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BANK RECEIVER TO MOVE FAMILY HERE J. A. Murphy, receiver for the First National bank, is planning to move his family here from Enid for the summer. Mrs. Murphy was in Alva today looking for apartments and was preparing to move here during Mr. Murphy's stay.
SEVENTEEN STATES CHECK RUNS ON BANK Seven More Join Movement to Restrict Withdrawals of Deposited Moneys THREE AND FOUR DAYS TO BE TEMPORARY HOLIDAYS Situation Easing in Some States as Legislatures Planned Curb Laws Mississippi, Arizona, Nevada and in Oregon today joined the states. which there are limitations placed on the withdrawals of deposits from banks. in which limitations on withdrawals now exist. The proclamation of Gov. Ralph at San Francisco makes mandatory the closing of California banks (or three-day period ending Saturday The three-day holiday called Gov. Murray in Oklahoma for same period also is mandatory. The of Gov. Allen of Louisiana provides for the sation until the end of the week "all public business including Banks and other public enterprises." Mississippi the decree of state banking called only (Continued On Page Two)
Lone Wolf Open But Just 'Changing'; Others Closed CITY. Mar. Extension of Oklahoma's bank day until Wednesday was recommended today by Bank Commiss sioner J. Barnett as the state government placed legislative and executive protection over the 453 Oklahoma banks and their depositors. The first flurry of excitement over, following Gov. W. H. Murray's three-day bank moratorium proclamation, state officials pared new stabilizing bill. Assurance of safety both banks and depositors was the keynote of the situation in Oklahoma. The unusual spectacle of such great confidennce is local banks that the institutions remained open today in the face of heavy demands occasioned by the state wide holiday was enacted at Idabel, Durant, Enid, Valliant and Alva. Bankers in these communities declared their situations so sound they saw no need of inconveniencing depositors. The redrafted bill authorizing the bank commissioner to banks under a plan of restricwithdrawals was being drawn up. The senate was prepared to suspend all other and send bill through its first stage. Preparing for immediate action, Speaker Tom Anglin called the house into session this morning without waiting for the scheduled m. meeting time. The bank holiday was declared, Murray explained, to give the islature time to enact lieve the proposed bill the bank commissioner sweeping power delay payment of deposits all banks, trust companies, savings banks and segregate deposits from old deposits, with no restriction on the new deposits. The bank virtual dictator over financial stitutions with emergency author needed rules and ity to adopt any daily reports. require SIXTEEN STATES HOLIDAYS TODAY BANK to restrict with. The movement of bank deposits spread drawals rapidly through the south and west last night and today states operated under decrees for bank holidays. CaliforMississippi, Oklahoma, nia, Arizona, Nevada and Oregon ordered brief bank holidays to give time for legislatures to draw withdrawals legislation limiting deposits. Louisiana went farther by orderholiday for all iness. The New Orleans cotton cotton market change, largest was closed. the country, Executives announcing the new holidays for forcing the other states restructions by placing tension of banks which unusual strain on an to continue business sought mally. ONE BANK IN ONLY STAYS OPEN COUNTY The First National bank at Lone Wolf was the only banking tution in Kiowa county which mained open today, and was just "making change," according made by the Demosurvey Banks here, at Mountain Cooperton, Mountain View and Snyder were all closed, was the one at Rocky. OREGON TOO Ore., Mar. Governor Meier today declared three-day legal holiday state Oregon starting continuing through
Guardsmen Close Oklahoma Bank ENID (Okla.). March national guardsmen to-day closed the First National Bank of Enid, which had declined Governor Murray's mandatory banking holiday. SOLONS ACT. OKLAHO CITY March The Oklahoma house of representatives to-day to the administration bill to permit the state bank missioner restrict withdrawals from state banks, under moratorium.
Banks in One State Remain Open During the Holidays Delaware Decides Not to Join in Nearly General Restrictions on Withdrawals. NEW YORK, March United States neared complete stoppage at the close business hours Saturday states moved deposits. One remained unafThe denied the alarm they presence findneighboring National officials. both incoming and toward easing situation from several angles. Stock in York. Chicago other voted holidays respective Canadian remained foreign currency, Brussels Amsterdam Banking various states. eight others periods limit was placed on per restrictions confined to only few were In isolated cases banks remained despite Enid. Okla the First National which had refused recognize Gov William H. Murray's States marched swiftly toward form closing after holidays clared, during morning hours, New York and banking North William Langer temporary banking temporary moratorium on indebtedness kinds. states in which holidays for various Wash ington, Montana. Oregon. California Nevada. Utah. Arizona. New Mexico. Oklahoma, Texas TennesAlabama York Maryland New Jersey Island. Hampshire Maine South Dakota Dakota Colorado, Arkansas and South Carolina. and requested" reduce by 50 per cent. salaries officials ployes banks restricting withdrawal.
