gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
071f82573a2a0f09
Response Measures
None
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1933-12-12
Date receivership terminated
1936-09-16
Share of assets assessed as good
45.9%
Share of assets assessed as doubtful
54.1%
Share of assets assessed as worthless
0.1%
Description
A later (Aug 1933) reference mentions a conservator for the bank, indicating subsequent distress separate from the Feb. moratorium.
Events (4)
1.June 30, 1881Chartered
Source
historical_nic
2.February 14, 1933Suspension
Cause
Government Action
Cause Details
Statewide eight-day moratorium ordered by Governor William A. Comstock in response to banking crisis centered on Union Guardian Trust of Detroit.
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
3.February 23, 1933Reopening
Newspaper Excerpt
MICHIGAN'S BANKS OPENED TODAY FOR LIMITED BUSINESS ... allowing depositors to withdraw 5 per cent of their deposits ... banks were 'doing business in the best possible way.'
Source
newspapers
4.December 12, 1933Receivership
Source
historical_nic
Newspaper Articles (13)
1.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
2.February 14, 1933Imperial Valley PressEl Centro, CA
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Article Text
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, 1933The TimesHammond, IN
Article Text
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, 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?
5.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?
6.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 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, 1933Daily NewsNew York, NY
Article Text
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, 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
9.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 ?
10.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.
11.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.
12.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
13.August 23, 1933The Grand Rapids PressGrand Rapids, MI
Article Text
State EWSGRAPHS
Pellston-The McKinley township district 12-grade school here will reopen for nine months Sept. 11. Supt. W. Bannister will head the faculty again. Big Rapids- The city of Big Rap. ids will adhere to the spirit of the national industrial recovery act, but will not sign blanket agreement, the city commission has decided. The council approved employment partments. Commissioner James Campbell's resolution urging that the city come under the terms of the NRA was defeated when Mayor Dan W. Rowe and Commissioner Arthur Martz contended the city could not afford to pay minimum wages under the recovery act
Holland-A hand-made auger. constructed of one solid piece wood, with the bit of hickory and body of rock elm. is relic now in possession of M. Camburn, passed on to him from his ancestry The tool is on exhibition in Camburn's store at Macatawa Park. Camburn's grandfat used it in the construction of the Erie canal more than century ago. It still can bore neat hole. Williamsburg- The board of education has completed plans for full and regular school year to open Monday Aug. 28. with Supt. R. R. Bannen in charge Traverse City-Dr. F. Scott McBride, national legislative superintendent of the Anti-Saloon League of America, will be the speaker at an evening service at Central Methodist church Sunday Zeeland Chief of Police Fred Bosma will represent Zeeland at the annual meeting of police chiefs in Marquette Aug. 28 to 30. He granted three-day leave by the city council. Fennville- Allegan road commission is some of the roads north from here toward Holland, cleaning out ditches and doIng other maintenance work. giving employment to workers. Howard City-Schools will open Monday, Sept. 18, according to an announcement by the board of education. The board expects to be able to nine months of school the coming year provided past due tuition from neighboring districts is paid. Supt. O. A. MacNaughton and the entire corps of teachers will return Big of children using new swimming pool here each day are safe from contaminated water, according to report made by R. Faust, director of swimming pools for the state health department. Faust praised the project. Manistee-The city commission has authorized the conservator of First National bank to negotiate with his department in an attempt to release municipal deposits from the bank by means of the sale of securities held as collateral The city alrady has obtained 000 of its deposit through the sale of United States bonds covering the
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.
