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DECLASSIFIED
Authority tiM D aoozfc

(COPT)

m

l«Ufy

mm

35
Atlanta HZ7p Harsh 1

Sear*

V« mm Isfoncd b y Sup*rint»nd«nt ©f Basks of J k la k m * that Governor
tt llt f &•» i««l«v«d a t#a A** fcoltfegr in J&mbm» In tfilch tint 1%
It ABiielpftttd tfcat tfc* l»£Ul*tvr« will pa»* th« mot*sax? enabling

aol*




Kwlea
535p

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority VlUDaOOZta

F ed eral R eserve Board,
W ashington, D. C.
Dear S i r s :
E n closed you w i l l f i n d an A s s o c ia te d
P ress c lip p in g which appeared in the A tla n ta Journal
o f Saturday, February Hth.
Very t r u ly y ou rs,

Ward A lb e rts o n ,
A s s is ta n t F ed eral Reserve A gent.

e n clo s u re

This article is protected by copyright and has been removed.
The citation for the original is:
"Louisiana Honors Ideals of Wilson with Legal Holiday." Atlanta Journal, February 4, 1933.




This article is protected by copyright and has been removed.
The citation for the original is:
Associated Press. "R.F.C. Advances $20,000,000 to Hibernia Bank." [Baltimore Sun], February 6, 1933.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority VlU Daoozb

TELEGRAM
FEDERAL RESERVE SYSTEM
(L E A SE D W IR E S E R V IC E )

4 0 f y 25

RECEIVED A T W A SH IN G TO N , D . C.

A t la n t a 1124a Feb 4

B oard
W ashn

M a r c u s W a lk e r M a n a g in g D i r e c t o r N e w o r le a n s b r a n c h a d v i s e s

govern or

&

o f L o u is ia n a

has d e c la r e d

n e w o r le a n s b a n k s a r e n o t

fe b r u a r y fo u r th

t r a n s a c t in g any b u s in e s s

N e w to n

1250p

9. MTIMMBIT FMKTDTOMflMt 1M*




8—11901

a h o lid a y ,

th e r e fo r e

tod a y

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

'-I.

1. ,

)ISTRICT HO.

6

BAiffiS WHICH DUHIHS 1932, VflTHOUT AOTUAiLY CLOSING, OBTAINED DEPOSITORS'
WAIVES ASHEEMENTS, OH WHICH BESTEICTID DEPOSIT WITHDH4.HAIS
;:

NAME Aim LOCATION OF BAM

FLORIDA.:
Merchants & P la n te r Bank,
F ir s t S ta te Bazik,
Punt a Oorda S ta te Bank,
Bank o f L a B elle,
The Exchange Bank,
F ort P ie r c e Bank,
Lee County Bank
and Trust Company,

Sneads
M cIntosh
Punta Q-orda
L aB elle
T a lla h a ssee
F ort P ie r c e

Bank o f E verglades

E verglad es

F ort Myers

•
•

Demand
: Time d e p o s it
: w ithdraw als
d e p o s it
• w ithdraw als : r e s t r i c t e d
• r e s tr ic te d
: beyond terms
•
* . .
•
: o f by -law s*
*•
P e rio d during
E ffe c tiv e
; date________ :______ w hich e f f e c t i v e

: Obtained
d e p o s ito r s
Uwaiver
jagreem ents

12- 20-32
11- 19-32
1- 21-32
1 — 22-32
8- 26-32
6- 18-32

1

•

n in e ty days
«
if
11
»
H
*
if
ti
tl

11

20-32

It
ft
Land extended 4 -1 6 -3 2 f o r ni
n in e ty days

1 20-32

(A ll o f the above banks a v a ile d them selves o f p r o v is io n s o f Chapter 146^7 (Uo. 9) ACTS OF 193^» copy o f w hich i s a t t a c h e d .)

