gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f797b8430830d4b8
Response Measures
Partial suspension, Full suspension, Books examined
Other: Statewide moratorium (full temporary closing) ordered by Governor Comstock; upon reopening banks were allowed to cash limited withdrawals (about 5%) — plus later conservatorship/receivership actions and recoveries pursued for the First National Bank of Pontiac.
Receivership Details
Depositor recovery rate
95.0%
Date receivership started
1933-09-13
Share of assets assessed as good
44.4%
Share of assets assessed as doubtful
55.5%
Share of assets assessed as worthless
0.1%
Description
Statewide Michigan moratorium (Feb 1933) forced suspension; earlier July 1932 whispering campaign targeted this bank.
Events (6)
1.February 29, 1932Chartered
Source
historical_nic
2.July 28, 1932Run
Cause
Rumor Or Misinformation
Cause Details
Communist-organized 'whispering campaign' and propagandist literature blamed for runs/nervousness targeting the First National Bank of Pontiac.
Newspaper Excerpt
whispering campaign against the First National Bank of Pontiac
Source
newspapers
3.February 14, 1933Suspension
Cause
Government Action
Cause Details
Statewide eight-day moratorium ordered by Michigan Governor Comstock closing all banks and trust companies to halt runs.
Newspaper Excerpt
Every bank and financial institution in Michigan was closed today under a sweeping, eight-day suspension order issued ... by Governor William A. Comstock.
Source
newspapers
4.February 23, 1933Reopening
Newspaper Excerpt
Michigan's banks opened for limited business today ... most banks were 'doing business in the best possible way' ... allowing depositors to withdraw 5 per cent of their deposits on the depository percentage basis laid down in the governor's second proclamation.
Source
newspapers
5.September 13, 1933Receivership
Source
historical_nic
6.September 13, 1933Receivership
Source
newspapers
Newspaper Articles (22)
1.July 28, 1932The Clarksdale Press RegisterClarksdale, MS
Article Text
Authors of Communistic Propaganda Are Being Sought by Secret Service Agents in Nation-Wide Drive of
CHICAGO, July ors of propaganda found in Pontiac, Mich., hotel sought today by the seeret service and detectives everywhere as the directors of cam paign against the confidence of bank depositors. Chicago bankers, government of ficials and Michigan police unhesitatingly blamed the communist party for systematized attack on the integrity of financial institutions in many large cities, partieularly the runs which threatened ery bank in Chicago last month. It was said by C. L. Smith, prosecuting attorney at Pontiac, to have been backed by Soviet Russia. William Z. Foster, communist can didate for president, denied his or ganization had sponsored whisper ing campaign against the First Na tional Bank of Pontine, or that man known as George Rowland, in whise room seditious letters were found, as member of the party. Illinois drastic sedition law, providing 20 years' imprisonment and directed against 'anyone who advocates reformation of the government by violence or any other un (Continued on page 3)
2.July 28, 1932Jefferson City Post-TribuneJefferson City, MO
Article Text
thors of Communistic propaganda found in Pontiac, hotel were sought today by the secret service detectives everywhere the directors of nation-wide against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitatingly blaned the Communist for attack on integrity of financial Institutions in many large cites. particnlarly the runs which threatened bank in Chicago month said by Smith, prosecuting attorney, at Pontiac, have been backed by Soviet Russia William Z. Foster. Communist candidate for his organization sponsored whispering campaign against the First National Bank of Pontiac, or that man known as George Rowland. whose seditions was a member of the party.
3.July 28, 1932Modesto News-HeraldModesto, CA
Article Text
Detectives Hunt Men Blamed For Red Propaganda thors of Communistic propaganda found in a Pontiac, Mich., hotel were sought to-day by the secret service and detectives everywhere as the directors of nation wide campaign against the confidence of bank depositors. Chicago bankers, government.of ficials and Michigan police blamed the Communist Party for systematized attack the inintegrity financial Institutions in many large cities, particularly the runs which threatened every hank in Chicago last month. It was said by C. Smith, prosecuting attorney at Pontiac, to have been backed by Soviet Russia. William Z Foster, Communist candidate for president, denied his organization had sponsored whispering campaign against the First National Bank of Pontiac, or that man known as George Row land, in whose room seditious let.ters were found, was a member of the party. Chicago's June bank runs closed more than forty institutions. and caused the city's soundest financlal citadels to store upwards of $100,000,000 cash on hand in order to meet demands of depositors.
4.July 28, 1932Fitchburg SentinelFitchburg, MA
Article Text
Russian Hand Seen in Plot Against Banks
Michigan Prosecutor Says Soviets Back "Whisper Campaign" in America
CHICAGO, July 28 (AP) Authors of communistic propaganda found in Pontiac, Mich hotel were sought today by the secret service and tectives everywhere as the directors of campaign against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitatingly blamed the communist party systematized attack on the integrity of financial institutions many large cities, particularly the runs which threatened every bank in Chicago last month It was said by L. Smith, prosecuting attorney Pontiac, to have been backed by Soviet Russia. William Foster, communist candidate for president, denied that his organization had sponsored whispering campaign against the First National Bank of Pontiac, that man known George Rowland, in whose room letters were found, member of the party.
