18472. West Texas Bank & Trust Company (San Antonio, TX)

Bank Information

Episode Type
Suspension โ†’ Reopening
Bank Type
trust
Start Date
October 31, 1907
Location
San Antonio, Texas (29.424, -98.494)

Metadata

Model
gpt-5-mini
Short Digest
776deaacb9c4fb89

Response Measures

None

Description

Multiple contemporary newspapers report that the West Texas Bank & Trust Co. of San Antonio temporarily suspended business (closed doors) on Oct. 31, 1907. The suspension is repeatedly attributed to the tightness of the money market and the refusal of northern/eastern bankers to ship cash (depleting reserves). The state commissioner took charge; reports state the institution was believed solvent and would resume business soon.

Events (1)

1. October 31, 1907 Suspension
Cause
Correspondent
Cause Details
Tightness of the money market and refusal of northern/eastern bankers to ship cash, depleting the bank's reserve and forcing a temporary suspension.
Newspaper Excerpt
closed its doors under a temporary suspension ... cause of the suspension is attributed to the tightness of the money market and the refusal of northern and eastern bankers to ship cash.
Source
newspapers

Newspaper Articles (12)

Article from Albuquerque Morning Journal, November 1, 1907

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SAN ANTONIO TRUST COMPANY CLOSES DOORS San Antonio. Oct. 31.-The West Texas Bank and Trust company of this city closed its doors under a temporary suspension of business today and is now in the hands of the state commissioner of Insurance and banking. The cause of the suspension is attributed to the tightness of the money market and the refusal of northern and eastern bankers to ship rosh. The West Texas Bank and Trust company is one of the principal banking institutions of San Antonio. T. B. Love, state commissioner of insurance and banking, arrived here from Austin tonight in answer to a


Article from The Marion Daily Mirror, November 1, 1907

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Trust Company Fails. San Antonio, Tex., Nov. 1.-The West Texas Bank and Trust Co., of this city, closed its doors Thursday and is now in the hands of the state commissioner of banking. The cause of the suspension is attributed to the tightness of the money mraket. According to G. B. Moore, president, the company will soon be in condition to resume business. The last official statement of the bank showed a capital stook of $2,000,000 and deposits of $1,625,240.


Article from Waterbury Evening Democrat, November 1, 1907

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THIS BANK CLOSED Texas Trust Company in Hands of Receiver-Conditions in Other Plades. San Antonio, Nov 1.-The West Texas Bank and Trust Co of this city closed its doors under a temporary suspension yesterday, and is now in the hands of the state commissioner of insurance and banking. The cause of the suspension is attributed to the tightness of the money market. According to G. B. Moore, president, the company will soon be in condition to resume business. The last cincial statement of the bank showed a capital stock of $2.000,000 and deposits of $1,625,240.


Article from The Times Dispatch, November 1, 1907

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TEXAS BANK SUSPENDS Institution With Capital of Two MIIlions Is Temporarily Closed. SAN ANTONIO, TEXAS, October 31.The West Texas Bank and Trust Company, of this city, closed Its doors under a temporary suspension to-day, and is now in the hands of the State Commissioner of Insurance and BankIng. The cause of the suspension is attributed to the tightness of the money market. According to G. B. Moore, president, the West Texas Bank and Trust Company will soon be In condition to resume business. The last official statement of the bank shows that it had a capital stock of $2,000,000 and deposits of $1,625,240.


Article from The Salt Lake Herald, November 1, 1907

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TEXAS BANK CLOSES DOWN Institution Said to Be Entirely Solvent, but Short of the Hard Cash. San Antonio, Tex., Oct. 31.-The West Texas Bank & Trust company of this city closed its doors under a temporary suspension of business today, and is now in the hands of the state commissioner of insurance and banking. The cause of suspension is attributed to the tightness of the money market and the refusal of northern and eastern bankers to ship cash. The West Texas Bank & Trust company is one: of the principal banking institutions of San Antonio. T. B. Love, state commissioner of insurance and banking, arrived here tonight from Austin in answer to a notification by wire of the condition of the bank. He will begin an investigation tomorrow morning. According to G. B. Moore, president, the West Texas Bank & Trust company will soon be in condition to resume business. This suspension is the first financial trouble in San Antonio since recent general scarcity of ready money. The last official statement of the bank showed loans and discounts to be $1,401,899; cash and exchange, $49,965.27; capital stock, $200,000; deposits, $1,625,240.22.


