18122. Peoples Bank & Trust Company (Muskogee, OK)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
trust company
Start Date
June 18, 1913
Location
Muskogee, Oklahoma (35.748, -95.370)

Metadata

Model
gpt-5-mini
Short Digest
d27036db

Response Measures

Capital injected, Full suspension, Books examined

Description

Multiple syndicated news pieces (June 1913) report that a stockholder's suit caused internal strife which leaked out and provoked a run. The state bank examiner temporarily took charge and the bank remained closed one day; stockholders assessed capital 100% and contributed additional funds, and the bank reopened the next day.

Events (3)

1. June 18, 1913 Run
Cause
Bank Specific Adverse Info
Cause Details
A lawsuit by a stockholder caused internal strife that became public and triggered withdrawals
Measures
State bank examiner demanded 100% assessment on $25,000 capital; stockholders paid assessment and contributed an additional $75,000; community leaders urged depositors to stay; large deposits made to show confidence
Newspaper Excerpt
A suit brought by one of the stockholders started an internal strife within the bank that leaked out and started a run.
Source
newspapers
2. June 18, 1913 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Run prompted by internal litigation forced the bank to close for the day under the state bank examiner's control
Newspaper Excerpt
This forced the bank to close its doors. Then the state bank examiner took charge and the bank remained closed all day while angry depositors stormed the outer doors
Source
newspapers
3. June 19, 1913 Reopening
Newspaper Excerpt
With the permission of the bank examiner the bank was re-opened the following day. ... The bank had sufficient cash in its vaults at that time to pay every depositor in full, but the money was not demanded and the bank was saved.
Source
newspapers

Newspaper Articles (6)

Article from The Farmington Times, June 26, 1913

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Article Text

mittee, demanded of the house a con tinuation of the money trust investi gation. Eighty girls deliberately were burned to death when villagers in the Piriatin sugar beet district set fire to the building where the girls were asleep, according to a special dispatch from Kiel. Russia. Harvard's oldest graduate, Rev. J I. T. Coolidge, who was 95. died in the midst of commencement festivities at Cambridge, Mass., after two weeks' illness of pneumonia. He was graduated from Harvard in 1838. The biggest gathering of women vote seekers will be seen in Washing ton July 30, when the affirmative report of the senate committee on women's suffrage will come up in the up per branch of congress for action. Chicago workmen numbering 27,700 were locked out on incompleted build ings in Chicago in the boycott against the Building Trades council instituted by the Building Construction Employ. ers' association. At Montreal. Canada, four firemen are dead and three others are in the hospital seriously injured as the result of a disastrous fire there. S. G. Hull. a farmer of Dover Cen ter, O., was killed and his wife was wounded at their home when a box of fifty rifle cartridges placed on the kitchen stove exploded. Outclassing Yale in the varsity eight-oared four-mile race. Harvard won the annual event by more than a dozen lengths. The official time was: Harvard, 21:42: Yale. 22:20. Nine members of a United States surveying party were drowned in the Mississippi river near New Madrid, Mo., when a squall overtook them and capsized their boat. Five other members of the party were rescued from death. Archdeacon Hudson Stuck, the Episcopal missionary who set out from Fairbanks, Alaska, several months ago to climb Mount McKinley, I reached the summit of the highest o peak of the great mountain June 7. S I In a presentment handed down by f the West Chester county (N. Y.) grand o jury a recommendation is made that Sing Sing prison at Ossining be aban6 doned and a new state institution be I built. a W A general strike of miners in the S New River coal field, district No 29, 0 United Mine Workers of America, will be called next week, according to 6 an announcement of Thomas Hagp gerty, member of the international miners' board. 1 d One hundred bodies were taken 11 from the ruins of the houses demolA ished in the earthquake at Tirnovo It I is known that many more bodies are J in the ruins, but the exact number of N those who perished cannot yet be learned. " N The board of trustees of Vanderbilt university of Tennessee unreservedly a accepted the recent gift of Andrew W Carnegie of $1,000,000 to the medical department. in c Maximum rate laws of four states, V Missouri, West Virginia, Oregon and M Arkansas were sustained by the su tl preme court in a series of unanimous decisions, read by Justice Hughes V Except as to a few railroads with small mileage in Missouri alone, the the court declared the laws are not con a fiscatory. The court did not decide th in the Kentucky rate case. or in Secretary of Agriculture Houston le suspended Victor Olmsted, statistician or of the department, pending an inves pr tigation of his office. "A matter of office discipline," was the explanation given at the department. G The People's Bank and Trust comPi pany of Muskogee, Ok., capitalized at TI $25,000, a strictly negro institution. te has been closed and is in the hands of ch a state bank examiner. It has been doing business six years. The expulsion of Jews from the tio government of Kherson, which was Se suspended during the winter, but only ou after vigorous protests had been made on in the duma. was begun again. The tu government had agreed to stop the expulsion of Jews until June 17. Capt. John Andrew Doggett of Port. gu land, Me., and five members of the we crew of the Gloucester fishing schoon


