Canadian Valley Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: September 24, 1907
Location: Muskogee, Oklahoma (35.748, -95.370)

Metadata

Model: gpt-5-mini
Short Digest: 513cabc7

Response Measures

None

Description

Newspaper (Vinita Weekly Chieftain, 1907-10-03) states the Canadian Valley Trust Company went into the hands of a receiver the day before a gusher struck on Sept. 25, 1907. I infer the receivership date as 1907-09-24. Cause mentioned in the article: heavy speculation in oil and lease lands led to failure. No run or depositor panic is described.

Events (1)

1. September 24, 1907 Receivership

Newspaper Excerpt: It will be disappointing to know that the day before this big gusher was brought in the Canadian Valley Trust Company went into the hands of a receiver, the cause of which was largely due to speculation in oil and eas lands.
Source: newspapers

Newspaper Articles (1)

1. October 3, 1907 The Vinita Weekly Chieftain Vinita, OK

Article from The Vinita Weekly Chieftain, October 3, 1907

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Article Text

STRUCK BIG GUSHER Big Well Brought in at MuskogeeCanadian Valley Trust Company Interested. Muskogee, Sept. 25.-A gusher was struck this morning in the Creek oil field south of town when Creek well No. 5 was brought in. The drill had gone only three feet in the sand when the oil spouted out of the well over the top of the derrick. This is the fifth well dug, and is the third well in which oil was struck. Well No. 1 and well No. 4 are each producing about 200 to 250 barrels of oll daily, but the new well will flow double these amounts If present indications materialize. This will give the field a daily yieid of about 1,000 barrels, worth #420, bringing to the company the large sum of over $12,600 per month. The Canadian Valley Trust Company is heavily interested in this field and is likely to realize an enormous per cent on the original capital invested. It will be disappointing to know that the day before this big gusher was brought in the Canadian Valley Trust Company went into the hands of & receiver, the cause of which was largely due to speculation in oil and eas lands.