One state, Delaware remained unaffected. The governors of several others denied the presence of alarm as they declared holidays, most of them finding their action necessitated by the situation in neighboring sovereignties. National officials, both incoming and outgoing, moved toward easing of the situation from several angles. Stock and commodity exchanges in New York, Chicago and other points voted to close for the duration of the holidays in their respective states. Canadian exchanges remained open. The London Exchange suspended transactions in foreign currency, as did Brussels and Amsterdam. Banking was suspended for various periods in 36 states. In eight others a limit of 5 per cent. was placed on all withdrawals, and in two restrictions were confined to only a few banks. In isolated cases banks remained open despite declared holidays, notably in Pittsburgh. At Enid, Okla., a detachment of National guardsmen was sent to close the First National bank, which had refused to recognize Gov. William H. Murray's mandatory holiday. States marched swiftly toward uniform closing after holidays were declared, during the early morning hours, in New York and Illinois—the nation's banking centers. A new angle was introduced in North Dakota when Gov. William Langer not only declared a temporary banking holiday, but also a temporary moratorium on indebtedness of all kinds. The states in which holidays were on, for various durations, were Washington, Montana, Oregon, California, Idaho, Nevada, Utah, Arizona, New Mexico, Nebraska, Oklahoma, Texas, Minnesota, Iowa, Missouri, Louisiana, Wisconsin, Illinois, Michigan, Tennessee, Alabama, Georgia, New York, Pennsylvania, Maryland, New Jersey, Connecticut, Massachusetts, Rhode Island, Vermont, New Hampshire, Maine, South Dakota, North Dakota, Colorado, Arkansas and South Carolina. ILLINOIS BANKS ORDERED TO CLOSE FOR THREE DAYS CHICAGO, March 4 (AP).—A general three-day bank holiday affecting all Illinois banks was ordered early Saturday after an extended conference between leading Chicago financiers and Gov. Henry Horner. Melvin A. Traylor, president of the First National bank, made the announcement. The order will be in effect Saturday, Monday and Tuesday. Traylor said that the three-day closing order is mandatory upon all banks in Illinois by virtue of a proclamation signed by Gov. Horner. The proclamation said that the banks must reopen Wednesday, March 8, but that withdrawals may be limited to 5 per cent. during the following eight days. A statement by Gov. Horner said: "For the past several days I have been in constant conference and communication with representatives of the banks of Illinois in an effort to determine upon the best course of action in the present emergency. It has been hoped and believed that, in spite of bank holidays in states surrounding Illinois and throughout the country, the banks of this state would be able to withstand the strain that has been placed upon them. This was my viewpoint until this hour. "Friday I issued a statement to the effect that a bank holiday did not seem to be necessary in Illinois at that time. The greatest effort has been made to avoid such a necessity. The banks in Chicago alone have paid out more than $350,000,000 in the past two weeks in an effort to stem the tide. It has also been expected that the national government might take some general action, but no word in that regard has been received by me. The picture has materially changed since Friday. "Finally, after a day of unprecedented withdrawals from the banks of this state, and at the request of the Chicago Clearing House banks and the Illinois Bankers' association and with the approval of the Federal Reserve Bank of Chicago, I now deem it essential to the welfare of our citizens, and necessary for the protection of depositors who have not withdrawn their funds, to declare the bank holiday referred to in my proclamation this day issued." The Federal Reserve bank of Chicago joined the holiday and no gold was exchanged Saturday. It was said it would not reopen "until conditions warrant."
SAN ENID. Okla., March Francisco bankers, meeting the Governor Murray, Clearing House Association, today closed the First National Bank, voted petition Governor Rolph whose officials abide extend his legal holiday. the Governor's detachment field artilunder which banks were closed lerymen under Captain Thursday, until Monday night. England took charge bank McIntosh. president of the premises few mements after the explained that this Governor's executive military order issued action was prompted by the bankThey not wait until courier. ing holidays New Lieut. Jordan, who bore the York Illinois, which are to conofficial order, arrived from Oklatinue through Monday. homa City feel that. view of the na- crowd stood about the Bystanders poked the tional the California holitiamen. They jingled coins day should be extended until Monhad only moments day night conform with those from the bank proclaimed in New York IIIIsaid. believe this would simplify the and would advisable to the banks this State while those other large financial centers closed. McIntosh said the meeting also WAVE better discussed proposed banking any legislation presented to the Legislature Sacramento and that opinion" Will Morris, the Bank America, stated after the meeting he had uniform withdrawal for banks, the Finger ground would be limit bank not another. Wave Tues. Others the meeting the 35c Wed. Crocker First Bank; Lipman. of the Wells Fargo Bank and Union Trust MortiAngloFred Street Elsey, Trust pany, and John Governor governor the Federal Bank. orders today bank. they before
Guardsmen Close Bank The guardsmen closed the First National Bank of Enid. H. H. Champlin, rich Enid (Okla.) oil man and president of the First National Bank, had defied the Governor's order. Champlin and Murray have clashed often over oil proration. The bank at Idabel also had announced determination to stay open
Guardsmen Close Bank The guardsmen closed the First National Bank of Enid. H. H. Champlin, rich Enid (Okla.) oil man and president of the First National Bank, had defied the Governor's order. Champlin and Murray have clashed often over oil proration. The bank at Idabel also had announced determination to stay open sudden problems good naturedly. No disorder was reported. Meeting the severe test, the man on the sidewalk of New York faced the situation with courage and ingenuity. Tutored by the preliminary reports from Michigan and other states, hard-hit communities in other states were quick to organize scrip payments or deal with much good humored joking in simpler forms of barter.
