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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.
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From 1.) direct consignment. No mediate announcements forthcoming to how business would be the livestock markets Monday. Yards Open. The 1907 money shortage recalled Saturday by Des Moines business relation to the present banking holiday. partial suspension of banking operations general in United States that time, though uniform holiday clared. The situation existed two and extended into Iowa and other middle The bureau of agri- western states. government cultural Chicago During the crisis, which the yards would be open, but caused by New York financial and trading expected events, house certificates to be largely Some ship- issued and as curments, especially from distant in Des Moines and other points, already the way and Iowa communities. the yards must remain open Partial Withdrawals. protect them. the system of partial withdrawals An announcement from bank deposits was placed major packing plants expected effect. certain amount of soon. Governor Lehman of New York explained the necessity of the holiday due to the burden placed upon New York banks by holidays arising from the 1907 situation shown the east, where Knickerbocker Trust Co. New York closed its doors on Oct. and one of the most stubborn history made on the Trust Company of America. Not So Severe. Bank runs in the middle not in the east, the system of clearing house certificates was put into general effect and banking had the United States by Nov. said banking ties were completely rupted 1907 than any other time since the civil war. No Combination. Cause of the situation be failure of an attempt ating banking collapse of the copper The copper price dropped from cents cents, steel common dropped to cents and call money deposit could be withdrawn at 125 per cent. week. Workers received The situation political partial payment from their in loss control of congress ployers' bank accounts. Theodore Roosevelt, then Iowans said the principal alarm dent. remedies to not for New York primarily, for the nation Cool. Leaders of New York First National bank Enid, heart of the money which had declined to obtem. faced the future coolly serve Gov. Murray's urday and expected quick return mandatory banking holiday. toward financial normalcy. One important effect, high throughout the country. The banking authority pointed out, tion was taken, he said, would be the stopping of advice the withdrawals both local and federal reserve bank of other countries, since the federal York." bank reserve New York was In Illinois Governor Horner closed. hundred million called the holiday the request in had left the gold bank bankers the federal reserve recent scheduled days for foreign bank of Chicago after day account, unestimated unprecedented amount had been withdrawn Under terms the Illinois holi- citizens. day proclamation the banks are remain closed Saturday, Monday Governor Lehman had little and Tuesday, following which there to make after making are eight days when his proclamation. Asked if the banking are to main two-day holiday sufopen pay their depositors ficient bring back normal not more than per cent their ditions, he said: deposits as of the close of business on Mar. It was stipulated that such ments be made only on checks, drafts, and receipts dated subsequent to Mar. The withdrawals would apply both time and mand deposits. At the same time the governor order not work hardship public associations, expressly his proclamation, during the holiday, that ments in excess could be made such organizations for welfare purposes that in addition that the limit could be exceeded payment taxes other obligations to the state or any of subdivisions. Parleys. The Illinois holiday decision lowed conferences of Chicago nanciers, including the heads loop banks, members of the clearing house committee and representatives the federal which began Friday extended to well past Saturday. State Auditor Edward Barrett joined the meeting shortly after midnight. The governor's proclamation deemed his action essential the welfare the citizens the state and necessary for the protection of bank depositors not their funds. was he said. at the quest the Chicago clearing banks the ers' association and had the proval of the federal reserve bank Chicago. He supplemented his proclamation with statement outlining the banking situation general pointing to the efforts that made prevent the necessity for holiday. Governor Horner also put vision his banks after Mar. take may when qualified to under state making such on demand full. "Such "shall held solely for the of repayment deposits." Silent. Roosevelt spent part of night before discussing the with Woodin, his secretary the treasury, Glass, treasury head under and others. At the close of conferences early Saturday, word that "there hours between midnight and dawn saw banking officials many states tussling with the problem, made acute the rying nervousness on the depositors. statement by the New York Clearing House committee unthinking attempt of public to convert 40 billion of dollars of deposits into currency one time is, on the face, impossible." The statement added that the condition of clearing house banks such that "they could, through of the federal reserve bank, pay on demand every dollar their deposits." was added. withdrawals throughout the country whole increased 80 that the proper authorities consider and adopt He said he had not had personal with officials but was known that New York bankers communicated with the capital. Big Names. The conference