Bank of America National Trust & Savings Association (San Francisco, CA)

View Charter #13044 on SPMC View balance sheet

Episode Information

Episode UID
1304401598
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
130440 national
Charter Number
13044
Start Date
February 27, 1933
Location
San Francisco, California

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
30ecc9fb5586ad61

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Full suspension, Books examined

Clearinghouse involved: Yes (loan, examination, or other measures)

Events (4)
1. March 1, 1927 Chartered
Source
historical_nic
2. February 27, 1933 Run
Cause
Macro News
Cause Details
Runs followed publicity of banking moratoria and restrictions in other states, producing heavy withdrawals Feb 27–Mar 1, 1933.
Measures
Banks met withdrawals by borrowing from Federal Reserve Bank of San Francisco and drawing on reserves.
Newspaper Excerpt
a substantial run on California banks developed. This relatively heavy run lasted for three days -February 27, February 28 and March 1-
Source
newspapers
3. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Governor Rolph proclaimed a state banking holiday (three-day moratorium) closing banks across California beginning March 2, 1933.
Newspaper Excerpt
the proclamation of Gov. Ralph at San Francisco makes mandatory the closing of California banks (for three-day period ...); California bank holiday until Thursday
Source
newspapers
4. March 13, 1933 Reopening
Newspaper Excerpt
Reopening of banks under licenses issued by the secretary of the treasury and by state authorities commenced on March 13 and proceeded ... most 12th district banks had resumed customary operations, although a good many were either in the hands of conservators or had been closed for liquidation. Banks that win approval ... will be permitted to resume full activity Wednesday. San Francisco ... resumed Monday. President's plan for opening the sound banks ... beginning Monday the twelve federal reserve banks ... San Francisco. The progressive program ... beginning Monday announced tonight by President Roosevelt. The program calls for ... San Francisco
Source
newspapers

Newspaper Articles (6)
1. October 7, 1932 Lincoln Journal Star Lincoln, NE

Article Text

TRIMBLE MAKES PUBLIC NAMES OF BORROWERS Over $13,000,000 for Relief -Some Not Taken Advantage Of. WASHINGTON (P). The Reconstruction corporation report for August made public by South Trimble, clerk of the house of representatives, showed loans totalling $186,209,310 authorized during that month. The report was given out over the objections of Atlee Pomerene, chairman of the reconstruction board. It said loans authorized to financial institutions, including insurance companies and railroads totalled $122,277,641. Loans authorized to governors of states for relief purposes amounted to $13,931,669, while $15,000,000 was authorized for the Cotton Stabilization corporation and $35,000,000 to the American Cotton Co-operative association. No part of the latter two authorizations had been disbursed up to Sept. 21. The report showed that a total of $5,552,400 authorized to banks and trust companies during the last days of July covered by the previous report was cancelled, including 800,000 to the Bank of America National Trust and Savings association of San Francisco. Other authorized loans to financial institutions cancelled between Aug. and Sept. 21 totalled $1,224,264. Application for loans received during August numbered 1,151, with repayments in the month totalling $35,241,799. Loans to bank and trust companies included $39,290,150 to aid in reorganization or liquidation of closed banks. In addition, the report said, the corporation had outstanding Aug 31, agreements to make loans totalling $875,000 upon the performance by applicants of specified conditions. Of loans authorized to railroads, 170,500 is reimbursable from the Railroad Credit corporation, when funds are available. The report showed the following advances had been authoized to railroads at 6 percent interest: Ashley, Drew and Northern Railway and $400,000 Maine rallored 200 of Georgia Railway company, and Eastern Illinois railway $753,500. Great Western railroad Chicago and Ohio railroad Chicago and St. road Southwestern railway Wabash Railway (Walter Frank Falls and Southern (Ernest E. Louis $684,450. and railroad $400,000. Trimble said the statement of his counsel "contains all have to say on the matter." It said that: "The publication of the Reconstruction Finance corporation report furnishes the depositors the additional information that their bank possesses adequate security to meet all governmental requirements necessary to obtain loan. "That this assurance to the depositors is of great value is recognized by many banks in deliberately giving publicity to the fact that they have obtained loan from the Reconstruction Finance corporation. publication of the July report of the Reconstruction Finance corporation, during the month of August, did not have the bad effect upon the banks as predicted by the opponents of the provision. "This is shown by the greatly decreased number of bank suspensions that have occurred since the report was published. "During the month of July there were 131 suspensions. During the month of August 85 suspensions; and during the month of September 63 suspensions. All of the other objections raised in the brief as to the wisdom of policy of requiring public monthly report of the corporation's activities were presented to congress by the corporation or other persons before the act was passed Many Loans Cancelled. The reconstruction report itself showed that number of loans which were authorized during August were withdrawn or cancelled in full, including authorizations to 35 banks and trust companies aggregating $2,Applications for loans received at Washington during August numbered 1,151. Repayments during the month totaled $35,241,799 as follows: Banks and trust companies, 573 and insurance agricultural $408,041 and railroads, $224 The corporation sold $325,000,000 of notes to the secretary of the treasury. WASHINGTON (UP). The statement of R. C. loans authorized in August included: Nebraska -Columbus, Farmers State bank, $11,525. Insurance companies: Colorado, Denver. Pacific States Life Insurance company, $50,000*. Life Insurance company of Nebraska, *No part of this amount has been disbursed up to Sept. 21.

