gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f5ed0b1e728460a5
Response Measures
None
Events (4)
1.December 14, 1898Chartered
Source
historical_nic
2.October 28, 1907Suspension
Cause
Government Action
Cause Details
Acting governor issued a proclamation/legal holiday closing all banks because correspondent banks in Kansas City and St. Louis refused to forward cash.
Newspaper Excerpt
Acting Governor Filson today issued a proclamation closing the banks of the territory for six days.
Source
newspapers
3.November 2, 1907Reopening
Newspaper Excerpt
The banks of this city opened this morning on a limited payment plan.
OKLAHOMA BANKS CLOSE DOORS ON ORDER Oklahoma City, Okla., Oct. 28.Every bank in this city is closed today on orders of Acting Gov. Charles Filson and it is said that the order will be in effect for the rest of the' week. Bankers of the city are in session at the Chamber of Commerce. Order astounded bankers as there had been no uneasiness felt here, and all local banks are considered of strong financial condition. The people of the city and the rural districts have plenty of money Frantz Takes Precaution. Mr. Filson issued a proclamation closing banks of the territory for one week on demand of bankers. Action was taken because banks of Kansas City and St. Louis refused to forward cash to banks of the southwest. It is said that a consultation of bankers of Arkansas, Oklahoma, and northern Texas took place this morning over the telephone and that all have decided to act in accordance with the order issued by Acting Gov. Filson in Oklahoma. Closing is for purpose of protecting banks in case of run. KANSAS CITY BANK SUSPENDS BUSINESS. Kansas. City, Mo., Oct. 28.-The Bankers Trust company with deposits of $800,000. closed this morning. Cashier J. C. Hughes said that they had decided to close temporarily because clearing house association has refused to extend it the privilege granted thirty other leading banks here of association in issuing clearing house certificates. COMPANY WILL GO INTO LIQUIDATION The Bankers Trust Co. will go into liquidation. The concern has been planning liquidation for several weeks and under ordinary conditions would have been able to do so without loss to any one. Statement of condition at the close of business Saturday night shows loans and discounts $658,701; stocks and bonds $598,581; cash and sight exchange $114,547; deposits $798,245. There was but $8,000 cash on hand when the bank opened this morning.
Oklahoma Banks Close for Week.
Oklahoma City, Okla., Oct. 28.-Acting Governor Filson today issued a proclamation closing the banks of the territory for one week, on demand of the bankers. This action was taken because the banks at Kansas City and St. Louis refused to forward cash to the banks of the southwest.
Concerted Action Taken.
It is said that a consultation of the bankers of Oklahoma, Indian territory, Arkansas and northern Texas by means of the telephone took place during the early hours today, and all have taken similar action. The closing is for the purpose of protecting the banks in case of a run.
OKLAHOMA BANKS ALL CLOSED Acting Governor Declares Legal Holiday for Six Days to Protect Institutions in Event of Run. [By Morning Journal Special Leased Wire.] Oklahoma City, Oct. 28.-Acting Governor Filson today issued a proclamation closing the banks of the territory for six days. The action, which was taken on the advice of the bankers of Oklahoma, was due to the refusal of the banks of St. Louis and Kansas City to forward cash to the banks of the southwest. The closing of the banks is for the purpose of protecting them in the event of a run. All of the financial institutions of the territory are reported to be in excellent condition.
ACTION OF ACTING GOVERNOR SURPRISE TO GOV. FRANTZ Washington, Oct. 28.-"It was a surprise to me," said Governor Frantz. of Oklahoma, tonight in speaking of the action of acting Governor Filson in issuing a proclamation declaring a legal holiday of six days and the closing of the banks of the territory as a result. Acting Governor Filson notified Governor Frantz of his action by telegraph late today. "I have been away from Oklahoma for several days," said the governor, "and therefore I am not familiar with the financial situation there as I otherwise would be, but I am satisfied that the acting governor took the step on the advice of the bankers there. "I do not see how it can injuriously affect the railroad or cotton business, as seems to be feared on the New York exchanges. The closing of the banks simply protects them against any run that might be made on them, and can be revoked at any time." Governor Frantz called at the treasury department and discussed the financial situation in Oklahoma with Secretary Cortelyou, who expressed no concern over the closing of the banks in Oklahoma.
