Simmons National Bank (Pine Bluff, AR)

Episode Information

Episode UID
668001294
Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
66800 national
Charter Number
6680
Start Date
October 30, 1907
Location
Pine Bluff, Arkansas (34.228, -92.003)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
137136d9dd657f7c

Response Measures

None

Description

Banks limited cash payments via the Pine Bluff Clearing House on Oct 30, 1907; measure is a temporary suspension of full cash payments.

Events (2)

1. March 20, 1903 Chartered
Source
historical_nic
2. October 30, 1907 Suspension
Cause
Macro News
Cause Details
Systemic financial panic of October 1907 prompted the Pine Bluff Clearing House to limit cash payments to $50 per depositor per day.
Newspaper Excerpt
it was ordered that until further notice all the banks of the Pine Bluff Clearing House Association would limit the payment IN CASH on checks over their counters to fifty dollars per day for each depositor
Source
newspapers

Newspaper Articles (2)

Article from The Laramie Republican, October 28, 1907

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Article Text

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.


Article from Pine Bluff Daily Graphic, October 31, 1907

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Article Text

TO THE PUBLIC. Pine Bluff, Ark., Oct. 30, 1907. At a meeting of the Pine Bluff Clearing House Association it was decided advisable to provide for Pine Bluff the same measures of safety that have been adopted by the Clearing Houses of New York, Chicago, St. Louis, Memphis, New Orleans and Little Rock, and in accordance with the uniform rule adopted in those cities it was ordered that until further notice all the banks of the Pine Bluff Clearing House Association would limit the payment IN CASH on checks over their counters to fifty dollars per day for each depositor All checks issued by depositors for any amounts and deposited in other banks will be paid promptly through the Clearing House. This method of handling the city's business will enable the banks to make available their balances in reserve cities. As this plan has given general satisfaction in the larger cities, it is hoped our people will cheerfully cooperate with the banks in maintaining business in our midst. The Clearing-House Association is prepared to take all needful steps to fully protect the depositors, business interests, and the banks, and the sevenclearing house banks are pledged to maintain the banking interests of our city. Conditions in New York are improving daily and we think matters will be normal in a few days. All amounts deposited in cash will be subject to withdrawal in cash equal to the amounts so deposited. We ask your co-operation. PINE BLUFF CLEARING HOUSE ASSOCIATION. Composed of the following banks: Citizens Bank, Bank of Pine Bluff. Simmons National Bank, Cotton Belt Savings & Trust Co., Merchants & Planters Bank, Pine Bluff Trust Co., Peoples Savings Bank & Trust Co.