable county boards of educaticn to pledge school fund receipts for collateral on loans to meet the teachers' salaries through 1935. Enough Money Will Be Available Gor Conducting of Ordinary Business Affairs, Say: Banking Department Dothan banks which remained closed today in accordance with Governor Miller's proclamation, announced that they would reopen tomorrow on the basis outlined by the state banking department. Malone, president of the First National bank, and Flowers, vice-president of the Dothan Bank Trust had Intended to cooperate with the governor's 10-day holiday and remain closed but stated today that their institutions would open tomorrow, with restricted withdrawals. There was no excitement In Dothan this morning, with busIness going on about as usual. MONTGOMERY, March (AP) Alabama banks, closed yesterday under Governor Miller's 10-day holiday proclamation, were authorized today by the state banking department to reopen tomorrow with drawals restricted to per cent. until the holiday ends. The per cent. withdrawals are limited to payrolls and necessary living expenses such Insurance premiums, tax payments, drafts with bills of Ind. ing attached and other purpos necessary to conduct bust Under the board's ruling deposits will be segregated and made subject to full withdraw als trust deposits, The holiday is not mandatoand banks in some localities remained open. H. H. Montgomery, superinten dent of banks, said the features of the board's order would be Into bill now before the legislature giving him power to extend the order beyond the 10-day period if conditions demand. Montgomery said he received reports that Mobile, Selma, one bank at Citronelle and Baldwin county banks were remaining open. Merchants Montgomery and Birmingham were doing business as usual, accepting checks in full or for majority payment of chases. California, Oklahoma, Louisiana and Mississippi entered upon bank. ing holiday. brings to the number of states where the limitation of withdrawals exists

4. March 4, 1933 The Buffalo News Buffalo, NY
Article from The Buffalo News, March 4, 1933

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Article Text

MERCHANTS IN ALABAMA TAKE CHECKS AS CASH MONTGOMERY March Alabama banks. from few Saturday Legisexpedite the banking board Meanwhile throughout the state their business accepting checks the exact amount of purhases. deposits were despite withdrawal The Birmingham branch Federal and banks joined the state holiday.