The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED •
Authority t/A / h
•>
7V
-w
DISTRICT BO. 9 - MINNEAPOLIS
BAMS CLOSED DURIN& FEBRUARY 1933 UNDER A SPECIAL HOLIDAY
Date
Bank
Closed
and Location o f Bank
MICHISAN
Bank
Date bank
resumed
ojperafrioM
St. Ignace
2-26-33
MINNESOTA
F ir s t National Bank
F ir s t National Bank
Citizens Bank
Farmers National Bank
Security State Bank
Merchants State Bank
F ir s t State Bank
Braham
Glencoe
Hutchinson
Hutchinson
Jiindstrom
North Branch
St* Joseph
2-14-33
2-3-33
2—8—33
2-8-33
2-18-33
2-18—33
2-16-33
State Bank o f Boyd
Ashland Coianty Bank
State Bank o f Florence
Boyd
Butternut
Florence
2-8-33
2—20—33
2—6—33
American State Bazik
Marengo State Bank
Mason State Bank
Mellen State Bank
Citizens National Bank
M ill town State Bank *
State Bank o f P h illip s
Merchants State Bank
Grlidden
Marengo
Mason
Mellen
M e rrill
Milltown
P h illip s
Hhinelander
2—20—33
2—20—33
2-27-33
2—20—33
2-1-33
2—8—33
1-4-33
1-23-33
Bank o f St*Croix F a lls
Saxon State Bank
State Bank of Wabeno
St.Croix F a lls
Saxon
Wabeno
2-14-33
2-27-33
2-15-33 (30 days)
2-16—33
2-16—33
2-20-33
2-20-33
Number
of days
2
14
12
12
2-14-33 (As deferred
payment bank)
2-2-33
2-18-33 (As deferred
payment bank)
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority O A Jh
WISCONSIN BAHKS OH "HOLIDAY BASIS"
Merrill
Hesumed "business 12-12-32
%^State Bank of Qgema, Ogema
Holiday declared 12-14-32
Re513105d business 12-30-32
->#
BANKS NOW OH HOLIDAY PE1TDIITG SOLUTION
State 'Banl^bf Cumberland
Holiday declared ,12-10-32
Bank of Comstock
Holiday declared 12-12-32
)
)
)
)
Reopened 1-28-33 under name of
State Bank of C-umt>erland
Reproduced from the Unclassified I Declassified Holdings of the National Archives
r__— ---------- — _ ...
....................
D ECLASSIFIED * ~
„
-
Authority l/A/fo
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IR E SERVICE)
2 9gb 7
RECEIVED AT W ASHINGTON. D. C.
^Minneapolis Mar 22 224p
Board
Clinton
0. 8. OOTMtNMKNT HUHTIlf® MfVMk 1MB
Clinton Minn on Moratorium Pastime
Bailey
343p
*—11001
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority U A J h
Copy telegram
U-
7
Minneapolis Mar 18 203p
Board
Washn
.
^
> 3 ^ y& A- >
-f-iu M u fr 3 / / ^ i
Trommald hydrometer trommald mipnesota a4*idness pastille / luean
hydrometer luoan mimafc q^idness pastor / hydrometer^revere minnesota
has gone on a moratorium pastor
Bailey
323p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D ECLASSIFIED •
Authority U A J h
(COPY)
±4i 7 b -
TELEGRAM
BllUtJR 26
Minneapolis
Mar lU 510P
v3oard
Washing to n
Peoples ^^Tome^ter ^ a i n v i e w Minnesota went on legal moratorium as
■
of Password Miners Savings Bank and Trust Company, Butte, Montana
and Sast-Helena Hydrometer? Ea'stHelena Montana Aridness Pasteboard
3AIL2Y
925P
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED • '
Authority Ij/AJh
(COPT)
TELEGRAM
397s*
Minneapolis H O S p Mar lH
Board
Washington
Have just been advised by the Superintendent of Banks of State of
Montana that the reported closing todsgr of the Miners Savings Bank
and Trust Co of Butte is. a mistake.
. v4
Bailey
12U2p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
u a j \\
? * c ia L
TELEGRAM
FEDERAL. RESERVE SYSTEM
(LEASED W IR E SERVICE)
RECEIVED A T W ASHINGTON, D. C.
MiEL&eapoifais S$04pi K l f 3 r d
Board
Washington
The following Wisconsin BanfcsNm
Special foot TalT* b a « ^ p a 9 s a b l e
daolecred by Governorr Pirst Hydrometer^ Glanwood^Clty.arotlo boyeerille,
Iron Exohange Arcrtlo^Harley.Union National^Euolaire'First National,
j .:■
-
' <S
,
Darand*,?irst National Eagla Rirer
,
, Bailey
620pm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D ECLASSIFIED •
Authority U A J h 1 < s C \ £ L
TELEGRAM
« -s A
314«b 25
_
_ RECEIVED AT W ASHINGTON, D. C.
Minneapolis Mar 2 355p
Board^
business paschal first
humoring Winthrop Minn on special footvalve basis pasha first
*71
/
- V V
humoring Swanville Minn on special footvalve basis pasha
I
/
(LEASED W IR E SERVICE)
Citizens humoring merrill wise resumed
/
10, C ( 7/
FEDERAL RESERVE SYSTEM
Bailey
519p
\y
A
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED *
Authority l/A /h
March 1 # 1933
0 T F . M. B a ilo r,
Assistant Federal Baaerve Agent,
Federal Beserre Bankjof M inneapolis,
Minneapolis, Minnesota.
Btar Mr. B ailey:
&acelpt la acknowledged o f your telegram o f February 25, with
" regard to the l i s t o f South Dakota banka ©a •holiday* b asis ia eloaod with your la tte r o f February I .
In view o f the Inform ation contained la your telegram* wa sh a ll
record a ll o f tha banks show* la the l i s t as having been closed dor~
lag 1932 under holidays declared by c iv il a u th o ritie s, with the
exception of the Stodrtiolm State Bank, Stockholm* S . D.
This bank
w ill be elim inated fro * your l is t and mot included la ear records,
la viaw of the fa c t that I t never dosed* did not obtala depositors*
agreements fo r waiver o r deferment of deposits, and did not
re e trlc t d^>o«it withdrawals.
Tory tru ly yours,
1 , L . Smead, Q iie f,
D iv isio n of Bank Operations .
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D ECLASSIFIED *
Authority U A J k ? * ( ) £ ( ,
TELEGRAM
*-/ 7 0.3 ($ }
FEDERAL RESERVE SYSTEM
(LEASED W IR E SERVICE)
*►
RECEIVED A T W ASHINGTON, D. C,
.
.
405gfa 8
Minneapolis Feb 28
455pm
. Board
? m n g t0 n //
<-*/
« /
---- --- ' v
Saxon Hydrometer Saxon Wisconsin on footvalYe basis
Bailey
815 pm
j
-
r
i&rodied
Reproduced from the Unclassified I Declassified Holdings of the National Archives
—— _______ ____________________
D ECLASSIFIED Authority U A J h ^ O ^ l L
TELEGRAM
m o . h (V
FEDERAL RESERVE SYSTEM
(LEASED W IR E SERVICE)
RECEIVED AT W ASHINGTON. D. C.
4#w#»
^9r
B36ghb 27
Minneapolis Minn Feb 27th 442pm
Board
Washington DC
^ xiJc
/
Commencing parnasus first humoring Stlgnaoe Mich observing to a limited
holidav
\
State Bank
degree foot valve proclaimed by governor of s t a w STOP Mason Hydrometer
/
/
holiday
Fetf. 27th*
Mason Wise on foot valve basis commencing parodied
jomN
Mirrranmxasvrua: itas
Bailey
606pm
v /
8—11801
I
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D ECLASSIFIED *
Authority U A l h
FEDERAL RESERVE BANK OF M INNEAPOLIS
J
NINTH DISTRICT
O F F IC E O F T H E C H A I R M A N
A N D F E D E R A L RE S E R V E A G E N T
JO H N R. M IT C H E L L
C H A IR M A N
AND FED ER A L RESERV E AGEN T
C U R T IS L. M O SH ER
A 8S18T A N T FED ER A L RESERV E AGENT
F. M. B A IL E Y
A S S IS T A N T F E D E R A L R E S E R V E A G E N T
%r
February 27,
19 3 3
Federal Reserve Board,
Washington, D. C.
Attn: S. L. Sinead, Chief, Division of
Bank Operations
Gentlemen:
I have :&?ur letter of February 25, which is in
reply to my letter of February 7, regariHng banks closed
under moratoria#.
In most of these cases, when the first informa
tion comes to us that a bank is on a "holiday basis”, we
are not advised as to whether such holiday was declared by
civil or local authorities or declared by the bank itself.
In order to obtain this information, it would be necessary
to either write or wire the Superintendent of Banks, and we
found that very often the Superintendent does not have such
information. We have hesitated to write direct to the non
member bank as to its holiday status, as very often our
letters would be ignored or the bank would refuse to give us
the information.
In a majority of cases in this district, banks
^oing on a holiday basis have done so by the action only
of the bank itself. I believe it would be safe to say that
eighty per cent would be in this class. As instructed in
your letter, our daily wires of these holiday cases may be
construed to mean that we do not have the additional infor
mation unless it is so stated in our wire*
F. M« Bailey-^
/
Asst*Federal Reserve Agait
c.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IR E SERVICE)
**
RECEIVED A T WASHINGTON, D. C.
Bl29got^^
Minneapolis 114jp ^eb 25 1933
Board
Attention Smead
^
Washington
List"Of SouthDakota banks forwarded in our letter February 1 were
.
l" lir"'"Wi»ni.j».u.i mnnBi'mwJ u n w iiwiiBiiinHBHwiwwiwrmiimimut *
i
banks on holiday basis during 1932 Stop The flase and Lathrop State
Bank Jlankington listed was closed February 4, 1933. Oar information
as to Stockholm shows nonwaiver of deposits.