that preceded dramatic holiday announcement the hours before dawn one the notable meetings financial history. Besides members of clearing house committee, others the foremost bankers collection of names representing the most tent forces in the banking life country. Thomas principal partner of Morgan the meeting with nothing Similarly silent were George Harrison, governor the New York federal reserve, biggest the country and the greatest repository the Winthrop president the National bank, largest commercial bank in the James Perkins, the board the National City bank, second largest bank in the world. Joseph state superintendent of banks, also tended. All left the talking to the himself noted banker. Statement. Governor Lehman's statement Saturday said: early this morning was hope that it would not necessary to the operation the banking system New York state. "The spread of hysteria and the upon the banking cilities of the country through measures adopted many last placed upon New burden great that finally rendered drastic action imperative "Therefore, meeting this evening (Friday night) clearing committee New York Clearing House, the advice and the federal board of has asked to proclaim holiday lasting the closhours business on Monday, Mar. "Best Interests." make this proclamation with the complete that the best interests of the people of the state New York are being thereby. "This the time for coolness. The people of this state and the nation have shown splenspirit to date in meeting the trying problems the depression. confident this spirit maintained. intervals which this day will afford should the give responsible officials the opportunity to the situation calmly and the prepare way for an adjustment of our difficul"Now, therefore, Herbert Lehman, governor of the state New York, proclaim set apart Saturday, Mar. and MonMar. holidays on which banking institutions will closed." Mart Statement. Governors of the New York stock after exchange, voting Saturday morning to close the change Saturday and Monday for period of the New York state banking holiday, issued this statement: governing committee held this morning der to give full effect to the bank holiday by the of the state of New York directed: "First, that the exchange closed during such holiday; "Second, that members firms registered on the exchange prohibited from making any for the purchase the borrowing lending securities, and also from ting their offices facilities to used for the purpose of making carrying out any such "Third, that deliveries suspended member contracts except on such contracts as cleared by settled through the stock clearing corporation that in such cases deliveries be made the Stock Clearing Corp., shall direct. members are directed give effect legal holiday declared by the state New York." Others Close. Governors of the New York and cotton New York metal mining exchange, the national metal exchange, New York coffee and sugar change and the rubber exchange also voted to The Bank Stock and Unlisted Security Dealassociation made similar nouncement. Governor Lehman had foregone planned trip to the Washington preside the conference, which was his home. Heavy withdrawals and the drain of gold for foreign account had prompted the meeting. Record. It followed which mands on New York banks had The loss of gold amounted the largest of metal the United States had to single day. The domestic demand for gold continued unabated, currency culation appeared to be further larged and the money market ened again Friday, completing its readjustment to the from to per cent the rediscount rate of the federal reserve bank New York. The position of the large Wall Street institutions as unassailable by ing bankers, who sided with Governor Lehman attributing the necessity for the holiday sweep of hysteria and the burden caused by the banking situation other sections. Pressure. In many of these other districts, leaders described banking restrictions due to pressure from Eminent bankers pointed that savings banks New liquid condiwith the highest of type vestments, that these could converted from ducing into ficient meet demands stampede without causing great harm by dumping the holdings. early Friday evening learned that some of the York savings banks, to save positors from the minority, had considered invoking the which requires depositors savings give 60 days notice of their tention make clause printed every passbook and has been before. most the New York banks Friday, was ing done, but some there unusual some depositors closing out their accounts drawing them more than usual. Currency was freely supplied demanded. Gov. William Langer of North Dakota accompanied his holiday proclamation with tempomoratorium on indebtedness all kinds. Breaks His proclamations, read before the state legislature Bismarck completing 60-day session urday, the senate pass bill providing for ance of state scrip medium exchange. had given approval had the effect of bringing tax out the last day for immediate action.
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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.
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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.
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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
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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.
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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
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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