National City Bank (Cleveland, OH)

View Charter #786 on SPMC View balance sheet

Episode Information

Episode UID
78601598
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
7860 national
Charter Number
786
Start Date
February 27, 1933
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5909d007000ac6a1

Response Measures

None

Description

National City Bank initially refused to join the local 5% withdrawal restriction on Feb 27, but was subsequently closed by the March 1933 federal banking holiday.

Events (4)
1. February 7, 1865 Chartered
Source
historical_nic
2. February 27, 1933 Other
Newspaper Excerpt
The eighth, the National City Bank, declined to participate and announced it would conduct business on a normal basis.
Source
newspapers
3. March 6, 1933 Suspension
Cause
Government Action
Cause Details
National banking holiday declared by President Roosevelt.
Newspaper Excerpt
the drastic credit restrictions posed by the Ohio and federal bank holiday
Source
newspapers
4. March 7, 1933 Reopening
Newspaper Excerpt
Late Ruling by Secretary Woodin Permits More Liberal Operation of Banks... Cleveland banks today will perform these functions.
Source
newspapers

Newspaper Articles (2)
1. February 27, 1933 Evening Star Washington, DC
Article from Evening Star, February 27, 1933

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Article Text

WITHDRAWALS CUT BY 20 OHIO BANKS Institutions With $815,000,000 in Deposits Await Legislative Action. By the Associated Press. COLUMBUS, Ohio, February 27.Twenty Ohio Banks, all but two in Cleveland, Akron, Dayton and Ycungstown, today placed restrictions on heavy withdrawals in anticipation of emergency banking laws Gov. George White promised to offer to the current Legislature. On the basis of December 31, 1932, statements. the institutions had more than $815,000,000 in deposits and more than $1,025,000,000 in rescurces. Both in Akron and Cleveland, the banks announced future deposits would be set aside and not be placed under the restrictions. All Dayton banks closed for a three-day holiday. One Refuses to Participate. All eight of Cleveland's banks opened as usual, but six of them limited withto 5 per and a seventh, a Trust, drawals deposits, placed temporarily restriction the of Guardian cent 1 per of cent. The eighth, the National City Bank, declined to participate and announced it would conduct business on a normal basis. The six which limited withdrawals cent of deposits were the Bank, National Cleveland to American 5 per Savings Bank, Central Trust United Co., Lorain Street Savings & Trust Co., Society for Savings and Union Trust Co. While they placed no specified limit, the Union National and the Mahoning National Banks at Ycungstown announced they would restrict large and unusual withdrawals. Sufficient funds will be paid cut on demand, they said, to prevent inconvenience to customers. One Per Cent Per Month. Akron's five banks - First Central Trust Co., Firestone Park Trust & Savings Bank, the Commercial Bank & Trust Co., the Dime Savings Bank Co., and the Standard Savings Bank-restricted savings deposit withdrawals. to 1 per cent per month. "Abnormal" checking account withdrawals will not be honored under a complicated system. The four banks of Dayton-the Winters National, the Third National, the Merchants National and the Morris Plan-declared a three-day holiday under a declaration by the city commission and mayor. The Clinton Savings Bank Co., near Akron, announced it would follow the lead of Akron banks. The First American Trust Co. of Lima, Ohio, limited withdrawals to 2 per cent of deposits. There was no announced action to interrupt normal banking elsewhere in the State. Gov. White declined to divulge the nature of the proposed legislation. Manager G. A. Stephenson of the Cleveland Clearing House Association, however, said the suggested laws would "enable the superintendent of banks, with the approval of the Governor and attorney general, to stop or limit withdrawals from Ohio banks."

