gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ac672ddce38d27a3
Response Measures
None
Description
Banks reopened under a limited-payment plan (daily/weekly cash limits).
Events (4)
1.June 11, 1904Chartered
Source
historical_nic
2.October 28, 1907Suspension
Cause
Government Action
Cause Details
Acting governor declared a legal holiday because western correspondents (Kansas City, St. Louis) refused to forward cash, forcing temporary suspension to prevent runs.
Newspaper Excerpt
Acting Governor Filson issued a proclamation closing the banks of the territory for six days.
Source
newspapers
3.November 2, 1907Reopening
Newspaper Excerpt
Guthrie Banks Re-open... reopened for business under the limited payment plan.
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.
# 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.
5.October 30, 1907The Salt Lake HeraldSalt Lake City, UT
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Article Text
# Bank Holiday in Oklahoma Forced by New York Situation.
Guthrie, O. T., Oct. 29. -Acting Governor Filson today made a statement as to the actual conditions which prompted him in issuing a proclamation providing for six legal holidays. The statement follows:
"The issuance of a proclamation yesterday by the acting governor of Oklahoma making the period between Oct. 28 and Nov. 2 legal holidays whereby Oklahoma banks temporarily may suspend business, was due primarily to the present policy of New York banks. The latter, by refusing to furnish currency to western correspondents forced, through clearing house associations, the banks of Kansas City, St. Louis and Wichita, reserve centers for Oklahoma banks, to decline to furnish currency to interior banks or pay cash to patrons in person or to make cash credit cr bills of lading. Oklahoma at this time is in the midst of a cotton harvest, which requires large sums of immediate cash. The handling of this cotton crop without being able to draw upon their reserve centers for necessary funds meant disaster to every bank in Oklahoma that attempted to accommodate all its customers, as the slightest wavering would have caused the withdrawal of deposits by customers already alarmed by conditions in the east.
Requested by Bankers.
"In view of the threatening aspect of the situation, the clearing houses of Guthrie, Oklahoma City and Shawnee, and many bankers in Oklahoma requested the issuance of a gubernatorial proclamation for a six-day holiday, or until earlier revoked by executive order, to enable the Oklahoma banks to protect themselves until money began moving westward in sufficient amounts to permit their reserve centers to transact business on a normal basis. The proclamation was issued under section 2797, statutes of Oklahoma, which permits the governor of the territory to fix such holidays as he may deem desirable.
"The proclamation seems to be giving confidence instead of causing possible uneasiness. I believe the situation will speedily adjust itself, as both the citizens and banks of Oklahoma are in a highly prosperous condition.
(Signed) "CHARLES H. FILSON, "Acting Governor."
Reports received here from all parts of Indian Territory and Oklahoma to-
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.
7.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.
8.November 1, 1907Santa Fe New MexicanSanta Fe., Santa Fe, NM
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Article Text
MEETING OF CABINET TODAY Financial Situation Chief Topic Discussed CONDITIONS GRATIFYING No New Action on Part of Government Warranted at Present. Washington, D. C., Nov. 1.-President Roosevelt was in consultation with the cabinet three hours today. In that length of time the financial situation was discussed and it was stated that the satisfactory conditions at the present moment warranted no new action on the part of the government. Country at Large Not Dependent On Wall Street. New York, Nov. 1.-Senator Francis E. Warren of Wyoming, who has just returned from abroad, was greatly interested in the recent financial disturbance when he landed. He said he believed there was no occasion for any alarm as the recent troubles were merely caused by the swinging back of the pendulum. "These panics cannot hurt the country," said the Senator, "I have noticed that the country after such financial depression is much stronger than it was before. The fundamental industries of the nation are never shaken by these conditions. I am not advocating any idea to take the powers or rights away from the states but I do think something stronger than state control is necessary to govern the trust companies. These companies should have at least twenty-flve per cent of their funds in reserve but we find when an upheaval comes that some of them have only five per cent. Oklahoma Banks to Re-Open Monday. Guthrie, Okla., Nov. 1.-Four hundred bankers, representing the Oklahoma and Indian Territory Banking associations, in convention in the ashere on a re. last sembly night, rooms agreed of the Ione plan hotel to open all banks early next week. Oklahoma and Indian Territory banks, which have been closed since Monday last, under the legal holiday plan of Acting Governor Charles Filson, will re-open for business under the limited payment system not later than the resolutions Monday. adopted This is by the the sense Oklahoma of and Indian Territory Banking Association. The resolutions in part follow: "First. That the banks of Oklahoma and Indian Territory open for business as usual not later than Monday, November 4. "Second. That they do not pay in cash on any account on demand, to exceed $5 in any one day or $15 in any one week, until the shipment of money is resumed from the money centers." Santa Rosa Bank Adopts Clearing House Plan. Santa Rosa, N. M., Nov. 1.-The First notified National its patrons bank that of this until place further has notice depositors will be paid in New York or local exchange instead of currency. The bank officials say this move is necessary on account of being unable to receive from clearing houses curency in settlement of their credits. The First National bank of Santa Rosa is one of the soundest and best managed banks in New Mexico. The present stringency in the eastern money markets has made it most difficult to receive the money due the home bank from its eastern correspondents.
9.November 2, 1907The Topeka State JournalTopeka, KS
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Article Text
Guthrie Banks Re-open. Guthrie, Okla., Nov. 2.-At 1 o'clock yesterday afternoon the five Guthrie banks reopened for business under the limited payment plan, after a four days holiday during which no business was transacted. There were no runs, not even a flurry of excitement. The deposits greatly outnumbered the withdrawals. While there were scores who took advantage of the five dollar a day allowance the currency in each bank was increased by several thousand dollars.
