Articles consistently describe the National Bank of Commerce (Detroit) as a closed national bank placed in conservatorship/receivership in 1933. There is no article describing a depositor run that caused the closure; the closure is tied to the nationwide bank holiday/government action in March 1933 and subsequent receivership actions (receiver B. C. Schram). Dates are approximate when only month is available.
Events (5)
1.May 22, 1907Chartered
Source
historical_nic
2.March 6, 1933Suspension
Cause
Government Action
Cause Details
Closed as part of the 1933 banking holiday/government actions and placed in conservatorship; articles refer to being in hands of conservators and closed national banks.
Newspaper Excerpt
the National Bank of Commerce ... closed national banks
Source
newspapers
3.March 26, 1933Other
Newspaper Excerpt
stockholders' suit for permanent receivership ... The First National Bank together with Detroit's only other National Bank of Commerce, in the hands of conservators (Pittsburgh Sun-Telegraph, Mar 26, 1933).
Source
newspapers
4.May 11, 1933Receivership
Source
historical_nic
5.August 2, 1933Receivership
Newspaper Excerpt
B. C. Schram, receiver for the National Bank Commerce, in payment of the assessment ... forward checks totaling $30,423 to the bank receivers; receiver C. Schram referenced in multiple articles (Aug 1933 onward).
Source
newspapers
Newspaper Articles (9)
1.February 25, 1933Rapid City JournalRapid City, SD
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Article Text
HARTZELL FRIDAY
Sioux City, Iowa, Feb. Oscar Hartzell, charged with using the mails to defraud in connection with the promotion of the Drake estate, enroute today to home Galva, being released bond yesterday. Hartzell released after Judge Lee Wyman approved bond $10,000. The court shortly before had dismissed habeas corpus proceedings the grounds that Hartzell could legally held for violation of the postal although the defendant in England time of the violation. The bond specifies that Hartzell must appear federal court Fort Dodge June 13 for trial. He recently deported from England alien for leged fraud connection with the estate of the English captain and been custody since his boat docked in New York.
PROGRESS Detroit, Feb. progress toward solution of igan's banking problem was today with the by officials the First National bank National Bank Commerce the expected completion within few days plans form two new banks here with wholly liquid assets. statement issued last night jointly the banks said: "Sufficient capital expected subscribed by depositors the old banks organize the institutions."
2.March 26, 1933Pittsburgh Sun-TelegraphPittsburgh, PA
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Detroit Stockholders Ask Bank Company Rece iver
DETROIT. March A stockholders' suit for permanent receivership of the Detroit ing concern of the First National Bank and several smaller- banks, was filed in Circuit Court There today Judge Theodore J. Rich Issued an order to show care why a receiver should not be appointed. The order is next Wednesday The suit asked that officers and directors of the holding company be compelled "to account for their official and be coumpelled to pay all property acquired for themselves or transferzed to others' as a result of themir official status Four holders of common stock were named as plaintiffs The First National Bank together with Detroit's only other National Bank of Commerce, in the hands of conservators
3.July 12, 1933The Times HeraldPort Huron, MI
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SAYS U. S. SHUT BANKS AS AN EXPERIMENT
(Continued from Page One) body-I don't know whether it was Wall Street or not-was trying to get hold of the Detroit banks," he said. believe the government had it all worked out in advance. believe plan of the in office fore March and those who either still in office or who pull the Upon the is sole the jury room his sudden with the declaration think the banking over the country they didn't how curb they started their plan in know urged that be started York were at the ences and urged John W agent one those not that the to try to clear up the grave the United States government for what they did The "Michigan the starting in the per today their in Detroit Detroit and the National of Commerce) were think should they pay tors Official did approve by of ers tion by of in of of to the to The of First to his the court Brown could be of any to not to ness what testify what court That and
'ALFALFA BILL' BARS 3.2 IN OKLAHOMA from Page One) to directed to licenses for of beer until his was issued victory for decency the for the have Rev M. added zation the repeal dry on under measure The re counthe openly for homa 1 19 in dry and counties were favored beer
4.August 2, 1933Battle Creek EnquirerBattle Creek, MI
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Article Text
Senator Forwards Checks Totaling $30,423 to Detroit Closed Banks.
Aug. States James Couzens day paid in full assessments against stock held in his wife's name Detroit's closed national banks. Forwarding totaling to Senator Couzens that, although collection of had been restrained by court action. moral One check was in favor receiver for the First for shares stock in the Detroit Co., holding organization for the First National. check for favor Schram. ceiver for the National Bank Commerce. the assessment Mrs. Couzshares stock Guardian Detroit Union Group, Inc., the holding company.
5.August 3, 1933Chicago TribuneChicago, IL
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COUZENS PAYS UP ASSESSMENT ON BANK STOCK
States Senator James Couzens today paid in full assessments against stock held in his wife's name in Detroit's two closed national banks. Forwarding checks totaling $30,423 to the bank receivers, Senator said that, although collection of the ments has been restrained by court action, the moral obligation to pay States clear. One check was for $28,814 in favor of C. O. Thomas, for the First National bank, Detroit, for the assess ment against 2,050 shares of stock in the Detroit Bankers hold ing organization for the First Na The second check was for $1,609 in favor of B. C. Schram, receiver for the National Bank of Com merce, in payment of the against Mrs. Couzens' 250 shares of stock in the Guardian Detroit Union Group, Inc., the holding company.
6.August 26, 1933The Palm Beach PostWest Palm Beach, FL
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POLICY the Associated Press Aug. policy the federal government following the national holiday, which, one liquidity instead solvency," day criticized before Detroit bank jury by (R., one that "spelled the The junior Michigan called before the which has the closing national here. that "many closed should been close," and such closings the 'forcing the values utterly depressed market." The Washington picture events the beginning of famous Michigan holiday drawn the Senator. Herbert then president, every effort the Detroit conflagration order to prevent forest made strong for standardized deposit ance, declaring "absolutely necessary the protecall bank depositors," offered of the government for declining permit the local examine records the closed banks First National and GuarNational Bank of Commerce.
7.October 3, 1933The Grand Rapids PressGrand Rapids, MI
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DETROIT BANK RECEIVERS TO CONSIDER HOME BONDS
Detroit, Oct. received here Monday by closed First National bank Detroit, and Schram, receiver of the National Bank Commerce, the the currency exchange mortgages for home loan corporation bonds. Previously the receivers had deThe for saction be submitted comptroller his approval. When receiver has completed to Washington detailed on the persons involved and receiver estimates he might realize on home bonds open market. the agrees to it must receive court approval.
8.January 6, 1934Detroit Free PressDetroit, MI
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Article Text
Is Judge Assigned to Hear Bank Suit
Carolinan on
Federal Judge Johnson Friday the Chief Justice United States Supreme Court the brought stock tional to prevent double The appointment was recom mended Judge presiding over the Sixth Circuit, which Detroit situated judge needed the case because docket Federal his Hayes he would ready case agreement tween attorneys the stock holders Federal receivers Bank National Commerce Originally for Jan 15. the was delayed for month the motion the who pleaded many being under available take stand in the assessment suit.
9.March 28, 1934The Grand Rapids PressGrand Rapids, MI
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Article Text
Filthy Lucre?
Bank Receiver Can't Figure Why He Doesn't Hear From Depositor Who Has $340,000 Coming to Him.
Detroit, March ever C. Schram receiver for the National Bank of Commerce, finds time for little light worrying, he takes up the matter of why with $340,000 coming to him doesn't collect the 60,000 unclaimed acclosed entitled cent that amount any time he wants but he doesn't want least he has shown no interest in thus far.