( * ) E ith e r w ith o r w ithout sign ed agreements o f d ep ositors^




(B - 8 6 g )

t e Unclassified / Declassified Holdings of the National Archives

-

.....

d e c l a s s if ie d

■'




' '

Authority tJMD3oozfc

CHAPTER 1464? - (Ho. 9)

ACTS OP 1931

j
(HOUSE BILL No. 403)
AN ACT for the Protection of State Banks Against Exces­
sive Withdrawals or Runs and to Provide for Limits of
Withdrawals on Said Banks to Twenty Per Cent (20%)
of Its Deposits; Provide the Procedure to Be Followed by
Such Bank or Banks in Case It Senses a Run Either by
Withdrawal of Deposits by Its Depositors En Masse or
Through the Clearing House or Houses or other Collect­
ing Agents; to Correlate Such Procedure With Rules and
Regulations of the Comptroller.
Whereas, a very large number of banks in Florida have
closed within the past year, primarily, on account of ex­
cited runs by depositors— and too, by reason of withdraw­
als through the clearing houses, and,
Whereas, such runs have in many instances resulted in
the closing of many solvent banking institutions in this
State, and,
Whereas, under the laws of the State of Florida such
banks are permitted to place as much as eighty per cent
(80%) of their deposits in time loans, carrying only twenty
per cent (20%) as a working reserve, and,
Whereas, such twenty per cent (20%) reserve appears to
be adequate and sufficient for the usual demands of the
banking business, but would, of course, be insufficient to
pay off all or a large number of depositors in the event of
a run, and,
Whereas, it would seem that if a bank is allowed to place
a certain portion of its deposits on a time basis with a cash
reserve of twenty per cent (20%) to meet all normal de­
mands, the bank should have some protection against an
- abnormal demand, as a run, which usually destroys the bank
and those in charge of it no matter how good that bank may
be, and,
Whereas, it has always been the policy of the State of
Florida to seek and get protection for the public and for it­
self in its relation to banks. It would therefor appear that
all solvent banks should have some protection against un­
due excitement of its depositors, and,
Whereas, it is admitted that the public has a right to as­
sume that any open bank is a solvent bank and the banking
department should have legal authority to see to it that
open banks are solvent— solvent in the sense that good valu­
ation is supporting the accounts, and,
Whereas, banks should be allowed, or caused, to close only

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
T

Authority V)MD3oo2fc

t.

DISTRICT HO.

6

BAilKS V/HICH DUHIi» 1932, 'VITrfOUT A0HJALLY CLOSING, OBTAINED DEPOSITOHS'
WAIVER AQBEEMEHTS, OH WHICH EESTRICTSE DEPOSIT WITHDKAHALS

Name and L o c a tio n o f Bank

C it iz e n s N ation al Bank
Kentwood Bank
Amite la n k & Trust Company
Independence Bank & Trust Company
Hammond S ta te Bank & Trust Company
Merchants & Farmers Bank & Trust
Company
P on ch atoula Bank & Trust Company
L iv in g s to n Bank
and "branch at

: Obtained
s^ ep ositors*
tuiaiver
: agreem ents
: :
E ffe c tiv e
i ’date

Demand
: Time d e p o s it
d e p o s it
: w ithdraw als
w ithdraw als i r e s t r i c t e d
r e s tr ic te d
: beyond terms
*
i o f b y -law s*
P e r io d during
w hich e f f e c t i v e

LOUISIANA:
Hamond, L ou isia n a .
Kentwood, L ou isia n a .
Am ite, L ou isia n a .
Independence, L ou isia n a ,
Hammond, Louisiana#
P on ch atou la, L ou isia n a ,
P on ch atoula, L ou isia n a .
Denham S p rin gs, L ou isian a
A lbany, Louisiana*

The hanks nefcer fo r m a lly removed the r e s t r i c t i o n on demand d e p o s it w ithdraw als
hut i t was o p e r a tiv e f o r le s s than fo u r weeks.
The r e s t r i c t i o n on time d e p o s it
withdraw als has not been removed.
To r e s t r i c t time d e p o s it w ithdraw als the
hanks a v a ile d them selves o f the fo llo w in g r u le p r in t e d in the p ass hooks ^D eposits
evid en ced h ereby are made s u b je c t to the o p tio n o f the bank to r e q u ir e s i x t y
days* w r itte n n o t ic e o f the in t e n t io n o f the d e p o s it o r to withdraw the same o r
any p a r t t h e r e o f* M

(* ) E ith e r w ith o r w ithout sign ed agreem ents o f d e p o s it o r s .




