15581. Stock Exchange Bank (El Reno, OK)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Start Date
December 13, 1897
Location
El Reno, Oklahoma (35.532, -97.955)

Metadata

Model
gpt-5-mini
Short Digest
f5fd3aee9d0f8818

Response Measures

None

Description

Contemporary reports (Dec 13โ€“15, 1897) state the Stock Exchange Bank of El Reno closed its doors and a receiver was appointed. Local articles explain rumors of planned robberies led officials to reduce reserves and county officials withdrew $8,000, producing a run that precipitated closure and appointment of a receiver. Multiple later items discuss receivers selling assets and paying dividends to depositors, confirming permanent closure rather than immediate reopening.

Events (4)

1. December 13, 1897 Receivership
Newspaper Excerpt
John M. Cannon has been appointed receiver. The liabilities are stated to be $50,000, and the assets are claimed to be $70,000. (later reports show Captain B. F. Hegler as receiver and dividends declared.)
Source
newspapers
2. December 13, 1897 Run
Cause
Rumor Or Misinformation
Cause Details
Reports circulated that robberies had been planned on banks in town; county officials withdrew $8,000 which fueled a run.
Measures
Officials had reduced local reserve earlier; ultimately a receiver was requested/appointed.
Newspaper Excerpt
The failure was purely circumstantial. The bank was in good shape, but on account of the reports circulated ... the county officials withdrew $8,000 of the county's money, and the run kept up as the rumor spread, until a receiver was asked for.
Source
newspapers
3. December 13, 1897 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closure followed the run driven by circulating robbery rumors and large withdrawals (county withdrawal of $8,000).
Newspaper Excerpt
The Stock Exchange Bank closed its doors this morning, and John M. Cannon has been appointed receiver.
Source
newspapers
4. April 6, 1898 Other
Newspaper Excerpt
The depositors of the defunct Stock Exchange bank will come out better than they thought they would... a dividend of at least 40 per cent will be declared sometime this week.
Source
newspapers

Newspaper Articles (13)

Article from The Record-Union, December 14, 1897

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Bank Failure in Oklahoma. EL RENO (I. T.), Dec. 13.-The Stock Exchange Bank closed its doors this morning, and John M. Cannon has been appointed receiver. The liabilities are stated to be $50,000, and the assets are claimed to be worth $70,000.


Article from The Indianapolis Journal, December 14, 1897

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An Oklahoma Bank Closed. EL RENO, O. T., Dec. 13.-The Stock Exchange Bank closed its doors this morning, and John M. Cannon has been appointed receiver. The liabilities are stated to be $50,000 and the assets are claimed to be worth $70,000.


Article from The Salt Lake Herald, December 14, 1897

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BRIEF TELEGRAMS. The steamship Trave, sailing for Europe today, will take out 100,000 ounces of silver. Reports from all sections of Kansas are to the effect that great good has been done to the wheat. At Port au Prince a proclamation was issued announcing the composition of the new Haytien ministry. The trunk line railroads have succeeded in obtaining control of nearly the entire water front of Greater New York. The senior professors at Oxford University have signed a protest against the attritude of the employers in the British engineers' strike. A jury was secured in New York to try the case of Edward J. Ratcliffe. the actor accused of assaulting his wife, who is the daughter of Peter Delacey. The Ward line steamer Orica, just arrived in New York from Havana, brought 385 bales of tobacco, being the first shipped from that port in many months. Chicago aldermen raised their salaries from $3 a week to $1,500 a year last night. The ordinance was accomplished and passed under c. suspension of the rules, by a vote of 56 to 8. The fate of the steamer Cleveland which left San Francisco for Seattle Dec. 4, is still in doubt. She was not sighted by the steamer Walla Walla, which arrived from the sound yesterday. General William F. Draper, United States ambassador to Italy, was present at Rome at the casting of the Simonds bronze monument of General John A. Logan, ton. which will be set up in WashingThe Stock Exchange bank of El Reno, Okla., closed its doors yesterday, and John M. Cannon has been appointed receiver. The liabilities are stated to be $50,000 and the assets are claimed to be worth $70,000. Mrs. Jennie June Croly was appointed an inspector of public schools by Mayor Strong of New York for the term of five years. Mrs. Croly, who succeeds Mrs. Harriet M. Kemp, is known all over the United States as a writer and worker in women's clubs. Friedlander, Gottlob & Co., proprietors of the Columbia theatre of San Francisco, have signed papers giving them full control of the Baldwin and California theatres in that city and the MacDonough theatre in Oakland. They claim to be independent of the eastern syndicate. Mrs. Herman O. Oelrichs of New York, it is said, is threatened with total blindness. Her left eye was wounded on Saturday, Dec. 4, by a tack falling on it while she was superintending the hanging of some tapestries, and within the last 48 hours the condition of both eyes has become most serious and alarming.


