Accommodated withdrawals, Fed/other loan, Public signal of financial health
Description
Multiple wired accounts (Feb 4-6, 1927) describe a heavy run on the First National Bank of McAlester after the failure/suspension of the McAlester Trust Company and other local banks. Marines stood guard and the bank met withdrawal demands; it did not suspend operations in these reports. Federal Reserve shipments and ample cash reportedly stopped further withdrawals and many funds were redeposited.
Events (2)
1.December 9, 1896Chartered
Source
historical_nic
2.February 5, 1927Run
Cause
Local Banks
Cause Details
Run was triggered by the failure/closing of the McAlester Trust Company and the Bank of North McAlester (and other nearby bank closures), which led depositors to withdraw funds from the remaining open bank.
Measures
Posted U.S. Marines as guards; bank had ample cash on hand and received shipments/funds from the Federal Reserve to meet withdrawals; officials and local leaders publicly reassured depositors.
Newspaper Excerpt
With three marines armed with machine guns standing guard, the First National Bank of McAlester opened for business today—the only active banking institution in McAlester. Bank officials and citizens were generally optimistic over ability of the institution to withstand heavy run caused by the closing of the McAlester Trust Company, the Bank of North McAlester and other small banks in this vicinity.
5 OKLAHOMA BANKS CLOSE Failure of McAlester Institution Given As Cause OKLAHOMA CITY, Okla., Feb. 4. (P)-Closing of a fifth bank in Southeastern Oklahoma as a result of the failure this morning of the McAlester Trust Company was announced today at the office of the State Banking Commissioner. The Bank of Pittsburgh was the fifth institution to close. Like the other small banks involved its funds were on deposit with the McAlester trust company. It had deposits of $67,000 at the close of last year. McALESTER, Okla., Feb. 4.-AA)Both the McAlester Trust Company and the Bank of North McAlester suspended business today. The recent suspension of the First State Bank of Hortshone and the Beak of Krebs were contributing factors, it is said. Total deposits of the two McAlester banks were about $3,000,000 Banking conditions here caused a furere of exeitement and when the first National Bank, the entire remaining bank in the city, opened at 9 o'clock, a run started. Depositors and spectators gathered in big throngs an hour before the doors opened. Ample cash is on hand to stem the erisis, it is said.
2.February 4, 1927The MercuryManhattan, KS
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TWO BANKS CLOSE
Run Another Bank Oklahoma Town Halted Citizens
The McAlester, Okla.,- Feb. McAlester Trust company and the Bank of North McAlester susthe The recent pended today. of the First National bank suspension the Bank of Hartshorne and Krebs contributing factors, were of the two McAlTotal deposits ester banks about $2,000,000. conditions here caused Banking excitement and when the furore First National bank, the only remaining bank in the city, opened at o'clock, run started. Depositors and gathered in big spectators hour before the doors throngs cash hand to opened. Ample on stem the crisis, said. Before o'clock this morning, business firm in Mcvirtually every had made deposits in the Alester National bank. The number First in equalled the of depositors of other persons seeking windows in the teller's department. Several of most prominent men of the community took posiof the bank and adtion outside the crowds, assuring them dressed that the resources behind the McAlester banks are adequate to protect The effects of these depositors. talks, considerable measure, tended to restore confidence.
3.February 5, 1927The Kansas City PostKansas City, MO
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LONE M'ALESTER BANK IS OPENED
First National Expects Run, Other Failures.
OK., Feb. marines armed guns standing First National bank opened for only bankBank officials the ability of the institution withstand heavy caused the closing Trust company, Bank North other small banks vicinity yesterday.
4.February 5, 1927The Oregon Daily JournalPortland, OR
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Marines on Guard As McAlister Bank Opens for Business
Okla., Feb. With three marines armed chine guns standing guard, the First National bank for business only active bankofficials citizens were erally optimistic ability of the to withstand heavy run caused closing the Trust company, the Bank of North McAlister other small banks in this vicinity yesterday.