(B-S6S)

This article is protected by copyright and has been removed.
The citation for the original is:
"Acts in Behalf Biloxi Banks." [Publication and date unknown]




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority V)MD3oozfc,

TE LE G RA M
FED ERA L R ESER V E SY STEM
(U EA SED W IR E SE R V IC E )

67 F Y

R E C E IV E D A T W A S H IN G T O N , D . C .

A tla n ta

Ga N o v 1 5 1152am

Smetd
W a s h in g t o n
R e fe r e n c e
th a t

it

you r tra n s

c o n tin u e d

te le g r a m

to

h a n d le

m o r a to r iu m b a s i s

in

bran ch

th em t o

fo rw a r d e d

w ith -r e a s o n
lo u is ia n a
a v a ilin g
of

g iv e n

in fo r m s

1524:

i t e m s d ra w n a g a i n s t

t h e b a n k s fro m

nonpaym ent s t o p

of

th e

p r o v is io n s

N e w to n

108p

S— 11001

of

our

w h ic h t h e y h a d b e e n r e c e i v e d

S ta te

o u r n e w o r le a n s b r a n c h

1902.

V ti (tOVroXMBNTmXTDffi tm n : IftM

b a n k s on a s o - c a l l e d

r e g u l a r w ay s t o p When i t e m s w e r e r e t u r n e d

fo r

th e m s e lv e s




O ur n e w o r l e a n s b r a n c h a d v i s e s

th a t

b a n k in g d e p a rtm e n t
th e n in e ban k s a r e

s e c tio n

s ix te e n

o f act

in
s till
179

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority VlUD 3 0 0 2 b

F e d e r a l R e s e r v e Ba n k
of
OFFICE

C hairman
Fe d e r a l

o f

Atl

anta

OF

t h e

Bo a r d .

November

Re se r v e A g e n t .

1 ^, 1932.

F ed eral R eserve Board,
W ashington, D. C.
Dear S ir s :

A t t e n t io n : Mr. Smead, C h ie f,
D iv is io n o f Bank O p era tion s.

R eferen ce i s made to your TEAMS telegram Ho* 152U
under date o f November 3*^ and t o my l e t t e r o f November 1 0th , re­
p o r t in g hanks in t h i s d i s t r i c t which Tiave "been under a s o - c a l l e d
moratorium has i s t h is yea r:
I am in r e c e ip t o f a l e t t e r from the P re s id e n t o f
the F ir s t N a tion a l Bank, B i l o x i , M is s is s ip p i, as f o l l o w s :
"The P eop les Bank o f B i l o x i and t h is hank, b y
agreem ent, announced about th ree days a f t e r the
c lo s in g o f the F ir s t N a tion a l Bank o f G u lfp o rt
th a t payments in cash would be r e s t r i c t e d t o $ *
p e r day to any one custom er ex cep t where funds
were r e q u ire d f o r pay r o l l s .
T ra n sfers hy ch eck ,
as f a r as we were con cern ed , were n ot r e s t r i c t e d .
The a p p lic a t io n o f the arrangement reg a rd in g cash
w ithdraw als was a p p lie d in a ra th er f l e x i b l e way
and as a g e n e ra l r u le was not in o p e r a tio n f o r more
than t h i r t y days*
There was no d e f i n i t e date on
which we ceased to a p p ly t h is r u le but our id e a was
to g r a d u a lly l i f t i t w ith out c a l l i n g th e a t t e n t io n
o f our d e p o s it o r s to the f a c t th a t t h is has been
done so we a re unable to say ju s t what date i t was
d isc o n tin u e d f o r , as you w i l l n o te , in some ca ses
i t was n ot a p p lie d and no d e f i n i t e d a te was f i x e d
f o r i t s ending*#

25

Very t r u ly you rs,

■«* V




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority t)Ut>3002fa

F e d e r a l R e s e r v e TJ a i ^ c
^
>
o f
OFFICE

C hairman
F ed era l

o f

A

t h e

CO
Bo a r d .

r o

November 10, 1932.
““

A gent.