Article from The Colorado Statesman, July 5, 1913

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Article Text

NEGRO BANK SAVED BY RACE PRIDE (Indianapolis Ledger) Pride of race and determination to show that Negroes could show business courage equal to white people saved the Peoples Bank and Trust company, a strickly Negro bank, Muskogee, Okla., from ruin, and it is running today as usual following a stress that would have wrecked most any bank in the state under similar circumstances. A suit`brought by one of the stockholders started an internal strife within the bank that leaked out and started a run. This forced the bank to close its doors. Then the state bank examiner took charge and the bank remained closed all day while angry depositors stormed the outer doors in an effort to get their money out. Meetings were held in every Negro church in the city and the Negro ministers preached on the subject of the bank. They appealed to race pride and to cool judgment. They pointed out that to get panicky and draw cut deposits meant to break the bank, sure. For the bank to fail would be a sad comentary upon the Negro as a factor in the business world, a thing that the Negroes could not afford to have happen. The Negroes were advised to let their money stay on deposit and to put in more. This had its effect. Wbile the bank doors were still closed one Negro merchant stood in front of it with $5,000 in money in a bag stating he was going to deposit it. Several others with big rolls joined him. In the meantime the officers and stockholders of the bank, all Negroes, were busy. The bank examiner demanded an assessment of 100 per cent. on the capital stock of $25,000. This was promptly met, and the Negro financiers piled on top of the assessment $75,000 more to show good faith. With the permission of the bank examiners the bank was reopened the following day. Another crowd had gathered, but these were depositors trying to get their money into the bank instead of trying to draw it out. The bank had suffi. cient cash in its vaults at that


Article from The Fargo Forum and Daily Republican, July 5, 1913

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RACE PRIDE SAVED BANK. Negroes Came to the Rescue of Trust Company Endangered by Suit. Muskogee, Okla., Cor. Kansas City Star: Pride of race and determination to show that negroes could show business courage equal to white people saved the People's Bank & Trust Co., a strictly negro bank of this city, from ruin, and it is running today as usual following a stress that would have wrecked any bank in the state under similar circumstances. A suit brought by one of the stockholders started an internal strife within the bank that leaked out and started a run. This forced the bank to close its doors. Then the state bank examiner took charge and the bank remained closed all day while angry depositors stormed the outer doors in an effort to get their money out. Meetings were held in every negro church in the city and the negro ministers preached on the subject of the bank. They appealed to race pride and to cool judgment. They pointed out that to get panicky and draw out deposits meant to break the bank, sure. For the bank to fail would be a sad commentary upon the negro as a factor in the business world, a thing that the negroes could not afford to have happen. The negroes were advised to let their money stay on deposit and to put in more. This had its effect. While the bank's doors were still closed one negro merchant stood in front of it with $5,000 in money in a bag, stating that he was going to deposit it. Several others with big rolls joined him. In the meantime the officers and stockholders of the bank, all negroes, were busy. The bank examiner demanded an assessment of 100 per cent on the capital stock of $25,000. This was promptly met, and the negro financiers piled on top of the assessment $75,000 more to show good faith. With the permission of the bank examiner the bank was re-opened the following day. Another crowd had gathered, but these were depositors trying to get their money into the bank instead of trying to draw it out. The bank had sufficient cash in its vaults at that time to pay every depositor in full, but the money was not demanded and the bank was saved.