5.February 5, 1927Tulare Advance-RegisterTulare, CA
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three machine guns standing the First National Bank Alester opened for business only active institution in McAlester. Bank officials and citizens generally optimistic ability the institution to stand heavy run caused closing of the Alester Trust Company the Bank of North McAlester other small in yesterday
6.February 5, 1927Visalia Daily TimesVisalia, CA
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OKLAHOMA BANK READY TODAY TO WITHSTAND HEAVY RUN
Okla. Feb. With three marines armed with machine guns standing guard. the First National Bank of McAlester opened for business only active banking institution in McAlester. Bank officials and citizens were generally optimistic over ability of the institution to withstand heavy run caused by the closing of the 000 McAlester Trust Company. the Bank of North and other small banks in this vicinity yesterday.
7.February 5, 1927News-PilotSan Pedro, CA
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Lone Oklahoma Bank Keeps Doors Open as Marines Stand Guard
United Press. McALESTER, Okla., Feb. With three marines armed with machine guns standing guard the First National Bank of McAlester opened for business today-tne only active banking institution in McAlester. Bank officials and citizens were generally optimistic over ability of the institution to withstand heavy run caused by the closing of the $2,000,000 McAlester Trust Company, the Bank of North Mc. Alester and other small banks in this vicinity yesterday.
8.February 5, 1927The Sacramento BeeSacramento, CA
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Marines Guard Only Bank Left In Oklahoma Town M'ALESTER Feb. (United three marines armed with machine guns standing guard the First National Bank McAlester opened for business today-the only active banking institution McAlester. Bank officials and citizens were optimistic over ability of the institution to withstand caused by the closing of the $2,000,000 McAlester Trust Company, the Bank of North McAlester and other small banks this cinity yesterday.
9.February 5, 1927Sapulpa HeraldSapulpa, OK
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BANK OPENED UNDER GUARD
McALESTER. Okla. Feb. three marines armed with machine guns standing guard. the First Na tional Bank opened for only active bank ing institution in McAlester. Bank officials citizens were generally optimistic over ability the to withstand heavy caused by the closing McAlester Trust the Bank and other small banks this yesterday.
10.February 5, 1927The TribuneSan Luis Obispo, CA
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MARINES GU ARD ONLY BANK IN McALESTER
(By United Press Lensed Wire) With three marines armed with machine guns standing guard the First National Bank of Alester opened for business today-the only active institution in McAlester.
Bank officials and citizens were generally optimiste over ablity of the institution to withstand heavy run caused by the closing of the 000 McAlester Trust company, the Bank of North McAlester and other small banks in this vicinity resterdar
11.February 5, 1927The RegisterSanta Ana, CA
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Marines Guard as Bank Faces Run
Okla., Feb., marines, armed machine the First National Bank McAlester, opened business today, only banking institution McAlester. Bank officials citizens generally optimistic ability the institution heavy caused the closing of $2,000,000 Alester Trust company, the Bank North McAlester and other small banks in this cinity, yesterday.
12.February 5, 1927The RecordStockton, CA
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MACHINE GUN
Okla., Feb. (United three marines armed with machine guns standing guard, the First National Bank of McAlester opened for business today-the only active banking institution in McAlester. Bank officials and citizens were optimistic over ability of the institution withstand heavy caused by the closing of the $2,000,000 McAlester Trust Company, the Bank of oNrth McAlester and other small banks in this sociated Watkins, assistant bank examiner, attributed the closing of the McAlister Trust Company to frozen assets caused by in cotton prices. This, he said, tied up the reserve funds of the other Institutions, foreing suspension of business. Although depositors began to draw money from the First National Bank of McAlester, most of the withdrawals stopped when the bank met all demands and customthen started to redeposit funds.
13.February 5, 1927The Frederick LeaderFrederick, OK
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MARINES ON GUARD AS M'ALESTER
February
Withstanding heavy run caused by closing of the McAlester Trust and affiliated company banks Friday, the First National bank of McAlester effected regular Saturday noon closing without trouble and marine guards posted as a precaution were dismissed.
McAlester, February With three marines with machine guns standing on guard, the First National bank of McAlester opened as usual today with very few withdrawals. Officials and citizens were generally optimistic over ability of the institution to withstand heavy run, caused by closing of the McAlester Trust company, the bank of North and other small banks in McAlester territory yesterday. The First National bank of MeAlester is the only open banking institution.
