City National Bank & Trust Company

1. February 14, 1933 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, February 14, 1933

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BY LESLIE D. HARROP United Press Staff Correspondent DETROIT, Feb. 14.—Every bank and financial institu- tion in Michigan was closed today under a sweeping, eight- day suspension order issued in the early hours of the morning by Governor William A. Comstock. The closing order brought to a standstill the financial affairs of Detroit, the nation's automobile capital, and halted similar activity in scores of farming and industrial communities of the state, which has a population of more than five million. Immediate necessity for the unprecedented moratorium was created, Governor Comstock declared, by a crisis in the

2. February 14, 1933 Imperial Valley Press El Centro, CA

Article from Imperial Valley Press, February 14, 1933

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By LESLIE D. HARROP United Press Staff Correspondent DETROIT, Feb. 14.-Every bank and financial institution in the state of Michigan was closed today under a sweeping, eight day suspension order issued in the early hours of the morning by Gov. William A. Comstock. The closing order brought to a standstill the financial affairs of Detroit, the nation's automobile capital, and halted similar activity in scores of farming and industrial communities of the state, which has a population of more than five million. Immediate necessity for the unprecedented moratorium was crelated, Comstock declared, by a crisis in the affairs of the Union Guardian Trust company of Detroit. He said he understood the trust company would have had to close its doors. Emergency measures were started by Michigan banking department officials to provide the necessary cash to tide the state over the holiday. Plans, under which small and necessary bank withdrawals could be made were considered by R. E. Reichert, state banking commissioner. A possibility that the eight day banking holiday "might be modified in a day or so after the (Continued On Page 6)

3. February 14, 1933 The Times Hammond, IN

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EIGHT DAYS Governor Takes Dictator's Powers to Prevent Financial, Chaos in State DETROIT, 14. William Comstock today, formal an ruling soften the effects ruling the the trust for today, order. Banks reopen his taking small and checks day with this ruling the banks state. Virtually peninsula mained the Michigan officials with Union and the state's banking strueture." By PAUL WEBER ISTAFF CORRESPONDENT SERVICE] DETROIT. Feb. ing the power of a dictator to save the state from financial chaos, William A. Comstock today closed every bank and trust m Michigan for an period. The state legislature was to be asked later today to approve his action. tied up in posits and trust funds. Five hundred banks trust companies affected. governors of the Detroit would closed for duration the OF EDICT The edict with dramatic while the state's millions, in their cities, lages and farms, slept of the danger threatened. Only of financial and political leaders remained In sleepless conferences behind doors of the dilemma. statement financial situation which made the "holiday" necessary, centered in Detroit's gigantic Union Trust of which (Continued on Page Three)

4. February 15, 1933 Daily News New York, NY

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THE MICHIGAN MORATORIUM The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?

5. February 15, 1933 Daily News New York, NY

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THE MICHIGAN MORATORIUM The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now?

6. February 15, 1933 Daily News New York, NY

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THE MICHIGAN MORATORIUM The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a serip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?

7. February 15, 1933 Daily News New York, NY

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THE MICHIGAN MORATORIUM Vs. Runs The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar SO that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?

8. February 15, 1933 Daily News New York, NY

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THE MICHIGAN MORATORIUM The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing. on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs. which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it. the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now

9. February 15, 1933 Daily News New York, NY

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THE MICHIGAN MORATORIUM Shutdowns Vs. Runs The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing. on a larger scale, as has happened in many small towns in the Middle West and West during the course of this depression. It has happened all over Michigan for the same reason, which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now ?

10. February 16, 1933 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, February 16, 1933

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# Holiday It was a vigorous and drastic step which Governor Comstock took to curb a prospective run on Michigan's banks but one which time probably will prove to have been beneficial. To close every bank in a state means to put an immediate halt to business. Without the services of these important institutions the holiday becomes one in fact as well as in name. But it is a good deal better to have an eight-day respite throughout the entire state than disaster in many communities with banks permanently closed. Probably all of those banks will be able to pull through if properly supported. Eight days will give the banks ample time to liquify some of their resources but, more important, it will give the public a chance to think it over and cool down. Sometimes a holiday is a wonderful thing.

11. February 23, 1933 Belleville Daily Advocate Belleville, IL

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MICHIGAN'S BANKS OPENED TODAY FOR LIMITED BUSINESS gan's banks opened for restricted business today. some of them for the first time since Governor William A. Comstock's emergency closing order ten days ago. Rudolph E. Reichert state banking said that most banks were "doing business in the best possible way," and congratulated the state's bankers on their cooperation during the emergency. He said that most banks were cashing checks that had not already been cleared, on the depository percentage basis laid down in the governor's second proclamation issued Tuesday. Generally, the banks were following the plan under operation for the past week in Detroit, allowing depositors to withdraw 5 per cent of their deposits. In Detroit at the opening hour there were no lineups outside the banks and few instances of unusual numbers of customers inside.