Troops Close Banks. ENID. Okla., March 4. (P)-A detachment of national guardsmen today closed the First National bank of Enid, which had deelined to observe Governor Murray's mandatory banking holiday.
Both Houses Pass State Relief Bill, City Scrip Plan Delayed Legislators Speed Moratorium to Rush Opening of Banks Next Week: Gov. Murray Scheduled To Sign Measure Tuesday LEGAL JAM HOLDS UP 'CASH' FOR PAYROLLS Merchants. Bankers Hope to Issue $600,000 of Fiat Money Monday; U. S. Ready to Pour Out Millions for Agriculture Aid State officials and financial leaders Saturday night were anxiously watching the national situation as tentative plans for reopening 472 national and state banks on a restricted withdrawal system were held up. Meanwhile civic, industrial and official agencies were exerting every effort toward the formulation of emergency plans for handling business and individual credit needs. Developments of outstanding importance Saturday were: ONE: Civic leaders, bankers and business men working on plans to release $600,000 in scrip money to meet payrolls to meet the acute financial emergency were hopeful that legal technicalities could be ironed out in time to put the money into circulation Monday. Plans to release the scrip late Saturday were deferred when legal difficulties arose. TWO: The state senate passed the emergency bank moratorium bill. The house duplicate measure was given first reading. THREE: Eight national bank examiners joined state examiners in working out bank reopening plans. FOUR: City made-workers were paid $5486 in cash from municipal funds on hand. FIVE: Ned Holman, R. F. and regional agricultural branch head here, proposed a plan by which $20,000,000 would farmers, banks, livestock and other industries. SIX: The First National Bank of Enid was closed by state militiamen dispatched by Gov. W. H. Murray. SEVEN: A majority of downtown merchants stopped accepting checks, while continuing to advance credit to established or known customers as usual. EIGHT: Street railway announces 12 rides for $1 if scrip plan is adopted. Reports 10 per cent slump in rides since bank closing. Frankly facing situation involving complications and state forces worked in city close the general public with its affairs doing the best with very All the opinion that expressed nation-wide would have an bearing on the local and state situation standstill until financial conditions of the banks which have in State pouring Banking Commissioner W. Bar'Everything now depends on what happens Barnett pointed to the possibility of bank day by action national under sideration that would ease the sitnation Bank Reports Compiled Reports reserves other information 220 national banks in Oklahoma will be by noon Monday Irwin D. Wright national bank aminer for the federal reserve district advised Mr Barnett All from 252 reports banks compiled by Sunday said The banking department working day night checking information Meanwhile was predicted the credit structure will eased and some definite depositors the middle of The strong of governwas thrust the banking situation to completely the prevention discriminaamong depositors and withdrawal the state Company Checks Urged officials inclined problems for the worked out by Circulation company checks by
Judging from press stories it was a serious mistake to close the First National Bank at Enic by military force when the banker had no need and did not wish to close. The bank had noth ing to fear, could meet all requirements and was doing business as usual when soldiary closed it by force. This is carrying absolutism too far We shall not lack interesting things thi spring. By the time the legislature is adjourned special session of congress will be at work Thus we may have something to look forward to, every day. In fact the new congress will not await the adjournment of the legislature It will take all that both can do to save us. People are like sheep. They become panicky too easily. There was no excuse for the nationwide withdrawals of bank deposits during a week or ten days past. And yet, according to press stories, it was nation-wide. It looks as if the people were determined to draw out and horde all the money in the world. Why ? There seems to be no logical answer. And it was that movement against bank deposits that made holiday Over at Pawnee they are all smiles over making a new lake They say it cost a hundred and forty thousand dollars, and will cover more than three hundred acres of land. Well, we did not wait for the made-work crowd here. We built a lake at a far greater cost, and it covers five hundred acres. This was back in 1928, and now people eatch five or six-pound bass out of this lake. No former president ever entered on his official duties with such a picture staring him in the face. Not a bank in the United States open. Panic gripping a nation as never before in the history of the country. But President Roosevelt went right to the root of the trouble, in his address, and will probably make the money changers hard to catch. Garner displayed ranch sense. He knew whose show that was, and confined his remarks to a dozen lines. SUBSCRIPTION RATES: 10 By Corrier, per week By Mail, per year