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1933 - March, The Great Depression: President Franklin D. Roosevelt declares a "Bank holiday", closing all United States banks and freezing all financial transactions.





The Causes of The Great Depression
Reading Through History (www.youtube.com)


Bank Holiday Causes Flood of Freak News
Church Calls Moratorium; Movies on Credit; Lucky San Pedro
(By United Press)
NEW YORK, March 3 - Mrs. Martha Laughran, Brooklyn boarding house keeper, became nervous over the banking situation and today visited two banks to withdraw her savings.

When she left the second bank the white pocketbook under her arm contained $10,180.

On Forty-eighth street a man jostled her, snatched the pocketbook from her and fled. He escaped in an automobile with another man.

HARRISBURG, Pa. - A moratorium on collections has been instituted by St. Andrew's Episcopal church in order to avoid embarrassing persons unable to contribute.

Some members have been staying away from services, the vestry announced, because they were unable to put money in the collection plate.

FOLSOM PRISON, Cal. - Peter Farrington was happy today over the three-day banking holiday proclaimed by Governor James Rolph, Jr.

Farrington, under sentence of death for killing a policeman, was to have been executed today. Governer Rolph, doubting the legality of hanging a man on a legal holiday, granted a reprieve.

DALLAS, Texas - A chain of movie theaters here was accepting I O U slips from its patrons today so that persons caught short of cash in the banking holiday will not miss their entertainment. Another group of show houses is accepting checks from its patrons.

PITTSBURGH - The steel scrap market in Pittsburgh area is booming, regardless of bank moratoria. Quotations were given at $8 to $9, with no large sales being made. Local traders believe the market strength may be attributed to the fact that reduced steel operations have cut down the supply.

FORT WORTH, Texas - A man in top had and silk muffler approached a newsboy here today and asked: "Could you spare a dime until Wednesday? You see, son, the banks are closed and ---"

"Sure, that's all right," said the boy, handing over the dime. "Meet me right here Wednesday at the same time."

PORTLAND, Ore. - A $100-a-month Oregon clerk was virtually four times as rich as a millionaire as a result of the three-day banking holiday.

Portland banks limited withdrawals to $25, but all pay checks, no matter what the amount, were being honored at the banks.

DETROIT - Employes of the city may be paid off in grocery orders, street car tickets and telephone slugs as a result of Michigan's bank moratorium, it was indicated today.

Shall checks, scrip and Canadian currency are being used widely throughout Michigan as a result of the moratorium, now in its third week.

SAN PEDRO, Cal., March 3 (UP) - More than $500,000 in cash was placed in circulation here today when Uncle Sam's paymasters aboard ships of the United States fleet issued semi-monthly salaries to 30,000 officers and men.

 
The Salt Lake Tribune
Salt Lake City, Utah
March 4, 1933


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