Staten Island National Bank & Trust Company (New York, NY)

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Episode Information

Episode UID
619801599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
61980 national
Charter Number
6198
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
709e0633e9ae69dc

Response Measures

None

Description

Statewide bank holiday (Gov. Lehman) temporarily suspended banking; banks expected to reopen shortly.

Events (2)
1. April 8, 1902 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Governor Herbert Lehman declared a two-day bank holiday in New York (statewide moratorium) and the NY Federal Reserve suspended operations.
Newspaper Excerpt
The Federal Reserve Bank of New York was closed with all other banking institutions of that State.
Source
newspapers

Newspaper Articles (9)
1. March 4, 1933 Reno Gazette-Journal Reno, NV

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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 and unestimated amount had been withdrawn by citizens.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 from Evening Star, March 4, 1933

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EARLY U. S. ACTION PLANNED ON BANKS New York and Illinois Declare Holidays—Only Four States Unrestricted. Connecticut took similar action, bringing to 43 the list of States in which restrictions on withdrawals are operative in some form or another. Only Montana, Colorado, North Dakota and South Carolina remained without restrictions at noon today. Delaware's banks were open, but the State Legislature has already taken emergency action. These developments had brought from Representative Rainey, the next Speaker of the House, the prediction that "an extra session of Congress will be called at the earliest possible time." He said he felt that early next week, possibly Tuesday, would not be too soon. Previously Rainey had told House members-elect to remain in Washington. Others at the Capitol said the session probably would begin Wednesday. The Federal Reserve Bank of New York was closed with all other banking institutions of that State. The Federal Reserve Bank at Philadelphia also closed, under a holiday declared throughout Pennsylvania by Gov. Pinchot. Later in the day the Minneapolis Federal Reserve Bank suspended business. The closing of the New York Federal Reserve Bank meant the tying up of its huge gold reserve for the period of the holiday against withdrawal by either domestic or foreign agencies. In discussing the banking relief program, Senator Robinson said: "We do not know just when it will be completed, but it will be expedited all possible. The details can not be announced right now but you may be assured there will be no delay." Wagner Plans Action. Previously Senator Wagner, Democrat, of New York, had told newspaper men he would carry immediately to Democratic leaders an appeal for immediate emergency banking moves. Informed at his hotel here of banking moratoria in New York and Illinois, Wagner said he would appeal this morning to Democratic leaders to begin working out a program and some time this afternoon would call on Mr. Roosevelt with the same objective. A bank holiday, he said, "is the only thing to do" to meet the emergency of the banks themselves, but he added quick steps are necessary to enable them to reopen and continue operations. Harvey Couch, Democratic member of the Reconstruction Finance Corporation, was the first White House caller this morning. He said after a brief conference with President Hoover he had discussed "matters incident to the banking situation," but declined to give details. Couch conferred last night with President-elect Roosevelt. Officials in Conferences. High officials both of the outgoing Republican and incoming Democratic administrations were in conference most of