5.October 29, 1907The Pacific Commercial AdvertiserHonolulu, HI
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Article Text
FINANCIAL TROUBLE HAS NOW REACHED THE PACIFIC COAST (Associated Press Cablegrams.) SAN FRANCISCO, October 29.-The stringency in money has reached the Pacific Coast. All the banks here have decided to use clearing-house certificates and to issue no cash except for the purpose of allowing their customers to meet payrolls and for other urgencies. OREGON ASKS FOR TIME. PORTLAND, Oregon, October 29.-The bankers have requested Governor Chamberlain to declare five days holidays in order to allow them to get into a position to meet whatever demands may be made upon them. NEW YORK BACK TO NORMAL. NEW YORK, October -Business on Wall Street is resuming normal conditions. TWELVE MILLIONS IN GOLD COIN. NEW YORK, October 28.-Twelve millions of gold have been engaged for importation to relieve the financial situation. Stocks have advanced under the influence of the efforts to relieve the market. NEVADA RECOVERING. RENO, Nevada, October 28.-All banks of the State that were able to do so opened today. The doors of the Goldfield State Bank and Trust Company and the Nye Ormsby Bank were not opened. Confidence prevails that quick recovery will be made. NEW STATE WITHOUT BANKS. OKLAHOMA CITY, October 28-The Governor has closed all banks of the Territory for a week. KANSAS CITY BANK SMASHES. KANSAS CITY, October 28.-The Bankers Trust Company has suspended. PITTSBURG STILL AFFECTED. PITTSBURG, October 28.-The Stock Exchange remains closed on account of the unsettled financial situation.
6.October 29, 1907Americus Times-RecorderAmericus, GA
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Article Text
Governor Closes Banks OKLAHOMA CITY, OKLA., October 28.-(Special)-Every - bank in the city remained closed today by orders of Territorial Governor Frantz. As banks Kansas City and St. Louis refused to forward currency or coin, it was feared that a run might be precipitated.
# SIX DAY HOLIDAY.
Acting Governor of Oklahoma Takes Step to Protect Bankers.
WASHINGTON, Oct. 29. "It was a surprise to me," said Governor Frantz of Oklahoma in speaking of the action of Acting Governor Filson in issuing a proclamation declaring a legal holiday of six days and the closing of the banks of the territory as a result. Acting Governor Filson had notified Governor Frantz of his action by telegraph.
"I have been away from Oklahoma for several days," said the governor, "and therefore I am not as familiar with the financial situation there as I otherwise would be, but I am satisfied that the acting governor took the step on the advice of the bankers of the territory. The small country banks have large deposits in St. Louis and Kansas City, and the action of those banks in refusing to ship any currency to the country banks of Oklahoma makes it almost impossible for the latter to handle their business.
"I do not see how it can injuriously affect the railroad or cotton business, as seems to be feared on the New York exchanges. There is no reason why it should. The closing of the banks simply protects them against any run that might be made against them. However, if it is found that the holiday order results in stagnation of business it can be revoked at any time."
Governor Frantz called at the treasury department and brought Acting Governor Filson's telegram to the attention of Secretary Cortelyou.
Governor Frantz said, however, that Secretary Cortelyou did not express any concern over the closing of the banks in Oklahoma.
On Banks of Oklahoma and Neigh-
boring States And They
Close Up.
# ORDER BY THE GOVERNOR
City Banks Refuse to Forward Cash
And The Supply on Hand
is Low.
[By Associated Press.]
OKLAHOMA CITY, Oct. 28.-Ev-
ery bank in Oklahoma and Indian
Territory remained closed today in
accordance with the orders of Ter-
ritorial Governor Frantz.
It is said a telephone consulta-
tion by many bankers of Oklahoma
the Indian Territory, Arkansas and
Northern Texas was held this morn-
ing and all decided upon similar-act-
ion.
The action was taken because the
banks of Kansas City and St. Louis
refused to forward cash to the
banks of the southwest. Since the
banks could not get cash in case of
a run, they considered the risk too
great.
