Farmers State Bank (Gage, OK)

Episode Information

Episode UID
86040871477
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
8604087 routing
Routing Number
86-0408
Start Date
January 26, 1923
Location
Gage, Oklahoma (36.316, -99.758)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
53ba5c928a4ba7b7

Response Measures

None

Events (3)
1. January 26, 1923 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors spread that Farmers State Bank had large balances in the failed Central Exchange Bank of Woodward, triggering withdrawals.
Measures
Bank decided to close doors temporarily until arrangements could be made to protect depositors.
Newspaper Excerpt
Since the failure of the Central Exchange Bank of Woodward... started a rumor that the bank could not pull thru This started a run on the bank.
Source
newspapers
2. January 27, 1923 Suspension
Cause
Rumor Or Misinformation
Cause Details
Run triggered by rumors about exposure to the Central Exchange Bank at Woodward forced the bank to close its doors.
Newspaper Excerpt
Three banks in Oklahoma towns failed to open for business today... the Farmers State Bank of Gage
Source
newspapers
3. March 15, 1923 Reopening
Newspaper Excerpt
the Farmers State Bank of Gage on March 15, with all other banks in north-west Oklahoma having been able to stand the storm... the banking condition is in good shape
Source
newspapers

Newspaper Articles (3)
1. January 27, 1923 Drumright Weekly Derrick Drumright, OK
Article from Drumright Weekly Derrick, January 27, 1923

Click image to open full size in new tab

Article Text

KIOWA, GAGE AND FOSS CENTERS OF MONEY DISASTER Woodward Debacle Drags One Down—Run Yesterday Ruined Foss Bank By the Associated Press Oklahoma City, Jan. 27.—Three banks in Oklahoma towns failed to open for business today, according to reports received at the offices of the state bank commissioner here. They are the First National Bank of Kiowa; the Farmers State Bank of Gage and Foss State Bank at Foss. The bank of Gage, in Ellis County was capitalized at $15,000 and had a deposit Dec. 20 of $225,000. It is said at the office of the bank commissioner that this bank had a large balance in the Central Exchange Bank at Woodward, which was closed recently. The Foss bank has a capitalization of $15,000 and deposits Dec. 19 of $71,000. S. B. Green, president, in advising the bank commissioner of the closing said that a run was started yesterday which forced the action. Foss is in Wichita county. At the office of the bank commissioner it was said that both the Kiowa and the Foss banks are correspondents of the Southwest National bank of this city, which consolidated this week with the First National bank here.

2. February 1, 1923 Ellis County Advocate Gage, OK
Article from Ellis County Advocate, February 1, 1923

Click image to open full size in new tab

Article Text

THE FARMERS STATE BANK CLOSES IT'S DOORS Since the failure of the Central Exchange Bank of Woodward. A number of people knowing that the Farmers State Bank had a large balance in the defunct bank, started a rumor that the bank could not pull thru This started a run on the bank. Mr. Holt seeing that they could not hold out much longer decided to close the doors until some arrangements could be made with which to go ahead and do business without any loss to its depositors. A business meeting was called Friday morning at ten o'clock with about one hundred people present and the conditions of the bank were discussed. A number of talks were made and a vote taken to see how many present would stand behind Mr. Holt, leave their money in the bank and get along with just what they absolutely needed until the conditions of the Central Exchange Bank at Woodward could be straightened out and we are proud to say there was not a single member present but what readily approved of the suggestion. Now let us all get together and back this to the finish for we can all see what a hardship it works on our little town to be without a bank.

3. March 16, 1923 Woodward Democrat Woodward, OK
Article from Woodward Democrat, March 16, 1923

Click image to open full size in new tab

Article Text

BANKING SITUATION In North-west Oklahoma, since the opening of the Bank of Woodward on March 10, and the Farmers State Bank of Gage on March 15, with all other banks in north-west Oklahoma having been able to stand the storm of fear that was scattered broad-cast by many misstatements in the press by ill advised reporters since January 16, when the Central Exchange Bank at Woodward closed its doors, the banking condition is in good shape and everyone of the banks—State or National—are in a good, healthy condition, and will be able to handle the business of this section, which promises to be large, as the business develops. The creation of a bank panic is, under our system, easy, as evidenced by the panic of 1907, which closed for thirty days or more, every bank in the United States, as well as the Exchanges. Stopping a panic, when once started, is like trying to extinguish a conflagration without trained firemen, or an adequate water supply. A few days after January 16, we saw heroic work done by the Governor of Oklahoma, the State Bank Commissioner and his able assistants, who worked night and day to prevent a panic, and with the help of the sturdy citizens of North-west Oklahoma, they succeeded, and today, the banking situation is much better than it has been at any time during the period of unrest, brought about by the deflation of credits and prices of crops by the ill advised action of the Governor of the Federal Reserve Board.