Article from New-York Tribune, December 14, 1897

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OKLAHOMA BANK SUSPENDS. El Reno, Okla., Dec. 13.-The Stock Exchange Bank closed Its doors this morning, and John M. Cannon has been appointed receiver. The liabillties are stated to be $50,000, and the assets are claimed to be worth $70,000.


Article from The Guthrie Daily Leader, December 15, 1897

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BANK FAILURE AT EL RENO. Stock Exchange Property Placed in the Hands of a Receiver. EL RENO, Okla. Dec. 14 -The Stock Exchange bank was closed here yesterday and Sheriff John M. Cannon placed in charge temporarily as receiver. The liabilities are $68,000, with assets amounting to $52,000. The failure was purely circumstan. tial. The bank was in good shape, but on account of the reports circulated a number of times that robberies had been planned on the banks here as well as in a number of other towns, the officials of the institution reduced the local reserve to a figure they considered safe for any ordinary demands. Yesterday morning the county offi. cials withdrew $8,000 of the county's money, and the run kept up as the rumor spread, until a receiver was asked for. Sheriff Cannon says the bank will pay out dollar for dollar, and that no depositor will be out of his money more than thirty davs.


Article from The Corvallis Gazette, December 17, 1897

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Oklahoma Bank Failure. El Reno, O. T., Dec. 15.-The Stock Exchange bank closed its doors this morning, and J. M. Cannon has been appointed receiver. The liabilities are stated to be $50,000, and the assets are claimed to be worth $70,000.


Article from The Guthrie Daily Leader, December 17, 1897

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purchaser, A. J. Smith will ship to Chicago Mac says, "the gods are with El Reno" and that no other Oklahoma town can compare with the Queen of the Canadian.-El Reno Bell. The large wall map just published by Rand & McNally given in connection with The Leader is & necessity in every well regulated household. All subscribers to The Leader are offered this map for & very small figure. Call and get one. Yesterday Judge Tarsney appointed Capt. B. F. Hugler receiver of the Stock Exchange bank, and by noon today the captain will be in full charge of the institution. In a day or two it will be kno vn just how the bank affairs stand.-El Reno Belยน. Georgia Coer, of Hartshorn, was this morning sent to jail by Commissioner Wright for selling beer, in default of $300 ball. Mary Bedford, of the same place, got the same dose, with a bond of $450 - South McAlester Capital. Mary Bedford was a sweetheart of Bill Doolin and often visited him at the federal jail here. Col. Bill Bolton thinks the alleged Republican quarrel is "not so warm." to only took him twelve hours to get the proper endorsements from the Ok. lahoma triumvirate, Cols. Bill Grimes, Bill Walker, Psalm Murphy and A. J Seay, for Col. Charles Swindell, of Woodward, to be notary public in and for the western district of Oklahoma, against whom no charges were filed (a phenomenal lack) and he was promptly appointed.


Article from The Wichita Daily Eagle, December 18, 1897

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Outlines of Oklahoma The motto of the Normal school at Edmond is "In Front." Chancellor Snow of the Kansas University, lectured at Kingfisher last night. Thompson will be confirmed. Nagle need not feel uneasy. He will not have to take the office back. The Kingfisher Reformer says that Hanna's prosperity is in spots. Oklahoma is the biggest spot. The territorial teachers' meeting at El Reno will be the largest attended event in the history of the territory. The editor of the Alva Review denies the right of Republicans to admire President McKinley's late message. On second thought, some El Reno people aren't sure whether they want that Choctaw road to built west or not. Never in the history of the territory has any man received such a newspaper boost as Bill Walker is getting for the Osage agency. The government would never attach the Indian Territory to Arkansas. The government wouldn't even let Texas have Greer county. Legislator Tom Doyle was thrown off a train; Legislator Mouriquand has been knocked down. That last legislature was sure a hoodoo. A postmaster in Grant county complains that when the average man misses his paper he wants to rip up a hitching post by the roots and brain him. Frank Edwards of Oklahoma City has been sent to jall for five days for stealing cotton. What could induce a man to steal cotton at its present price? The Oklahoma papers keep right on pumping it to the farmers who are SO shiftless that they will let their fearming implements stand out in the weather. A man named Allen visited Oklahoma City recently with the announcement that he was going to organize a traveling dramatic company there. He worked the merchants for some money and then skipped. The skipping business is being overdone in Oklahoma. In a pioneer country more than in a settled one, the man who is always cheerful and happy under any circumstances is the man who prospers and lives long. The snarler is the shortest lived in a new country. People move to a new country from hope; they are fleeing from old sores. Senator Marum of Woodward recently wrote an important question to a young lady. When he received the answer he was engaged in a trial. He did not open the letter until he had finished the trial for fear it would unnerve him. Three days later he opened the letter. It said "Yes." The Canadian county commissioners have issued the following: "It having been circulated throughout the county that in the failure of the Stock Exchange. bank of El Reno, the county treasurer had lost $60,000 of the county's money, we, the undersigned county commissioners, after an examination of the county treasurer's books desire to state that such report is entirely untrue, and that such failure will not in any manner interfere with the running expenses of the county and that all demands upon the county will be promptly met, and that the county will not lose anything by such failure." At Purcell the Review is printing letters from children to Santa Claus. Here is one: "Dear Santa:-I am not such a little boy now as I used to was, but dear old Santa, I look for Xmas with just as much delight and pleasure as I did when I was no bigger than a minute. I will tell you what I want: The first thing I want is a moustache, I want a light blue one, with a fleur de lis finish and a good box of brilliantine for the same. I want a "Bow-wow," a nice little one that won't bite or chew my playthings up. I want a lot of things that 'don't expect to get, but anything that you may leave will be thankfully received. I will hang my socks up and if the lamp is blown out you can has their queer Arabian