12. February 24, 1933 Star Tribune Minneapolis, MN

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NEWS Page. Movie Reel Editorial Movies Markets Winchell Ads Folly Island. Weather Radio Sports 16 Plans started for early pres. the west farm relief proposal. Page The United States general ruling on the proper of assembling to vote repeal. Page The senate banking heard charge the City control the mar ket for its stock. Page Senator assailed he clared control by New York Page The senate did some expense paring and then wiped added Page Mrs. Theodore Roosevelt belated apology from health officer. Page Senator Thomas Walsh sailed for Cuba to marry sugar grower's Page President Roosevelt appointed Representative Douglas of Arizona as budget director. Page Michigan banks reopened. Page 2. Dr. Charles urged cational guidance for employed adults. Page The repeal proposal was put Page The city council committee recommended the department personnel cut Page The park board had natural goldfish bowl Birch at Page Presidents of state teachers' col. united against the proposed curtailment of the state sys. tem. Page Northwest Feed Dealers told unregulated trucks affected their business. Knowledge of school subjects was called not the essential of education of girls by Dr. Malcome Mc. Lean. Page Miss Helen Wilson, former resident of Minneapolis, died Tre mezzio, Page 6. Patrick 79. deputy sheriff, fell dead. Page Two suspended Paul policemen were sentenced for larceny. Page SINCE prohibition went effect several states which were dry have shown wet sentiment. map and story indicate the Page President-elect Roosevelt has decided he'll rely on service agents guard him the inanguration. He told Arlayne Brown, world champion revolver shot. offered that she won't be needed. Page The intelligence that gets marks not the only from educator. Dr. Malcolm college rector the University of urged education that will fit life. Page The big Japanese drive in Jehol started. Page The Mount Everest plane party from Sicily after five Page WOMEN'S NEWS. Evon Nollette describes garments designed for double duty. Page 13. for Swedish meat balls by Kate Smith. Page 13. Restlessness is Elsie Page 13. Jessie DeBoth presents Sunday dinner menu. Page 13. SPORTS. Mickey shaded Frankie Knauer the six-round of the boxing Page 16. The city high school basketball will wind up today. Page 16 Page 17. Alexandria's quintet was elimi nated by the St. Paul Flyers in the feature of the amateur basketball the Ascen sions, Holy Cross and Belle Plaine also won. Page 17. MARKETE Bullish vanished in the Minneapolis pit; Chicago tumbled. Page 18. Stock values slumped to new low averages on large turnover. Page 19. Bonds suffered the worst relapse since the first the 19. Page 19. Dog and lamb trade advanced in South St. Paul: cattle prices mained unchanged. Page

13. September 19, 1933 The Niles Daily Star Niles, MI

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ASSETS LIQUIDATION OF OLD CITY BANK IS STARTED BY BOTKIN P. S. Farquhar Relieved of Conservatorship of Former Depository A definite step toward liquidating the remaining assets of the old City National Bank & Trust company which were left after the reorganization and establishment of the First National Bank of Niles was taken Monday when H. R. Botkin was appointed receiver for the old bank by federal banking authorities. Mr. Botkin formerly was receiver for the defunct First National bank, Buchanan, and lately has been receiver for national banks at Algonae and Marine City. He arrived in Niles Monday afternoon and relieved P. S. Farquhar, conservator of the old bank since March 23. STRONG PAYMENT SEEN Mr. Botkin's plan will be to try to liquidate the old bank's assets as quickly as can be done consistently with a view to getting the depositors 100 per cent. While only the actual liquidation will reveal what percentage of the frozen deposits can be turned into cash for distribution, it is believed the frozen assets will pay out strongly. More than half of the assets were taken over by the new bank, in addition to the first 10 per cent payment allowed after the old bank was placed under management of a conservator. It will require several days for the receiver to check up the old bank's remaining assets, but an off-hand estimate places the total somewhere around $400,000. Had it not been for the moratorium declared last February 11 by Governor W. A. Comstock for all banks in Michigan, it is believed in local banking circles that the old City National bank would have weathered the economic storm. It is considered true that it was not actually insolvent at the time, but the psychological effect of the moratorium made it certain that it would have been subjected to a heavy run if it did reopen. The old bank had more than enough cash on hand for ordinary business, and the depositors profited by the manner in which the affairs of the old bank were handled. NEW BANK HELPFUL The community also profited much by getting a sound new bank and restoration of complete banking facilities. Mr. Farquhar pleased to be relieved from the conservatorship, as he desires to give his full time to his duties as vice president, cashier and manager of the new bank. The new bank is now in its fifth week. President E. E. Barber, Manager-Cashier Farquhar and the directors all are highly pleased

14. December 7, 1933 The Niles Daily Star Niles, MI

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Bank Receivers Are Changed at Buchanan receivers for the First change Buchanan, into National H receiver efect National Bank Trust the City ppointment Attorney Fremont leading Berrien Evans, Democrat. The latter will tinue receiver for the defunct Niles bank. Mr. Payne still is receiver for the American National bank. Benton Harthe Commercial National bank Trust company St. Joseph. The change in accord with the poltey of comptroller of the currency for consolidating the work in communities. The receivership office for the City National Bank Trust company located on the second floor of the bank building. the ground floor being occupied by the First National Bank of Niles, formed out of the reorganization the old bank. The office for the bank will be maintained in the bank building as It has since the bank closed two years age.