14.February 5, 1927Redlands Daily FactsRedlands, CA
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MARINES GUARDING OKLAHOMA BANKS
Okla., Feb. McALESTER, marines armed with With three standing guard, machine guns Bank of Mcthe First National opened for business Alester active banking inonly stitution McAlester. officials citizens Bank optimistic over were generally the institution to withability caused by the stand heavy run of $2,000,000 McAlesclosing the the Bank of ter Trust Company, McAlester other small North banks in this vicinity yesterday.
15.February 5, 1927Riverside Daily PressRiverside, CA
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BANK OPENS WITH GUNS TO GUARD MONEY
Feb. With three marines armed with machine standing guard, the First National bank McAlester opened for business day-the only active banking institution in McAlester. Bank officials and citizens generally optimistic ability of the institution withstand caused the the company, the Bank North McAlester other banks in this vicinity yesterday.
16.February 6, 1927The Orange LeaderOrange, TX
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ONE BANK OPEN FOR McALESTER
Okla., Feb. With three marines armed with machine guard. the First National bank of McAlester opened for business today. the only active banking institution in McAlenter. Bank officials and citizens were generally optimistic over ability the bank to withstand heavy run caused by the closing of the 000 McAlester will
17.February 6, 1927Lincoln Journal StarLincoln, NE
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IS
Ample Funds Arrive McAlester, Okl., Following Closing of Two Concerns.
Okl., Feb. funds in the First National bank here today to the tide financial that yesterday after the closing McAlester Trust company the Bank of North shipment money arrived from the federal reserve bank Kansas Guarding the detachment United States marines, today duty at the bank and the crowd of depositors eager withdraw their money from the First National much smaller that of yesterday when run was made the bank. Closing the two institutions here resulted closing three other this section the state. Trust the parent bank of the other four
18.February 6, 1927Victoria AdvocateVictoria, TX
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TELEGRAPHIC BRIEFS
Representative Moore, who, to gether with Representative Dale, in charged with accepting bribe of $1000, emphatically denied the charge before the Texas House investigating committee. The legislators are charg. ed with receiving marked money from Dr. W. W. Chemberlain of Houston, optometrist, to influence legislation.
The peonage cases on trial at Corpus Christi went to the jury Saturday afternoon after Judge C. Hutcheson, Jr., read his charge. Nine Willacy County citizens are the defendants.
H. Leahy was In Mathis the eveing of the disappearance of Dr. Ramsey and accounted for himself every minute of the time in his testimony Saturday before the jury tryIng him at Georgetown for the murder of the doctor. Leahy denied all incriminating statements.
The First National Bank, the only active banking institution now in MoAlester, Okla., opened for business Satunrday with three marines armed with machine guns standing guard. It is believed the bank can withstand the heavy run caused by the closing of other small banks vicinity and city.
The three Shelton brothers convict ed of mail robbery were sentenced at Quincy, III., to 25 years imprisonment.
Wilson Bronaugh, prominent Hugo, Okla., realtor, is held in jail there result of the death of Sam Kimball, garage proprietor, who succumb ed to skull injuries said to have been inflicted in Bronaugh's office.
The United States and Germany have concluded an arrangement providing for reparations payments to this government.
Miss Marian Meyers, 19-year-old caed of the University of South Da. kota, was arrested Saturday when she was unable to explain her presence in the First Ntional Bank at Vermillion, 8. D., before it had opened its doors. The night watchman found the girl hiding near the vault with an electric drill.
Japan Saturday ordered 3000 marines to embark on cruiser and four destroyers for Sasebo prepared to sail for Shanghai short notice.
The Cantonese army attacking Shanghai has suffered severe pulse but is determined attack.
19.February 6, 1927Morning TribuneSan Luis Obispo, CA
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MARINES GUARD ONLY BANK IN McALESTER
(By United Press Leased Wire) McALESTER. Okla., Feb. With three marines armed with machine guns standing guard. the First National Bank of McAlester opened for business today-the only active institution in McAles-
Bank officials and citizens were generally optimiste over ablity of the institution to withstand a heavy run caused by the closing of the $2,000,000 McAlester Trust company, the Bank of North McAlester and other small banks in this
