18189. Farmers & Merchants Bank (Sapulpa, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 13, 1907
Location
Sapulpa, Oklahoma (35.999, -96.114)

Metadata

Model
gpt-5-mini
Short Digest
7d960f36

Response Measures

None

Description

Bank (Sapulpa, I.T. — Indian Territory, later Oklahoma) suspended and a receiver/trustee was appointed on Nov 13, 1907. Cause cited is the national money stringency and refusal of correspondent banks to turn over funds; articles also note heavy investment in illiquid oil properties. No clear contemporaneous run on this bank is described. Capitalization reported as $50,000 in several items. OCR errors corrected (I. T. -> Indian Territory).

Events (2)
1. November 13, 1907 Receivership
Newspaper Excerpt
after a hasty consultation it was decided to appoint a trustee and receiver and put every dollar of property behind the institution.
Source
newspapers
2. November 13, 1907 Suspension
Cause
Correspondent
Cause Details
Money stringency nationwide and correspondent banks refused to turn over their deposits; bank heavily invested in oil properties and couldn't liquidate assets to obtain currency.
Newspaper Excerpt
The Farmers' and Merchants' bank ... failed to open its doors this morning ... The cause of the failure is the direct result of the money stringency existing throughout the country and the refusal of their corresponding banks to to turn over their deposits.
Source
newspapers

Newspaper Articles (10)
1. November 13, 1907 The Vinita Daily Chieftain Vinita, OK
Article from The Vinita Daily Chieftain, November 13, 1907

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Article Text

FORCED TO CLOSE Oldest Financial Institution at Sapulpa Forced to the Wall. Special to The Chieftain. Sapulpa, I. T., Nov. 13-The Farmers' and Merchants' bank, with depos its of nearly $500.000, and the oldest financial institution in the city, failed to open its doors this morning, which naturally created a great deal of excitement. The failure to open as usual caused men to gather in small groups and discuss the matter, but in the main everybody accepted the situation as cheerfully as the circumstances would permit. The cause of the failure is the direct result of the money stringency existing throughout the country and the refusal of their corresponding banks to to turn over their deposits. The demand, even with restrictions, for currency was so great that the bank found it impossible to keep on in this manner, and after a hasty consultation it was decided to appoint a trustee and receiver and put every dollar of property behind the institution. The cashier, B. B. Burnett, vicepresident John Durmott and B. C. Burnett are men of wealth and vast property holdings, and they state that their every dollar is behind the bank. No attempt has been made to make a run on the other banks of the city.

2. November 13, 1907 Arizona Republican Phoenix, AZ
Article from Arizona Republican, November 13, 1907

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OVERLOADED WITH OIL. Sapulpa, I. T. Nov. 12.-The Farmers' and Merchants' Bank of this city capitalized at $50,000. suspended business today. The bank announced that business would be resumed and the depositors paid in full. The bank is heavily interested in oil property and is unable to turn it into money.

3. November 14, 1907 Bryan Morning Eagle Bryan, TX
Article from Bryan Morning Eagle, November 14, 1907

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Article Text

Suspends Business. Sapulpa, I. T., Nov. 13.-The Farm. ers and Merchants' bank of this city, capitalized at $50,000, suspended bus'ness Tuesday. The bank announces that business will be resumed and de positors will be paid in full. B. Bar nett is cashier. The bank is heavile interested in oli properties, and is unable to turn them into money. The bank officials have made no state ment of its assets and liabilities.

4. November 20, 1907 The Daily Ardmoreite Ardmore, OK
Article from The Daily Ardmoreite, November 20, 1907

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SAPULPA BANKS A NUMBER OF DEPOSITORS PLAN TO SETTLE AFFAIRS OF SUSPENDED BANK. Sapulpa, Okla., Nov. 19.-Five hundred depositors of the Farmers and Merchants bank, which closed here last week, met here today and appointed a committee from their number to confer with the receiver. It is probable that there will be an arrangement made by parties interested in the bank to take over the affairs, pay all small depositors in full and pay large depositors in four or six months. The deposits of the bank when it closed were $260,000.

5. November 21, 1907 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, November 21, 1907

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Financial Institutions Suspend. The developments Tuesday in the financial crisis were as follows: The Merchants' National bank of Portland, Ore., with deposits of $5,212,052, closes its doors; California bank at Oakland, Cal., suspends payment; Farmers and Merchants' bank of Sapulpa, Ind. T., is forced to suspend; People's bank of California, Pa., closes its doors; Ravenswood bank, a small Chicago institution, goes into the hands of a receiver.

