Chase National Bank (New York, NY)

View Charter #2370 on SPMC View balance sheet

Episode Information

Episode UID
237001599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
23700 national
Charter Number
2370
Start Date
March 4, 1933
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fda9f1922f3e1fde

Response Measures

None

Events (3)
1. September 14, 1877 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Governor Herbert H. Lehman declared a state bank holiday (closure of New York banks).
Newspaper Excerpt
The Chase National ... obeyed Gov. Lehman's holiday declaration to the letter, and remained closed throughout the day.
Source
newspapers
3. March 8, 1933 Reopening
Newspaper Excerpt
Leading New York banks were open, business conducted on a restricted basis ... Others, among them the Chase National, were not accepting deposits. Leading New York banks were open, with business conducted on a restricted basis ... the Chase National, were not accepting deposits.
Source
newspapers

Newspaper Articles (11)
1. March 4, 1933 Reno Gazette-Journal Reno, NV

Article Text

NEW YORK BANKS HAVE HOLIDAY ALARM NEW YORK. Mar. the aid of bank holiday described likely to be national in leaders this giant metropolis, heart of the nation's money system, faced the future coolly today. and expected quick toward financial normaley. HALTS GOLD MOVEMENT high banking authority. soon after holiday had been proclaimed by Gov. Herbert Lehman. shortly after that while the holiday not technically national in its effect in general likely to be such. One important effect. the same authority pointed would be the stopping of gold withdrawals both local and to other countries, since the federal reserve bank in New York closed. hundred million dollars in gold had left the bank in cent days scheduled foreign count. and unestimated amount had been withdrawn by citizens. Federal reserve banks in other fected districts. the same authority pointed out, would also and exchanges in other cities might expected cease business with the New York stock exchange. POSITION IS STRONG While there came no official statement explaining the closing of the federal reserve which part the state system. the thority said would close because there would be no banks for it to do business with. The position of the large Wall Street banking described as unassailable by leading bankers, who sided with Governor Lehman in attributing the necessity for holiday the sweep hysteria the burden caused the banking situation in other tions.

2. March 4, 1933 Evening star Washington, DC

Article Text

NATIONAL SCOPE Financial Leaders Declare They Expect a Quick Return to Normalcy. By NEW YORK, March the aid holiday, described likely to be national leaders this metropolis, heart of the Nation's system, faced the ture and expected A high banking after holiday had by Herbert H. shortly said that while the holiday was not its effect in general was likely to be important effect, the same authority pointed would the stopping gold withdrawals, local and other countries, FedReserve Bank New York was to closed. hundred million dollars left the bank recent days scheduled for foreign account, had withby citizens. Federal Reserve banks in other affected districts, same high authority pointed out, would also close, and changes other cities might be exwith the New Stock Lehman Comments Little. While there no official stateFedState the close there banks for with comment making two-day bring normal he said: He said not had personal contact known that New York with the Capital. conference preceded the in one meetings the Clearing the Nation's foreattended- collection the in the banking life of the coun- Bankers Are Silent. Lamont, partner meeting nothing say. Similarly George governor biggest the the greatest the Winthrop of the Chase National largest bank James Perkins, chairman Federal Reserve said no but that Lehwould. The and Monday as bank holidays, followed. Lehman the necessity the holiday burden upon banks the The the vice the FedReserve of New Illinois the day of withNew York Gov. of the the National in the banks, also left the to the Governor. who stressed the the banking facilities through many great burYork for and leadsaid, adding that he was ership,' the of State Nation would be early this morning said procla"that would not be necesinterrupt the of the system of New York spread of hysteria the upon the banking facilities the measStates have placed the banks finally burden meeting the House York Clearing House, advice and of New me to banking the close of MonMarch make this with compeople are people this and of the spirit date in meetthe trying that this spirit these holidays interval should officials consider and

3. March 5, 1933 Daily News New York, NY

Article Text

Lack of Facilities Alibi. It was this lack of facilities for handling demands, more than anything else, which really forced the bank holiday declared by Gov. Lehman, according to the bank officials. In some cases bankers admitted they were caught napping by the bank moratorium, which began in Detroit Feb. 14, but was never expected to sweep the country the way it has done. Another hope of an early end to the holiday was aroused when Mortimer N. Buckner, president of the New York Clearing House Association, said "a plan" was being worked out with member institutions. He declined to say whether the plan was fo: issuance of clearing house certificates-a method advocated by several bank presidents. Although crowds milled around banks there was no disorder. "Instruct the men to jolly peo-