Article from The Maui News, November 2, 1907

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Is Appointed Superintendent of Public Works.-Financiers will Visit Kihei Today.--Kihei and H. C. & S. Co. May Be United. CHOLERA HAS FRIGHTFUL HOLD. Thousands of Russians Dying From Ravages of the Dread Disease.-Plague Claims Many Victims in Tunis.Confidence is Restored in Financial Circles. (SPECIAL TO THE MAUI NEWS.) Sugar 96 deg. test 3.90 Beets 9s. 3d. HONOLULU, November 1.-Pollitz and Walsh leave today on the Claudine for Maui where they will inspect Kihei plantation. They represent large holders of stock in the H. C. & S. Co. who are considering a proposition to buy out the smaller plantation and placing the two under one management. Nothing positive as to the appropriation at Pearl harbor is yet known. ST. PETERSBURG, November 1.-Cholera has a frightful hold on the people of Russia. 25% of all cases prove fatal. TUNIS, November 1.-Bubonic plague IS severe here. SAN ANTONIO, November 1.-The West Texas bank has closed its doors. WASHINGTON, November 1.-A committee from the House sailed yesterday to inspect the Panama Canal. BOSTON, November 1.-The law providing for the use of the voting machine has been declared unconstitutional. SAN FRANCISCO, November 1.-All banks are open notwithstanding the proclamation of the Governor declaring holidays. CHICAGO, November 1.--The Holden Shoe Factory is destroyed by fire. The loss is $5,000.000. WASHINGTON, November 1.-- In a battle between the soldiers and the Ute Indians three Indians were killed. NEW YORK, November 1.--Confidence is restored and stocks are rising. HONOLULU, October 30.-Lionel Hart was sentenced to three years imprisonment at hard labor. SAN FRANCISCO, October 30 -The California Trust and Safe Deposit bank has temporarily suspended business. It was not a member of the clearing house and could not use certificates. Action has been taken to secure depositors. It is believed that the institution is solvent. No alarm is felt. ST. PETERSBURG, October 30.-A mountain slid down on the village of Karatazh and killed 15000 persons. / MANILA, October 30.-Secretary Taft will sail Saturday direct to Germany on the steamer Rainbow. TOKIO, October 30.- It is reported that crews of the Russian torpedo boats at Vladivostok mutined and attacked the city. One of the boats was destroyed. NYAKTA, October 30. Two attempts have been made to assassinate Gortehekoff. NEW YORK, October 30.-Banking conditions are satisfactory Kessler Co. has suspended HONOLULU, October 31.--Marston Campbell was today appointed Superintendent of Public Works in place of C. S. Holloway who resigned some days ago. The Assistant Superintendent has not yet been appointed. The Government permits the payment of taxes with certificates of deposit to prevent the withdrawal of funds. The mate of the ship H. Hackfeld who was supposed to be drowned has returned. The banks here have been cautioned against heavy withdrawals of California balances. SAN FRANCISCO, October 31:-Statements have been issued that the banks here are solvent but are unable to secure coin. The Hibernia bank, with $13,000.000 of Government bonds can not borrow a few hundred thousand dollars. Governor Gillette has declared indefinite public holidays until confidence is restored. BALTIMORE, October 31: -The Steel Car Foundry Company has failed. Its liabilities are $6,000.000. VLADIVOSTOK October 31 -The crew of the Russian destroyer Skori mutined and seized the ship. HONOLULU, October 30.-Kona is to have 30 miles of railroad. Edward Pollitz, the San Francisco stock broker is expected here on the Manchuria. SAN FRANCISCO, October 30.-Savings banks are enforcing the rule that requires 30 days notice before withdrawals can be made. SACRAMENTO, October 30.-The banks here are issuing clearing house certificates. PORTLAND, October -The banks will resume business here today. All of the savings banks require 60 days notice. NEW YORK, October 30.- Brokers refuse to accept buying or selling orders. Enormous exports uplift American credit abroad.


Article from The Hawaiian Star, November 2, 1907

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TEXAN BANK SUCCUMBS. SAN ANTONIO, Texas, November 1. The West Texas bank has suspended payment.