the night. Secretary of the Treasury Mills said afterward the Hoover administration would have no statement, but that governors of the Federal Reserve banks in Chicago and New York would have announcements. Demands Impossible. The hours between midnight and dawn saw banking officials in many States struggling with the problem, made acute by the flurrying of nervousness on the part of depositors. As a statement by the New York Clearing House Committee put it: "The unthinking attempt of the public to convert over $40,000,000,000 of deposits into currency at one time is, on its face, impossible." The statement added that the condition clearing house banks is such that "they could, through the facilities of the Federal Reserve Bank, pay on demand every dollar of their deposits," but that withdrawals throughout the country as a whole have increased so that a "halt" is necessary "to enable the proper authorities to consider and adopt remedies to meet this situation, not for New York primarily, but for the Nation as a whole." Only a few States remained today in which restrictions on withdrawals had not been invoked. No Holiday in Virginia. In Virginia, Gov. Pollard said no general banking holidays would be declared because the State's laws already protect the banks and their depositors. In Maryland, the General Assembly early today approved the emergency banking legislation without a dissenting vote in either House. Gov. Ritchie signed it this morning, but said that the banking institutions of the State will not reopen Monday. The resources of the Reconstruction Finance Corporation earlier had been made available to hard-pressed, but solvent banks in States that have imposed moratoria on withdrawals. This was one of a number of developments yesterday that included introduction of legislation to allow postal savings checking accounts and to confer upon the incoming administration sweeping authority to maintain the security of deposits. Reconstruction Corporation officials said their policy called for lending institutions—if the loans were well secured—enough money to pay the percentage of deposits that could be withdrawn, provided the banks did not have the funds immediately available. It was emphasized this was not a new departure, but was simply the application of regulations decided upon for individual instances in the past to a situation spread into a number of States. Pinchot's Statement. Gov. Pinchot of Pennsylvania here for the inauguration issued the following statement: "Because of the declaration of a bank holiday in New York, Illinois and most of the other States, similar action in Pennsylvania has become unavoidable. "Were our banks to remain open, the demands upon them would impose an impossible burden. "Therefore, upon specific recommendation of Gov. Norris of the Philadelphia Federal Reserve Bank, I hereby declare a bank holiday throughout Pennsylvania on Saturday, March 4, 1933, and Monday, March 6, 1933." Exchange Statement. A statement issued by the Governing Committee of the New York Stock Exchange said: "The Governing Committee at a meeting held this morning in order to give full effect to the banking holiday declared by the Governor of the State of New York directed: "First, that the exchange be closed during such holiday; "Second, that members and firms registered on the exchange be prohibited from making any contracts for the purchase or sale or the borrowing or lending of any securities, and also from permitting their offices or facilities to be used for the purpose of making or carrying out any such contracts; "Third, that all deliveries be suspended on all member contracts, except on such contracts as may be cleared by or settled through the Stock Clearing Corporation, and that in such cases deliveries shall be made as the Stock Clearing Corporation shall direct."

