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On March 15, 1933, the first day of stock trading after the extended closure of Wall Street, the Dow Jones Industrial Average gaining 8.26 points to close at 62.10; a gain of 15.34%. As of October 2024 [update] , the gain still stands as the largest one-day percentage price increase ever .
After the closing of banks nationwide in early March 1933, press reports and public statements by Congressional leaders suggested banks might be nationalized or the existing system of "dual banking" might be eliminated through federal legislation, or even a Constitutional amendment, to prohibit state chartering of banks.
Sen. Carter Glass (D–Va.) and Rep. Henry B. Steagall (D–Ala.-3), the co-sponsors of the Glass–Steagall Act. The sponsors of both the Banking Act of 1933 and the Glass–Steagall Act of 1932 were southern Democrats: Senator Carter Glass of Virginia (who by 1932 had served in the House and the Senate, and as the Secretary of the Treasury); and Representative Henry B. Steagall of Alabama ...
A Chemical Bank advertisement boasted "On Sept. 2 our bank will open at 9:00 and never close again." [33] Chemicals' ATM, initially known as a Docuteller was designed by Donald Wetzel and his company Docutel. Chemical executives were initially hesitant about the electronic banking transition given the high cost of the early machines.
The Federal Reserve Bank of Atlanta opened the discount window to solvent member banks which had illiquid securities and needed liquidity. Banks under the Atlanta Fed had a lower failure rate than those under the St. Louis Fed, lending credence to the theory that the panic was largely an issue of liquidity rather than solvency.
In December 1983, Mathews robbed a Seattle bank of $25,952. "Order members understood bank robbery—and later, armored car robbery—as a way to both fund their war on the state and to target ...
President Roosevelt issued Executive Order 2039, declaring a nationwide "bank holiday", temporarily closing every bank in the United States and freezing all financial transactions. The 'holiday' ended on March 13 for the 12 federal reserve banks, and by March 15 for all banks, which then had to apply for a license. [3]
Over the last year, several news outlets -- including CBS and The New York Times -- have run stories sharing the stories of banking customers who had their bank accounts suddenly closed. The...