4. March 5, 1933 Daily News New York, NY

Article Text

Trading Under Way Here Governor's order was considered mandatory. The Chase National, National City, Manufacturers' Trust and other big banks obeyed Gov. Lehman's holiday declaration to the letter, and remained closed throughout the day. The only real run on a bank was in Brooklyn-and a strange one it was. A long line of persons streamed from the Brooklyn main Post Office headquarters of the Postal Savings Bank, into the street. They were almost all waiting to deposit money which they had withdrawn from othe banks Friday. This created an absurd parallel, because the Government operated Postal Savings Bank is required, by law, to deposit its funds in national banks. The Governors of the Stock Exchange allowed Gov. Herbert H. Lehman only two hours' sleep before they got on the telephone to ask him if he would permit them to open for business. After the Governor issued his declaration of a bank holiday in New York State, the climax of wearying conferences with representatives of J. P. Morgan & Co. and heads of savings banks in the Lehman town house at 820 Park Ave., the Governor did not retire until 7:30 A. M. He bent over a pile of financial data trying to work out definite recommendations for Presidentelect Franklin D. Roosevelt, with whom he had been in telephone communication until late Friday At 9:15 A. M. the Stock Exchange Governors assembled and conferred until 9:45. They were in favor of opening, believing that stocks would go up because a large number of persons would buy them in a new-deal, speculative mood. They also had learned, over the grapevine underground, that President Roosevelt would make a stimulating speech, and they expected this would shoot stocks up. The Governors favored opening the market on the ground that this would bolster public morale, but were timorous about Gov. Lehman's reactions, S0 they telephoned him at 9:45 A. M. "Are you opposed to the Stock Exchange doing regular business today the Stock Exchange spokesman asked Gov. Lehman, who had been routed from bed. "I am," replied the Governor. He then breakfasted and at 10:30 A. M. genially received reporters. Expects Opening Tuesday. "I hope and I think the banks will be able to open on Tuesday," he said. "I am going to stay right here on the job to work toward that end, and will be unable to attend the inauguralat Washington." When pressed at this time for a definite statement that the banks of this city certainly would open on Tuesday, the Governor merely shook his head. "What has Banking Superintendent Joseph A. Broderick done to meet the situation?" the Governor was asked. "I have been in touch with him and he is conferring with bankers and others," he replied. Hopes Banks Will Open. Q. "If President R sevelt doesn't act, will you extend the bank holiday or take steps to restrict withdrawels A. "I cannot express an opinion on that." Q. "What has the Federal Reserve done to meet the situation A. "I cannot speak on that." Q. "Do you expect the banks to open Tuesday A. "I hope so." Q. "Have you received any plans providing for opening of the banks on Tuesday A. "About 2,000. Some are being considered." During the panic of 1907 the Stock Exchange remained open. The exchange also functioned during the tension of Sept., 1931, when England went off the gold standard, despite the pressure in favor of closing. The Stock Exchange closed at the outbreak of the World War.

5. March 5, 1933 Daily News New York, NY

Article Text

Trading Under Way Here Governor's order was considered mandatory. The Chase National, National City, Manufacturers' Trust and other big banks obeyed Gov. Lehman's holiday declaration to the letter, and remained closed throughout the day. The only real run on a bank was in Brooklyn-and a strange one it was. A long line of persons streamed from the Brooklyn main Post Office headquarters of the Postal Savings Bank, into the street. They were almost all waiting to deposit money which they had withdrawn from othe banks Friday. This created an absurd parallel, because the Government operated Postal Savings Bank is required, by law, to deposit its funds in national banks. The Governors of the Stock Exchange allowed Gov. Herbert H. Lehman only two hours' sleep before they got on the telephone to ask him if he would permit them to open for business. After the Governor issued his declaration of a bank holiday in New York State, the climax of wearying conferences with representatives of J. P. Morgan & Co. and heads of savings banks in the Lehman town house at 820 Park Ave., the Governor did not retire until 7:30 A. M. He bent over a pile of financial data trying to work out definite recommendations for Presidentelect Franklin D. Roosevelt, with whom he had been in telephone communication until late Friday night. At 9:15 A. M. the Stock Exchange Governors assembled and conferred until 9:45. They were in favor of opening, believing that stocks would go up because a large number of persons would buy them in a new-deal, speculative mood. They also had learned, over the grapevine underground, that President Roosevelt would make a stimulating speech, and they expected this would shoot stocks up. The Governors avored opening the market on the ground that this would bolster public morale, but were timorous about Gov. Lehman's reactions, S0 they telephoned him at 9:45 A. M. "Are you opposed to the Stock Exchange doing regular business today the Stock Exchange spokesman asked Gov. Lehman, who had been routed from bed. "I am," replied the Governor. He then breakfasted and at 10:30 A. M. genially received reporters. Expects Opening Tuesday. "I hope and I think the banks will be able to open on Tuesday," he said. "I am going to stay right here on the job to work toward that end, and will be unable to attend the inaugural at Washington." When pressed at this time for a definite statement that the banks of this city certainly would open on Tuesday, the Governor merely shook his head. "What has Banking Superintendent Joseph A. Broderick done to meet the situation? the Governor was asked. "I have been in touch with him and he is conferring with bankers and others," he replied. Hopes Banks Will Open. Q. "If President sevelt doesn't act, will you extend the bank holiday or take steps to restrict withdrawels?' A. "I cannot express an opinion on that." Q. "What has the Federal Reserve done to meet the situation? A. "I cannot speak on that." Q. "Do you expect the banks to open Tuesday A. "I hope so." Q. "Have you received any plans providing for opening of the banks on Tuesday? A. "About 2,000. Some are being considered." During the panic of 1907 the Stock Exchange remained open. The exchange also functioned during the tension of Sept., 1931, when England went off the gold standard, despite the pressure in favor of closing. The Stock Exchange closed at the outbreak of the World War.