\

i u

s C.
rn
<i

t l a n t a

OF

R e se rv e

yr:\' V-

\C \\

'
‘

i ri

'

T"’-"*-!"
% - ft
:
Vr

The F ed eral R eserve Board,
Washington, D. C.
A tte n tio n : Mr. Smead, C h ie f,
D iv is io n o f Bank O p era tion s.

Dear S ir s :

?

R eferen ce i s made t o you r trans telegram No. 152^, under
date o f the t h ir d in s t a n t .
The Superintendent o f Banks f o r Alabama, and the Managing
D ir e c t o r o f our Birmingham Branch, a d v is e th a t no s ta te o r n a tio n a l
bank in Alabama has been under a s o - c a lle d m oratorium b a s is a t any
time du rin g t h is y e a r .
f The F lo r id a L e g is la tu r e o f 1931 en acted in t o a law a s ta tu te
under Chapter 1^647, whereby s ta te banks i n the event i t senses a ran,
can ap p ly t o the C om p troller o f the S tate o f F lo r id a f o r p e rm issio n to
l im it t h e i r w ithdraw als t o 20$ o f each a c c o u n t, f You w i l l f i n d h erew ith
e n c lo s e d a copy o f the A ct (House B i l l No. ^03)«
The C om p troller o f F lo r id a a d v is e s th at seven o f the S tate
banks in F lo r id a a v a ile d them selves o f t h is p r o v is io n o f the law
during
, as f o l l o w s :

1932

Punta Gorda S ta te Bank. Punta Gorda. F lo r id a :
(1 )
L im ita tio n o f w ithdraw als f o r a n in e ty day p e r io d a p p lie d on
January 21, 1932.
^ * / <f - £
(2 )
To p r o t e c t cash r e s e r v e s - heavy w ith draw als.
* 2 3 -3
(3 )
Continued to r e c e iv e d e p o s its ,
(4 )
Non-Par.

Ck)

Bank o f La B e lle . La B e lle . F lo r id a :
(1 )
Invoked p r o v is io n o f 20^ w ithdraw als f o r n in e ty days
on January 22,
.
(2 )
To p r o t e c t cash r e s e r v e s - heavy w ith draw als.
(3 )
Continued t o r e c e iv e d e p o s it s .
(4 )
Non-Par.

1932

Lee County Bank & Trust Company. F ort Myers. F lo r id a :
(1 )
Invoked p r o v is io n o f 2Ofo w ithdraw als f o r n in e ty day p e r io d
on January 20, 1932.
(2 )
To p r o t e c t cash r e s e r v e s - heavy w ith draw als.
(£ )
Continued t o r e c e iv e d e p o s it s .
(4 )
Non-Par.




^

7^/W

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority tlM D aoozfe

Fe d e r a l R e s e r v e Ba n k o f A t l a n t a

• • 2 «-

F ort P ie r c e Bank. F ort P ie r c e . F lo r id a :
(1 )
Invoked p r o v is io n o f 2C$ w ithdraw al f o r n in e ty day p e r io d
on June IS , 1932.
(2 )
Deferment o f D e p o s its ,
>
(3 )
Continued t o r e c e iv e d e p o s it s .
(k)
Non-Par.
Exchange Bank. T a lla h a s se e . F lo r id a ;
(1 )
Invoked p r o v is io n o f 20$ w ithdraw als f o r n in e ty day p e r io d
on August 26, 1932*
(2 )
Deferment o f d e p o s it s .
(3 )
Continued to r e c e iv e d e p o s its ,
(4 )
Handled i n u su a l manner f o r two d ays, then removed from
p ar l i s t .

