Indiana National Bank (Indianapolis, IN)

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Episode Information

Episode UID
98401598
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
9840 national
Charter Number
984
Start Date
February 27, 1933
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a15127e050bfbf37

Response Measures

None

Description

The bank experienced a partial suspension of payments starting February 27, 1933, followed by the federal banking holiday, before reopening on March 14, 1933. Article 1 describes a false alarm that triggered a police response but explicitly notes it was not a run.

Events (4)
1. April 6, 1865 Chartered
Source
historical_nic
2. February 27, 1933 Suspension
Cause
Macro News
Cause Details
Local clearing house restriction on withdrawals, preceding the national banking holiday.
Newspaper Excerpt
Withdrawals checking accounts, savings accounts and deposits evidenced certificates Indianapolis banks, restricted Monday per the amount on posit.
Source
newspapers
3. March 6, 1933 Suspension
Cause
Government Action
Cause Details
National banking holiday declared by President Roosevelt.
Newspaper Excerpt
the brief period of time since powers of the state department were clarified... while the President's proclamation prevents this service in full
Source
newspapers
4. March 14, 1933 Reopening
Newspaper Excerpt
Deposits at the Indiana National bank were three times as great as withdrawals during the morning, it was announced by Arthur V. Brown, president.
Source
newspapers

Newspaper Articles (5)
1. February 14, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 14, 1929

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Article Text

The City in Brief William Fortune discussed the Indiana tax problem before the Lions Club at luncheon Wednesday at the Lincoln. Several business men and industrial leaders were guests. Fortune is chairman of the Chamber of Commerce civics committee. The third of a series of lectures and will be given at the nurses' home of the Methodist hospital Friday evening when Mrs. Demarchus Brown will talk on the 'Passion Play This is Mrs. Brown's second appearance as the speaker on these programs. Fifty Indiana farmers, headed by William H. Settle. president of the Indiana Farm Bureau Federattion, attended the annual convention of the State Farm Mutual Automobile Company at Bloomington, Ill., today. Settle delivered the principal address at the corner stone laying of the company's new building. Governor Harry G. Leslie spoke at dinner of forty Plymouth Kiwanis Club members at the Claypool Wednesday night. Senator Frank S. Southworth entertained the Kiwanians who had visited the legislature. Indianapolis Chapter Order of De Molay will initiate candidates Saturday evening at the Athenaeum. L. L. Allen, manager of the Indianapolis branch of Smith and Corona Typewriters, Inc., has been notified the home offices of the company will be moved from Syracuse, N. Y., to New York City Friday A Negro janitor who inadvertently set off burglar alarm in the Indiana National bank with a mop handle was responsible for a near record run to the bank by three emergency police squads Wednesday night. The Indiana Stamp Club will meet at m. Friday at the Chamber of Commerce. talk will be given on general foreign stamps and Allan P. Vestal will discuss United States postage. The Advertising Club was guest of the Indianapolis Power and Light company at a luncheon at the company's Mill street plant today. Club members inspected the pland and heard short addresses by officials and engineers. The Club will hold its Monday luncheon at the plant. The Indianapolis chapter, Shop Crafts' Association of the Pennsylvania Railroad, will give card party and dance at the new Pennsy gymnasium Thursday night. This will be the first big social affair of the Crafts' this year, and a large attendance is expected. J. T. Line- gar, president of the local chapter, and Sam Case, chairman of the association, will be in charge.

2. February 27, 1933 The Buffalo News Buffalo, NY
Article from The Buffalo News, February 27, 1933

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Article Text

BANKS LIMIT WITHDRAWALS 27 Withdrawals checking accounts, savings accounts and deposits evidenced certificates Indianapolis banks, restricted Monday per the amount on posit. statement clearing said "other portions balances be released from time to time justify

