| Date |
Day |
Event |
| 9/30/31 |
Friday |
Britain drops the gold standard. |
| 1/1/33 |
Sunday |
1st National Bank reorganized as Chattanooga National Bank and a
separate corporation with the land speculation loans. Land
speculation and loans led to reduced confidence and steady
withdrawals. |
| 2/3/33 |
Saturday |
Louisiana Banking Holiday declared because of heavy withdrawals. |
| 2/13/33 |
Monday |
Michigan Banking Holiday |
| 2/23/33 |
Thursday |
Indiana Banking Holiday |
| 2/25/33 |
Saturday |
Maryland Banking Holiday |
| 2/27/33 |
Monday |
Arkansas Banking Holiday |
| 2/28/33 |
Tuesday |
Kentucky & Ohio Banking Holiday |
| 2/28/33 |
Tuesday |
California, Pennsylvania, Minnesota, Indiana, Oklahoma Freeze
withdraws. |
| 3/1/33 |
Wednesday |
Across the nation 5,504 banks in 31 states were on holiday. |
| 3/1/33 |
Wednesday |
Tennessee voluntary Banking Holiday. American Bank and Trust,
Chattanooga National and Hamilton National remain open for
business but did not accept checks from banks that were
closed. |
| 3/2/33 |
Thursday |
Chattanooga National announces it will observe the
banking holiday. |
| 3/2/33 |
Thursday |
Rumors of New York banks going out.
American National removes all of it's cash, nearly 3 million out of
the vault and stacks it in plain sight at each tellers' desk. Any
lingering doubts about American's liquidity were promptly resolved
in the bank's favor. |
| 3/4/33 |
Saturday |
New York and Illinois banks declare holiday. On his last day in
office President Hoover said "We are at the end of our
string. There is nothing more we can do."
President Roosevelt inaugurated. |
| 3/6/33 |
Monday |
Roosevelt halts currency, silver or gold payment. Bankers required
to turn in names of suspected hoarders. |
| 3/8/33 |
Wednesday |
Chattanooga Clearing House ordered similar $1, $5 & $10 Depression Scrip for
Hamilton NB, Chattanooga NB, and American Trust from Brandon Printing Co. |
| 3/10/33 |
Friday |
Chattanooga banks issue script. Chattanooga National, Hamilton
National and American Bank and Trust. American Bank and
Trust joins Federal Reserve System |
| 3/14/33 |
Tuesday |
Banks across the country as well as Chattanooga that had been
audited and approved begin to open.
Chattanooga National
approved to open but later approval withdrawn by the Federal Reserve.
Chattanooga National Bank closed and put in receivership.
Eventually paid 108% of claims of 1st National and 88% of claims
of Chattanooga National. |