2. March 2, 1933 Las Vegas Daily Optic East Las Vegas, NM

Article Text

SEVENTEEN STATES CHECK RUNS ON BANK Seven More Join Movement to Restrict Withdrawals of Deposited Moneys THREE AND FOUR DAYS TO BE TEMPORARY HOLIDAYS Situation Easing in Some States as Legislatures Planned Curb Laws Mississippi, Arizona, Nevada and in Oregon today joined the states. which there are limitations placed on the withdrawals of deposits from banks. in which limitations on withdrawals now exist. The proclamation of Gov. Ralph at San Francisco makes mandatory the closing of California banks (or three-day period ending Saturday The three-day holiday called Gov. Murray in Oklahoma for same period also is mandatory. The of Gov. Allen of Louisiana provides for the sation until the end of the week "all public business including Banks and other public enterprises." Mississippi the decree of state banking called only (Continued On Page Two)

3. March 2, 1933 Daily Times-Advocate Escondido, CA

Article Text

BANK CLOSING'S EFFECTS Thousands of theories are being voiced as to the causes and effects of the closing Thursday morning of all of the banks in California. Wise men who stand high in the financial world differ in their opinions on these two angles of the great crisis, so one guess is just about as good as another. But the fact remains that the three-days' holiday of closed banks will surely prevent any "run" on the banks which might come at this time. And "run" on bank is the worst thing that can happen, financially, to any community. It means, if carried far enough, that the bank must close permanently, and that means loss to the depositors as whole and the men who stand back of the bank stockholders. By the time the banks re-open next Monday it is thought the frenzy of withdrawal will have been overcome either in the minds of the people or through legislation making it compulsory. Other states that have declared similar banking holidays are now re-opening their banks with satisfactory results and business resumed in the normal channels. Let us have faith that this will be the outcome in California. Meanwhile, efforts to continue trade and business activity as usu will be made in Escondido. with an exchange worked out on confidence in the integrity of the merchants, business men and all citizens whose promises to pay are regarded as "good." So the whole thing sifts down to the matter of confidence, which is really the ultimate need and necessity of the situation, all the way from Escondido to New York, or even to Washington.

4. March 5, 1933 Nevada State Journal Reno, NV

Article Text

California Bank Extended Holiday Until Thursday Few Institutions Expected to Open Tuesday Morning SAN FRANCISCO, March Federal Reserve Bank of San Francisco closed today for the duration of California's banking holiday. Rolph tonight proclaimed an extension of the Callfornia bank holiday until Thursday, March The new three-day period will begin Monday with general holiday similar to the one now in effect. the governor said. The holiday Tuesday and Wednesday will be effective under terms of the special holiday bill passd today by the legislature. Provisions of the bill affect only banks and permit them to open or remain closed, it was explained. The action was taken by the governor after the assembly had approved the special holiday bill by vote of 54 or by exactly the required two-thirds vote. The senate passed the measure with only one opposition vote. The holiday extension will be fective for the three-day period re. gardless of what action is taken on specific bank bill now before the legislature, the governor said. Action on this measure was delayed until Monday. SAN FRANCISCO, March officials were bit puzzled tonight as they tried to determine course of action to follow Tuesday, when "special holiday," proclaimed by Governor Rolph, becomes effective. Under bill passed by the state legislature late today, the governor was permitted to proclaim special as well as general holidays. The banking moratorium was extended until March with the understanding that Monday would be general and Tuesday and Wednesay a cial holiday On special holiday banks may close or be opened as their officers desire. It was believed some banks would open Tuesday and Wednesday while most of them would remain closed until the legislature approves bill permitting restriction of withOfficials of the Bank of America discussed the situation tonight but said they probably would not reach decision or have an announcement to make until Monday. Wells Fargo Bank and Trust Company officials were understood to be desirous of opening Directors of other banks preferred to follow along with the majority and wait for some protective legislation.

