First National Bank (Crosby, MN)

Episode Information

Episode UID
983801597
Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
98380 national
Charter Number
9838
Start Date
January 2, 1933
Location
Crosby, Minnesota

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e00a4d3f6afcbf29

Response Measures

None

Description

Article 1 is partisan and claims the bank robbed depositors; treat as political commentary.

Events (3)

1. September 7, 1910 Chartered
Source
historical_nic
2. January 2, 1933 Other
Newspaper Excerpt
Most of the funds of the city are tied up in the defunct First National Bank, which just re-opened its doors after robbing the workers of 55 per cent of their savings.
Source
newspapers
3. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Federal proclamation of a nationwide bank holiday (March 6-9, 1933) suspending all banking transactions.
Newspaper Excerpt
there shall be maintained and observed by all banking institutions ... a bank holiday, and that during said period all banking transactions shall be suspended.
Source
newspapers

Newspaper Articles (2)

Article from The Daily Worker, January 2, 1933

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Article Text

Communist Mayor's Plan. MINNEAPOLIS, Minn., Jan. 1.Mayor-elect Emil Nygard came here to meet with the Provisional Committee for the Minnesota State Hunger March, which will proceed to St. Paul in February to demand relief for thousands of hungry unemployed. While here he gave an interview to the representatives of the Daily Worker and other workers' papers, and outlined his plans for carrying out the working-class program on which he was elected by the miners of Crosby. He said: "I am the only Communist on the City Council, and my fight in the council for unemployment relief will have to be backed up by organized mass pressure of the workers themselves. I will call upon the unemployed workers in Crosby to join the Unemployed Council, and their committee will receive official recognition from me. I will ask them to draw up their own proposals for unemployment relief to present to the City Council, and I will fight for these demands." Nygard revealed that ady the bourgeoisie in Crosby are preparing to conduct an open fight against his administration. The Relief Commission, the Red Cross and the charity organizations are already telling the workers that they will discontinue their relief activities the day Nygard assumes office. When workers come to them asking for relief, they are told "Go to the Communist Mayor for relief." Asked how he intended to fight these sabotaging activities, Nygard declared: "I am going to organize a Workers' Advisory Council, with representatives from all workers' organizations in Crosby, to meet with me and help me formulate a policy in the best interests of the working class. The mayors of other cities, who were elected by the capitalist parties, also have advisory committees, but these consist of bankers and business men, the exploiters of labor. My advisory committee will consist of miners, uriemployed workers and small taxpayers. This Advisory Council will call frequent mass meetings of the workers of Crosby, where I will report on municipal questions of interest to the workers, and where the opinions of the workers will get full expression and will be listened to. I will expose the sabotage of the Red Cross and private relief agencies, and the workers will see for themselves how the bosses act when a workers' candidate is elected to office." Nygard will propose to the new City Council that the amount of relief to the unemployed be increased by the city at least 50 per cent and ways and means found to finance it at the expense of the employers. Most of the funds of the city are tied up in the defunct First National Bank, which just re-opened its doors after robbing the workers of 55 per cent of their savings. "Who will be the new Chief of Police?" Nygard was asked. He replied: "The miners themselves will be asked to propose some one whom they can trust and who will not use his office against the interests of the workers." No Spoils System. "How will other municipal employees be selected? Will Communists get preference on city jobs?" was the next question. The answer was, "There will be no spoils SVStem' such as capitalist politicians practice. Municipal work will be given out to unemployed workers according to need.' "What will you do when the funds of the city for relief are run out?" he was asked. Nygard replied: "We will declare a moratorium on debts owed for bonds. We will demand state aid, and a share of the Reconstruction Finance Corporation Funds." Nygard also stated he would lead a Crosby delegation of unemployed on the State Hunger March to the Legislature and Governor Olson. The Communist Mayor will take over his duties on Jan. 3. His inauguration speech before the opening session of the new City Council will be published in these columns in a few days.


Article from The Sauk Centre Herald, March 9, 1933

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Article Text

# The Banking Holiday Order Surprise Local Institutions Functioning to a Limited Degree-Making Change # MAY END TOMORROW Congress Meeting Today In Special Session to Take Drastic Action The economic situation of the country came near breaking point the latter part of last week when extensive runs were being made on a nationwide scope of the larger banking houses of the country. The situation became so aggravated that Saturday morning Lieut. Gov. Solberg, acting as governor during the absence from the State of Gov. Floyd Olson after conferring with the attorney general issued a state-wide proclamation declaring a bank holiday for all banks in Minnesota. A special session of the Minnesota legislature called for Saturday afternoon at 2:00 o'clock, ratified the action of the lieutenant governor. No sooner had President Roosevelt been inaugurated that he issued the following proclamation: WHEREAS there have been heavy and unwarranted withdrawals of gold and currency from our banking institutions for the purpose of hoarding; and WHEREAS continuous and increasingly extensive speculative activity abroad in foreign exchange has resulted in severe drains on the nation's stocks of gold; and WHEREAS these conditions have created a national emergency; and WHEREAS it is in the best interests of all bank depositors that a period of respite be provided with a view to preventing further hoarding of bullion or currency or speculation in foreign exchange and permitting the application of appropriate measures to protect the interests of our people; and WHEREAS it is provided in section 5 (B) of the act of October 6, 1917, (RO Stat. L. 411) as amended, "that the President may investigate, regulate, or prohibit under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange and the export, hoarding, melting, or earmarking of gold or silver coin or bullion or currency..."; and WHEREAS it is provided in section 16 of the said act "that whoever shall wilfully violate any of the provisions of this act or of any license, rule, or regulation issued thereunder, and whoever shall wilfully violate, neglect, or refuse to comply with any order of the President issue.l in compliance with the provisions of this act, shall, upon conviction, be fined not more than $10,000, or, if a natural person, imprisoned for not more than 10 years, or both..." NOW, THEREFORE, I, Franklin D. Roosevelt, President of the United States of America, in view of such national emergency and by virtue of the authority vested in me by said act and in order to prevent the export, hoarding, or earmarking of gold or silver coin or bullion or currency, do hereby proclaim, order, direct and declare that from Monday, the sixth day of March, to Thursday, the ninth day of March, both dates inclusive, there shall be maintained and observed by all banking institutions and all branches thereof located in the United States of America, including the territories and insular possessions, a bank holiday, and that during said period all banking transactions shall be suspended. During such holiday, excepting as hereinafter provided, no such banking institution or branch shall pay out export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding (Continued on Page Four)