P. 8. «JOV»BMM*XT nUNTXMA N V H I: IMS
Baily
SS6p
2—11001
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED • '
Authority
TELEGRAM
FEDERAL RESERVE BOARD
WASHINGTON
February
1933
3a^L*y - Mlnwspoils
furring
your February 1 l#tt**r transa&ttl ng lists of
banks on holiday basis in January
1933*
aamrce In the easa of
•outfc Dakota that all th* bfmks lie ted cloe*d account of "holiday"
arw subsequently reopa^d except Stockholm state Bsrik, In fshlch
os e w e th<sre «a» © partial d«f*srtn*Rt of dftposlts.
Please
advise whether t h m * assunctlo ne e m warranted* el so *fc#thar it is
probebl* that all of th* banks wmit on a bolidcy basis l&st ya&r or
n-bether th*y went on this. basis In January as w« should ltk$ to
comoile inontbly
11 at?
of be.n«s closed ® d * r thee* conditions, if
practicable.
5■VffcAD
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority j / A / h ^ p c
? e b ru *r 2§* 1933
Mr. f . M. Bailey,
A ssistant Federal
Agent,
?e£lral ftee*rve Bank of Minneapolis •
l&nneqpolls, Minnesota.
» Cv
Dear Mr. Bailey:
Uecslpt It aeknowledgedof your le tte r o f February 7 with regard
to banks closed under aoratorla.
IH stated In our le tte r 3*869 of Januaiy 19 * we do sot include, In
our figures of bank suspensions, banks that close temporarily under
special or *aoratoriuw“ holidays declared by c iv il authorities, but we
are aaklng an e ffo rt to compile as couplete and accurate sta tistic s as
practicable with regard to such banks.
Our records indicate that aost
o f the banks that have closed under monitor! a took advantage of holidays
declared by local or d i l l authorities, but i t i s quite possible thdb
some o f the banks reported as having dosed under these circumstances
actually closed without the declaration of holidays by c iv il authori
t ie s .
However, tfcere available In formation indicated that the bank
closed without such declaration of a holiday, we included i t in our f l g uree of bank suspensions .
In view o f the statements contained in your le tte r, we shall
appreciate It i f , In advising us o f banks closed on a so-called holiday
basis, you w ill use the words "holiday declared by c iv il authorities”
— u 1'uiurngs of the National Archives
D£CLASSIFJ£D*
Aut:mrity - m h j 0 c ^ i
U r. F. 11. Bailey - #2
or "Moratorlta declared by bank,*as the case «ay be, In order that our re*
oorda msy clearly reflec t the situation.
I f in any ease you cannot at
f ir s t ascertain whether a holiday wa« declared by c iv il authorities or a
aoratorius was declared by the bank i t s e lf , kindly so Indicate in your
telegraa and, pending t ^ receipt o f fw t h s r infonsatlon fro a you, ws
sh all not include sach banks in our figures o f suspensions but sh all ten*
tatlvely assuae that a holiday was declared by c iv il authorities.
Ve have not thougit i t advisable to include in our suspension records
banka dosed under holiday a declared by c iv il authorities, and it wmy be
that, i f axgr considerable amber o f banks A ou ld close under aoratorla de
clared by the banka thesaslves, without the declaration o f a holiday hy
c iv il authorities, we sh all also have to exclude such banks frost our sus
pension records.
A decision on this point w ill, however, be 1|eacheA ifcen
•ore ooiqple ts data are aval lab I s .
▼ery tru ly yours,
S. L . Snead, Chief,
Division o f Bank Operations .
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a s s if ie d
*
Authority U A l h
TELEGRAM
FEDERAL RESERVE SYSTEM
L j '
1 0 , 3( !1
(LEASED W IR E SERVICE)
RECEIVED A T W ASHINGTON, D. C.
348gy 10
^Minneapolis Feb SI 436p
Board
Washn
' / / j r
Merchants hydrometer Rhinelander Wisconsin reopened parlance as
deferred payment Bank
U. S. GOVERNMENT PRINTING OFFICE: l#2f
Bailey
708p
2— 11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
SECD.
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IR E SERVICE)
379 gU 36
^
V 7 ^ 3 6?/
RECEIVED A T W ASHINGTON, D. C.
Minneapolis 418p Feb 2 0
Board^
Washington
-W
Farmers National Bank And Citizens Arcftc both Hutchinson Minn
2/20
/
resumed business parleyed the(following benks in Wisconsin on
holiday
^
2/20
State^ Bank
Special Footvalve basis^effeotive parleyed American hydrometer
✓l , —
State Bank
•—
State *l3ank
_
Glidden Marengo hydrometer Marengo,Mellen hydrometer Mellen<
^
/
Bank /O
_
. y
J
y
Ashland County Arctic (-butternut /
TJ. S. OOVTONMSNT PRIVTINO 0ITIC1: l#*f
Bailey
550p
2— 11901
✓
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority U A J h ?rtO
(COPY)
i ./■ ■ "
N
miGBAM
266gb 3U
Minneapolis Feb 18 150
Board
r
Attention Sknead Washington
Iferners Hydrometer foradft Minn aridness
Northhranch minn
j
*
S>
V* XU x i x '
fi
I f 't j
parksy^&erchants hydrometer
and security hydrometer lindstrom minn
j j *.
on
special holidegr Basis parlanceyour wire 18th e^r confirm stepension
of fir s t Hiamoring Lesueiar Minn pari tor,
Bailey
321p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D ECLASSIFIED Authority U A J h
(COPY)
T O T GRAM
B13 G Y 26
Minneapolis 355p Feb l 6
Ba££d
Washn
i-'o
Farmerss Hydrometer
EydrometSi Lesueur Minn Iridness rarity
s'
& L .
s
^
/
I First Hydrometer StJoseph Minn on special holiday
V '< -
Parked
/
/
:
■
^
Glencoe Minn resumed busi ness parked
> > /3
First h-umoring Braham Minn and First h-umoring
Bailey
506p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A f o ? a 0 c 3 L
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IR E SERVICE)
RECEIVED A T W ASHINGTON, D. C.
297gy 21
Minneapolis 445p Feb 15
■->4
Board
Washington
J o
ieries arbor of Wabena Wisconsin on thirty day special
^ A
~ Stop
la , f i r '
/
footvalve beginning parity,t\ first humofTng Brah&n Minn
it J V
special foStvalv? beginnin^par^jitor
Bailey
556p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D ECLASSIFIED *
Authority U A J h
", %
■EC’D,
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IR E SERVICE)
FEBID 19hc
j
*
RECEIVED AT W ASHINGTON, D. C.
332gul6%^
w-
Minneapolis 401p Feb 14
Board
Washington
State Bank
J
2/14
, ^
.
HYDROMETER Florence^ Wiso reopened PARITOR as deferred payment
bank S.OTIC STCROIXFALLS WISC on special HOLIDAY PARITOR
b L c of
B a i la y
2/14
http://fraser.stlouisfed.org/
>. 9. ooTmncorr n m im aifXMs sms
Federal Reserve Bank of St. Louis
524p
8—
11001
q ,
3(q j
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D ECLASSIFIED *
Authority j/A/h
2 L
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IR E SERVICE)
RECEIVED A T W ASHINGTON, D. C.
Minneapoli&>^18p Feb 9
Board
Washington
Citizens Aawfe-tc Hutchinson Minn on special holiday pargeted
0 *. eormHMBNT p n o m m w n e m i m
Bailey
554pm
3—11901
I I/
Reproduced from the Unclassified I Declassified Holdings of the National Archives
declassified
•
Authority
9 1933
FEDERAL RESERVE SYSTEM
(LEASED W IR E SERVICE)
RECEIVED AT W ASHINGTON, D. C.
298got 26
Minneapolis 420P February 8 1933
Board
Washington
-'1
Following banks on special holiday pai^geted
/
State Bank of Boyd, Wi§o,,
Citizens State Bank, Boyd,^isc
Milltown State Bank, Milltown./Wiso
Farmers National Bank, Hutchinson, Wise
Bailey
701p
9. S.
nnimwmn im
a—ii9oi
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IR E SERVICE)
RECEIVED AT W ASHINGTON, D. C.
10
3 0 ? g£
'*r
Minneapolis fab 7 413pm
Smead
"
Washington
/
State Basic
Tour wire seventh Hydrometer Florence Wisconsin olosed under
special holiday
Bailoy
608pm
»—UMS
%
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D ECLASSIFIED *
Authority O A i h
/- ,
pp
'*■ ,
.-Hr'1-
H ID .
561)
F o r m 148 Tt)
TELEGRAM
FEDERAL RESERVE BOARD
WASHINGTON
February 7# 1933
B*ile^ - Minneapolis
Referring your FslSmnry 6 wire we are tmcortain whether
hydrometar Florence, fisoonsln, suspended m elosed under a special
holiday.
See Board1* le tte r TUS&9 of Janmry 19 fo r jaet/iod o f i ’ldieatin*
in tele&rarfclc reports.
3MSUD.
f/jlsh
2-0
F
F
Y
Reproduced from the Unclassified / Declassified Holdings of the National Archives
r ~ — ___ -
D ECLASSIFIED •
_
Authority j U A [ h S c > 0 =2 £
-
FEDERAL RESERVE BANK OF M INNEAPOLIS
0PE* ^
NINTH DISTRICT
OFFIC E OF TH E C H A IR M A N
A N D F E D E R A L RE S E R V E A G E N T
V ,C
JO H N R. M IT C H E L L
C H A IR M A N A N D F E D E R A L R E S E R V E A G E N T
C U R TIB L.