6. November 22, 1907 The Yale Expositor Yale, MI
Article from The Yale Expositor, November 22, 1907

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grand master of the Masonic Order Missouri, committed suicide at the Midland hotel in Kansas City, leaving no message to explain his action. There was no evidence that the fairs of the Bank of Albany were volved in the tragedy. Charles Tracy Barney, the deposed president of the Knickerbocker Trust Company of New York, and until cently a power in the financial world, shot and killed himself. The deed attributed to despondency over the loss of his large fortune and business standing. Bankers and merchants in session at Sioux City, Ia., adopted a system of grain checks which it was agreed should be accepted as currency. Merchants National bank of Portland Ore.; the California bank of Oakland Cal.; the Farmers and Merchants bank of Sapulpa, I. T., and the Ravens wood Exchange bank in a Chicago suburb suspended. The Royal Motor Car company of Cleveland, O., and the Gary wholesale grocery house Selma, Ala., went into the hands receivers. Secretary Cortelyou made the nouncement that as a means of fording relief to the financial situation the treasury would issue $50,000,000 Panama bonds, and $100,000,000 tificates of indebtedness, or so much thereof as may be necessary. The certificates will run for one year will bear three per cent. interest. Prince Charles of Bourbon was ried to Princess Louise of France Wood Norton, England, in the ence of about 40 members of families. Charles H. Seitz, formerly genera manager of the Michigan Telephone company at Detroit, died in Chicago from pneumonia. Mrs. Evelyn Romadka, the Milwau kee woman burglar, was sentenced the Joliet penitentiary for an determinate period of from one twenty years by Judge Brentano Chicago on her plea of guilty to charge of burglary. Louis H. Krehl, a young civil gineer on the Rock Island railroad shot himself in the head at Topeka Kan. The $22,000 worth of pay checks fo the miners of the Carbon Coal & company, which were lost from stage that runs between Longsdal and Cokedale, Col., were found boys and returned to the company. J. Ballin, a stock broker of Ham burg and a brother of Albert Ballin director general of the Hamburg-Amer ican Steamship line, committed cide. Alexander Fries, head of the of Alexander Fries & Bro., New Yor and Cincinnati, and one of the eminent chemists of the country, in Cincinnati. Harry Waters and his son Walte were struck by the fast mail train the Vandalia and instantly killed the village of Almeda, Ind. The safe in the post office at Seneca S. C., was blown open and $800 stamps and $200 in currency taken. The indorsement of William H. Taf for the presidency, and a demand home rule were the salient feature of the platform reported to the kan Republican convention. William Willcox, former superir tendent of the municipal lighting of Columbus, O., was found guilty a jury on the charge of defrauding city out of $1,170. A fatal wreck occurred on the souri River & Northwestern railroa between Mystic, S. D., and Rapid An extra engine and three cars, filled with passengers, plunged

7. January 2, 1908 The Greenville Journal Greenville, OH
Article from The Greenville Journal, January 2, 1908

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FINANCIAL to Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guiltv of embezzlement. 4-First National bank of Scotland, S. D., close by bank examiner. 8-F. D. Gilman, Indiana banker. sentenced to term of one to three years in state prison. 25-Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. 19-Citizens' State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 2-First National bank of Hicksville, O., closed by comptroller of currency. 5-Fort Dallas National bank of Miami, Fla., closed. 20--Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. it-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.: failure ascribed to stringency of money market. Sep. -Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 10-H. D. Reynolds' bank of Valdez, Alaska, closed doors. 15-First National bank of Dresden, O., failed. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. 19-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. 23-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 24-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 25-Six more minor banking institutions in New York closed doors. Union Trust Co., of Providence, R. I., suspended. 26-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. 30-California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. 6-Receiver appointed for Arnold Print works of North Adams, Mass., one of largest textile concerns in country. 12-Merchants' National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., suspended. 18-Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of in'debtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 27-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. 2-Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. 5-National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. 6-Fort Pitt National bank of Pittsburg, closed. 17-Jewelers' National bank at North Attleboro, Mass., in hands of receiver.

8. January 3, 1908 The Ely Miner Ely, MN
Article from The Ely Miner, January 3, 1908

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Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guilty of embezzlement. 8-F. D. Gilman, Indiana banker, sentenced to term of one to three years in state prison. -Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. 19-Citizens' State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 5-Fort Dallas National bank of Miami, Fla., closed. 20-Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. It-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.; failure ascribed to stringency of money market. Sep. 5-Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 16-Collapse of Heinze corner in copper caused violent slump- in stocks in New York: firm of Otto Heinze & Co., suspended from stock exchange. 19-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. -Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 24-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 25-Six more minor banking institutions in New York closed doors Union Trust Co. of Providence, R. I., suspended. 26-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. 30-California Safe Deposit & Trust Co. Finanbank, at San Francisco, closed cial corditions in New York practically normal again. Nov. 4- Three small banks in Kansas closed United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. 6-Receiver appointed for Arnold Print works of North Adams, Mass., one of largest textile concerns in country. 12-Merchants' National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., suspended. 18-Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving financlal situation City National bank of Frederick, Okla., failed. 27-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. 2-Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. 5-National Bank of Commerce, one of largest financial institutions of Kansas City. suspended. 6-Fort Pitt National bank of Pittsburg, closed. 17-Jewelers' National bank at North Attleboro, Mass., in hands of receiver.