3. March 4, 1933 Evening star Washington, DC

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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

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

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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-

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

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Bank Holiday Sequel 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. The largest crowd assembled in front of the East 42d St. branch of the Bowery Savings Bank, where women who could not speak English, bank books in their hands, straggled up to the doors as early as 6:30 A. M. By 10 A. M. there were 600 persons around the bank, most of them of foreign birth. They dispersed quickly when police informed them of the bank holiday. About 300 assembled at the headquarters of the same bank, Bowery and Grand St., but departed when told of the holiday. Almost all were poorly dressed. 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 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 opening the market on the ground that this would bolster public morale, but were timorous about Gov. Lehman's reactions, SO 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 the banks of this city certainly would open on Tuesday, the Governor merely shook his head. 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

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EVERYTHING'S ON THE CUFF NOW IN CITY (Continued from page out for people like us. Gold at least will give us an even break." A poorly dressed woman, with a face wan and lined from suffering, appeared at the Manufacturers' Trust Company of which Harvey D. Gibson is president. He is also chairman of the city's Unemployment Relief Committee. She carried a card for food supplies which should have been presented to one of the branch depots. Gibson was standing by when she entered. She has four children, and her husband, ill, hasn't worked for a year. "Proclamation or no proclamation," he said, "this is one check that will be cashed today." Leaves $20 for Change. Patrolman Lewis Moore of the Snyder Avenue Station, who patrols Flatbush Ave., Brooklyn, disclosed he was paid March 1 and "the only think I have this morning is a $20 bill." He went to the store he patronizes for a pack of cigarettes and the clerk had no change. Finally they compromised. Moore left the $20, too $2 in change and was to go back later to see if the clerk had collected the $17.85 coming to him. Dr. H. S. Foltz, of Elgin Road, Valley Stream, L. I., didn't know of the moratorium until he went to the bank to draw a small amount. "But I'm not worrying," he said, "my grocer said he would trust me." Glad it Happened. Mrs. Oscar Neilsen, a housewife, of 65 Lincoln Boulevard, Hempstead, L. I., another who lost money in the Bank of the United States was "glad it happened because it will help the banking situation generally." "If a moratorium had been declared months ago, it would have saved the country a lot of trouble," she said. Samuel Traylor, an automobile salesman, living at the Tudor Hotel, was calling his wife from Newark, N. J., when the telephone girl asked for another dime. "Don't you know a bank holiday has just been declared ?" he asked. "Very well," she said, and let him talk on. Trouble with $100 Bill. Francis D. Saitta, an attorney, of 182 Suydam St., Brooklyn, had been paid $200 in cash Friday for work on a title closing. The money was in two $100 bills. Yesterday he started out to cash one of them. He went first to the Fulton Savings Bank and found the doors closed. He waved the bills outside the window, indicating he merely wanted change, but an employe signaled it couldn't be done. Then he visited the country treasurer's office, with no results. Next he went to a cafe frequented by judges, lawyers and public officials generally. "We're all cleaned out," they told him. Eventually, after tramping about for five hours, he obtained two $50 bills at the postal savings bank. The nhe called on a cigar store proprietor, ordered a dollar's worth of cigars and tendered a $50 bill. The proprietor handed him a slip of paper. "Just give us an I. O: U., Mr. Saitta," he said. So Saitta, walked out with the $50 still intact and in his pockets a dollar's worth of cigars he didn't want. Speaks Take it Easy. "There's one bright spot in all this," Police Commissioner Mulrooney remarked. "The speakeasies are going to take it on the chin. I don't think you'll see many of them taking scrip in exchange for drinks." Investigation by The News failed to establish the accuracy of the commissioner's prophecy. M ost speaks in the midtown area had the usual carefree, spending Saturday noon crowds. The general attitude seemed to be, 'What the hell! This will be over soon." Plant Issues Scrip. Throughout the day instances multiplied of individuals and corporations devising expedients to meet the emergency. Home made scrip made its appearance in Queens, thanks to the ingenuity of Ira I. Sloman, rubber cement manufacturer of 31-27 Thompson Ave., Long Island City. Saturday is pay day at his plant. When his six employes came into the office for their wages, Sloman handed each of them a letter bearing his signature, which read: "To whom it may concern: This scrip is issued for the sum of $-. It will be honored by the maker the same as money and will be accepted in trade or may be presented at the Bank of Manhattan, Hollis, L. I., branch, upon reopening." Scrip Plan Works Well. It worked out as he had planned. Miss Mary Wallick, his bookkeeper took her scrip for $18 to a restaurant in the building, where it was accepted for cash. The proprietor of the restaurant then sent it back to Sloman, who is owner of the building, as part payment on the March rent, and again it was accepted at face value. The policy of dairy concerns was outlined generally by the Borden Company in a statement issued by A. J. Cronk, president. It stated that the company would "continue its deliveries of milk and other products," and that "we have every reason to hope that the bank holiday and attendant difficulties will not interrupt the flow of milk from our producers to us." 1,200 paid by Orders. In an effort to help local merchants, the Brooklyn Ash Removal Company, which operates incinerators and ash dumps, issued to its 1,200 employes a species of scrip in the form of typewritten orders for merchandise in amounts varying from $5 to $20. Officials of the Interborough Rapid Transit reported $75,000 on hand in small currency. That in addition to the daily intake from the turnstile machines, they said, would easily carry them through until Tuesday morning. B.-M. T. Has $140,000, Too. The B.-M. T. reported it had about $140,000 from Friday's receipts which had not yet been banked, and therefore all its agents were adequately supplied with cash. Hospitals seemed to regard the situation as no more than the usual week-end holiday. At the Flower Hospital it was stated that all critical cases requiring immediate attention would be given the necessary hospitalization whether or not patients had cash.

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

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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

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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 10, 1933 The American Guardian Oklahoma City, OK