M O SH ER
A S S IS T A N T F E D E R A L R E S E R V E A G E N T
F. M. B A IL E Y
February 7f
19 3 3
HGENT
federal Heserve j&ard,
Washington* D* C*
Attnl E. L. SmBad, Chief, Division of
Bank Operations
Gentlemen*
1
In connection with our exchai^e of telegrams today, rela
tive to the State Bank of Florence* Wisconsin, which we reported
in our telegram of February 6 as being on a holiday basis, I wish to
advise that these cases are reported to us either by the Superintendent
of Banks of the state or directly by the bank to our transit depart
ment* Tour le tte r of January 19» B-869, apparently differentiates
between a holiday declared by c iv il authorities and a holiday de
clared by the officers of the bank* Our counsel tak98 the position
that no e iv i l authority has any le g a l right to declare a bank holiday
and that in re a lity there would be no difference whether i t was de
clared by c iv i l authorities or not*
There have been numerous cases in this d istric t of banks
going on the so-called holiday basis* Sometimes i t is fo r one day
and occasionally reaches to a week or ten daysf the whole matter
apparently being handled in a rather slipshod manner and absolutely
without authority of law* Most of the reports that come to us merely
state that the bank is on a holiday basis beginning on a certain date*
Later we may get a report that the bank has resumed business or has
been closed by order of it s board o f directors or the State Superin
tendent* The information we received in the f i r s t instance of a
bank going on a holiday basis does not indicate whether or not it
has been declared by c iv i l authorities* We would be glad to receive
any further suggestions from you as to the manner of reporting these
cases to you in our d aily telegrams*
Tours very truly,
F. U* Bailey
Asst*Federal Reserve Agent(
FMBlEP
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D ECLASSIFIED
Authority t/ A /h
q «3 L
FF.
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IR E SERVICE)
RECEIVED A T W ASHINGTON, D. C.
S97gb 15
ifr
Minneapolis 404p Feb 2
Board
^
Washn
<&/, ^
First national. bank glenooe minn
0. B. aOTBBNHBKT PRIHTW® « > W . IMS
on holiday bs^i^s j?ar^poning
Phillips wise resumed business pardbning.
Bailey
513p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D ECLASSIFIED *
Authority
TELEGRAM
y - y o M '
FEDERAL. RESERVE SYSTEM
(LEASED W IR E SERVICE)
RECEIVED A T W ASHINGTON. D. C.
408gy 9
Minneapolis Feb 1 5p
Board
feshn
X-
'RJU. i
Citizens natl bank Merrill Wls on holiday bails pardoned
Bailey
t
644p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
... ........ — .— ----------------
--------
D ECLASSIFIED *
I Authority
FEDERAL RESERVE BANK OF MINNEAPOLIS
^ mK\
f RECEIVED^
NINTH DISTRICT
O F F IC E O F T H E C H A I R M A N
A N D F E D E R A L RE S E R V E A G E N T
FEB-3 1933 "‘i
JO H N R. M IT C H E L L
C H A IR M A N A N D F E D E R A L R E S E R V E A G E N T
C U R T IS L. M O SH ER
A S S IS T A N T F E D E R A L R E S E R V E A G E N T
F. M. B A IL E Y
February 1,
19 3 3
A S S IS T A N T F E D E R A L R E S E R V E A G E N T
Federal Beserve Board,
l?a?hington, D. C.
Attention: 2. L. Sraecd, Chief, Division
of Bank Operations
Gentlemen:
Following up the request in your letter of January 19,
1933, B-869, we enclose herewith a list of hanks in this district
that went on a "holiday1* basis during the month of January 1933,
This list contains the available information on hand at the present
time, and where no date is given when the hank resumed business, it
is our information that such "bank is still on a^holiday^hasis•
We enclose also a list of banks in South Dakota that have
been or are now on & '’holiday” basis. The information shown in this
list is very meager, but it is all we have been able to obtain from
the State Superintendent at this date and it will be noted that he
Sives no dates on which the banks went on a "holiday” basis or when
they resumed business. If we succeed in obtaining further informa
tion as to the South Dakota list, it will be promptly forwarded to
the Board.
There is also enclosed some additional information as to
"holiday11 banks in Wisconsin, supplementing the list previously for
warded as to Wisconsin.
In the future, as requested in your letter of January 19,
in reporting by wire daily as to suspended banks, we will include
the banks going on a "holiday" basis. In most cases this will show
that the bank is on a "holiday11 basis only and information as to
the date it resumes business will necessarily have to be forwarded
at a later ciate.
Y o u rs v e r y
tr u ly ,
F. M. Bailey
Asst.Federal Reserve A ^
Enclosures
Fia:SP
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority i/A /h
FED ER AL RESERVE BANK OF M IN NEAPO LIS
NINTH DISTRICT
/g\
t:
O F F IC E O F T H E C H A I R M A N
AND FEDERAL RESERVE A G ENT
J O H N R. M IT C H E L L
C H A IR M A N
AND FED ERAL RE8ERV E AGEN T
C U R T IS L. M O SH ER
A 8S18TA N T FE D E R A L R E S E R V E A G EN T
F. M. B A IL E Y
January 27,
19
3 3
A S S IS T A N T F E D E R A L R E S E R V E A G E N T
Federal Reserve Board,
Washington, D. C.*|>
Attention: E. L. Smead, Chief, Division of
Bank Operations
Gentlemen:
Subject:
Bank Suspensions during 1932
In reply to your letter of January 19, 1933, B**»869, we have
checked your preliminary summary of suspensions during 1932 pertaining
to the Ninth District, We find the total number"for each state in
agreement with our records. The total deposits of the nonmenfber "ba,nks
suspended shows a slight difference in some states, hut as stated in
your letter, the differences no doubt occurred in the figures for Decem
ber and when your records are revised from the December reports on Forms
St.63861), the figures will no doubt coincide.
We find a slight difference in the total deposits of suspended
national hanks in Montana and North Dakota. Our records, taken from the
Board’s monthly reports, show the following national "banks in Montana
suspended, with deposits as indicated:
First National Bank
First National Bank
United States National Bank
Harlem
$203,000
Columbus
206,000 / 3
Deer Lodge
410j000
$819,000,
Total,
whereas your preliminary report for the year shows the total as $71§,00Q.
The national "banks in North Dakota suspended in 1932, taken from the
Board1s monthly report, with total deposits, are as follows:
Osnabrock
Milton
Crosby
Total,
Your preliminary summary shows this total as $243,000.
First National Bank
First National Bank
First National Bank
$116,000
49,000/
102,000>
1267,000.
There is a slight difference in the total deposits of the
national "banks in Michigan, a-pparently caused hy the following reason:
First National Bank, Bessemer, - the Board 1s monthly list showed deposits
of $1,397,000, which is the amount we used in the total. That "bank later
reopened and the figure given in the Board1s list showed deposits of
~?$1,132,000* If the latter amount is used instead of $1,397,000 in the
total for the suspended Michigan national "banks, our figures will agree
with the preliminary summary for the year 1932.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
declassified
Authority j M l h j 6 C j 2 ±
NINTH FEDERAL RESERVE DISTRICT B A M S PLACED OH A "HOLIDAY"
BASIS DURING JANUARY 1933.
Our notice
received
1-19-33
1-16-33
1-23-33
1-4-33
1-4-33
1-23-33
1-23-33
1-23-33
Re sumed
Business
Ellendale, N. D,
/ Faimount, N. D.
* Linton, N. D.
0f- 0cti~ss, N . D .
1-17-33
1-21-33
1-4-33
1-17-33
1-18-33
1-25-33
1-19-33
1-18-33
/ Hecla, S. D.
/'Hudson, S. D.
1-17-33
1-18-33
1-19-33
1-26-33
1«*3—33
1-3-33
1-10-33
1-13-33
1-4-33
1-4-33
1-23-33
£-3-33
1-3-33
j
\
1-27-33’
1-23-33
1-10-33
Name of Bank
State Bank of Annan dale
Firs& National Bank
First*£|ational Bank
Worthington National Bank
State Bank of
Citizens State Bank
State Bank of
Peoples State Bank
Location
/ Annandale, Minn.
* Jackson, Minn.
* Le Sueur, Minn.
* Worthington, Minn.
^ Worthington, Minn.
4 Annandale, Minn.
■ Kimball, Minn.
South Haven, Minn.
Fijst National Bank
National Bank of
First National Bank
First National Bank
First National Bank
Hudson State Bank
First State Bank
* Elmwood, V/is.
Peoples State Bank
" Elmwood, Wis.
(The First State Bank, Elmwood, absorbed the Peoples State
Bank, Elmwood, January 10, 1933.)
First National Bank
* Mondovi, Wis.
First National Bank
' Phillips, Wis.
State Bank of
' Phillips, Wis.
Merchants State Bank
/ Rhinelander, Wis.
Farmers State Bank *
✓ Spring Valley, Wis.
Bank of Spring Valley *
' Spring Valley, Wis.
♦(Consolidated under title of Bank of Spring Valley and
reopened 1-20-33 as deferred payment hank.)
Bank of
/ Tomahawk, Wis.
1-23-33
1-9-33
1-9-33
1-20-33
Reproduced from the Unclassified I Declassified Holdings of the National Archives
— ______
D ECLASSIFIED *
Authority j j A J h
0
£
Federal Reserve Bo'
Washington, D. C.
Jan. 27, 1933
y
The preliminary stum-nary of the total of reopened "banks agrees
The amount of deposits also agrees if we use the
$1,13?,000 figure for the reopened First National Bank of Bessemer,
Michigan.
v ix th our records.
