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Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED Authority ( M / h / , FED ER A L R E SE R V E BANK OF D ALLAS if J h4iCava? ' 1 i 1-4 March 10, 1933 ’ Sr ■* <-•- Federal Reserve Board Washington, D* C* Attention: Mr* E. L* Snead, Chief Division of Bank Opera tions Gentlemen: Please refer to our lett eg^,q £»,Sebruaj^R 7 regarding your letter of Ja^iiary 19, B-869a* I am enclosing a list of banks from which we obtain ed additional information regarding restrictions on withdrawals of deposits for 1932 and January, 1933* I am also aiclosing a report ft>r Februaiy, 1933# Yours very truly, Assisiamc Feaeral Reserve Agent ■ Reproduced from the Unclassified I Declassified Holdings of the National Archives ____ d e c l a s s if ie d ""^ ' Authority TELEGRAM t — rD' FEDERAL RESERVE SYSTEM (LEASED W IR E SERVICE) 23gb 20 Dallas Feb 28 911am FEB 2 3 1S33 V 1 6 , 3 (fj) RECEIVED AT W ASHINGTON, D. C. Boards i Sr- Washn Referring telegram FeSlruary 14 re closing human halecenter texas am now informed that institution resumed business February 23 Walsh 1023am Dist. No. Ciass .. Dale Caniia! Dhrst eis Popirs’n. Goimty a—ii9 0 i V 8 f O C N K TP t T N O T C ; . . i T R M N l m I O IIB http://fraser.stlouisfed.org/IMS Federal Reserve Bank of St. Louis Reproduced from the Unclassified I Declassified Holdings of the National Archives D ECLASSIFIED Authority U A J\s TELEGRAM FEDERAL RESERVE SYSTEM /7 ' (LEASED W IRE SERVICE) 375gy 50 RECEIVED AT W ASHINGTON, D. C. Dallas Feb 14 444pm Board Washington 1st* Nat. Bank y + Referring your B«*869*A January 19 Am informed that human Hale-Center Texas head office territory closed on February 9 under special holiday declared by Civil Authorities have no information as to probable date bank will resume operations but will keep you informed of developments. Walsh 704pm Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED * Authority U A Jh ]d \ F. R. Board Form St. 6386c Nov. 1929 CffiGMTIZATIQIS, UQIIIMTIONS, CONTERSIOlTS, M D OTHER OF MEMBER A1TD NOFiffiMBER B A M S (Except bank suspensions, consolidations, mergers or absorptions; affiliations with banking chains or groups; and establishment or discontinuance of branches) Effective date of change Jan, 5 t 1935___ Federal Reserve District Character of chango Eleventh Resumption following suspension_____ Nome fmflfelocation of American National Bank Member or bank before change ___ McLean, Texas___________________ nonmembor ^ ^ > e r Uame and location of bank after change .isferiean National Bank McLean, Texas_______ ___________ Capi tal $ 25,000______ Surplus. and pro'fits $ 139,000________ Condition figures are as of January 5, 1955 Member or nonmembor A j m V e ber Loans and investments $ 10*7,000 __________ _ Is the above change in status final or merely preliminary to a further change, ■ and if preliminary , what further change is contemplated? Final__________ In the case of conversions and successions, were financial difficulties responsible to any extent for the change in status? _____________ Remarks: (In the case of suspended banks reopened for business, give the change in capital account, the assessment paid by stockholders, etc,) There was no change in capital structure* No assessment was made on stock holders but there were some voluntary payments* Written agreement with depositors restricting withdrawals* Reproduced from the Unclassified / Declassified Holdings of the National Archives _____ _____________ DECLASSIFliEb~* ■ ' Authority tflOi&Ol) F. R. Board Form St. S3S6b November 1929 Date of suspension BANKSUSPENSIONS 5, 1953 Federal Heserve District Eleventh Name an^. location _ :Iembey or of barilfeAmerican National Bank, McLean, Texas______nnn.mem'her Loans and Capital $ 25,000______ _ investments $139,000 Gross deposits $ 107,000 Borrowings from federal Heserve Bank $29,730* None______ Condition figure's are as of From other "banks $ M«mher January 5, 1933 Closing directed by ________ Board of D i r e c t o r s _________________ Causes- of suspension: Check in the appropriate column those of the following which apply, either as primary or contributing causes, amplifying the indicated causes with such supplementary data as may be available. Pr imary cause 1. Slow, doubtful or worthless paper Contributing cause X 2, Failure of banking correspondent (Name of failed correspondent) 3. Failure of other large debtor (Name of failed debtor and connection with bank, if any) Defalcation 5. Heavy withdrawals 6. Other causes (specify) HSMABKS; *At tin© of closing y Reproduced from the Unclassified I Declassified Holdings of the National Archives I DECLASSIFIED • I