National Metropolitan Bank (Washington, DC)

View Charter #1069 on SPMC View balance sheet

Episode Information

Episode UID
106901599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
10690 national
Charter Number
1069
Start Date
March 6, 1933
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
63d54b974b985987

Response Measures

None

Description

Articles describe the March 1933 federal/state bank holiday affecting all Washington banks; bank not named explicitly.

Events (3)
1. April 27, 1865 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
President Roosevelt's national/state-declared bank holiday (banks closed under Treasury/Federal Reserve orders)
Newspaper Excerpt
four-day bank holiday
Source
newspapers
3. March 14, 1933 Reopening
Newspaper Excerpt
BANKS PREPARE FOR OPENING TOMORROW All to Resume at Same Time
Source
newspapers

Newspaper Articles (3)
1. March 9, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 9, 1933

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Article Text

Banks Free Money For Essentials Washington banks today started granting withdrawals by depositors who need the money for the purchase of food, medicine, and other essentials-and found few persons taking advantage of the service. Each depositor who came to draw money was required to sign a printed form to the effect that the money withdrawn was to be used for necessities. No limit was set by the banks, but those making the withdrawais were asked to explain their needs and the sum was determined by this method. Amounts paid out ranged from $5 to $25. Withdrawals Are Light Bank officials in all parts of the District said that the number of withdrawals was running exceedingly light, an indication that the four-day bank holiday has worked little if any hardship in Washington. The withdrawal of money was made possible through instructions issued by the Washington Clearing House Association to its members, based on regulation No. 10, the "humanitarian" regulation issued by Secretary of the Treasury William H. Woodin. Reversal of Position In taking this stand the clearing house reversed its position of yesterday when it recommended against any action on Regulation No. 10 pending further clarification of the ruling which was termed as vague and too broad. While this action releases a certain amount of funds from the banks, no action will be taken on another section of the regulation providing that the banks may meet payrolls. Bankers pointed out that if they did this they would jeopardize their own position, by paying out money while they are unable to take any in. No bank, no matter how strong its position and reserve, can long do this, they said. Under restrictions placed on the banks by Secretary Woodin, banks may receive new deposits, but these deposits must be kept in trust. So far all local banks (Continued on Page 2, Col. 3)

2. March 10, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 10, 1933

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Article Text

PAYROLLS HERE MET BY BANKS (Continued from Page One) certificates may be withdrawn, however. The local banks also continued allowing their depositors to withdraw funds up to $25 for purchases of food, medicine, and other essentials permitted under Regulation No. 10. Those making the withdrawls must sign statements that the money is to be expended in accordance with the regulations of the department. Padded Payrolls Alleged Several banks reported they had detected several instances of business men trying to pad their payrolls to get larger amounts of cash on hand in their establishments. To check this, the banks were requiring the business men to present their payroll books as proof of their needs. Some banks, however, not sure of the authority to issue money to meet payrolls, were asking the business men to sign 10-day notes for the money they withdraw to meet the payrolls. In this manner, they said, they would be protected if it was learned afterward that they did not have authority to issue the money. Rent Not Considered Banks do not consider payment of rent one of the essentials covered in the regulation, several being reported as refusing to honor withdrawals for rent payments, holding that the landlord must wait payment as do stores and other business concerns. The Clearing House last night advised its members to prepare to reopen on short notice, and it was believed that all banks will be opened for business in full by next Monday. Some banks may be reopened tomorrow, it was indicated. At Upper Marlboro, Md., the First National Bank today started cashing pay roll checks and also cashed checks for county employes whose offices carry accounts in the bank. Exchange to Open The Washington Stock Exchange, closed following the proclamation of the bank holiday, will also open again Monday, it is believed, and local brokers are looking for a rising market.

3. March 13, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 13, 1933

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Article Text

BANKS PREPARE FOR OPENING TOMORROW All to Resume at Same Time If Reserve Board 0. K's Clearing House Plea Washington banks today were awaiting word from the Federal Reserve Bank at Richmond for permission to resume activities tomorrow. It is expected that the Federal Reserve will honor the request of the Washington Clearing House Association and send out notification simultaneously, so that all banks here which are members of the system will receive licenses and open at the same time. The Clearing House made this request, pointing out that failure of any bank to open at the same time as the others might be misconstrued by depositors. While the local banks are expected to reopen tomorrow morning. Secretary of the Treasury William H. Woodin issued instructions to banks that they guard against hoarders. Withdrawals Limited Until more normal conditions have been established. the Secretary instructed, withdrawals should be limited at the discretion of the bank to necessary funds. This will permit the banks to restrict withdrawals of, in their judgment, the money to be taken out of circulation. Warning was again issued that 3 o'clock Friday is the deadline for those who have been hoarding gold or gold certificates to turn them in. Names to Be Listed At the close of the banking lists of those who sums or 1 will be have gold day February Friday withdrawn gold certificates large sent Reserve to since the of governor of the Federal at Richmond for such action as the Government may deem advisable in view of the President's edict against hoarding. It is believed that few persons will fail to turn in their gold as the President asked, bankers pointing out that in the past few days many thousands of dollars have already been turned in at local banks and at the Treasury. Today, the last of the bank holiday proclaimed by President Roosevelt, found Washington banks carrying on limited business and prepared for general reopening tomorrow. The reopening is expected to give a bc m to local business. Savings banks and other institutions here which are not members of the Federal Reserve System have applied to the Comptroller of the Currency for licenses to reopen, and it is expected that they will be given permission to resume on Wednesday.