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will apply to all funds in banks after the law What Maryiand and Michigan done has been followed by states and the National slature has passed law extendthis right of confiscation to banks states where such have been passed. Government by What rot! It's by few men who the impudence to violate the Constitution they pretend to upon as sacred document. was younger, remember the police break meetgreat square in this town. remember speaker from the shouting on our of free remember the police captain turning to his men, hell with the Constitugive 'em the Our the order of the bosses are saying by their Hell with the ConstituTake their money until back to FELLOWS ARENT WORRIED When wrote the above, there states who were authorizthe bankers impound the of their depositors. The they could impound varied the various states. Now, the there and for good measure the same the deposits in the banks the District Columbia. The leader of the band which played Roosevelt he left New York night had so little sense him his jourthe strains of Days "Happy Here Again." big fellows are not worried immediate future. Don't think for moment that mediately upon the news from Michigan of the closing of the banks that they didn't see had plenty their deposit boxes. Not stocks, bonds, but real money. This the place where real comes money they have dished their hands liberally. If take the and peer they had, you would find and of would They and theirs not hungry They and theirs will not be on the They theirs will keep warm. There weren't any long lines small depositors before the banks New York. big part of the seepage took place before the even began to discuss the financial crisis. VALUES What the big fellows about the decrease value their bonds and stocks and real estate. They turn all of this cash because there are too few people to buy The crop suckers who can buy what financiers have to sell small negligible. So the lows have hold They very amiable these Not days. very pleasant talk Their experts not able to dig up much comfor them. talked to lionaire few hours ago. He serves the multis and they have allowed him to seven figures. source news for and rather chummy. Said he, worth least won't starve this year and next something bound turn up out this He didn't know what. told him must crazy knew he this and in that and tioned the investments knew had. replied, mean just have real stuff, notes and coin that spend and some my the neighborhood of the amounts the pieces paper, stocks and bonds added may may not be worth stamped on the certificates. believe this storm going to over and I'll still but taking chances for the near future.' Don't this alone attitud lot of the multis have theirs also, only they have more than $18,000 salted away real stuff. HERE FACTS BEHIND RUN Now what sort of information financiers this week to in the readers will remember country: that there was some hope being held least slight spring That according to the "experts." The Financial porter, as you know, didn't share these hopes. Here report has forces are militating against employthis spring, banking inflationary fears have tended expand hoarding and, same token, funds have been tied through moratoria failures which normally would for the purchase of goods." Note the use of the nice word should really read of bank balances." Now read this which followed that just trends obviously are not conducive to marked revival the consumption commodities; with no present indications any early amelioration these conditions, demand during the next several months "probably will be confined the Isatisfaction of the barest necessi- NOTHING BETTER SIGHT This particular largest of the economic and financial advisers in the world, Reno Predicts General Strike Of Labor Farmers DES Unless the administration acts relieve distress, strike of labor and farmers will into effect, said Milo Reno, conservative leader of the farm holiday movement. The dairymen's strike showed that "farmers and labor can gether in common know days after the special congressional session whether they mean business they are going to play horse with they start playing horse, find themselves riding bucking bronco." maintains summary of recommended policies of modities clients. Under the heading "Forward buying tor the next six months justified" has the short but very eloquent some of the pollyannas still printing guff about the future. When you read this article member that this country plenty everything. Plenty raw material; equipment put material into the finished product. Plenty of gold and silver be used in exchanging things from one person to No physical kind has paralyzed our peoples' activities. Everything is here while most us haven't got anything. Are we crazy? Are of race imbeciles when comes to looking after interests? We most certainly are. Just wrote the above, the figures for the week came in dealwith the increase in currency. This way putting the situation misleading. person would naturally think that crease in should be nothing alarming. What it really means currency going out the banks and into hoarding. The increase for the week tremendous. The increase of money going into the Postal Savings service is also great. This money, however, goes back into the banks dislocate our financial system. RUN ON SAVINGS BANKS THIS TIME Just finished this, flash comes in that Governor Lehman, who was just ready to entrain for Washington has told the reporters that going to stay here. We that the governor of New York denied that he clare bank holiday. The story, however, not believed. Washington wire tells that there are long conferences going between Roosevelt and advisers. Lehman must know something and will take some his There has been run all afternoon the savings bank, something which occurred before. The last time there run the banks there was the savings bank the money taken out the other banks. will finish this the Next Well, has come. Lehman has declared bank holiday of two days. states are involved and before night all the states undoubtedly the banking holiday basis. The Stock Exchange not opened, the shutting the banks matically shut the great gambling house the nation. This is slight importance. What of importance is that the flow of what business there left has been stopped. No transac tion can completed. The very life blood the present system has been coagulated. heart of industry almost stopped beating. Roosevelt use Congress pulmotor to start beating again with an measure guaranteeing bank up certain maximum? That what they are asking in the Something must done. have just come in from my one knows anything. news that any value must come from Washington. Some the big boys look rather peaked and pale. Where are we drifting? There no of writing any more until what happens the capital. Wild are affoat that going off the gold standard. Now comes the message of the new President over the wires Comes from advanced little time before he actually delivers No specific named in Begins very gravely and all of is that he is going to the limit to meet the emerWe wait for other news from the capital. Up in the clubs the are milling around trying to get from their in Washington. Out the talk which comes over the phone emerges very definite belief that Congress meet Monday or Tuesday pass measure which will carry some sort of bank deposit guarantee by the national high guarantee of the entire amount of deposit up $3,000. Some say up $1,000. There more disagreement over the than there over the guarantee. My readers will know good deal about by the time this article appears in the Guardian. should have very interesting story to tell you in the issue Next week will cer tainly be big with events.