~3*~

11

(t)

Bank o f E v erglad es. E v ergla d es. F lo r id a :
(1 )
Invoked p r o v is io n o f 20$ w ithdraw als f o r n in e ty day p e r io d
on January 20, 1932.
(2 )
Deferment o f d e p o s it s .
(3 )
Continued t o r e c e iv e d e p o s it s .
(k)
Non-Par.
Farmers Bank. Vero Beach. F lo r id a :
(1 )
Invoked p r o v is io n o f 20^ w ithdraw als f o r n in e ty day p e r io d
on O ctober 3 1 , 1932.
S~ 3 &
(2 )
Deferment o f d e p o s it s .
<3 - / ~ 3 2 .
(3 )
Continued to r e c e iv e d e p o s it s .
(U)
Non-Par.
The Superintendent o f Banks f o r G eorgia a d v is e s u s th at the laws
o f G eorgia do n ot perm it a s ta te bank t o go on a s o - c a l l e d moratorium
b a s is ; and the C h ief N ation al Bank Examiner o f t h is d i s t r i c t r e p o r ts th at
he has no r e c o rd o f any n a tio n a l bank in G eorgia r e s t r i c t i n g payments t o
d e p o s it o r s .
( The Commissioner o f S ta te Banks f o r L ou isia n a a d v is e s u s that
on May 9t 1932, n in e banks i n the straw berry s e c t io n o f th at s ta te a v a ile d
them selves o f the p r o v is io n o f S e c tio n 16 paragraph 1 o f Act 179 o f the
General Assembly o f L ou isia n a f o r 1902, r e s t r i c t i n g the payment o f
d e p o s it s , as p e r copy o f an agreement h erew ith e n c lo s e d » j A ll o f the banks
e n te r in g in t o t h is agreem ent, e x cep t the C itiz e n s N ation al Bank o f Hammond,
L ou isia n a , are non-par r e m ittin g banks. We have req u ested the Manager o f
our New O rleans Branch t o a s c e r t a in the date th ese banks ceased t o a v a il
them selves o f the p r o v is io n o f S e c tio n 16 o f Act 179
the General Assembly
o f L ou isia n a f o r 1902, and a ls o t o a d v is e u s the c o n d it io n s under which
the New O rleans branch con tin u ed t o handle item s on the C itiz e n s N ation al
Baak o f Hammond, L o u isia n a .
As soon as t h is in fo rm a tio n i s r e c e iv e d ,
we w i l l a d v is e you by w ir e .
The C h ief N ation al Bank Examiner a d v is e s u s w ith r e fe r e n c e t o
n a tio n a l banks i n M is s is s ip p i, as f o l l o w s :




-c o n tin u e d -

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority VlHPaoozt?

F e d e r a l R e s e r v e Ba n k o f A tlanta

F ir s t N ation al Bank. Waynesboro. M is s is s ip p i:
(1 )
L o ca l a u t h o r it ie s p la c e d a moratorium on w ith draw als,
(2 )
Heavy w ithdraw als - payment t o d e p o s it o r s was r e s t r i c t e d
to
00 p e r day.
(3 )
Continued t© r e c e iv e d e p o s it s .
(4 )
W ill w ire t h is in fo rm a tio n as soon as ob ta in ed from our
New O rleans Branch.

$25

f i r s t N ation al Bank. B i l o x i . M is s is s ip p i:
(1 )
Moratorium p la c e d a t the req u est o f S tate Superintendent
o f Banks - payment t o d e p o s ito r s R e s t r ic t e d t o
00
p e r day.
(2 ) 'A c t i o n taken on accou n t o f c lo s in g o f the bank a t G u lfp o r t.
L o ca l bankers were s u b je c te d t o rumors as to s o lv e n cy and
the a c t io n taken was f o r p r e ca u tio n a r y reasons r a th e r than
f e a r banks co u ld n ot meet demands.
(3 )
Continued to r e c e iv e d e p o s it s .
(4 )
W ill w ire t h is in fo rm a tio n as soon as ob ta in ed from oar
New O rleans Branch.

$25

The Superintendent o f Banks f o r M is s is s ip p i a d v is e s u s w ith
r e fe r e n c e to the P eop les Bank, o f B i l o x i , M is s is s ip p i, as f o l l o w s :
(1 )

H oliday d e c is io n o f l o c a l a u t h o r it ie s and in s t r u c t io n s o f
S uperintendent o f Banks - withdrawal o f demand d e p o s its
r e s t r ic t e d to
00 p e r day.
Unrest among d e p o s it o r s a lo n g the G ulf Coast on accou n t
o f f a i l u r e o f F ir s t N ation al Bank, G -ulfport, M is s is s ip p i.
Continued t o r e c e iv e d e p o s it s .
Hon-Par.