Article from The Princeton Union, December 23, 1897

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Otherwise. A thousand Italians have gone home to spend Christmas. The L. A. W. will try to suppress six-day bicycle killings. Counterfeiters are at work. in Denver. A dangerous counterfeit $10 silver certificate is in circulation. By a vote of 5 to 4 a committee of the Virginia senate ordered a favorable reporrt on an anti-foot ball bill. Prominent women want the school children of America to give a cent apiece to the government university. John Jenkins of Springfield, Ohio, knocked out Barney Smith of Cincinnati in a glove fight in the sixth round. The directors of the Southern railread have declared a dividend of 1 per cent on the preferred stock, payable Jan. 30. Gov. O'Ferrall of Virginia has appointed ex-Postmaster General Wilson a member of the board of education but the senate turned him down. At the Greenpoint Sporting club at New York Bobby Dodds, colored, of Minneapolis, defeated Sam Tonkins of Astoria, in ten rounds. Oscar Gardner, the Omaha Kid, and Eugene Beznah of Cincinnati fought a fifteen-round draw at the People's Athletic club at Cincinnati. The United States supreme court will take a recess next Monday for the Christmas holidays, resuming its sittings again on Monday, Jan. 3. John Sherman, nephew of the secretary of state, has announced himself as a candidate for the Republican nomination for mayor of Des Moines. The damage resulting from fire at John and James Dobson's wholesale and retail carpet salesrooms at Philadelphia will reach over $800,000 in building and stock. Matty Matthews of New York and Charles McKeever of Philadelphia fought fifteen rounds at the Olympic club at Athens, Pa. McKeever had the best of the encounter throughout. The retirement of Justice Field from the United States supreme court has made necessary the new assignments of Justice Brewer to the Ninth circuit in addition to his duties in the Eighth circuit. The Stock Exchange Bank of E) Reno, Okla., has closed its doors and J. M. Cannon has been appointed receiver. The liabilities are stated to be $50,000 and the assets are claimed to be worth $70,000. An arrangement has been reached by the principal roads of Michigan whereby interchangeable 1,000-mile tickets will be honored on trains in Michigan without requiring the holder to exchange tickets as at present. The act of the Ohio legislature giv ing damages to persons assaulted 01 killed by mobs was declared unconsti tutional in the case of J. W. Caldwell who claimed $1,000 because he was in jured by a mob during the Brown strike. A circular saw in operation in the wood yard of Tice & Dilliger at Fond du Lac, Wis., burst. Nelson Tice, the senior member of the firm, was strucl by a flying fragment and seriously, i: not fatally, injured. His right arn was severed.


