The Lubbock Centennial 1909-2009 - presented by The Lubbock Avalanche-Journal
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Proclamation by governor closes banks in city, state

1933 Along with practically every hamlet and city in Texas, Lubbock today is without banking facilities, due to a proclamation issued late Thursday afternoon by Governor Miriam A. Ferguson, calling for a five-day financial moratorium.

A survey of the South Plains territory, made hurriedly last night by long distance telephone, disclosed that the South Plains generally was in the same position as Lubbock. Officials of 19 banks in this territory, contacted by Lubbock bankers, announced that they, too, would observe "the holiday."

At a meeting of local and territorial bankers held Thursday night at First National Bank, every banker present expressed surprise at the unexpected action of Governor Ferguson. The bankers also pointed out that no moratorium was needed in this area, that they were closing only to co-operate with the statewide move and that the banks of the city and section are generally in better condition today than they have been over the period of the last two years.

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