10.November 4, 1907The Guthrie Daily LeaderGuthrie, OK
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Article Text
Guthrie Bankers Extend Thanks to and Laboring Interests We, the bankers of Guthrie, desire to express to the business men, farmers, laborers and to every bank depositor in the territory tributary to Guthrie, our appreciation of their loyal treatment and steadfast friendship during the past week. When on last Monday morning we were notified by our reserve agents in Kansas City, St. Louis. Chicago and New York that no more currency could be sent us until the panie in New York had subsided, we were obliged to follow their plan and suspend business, in order to maintain local stability and protect our customers. The business men immediately averted what might otherwise have become a serious situation by announcing their willingness to accept checks upon Guthrie banks for all accounts and merchandise. Their splendid action has made it possible for business to continue in normal conditions. They met a disagreeable situation with courage and good judgment, and reduced to a minimum the discomfort in business caused by the unexpected tying up of currency. The outlook for a bettering of conditions grows brighter each day. The most propitious aspect of the entire situation is the concerted action on the part of the financial institutions of the entire country showing that the situation is thoroughly understood by the great body of people and that because this understanding and this unanimity of action, the real crisis has been passed and the people of the country have stopped all semblance of to continue in normal condtons. They met a disagreeable appreciation of the meaning of community of interests have bridged the chasm. NATIONAL BANK OF COMMERCE, J. W. McNeal, President. GUTHRIE NATIONAL BANK, U. C. Guss, President. GUTHRIE SAVINGS BANK, A. A. Byers, Cashier. OKLAHOMA STATE BANK, A. R. Eastman, President. LOGAN COUNTY BANK, A. L. Cockrum, President.
11.November 13, 1907Daily Capital JournalSalem, OR
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Article Text
A SPECTACULAR PANIC. The panie broke with full force on the whole country Monday, October 28. On Sunday bankers' conferences were held in every town in the United States. In order to prevent runs on banks the various financial institutions in different cities adopted the clearing house certificate plan which plan was devised to *keep business moving without requiring the banks to pay out all of their cash on hand. Cash payments were everywhere suspended although checks were everywhere suspended although checks were honered to the extent of a small per cent of the individual's dposit. The newspaper dispatches of the day told this story: "New York bankers have engaged about $12,000,000 in gold in Europe. "Bankers' Trust company of Kansas City closed because denied the privilege of issuing clearing house certificates. "Has deposits of $800,000. "All the banks in Oklahoma and Indian territory closed for a we ek by holiday proelamation of gov-ernor because unable to get cash from Kansas City and St. Louis banks. Duluth grain market suspended and elevators advised not to buy grain. Wheat broke 4 cents at Chicago and 4 1/2 at New York and all grain weak. Runs continue on two trust companies and two small banks at New York. "New York stock market opened at an advance." In an tditorial entitled "A Bank Situation Without Precedent," the Omaha World-Herald says: "In the midst of great prosperity several thousand of the leading banks/of/the United States yesterday suspended cash payments. blind undreasions millions of dollars in their vaults belonging to Indn' depositors, pay it out. flow THE UNITED STATES AND STODAME BY SURasw JI jaedqorq ell SHORTI all -nst't as8 Jadi idgin Jast redued [so 10 Juigie vidadoriq beeb need bad edit most bluow one of them on had has basevosalb asdw sholed nave galva djiw TITUD 00183 ed stedw 10 saw ad odw wode -laud Isurioa of Road ajeg NTOY wen sd mont -dorg ebaur at emostuo aidT .8890
12.November 20, 1907The Abbeville Press and BannerAbbeville, SC
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Article Text
# OKLAHOMA BANK HOLIDAYS
Acting Governor Takes Precautions Against a Run.
On Demand of Financiers He Issued Proclamation Closing Institutions of Territory For Week.
Oklahoma City, Okla.--Charles Filson, Acting Governor of the Territory, issued a proclamation declaring a six-day holiday. In consequence, every bank in the city was closed. The proclamation follows:
"Whereas, It appears to the undersigned, Acting Governor of the Territory of Oklahoma, that all of the leading cities of the United States through their clearing house associations have entered into an agreement to protect themselves against conditions which they are apparently unable to control, and by such concerted action are refusing to ship currency to country banks which have deposits with them or to honor the bills of lading drawn upon the banks of such, or to pay checks of customers over the counters; and
"Whereas, Such action makes it impossible for the banks of Oklahoma to meet the immediate demands upon them for currency to pay for the cotton and other products of the Territory; and
"Whereas, Our banks appear to be in a solvent condition; therefore,
"Be it ordained that a legal holiday, extending from October 28, six days, to November 2, be proclaimed.
"CHARLES FILSON,
"Acting Governor."
There has been no uneasiness in this city, and the bankers say the deposits last week were greater than in any previous week in the month. The motive in closing is protection in case of a run. Since the banks here could not get cash from Kansas City in case of unusual demands they considered the risk too great. The banks of this city are carrying many of the small banks of the Territory. They have arranged to issue Clearing House certificates until conditions improve. The banks of the Southwest are further embarrassed because of the demand for cash to move the cotton crop. It is said that many bankers of Oklahoma, Indian Territory, Arkansas and Northern Texas were in consultation by telephone early in the morning, and that all decided on similar action.
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.