Authority U A f t \ ? A C i a i_ FEDERAL RESERVE BANK OF DALLAS February 7, 1933 C. C. W A L S H C H A IR M A N O F T H E B O A R D AND FE D E R A L R E SE R V E A G E N T i f Federal Reserve Board Washington, D. C* •0 attention Mr. 1. L. Smead, Chief, Division of Bank/Operations Gentlemen! Referring to your letter of JanuaryT9, 1933, B-869a, and supplementing my letter of January 23, 1933, I am enclosing two lists showing the names and locations of the banks in this district which, according to the information that we have been able to obtain, imposed restrictions upon withdrawals of deposits during the year 1932, and during the month of January, 1933, respectively. Due to the fact that no systematic record of these restric tions has heretofore been kept, either by ourselves or the chief national bank examiner, our records in most cases do not show the exact periods during which these restrictions were operative, and some cases do not show whether the banks obtained waiver agreements from their depositors. We are endeavoring to obtain these additional details by correspondence with the banks themselves, and if successful in these efforts, will forward the information to you promptly upon receipt. Yours very truly, Federal Reserve Agent Reproduced from the Unclassified I Declassified Holdings of the National Archives I DECLASSIFIED * ' I Authority FEDERAL RESERVE DISTRICT Eleventh BANKS ’ 7HICH DURING JADTUAHT, 1933, ?/ITSOUT ACTUALLY CIOSBFG, OBTAINED DI POSIT CBS’ 7AI\TER AGRE3HHS1TS, OR TTHECH RESTRTCTED DEPOSIT ^ZTHDRAHALS Demand Tiias depo si t Obtained deposits withdrawals depositors* withdrawals restricted bewaiver restricted yond terras of agreements_______ *_______ by-laws*_____ Effective Period during which date Effective American National Bank McLean, Texas 1- 5-33 1- 5-33 to The Bloomburg State Bank Bloomburg, Texas Not known 1-20-33 to McAllen State Bank McAllen, Texas Not known 1-18-33 to Clyde National Bank Clyde, Texas No 1- 3-33 to **No date set. 12-31-33 ** Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED * Authority j j A l h TELEGRAM FEDERAL RESERVE SYSTEM ^ (LEASED W IRE SERVICE) ^ . , RECEIVED A T W ASHINGTON, D. C. 204gb Dallas Jan 27 Board Washn ; We are advised tftSt citizens bank unincorporated venus texas closed temporarily on twenty sixth, amjpncieavoring obtain information as-: period of suspension to Walsh 204p s. M n iifD n m « « sum T u rr iD w ma Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED * Authority ( /A /h FEDERAL RESERVE DISTRICT Eleventh SUPPLEMENT TO •LIST OF BANKS WHICH DURING- 1932 AND JANUARY, 1933, WITHOUT ACTUALLY CLOSING, OBTAINED DEPOSITORS * WAITER AGREEMENTS, OR WHICH RESTRICTED DEPOSIT WIEHDRAWAIS Demand Time d eposi t Obtained deposits withdrawals depositors* withdrawals restricted bewaiver restricted yond terras of agreements________*________ by-laws*_____ Period during which Effective effective date 'W Citizens National Bank Brownwood, Texas *. < Further information not available First State Bank Rochester, Texas Further information not available First State Bank Yernon, Texas No 6- 4-32 to Indeterminate San Angelo National Bank San Angelo, Texas 1- 4-32 1- 4-32 to 10- 1-32 First National Bank in Stamford, Texas 2-17-32 2-17-32 to 11- 1-33 11-29-32 11-29-32 to 12- 1-33 First National Bank Lockney, Texas First National Bank Harlirgen, Texas No 5- 8-32 to Clyde National Bank Clyde, Texas 1- 2-32 1- 2-32 to 12-31-32 Woodson State Bank Woodson, Texas No 1- 8-32 to Indeterminate RESTRICTIONS DURING JANUARY, 1933 Clyde National Bank Clyde, Texas 1- 3-32 1- 3-32 to 2-15-34 The Bloomburg State Bank Bloomburg, Texas 1-12-33 1-12-33 to 1-15-34 McAllen State Bank McAllen, Texas NO 1-18-33 to 2-21-33 ^Restrictions maintained only a short time. Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED • Authority U A l h 0<2L FEDERAL RESERVE DISTRICT Eleventh mo, 3 BANKS M I C H CORING FEBRUARY, 1933, wITHOTJT ACTUALLY CLOSING, OBTAINED DEPOSITORS’ WAIVER AGREEMENTS, OR WHICH RESTRICTED DEPOSITS WITHDRAWALS Obtained depositors’ waiver agreements Effective date Demand depos it s wi thdrawals restricted * Time deposit withdrawals restricted be yond terms of by-laws* Period durang which effective First National Bank Hale Center, Texas 2-23-33 2-23-33 to 12-31-33 First National Bank Meadow, Texas 2-23-33 2-23-33 to 3- 1-34 Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED • Authority (COPY) FEDERAL BSS1R7SS BANK OF DALLAS January 23, 1933 tf / ~~ • ~ Federal Heserve Board Ifcshington, D. C. Attention Mr. X. L. Sinead, Chief, Division of Bank Operations Gentlemen: Reference i s made to your le tte r o f January 19, 1933* B - 869-a . The statement of bank