In regard to your list of "Banks closed during 1932 under a
special holiday decimation", there should "be added to the list of 'banks
the following:
Resumed
First day
Operations
of Holiday
Minnesota
12-2-32
11-28-32
First ITational Bank
Bertha
12-19-32
11-26-32
First ITational Bank
Crosby
12-19-32
12-7-32
First National Bank
Battle Lake
12-1-32
First National 3ank
11-26-32
Henning
1-3-33
12-13-32
First State Bank
Hugo
1-16-33
First National Bank
11-26-32
Ironton
12-1-32
11-28-32
First National Bank
Parkers Prairie
11-29-32
11-22-32
First National Bank
Staples
12-2—32
11-23-32
First National Bank
Verndale
12-28-32
1,2-15-32
White Bear Lake
First National Bank
12-15-32
12-28-32
First State Bank
White Bear Lake
12-12-32
12-22-32
Farmers State Bank
Winger
South Dakota
Canton
12-20-32
Farmers State Bank
12-16-32
Wisconsin
Medford
First National Bank**
12-1-32
Merrill
American State Bank
11-29-32
♦•(The Office of the Comptroller of the Currency advises that the
First national Bank, Medford, Wisconsin went into voluntary liquidation
effective January 11, 1933, having been absorbed by the State Bank of
Medford.)
Yours very truly,
F. M. B a i l o r
Asst.Federal Reserve Agi
FMB:EP
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAJ l\
December 1 5 , 1332
Mr. F. M.
Assistant ?•d # a l Bsserve Agent,
Fadaral Ra serve Bank o f Minneapolis,
Minneapolis, Minnesota.
■
\4
Dear Mr. Bailey:
I as In recalpt of and thank you for your le tte r of
December 12, inclosing a copy o f the statement received
from the Superintendent o f Banks of the State o f
Minnesota with respect to banka operating on the socalled moratorium basis.
The Information given la quite
complete and w ill be found most useful.
Very truly yours
1. L. Smead, Chief,
Division of Bank Operations
JEH/f ce
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I
declassified^
Authority Q AJb
FEDERAL RESERVE BANK OF M INNEAPOLIS
rr:
NINTH DISTRICT
?.)
OFFICE OF THE CH AIRM AN
AND FEDERAL RESERVE AOENT
JO H N R. M IT C H E L L
C H A IR M A N A N D F E D E R A L R E S E R V E A O I
C U R T IB L . M O SH ER
A S S IS T A N T F E D E R A L R E S E R V E A S E N T
P. M. B A IL E Y
December 12,
19 3 3
L.\
Federal Reserve Bo^yd,
Washington, D. C.
Attention: S. L. Smead, Chief,
Division of Bank Operations
Gentlemen:
In further reference to your wire of Novem
ber 3, relative to banks which have been placed on the socalled moratorim basis during the year 1932, we enclose
herewith copy of the information supplied by the Superinten
dent of Banks of the State of Minnesota*
We have been ad
vised by the Superintendent of Banks of South Dakota that
this information will be forwarded in the very near future.
Yours very truly.
F. M. Bailej
Asst.Federal Reserve Age's
Enclosure
FMB:EP
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority l/A /h
(a)
(b)
(c)
(d)
Was holiday declared by local authorities
If in some other way, please specify
Duration of holiday, giving date bank resumed business
Whether for purpose of Readjustment of capital structure
Deferment of deposits, giving length of time deferred
Surrender of portion of deposits, giving percentage
ALTURA, Altura State Bank
(a)
(b)
(c)
»«>
(d)
ARLINGTON, Farmers & Merchants State
(a)
(b)
(c)
(d)
ASKOV, First State Bank
Two days; bank resumed business on
July 14, 1952
For purpose of deferment of deposits;
20% each year for five years
(a)
(b)
July 2 to 6, 1932; bank resumed business
on July 6, 1932
For purpose of deferment of deposits;
20% each year for five years
Holiday declared by Local authorities
(c)
One week; bank resumed business on
July 18, 1932
For purpose of deferment of deposits;
20% each year for five years
CLARKFIELD, Farmers & Merchants State (a)
0
» L
(c)
(d)
Holiday declared ly Mayor
(a)
(b)
(d)
CLITHERALL, First State Bank
One day; bank resumed business on
Februaiy 24, 1932
For purpose of deferment of deposits;
20% each year for five years
(c)
(d)
.............
Holiday declared by Mayor
Holiday declared by local authorities
(o)
CUXLON, State Bank of Ceylon
One day; bank resumed business on
June 23, 1952
For purpose of deferment of deposits;
20% each year for five years
(a)
(b)
(d)
CAMBRIDGE, Isanti County State Bank
Holiday declared by Mayor
(a)
(b)
(o)
(d)
Holiday declared by Mayor
________________
Two days; bank resumed business on
October 22, 1932
For purpose of deferment of deposits;
10% one year, 15% two years, 20% three
years, 25% four years, 30% five years
Holiday declared by Mayor
Five days; bank resumed business on
November 29, 1932
70% reduction in deposits; remaining 30%
payable 10% one year, 15% two years,
20% three years, 25% four years, 30%
five years
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
DECLASSIFIED
Authority
CLASS II.
lM
7 h
a t .
(Continued)
COBDEN, State Bank of Cobden
(a)
(b)
Holiday declared by Mayor
(o)
One day; bank resumed business on
March 5, 1952
For purpose of deferment of deposits;
25% each year for four years
(d)
ELLSWORTH, Ellsworth State Bank
Holiday declared by local authorities (Ha'vy Day)
(a)
(b)
(e)
One day; bank resumed business on
October 28, 1931
For purpose of deferment of deposits;
25% one year, 25% two years, 5056 three
years
(d)
EVANSVILLE, Farmers State Bank
Holiday declared by Mayor
(a)
(b)
(c)
Four days; bank resumed business on
November 5, 1932
For purpose of deferment of deposits;
1056 one year, 15% two years, 20% three
years, 25% four years, 30% five years
(d)
EZOTA, Farmers State Bank
(a)
(b)
(c)
Holiday declared by Mayor
Two days; bank resumed business on
October 51, 1932
For purpose of deferment of deposits;
10% one year, 15% two years, 20% three
years, 25% four years, 30% five years
(d)
FARIBAULT, Faribault State Bank & Tr. (a)
(b)
(c)
Holiday declared try Mayor
Three days; bank resumed business oh
November 3, 1932
For purpose of deferment of deposits
10% one year, 15% two years, 20% three
years, 25% four years, 30% five years
(d)
GRANITE FALLS, Granite Falls Bank
(a)
(b)
Holiday declared by Ms^or
(0)
(d)
GRANITE FALLS, Yellow Medicine County (a)
Bank
(b)
(c)
Holid^r declared by Mayor
One week; bank resumed business on
October 27, 1952
For purpose of deferment of deposits;
10% one year, 15% two years, 20% three
years, 25% four years, 30% five years
(d)
HARMONY, Harmory State Bank
One week; bank resumed business on
October 27, 1932
For purpose of deferment of deposits;
10% one year, 15% two years, 20% three
years, 25% four years, 30% five years
(a)
(b)
(c)
Holiday declared ty Mayor
Three days; bank resumed business on
June 16, 1932
For purpose of deferment of deposits;
No withdrawals for three years
(d)
-
2
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority
i
(Continued)
HABMONT, Peoples State Bank
(now closed)
(a)
(b)
(d)
Three days5 bank resumed business on
June 16, 1932
For purpose of deferment of deposits;
no withdrawals on certificates or
savings for three years; commercial
10$ per month
(a)
Holiday declared by Mayor
(e)
ISANTI,’’fj^rst State Bank
♦
(D)
(o)
(d)
JANESVILLE, Citizens State Bank
Holiday declared ty local authorities
(a)
Two days; bank resumed business on
July 7, 1932
For purpose of deferment of deposits;
20$ each year for five years
Holiday declared by Mayor
(b)
(d)
Three days; bank resumed business on
October 27, 1932
For purpose of deferment of deposits;
10$ one year, 20$ two years, 20$ three
years; 20$ four years, 30$ five years
(a)
Holiday declared by Mayor
(c)
JANESVILLE, Janesville State Bank
(b)
(c)
JASPER, Farmers State Bank
(d)
Three d^jrs; bank resumed business on
October 27, 1932
For purpose of deferment of deposits;
10$ one year, 20$ two years, 20$ three
years, 20$ four years, 30$ five years
(a)
Holiday declared “by Mayor
(b)
(c)
(d)
LACRESCENT, LaCrescent State Bank
(a)
(b)
(c)
(d)
LEWISVILLE, Merchants State Bank
(a)
(b)
(c)
(d)
LONSDALE, State Bank of Lonsdale
(a)
(b)
(c)
(d)
-
8
Three days; bank resumed business on
November 7, 1932
For purpose of deferment of deposits;
10$ one year, 15$ two years, 20$ three
years, 25$ four years, 30$ five years
Holiday declared by local authorities
One day (Sat. May 28th); bank resumed
business on May 31, 1932
For purpose of deferment of deposits;
C/D 20$ each year for five years,
Savings 5$ each six months,.