6. March 5, 1933 Daily News New York, NY

Article Text

ASK CONGRESS TO APPROVE CITY'S SCRIP (Continued from page 4) ing from bank holidays, became SO enormous the local- institutions simply lacked the facilities to handle it. It was this lack of facilities for handling demands, more than anything else, which really forced the bank holiday declared by Gov. Lehman, according to the bank officials. In some cases bankers admitted they were caught napping by the bank moratorium, which began in Detroit Feb. 14, but was never expected to sweep the country the way it has done. Although crowds milled around banks there was no disorder. However, at Geneva, N. Y., angry muttering of crowds around closed banks led to troops being called out to protect public buildings. "Instruct the men to jolly peo- Bank Superintendent Broderick Confers with bankers. ple along-all this needs is a little bit of common sense," Police Commissioner Edward P. Mulrooney said, in ordering one patrolman posted at every branch bank. Payroll Checks Cashed. The-Corn Exchange Bank Trust Company, with multiple branches, as well as the Central Hanover Bank and Trust Company and the Irving Trust, paid cash on all payroll checks, and also on other small checks from depositors. When the Corn Exchange, which had been allowing depositors to withdraw 10 per cent. of amount on deposit, learned that the bank holiday was mandatory, it closed its branches at 11 A. M. The Irving Trust continued to cash payroll checks until the regular closing hour at noon. R. H. Elmedorf, assistant vice-president, said this action was taken to ease the strain. He declared he didn't know what policy would be pursued tomorrow, but added his institution "will do nothing that would seem to be in violation of the understanding of the clearing house banks." Throughout the Bronx, Brooklyn, Queens and Staten Island, branches of various banks paid payroll checks until it was learned the Governor's order was considered mandatory. The Chase National, National City, Manufacturers' Trust and other big banks obeyed Gov. Lehman's holiday declaration to the letter, and remained closed throughout the day. The only real run on a bank was. in Brooklyn-and a strange one it was. A long line of persons streamed from the Brooklyn main Post Office headquarters of the Postal Savings Bank, into the street. They were almost all waiting to deposit money which they had withdrawn from other banks Friday. This created an absurd parallel, because the Government operated Postal Savings Bank is required, by law, to deposit its funds in national banks. The Governors of the Stock Exchange allowed Gov. Herbert H.

7. March 5, 1933 The Oklahoma News Oklahoma City, OK

Article Text

New Yorkers Revive Plan of 1907 As Solution in Money Crisis By ELMER WALZER NEW YORK March Banking leaders principal cities and deposit the Bankers, of the New Clearing House revived the plan whereby $10 and $20 would They enable York banks printed and ready for Monday reopen Tuesday The United learned of York bankers of certificates so for invoke federal they would be available plan similar tender nation New York Clearindicated the Federal honor such certificates of member House Herbert H. cognizant Philadelphia urged end bankers two-day banking holiday to that pointing addithe house move clearing embargo gold exports United States presidential decree federal guarantee be Philadelphia Considers Plan The is in