suspensions and reopenings during 1932 , enclosed with your le tte r, has been checked against our records and found in agreement therewith. I t is noted that you desire advice as to whether ansr banks in our d istric t closed during the calendar year 1932 under special holidays de*clared by c iv il authorities. According to our records, only three such closings occurred in our d is t ric t, as follows: Nam and location of bank: e Date bank closed: Date bank resumed operations: Duration of holldar Number From To of days: First National Bank, Lockney, Texas 11-29-32 12-4- 32 5 11-29-32 12-3-32 , American Nat*1, McLean, Texas 12-22-32 1-5- 33 12 12-22-32 1-2-33 Clyde National, Clyde, Texas 12-31-32 1 -3 -3 3 1 12-31-32 12-31-32 It is also noted that you desire a li s t o f a l l banks which, during 1932 * without actually closing, (1 ) obtained agreements from depositors to waive or sir render a portion of their deposits, or, (2) with or without signed agree ments of depositors, restricted demand deposit withdrawals in any way or time deposit withdrawals beyond the terms of their bylaws. H iile i t i s , as you say, d iffic u lt to obtain c o m p l e t e data with regard to such banks, we are preparing to furnish you as complete a l i s t as can be obtained from our records, and w ill forward it to you as early as practicable, which should be within the ne*t few days. As requested, we w ill in the future wire you advice of a l l banks reported closed under special holidays declared by c iv il authorities, including the date of closing tend the dates of the beginning and ending of the holiday . fNtre advices w ill also be sent you covering any reported extensions of the periods of such holidays. As instructed, we w ill furolifeh you with monthly reports hereafter covering bankB itoidi obbain depositors1 waiver agreements, or whicii otherwise place restrictions upon demand or time deposit withdrawals. Yours Very tru ly, (SIGNED) C. C. H a l* Federal Reserve Agent Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED Authority O A J h ? * ( ) £ £ , T i u e i i Balias Jan 6 Smead ^ Washn 7 .? . m Tour wire 5 ^ your information that american natl bank me lean texas reopened yesterday is correct. Chief examiner collier informs me that sufficient amount of frozen assets have been removed by cash and large percentage of deposits restricted as will probably insure banks continued operations. Note your request that in future when bank closes under holiday declared by civil authorities my telegraphic report so state. When wiring on 3r& Will be governed accordingly. it was my information that bank was permanently closed. Walsh '7 • / Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED • Authority t~jL- "1 TELIG-Hi-M / - Dallas Jan. 3 Board Washn American national bank McLean Texas head office territory closed today by order its board of directors and affairs in charge national " bank examiner following is status with us rediscounts $29,730*37 additional collateral held $»320.32 cash letters and collections outstanding 3* 609»01 reserve balance 632.00 capital stock paid in 900.00 suspension in culmination of badly extended condition result of weak management and depressed agricultural conditions mclean community Walsh ‘x ( i l ) ^ / Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED Authority j M l h j c o ^ A . F E D M A L RESERVE DISTRICT Eleventh. BANES WHICH HIRING- 1932, WITHOUT ACTUALLY CLOSING, OBTAINED DEPOSITORS* WAIVER AGREEMENTS, OR M I C H RESTRICTED DEPOSIT WITHDRAWALS DemairL Time deposit Obtained deposits withdrawals depositors’ withdrawals restricted bewaiver restricted yond terras of agreements________*_________ by-laws*_____ Effective Period during which Date Effective Merchants National Bank Brownsville, Texas No 3-11-32 to Citizens National Bank Brownwood, Texas - 1- 4-32 1- to Clyde National Bank Clyde, Texas Yes** Firs1>-tjoleraaii National Bank Coleman, Texas 2- 2-32 First National Bank Harlingen, Texas Yes** Not known First National Bank Lockney, Texas Yes-verbal**# Not known First National Bank in Monday, Texas 1-18-52 1-18-32 to San Angelo National Bank San Angelo, Texas 1- 4-52 1- to First National Bank Stamford, Texas Yes** First National Bank Jayton, Texas Not known 5-28-32 to Woodson State Bank Woodson, Texas Not known 1- 8-32 to First State Bank Rochester, Texas Not known 5-14-32 to First State Bank Vernon, Texas Not known 6 - to 4—32 3-25-32 Not known 2- 2-32 to 4-32 12-31-55 12-19-52 Not known 4-32 5- 3-32 ♦♦Effective date not known # Early in year some of depositors agreed not to withdraw their balances without 30 days or more notice* When the bank reopened on December 4, 1952, it restrict ed withdrawals of all old depositors. Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED * Authority j /A /h 2 i FEDERAL RESERVE B A M OF DALLAS December 3, 1932 Federal Reserv^^Board Washington, D. C. Gentlemen: The reserve balances carried with us by the First National Bank, Lockney, Texas, have shown a continuous average deficiency during six consecutive months, beginning May l 6 1932. , In accordance with your regulations, I addressed a letter on this subject to each member of the bank's board of directors under date of November 7» 1932, and a enclosing m copies of a reply received from President Artie Baker on be half of his directors. The subject bank has been in continuous difficulties throughout the present year, due partly to economic conditions and partly to weak management. The bank has exhausted its credit with all existing credit agencies and, as a result of a . continuous withdrawal of deposits, it recently declared a moratorium on its deposit liabilities, under which it has -sus pended payments to its depositors until December 5. It appears that the suspension of the: bank is inevitable. Under these circumstances, I see nothing that could be accomplish ed by disciplinary action on the part of the Comptroller's Depart ment or the Feder 1 Reserve Board, and I, therefore, recommend that no action be taken in connection with this case. Yours very truly, C. C. Walsh, Federal Reserve Agent. WJEiMM Reproduced from the Unclassified I Declassified Holdings of the National Archives declassified • Authority FEDERAL RESERVE BANK OF DALLAS 0 ^ovp^S^^B*) o '1 ^1 C .C .W A L S H C H A IR M A N O F T H E B O A R D AND F E D E R A L R E S E R V E A G E N T co fx> ir i(c> V-V x W 'X ;.r o V?/\’ Feddfjkl Reserve Board Washington, D. C. ' L f " 0v Attention Mr. E. L. Smead, Chief Division of Bank Operations Gentlemen* acknowledge receipt of Mr. Smead*s telegram of November 3, 1932, as followss "Please furnish statement showing name and location of each bank in your district which is now or has been at any time this year on so-called moratorium basis, stating in each cases (1) whether brought about by holiday declaration of local authorities or in some other specified way; (2) whether for purpose of a. readjusting capital structure, / b. deferment of deposits, J J c. surrender by depositors of a portion of deposits; (3) whether bank stopped receiving and paying deposits for any period and, if so, dates of cessation and resumption and con ditions of resumption; and (4) conditions under which your bank continued to handle items on such banks, if it did so. Please mail such information unless there are only few such banks in your district as to which information can be wired.H Referring to the above telegram requesting information respecting banks which have been on the so-called moratorium basis this year in the Eleventh Federal Reserve District, I em pleased to submit the following information which we have been able to obtain with reference to such banks in the head office and branch territories* Head Office Territory First National Banka Jayton, Texas (1) Our records do not show whether a holiday was declared by local authority or some other authority. (2) a. Records do not show. b. Deferment of deposits. c. Records do not show. (3) Limited withdrawal of deposits was permitted on and after March 30, oi^oepos 1932. Bank closed on May 3, 1932 Unclassified / Declassified Holdings of the National Archives d e c l a s s if ie d A th u ority • t Board - Washington Page 2 (4) Items forwarded direct to bank for remittance and such checks as were dishonored on account of restriction of deposits were returned to our endorsers for that reason. Woodson State Bank, Woodson, Texas, (Nonmember) (1) Information not available from our records. (2) Information not available from our records* (3) Only limited withdrawals of deposits permitted on and after January 8, 1932. Restrictions still in force, so far as we know* (4) Items forwarded direct to bank for remittance and such checks as were dishonored on account of restriction of deposits were returned to our endorsers for that reason. San Antonio Branch Territory Merchants National Bank, Brownsville, Texas (1) Effective by declaration of bank's board of directors* (2) a. For readjustment of capital structure. b. Deferment of deposits. c. Surrender by depositors of a portion of deposits. (3) Only limited withdrawals of deposits permitted on and after March 11, 1932. However, not later than March 20, 1932, bank discontinued receiving deposits but continued paying deposits on restricted basis, -which continued until closing on March 25, 1932. u ) Items forwarded direct