3. March 14, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, March 14, 1933

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Article Text

them soon. Permits for reopening were being issued as fast as conditions of the banks here and throughout the state can be determined by the state and federal authorities. The Fletcher American National bank, status of which had not yet been checked by federal examiners, was ordered to reopen today to receive deposits in trust and conduct a limited business, pending issuance of a permit. Delay Is No Smirch State banking officials announced that the fact that a bank has not received a permit to reopen should not alarm depositors, as it has been impossible to examine condition of all banks in the brief period of time since powers of the state department were clarified. Indianapolis bankers were gratified with the signs of confidence in the banking situation expressed by their patrons. Few of the banks were crowded. Many persons visited the banks during the morning to cash pay roll checks, but most banks reported deposits far exceeded withdrawals. "I am glad the banks are open so I won't have to keep this around home," one bank patron remarked as he deposited a sum of cash and two pay roll checks. Guard Against Hoarding The banks today had printed statements to be signed by persons withdrawing substantial sums in cash, stating that the currency was not to be taken out of circulation or hoarded, but a survey at noon revealed that no banks had found it necessary to have any of the statements signed, as withdrawals were few and small. Checking of status of other banks is being conducted by state banking officials and it is expected that institutions which have not yet received permits to reopen will receive them soon. All the reopened banks will operate under uniform restrictions adopted by the Indianapolis Clearing House Association and the state banking department. These permit ordinary check transactions without limit; ban paying out of gold or gold certificates; ban cashing of checks drawn on another bank; limit paying of cash on checking accounts to $10 a day and on savings accounts to $10 a week, except for necessary purposes. The withdrawal limitations do not apply to segregated balances created on or after Feb. 27, when the 5 per cent withdrawal limitation went into effect. State Banks Reopen At the office of Governor Paul V. McNutt it was stated that about twenty state-chartered banks were in condition to resume business today. Wayne Coy, a McNutt secretary, announced that at no time would a bank advisory committee, working with the state banking department, announce a list of banks which are opened. State banks in cities not having clearing houses may be permitted to reopen Wednesday, it was stated at the statehouse. Other federal reserve system member banks notified to reopen this morning in Indiana included: Ft. Wayne, Lincoln National Bank and Trust Company, and Terre Haute, Terre Haute First National bank. "This is the best thing that ever happened," Fred C. Dickson, Indiana Trust Company president, said. "As soon as we get our banking situation cleared, let's keep it clear." Much Gold Received "Our business during the morning was satisfactory in every way. The public is showing a wonderful spirit. Our deposits have been nearly normal and withdrawals have been slight. In addition, we have been receiving large quantities of gold and gold certificates." Deposits at the Indiana National bank were three times as great as withdrawals during the morning, it was announced by Arthur V. Brown, president. He said there has been no demand for withdrawals from accounts opened after Feb. 27. The bank cashed a large number of pay roll checks, many bearers depositing a large part of the checks. Lobby of the Indiana National was (Turn to Page Seven)

4. March 15, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, March 15, 1933

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Article Text

This flood of currency, filling bank vaults, is believed to have relieved local banks of the necessity of asking for any of the new currency printed by the government as an emergency measure. The difference between the total and cash deposits is accounted for by check deposits. Total withdrawal figures for the day will not be available until all checks have been cleared. So far as could be learned, none of the banks here had received any of the new currency and it was considered unlikely that any would be sought. More Currency Than Needed Several of the banks reported that they had more currency than they wanted to keep on hand and were shipping large quantities to the federal reserve bank at Chicago. Bankers expressed themselves as pleased with the attitude of confidence displayed by the public with reopening of the banks. Survey of downtown banks at noon revealed that crowds practically were back to normal. Most banks reported much smaller crowds than on Tuesday. Fred C. Dickson, Indiana Trust Company president, said there was no line of customers at tellers' windows in the bank today. The Indiana Trust Company shipped $37,400 in gold Monday and took in $28,200 in gold and gold certificates Tuesday. Postal Deposits Boom "The public should be complimented on the way it has acted during the banking emergency," Dickson said. "There is a certain service the banks owe the public and while the President's proclamation prevents this service in full, the public has accepted the situation graciously." Postal savings deposits Tuesday were six times greater than withdrawals, Postmaster Leslie D. Clancy said today. Deposits were $24,842, and withdrawals $4,459, he said. Money orders sold totaled $28,916, while those cashed amounted to $154,642. One of the federal reserve system member banks reported that its deposits Tuesday exceeded withdrawals by more than $500,000. One of the clearing house banks reported cash deposits six times as great as withdrawals. Cash deposits at the Merchants National bank Tuesday were twice as great as for any other one day in the history of the bank, which was founded in 1865, according to Otto Frenzel, cashier. Withdrawals were slightly under normal, he said. Cash Deposits Heavy The Indiana National bank and the Union Trust Company both had the heaviest cash deposits in their history, according to Arthur V. Brown, president of both banks. "Cash deposits in the two banks were five times as great as for any one other day in history of both banks," Brown said. "This fine spirit of the public is a direct indication of an early revival of business. "The present system of banking was praised by the public, and President Roosevelt, Governor Paul V. McNutt, and other officials who helped plan the system deserve high commendation. "The liquid condition of the banks at the present time is a forward step in renewal of business." Other Banks Reopen Reopening of the banks today was almost complete. In addition to the Class A banks reopened Tuesday, the Northwestern State bank and Central State bank reopened today in this class. Six other banks were reopened in Class B, limiting withdrawals to 5 per cent on old deposits, but ac(Turn to Page Two) 4 Cless!

5. March 16, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, March 16, 1933

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Article Text

# BANKS OF CITY ARE BACK ON NORMAL BASIS Deposits and Withdrawals Below Figures of First Two Days. The mild flurry incident to reopening of Indianapolis banks ended today. The situation is normal, except for a preponderance of deposits over withdrawals, bank officials reported. Total deposits today were not expected to reach figures set the first two days of the banks' reopening, although the morning's business indicated deposits would continue to exceed withdrawals by a large percentage. Total deposits in Indianapolis clearing house banks Wednesday were $7,392,000. Tuesday the deposits in cash and checks aggregated more than $8,000,000. Tuesday's cash withdrawals of $538,000 were mostly in the form of pay roll checks which had accumulated during the banking holiday. Fewer pay roll checks were cashed Wednesday, although a few firms paid by check Wednesday. and pay roll checks were expected to be almost a rarity today. Officials of downtown banks today reported the public accepting the situation even more calmly