$15

(2 )
(3 )
(4 )

The Managing D ir e c t o r o f our N a s h v ille Branch a d v is e s u s
w ith r e fe r e n c e t o the F ir s t N ation al Bank, o f B r i s t o l , Tennessee, as
f o llo w s }
(1 )
(2 )
(3 )
(k)




L o ca l a u t h o r it ie s p la c e d a moratorium on w ithdraw als f o r
a s p e c i f i e d le n g th o f t^ims.
Readjustm ent o f c a p it a l s tr u c t u r e .
No d e p o s it s were d e fe r r e d , the moratorium o n ly a f f e c t i n g
w ithdraw als f o r a c e r t a in amount o f the d e p o s it s .
A
checks r e c e iv e d on t h is bank were handled in the
u su a l manner and they were retu rn ed w ith n o t a t io n "th a t
a moratorium had been d e c la r e d and th at checks would be
p a id a t the term in a tion o f sam e.11

11

Very t r u ly yours

F ed eral R eserve Agent.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority V)UD3oozts>

Federal Reserve Bank

of

Atla

„

n ta

DISTRICT fiu.

6-

ATLANTA

yio. 3 O d
BASKS CLOSED DUEING 1932 UNDER A SPSCIAL HOLIDAY DECLAEKD BY CIVIL AUTHORITIES

lame and lo c a t i o n o f bank

sr-----0----- N-----2




Bate : Date bank : ______D uration o f h o lid a y
bank : resumed
: Number
:
:
c lo s e d : o p e r a tio n s i o f days : From
: To

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority V lU D 3oo2b

470. 3 (0
C»

~7^

/4 7^>
/7<2

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DECLASSIFIED
Authority

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Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority tiM Daoozfo

BAN*

F e d e r a l R e s e r v e B ank
of

Atl

/Mr

apm

anta

OFFICE OF

C hairm an
Fe d e r a l

o f

t h e

Reserve

Bo a r d .

November 3,

A gen t.

1932.

Mr. X. L. Smead, Chief,
Division of Bank Operations,
Federal Beserve Board,
Washington, D. C.
Dear Ur. Smead:

^

Receipt is acknowledged of your TBAHS
1524 telegram*
There are very few instances known to
us where hanks in this district have been on a so-called
moratorium basis this year.

In order that our list may he complete,
upon receipt of your telegram today we requested certain
Information from the Superintendents of Banks for the
several states in this district, from our branch managers
and from the Chief National Bank Xxaminer for this dis­
trict*
As soon as the information is obtained we will
transmit it to you via air mall*




Very truly yours,

federal Beserve Agent*

caw

s\

Reproduced from the Unclassified / Declassified Holdings of the National Archives

T

.

DECLASSIFIED
Authority MMDaocttfc

The undersigned banks have full confidence in the resources and con­
tinued progress of the districts The application of the above rules should
set the minds of all our people at rest as to the welfare and safety of the
banks of the district, and such funds as have been withdraw from the banks of
this section by depositors who were alarmed over conditions may now be replaced
in the banks to .aid in the continued progress and upbuilding of this section*
Dated this 9th day of May, 1932.




KEHTTOOD BANK, Kentwood, Louisiana<,
ilHTE BANK & TRUST GO*, Amite, La*
m m m m W C E BANK & TRUST CO., Independence, La, --HAMMOND STATE BANK & TRUST 00. , Hammond,,La*
CITIZENS NATIONAL BANK, Hammond, La,—
MERCHANTS & FARMERS BANK & TRUST C6. , Ponchatoula, Lac
MTCHA.TOULA. BANK & TRUST CO., Ponchatpula, La*
LITOTGSTQN BANK, Dehham Springs, Lafl
ALBANY BRANCH LIVINGSTON BANK, Albany, La.