to bank for remittance. First National Bank, Harlingen, Texas (1) Declaration of partial moratorium by bank's board of directors. (2) a. Readjustment of capital structure, b. Deferment of deposits. (3) Bank did not stop receiving deposits* Payment of deposits re stricted to nominal weekly withdrawals. Resumption of payments never offici ally declared. However, our information is that purpose of partial.moratorium was to enable refusal only of such demands as represented unneeded withdrawals and apparently such demands kave now ceased. (4) Items forwarded in open mail for remittance. Houston Territory The Houston Branch territory did not have any banks which would come under this classification. El Paso Territory The El Paso Branch territory did not have any banks which would come under this classification* Reproduced from the Unclassified I Declassified Holdings of the National Archives _______ j dec T ass “ Te d if * Authority_U ^ lbja f ' Board - Washington Page 3 In summary, while the Board did not call for it, I am listing the names of banks that went on a moratorium basis in our district during the latter part of 1931, giving, as far as our records show, the dates that these restrictions became effective. Most of the banks in this group restgj^cted their daily withdrawals to an amount not exceeding $10. You are familiar with the unsettled conditions which existed in September and October of last year, and most of the banks that are named in this additional list were affected thereby.*# All of the items drawn on these banks were forwarded to them direct for remittahce and were returned unpaid to our endorsers for the reason of restrictions on deposits when.*they were returned to us for that reason by the drawee banks. We did, however, remove the names of two banks from our par list when the practice of limiting withdrawals of deposits first put in its appearance in our district. These banks were the Commercial State Bank of Ranger and the First State Bank of Comanche. The Comanche bank was later restored to the par list, but the Ranger bank is still a non-par bank. I also again make reference to the moratorium declared by all banks situated in the Rio Grande Valley, which limited deposit withdrawals to a nominal amount. Each bank was permitted to use its own discretion as to 'which payments to depositors might be refused, the sole purpose of the moratorium being to enable each bank to refuse such payments as appeared to represent withdrawals for the purpose of transfer or hoarding. Up to the present time there has been no declaration of resumption of payments. However, it is our understanding that conditions gradually quieted and payments have been re sumed in many instances. This same explanation applies to many of the banks named below, particularly in the western section of our district. Member or Nonmember Name Location First National Bank First National Bank Plainview National Bank First National Bank Woodson State Bank First National Bank First State Bank First State Bank Clyde National Bank First State Bank F. &M. State Bank First National Bank F. 8 M. National Bank t Levelland, Texas Littlefield, Texas Plainview, Texas Santa Anna, Texas Woodson, Tex&s Jayton, Texas Rochester, Texas Vernon, Texas Clyde, Texas Comanche, Texas DeLeon, Texas Goree, Texas Hamlin, Texas rf ^ ^ tjJ c . - f) j A . Member Member Member Member Nonmember Member Member Nonmember Member Nonmember Member Member z ? Member ^-J4 d :1 Q Date Noticed Bv Us 9-23-31 9-23-31 9-14-31 10-8-31 1- 8-32 3-30-32 5-18-32 6- 4-32 10-19-31 10-10-31 >'£-31 .f jr t*, .. &* >* £ ~ Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED • Authority U A Jh Board - Washington Page 4 Member of Nonmember Name Location Famers State Bazik F i r M State Bank Commercial State Bank First State Bank First National Bank Rotan State Bank First National Bank Haskell, Texas McCaulley, Texas Ranger, Texas Roby, Texas Rotan, Texas Rotan, Texas Stamford, Texas Date Noticed By Us_______ Nonmember Nonmember Nonmeirber Member Member Nonmember Member 10-6 -31 12-23-31 >du^t6 .C i h j ) M n f 4-i f I regret that we have been unable to secure more satisfactory dates for the beginning and termination of the moratorium declared in the various "banks listed. However, if you desire something more specific than I have here with submitted, we will take the matter up with the various banks and make an effort to secure the same. i | « Yours very truly, ( FederalReserve Agent Reproduced from the Unclassified / Declassified Holdings of the National Archives d e c l a s s if ie d ^ 0a i Authority # // (Z w . /~3 cTV? . S2? 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