Article Text
monwealth Commercial State Bank and the Detroit Savings Bank. In his statement, the receiver said the Detroit banks and bankers wanted to obtain control of the bank here, and at the same time attempted to escape personal liability.
Commonwealth Commercial State Bank (Detroit, MI)
Episode Information
- Episode UID
9003171598- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Bank ID
-
900317routing - Routing Number
9-0031- Start Date
- February 14, 1933
- Location
- Detroit, Michigan (42.331, -83.046)
Metadata
- Model
- gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
c0f8cccafd10a07d
Response Measures
None
Description
The bank was affected by the Michigan state banking holiday in February 1933 and the federal holiday in March 1933, but officials testified it was solvent and opposed the closing.
Events (3)
1.
February 14, 1933
Suspension
- Cause
- Government Action
- Cause Details
- Michigan state banking holiday declared by Governor Comstock.
- Newspaper Excerpt
- the Michigan holiday was the result of either incompetence on the part of federal officials the efforts of outside interest to gain control of Detroit banks.
- Source
- newspapers
2.
March 1, 1933*
Reopening
- Newspaper Excerpt
- The reopening would enable 99 state banks to resume normal operations
- Source
- newspapers
3.
March 6, 1933
Suspension
- Cause
- Government Action
- Cause Details
- National banking holiday declared by President Roosevelt.
- Newspaper Excerpt
- the federal government chose Michigan the starting point for conceived bank plan that resulted in the state bank holiday
- Source
- newspapers
Newspaper Articles (3)
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Article Text
CHARGES BANK HOLIDAY PLAN PRE-ARRANGED Witness Accuses Republican Regime Of Scheme To Close All In S. (Continued from Page One.) were told on February 13, that the holiday was temporary closing. It caused havoc and don't think knew the government officials what they were doing.' Blames Two Things. Parshall said he believes the Michigan holiday was the result of "either incompetence on the part of federal officials the efforts of outside interest to gain control of Detroit banks. He declared the First National of the closed national banks here-is solvent now, in his opinion, and should be reopened. "The reopening would enable 99 state banks to resume normal operations, if their reserve deposits were released." he testified. Parshall was the second Commonwealth official to testify today. He followed Fred H. Talbot, another vice president, to the stand. Talbot, also secretary of the Detroit clearing house, told the grand jury that both the Commonwealth bank and the clearing house were opposed to the holiday. believe the First National bank could reopen and that there are political reasons for the fact that it has remained closed." he said. "It appears the government wanted to open its own bank here.' The government and General Motors corporation financed the National Bank of Detroit. the new bank that took over liquid assets of the First National bank and the Guardian National Bank of Commerce. Talbot and Parshall were placed on the stand after Circuit Judge Harry B. Keidan had dismissed Fred Brown, former vice president of the First National bank and now federal employe under the bank's receiver.
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Article Text
CHARGES STATE BANK HOLIDAY WAS RESULT "INCOMPETENCY" LOCAL Parshall, Bank Official in Detroit, on Stand BeDEPARTMENT STORE fore Jury HOLD BANKS DETROIT, July that the federal government chose Michigan the starting point for conceived bank plan" that resulted in the state bank holiday, witness before the one-man Detroit bank jury today charged the holiday was the result either of competency or somebody was trying to get hold of the Detroit banks." The witness, Howard Parshall, vice president of the Commonwealth Commercial State Bank, claring his institution never agreed to the holiday and felt it had been "practically deceived" by federal officers, said, think that (the government) knew we would not consent we saw the whole thing, they tried to go step by step, the first step being temporary holiday." Detroit, he said, was chosen by the because pened to be the first place in which banking trouble after the administration had desided banking plan. holiday sult of don't whether was Wall Street trying hold of the Detroit said. believe the government organized in advance. believe plan office who strings. Upon the the sole Raps Wall Street Parshall, electrifying the jury room with his charges, continued with the declaration "that think the government felt the banking situation all over the country bad and they didn't know how curb it so they started their plan in Detroit. know Wall Street urged that it be started said. Declaring that "never in nearly 30 years of practice in the have such spectacle, Judge Harry Keidan, heading the one man jury livered this morning from bench, vigorous rebuke to federal official for refusal to testion the matter involving governmental action in closing the banks. The witness, Fred Brown, former vice president of the First Nationbank and new assistant to bank's federal receiver, appeared with attorney who told the court Brown could not be questioned about details of his present work any knowledge acquired during employment since March He said the testimony should restricted to his previous connections with the bank. going to have any witness come here no matter how renowned his counsel and tell this court what he will testify and what he will not testify nounced Judge Keidan. not the habit of conducting court that That for Mr. way. goes Brown and Everybody." The witness was not permitted to testify. Emil Kleumpel fell recentthe Addison Baltz store and badly sprained her ankle. She was on the second floor and caught her heel in the carpet she was about descend the stairs. She was taken to physician's office and confined to her home with very bad ankle.