Article from Iowa State Bystander, July 11, 1913

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Pride of race and determination to show that negroes could show business courage equal to white people saved the Peoples Bank and Trust company, a strictly negro bank, Muskogee, Okla., from ruin, and it is running today as usual following a stress that would have wrecked most any bank in the state under similar circumstances. A suit brought by one of the stockholders started an internal strife within the bank that leaked out and started a run. This forced the bank to close its doors. Then the state bank examiner took charge and the bank remained closed all day while angry depositors stormed the outer doors in an effort to get their money out. Meetings were held in every negro church in the city and the negro ministers preached on the subject of the bank They appealed to race pride and to cool judgment. They pointed out that to get panicky and draw out deposits meant to break the bank, sure. For the bank to fail would be a sad commentary upon the negro as a factor in the business world, a thing that the negroes could not afford to have happen. The negroes were advised to let their money stay on deposit and to put in more. This had its effect. While the bank's doors were still closed one negro memchant stood in front of it with $5,000 in money in a bag stating that he was going to deposit it. Several others with big rolls joined him. In the meantime the officers and stockholders of the bank, all negroes, were busy. The bank examiner demanded an assessment of 100 per cent. on the capital stock of $25,000. This was promptly met, and the negro financiers piled on top of the assessment $75,000 more to show good faith. With the permission of the bank examiner the bank was reopened the following day. Another crowd had gathered, but these were depositors trying to get their money into the bank instead of trying to draw it out. The bank had sufficient eash in its vaults at that time to pay every depositor in full, but the money was not demanded and the bank was saved.


Article from The Colorado Statesman, July 11, 1913

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Article Text

Pride of race and determination to show that negroes could show business courage equal to white people saved the Peoples Bank and Trust company, a strictly negro bank, Muskogee, Okla., from ruin, and it is running today as usual following a stress that would have wrecked most any bank in the state under similar circumstances. A suit brought by one of the stockholders started an internal strife within the bank that leaked out and started a run. This forced the bank to close its doors. Then the state bank examiner took charge and the bank remained closed all day while angry depositors stormed the outer doors in an effort to get their money out. Meetings were held in every negro church in the city and the negro ministers preached on the subject of the bank They appealed to race pride and to cool judgment. They pointed out that to get panicky and draw out deposits meant to break the bank, sure. For the bank to fail would be a sad commentary upon the negro as a factor in the business world, a thing that the negroes could not afford to have happen. The negroes were advised to let their money stay on deposit and to put in more. This had its effect. While the bank's doors were still closed one negro merchant stood in front of it with $5,000 in money in a bag stating that he was going to deposit it. Several others with big rolls joined him. In the meantime the officers and stockholders of the bank, all negroes, were busy. The bank examiner demanded an assessment of 100 per cent. on the capital stock of $25,000. This was promptly met, and the negro financiers piled on top of the assessment $75,000 more to show good faith. With the permission of the bank examiner the bank was reopened the following day. Another crowd had gathered, but these were depositors trying to get their money into the bank instead of trying to draw it out. The bank had sufficient cash in its vaults at that time to pay every depositor in full, but the money was not demanded and the bank was saved.


Article from Iowa State Bystander, July 11, 1913

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RACE PRIDE SAVES THE NEGRO BANK. One of Our Largest Negro Banks in Muskogee, Okla., Was Saved by the Wealth of Negro Man. A special to the Kansas City Star from Muskogee, Okla., under date of June 18th says: Pride of race and determination to show the Negroes could show business courage equal to white people saved the People's Bank and Trust company, strictly Negro bank of this city, from ruin, and it is running today as usual following a stress that would have wrecked most any bank in the state under similar circumstances. A suit brought by one of the stockholders started an internal strife within the bank that leaked out and started a run. This forced the bank to close its doors. Then the state bank examiner took charge and the bank remained closed all day, while angry depositors stormed the outer doors in an effort to get their money out. Meetings were held in every Negro church in the city and the Negro ministers preached on the subject of the bank. They appealed to race pride and to cool judgment. They pointed out that to get panicky and draw out deposits meant to break the bank, sure. For the bank to fail would be a sad commentary upon the Negro as a factor in the business world, a thing that the Negroes could not afford to The Negroes were advised to let their money stay on deposit and put in more. This had its effect. While the bank's doors were still closed one Negro merchant stood in front of it with $5,000 in a bag, stating that he was going to deposit it. Several others with big rolls joined him. In the meantime the officers and stockholders of the bank, all Negroes, were busy. The bank examiner demanded an assessment of 100 per cent on the capital stock of $25,000. This was promptly met, and the Negro financiers piled on top of the assessment $75,000 more to show good faith. With the permission of the bank examiner the bank was reopened the following day. Another crowd had gathered, but these were depositors trying to get their money into the bank instead of trying to draw it out. The bank had sufficient cash in its vaults at that time to pay every depositor in full, but the money was not demanded and the bank was saved.