Banks are re-opened following holidayThe following appeared in the Rock County Herald on March 17, 1933: Both Luverne Banks and Three State Banks in Rock County open for unrestricted businessIncrease in deposits bespeaks confidenceMore than $40,000 net increase in deposits in Luverne Banks — much gold and gold certificates."Luverne’s two banks — the Luverne National bank and the Rock County bank — and three of the other six state banks in the county — the Kenneth State bank, the Beaver Creek State bank, and the Exchange State bank of Hills, re-opened their doors for unrestricted business Wednesday morning, under a proclamation by Pres. Roosevelt ending the nation-wide bank holiday. The Hardwick State bank, the Kanaranzi State bank, and the Magnolia State bank, also received permission from J.N. Peyton, state superintendent of banks, to re-open under the same conditions, but at meetings of the directors of these banks, following receipt of the notice, it was decided to defer opening for at least a few days. Local conditions are said to have influenced this action, the directors feeling that inasmuch as the banks were closed the time was opportune for effecting changes which would prove beneficial to their respective institutions. The license granted them to open remains in force, and business will be resumed as soon as the changes desired can be made. Coincident with the notice sent to the banks, the Rock County Building and Loan association also received its license from Superintendent of Banks Peyton authorizing it to resume business in accordance with President Roosevelt’s proclamation. The re-opening of the five banks above named was marked by a big rush of business, not alone as a result of the 11-day holiday, but by striking evidences of the restored confidence of the public in the soundness of the general banking conditions. Evidence of this confidence is clearly disclosed in the fact that the net increase in deposits in the two Luverne banks aggregated about $40,0000 for the two days. In addition to the deposits made following the opening of the banks Wednesday morning, a large quantity of gold and gold certificates were turned into both banks during the preceding days when the banks were open for restricted business. The in-flow of gold was in response to the anti-hoarding order of President Roosevelt, and more than $10,000 in gold and gold certificates was received by the Luverne banks and forwarded to the Federal Reserve bank in Minneapolis. License to re-open the Luverne National bank was received from the Federal Reserve bank under orders from Sec. Woodin at Washington, while the license to the state banks came from J.N. Peyton, state superintendent of banks, who had been authorized by the treasury department to regulate the opening of all state banks." Donations to the Rock County Historical Endowment Fund can be sent to the Rock County Historical Society, P.O. Box 741, Luverne, MN 56156.Mann welcomes correspondence sent to mannmade@iw.net.
