gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3b68a3cb4e2fd427
Response Measures
Accommodated withdrawals, Fed/other loan, Capital injected, Partial suspension, Full suspension, Books examined
Description
Articles show statewide Feb. 14, 1933 banking holiday, later depositor runs in July and government/RFC aid leading to reopening; some dates and causal links inferred from summary reporting.
Events (8)
1.October 20, 1903Chartered
Source
historical_nic
2.February 14, 1933Suspension
Cause
Government Action
Cause Details
Statewide eight-day moratorium ordered by Governor Comstock closing every bank and trust company in Michigan.
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 for restricted business today ... allowing depositors to withdraw 5 per cent of their deposits on the depository percentage basis laid down in the governor's second proclamation issued Tuesday.
Source
newspapers
4.July 1, 1933*Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals (runs) left bank without funds and effectively closed its doors until government/RFC funds were provided.
Newspaper Excerpt
At the time of the closing of the Bank ... the Central National had no money Due to heavy runs on bank and at the suggestion of the United States government the funds were loaned to the bank to meet the situation.
Source
newspapers
5.July 15, 1933Run
Cause
Rumor Or Misinformation
Cause Details
Spreading untrue rumors in Battle Creek precipitated heavy withdrawals from Central National.
Measures
Noted involvement of local prosecutor investigating rumor sources; later sought government assistance/RFC support.
Newspaper Excerpt
investigation of rumors which had been prevalent in Battle Creek which caused run on the bank and the Central National bank last week and the fore part of this week.
Source
newspapers
6.September 19, 1933Other
Newspaper Excerpt
Plans for government participation ... RFC and Controller of the Currency will confer with officials of the Central National ... funds loaned to the bank to meet the situation; new stock sale under direction of executive vice president to assure operation.
Source
newspapers
7.September 19, 1933Reopening
Newspaper Excerpt
The continuing Central National ... 100 per cent open bank and regarded by the government ... government funds were loaned to the bank to meet the situation.
Source
newspapers
8.December 4, 1933Voluntary Liquidation
Source
historical_nic
Newspaper Articles (14)
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.July 22, 1933Marshall Evening ChronicleMarshall, MI
Article Text
JURY PROBE OF
Prosecutor Has Made Investigation of Situation in Food
City
There that Prosepossibility cuting Attorney William Kearney of Albion may petition Judge Blaine Hatch to call grand jury Investigation into the Battle Creek banking situation No such petition has been filed date Prosecutor Kearney Battle Creek Thursday making investigation of rumors which had been prevalent in Battle Creck which caused run on the bank and the Central National bank last week and the fore part of this week. Mr Kearney in doubt to whether there sufficient basis for calling grand jury probe ports that depositors of the OldMerchants bank wanted an investigation to why the federal ernment that bank open after the federal bank day and then allowed It to close heavily discounted facts in connection to be that the bank permitted to open beacuse was good condition but that subsequent to the reopening after the bank holiday. heavy withdrawal funds not only on the part of small deppositors but also on the part of large depositors and particularly on the part of depositors whose deposits were large that withdrawal left their the bank in vulnerable The real and only basis for grand probe of the Battle jury Creek situation the spreading untrue rumors which caused the the other two banks there. Unquestionably the Central National and the City Bank of Battle Creek have evidence of the source of these rumors Whether they push the matter remains on Page
14.September 19, 1933Battle Creek Moon-JournalBattle Creek, MI
Article Text
CENTRAL BANK ADDS MILLION
(Continued from Page will government Every effort being made, was said, to plete details of the plan for ernment participation as quickly possible At noon today the bank was short of its goal, but order expedite of to the plans. the needed balance was by persons, who have already and the closed. Clears Up Situation with full the Central ment together with tional's the for the National Bank Battle Creek definitely clears situation Battle the Creek for the first time since the Michigan banking holiday was claimed Governor that Battle February means Creek will be one of few cities the whose banks first in line to have bank posits guaranteed under provisions which the comes effective January pointed out. balance of local stock The small Central which has the to expedite mat been will be made available for ters, they desire to few late comers was said. In any participate, stock has been however, fully subscribed, and the governtogether with ment resentatives of the bank, will begin at once work out details. definite bank statement for the Central cannot anticipated. was stated, until government officials representing the Reconstruction Finance Cor the Federal Reserve poration, board. and the Controller the Currency. have worked out details the To Work Out Details William Taylor. chief bank aminer for the Seventh Federal Reserve district, representing the Comptroller of the Currency. and Howard Stoddard of the RFC will confer with officials the Central National within 48 hours of working out deview The entire purpose of the plan for bank officials said today, assure operation of the Central National "The continuing Central National the unusual and different from the usual procedure in various parts the where which are either in receivership in hands of conservators, reorganized, they declared. Central National is today and has been since the ginning. 100 per cent open bank and regarded by the government. During the trying period following appointment of for the National Bank, the restriction 90-day notice withquiring drawals from the savings imposed, at the sugges. tion of officials, for against serious runs, permitted under laws governsafety deposits
Roosevelt "The process taking place the one urged upon all banks President Roosevelt and Jesse Jones, the who have urged all regularly functioning to accept additional govern ment capital and ownership permit of free action making loans and helping the generally To Liquidate Slow Assets. It today that the slower which held the Central Bank and Trust company, holding dated and the meet the bank's indebtedness of about the United States government, and to pay off subscribers to the bank's original capital stock of $500,000 At the time of the closing of the Bank, it was plained. the Central National had no money Due to heavy runs on bank and at the sug. gestion of the United States gov. ernment the funds were loaned to the bank to meet the situation This obligation to the government, together with the paying old will be cared for out of the slower segregated assets. The new bank, was phasized. will not have dollar of borrowed money. The for sale of the new stock under the direction of Edwin R. Morton, executive vice president of 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.