Commercial 10$ monthly
Holiday declared by local authorities
Three days; bank resumed business on
October 20, 1932
For purpose of deferment of deposits;
10$ one year, 20$ two years, 20$ three
years, 20$ four years, 30$ five years
Holiday declared by Mayor
3J days; bank resumed business on
November 3, 1932
For purpose of deferment of deposits;
10$ one year, 15$ two years, 2Q$ three
years, 25$ four years, 30$ five years
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
fSu
(a)
(b)
(c)
(d)
MAZEPPA, Peoples State Bank
^5r
(a)
(b)
(c)
(d)
MILAN, Peoples State Bank
(a)
(b)
(c)
(d)
MILAN, State Bank of Milan
(a)
(b)
(c)
(d)
MOUND, State Bank of Mound
(a)
(b)
(c)
(d)
NERSTRAND, Farmers State Bank
(a)
(b)
(e)
(d)
NEW ULM, Farmers & Merchants State
(a)
(b)
(c)
(d)
Holiday declared by local authorities
Two days; bank resumed business on
September 6, 1952
For purpose of deferment of deposits*
20$ each year for five years
Holiday declared by Mayor
Three days} bank resumed business on
November 25, 1952
For purpose of deferment of deposits}
rescinds waiver agreement of a year ago
which called for payment of 25$ each
year for four years; new agreement 10% one year, 15/6 two years, 20$ three
years, 25$ four years, 30$ five years
Holiday declared by local authorities
One day; bank resumed business on
February 1, 1952
For purpose of deferment of deposits;
25$ each year for four years
Holiday declared t y local authorities
One day; bank resumed business on
January 50, 1952
For purpose of deferment of deposits;
25$ each year for four years
Holiday declared by Mayor
November 9, 10 & 12; bank resumed
business on November 14, 1952
55-1/5$ reduction in deposits; balance
due 10$ one year, 15$ two years, 25$
three years, 25$ four years, 25$ five
years
Holiday declared by local authorities
One day, bank resumed business on
October 19, 1952
For purpose of deferment of deposits and
45$ reduction in deposits; balance
of 55$ payable 20$ each year for
five years
Holiday declared by Mayor
Two days; bank resumed business on
April 25, 1952
For purpose of deferment of deposits;
20$ each year for five years
J
0KABENA, First State Bank
(a)
(b)
(c)
(d)
- 4 -
Holiday declared by local authorities
Three days; bank resumed business on
August 16, 1952
For purpose of deferment of deposits}
25$ one year, 25$ two years,, 50$
three years
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A /h
'<v
>
■
GLASS II.
(Continued)
PiiLICAN RAPIDS, J.P.Wallace State Bank
(a)
(b)
(c)
(d)
PELICAl^APIDS, Otter Tail County State (a)
(c)
(d)
PINE ISLAND, Security State Bank
(a)
(b)
(e)
(d)
RANDALL, Randall State Bank
(a)
(b)
(c)
(d)
ST. CLAIR, St. Clair State Bank
(a)
(b)
(c)
(d)
ST. JAMES, Farmers & Merchants State
(a)
(b)
(c)
(d)
ST. MARTIN, St. Martin State Bank
(a)
(b)
(c)
(d)
Holiday declared by Mayor
One week; bank resumed business on
October 4, 1932
40$ reduction in deposits; balance of
60$ payable 10$ one year, 15$ two
years, 25$ three years, 25$ four years,
25$ five years
Holiday declared by Mayor
One week; bank resumed business on
October 4, 1932
40$ reduction in deposits; balance of
60$ payable 10$ one year, 15$ two years
25$ three years, 25$ four years, 25$
five years
Holiday declared by local authorities
One week; bank resumed business on
October 17, 1932
25$ reduction in deposits; balance of
75$ payable 10$ one year, 15$ two
years, 25$ three years, 25$ four
years, 25$ five years
Holiday declared by Mayor
Four days; bank resumed business on
November 14, 1932
For purpose of deferment of deposits;
10$ one year, 15$ two years, 20$ three
years, 25$ four years, 50$ five years
Holiday declared by local authorities
One day; bank resumed business on
October 25, 1952
For purpose of deferment of deposits;
10$ one year, 20$ two years, 20$ three
years, 20$ four years, 30$ five years
Holiday declared by Mayor
One week; bank resumed business on
October 22, 1932
For purpose of deferment of deposits;
10$ one year, 20$ two years, 2Q$ three
years, 20$ four years, 30$ five years
Holiday declared by Mayor
November 5 & 7; bank resumed business on
November 9, 1932
For purpose of deferment of deposits;
10$ one year, 15$ t?fo years, 20$ three
years, 25$ four years, 30$ five years
Declassified Holdings of the National Archives
CLASS II..
(Continued)
SANBORN, Sanborn State Bank
(a)
(b)
Holid^r declared by President of Council
(o)
Two days; bank resumed business on
November 7, 1932
For purpose of deferment of deposits;
10# one year, 2C$ two years, 20# three
years, 20# four years, 30# five years
(d)
WATKINS,'Yarraers State Bank
(a)
(b)
Holiday declared by local authorities
(o)
Three days; bank resumed business on
July 15, 1932
For purpose of deferment of deposits;
20# each year for five years
(d)
SPRING GROVE, Onsgara State Bank
(a)
(b)
Holiday declared fcy Mayor
(o)
One day; bank resumed business on
January 23, 1932
For purpose of deferment of deposits;
25# each year for four years
(d)
SPRING GROVE, State Bank of Spring Grove (a)
(b)
(c)
(d)
WOOD LAKE, State Bank of Wood Lake
Holiday declared by local authorities
One day; bank resumed business on
January 21, 1932
For purpose of deferment of deposits;
25# each year for four years
(a)
(b)
Holiday declared by Mayor
(c)
Two days; bank resumed business on
October 24, 1932
For purpose of deferment of deposits;
10# one year, 15# two years, 20# three
years, 25# four years, 30# five years
(d)
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
I Authority
/ ,
CLASS I.
MORATORIUM BROUGHT ABOUT WITHOUT CESSATION OF THE BANK'S BUSINESS,
(a)
(b)
(c)
(d)
Date bank took such action
Terms on which deposits were deferred
If portion of deposits surrendered, give percentage
Adjustment of capital structure
ADAMS- Farmers State Bank
(a
(b
(c
(d
ADRIAN, Adrian State Bank
(a
(b
(c
(d
ANNANDALE, Citizens State Bank
(a
(b
(c
(d
ANNANDALE, State Bank of Annandale
(a
(b
(c
(d
/ -
ARLINGTON, First State Bank
(a
(b
(c
(d
BISCAY, First State Bank
(a
(b
(c
(d
BROWNSDALE, State Bank of Brownsdale
(a
(b
(c
(d
October 12, 1931
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
December 19, 1951
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
November 21, 1931
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
November 21, 1931
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
Februaiy 20, 1932
20% each year for five years
No reduction in deposits
No capital adjustment
September 26, 1932
25% each year for four years
No reduction in deposits
No capital adjustment
October 12, 1931
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
/
BROWNSVILLE, Brownsville State Bank
S CHISAGO CITY, Security State Bank
(a)
(b)
(c)
(d)
February 13, 1932
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority l/A/h ? rtQ a L
r
CLASS I,
MORATORIUM BROUGHT ABOUT WITHOUT CESSATION OF THE BANK'S BUSINESS.
(a)
(b)
(c)
(d)
Date bank took such action
Terms on which deposits were deferred
If portion of deposits surrendered, give percentage
Adjustment of capital structure
ADAMS, Farmers State Bank
(a
(b
October 12, 1931
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(c
(d
(a
(b
ADRIAN, Adrian State Bank
December 19, 1951
25$ one year, £5$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(c
(d
ANNANDALE, Citizens State Bank
(a
(b
November 21, 1931
25% one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(c
(d
ANNANDALE, State Bank of Annandale
November 21, 1931
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(a
(b
(c
(d
ARLINGTON, First State Bank
/
(a
(b
(c
February 20, 1932
20$ each year for five years
No reduction in deposits
No capital adjustment
(d
BISCAY, First State Bank
September 26, 1932
25$ each year for four years
No reduction in deposits
No capital adjustment
(a
(b
(c
(d
BROY^NSDALE, State Bank of Brownsdale
(a
(b
(c
(d
October 12, 1931
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
BROWNSVILLE, Brownsville State Bank
(a
(b
(c
(d
May 28, 1932
20$ each year for five years
No reduction in deposits
No capital adjustment
CHISAGO CITY, Security State Bank
(a
(b
February 13, 1932
25$ one yenr, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
/
(c
(d
-
1
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a s s if ie d
*
Authority
J -
CLASS I.
(Continued)
DALTON, Farmers & Merchants State Bank
(a
(b
(c
(d
June 18, 1932
20% each year for five years
No reduction in deposits
No capital adjustment
DASSEL, Farmers & Merchants State Bank
(a
(b
November 14, 1931
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
(c
(d
DOVER, First State Bank*# ^
October 18, 1932
10% one year, 15% tv/o years, 25% three
years, 25% four years, 25% five years
No reduction in deposits
No capital adjustment
(a
(b
(c
(d
EQEN VALLiZ, State Bank in Eden Valley
December 5, 1931
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
(a
(b
(c
(d
(a
(b
ELKTON, Farmers State Bank
October 9, 1931
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
(c
(d
(c
(d
December 12, 1931
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
GIBBON, Citizens State Bank
(a
(b
(c
(d
February 6, 1932
25% each year for four years
No reduction in deposits
No capital adjustment
HAMMOND, Security State Bank
(a
(b
October 5, 1931
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
FRAN KLIN , State Bank of Franklin
(a
(b
(c
(d
HARRIS, State Bank of Harris
(a
(c
(d
January 23, 1932
C/D 25% one year, 25% two years, 50% three
years; savings 15% ainy six months;
Commercial not over 20% any month
No reduction in deposits
No capital adjustment
(a
(b
(c
(d
May 23, 1932
20% each year for five years
No reduction in deposits
No capital adjustment
(b
HOKAH, Hokah State Bank
/
-
2 -
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
(a
(b
(c
(d
(a
(b
November 16, 1931
25# one year, 25# two years, 50# three
years
No reduction in deposits
No capital adjustment
(c
(d
November 21, 1951
25# one year, 25# two years, 50# three
years
No reduction in deposits
No capital adjustment
(a
(b
(c
(d)
Februaiy 13, 1932
25# each year for four years
No reduction in deposits
No capital adjustment
LERQT, First State Bank
(a)
October 12, 1931
one^ear, 25# two years, 50# three
LISMORE, State Bank of Lismore
(a
(b
December 19, 1931
25# one year, 25# two years, 50# three
years
No reduction in deposits
No capital adjustment
KIMBALL, State Bank of Kimball
LAFAYETTE, Farmers State Bank
/
(c
(d
LONDON, London State Bank
(a
(b
(c
(d
October 10, 1931
25# one year, 2Sf> two years, 50# three
years
No reduction in deposits
No capital adjustment
(a)
October 16, 1931
(a)
(b)
(c)
(d)
Januaiy 22, 1932
25# each year for four years
No reduction in deposits
No capital adjustment
MADELIA, State Bank of Madelia
(a)
(b)
(c)
(d)
November 14, 1931 (date of reopening)
one-third each year for three years
50# reduction in deposits upon reopening
No capital adjustment
MAGNOLIA, Magnolia State Bank
(a)
(b)
December 21, 1931
25# one year, 25# two years, 50# three
years
No reduction in deposits
No capital adjustment
LXLE, Farmers State Bank
, First State Bank
(c)
(d)
Reproduced from the Unclassified I Declassified Holdings of the National Archives
declassified
Authority
CLASS I.