(Continued on Page Four)
5.July 28, 1932The South Bend TribuneSouth Bend, IN
Article Text
BANK RUNS LAID TO COMMUNISTS
Party Blamed for Rumors: Foster Denies it, Disowns
Associated CHICAGO, July of communistic propaganda found in Pontiac. Mich., hotel sought today by the secret service and detectives as the directors against the confidence of bank depositors. Chicago officials Michigan police unhesitatingly blamed communist party systematized attack on the integrity of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It by Smith. prosecuting attorney have backed by soviet Russia. William communist nominee for president, denied his organization had sponsored pering against the First National bank of Pontiac, that man known as George Rowland, in member of the Chicago's June bank closed more than 40 institutions, includthe loop and caused the city's financial citadels to store upwards of $100,000,000 in cash on hand in order to meet demands
6.July 28, 1932The Evening SunHanover, PA
Article Text
FOR
Secret Service And Detectives Extensive For Authors Of Literature Found In Pontiac, Blame Communists
CHICAGO, JULY of communistic propaganda found Pontiac, hotel were sought today by the secret service and everywhere as the directors nationwide campaign against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitatingly blamed the communistic party for systematized attack on the of financial institutions many large cities, particularly the integrity run which threatened every bank Chicago last month. It by Smith, prosecution attorney at Pontiac, to have been backed by Russia. William Foster, communist candidate for president, denied that his organization had sponsored whispering campaign against the First National Bank Pontiac or that man known as George Rowland, in whose room seditious letters were found, was member of the party.
7.July 28, 1932St. Joseph News-PressSt. Joseph, MO
Article Text
BANK PLOTTERS SOUGHT.
Widespread Search Made for Men Traced to Pontiac, Mich.
CHICAGO. July of Communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and everywhere as the directors of against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial institutions in many large cities, particularly the runs which every bank in Chicago last month. It was said by prosecuting attorney at Pontac, to have been backed by soviet William Z. Foster, Communist candidate for president, denied his organization had sponsored pering against the First National Bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was a. member of the party.
8.July 28, 1932Springfield Leader and PressSpringfield, MO
Article Text
SEEK AUTHORS OF PROPAGANDA
Officials Blame Communist Party for Systematized Attack
By The Press CHICAGO. July 28-Authors of communistic propaganda found in a Pontiac, Mich hotel were sought today by the secret service and detectives everywhere as the directors of a nationwide campaign against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesttatingly of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by C.L. Smith prosecuting attorney at Pontiac, to have been backed by Soviet Russia. William Z. Foster communist candidate for president. denied his organization had sponsored a whispering campaign against the First National bank of Pontiac, or that a man known as George Rowland, in whose room seditious letters were found, was a member of the party.
9.July 28, 1932The JournalMeriden, CT
Article Text
DRAGNET SPREAD FOR LEADER OF PLOT ON BANKS
Chicago, July 28. (AP) Authors of Communistic propaganda found in Pontiac Mich. hotel were sought today by the secret service and detectives everywhere as the directors of nation wide campaign against the confidence of bank deChicago bankers, government offi cials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial instittuions in many large cities. particularly the runs which threatened every bank in Chicago last month It was said by Smith, prosecuting attorney at Pontiac. to have been backed by Soviet Russia William Z. Foster Communist candidate for president. denied his organization had sponsored whispering campaign against the First National bank of Pontiac or that man known George Rowland in whose room seditious letters were found was member of the party. "Rowland" was today believed to be George E. Powers, once candidate for president of Queens borough in New York city and with record for criminal syndicalism in Michigan since last August He escaped police trap in his raided hotel room and became the object of a national dragnet.
10.July 28, 1932The Sedalia DemocratSedalia, MO
Article Text
SEEK PERPETRATORS OF A "RED" PLOT
By The Associated Press.
CHICAGO, July 28.—Authors of communistic propaganda found in a Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as the directors of a nation-wide campaign against the confidence of bank depositors.
Chicago bankers, government officials and Michigan police unhesitatingly blamed the communist party for a systematized attack on the integrity of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, prosecuting attorney at Pontiac, to have been backed by Soviet Russia.
William Z. Foster, Communist candidate for president, denied his organization had sponsored a whispering campaign against the First National Bank of Pontiac, or that a man known as George Rowland, in whose room seditious letters were found, was a member of the party.
