Central National Bank (Richmond, VA)

View Charter #10080 on SPMC View balance sheet

Episode Information

Episode UID
1008001599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
100800 national
Charter Number
10080
Start Date
March 6, 1933
Location
Richmond, Virginia

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
08a2527d81742bd9

Response Measures

None

Events (3)
1. September 20, 1911 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
State-mandated two-day banking holiday (moratorium) in Virginia following bank holidays and New York closures; withdrawals limited by order.
Newspaper Excerpt
Virginia is to have a banking holiday Monday and Tuesday Attempted heavy runs here today caused it to be announced that all Richmond banks will be closed two days.
Source
newspapers
3. March 15, 1933 Reopening
Newspaper Excerpt
With a majority of the banks functioning on a normal basis, business as usual was the slogan ... As President Roosevelt's progressive program for reopening the Nation's financial institutions reached its third stage, the restored confidence ... reached the rural areas and small towns this morning.
Source
newspapers

Newspaper Articles (3)
1. March 5, 1933 The Washington Herald Washington, DC

Article Text

EVEN 'SPEAKS' FACE CLOSING New York Booze Purveyors Hit by Bank Holidays; Cities Take Drastic Steps NEW YORK, March 4. (U.P.) If extended over a sufficient period, the bank moratorium may close New York's speakeasies, Chief of Police Edward P. Mulrooney said hopefully today. "If we go on a scrip basis, the speakeasies will fade away. I never heard of a speakeasy that could survive on scrip. There isn't enough mutual con fidence in that game." Speakeasy proprietors h were hard hit by today's bank action. Most of them reported a falling off of 25 per cent of their normal Saturday business. CLEVELAND, March 4. (U.P.) Currency will be replaced by scrip in Cleveland next week. An announcement late today after a conference of bankers, said. certificates would be issued by the Cleveland Clearing House Association for use by employers in paying salaries and wages to employes. The certificates will be in denominations of $1, $2. $5 and $10. They will be acceptable by stores in exchange for goods needed. WILMINGTON, Del., March 4 clared a banking holiday until further notice from Governor C. D. Buck. Delaware was the last State to enter the nation-wide bank holiday. "We had to do it," said Otto Nowland, president of the Wilmington Clearing House Association. "Our banks are sound, but due to the national situation we had to come in. We are proud Delaware was the last State to declare the bank holiday." PITTSBURGH, March 4 (U.P.). Hard-pressed taxpayers of Allegheny county, facing sale of their properties for delinquent taxes Monday, were given a moratorium today in view of Pennsylvania's two-day banking holiday. Sheriff Frank I. Gollmar announced the sale would be postponed until Friday because many taxpayers. with money in banks, would be unable to secure the cash required to bid in their properties. RICHMOND, Va., March 4 (U.S.) Virginia is to have a banking holiday Monday and Tuesday Attempted heavy runs here today caused it to be announced that all Richmond banks will be closed two days. Governor Pollard previously had said he saw no necessity for the holiday The State Corporation Commission this afternoon issued the order limiting withdrawals from numerous banks in the Valley of Virginia. DETROIT. March 4 (U.P.). City officials, merchants and members of the Detroit Clearing House Association were considering plans tonight for the issuance of scrip to supplement the sharply curtailed supply of currency City Comptroller Charles E. Gightor announced he would call a meeting of merchants and business men on Monday to consider plans for the issuance of $20,000.000 in scrip against delinquent or future tax receipts. The Clearing House Association likewise was formulating plans for issuance of scrip as a lien against frozen bank deposits. NEW ORLEANS. March 4 ((U.P.) Mayor T. Semmes Walmsley today warned residents of New Orleans against overstocking their homes with food. declaring: "It may be difficult to get new stocks of foodstuffs into the city if the present supply becomes exhausted.' The mayor ordered a large chain grocery store to limit its sales. SACRAMENTO. Cal., March 4 (U.P. .-Governor Ralph tonight proclaimed an extension of the California bank holiday until Thursday, March 9. The new three-day period will begin Monday with general holiday similar to the one now in effect, the governor said. JACKSON, Miss., March 4 (U P.) -Mississippi banks remained open today. J. S. Love. State superintendent of banks, issued a mandatory to all banks to allow no depositors to withdraw more than 5 per cent of his total balance DAYTON. Ohio, March 4 (U.S.) Bankers and merchants agreed today on system of clearing house scrip to meet the shortage of currency during the bank holiday The scrip will be issued beginning Monday in denominations of $5 and $10. $2. -Buy and Be American- MEMORIAL SERVICE A memorial service for the late Grand Duke Alexander of Russia will be held at 12:30 o'clock at the Russian Church of St. Nicholas, 1814 Riggs Pl. N. W.