*
L
(Continued)
(a)
(b)
KANARANZI, Fanners State Bank
(c)
(d)
(a)
(b)
KIMBALL, State Bank of Kimball
November 16, 1931
25$ one year, £5$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(c)
(d)
November 21, 1951
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(a)
(b)
(c)
(d)
February 13, 1932
25$ each year for four years
No reduction in deposits
No capital adjustment
(a)
(b)
October 12, 1951
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
jt-
*
/
Sank | f
LAFAYETTE, Farmers State Bank
First State Bank
(c)
(d)
LISMORE, State Bank of Lismore
(a)
(b)
(c)
(d)
LONDON, London State Bank
(a)
(b)
(c)
(d)
LILE, Farmers State Bank
December 19, 1951
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
October 10, 1951
25$ one year, 23$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(c)
(d)
October 16, 1951
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
MABEL, First State Bank
(a)
(b)
(c)
(d)
January 22, 1952
25$ each year for four years
No reduction in deposits
No capital adjustment
MADELIA, State Bank of Madelia
(a)
(b)
(c)
(d)
November 14, 1951 (date of reopening)
one-third each year for three years
50$ reduction in deposits upon reopening
No capital adjustment
MAGNOLIA, Magnolia State Bank
(a)
(b)
December 21, 1931
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(a)
(b)
(c)
(d)
^ IWJI,„cu nU|U|,iy5 of the National Archives
I
^C L A SSIFIE D "
j Authority
GLASS I.
(Continued)
NORTH BRANCH, Merchants State Bank /
NORTHROP, Northrop Peoples State Banker
V
NORWOOD, Citizens State Q$plc
(c
(d
Januaiy
1952
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
(a
(b
(c
(d
May 14, 1932
20% each year for five years
No reduction in deposits
No capital adjustment
(a
(b
December 15, 1951
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
(a
(b
(c
(d
/
PINE CITI, Farmers & Merchants State Bank(a
(b
(c
(d
May 31, 1932
20% each year for five years
No reduction in deposits
No capital adjustment
PORTER, First State Bank
May 2, 1951
50% each year for two years (of re
maining 50%)
50% reduction in deposits
No capital adjustment
(a
(b
(c
(d
PRINSBURG, Prinsburg State Bank
(a
(b
(c
(d
/
PRIOR LAKE, Prior Lake State Bank
July 50, 1931
C/D 33-1/3% each year for three yearsj
Savings 25% each six months
No reduction in deposits
No capital adjustment
(c
(d
November 10, 1932
10% one year, £5% two years, 20% three
years, 25% four years, 50% five years
No reduction in deposits
No capital adjustment
ROCHESTER, Olmsted County Bank & Tr.Co.
(a
(b
(c
(d
December 22, 1931 (date of reopening)
Not more than 20% each six months
25% reduction in deposits upon reopening
No capital adjustment
ROGERS, State Bank of Rogers
(a
(b
November 21, 1951
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
(a
(b
(c
(d
ROSE CREEK, State Bank of Rose Creek
(a
(b
(c
(d
October 12, 1951,
25% one year, 25% two years, 50% three
years
No reduction in deposits
No capital adjustment
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
I Authority
ft
.M
/
GLASS I.
(Continued)
ST, MICHAEL, State Bank of St.Michael
(now closed)
(a
(b
(c
(d
SILVER CREEK, First State Bank
(c
(d
November 14, 1951
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(a
(b
(c
(d
February 27, 1932
25$ each year for four years
No reduction in deposits
No capital adjustment
(a
(b
November 21, 1931
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(a
(b
SLEEPY ETE, State Bank of $ $ e e w/ i^e
SOUTH HAVEN, Peoples State Bank
(c
(d
TAUNTON, State Bank of Taunton
(d
October 3, 1931
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(a
(b
(c
(d
June 18, 1932
20$ each year for five years
No reduction in deposits
No capital adjustment
(a
(b
October 22, 1931
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(b
(c
THEILMAN, Theilman State Bank /
UTICA, First State Bank
(e
(d
WACONIA, Farmers State Bank
(a
(b
(d
December 17, 1931
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
(a
(b
(c
(d
January 2, 1932 (upon reopening)
20$ each six months
50$ reduction upon reopening
No capital adjustment
(c
WKOFF, First State Bank
November 21, 1931
25$ one year, 25$ two years, 50$ three
years
No reduction in deposits
No capital adjustment
- 5 -
the Unclassified I Declassified Holdings of the National Archives
~
I
r ''
...........
DEcTASSIFiiif-
j Auti,or%
FEDERAL RESERVE BANK OF M INNEAPOLIS
NINTH DISTRICT
O F F IC E O F T H E C H A I R M A N
A N D F E D E R A L R E SE R V E A G E N T
J O H N R. M IT C H E L L
C H A IR M A N A N D F E D E R A L R E S E R V E A G E N T
C U R T IS L. M OSHER
A S S IS T A N T F E D E R A L R E S E R V E A G E N T
F. M.
*1. B
D A
A IL
Ik E
C iYl
_
•
«
A S S IS T A N T F E D E R A L R E S E R V E A G E N T
D® CGXHDOF 1 |
19
3 2
Federal Reserve Board,
Washington, D. C.
Attention: E. L. Smead, Chief,
Division of Bank Operations
Gentlemen:
?
In further response to your wire of
November 3, relative to banks which have been on the
so-called moratorium basis during the year 1932, we
enclose herewith copies of the information submitted
to us by the State Bank Commissioners of Montana, North
Dakota, Michigan, and Wisconsin. As yet, we have not
received the information from the State Banking Depart
ments of Minnesota and South Dakota. However, the Bank
Commissioners of those states have promised to furnish
this information and i t w ill be forwarded as soon as
received.
Yours very truly,
F. M. Bailey
f J
Asst.Federal Reserve Ageirtr
Enclosures
MB:EP
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority
,
'>?*
Tt*
MBHTAHA STATE BANES OPSRATING OH A SO-CALLED MORATORITJM
FLAN DUBIHG 1932
Citiiens State Bank, 8cobey, Montana
Suspended 7-11-31 - Beopened 7-16-31,
Temporarily suspended and portion^of deposits waived (percentage not given).
Balance of the deposits payable 20 per cent annually, beginning 12-1-32.
Ho adjustment of capital structure, but stockholders placed $30,000 of their
^^deposits in a class in ferior to other deposits*
F irst State Bank, Opheim, Montana
Temporarily suspended, 7-13^21_- Beopened 8-1-31*
Ho portion of deposits waived* 33 1/3 per cent payable annually, beginning
12-1-32.
Ho readjustment of capital structure.
Suspension for the purpose, of deferment of deposits.
Traders State Bank, Poplar, Montana
Temporarily suspended 7-15-31 - Reopened 7-25-31.
^ For the purpose of deferment of deposits*
Ho portion o f deposits waived.
Deposits payable 20 per cent annually, "beginning 12-1-32.
F irst State Bank, Medicine Lake, Montana
Temporarily suspended 7-17-31 - Beopened 8-10-31.
For the purpose of deferment of payment of certificates of deposit.
Ho adjustment of capital structure.
payment of certificates of deposit deferred to 7-18-56.
■
a<
*
Farmers State Bank, B ainville, Montana
Temporarily suspended 7-30^3^--. Beopened 8-7-31.
For the purpose of deferment of payment of certificates of deposit*
Ho adjustment of capital structure.
Payment of certificates of deposit deferred to 7-30-36.
Clark* Fork Valley Bank, Fromberg, Montana
Temporarily suspended 12-7-31 - Beopened 12-14-31.
For the purpose of deferment of deposits.
Ho adjustment of capital stock.
Deposits payable 20 per cent annually, beginning 12-8-32.
Belgrade State Bank, Belgrade, Montana
Temporarily suspended 9-23-32 - Beopened 11-10-32.
For the purpose of deferment of deposits.
Ho adjustment of capital structure, except that a majority of the stockholders
secured their statutory stockholders* li a b i l i t y .
Deposits payable 25 per cent 12-31-33, 35 per cent 12-31-34; 40 per cent 12-31-35.