Article from The Caucasian, November 3, 1907

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LOVE TAKES CHARGE. Law Requires States Commissioner of Banking to Do This. San Antonio, Nov. 4.-T. B. Love, state commissioner of banking, arrived in this city and took charge of the affairs of the West Texas Bank and Trust company, which suspended payment Thursday afternoon. He is required to do this under the state law. It is believed that investigation of the bank's books will show that it is entirely solvent. It is now stated that the suspension was due to the fact that owing to the refusal of other banks in the east, and even in this state, to ship money SO depleted the reserve in the bank that it was deemed best to suspend temporarily.


Article from The Greenville Journal, November 7, 1907

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CASH TO BE PLENTY INCREASE OF BANK NOTE CIRCULATION SEEMS CERTAIN. MUCH GOLD ON THE WAY Comptroller Ridgely's Plan Generally Approved by Bankers-Cortelyou Disposed to Help Cotton Movement. New York. - Indications that the available supply of cash would be materially increased within a short time, both by imports of gold and the increase of the bank note circulation, and that the movement of cotton and grain crops would be facilitated in every way possible with the result of increasing our credits abroad, were the salient features of Thursday's financial situation. It seemed to be recognized everywhere that the acute stage of the crisis was over and that all that remained was to obtain sufficient cash to resume currency payments upon a broad scale and thus to restore conditions prevailing before the crisis. The engagements of gold made in New York, Chicago and elsewhere, brought up the total import movement within the past week to $23,750,000. As the amount of gold will afford a basis of credit to four times the amount, or about $95,000,000, it will in itself afford much relief to the existing pressure. Ridgely's Plan Liked. The prompt response of the national banks throughout the country to the suggestion of Comptroller Ridgely that they should employ their United States bonds as largely as possible to secure circulation and substitute other bonds for those pledged against deposits of public money, promises a considerable increase in the available stock of currency. The estimates of an increase in the bank note circulation of $30,000,000 is considered well within the probabilities. It will require time, however, in some cases for the banks to obtain proper bonds to substitute for their United States bonds. Mr. Vanderlip, vice president of the National City bank, made the fruitful suggestion that the savings banks would at once improve the general situation if they would sell their holdings of United States bonds to the national banks. Even in cases where they do not care to sell, it is believed that they will lend their bonds to the national banks, as has often been done in the past. Helping Cotton Movement. Interest continues to center in the movement of the cotten crop from New Orleans and other southern points, which is SO essential to provide bills against the imports of gold. Secretary Cortelyou, according to Washington dispatches, was disposed to increase deposits of public funds in the southern banks as rapidly as such funds became available. This will supply the banks with the stock of currency SO much needed to handle the cotton crop and will enable them to await with less embarrassment than otherwise the arrival of their cotton bills in Europe and the bringing back of the gold. The committee of New Orleans bankers which is in Washington has suggested that the New York banks can ease the situation by giving the southern banks credit for checks in foreign banks, forwarded as soon as they receive telegraphic advices of the amounts. This will enable the southern banks to check against such balances in payment of collections and in making remittances to interior banks throughout the country. To Reopen Oklahoma Banks. Guthrie, Okla. - Four hundred bankers, representing the Oklahoma and Indian Territory Banking associations, agreed Thursday night on a plan to reopen all banks early next week. San Antonio Bank Suspends. San Antonio, Tex. - The West Texas Bank & Trust company of this city closed its doors under a temporary suspension of business Thursday and is now in the hands of the state commissioner of insurance and banking. The suspension is attributed to the tightness of the money mรฅrket and the refusal of northern