2. March 7, 1933 The Plain Dealer Cleveland, OH
Article from The Plain Dealer, March 7, 1933

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Article Text

NEW DEPOSITS WOULD BE FREED IN OHIO TODAY Late Ruling by Secretary Woodin Permits More Liberal Operation of Banks. (Continued From First Page) regulations, allow withdrawals of any funds previously deposited because it did not set up segregated deposits for this pur- pose last week. In addition making their segregated deposit accounts available to depositors, the Cleveland banks today will perform these functions. under treasury regulations issued ALLOW DEPOSITORS ACCESS to deposit PERMIT CUSTOMERS to have money CARRY ON virtually normal banking functions in connection the handling of food and food This came highly the wholesale and retail food trade Cleveland. which had begun feel the drastic credit restrictions posed by the Ohio and federal bank ACCEPT PAYMENTS in cash or otherwise on account obligations RETURN items delivered to the banks for deposit which were after the last closing of business but had not been entered bank's before the federal holiday CASH CHECKS the United States Treasury no or are given enable federal employes Cleveland to as before, their pay roll payments. Certificates Uncertain. While the banking situation here cleared up materially last night because of the treasury regulations had determined whether the devised by the Clearing issued compliance with presidential urging the issuance of such Although the design the certifiplanned to be issued here graver. still interpretation Wash ington certificates comply with the terms of the treasury provisions Any Cleveland employer who deof the certificates pay rolls them approved by authorities increasing number merchants and business pressed their to accept certificates in payment for The Retail Board prised of downtown establishments. indorsed the certificates how to handle in their Urges Stores Pay Certificates. The the recto stores pay certificates least 50 their pay rolls this Stores urged to announce Clearing House certificates, are issued will accepted payment of cash sales and The resolution by the board read, part "That the Retail Merchants Board co-operate with the Cleveland Clearing House Association the mediate acceptance use of the Clearing plan by the Association further that Retail Merchants the scrip other that issued by and through the Cleveland Clearing House Associa While and business the idea of Clearing House Deputy County Treasurer Stephen Rusk after conference Assistant County Prosecutor Emerich Freed that not be cepted legal tender in payment The treasury continued to accept bank payment taxes and $400 and $500. 000 in checks has the county treasury the bank with. drawal limitations went into effect week ago. Tax Collection Still Low. But the county tax collection conslump Yesterday only was bringing the total receipts for the period than half due. Since collection date 18 far short the 75 per on which the budget based seemed the March 15 collection deadline would be extended. Telling Belle Vernon Co. largest distributor of milk in co-operate in accept Clearing House certificates in lieu United States was last night by Andre president Clearing House certificates introduced in this will be acceptAndre said effort will be made to maintain noroperations the company. Pay rolls are being met regularly date Our city and plant employes full week the plan the plight hundreds small employers labor. John W Scott. an attorney. to Cannon, chairman of the county committee, letter posing type call for by commercial frozen Cleveland banks. Merchants Hard Hit. Cleveland business attempted yesterday. face of the drastic holiday Reports from all the city that shoppers were hav. ing difficulty in change for bills. In afternoon most large banks and open shopkeepers merchants all over the reluctant accept large bills for fearing they day through inability change the ran had the city treasurer's The postal savings department of the postoffice able pay out money because Collins, superintendent the department had vaults there to Money Order Window Busy Early telephoned the Wash and had sufficient For first time months the disbursal of funds the postal savings deposits accepted Collins this fact used the savings deposit last The money order department of the postoffice likewise unusually yesterday Incoming money ortimes the normal Postal telegraphic order remained the only cash could be sent Cleveland part United Hundreds of who would cash banks forced to go to the post experienced day There maelstrom of rumors reports what could and could not under presidential decree banks safety vaults the opening while layed offering this until later the By the the day the banks had open were making change for Reserve Bank Closed. The Cleveland Federal Reserve Bank the the pursuant telegraphed Washington opened for the changing for the mercial banks open for the ing granted them through the Federal Bank of the Treasury DepartM Naughton general agent of the Delaware Lackawanna Westannounced that accept the checks shippers and receivers for charges. president Telephone the announcement issue by individuals or will by the Ohio Bell. The matter by clearing houses, muetc taken up officials and that to be for No City Utilities Shutoffs Mayor Ray Miller late yesterday that be the the ipal and for payment pending the time that medium of exchange is put "Although fear that publicity this matter will be injurious the city do not during this mayor have therefore Utilities R. Brueggeman that there shutoffs light and water service during the emergency by HerH. Finkle and privately the for the payment March bills have introduced the City Council night. announced that the not meet the John McGreal. Finkle his and said majority of the Council was in Finkle asked in his resolution that the confer the East and the Electric Co. that they for of The measure further quested that Miller urge the county treasurer to extend April 15 the dealine for tax payments mayor said he await the Council's tion before acting on the latter recommittee of the Country work practicable form will its first meet ing Thursday afternoon Councilman Thomas McCafferty chairman, announced late yesterday will of the fact the government may recommend form of Before the federal administration stepped into the and while the Cleveland Clearing House Associa tion discussing the issuance of scrip. the city considered issuing its learned Not all officials city Clearing House plan Most of the officials how one form scrip for use and in the to eral The city em City Hospital their work during the last two weeks.