18043. Farmers & Merchants National Bank (Hobart, OK)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
6358
Charter Number
6358
Start Date
April 21, 1904
Location
Hobart, Oklahoma (35.030, -99.093)

Metadata

Model
gpt-5-mini
Short Digest
9ff57aa9

Response Measures

Capital injected, Full suspension, Books examined

Description

Contemporary reports state a large withdrawal ($25,000) in one day produced a run that forced the bank to close 22 April 1904; a receiver was appointed. Comptroller authorized resumption after shareholders paid $30,000; bank resumed in mid‑May 1904 (papers cite May 19–20; a local note of reopening appears June 6).

Events (5)

1. July 29, 1902 Chartered
Source
historical_nic
2. April 21, 1904 Run
Cause Details
$25,000 withdrawn in one day (sudden large withdrawals); newspapers report no specific rumor or insolvency cause assigned.
Newspaper Excerpt
The failure was the result of a run, $25,000 having been withdrawn yesterday.
Source
newspapers
3. April 22, 1904 Receivership
Newspaper Excerpt
The controller of the currency has received advice ... that the Farmers and Merchants' National Bank of Hobart, Okla., closed its doors this morning, and that he is en route to take charge. Mr. Sturtevant has been appointed receiver.
Source
newspapers
4. April 22, 1904 Suspension
Cause Details
Bank closed following the run (large withdrawals); Comptroller/inspector intervened and a receiver was appointed.
Newspaper Excerpt
The Farmers and Merchants' National Bank of Hobart, Okla., closed its doors this morning.
Source
newspapers
5. May 20, 1904 Reopening
Newspaper Excerpt
The comptroller of the currency has authorised the Farmers and Merchants' National Bank of Hobart, Oklahoma territory, to resume business today ... The impairment has been made good by a voluntary payment of $30,000 in cash by the shareholders.
Source
newspapers

Newspaper Articles (19)

Article from Evening Star, April 22, 1904

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Article Text

An Oklahoma Bank Fails. The controller of the currency has received advice from National Bank Examiner Myron R. Sturtevant that the Farmers and Merchants' National Bank of Hobart, Okla., closed its doors this morning. and that he Is en route to take charge. No cause is assigned for its failure. Mr. Sturtevant has been appointed receiver. The condition of the bank, as shown by its statement at the close of business on March 28, 1904, shows total resources to have been $166,402; of with loans and discounts of $98,941.


Article from Lewiston Evening Teller, April 22, 1904

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Article Text

National Bank Failure (Special Telegram to Evening Teller.) WASHINGTON, April 22. - The Farmers and Merchants National Bank of Hobart, Oklahoma, has closed its doors and this morning a receiver was appointed.


Article from The Topeka State Journal, April 22, 1904

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Article Text

HOBART BANK CLOSES. Failure Results From a Run Started Thursday. Hobart, Ok., April 22.-The Farmers and Merchants' National bank closed its doors today. President Bradford says the depositors will be paid in full. The failure was the result of a run of $25,000, having been withdrawn yesterday. The bank had deposits of $55,000, and loans and overdrafts exceeding $95,000.


Article from The Wichita Daily Eagle, April 23, 1904

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Article Text

Bank at Hobart Fails. Hobart, O. T., April 22.-The Farmers' and Merchants' National bank closed its doors today. President Bradford says the depositors will be paid in full, The failure was the result of a run, $25,000 having been withdrawn yesterday. The bank had deposits of $55,000 and loans and overdrafts exceeding $95,000.


Article from The St. Louis Republic, April 23, 1904

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Article Text

HOBART BANK CLOSES DOORS. President Bradford Declares That the Depositors Will Be Paid in Full. Hobart, Ok., April 22.-The Farmers and Merchants' National Bank closed its doors to-day. President Bradford says the depositors will be paid in full. The failure was the result of a run, $25,000 having been withdrawn yesterday. The bank had deposits of $55,000. and loans and overdrafts exceeding $95,000. RECEIVER APPOINTED. Washington, April 22.-The Comptroller of the Currency has been advised by National Bank Examiner Sturtevant that the Farmers and Merchants' National Bank of Hobart. Ok., closed its doors to-day. and that he is en route to take charge. No cause is assigned for its failure. Mr. Sturtevant has been appointed recelver. The capital is $50,000.


Article from Rock Island Argus, April 23, 1904

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Article Text

Still Another Oklahoma Bank. Hobart, O.T., April 23.-The Farmers' and Merchants' National bank has closed its doors. President Bradford says the depositors will be paid in full. The failure was the result of a run, $25,000 having been withdrawn.


Article from Perth Amboy Evening News, April 23, 1904

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Article Text

Oklahoma Bank Goes Down. HOBART, Okla., April 23. - The Farmers and Merchants' National bank has closed its doors. President Bradford says the creditors will be paid in full. The failure was the result of a run, $25,000 having been withdrawn in one day. The bank had deposits of $55,000 and loans and overdrafts exceeding $95,000. Murderer Shot at Salt Lake City. SALT LAKE CITY, April 23.-Frank Rose, the wife murderer, was shot to death in the yard of the state penitentiäry here at,10:09 o'clock. Death was instantaneous, four bullets lodging in or close to his heart. Rose went to his death chair with the same coolness that had marked his conduct since he surrendered to the police.