9. January 3, 1908 The Forrest City Times Forrest City, AR
Article from The Forrest City Times, January 3, 1908

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FINANCIAL Jan Merchants' and Farmers' bank of Fairmont, Minn. suspended. Feb.2-F D. Gilman, former president suspended Home bank of Goodland, Ind. found guilty of embezzlement. LF D. Gilman, Indiana banker sentanced to term of one to three years in state prison. Disappearance of $ 3,000 from subtreasury at Chicago made public. Mar. 14 Virtual panic in Wall street; Secretary Cortelyou relieved the situation Citizens State bank of Firth, Neb., closed by state Corbin Banking company of New York, assigned assets, $3,000,000; Habillties, $1,700,000. pr. -Maj H. W. Salmon of Warsaw. Mo. convicted of illegal banking, sentenced three years in penitentlary 11-Bank of Conception, at Clyde, Mo., ordered closed 10-Ex-Judge Smith of Chicago, found utity of conspiring to defraud stock holders and depositors of Bank of America, of which he was president; Denalty imprisonment and $1,000 fine Citizens' bank of Eureka Springs, Ark. suspended -Fort Dallas National bank of Miami, Fla. closed. -Farmers' National bank of Boyertown. Pa. ordered closed. Aug. 1-People's State bank of Brownstown, Ind. closed by state authorities. Receivers appointed for Pope Mfg Co., of Hartford, Conn. failure ascribed to stringency of money market ep. 5-5 Watson & Co. members of New York stock and produce exchanges and of Chicago board of trade failed. Oct. -Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutiona closed doors &-Collapse of Heinze corner in copper caused violent slump in stocks in New York: firm of Otto Heinze & Co., suspended from stock exchange New York clearing house committee declared that the Heinze Morse and Thomas interests had been eliminated from banking organizations of New York -Krickerbocker Trust Co. New York's second largest financial institution, forced to suspend great slump in securities: call money at 70 per cent. Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed 84 Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala. filed involuntary petition in bankruptcy -8ix more minor banking institutions in New York closed doors Union Trust Co., of Providence, R. I., suspended. -Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. -California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. T-Three small banks in Kansas closed United States Steel corporation secured controlling Interest in Tennessee Coal & Iron Co. Receiver appointed for Arnold Print works of North Adams, Mass. one of largest textile concerns In country 22-Merchants' National bank of Portland, Ore California bank of Oakland, Cal. and Farmers' & Merchants' bank of Sapulpa, I T. suspended 22 Secretary of Treasury Cortelyou or dered issue of $ 50,000,000 of Panama bonds and $100,000.00 certificates of indebtedness as means relieving financial situation City National bank of Frederick, Okla., falled -American Silk Co capital stock $11. 000,000, which operated mills in several cities placed In hands of receiver Dec. 2 Chelsea Savings abnk of Chelsea. Mich owned by State Treasurer Glazler, closed. 5 National Bank of Commerce, one of largest financial Institutions of Kansas City, suspended -Fort Pitt National bank of Pittsburg, closed 17-Jewelers' National bank at North Attleboro, Mass., In hands of receiver

10. January 9, 1908 The Spanish Fork Press Spanish Fork, UT
Article from The Spanish Fork Press, January 9, 1908

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FINANCIAL Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guilty of embezzlement. 8-F. D. Gilman, Indiana banker. sentenced to term of one to three years in state prison. -Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street: Secretary Cortelyou relieved the situation. 19-Citizens' State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 5-Fort Dallas National bank of Miami, Fla., closed. 20-Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. M-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.: failure ascribed to stringency of money market. Sep. 5-Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private Institutions, closed doors. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York: firm of Otto Heinze & Co., suspended from stock exchange. 19-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities: call money at 70 per cent. 23-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks. Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. M-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 25-Six more minor banking institutions in New York closed doors. Union Trust Co., of Providence, R. I., suspended. Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. $0-California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling Interest in Tennessee Coal & Iron Co. -Receiver appointed for Arnold Print works of North Adams, Mass., one of largest textile concerns in country. 12-Merchants' National bank of Portland, Ore., California bank of Oakland, Cal. and Farmers' & Merchants' bank of Bapulpa, I.T., suspended. as Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 17-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. -National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. Fort Pitt National bank of Pittsburg, closed. l7-Jewelers' National bank at North Attleboro, Mass., in hands of receiver.