Article from The Wichita Daily Eagle, January 7, 1898

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# Outlines of Oklahoma An old hotel at Enid is being taken down and being made over into residences. The surveying corps of the Choctaw has set out on its work west of El Reno. Dennis Flynn will soon go to Washington where he will remain several months. Every habitable house in Oklahoma City is occupied. There is a demand for more dwellings. President McKinley has again shoved the Oklahoma judicial appointments back in a pigeon hole. The Cleveland Oil company has established an agency in Oklahoma and will fight the Standard. The Oklahoman puts the limit for realization on present real estate investments in Oklahoma at ninety days. Tom Doyle is just as handsome as ever. It would take more than one railroad company to effectually hurt Tom Doyle. Will Crow, a colored gentleman, has dropped $20 at Oklahoma City as a municipal rebuke for running a crap game. Miss Anna Robinson has resugned as stenographer in the Enid land office. The place will be filled with a civil service man. The Arapahoe Bee is pointing out that the rainfall in Chester county was greater last summer than it was in Oklahoma county. Ex-County Treasurer J. M. Lee of Kingfisher county, who is said to be short in his accounts, is supposed to be in the Indian country east of Shawnee. Otto Richster of El Reno got back the money he deposited with the Stock Exchange bank the morning of its failure, and the rest of the depositors are kicking. Charley Mitchell of Wellington, Kan., wanted to visit his father living west of El Reno. He stole a horse and buggy in order to do it. Sometimes filial affection can be too rash, but not often. Major Crozier has been made vice president of the Bank of Indian Territory at Guthrie as a recognition of his valuable services in converting Indians to Christianity and the religious use of the individual deposit. Professor Carter, who was murdered near Parker and then his house burned down upon him, will be avenged. With but little evidence the coroner held his companion, Fair, for murder. Now a bloody raor has been found in the ruins. Two years ago Ampie Sater of Garfield, Kansas, then eight years of age, was kicked in the head by a horse. He apparently recovered. The other day he began to feel badly and in a few hours was dead. The doctor says it was congestion of the brain. Oklahoma City Times-Journal: While holding the last term of court at Mangum in Greer county, an Irishman came before Judge Keaton on application for the issuance of final notification papers.. In the course of the examination, the judge asked the statutory question: "Are you, or have you ever been, a member of any anarchist society or association?" The applicant hesitated a moment and then answered: "I-I belong to the Populist party." The court crier did not endeavor to restrain the laughter which followed for the judge and all the court officials joined in heartily. Several days ago a citizen of Oklahoma City, who is in the habit of imbibing too freely and too often, and who is the possessor of a valuable diamond ring, which he is afarid will disappear some time when he is "much the worse," a few days ago put the ring on his toe when he returned to his room so that it would not be stolen from his finger while he slept. In the morning he dressed without thinking of the ring. An hour later he missed it and couldn't remember what had become of it. A day or two later his toe hurt him so that he had to remove his shoe, when he discovered his lost ring. He tried to keep it a secret, but the joke leaked out


Article from The Guthrie Daily Leader, January 28, 1898

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Bank Safe and Furniture for Sale, Fine Diebold safe, double time Yale lock, anti-dynamite device, 40 inches wide, 68 inches high, 30 inches deep, weight about nine tons. Also coin tray, perforator, and full outfit of bank fixtures. Call on or address BENJ F. HEGLER, Receiver Stock Exchange Bank, E1 Reno, O. T.


Article from The Wichita Daily Eagle, April 7, 1898

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DIVIDEND OF 40 PER CENT Will be Paid Depositors of the Failed Bank of El Reno. El Reno, O. T., April 6.-(Special.)-The depositors of the defunct Stock Exchange bank will come out better than they thought they would. Captain B. F. Hegler, the receiver, says that a dividend of at least 40 per cent. will be declared sometime this week. The county commissioners are in session this week and have been spending the time in examining allowing and rejecting bills. The commissioners report that Canadian county will receive $60.000 from back taxes to be paid by the cattie kings who have large herds in the territory attached tothis county. The report that the commissioners were thinking about building a big court house, is without foundation. One of the commissioners told the Eagle correspondent that Canadian county needed a poor farm more than it did a court house and that be fore the session closed steps would be taken to do something in that line. Here is how some folks get rich in the cattle business: John Quanells came to this country 20 years ago. All the possesions he had was a cayuse pony, a pretty fair gun and a $10 saddle. The whole outfit was worth about $60. John settled down in Western Oklahoma, west of Cloud Chief. He has sold all of his stock and ranche for the neat little sum of $140.000. Yesterday was election day and It was the quietest one ever known in the history of El Reno. Not a gun was fired not a squawk was heard all day. Not of particle of interest was taken and no one cared two bits who was elected. The registration was very light.


Article from The Guthrie Daily Leader, October 29, 1898

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ment Tuesday, November 1, showing the latest productions in wraps. Ladies wanting special orders and special sizes will have an opportunity of getting what they want without expense or risk. The El Reno Supper Bell says that U. Madsen, who recently returned a living skeleton from Montauk Point, has moved into that town from his farm. He is gaining in weight and now touches the 140 pound mark. When he went to the war he weighed 196 pounds. Judge Pitzer and family and Jim Jackson have returned from a trip of two weeks through the west. They hunted. fished and camped out, and the Judge claims to have gained sixty pounds in weight and to be able to trot a mile in less than three minutes. -El Reno Star. Before long another dividend will be paid the depositors of the defunct El Reno Stock Exchange Bank. The receivers will have the wheat crop off nearly one thousand acres to sell for the benefit of the creditors of the institution, and with the rapidly advancing price it will bring several thousand dollars.