8. March 6, 1933 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article Text

Forbes Our Troubles, Man-Made. Can Be Remedied C. FORBES have cousin who Whenfarmer cannot manage turns him black smith once asked "How He comes excitMr Forbes don't understand horses: they don't know how to quieten them down. know how horses think just keep cool. don't whip them: talk nicely them. First thing you know they stop getting excited and start doing tell them. When they know that I'm not ous they stop being nervous. So many bank depositors have been kicking over the traces that banking trouble has developed Our bankers by and large, failed to the public from nervous What we now need is somebody take hold who understands us as well as this rustic blacksmith He that the clame for horses with who handle them than with the not true that the blame for the recent state mind bank depositors chargeable largely bankers? Weren't bankers among the first to rush to become 'liquid?' WE BANK DEPOSITORS need somebody calm us down New brooms sweep clean Happily Washington has new broom. in the person of PresiRoosevelt At Miami he demonstrated his and Anxious to make creditable record. he doubtless will immediately address himself to the most of all our problems. namely the of banking facilities and confidence THE DECISION to close New York banks two days not reached until the early hours 0. Saturday understand the largest the felt entirely capable of any could arise But was finally ad judged prudent to take brief breathing spell DOUBTLESS this decision was influenced by the panicky action of foreign countries. Friday's "raid" America's was the severest ever experienced Under normal conditions absolutely are ideal But today's ditions are not hooves this protect itself. protect its stock of gold. to to that its financial strength not undermined by other nations THE HUMAN ANIMAL the most adaptable the most resourceful in all creation way out of these banking difficulties will found how much worse off Ponder America would be her troubles were being caused by extreme scarcity of food clothing shelter water other absolute of We are not afflicted by famine We are afflicted afJuence by surfeit of life's necessaries SURELY IT WILL not prove beyond the ingenuity man. beyond the of Amer. icans admittedly resourceful to devise ways and means make available for those who them the In short our troubles are superficial rather then fundamental. created by man rather than by nature. ROOSEVELT has an opportunity not equalled by president since Lincoln infinite and immortal glory instituting truly effective It Congress attempt obstruct prompt clearcut, aggressive, courageous

9. March 8, 1933 Lincoln Journal Star Lincoln, NE

Article Text

YORK BANKS OPENING Conduct Business on Restricted Basis Only. NEW YORK. (P). Leading New York banks were open, business conducted restricted as various institutions placed their interpretations on the regulations issued by the treasury Washington. Most banks meeting payroll checks, either in full or part, some accepting deposits on trust basis. Others, the Chase National, were not acceptdeposits. There was considerable confusion the meeting of payrolls. Many banks were besieged with large checks at the opening, each marked "payroll." While some checks for moderate sums were met, payments on others were made and corporations presenting them were advised to pay their employes by check instead of cash.

10. March 8, 1933 Standard-Speaker Hazleton, PA

Article Text

Tension Relaxed Somewhat Yesterday In Most of Large Financial Centers. SOME PAID OUT MONEY In New York the Situation Was Confused for Time By Governor's Extension. NEW YORK, March banks loosening their strings purse little in most of the larger nancial centers of America, tension relaxed somewhat on the third day of the nation's bank holiday. Considerable confusion existed among banks in New York, Chicago and other cities to the immediate procedure which should followin availing themselves of Secretary Woodin's rulings allowing them resume restricted banking tivity, to permit cashing of payroll checks and financing the foodstuffs and necessities. Nevertheless, considerable rency was paid out in many cities. In New York the situation fused for time by Governor man's the state holiday through Thursday. And the Chase National Bank, after opening, cided to close keeping with the governor's mandate. But the nor later made clear that tary Woodin's ruling took dence. The ideas of issuing scrip clearing house certificates to meet the present emergency were said undergoing revision in some banking quarters where that rapid return normal basis was more desirable, and pointthat the Federal Reserve under emergency provisions the Federal Reserve act, could issue currency in any amount, meeting virtually any possible demand. Business domestic markets was limited to dealings in commodities for immediate delivery, while tures markets remained closed. Markets abroad were mixed, (Continued Eleven.)

11. March 8, 1933 Lincoln Journal Star Lincoln, NE

Article Text

NEW YORK BANKS OPENING Conduct Business on Restricted Basis Only. NEW YORK. (AP). Leading New York banks were open, with business conducted on a restricted basis as various institutions placed their own interpretations on the regulations issued by the treasury at Washington. Most banks were meeting payroll checks, either in full or in part, and some were accepting new deposits on a trust basis. Others, among them the Chase National, were not accepting deposits. There was considerable confusion regarding the meeting of payrolls. Many banks were besieged with large checks at the opening, each one conspicuously marked "payroll." While some checks for moderate sums were met, payments on others were not made and corporations presenting them were advised to pay their employes by check instead of cash.