Article from Waterbury Evening Democrat, April 23, 1904

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Article Text

Oklahoma Bank Goes Down. HOBART, Okla., April 23. - The Farmers and Merchants' National bank has closed its doors. President Bradford says the creditors will be paid in full. The failure was the result of a run, $25,000 having been withdrawn in one day. The bank had deposits of $55,000 and loans and overdrafts exceeding $95,000.


Article from Evening Journal, April 23, 1904

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Article Text

Oklahoma Bank Closed by a Run. Hobart, Okla., April 23.-The Farmers and Merchants' National bank has closed its doors. President Bradford says the creditors will be paid in full. The failure was the result of a run, $25,000 having been withdrawn in one day.


Article from The Rice Belt Journal, April 29, 1904

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Article Text

Oklahoma Bank's Failure. Washington: The controller of the currency has been advised by National Bank Examiner Sturtevant that the Farmers and Merchants National Bank of Hobart, Ok., closed its doors Friday morning, and that he is enroute to take charge. No cause is assigned for the failure. Mr. Startevant has been appointed receiver.


Article from Wausau Pilot, May 3, 1904

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Article Text

Run Shuts Oklahoma Bank. The Farmers' and Merchants' National Bank closed its doors at Hobart, Okia. The failure was the result of a run, The $25,000 having been withdrawn. bank had deposits of $55,000. and loans and overdrafts exceeding $95,000. President Bradford says the depositors will be paid in full.


Article from The Hocking Sentinel, May 5, 1904

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Article Text

Run Shuts Oklahoma Bank. The Farmers' and Merchants' National Bank closed its doors at Hobart, Okla. The failure was the result of a run, $25,000 having been withdrawn. The bank had deposits of $55,000, and loans and overdrafts exceeding $95,000. President Bradford says the depositors will be paid in full.


Article from Evening Star, May 19, 1904

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Article Text

Bank Authorized to Resume. The controller of the currency has authorised the Farmers and Merchants' National Bank of Hobart, Oklahoma territory, to resume business today as an active national banking association. The bank suspended payment on the 22d ultimo, and upon examination of its affairs by Myron R. Sturtevant, national bank examiner, it was found that the capital stock was somewhat impáired, but that the assets were sufficient to pay its depositors in full. The impairment has been made good by a voluntary payment of $30,000 in cash by the shareholders, and the bank resumes business under favorable auspices with an unimpaired capital of $50,000.


Article from The Wichita Daily Eagle, May 20, 1904

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Article Text

HOBART BANK WILL REOPEN Stock Holders Have Put Up $30.000 Additional. COULD PAY DEPOSITS Permission Is-Given for the Bank to Resume Business Washington, D. C., May 19.-The comptroller of the currency has authorized the Farmers and Merchants' National bank of Hobart, O. T., to resume business today as an active national banking association. The bank suspended payment on the 22d ul and upon an examination of its affairs by Myron H. Sturtevant, national bank examiner, it was found that the capital stock was somewhat impaired but that the assets were sufficient to pay its depositors in full. The impairment- has been made good by a voluntary payment of $30,000 in cash by the shareholders.


Article from Barton County Democrat, May 20, 1904

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Article Text

Hobart Bank to Resume. Washington, May 19.-The - comptroller of the currency has authorized the Farmers and Merchant National bank of Hobart Okla., to resume business today. The bank suspended last month. Assets sufficient to pay the stockholders in full were found. The stockholders made good immediate deficiency by the voluntary payment of thirty thousand dollars.


Article from The Laramie Republican, May 20, 1904

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Article Text

FAILED BANK RESUMES. Hobart Institution Finds Assets to Pay Depositors in Full. Washington, D. C., May 20.-The comptroller of the currency authorized the Farmers' and Merchants' National bank of Hobart, Okla., to resume business today. The bank suspended last month, but assets sufficient to pay depositors in full were found. The stockholders made good the impairment by the voluntary payment of $30,000.


Article from Rock Island Argus, May 20, 1904

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Article Text

Suspended Bank Resumes. Washington, May 20. - The comptroller of the currency has authorized the Farmers' and Merchants' National bank, of Hobart, O. T., to resume business. The bank suspended payment on the 22nd ult.


Article from The Farmington Times and Herald, May 27, 1904

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Article Text

BANK RESUMES BUSINESS Impalyment of Capital Stock Was Made Good Ps the Shareholders. | Washington. May 20.-The comptroller of the currency has authorized the Farmers' and Merchants' national bank of Hobart, Okla., to resume business as an active national banking association. The bank suspended payment on the 22d ult., and upon an examination of its affairs by Myron H Sturtevant. national bank examiner. It was found that the capital stock was somewhat impaired, but that the assets were sufficient to pay its depositors In full. The Impairment has been made good by a voluntary payment of $30,006 in cash by the shareholders.


Article from The Chickasha Daily Express, June 6, 1904

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Article Text

The Farmers' and Merchants' National bank at Hobart, which suspend. ed a few weeks ago, has reopened.