*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
_______
I
r
d e c la ssif ie d ”
Authority U A J h ? A t \ 3 L
;
L____ ____________________ _
- COFT -
/
OFFICE 0? STATS EXAMINER
STATE OF NORTH DAKOTA
BISMARCK
November 17, 1932
Mr* f . M. Bailey
Asst* Federal Reserve, Agent
federal Beserve Bank
Minneapolis, Minnesota
Dear Mr. Bailey:
In reply to your le tte r of the 4th, which was
received in this office during ay absence, w ill state that
we have no moratorium law nor have any mayors or city
o ffic ia ls , as fa r as we know, declared a moratorium or bank
holiday* While we have no direct information in our f ile s ,
we believe that the following banks went out and signed up
or deferred their deposits}
^
'h*>
ti*
^
Ashley State Bazik
f i r s t State Bank of
Security State Bank
f i r s t State Bank of
First State Bank
*)u- f i r s t State Bank of
>w> farm. & Merchants State Bank
vu* Peoples State Bank
nw The fir s t State Bank of
'zw Security State Bank
’x,o f i r s t International Bank
Ashley
Wishek
Wishek
Strasburg
Hague
Kulm
of Niobe
Westhope
Lignite
Tolley
Noonan
This information, of course,is confidential*
Yours very truly,
(Signed)
OILBIHT SJUIHSSOH
State Examiner
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
I Authority U A l h ? r t 0 « 2 £_
MICHIGAN STATE BANKS WHICH HAVE HEOFENED FOLLOWING TEMPORARY
SUSPENSION ON SO-CALLED MORATORIUM BASIS
(November 10, 1932)
Saline
Tpsilanti
leading
Romulus
^ Roqulus State Bank
Bridgewater
* Bridgewater Savings Bank
Petoskey
^ First State Bank of Petoskey
* State Bank of Caledonia
Caledonia
Fenton
v State Savings Bank of fenton
Coloma
- State Bank of Coloma
Roscommon
✓ Hoscomnon'State Bank
Bay City
✓ Bay County Savings Bank
^
On July 1, 1932, this bank consolidated with the newly
organized National Bank of Bay City.
Milford
* First State Bank
Caro
State Savings Bank
Big Rapids
✓ Citizens State Bank
Hart
/ Oceana County Savings Bank
Tekonsha
First State Bank of Tekonsha
Flat Rock
> State Savings Bank
Clio
✓ Clio State Bank
Flushing
/ Peoples State Bank
Montrose
v' Montrose State Bank
Monroe
* Monroe State Savings Bank
Bellevue
/ Peoples State Bank
✓ Benton Harbor State Bank
Benton Harbor
✓ The Manistique Bank
Manistique
✓ Bay City Bank
Bay City
* Brown City Savings Bank
Brown City
- Olivet State Bank
Oli ve t
^ Miners State Bank
Iron River
/ Saline Savings Bank
j Tpsilanti Savings Bank
s State Bank of Heading
Date
Closed
1-24-31
7-24-31
11-25-31
9-18-31
1-9-32
10-16-31
8-22-31
7-13-31
12-17-31
10-2-31
12-2-31
Date
leone ned
12-16-31
12-24-31
1-2-32
3-5-32
3-11-32
4-21-32
5-25-32
6-6-32
6-18-32
6-18-32
4-6-32
9-5-31
8-20-31
12-28-31
1-15-32
7-1-31
8-26-31
9-11-31
9-21-31
8-27-31
5-5-32
12-17-31
4-19-32
9-1-31
4-19-32
8-1-32
6-25-32
7-1-32
7-2-32
7-11-32
7-11-32
7-28-32
7-30-32
8-1-32
8-15-32
8-22-32
8-27-32
9-3-32
9-6-32
9-15-32
9-26-32
10-1-32
10-24-32
11-7-33
All of the above reorganizations were accomplished by the payment of an
assessment and a surrender of a portion of the deposits for the purpose of making
proper readjustments in the capital structure. The balance of the deposits was
usually left under a five year agreement and ordinarily payable 15% the first
year, 15% the second year, 20% the third year, and 25% the fourth and fifth years.
New deposits in all these institutions were payable as the by-laws provided,
usually on demand.
State Savings Bank
Unionville
Readjustment of capital structure made and a moratorium placed on deposits
without cessation of the bank*s business* This was accomplished entirely
under direction of the management and the State Banking Department was unable
to give full facts concerning the time of accomplishment. The stockholders
paid an assessment and depositors surrendered a portion of their deposits,
deferring payment on the balance.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
__
-
DECLASSIFIED *
Authority U A J h ¥ a Ci <2L
7V
WISCONSIN STATS BANKS - NINTH DISTRICT - STABILIZED DOBIBO 1932
(To November 18, 1933)
«
;
Gateway City Bank, La Crosse, Wisconsin
(a) Stabilized as of March 12, 1932, without cessation of business;
(b) Deposits deferred over a period of 32 months}
(c) Shrinkage in deposits of 33 1/3$;
■;^d) Capital stock adjusted by voluntary assessment of 100$.
Security Savings Bank, La Crosse, Wisconsin
The program at^this bank was similar to the one at the Gateway City
Bank, both banks entering the program of stabilization at the same time*
fY\* 3*
La Crosse ..County Bank, West Salem, Wisconsin
(a) Stabilised as of May. 7, 1932, without cessation of business;
b) Deposits deferred ov^r a period of 40 months;
c) Shrinkage in deposits not made;
(d) Capital stock adjusted by voluntary assessment of 100$.
!
r{\0 4*
/ 5*
t\te
West Salem State Bank, West Salem, Wisconsin
Program adopted at this bank was similar to the one at the La Crosse
County Bank*
The two banks at West Salem merged on October 17, and the new bank
is the Union State Bank of West Salem*
Bank of Oeseo, Osseo, Wisconsin
(a) Stabilised as of July 27, 1932* A holiday was declared by the mayor
for a period of one week* The bank reopened for business on August 4, 1932,
as a deferred payment bank*
(b) Deposits deferred over a period of 42 months;
(c) Shrinkage in deposits of 35$;
(d) Capital stock adjusted by voluntary assessment of 100$.
6*
Bank of Durand, Durand, Wisconsin
(a) Stabilized as of August 6, 1932* A holiday was declared by the mayor
of Durand for a period of one week*
The bank reopened for business on August 15, 1932, as a deferred payment
bank*
fb) Deposits deferred over a period of 40 months;
(e) Shrinkage in deposits of 45*5
(d) Capital stock adjusted by voluntary assessment of 100$.
7.
Mondovi State Bank, Mondovi, Wisconsin
(a) Stabilized as of Aogult 6, 1932. A holiday was declared by the mayor
of Mondovi for a period of one week* The bank reopened for business on
August 15, 1932* as a deferred payment bank.
(b) Deposits deferred over a period of 40 months;
(c) Shrinkage in deposits of 40$;
(d) Capital stock adjustment by voluntary assessment of 100$.
*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
DECLASSIFIED *
I Authority J M I h j A 0 ^ 1
The prelim inary sunmary o f the total o f reopened banks agrees *
with our records. The amount o f deposits also agrees i f we use the
$1,132,000 fig u re fo r the reopened F irst National Bank o f Bessemer,
Midiigan.
In regard to your l i s t o f "Banks closed during 1932 under a
special holiday d eclaratio n 11, there should be added to the l i s t of banks
the follow ing:
F irst day
Resumed
Operations
of Holiday
Minnesota
Ber&aa
F irst National Bank
12- 2-32
11-28-32
F irs t National Bank
11- 26-32
12-19-32
Crosby
Fljgpt National Bank
12- 7-32
Battle Lake
12-19-32
Fi'fst National Bank
11- 26-32
12-1-32
Henning
F irs t State Bank
Hugo
12-13-32
1-3-33
11- 26-32
F irs t National Bank
Ironton
1-16-3*
F irs t National Bank
11-28-32
12-1-32 .
Parkers P ra irie
F irst National Bank
11-22-32
Staples
11-29-32
F irst National Bank
11-22-32
Veradale
12-2-32.
F irs t National B&nk
12- 15-32
12-28-32
ftiite Bear Lake
12-15-32
12-28-32
F irs t State Bank
White Bear Lake
Farmers State Bank
12-22-32
12- 12-32
Winger
South Dakota
12- 20-32
12-16-32
Farmers State Bank
Canton
Wisconsin
12-1-32
F irs t National Bank**
Medford
11- 29- 32'
American State Bank
M e rrill
**(The O ffice o f the Comptroller of the Currency advises that the
F irst National Bank, Medfford, Wisconsin went into voluntary liqu id ation
effectiv e January 11, 1933* having been absorbed by the State Bank o f
Medford.)
Yours very tru ly .
(Signed) F. M. B ailey
A s s t . Federal Reserve Agent
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
^
-
d e c l a s s i f ie d ' .
I Authority U A J h
F E D E R A L FlESER VE B A N K O F M IN N E A P O L IS ^
NINTH DISTRICT
O F F IC E O F T H E C H A IR M A N
A N D F E D E R A L RE SE R V E A G E N T
J O H N R. M ITCHELL.
i f 1 0 ,3
C H A IR M A N A N D F E D E R A L R E S E R V E A G E N T
C U R T IS
L .
M O SH ER
A S S IS T A N T F E D E R A L R E S E R V E A G E N T
P.
M . B A IL E Y
A S S IS T A N T F E D E R A L R E S E R V E A S E N T
November 4,
Jr~9 3 2
^federal Heserve Board,
Washington, D. C*
Gentlemens
yA-
Attn: E. L. Smead, Chief, D ivision o f
Bank Operations
p
(
In response to your wire of yesterday, we are givin g you
herewith the information as to eleven national banks which have been on
a so -called moratorium basis during the year 1932:
f i r s t National Bank. Cambridge. Minnesota - During the period
July 2, 3, and 4, 1932 (Saturday afternoon, Sunday, and a le g a l h o lid ay ),
this bank signed, up i t s deposits tinder an agreement whereby 40 per cent
were waived* Che remaining 60 per cent were tied up over a period of
three years* Ninety-seven per cent of the depositors signed up and agreed
to this program* The above stated period in which this was accomplished
was during non-banking hours and the bank therefore did not resort to
even a momentary suspension o f operation. In this transaction, the stock
holders pledged a l l o f the cap ital stock of the bank except the q u alify
ing shares of the directors as additional protection to the trusteed 40
per cent of the deposits waived, the purpose being fo r the deferment of
60 per cent of the deposits and a surrender o f 40 per cent of the deposits*
F irs t Hational Bank. Harmony. Minnesota - A lo cal holiday was
declared fo r a three day period beginning June 13, and a l l three banks in
the v illa g e o f Harmony (two state banks and one national bank) deferred
>slt8<L^/This move was in stigated by the state banks which were in
trouble. Ho waiver o f any portion o f the deposits in the national bank
was made. The national bank took this action in sympathy with the state
banks, the purpose being fo r the deferment o f deposits*
F irs t National Bank. Le Roy. Minnesota - f i r s t National Bank.