15. April 8, 1934 The South Bend Tribune South Bend, IN

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ASSESS HOLDERS OF NILES STOCK The Tribune's Special Service. NILES, Mich., April 7.—An assessment of nine cents per $100 share against stockholders of banks in the Guardian Detroit Union Group Inc., was announced today effecting holders of the 1,500 shares in the now defunct Niles City National Bank & Trust company which was affiliated with the Guardian Group. Stockholders in the defunct Niles bank may pay their assessments to H. R. Botkin, local bank receiver, who maintains an office on the second floor of the bank building. Lost something? Find it. Tribune classified. —Adv.

16. May 28, 1934 The Niles Daily Star Niles, MI

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Bank Receiver Urges Filing of Deposit Claims Only about 800 of the 2.600 depositors of the defunct City National Bank and Trust company have filed claims in receivership. H. Botkin announced today. Receiver Botkin urges that all per. having the defunct bank file them at once in ordet. that the, work of liquidation claims might result in many' persons not getting their claims filed under the legal requirements. he said. When the call was made some time ago for claims to be filed. Receiver Botkin expected that all would be filed before the end of this month. Many owners of deposits, it seems, cling to the erroneous belief that they do not need to file claims with the receiver. since they filed claims with the conservator before the reor ganization which resulted in formation of the First National Bank of Niles Regardless of claims filed with the conservator and the bank, all depositors must file claims with the ceiver, Mr. Botkin says. He urges all depositors n the old bank to file Apiarists say honey bees get their first nectar in the spring from elm trees which bloom exceedingly early.

17. November 19, 1934 The South Bend Tribune South Bend, IN

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NILES BANK TO PAY DIVIDENDS The Tribune's Special Service NILES, Mich., Nov. 19. — The defunct City National Bank & Trust company, of Niles, will pay a dividend on deposits in the near future, according to an announcement by R. H. Botkin, bank receiver. Mr. Botkin did not state the percentage to be paid nor when it will be paid.

18. December 21, 1934 The Kalamazoo Gazette Kalamazoo, MI

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1,751 DEPOSITORS AT NILES GIVEN 10 PCT. NILES, Dec. 21. The 751 depositors in the former City National Bank and Trust Company received Christmas aid Thursday when they were paid another 10 per cent making total distribution of $85,840.55, from the receiver, H. R. Botkin. The first dividend was for 55 per cent. The comptroller of currency had urged the receiver to speed up the distribution that all claims might be paid by Christmas.

19. June 5, 1935 The Flint Journal Flint, MI

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Assessment Paid To Bank Receiver Schram Gets $5,040,000 Compromise Fund Detroit, June 5.—(AP)—The compromise assessment against stockholders of the Guardian National Bank of Commerce and its five outstate subsidiaries, was paid over to B. C. Schram, receiver of the Guardian National today by representatives of the Guardian Depositors corporation which will take over the assets of the closed concerns and liquidate them for the larger depositors. The compromise assessment amounted to $5,040,000 and was placed literally on a barrel head in Schram's office. On the barrel head also were placed the contracts for transferring the compromise assessments. Within a week the $76,914,341.19 in assets will be transferred to the corporation, headed by William R. Catton, as president. The assets to be transferred come from $92,794,455.68 of proved and allowed claims. Claims of $1,000 and less have been paid. The stock assessment against the Guardian National Bank of Detroit originally was $10,000,000 and this was compromised at $4,000,000. The levies against the out-state subsidiaries was $2,600,000, which was compromised at $1,040,000. The subsidiaries and their compromise assessments are: Capitol National Bank of Lansing, $240,000. Grand Rapids National bank, Grand Rapids, $400,000. Union and Peoples National Bank of Jackson, $280,000. National Bank of Ionia, $60,000. City National Bank & Trust company, Niles, Mich., $60,000.

20. December 12, 1935 The Kokomo Tribune Kokomo, IN

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BLOSSOM QUEEN'S FATHER FOUND DROWNED IN CREEK Niles, Mich., Dec. 11—(AP)—Officers found the body of Harry Williams today in Dowagiac creek near the place where he had instructed them in a note to search. Williams, father of Jean Williams, Niles' 1934 blossom queen, disappeared Tuesday after leaving a note beneath the door of the home where he boarded. Officers found his coat near the spot described, but did not locate the body, weighted with a piece of iron, until today. Williams came here in 1932 as assistant to the receiver of the City National Bank and Trust company. His wife and daughter live in Chicago.

City National Bank & Trust Company (Niles, MI)

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Bank runs are almost always and everywhere a deterioration of bank fundamentals.

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