9.October 31, 1907The Weekly CorinthianCorinth, MS
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Article Text
All banks in Oklahoma are closed by order of Acting Governor Chas. H. Tilson to prevent possibility of disastrous runs.
GOVERNMENT SHUTS TERRITORY BANKS TIGHT St. Louis and Kansas City Refuse to Foward Money to Them. LONDON GOLD IS SENT United States Takes All Available From World-MetropolisNew York Tension Lessened. Oklahoma City, Oct. 29.-Every bank in Oklahoma City remained closed today in accordance with orders issued by Territorial Governor Frantz. It is understood the order affects all the national banks in Oklahoma and Indian Territory. The action was taken because the banks of Kansas City and St. Louis refused to forward cash to the banks of the southwest. It is said a telephone consultation of many bankers in Oklahoma, Indian Territory and Texas took place early today and all decided upon similar action. New York, Oct. 30.-The principal events in the financial district Monday indicated that the worst of the crisis was over and that conditions were settling down to normal. There were no further bank suspensions, and reports were favorable for the resumption of most of the banks, which closed temporarily last week. The engagement of $18,750,000 in gold from Europe for importation to New York was followed by the sensational announcement of sales of American copper abroad which will further increase the tide of foreign money to this country to an aggregate of over $25,000,000. This, with the rapid rise of good securities on the stock exchange, in some cases as much as 4 and 5 per cent, and the policy of the trust companies not to pay currency for hoarding purposes, all contribute to strengthen the feeling in banking circles and amone the nuh.
OKLAHOMA BANKS RESUME BUSINESS Oklahoma City, Nov. 2.-The banks of this city opened this morning on a limited payment plau. There was no evidence of a. run and the deposits exceeded all withdrawais.
12.November 2, 1907Santa Fe New MexicanSanta Fe., Santa Fe, NM
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Article Text
This Amount Contractedforb by New York Banks IMPROVEMENT CONTINUES Enormous Dividends Distributed By Trust Companies --Alarm Subsides. New York, Nov. 2.-Engagements of gold for importation to the United States necessitated by the recent period of money stringency in this country are approaching the thirty million dollar mark. Banks and trust companies of this city today distributed seventy-five million dollars, representing the stock dividends and the interest on bonds. This is the largest distribution in New York in the history of the country. The statement of the Clearing House banks for the week shows that they held $38,838,825 less than the requirements of twenty-five per cent reserve rule. This is a decrease in the cash reserve surplus of $37,605,525 compared with last week's statement Banks to Increase Their Circulation. Washington, Nov. 1.-The treasury officials agree that the financial situation is distinctly improving and re. ports today from the financial centers were of a reassuring character. News of the opening of banks in Oklahoma was received with satisfaction. There is said to be an abundance of evidence that the fear of more serious conditions, is subsiding. National banks in all parts of the country are arranging to increase their circulation. Oklahoma City Banks Re-Open. Oklahoma City, Nov. 2.-The banks of this city opened this morning on a limited payment plan. There was no evidence of a run and deposits exceeded the withdrawals. Federal Aid Extended San Francisco Banks. San Francisco, Nov. 2.-The government has come to the assistance of the San Francisco banks by expediting the shipment of coin to the Pacific coast. A sum said to be in the neighborhood of ten million dollars will be transferred from the sub-treasury here to the banks and federal bonds will be deposited at the same time in the sub-treasury at New York as security. Pittsburg Adopts Script System. Pittsburg, Nov. 2.-Checking by script system which was decided upon here yesterday is in general use today by members of the Clearing House Association. It is believed the business men and employes will accept this plan, which will insure the steady operation of the great industrial establishments in the Pittsburg district. The enormous pay rolls of seven million dollars weekly had to be met and much anxiety existed among local bankers owing to the present money stringency. Under the system inaugurated every employe will be paid with checks of five, ten, fifteen and twenty dollars denominations, smaller sums being paid in cash. The business men are expected to accept these checks the same as currency.
Oklahoma Banks Resume.
Oklahoma City, Okla., Nov. 4.-The banks of this city have resumed business on the limited payment plan advised by the Bankers' association of the two territories at their meeting held in Guthrie Thursday night. There was no evidence of run. The deposits received were greatly in excess of the amount withdrawn.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