2. March 5, 1933 Richmond Times-Dispatch Richmond, VA

Article Text

Roosevelt Warns Invoke War-Time Power As Hail To Meet Crisis 250,000 Inauguration; Two-Day Holiday Declared For Virginia's Banks Pollard Cites Pressure; Federal Reserve Heads Summoned by Woodin Action by en Only After Banks in New York Are Closed by Temporary Holiday Order Is Preceded By Discussion Bankers AdvisReserve ed Moratorium Forced by Outside Influences Crisis Over S. in A mandatory bank holiday in Virginia for Monday and Tuesday was last night by Governor proclaimed while in Washington atPollard, tending the Roosevelt inaugural ceremonies. this power, GovIn exercising Pollard said his action was ernor taken upon the recommendation of Reserve banks of the the Federal district. "Since making my statement of Friday night," the Governor's an"there have nouncement been unforeseen developments New York and in other financial centers of the country where bank holidays have been declared. night Governor Pollard Friday necessity day view of Virginia's law permitting banks to restrict withdrawal of deposits, subject to approval the State Corporation Commission Pollard's statement last night, in reference to the New York bank holiday development, which included closing of the New York Stock Exchange and Cotton Exsaid: "This new development changes the and imposes an undue burden upon the banks of Virginia. "While Virginia has statute which under less critical circumstances would meet the situation through application of the banks to the Corporation Commission, the machinery incident to the operation of this law would cause delay which must be avoided under existing unprecedented conditions. "In order, therefore, to relieve the banks of the necessity of making separate applications with the recommendation of the Federal serve banks of this district, declaring legal holiday operative for Monday and Tuesday. March and through the State and binding all the banks." Governor Pollard's announcement of the two-day banking holiday came few hours after Richmond bankers conferred at the Federal Reserve Bank of Richmond, the conference being attended by M. Bristow. State Banking Commissioner, and Assistant AttorneyGeneral Collins Denny Jr. Virginia remained one of the last States to declare banking holiday. and the closing was forced upon banks because of the pressure outside influences, was learned last night. Most Virginia banks maintain balances in New York City. The sult of the closing there was that New York corporations with deposits here drew on Virginia banks, which in turn saw part of their funds tied up in New York. The strain on Virginia banks began with the declaring of bank holidays in Maryland, West Virginia, Kentucky and Tennessee, neighboring States, and the closing of large bank in Washington, Despite this ring drawn around the Old Dominion, this State maintained normal banking until the New York closing precipitated crisis which caused member banks of the Federal Reherve Bank Richmond. in the interest of their own depositors, to recommend State-wide closing for two days. The New York holiday was proclaimed for yesterday and tomorrow. Reopening of New York banks Tuesday would clarify the Virginia atmosphere, as well that of other States, was stated last night by local banker. considerable sum was withdrawn yesterday from banks, but there was action suggestive The American Bank and Trust Company applied the agreements passbook contracts savings accounts the extent of limiting withdrawal savings account deposits without notice $10. learned yesterday that the Federal Reserve Bank during the past ten days has lent Continued on Page Seven. Call for Discussion of Bank Situation Comes Just After New SecreGoes Into Office tary

3. March 15, 1933 Evening Star Washington, DC
Article from Evening Star, March 15, 1933

Click image to open full size in new tab

Article Text

BANKS IN NEARBY COUNTIES REOPEN Most Neighboring Virginia and Maryland Institutions on Normal Basis. With a majority of the banks functioning on a normal basis, "business as usual" was the slogan in the Maryland and Virginia counties around Washington today. Shortly after their doors opened, bankers of the various counties reported deposits were "heavier than usual," while withdrawals were described as "normal," indicating the experience which Washington's banks had yesterday was being repeated on a smaller scale today in Maryland and Virginia. As President Roosevelt's progressive program for reopening the Nation's financial institutions reached its third stage, the restored confidence which has been so evident in the financial centers and big towns of the country during the past two days, reached the rural areas and small towns this morning. Others to Open Later. Marylanders were particularly happy to have their banks functioning again, as they have been closed by gubernatorial holiday proclamations since February 25. Virginia banks had only suspended operations during the national holiday, which began March 6. State Bank Commissioner John J. Ghingher of Maryland emphasized, in announcing the list of banks licensed to reopen, that those not included were not necessarily unsound and probably would be permitted to resume functioning in the near future. The commissioner issued licenses for 96 State banks and expects to have more time to examine the unlicensed ones with a view to reopening them in the next few days. Ten of the 11 banks in Montgomery County whose doors have been closed during the holiday reopened for business this morning, with the other institution awaiting action by the Federal Reserve Bank in Richmond on its application to resume normal operation. With the exception of the Farmers' Banking & Trust Co. of Rockville and the Bank of Damascus the 10 institutions open for business were operating with no restrictions on withdrawals. A 2 per cent limit has been placed on withdrawals from the Farmers' Banking & Trust Co. and the Bank of Damascus. Eight on Normal Basis. The eight banks that resumed business on a normal basis are the First National Bank of Gaithersburg, Citizens' Bank of Takoma Park, Takoma Park Bank, Germantown Bank, Bank of Bethesda, First National Bank of Sandy Spring, Sandy Spring Savings Institution and the Silver Spring National Bank. Officials of the First National Bank of Gaithersburg said this morning that they have not yet received their license from the Federal Reserve Bank of Richmond, but opened for business when given the assurance that the license would be granted today. The Montgomery County National Bank of Rockville was not open this morning, but the cashier of the institution declared that application had been made with the Federal Reserve Bank for a license to operate on a normal basis with no restrictions on withdrawals. Ira C. Whitacre, cashier, Silver Spring National Bank said, "We opened this morning on a 100 per cent basis and (Continued on Page 5, Column 3.)"