11.July 28, 1932Bartlesville Examiner-EnterpriseBartlesville, OK
Article Text
BANK WRECKING
Man Hunt Being Staged for "Red" Gang the Associated Press) CHICAGO, of communistic propaganda found Pontiac, Mich., hotel were sought today by the secret service and detectives the directors campaign against the confidence bank depositors. Chicago Bankers, government ficials and Michigan police unhesitatingly blamed the communist party attack on the integrity financial institutions in many cities, particularly the runs which threatened every bank Chicago last month. said by Smith. prosecuting attorney at Pontiac, to have been backed by soviet Russia. Norman Foster, communist candidate for president, denied his organization had sponsored whispering campaign against the First Natoinal bank Pontiac, that known George seditious letters member of
12.July 28, 1932Dixon Evening TelegraphDixon, IL
Article Text
MEMBERS BANK-WRECKING GANG OBJECT MANHUNT
Communist Party Blamed For Plot Against Larger Banks
Chicago, July 30—(AP)—Authors of Communistic propaganda found in a Pontiac, Mich hotel were sought today by the Secret Service and detectives everywhere as the directors of a nation-wide campaign against the confidence of bank depositors.
Chicago bankers, government officials and Michigan police unhesitatingly blamed the Communist party for a systematized attack on the integrity of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, Prosecuting Attorney at Pontiac, to have been backed by Soviet Russia.
William Z. Foster, Communist candidate for President, denied his organization had sponsored a whispering campaign against the First National Bank of Pontiac, or that a man known as George Rowland, in whose room seditious letters were found, was a member of the party.
13.February 14, 1933The Indianapolis TimesIndianapolis, IN
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Article Text
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
14.February 15, 1933Daily NewsNew York, NY
Article Text
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?
15.February 15, 1933Daily NewsNew York, NY
Article Text
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?
16.February 15, 1933Daily NewsNew York, NY
Article Text
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
17.February 15, 1933Daily NewsNew York, NY
Article Text
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 ?
18.February 16, 1933The Bismarck TribuneBismarck, Mandan, ND
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Article Text
# 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.
19.February 23, 1933Belleville Daily AdvocateBelleville, IL
Article Text
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.
20.February 24, 1933Star TribuneMinneapolis, MN
Article Text
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
21.April 13, 1933Detroit Free PressDetroit, MI
Article Text
Studies Judge Culhane Case
$90,000 Sought from Pontiac Trust Co. the Trust heirs of the William Culhane estate return approxithe Commercial Bank shortly before under Charles Niles, The heirs allege that trust company about weeks after being of funds from banks the Pontiac the trust the bank and known to the trust company In evidence introduced from the State Banking Depart Smith, former president the bank whose suicide closed bank, him that excessive loans of the total loans had been made officers, and others allied with the bank. of the of Wisner successful candidate for the City Commission April whose found in his home Tuesday, has been ordered by Coroner Voorhees. An autopsy failed the cause of death which to have been the heart dead week when found Funeral services to be held at Thursday from the Voorhees funeral home.
Dr Clarence W. McArthur and Dr. Stephen Gordon, dentists, defendants malpractice hearing which started Judge Frank Doty Betty Spencer, Pontiac, the with failing to extract the in pulling one of her teeth with the result that infection developed.
More than 80 county 4-H clubs and 800 boys girls participate Day program at Pontiac High School Saturday.
Bank Examiner L. F. Burk, Wednesday began First National On his findings largely depends the possibility of reopening bank here.
Examinations demanded Ancel Tottingham. 29 years Court Wednesday when they arraigned charges stealing 20 chickens from of Russel Route Holly.
22.April 18, 1935Detroit Free PressDetroit, MI
Article Text
struction Finance Corp., and presentation to the United States District court at a public hearing for its approval.
"ITEM 2. Dividend distribution.
"Services rendered in this connection included the disposition of proofs of claims for setoff, alleged preferences and assignments, involving a total amount in excess of $100,000,000.
"ITEM 3. Recovery of unlawful preferences.
"Prior to the appointment of a conservator transactions occurred between the First National Bank and a number of Michigan banks that were believed to have resulted in illegal preferences to the other banks, a violation of Section 5242 U.S.R.S. Through the efforts of Judge Marx recoveries were made for the depositors and other creditors of the First National Bank or it was protected against losses as follows:
First National Bank of Pontiac, Mich. $ 601,283.29
Peoples Wayne County Bank of Highland Park 504,423.25
Peoples Wayne County Bank of Dearborn 418,561.57
Peoples Wayne County Bank of Wyandotte 45,531.18
Peoples Wayne County Bank of Ecorse 70,165.30
Peoples Wayne County Bank of Hamtramck 252,964.64
Romulus State Bank, Romulus, Mich. 25,000.00
E. Hill & Sons State Bank, Colon, Mich. 45,105.03
Total $1,963,034.26
"ITEM 4. Recovery of approximately $500,000 from Fidelity & Deposit Co. and Lloyds Insurance Agency.
"Prior to the banks' suspension, suit had been filed against these surety companies to recover large losses alleged to have been suffered by the American State Bank, subsequently taken over by the Peoples Wayne County Bank, later merged with the First National Bank.
"After having preliminary motions dismissed, Judge Marx brought the case to issue, prepared the evidence to support 75 complicated cases of embezzlement and after trial effected a settlement which resulted in a payment of $250,000 in cash to the bank receiver, a release of the salvage recovered from the embezzlers aggregating approximately $300,000, and a payment in excess of $45,000 by the receiver of Lloyds Insurance Agency plus an assignment of its claims against the reinsurers.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
