gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f7906c102bef5a54
Response Measures
Accommodated withdrawals, Capital injected, Partial suspension, Full suspension
Description
Articles show the Feb 1933 Michigan-wide moratorium, a limited reopening, then later July 1933 runs/rumors and the bank later in liquidation (by 1935).
Events (7)
1.February 1, 1905Chartered
Source
historical_nic
2.February 14, 1933Suspension
Cause
Government Action
Cause Details
Statewide eight-day moratorium declared by Governor Comstock closing all Michigan banks and trust companies.
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 ... few instances of unusual numbers of customers inside.
Source
newspapers
4.July 15, 1933Run
Cause
Rumor Or Misinformation
Cause Details
Untrue rumors circulating in Battle Creek provoked heavy withdrawals from Old Merchants and other local banks.
Measures
Not specified in available articles; reopening earlier had used limited withdrawals (5%).
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
5.July 18, 1933Suspension
Cause Details
After rumor-driven withdrawals the bank was left vulnerable and subsequently closed; exact legal cause (state action vs. voluntary suspension) not specified in the provided texts.
Newspaper Excerpt
Depositors ... allowed it to close heavily discounted facts ... heavy withdrawals ... left the bank in vulnerable [condition].
Source
newspapers
6.June 11, 1934Voluntary Liquidation
Source
historical_nic
7.September 27, 1935Other
Newspaper Excerpt
Affidavit of non-appearance ... in a suit started by the liquidating trustees of Old Merchants National Bank & Trust Co., Battle Creek ... was filed in circuit court today.
Source
newspapers
Newspaper Articles (16)
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.August 25, 1933Battle Creek Moon-JournalBattle Creek, MI
Article Text
Final Push In New Bank Stock Campaign Is On
Strenuous efforts are being made by members of the workers' committee complete the $750,000 stock subscription campaign for the proposed National Bank of Battle Creek by Saturday night. Although detailed report on the amount of stock remaining to be sold has been made. it was believed to be about 350 shares, representing $43,750. Officials of the bank committee. in discussing prospects for the pro. posed banking institution. pointed out that approximately $11,000.000 will be available in the community for potential deposit in the bank upon its opening. Approximately $4,000,000 in deposits were paid out to depositors since the original Michigan bank holiday, and an additional $7,000,000 will be made available with the opening of the new bank and the release of 100 per cent of the deposits of the City National and 50 per cent of the deposits of the Old Merchants National banks, they declared Bank organization workers com pared this total of approximately $11,000,000 with the fact that in Jackson only 30 per cent of the impounded $30,000,000 deposits have been made available, while in Grand Rapids $6,000,000 was made available on $12,000,000 of deposits. The workers also pointed out that with the $250,000 subscription to bank stock made by the Kellogg interests, the remaining amount of $500,000 required locally amounted to only per cent of the impounded assets.
15.September 27, 1935Marshall Evening ChronicleMarshall, MI
Article Text
THE EVENING CHRONICLE, MARSHALL, MICHIGAN, FRIDAY, SEPTEMBER 27, 1935
Mr. and Mrs. H. J. Phelps of Detroit, arrived today to be the guests of Mr. and Mrs. E. B. Mills.
Mrs. W. C. Muck and Miss Wilma Muck will motor to Chicago tomorrow evening to remain over the week-end.
Herbert Edgett, defendant in a suit started by Gladys Edgett, filed an appearance in circuit court today through Atty. R. G. Leitch of Battle Creek.
Atty. Verner W. Main, of Battle Creek, today in circuit court filed an appearance in behalf of Frank Berd, defendant in a suit started by Millie M. Berd.
Affidavit of non-appearance of Florence K. Hart, one of the defendants in a suit started by the liquidating trustees of Old Merchants National Bank & Trust Co., Battle Creek, against Alfred Lee Trodson, et al, was filed in circuit court today.
Miss Jessie C. Porter went to Elmhurst, Ill., Tuesday, called by the serious illness of her sister Mrs. George H. Miller. Yesterday Mrs. Miller underwent an operation at Garfield Park hospital in Chicago. A letter received by Mrs. C. W. Casper from Miss Porter this morning stated that she was resting comfortably.
Mr. and Mrs. A. M. Talmadge and Mrs. Sarah Perry will motor to Detroit Monday where Mr. and Mrs. Talmadge will attend the hairdressers convention at Hotel Statler. They will return home on Tuesday while Mrs. Perry will remain for a two weeks' visit with Mr. and Mrs. Russell Foley in Dearborn.
Announcement is made that through the courtesy of Governor Frank D. Fitzgerald and the state racing commission, the entire proceeds of the racing program at the state fair grounds in Detroit Next Monday will go to the Starr Commonwealth. The funds will be used to complete a building now under construction that will house a general shop, gymnasium-auditorium and physics, biology and research laboratories.
Mr. and Mrs. Earl Lester formerly of Jackson who have been the guests of Mr. and Mrs. Jack Lester have gone to Grand Rapids where they will reside. Mr. Lester is a locomotive fireman and has been in the employ of the Michigan Central railroad for years. A heavy increase in business in the Grand Rapids district has necessitated his transfer to that city. Mr. Lester at one time resided in Marshall and is a son of the late Mr. and Mrs. J. W. Lester.
A large section of the eastern part of the city was without electricity from 9:15 o'clock last evening until late this morning. A big limb crashed across the municipal transmission line in front of the residence of Thomas Barningham in east Mansion street which broke the wires. For some time pedestrians and motorists were endangered from live wires until employees of the city electric department could get on the job. Flares were placed about the spot and
16.December 30, 1935Marshall Evening ChronicleMarshall, MI
Article Text
At the 9:00 o'clock mass on New Years day, the children's choir of St. Mary's church will repeat the Christmas carols which were sung on Christmas day.
Mr. and Mrs. Harold Radford of Grand Rapids were week-end guests of Mr. and Mrs. P. S. Joy. They returned home this morning accompanied by Mrs. C. A. Radford who will spend the remainder of the winter with them.
Listing sheets of the approximately 250 applications for the new wheat reduction contracts are to be taken to Lansing tomorrow for the approval of state authorities by R. L. Cook, county compliance supervisor.
Dr. H. F. Becker, of Battle Creek through Atty. Joseph McAuliffe this morning filed an exception to a recent finding and order of Circuit Judge Blaine W. Hatch, granting motion of the liquidating trustees of Old Merchants National Bank & Trust Co., Battle Creek defendants in a suit started by Dr. Becker, to set aside a jury's verdict, and enter a judgment favorable to the defendants. Mr. McAuliffe listed 11 alleged errors, including the statement that "out of 52 tenants owing back rentals some 16 had accepted and received adjustments as to their respective rentals on various grounds amounting anywhere from 15 to 50 per cent of their respective claims." Mr. McAuliffe also took exception to the action of the court in determining numerous questions of fact "which determinations were exclusively within the province of the jury." The suit had its origin in rental of office space in the Security National Bank
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.
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Old Merchants National Bank & Trust Company · UID 758901598