L y le . Minnesota - Both of these towns are located in Mower County,
Minnesota, and a l l banks in the county, exclusive o f those in Austin,
the county seat, went on a deposit moratorium b asis* These two national
banks agreed to such a plan in sympathy with the other banks. There was
no holiday or cessation of business. J The two national banks did not ask
LepBirtori^to m§£e~a£y w a *v rT W ~ i5 y p o r tion of the deposit l i a b i l i t y .
The national bank examiner advises that the national banks w i l l not
force the agreements with depositors except in case of absolute necessity*
Rational Bank o f Dodge County. Kasson. Minnesota - National
Farmers Bank. gasson, Minnesota
A one week holiday was declared by
the mayor of gas son fo r the week beginning October 10, during which time
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I
d e c l a s s i f ie d "
Authority
L -----
0
L
---------
Federal Reserve Bo,.
Nov. 4, 1932
- 2—
98 per cent of the deposits in both hanks were signed up, in which the
depositors agreed to a waiver of 25 per cent and the balance was tied up
on installment payments payable in one, two, three, four, and /five years.
The Rational hank of Bodge County needed the 25 per cent cut/in.depo si ts
provide for losses and bond depreciation* (The Rationale Farmers^^ank
/ m
not need the cut in deposits, I5trlr agreed to the same cutting in symCpathy with.the other hank, j The capital stock in both instances, with the
exception of the~qua|ifying shares of the directors, was pledged as addi
tional protection td-Hhe trusteed 25 per cent of the deposits.
Citizens National Bank, Faribault, Minnesota - This hank, to
gether with the Faribault State Bank, declared a holiday on the morning
of Saturday, October 29, which continued as to the national hank until
noon, November 3. During this period deposits were deferred and spread
over a period of five years. Ninety-eight per cent of the deposits were
^ tied up. No waiver of any portion of the deposits was made as far as
the national hank was concerned, the purpose of the holiday being only
for the deferment of deposits. *
Citizens & Security National Bank, St. James, Minnesota - A
local holiday was declared and this bank ceased operations during October
,y 13 and 14, 1932, during which time all deposits were signed up on a socalled moratorium basis and payment of same spread over a period of five
years. No portion of the deposits were waived, the purpose being for the
deferment of deposits.
First National Bank, Ceylon,Minnesota - A nine day holiday was
declared by the mayor of Ceylon for the period July 9, 1932 to July 18,
1932. During this period, the bank ceased operations and all depositors
V signed up an agreement deferring payment spread over a five year period.
No waiver of any portion of the deposits was made, the purpose being for
the deferment of deposits.
^
First National Bank. White Lake. South Dakota - This bank,
without declaring any holiday and without ceasing to operate as a going bank,
during the period July 1 to July 13, signed up all of its depositors under
an agreement whereby 60 per cent of the deposit liability was waived to
provide for losses in the bank's assets. The balance of the deposits were
tied up for a period spread over four years.
First National Bank, Bangor, Wisconsin - This bank in May 1932,
without declaring a holiday or any cessation of business, signed up its
deposits whereby payment was deferred and spread over a period of years
(exact time not ascertained). Ninety-eight per cent of the depositors
signed the agreement, the purpose being a deferment of deposits.
Our transit department, during these so-called holiday periods,
has not discontinued handling items on any national bank, and when items
Reproduced from the Unclassified / Declassified Holdings of the National Archives
d e c l a s s if ie d
Authority
*
L
\
Federal Eeserve Bo&xu.,
Nov. 4, 1932
-3/
were returned to the Federal reserve by a national bank, we in turn returned
them to the bank from which they were received, giving as a reason the
same reason given to us by the bank returning the items,which usually was
Mbank on the holiday basis*.
We have been advised there are approximately ninety nonmember
state banks in Minnesota that have been or now are on the so-called
moratorium basis. ^iere are also quite a number of nonmember state banks
in South Dakota, Wisconsin, and Michigan that have been or are now in the
same situation. We will endeavor to obtain the information on these non
member s-tate banks from the various state bank commissioners*
Yours very truly,
FMB:EP
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D ECLASSIFIED *
Authority U A l h
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Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority o / u h
a L
DISTRICT * 3 . 9 - MUOTSAPOLIS
BABES CLOSSD O T R E K 1932 DHD2H A SPECIAL HOLIDAT DECLAKXD BI CIVIL AOTHORITI'SS
(**.qr bank that d O N d tat 1 > not Included In the ll*ta of suspension* hAs been tenassaaed to have closed under a special holiday declared tgr civil authorities)
ftnc and location of bank
Altera State Basle
AXtora
Farmers & Merchants St. Bankj^ Arlington
Askov
First State Bank
Cambridge
Isanti County State Bank
first Batlon&l Bank
Ceylon
it ■
State Bank of Ceylon
Farmers & Merchants State Bank Claikfield
Clitherall
first State Bank
Cobden
State Back of Gotten
Ellsworth
Ellsworth State Bask
Evansville
farmers State Bask
%ota
Farmers State Bank
Fairbault
Citisens national Bank
n
Fairbanlt State Back
Granite M X s Bank
Granite Fall s
H
*
Tellow Medici me Coun ty Bank
Harmony
First Battonal Bank
9 '
Harmony State Bank
11
"Peoples State Bank
First State Bank
Isanti
Janesville
Citizens State Bask
it
Janesville State Baak
Farmers State Bask
Jasper
Kasson
Batlon&l Bank of Dodge Co.
N
Kattonal farmers Bank
La Cresent
La Cresent State Basic
Lewisville
Merchants State Bank
State Bank of Lonsdale
Lonsdale
Bask of Maseppa
Maseppa
»
Peoples State Bask
Peoples State Bask
Milan
*
State Baric of Milan
----,jt
mOXXDOL
State Benkof Mount
Farmers State Bask
Merstrand
lew 01m
Farmers it Mereh^ts St. Bask
Qfanihf
First State Bank
J. P. Wallace State Basic Pelican Sapids
N
»
Otter t a H County State Bank
Security State Bask
Pine Island
Bandall State Bank
landall
St. Clair State Bask
St. Clair
Citisens and Sec. Bat. Bank
St. James
ii
Farmers & Merchants St. Bank
Date
bank
dose*
-
June 22
Feb. 23
June 12
Jtme 2
July 9
June 11
Oct. 20
Bov. 24
Mar. 4
Oct. 21
Hov. 31
Oct. 29
Oct. 29
Oct. 30
Oct. 20
Oct. 20
Junel3 ^
June 13
Jane 13
July 5
Set. 24
Oct, 24
Bov. 4
Oct, 10
Oct. 10
Moy 28
Oct. 17
Oct, 5?
Sept,. 4
Bdv. 22
Jan. 31
Jan, 29
Bov. 9
Oct. 18
Apr. 23
13
Sept,. 2?
Sept,. 27
Oct. 10
Bov. 10
Oct, 24
Oct. 13
Oct. 15
oration of holiday
Date bask
resumed Bomber 1
From
sliaaLil
»
i
June 23
Feb. 24
June 14
June 6
July 18
June 18
Oct. 22
Bov, 29
Mar, 5
Oct. 28
Bov. 5
Oct. 31
Hov. 3
Bov. 3
Oct, 27
Oct. 27
June 16
June 16
June 16
July 7
Oct. 27
Oct, 2?
Bov. ?
Oct. 17
Oct. 17
May 31
Oct. 20
Bov. 3
Sept. o
Bov, 25
Feb. 1
Jan, 30
Bov, 14
Oct. 19
ipr. 25
Abu". 16
Oct, 4
Oct. 4
Oct. 17
Bov* 14
Oct. 25
Oct. 15
Oct. 22
1
1
2
4
9
7
2
5
l
1
4
2
5
3
7
7
3
3
3
2
3
3
3
7
7
1
3
3
2
3
1
1
5
1
2
3
7
7
7
4
1
2
7
Q d .
Reproduced from the Unclassified I Declassified Holdings of the National Archives
----------------------------- ------------
-------
D ECLASSIFIED *
Authority U A J h
DISTRICT ISO, 9 - (Contfd)
/■
Same and location o f bank
Date
b&nik
filOAArf
Bate bank
- Duration o f holiday
returned
**»b e r I Tmm
9o
operations o f days)
(Cont'd)
St. Martin State Bask
Sanborn Stute lack
Farmers ItSfe Baak
O & sw d State lank
State Bank o f Spring Grove
State Bazik o f Wood Lake
St. Martin
Sasdtevm
Watkins
Spring Grove
*
Wood Lake
»OV#
Bov.
July
Jan,
Jan.
Oct*
Bank o f Durand
Mondovi State Bank
Oeeeo
Durand,
Mondovi
Jfcily. 2?
iag* ?
Aag. ?
Jtag. ^
Aag# 15
15
Belgrade State Bank
Belgrade
Sept. 3
Hov. 10
nmwHa
Bank o f Oeeeo
$
5
12
22
20
22
Bov,
Hov.
jta y
Jan.
Jan*
Oct.
9
?
15
23
21
24
2
3
1
1
2
?
T
?
•Subsequently reported as *§arpended» and, therefore, included in the Board’ s
figure® o f etxapeneions.
@FedFRASER