5. March 12, 1933 Medford Mail Tribune Medford, OR

Article Text

SEND CURRENCY TO ALL POINTS BEFORE OPENING Plan Of President Will Permit Arrival Of Funds At Smaller, Distant Institutions Is Reported. That Medford's banks may re-opened Tuesday loomed possibility upon receipt Saturday night of dispatch from Francisco placing the category of those having clearing house associations. While there had been some doubt to the clearing house system here city for the Tuesday opening provided under President Roosevelt's plan, receipt dispatch would to qualification, according to local bankers. SAN March San Francisco pared reopen Monday. Banks the cities having clearing houses were permitted open Tuesday. There clearing house cities the federal reserve district, which includes California, OreIdaho, Utah, Nevand The cities having clearing house be expectto banking Tuesday, include besides San Francisco: Angeles, Oakland. Seattle, Portland, Spokane, Salt Lake City, San Diego. Tacoma, Stockton, Alameda. Bolse, Eugene. Fresno, Hollywood, Everett, Long Beach, Medford. Phoenix, Reno, Sacramento, San Pedro. March progressive plan for opening the sound banks of the nation beginning Monday announced tonight by President Roosevelt. The program calls for full time licensed and Monday in the les where the twelve federal reserve banks Tuesday the licensed institutions located places where there clearing house including more than 250 are in operation, will be permitted to resume full tivity. Banks that win approval and are located elsewhere given authority to proceed on normal basis Wednesday. The progressive program was ployed the president provide time the shipments of the currency just authorized by congress get the clearing house banks the smaller communities. The twelve federal bank cities where operations will be sumed Monday, Boston, York, Philadelphia, Richmond, Atlanta, Chicago, Louis, Kansas City, Minand San Francisco. Mr. Roosevelt emphasized that: fact that banks will be openunder plan does not that anyone should draw inference that the banks opening Monday are any different condition from the licensed open Wednesday subsequent

6. March 30, 1933 Auburn Journal Auburn, CA

Article Text

BUSINESS CONDITIONS IN 12TH DISTRICT Banking developments in the 12th district, as in the United States generally, were of dominant importance during late February and the first half of March.- No outstanding changes in the general business or financial situation had been apparent during the first six weeks of the year, although the failure of two rather large and several smaller banks in January had been followed by withdrawals of deposits from other banks. About the time that the force of this adverse influence appeared to be coming to an end, however, widespread publicity given to the Michigan banking moratorium and to other unfavorable banking situations began to have an effect in the 12th district, and immediately following announcement of banking holidays or restrictions in other eastern states on February 25 a substantial run on California banks developed. This relatively heavy run lasted for three days -February 27, February 28 and March 1-when it was brought to an end by a proclamation of the governor of California closing all banks in the state for a three-day period. This action in California was followed by runs on banks in other far western states and by March 3 emergency banking restrictions had been placed in effect in all 12th district states. Withdrawal of currency during the week ending March 1, while at a re. cord rate, was SO short-lived that its effect upon district banks deposits was relatively small. Currency payments by banks to depositors were about 30 million dollars during the week ending March 1, compared with deposits in those banks of considerably more than three billion dollars at the beginning of this year. Banks met the unusual demand for currency by borrowing from the Federal Reserve bank of San Francisco and by drawing upon their reserve balances, which had been built up during the first half of February through transfers of funds from other parts of the United States. Reopening of banks under licenses issued by the secretary of the treasury and by state authorities commenced on March 13 and proceeded 20 most 12th district banks had resumed customary operations, although a good many were either in the hands of conservators or had been closed for liquidation. Currency which had been withdrawn prior to the closing of banks on March 2 was redeposited in large amounts between March 13 and March 20 and considcrably more gold coin was turned in to the Federal Reserve bank of San Francisco than had been withdrawn from January 1 to March 4. 1933. Redeposited currency was sent in to the reserve bank to repay borrowings and to increase reserve balances. Volume of production was slightly smaller in February than in January. Department store sales and intercoastal trafic through the Panama canal increased, but the number of cars of freight loaded on district railroads during the month decreased. Other trade measures changed little. Petroleum production during February approximated that of the preceding month. The cut of lumber declined contrary to the seasonal movement and the volume of engineering construction decreased sharply. Employment conditions remained about the same in February as in January. Commodity prices declined slightly during February, but advanced considerably during and immediately following the banking holiday in March. Non-statistical reports inicate that the banking restrictions during the first half of March reduced business activity. particularly retail sales volume. The engagement of Miss Edna May Bradbury and Willis Cruse has been anounced. Miss Bradbury, laughter of Mr. and Mrs. Lou Bradbury. was the incentive for a surprise party one recent evening given by a number of friends. During the evening she was presented with a shower of gifts for her new home.