Article from Audubon Republican, November 7, 1907

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st sur USEM IF to be the third death from the plague meeks. OM7 uj there Mr. and Mrs. A. N. Kirwan of Springfield, Mass., were found by employes of a hotel in that city lying in their room critically wounded. The husband declared that he and his wife had tried to commit suicide by shcot"Sup Representatives of the principal steel producing companies, it is said, held a secret meeting in Pittsburg and projes. dn beep 01 lood billet B Jornad Heirs of George Washington are seeking to recover the value of lands on which the city of Cincinnati now rests. Experiments made with "lucidescent" light at the New York Skin and Cancer hospital are declared to have demonstrated that intense light is a powerful cure for pain. City Councilman G. C. Linde, of St. Louis, was indicted for malfeasance in office and confessed, implicating other members of the city's legislative bodies. Capt. Granville Fortescue. U. S. A., retired. accepted from Gov. Ma goon of Cuba a commission that carries with it the duties of special instructor to the Cuban forces Frank Crocker, cashier of the First National Savings bank. of Chariton. Ia., committed suicide after notifying the bank examiner that the bank was overloaned. The yacht Kingdon, with about 60 members of the Holy Ghost and Us colony at Shiloh, Me., on board and a crew of 20. sailed for the Holy Land. Notices posted about the Calumet & Hecla works at Houghton. Mich., announced a reduction of wages on December 1 of 12ยฝ per cent., approximately equal to the increase granted early in the year. Raymond Hitchcock, the comedian who disappeared after being indicted for mistreating girls, was believed by some of his friends to have been JO Such B sq JO Riduaded blackmailers. Dr. Richard Mohr, general director of the Hahnemann hospital in Philadelphia and professor of materia medica and therapeutics, dropped dead on the street. E. G. McNair, convicted of wife murder at Beaumont, Tex., committed suicide by hanging himself to the bars of his cell in the county jail at Houston. As a result of the application of the Pendleton law by which cities of Tennessee can reincorporate without the saloon, over 100 saloons closed their doors in Knoxville. The supreme court of Massachusetts declared the use of voting machines unconstitutional. Etta L. McLean, a stenographer in the office of United States District Attorney Sims at Chicago. was arrested on a charge of stealing papers and records in the John R. Walsh case. The business part of Rockton, III., was destroyed by fire with a loss exceeding $50,000. The Imperial Tobacco company purchased for $1,500,000 the entire 1907 tobacco crop pledged to the American Society of Equity in Henderson, Onion, Webster, Hopkins and Crittenden counties in Kentucky. The West Texas Bank & Trust company of San Antonio closed its doors under a temporary suspension bustinss. JC Royal Fowler, of Dayton, who killed his sweetheart, Mary Hagerty, more than a year ago, was electrocuted in the Ohio penitentiary at Columbus. Fire on State street, Chicago, did $500,000 damage to the N. B. Holden Shoe company. In a battle between United States troops and Indians in southern Utah three persons were killed and another wounded, all believed to have been Indians. Miss Josephine Hill, 30 years old, a teacher in the House of Mercy, a charitable institution conducted by the Sisters of St. Mary of the Protestant Episcopal church in New York, committed suicide by shooting. Hugh B. Ely, superintendent of the insurance department of the Pennsylvania Railroad company 25 years, died at his home in Beverly, N. J. Elmer H. Dearth, former Minneapolis insurance commissioner, who was indicted by the grand jury on a charge of accepting a bribe from W. F. Bechtel, former president of a Minneapolis life insurance company, was acquitted of the charge in the district court at Minneapolis. Mischievous small boys in West Duluth, Minn., attached a piece of wire to an electric light wire and strung it in front of an Austrian boarding house. Yova Mehis, the first man to approach, stepped on it and was instantly killed. John D. Rockefeller is reported to have cornered all available laborers in the Tarrytown district to work on his new home on Pocantico hill. Dr. William Polis of the German weather bureau, who attended the aeronautical congress in New York, says America is far ahead of Germany in weather forecasting. Robert M. Dubose, secretary of the University of the South, died at Sewanee, Tenn. Planning to duplicate his feat of 40 years ago, of walking to Chicago, a


Article from Los Angeles Herald, November 12, 1907

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TEXAS AUSTIN, Texas, Nov. 11.-It is understood that Attorney General Davidson is preparing an answer to the recent letter addressed to him by United States Senafor Joseph Welden Balley. It is probable that it will be given to the press soon for publication. WESTFIELD-Some preparation is being made to put down another test well for oil near Westfield. The new well will be near the International and Great Northern railroad, about two and onehalf miles south from the station. BRENHAM-At a meeting of the bankers here resolutions were adopted limiting withdrawals to $50 per day and pledging they will ship no money out of the city. SAN ANTONIO-The suspension of the West Texas Bank and Trust company, the state institution which closed its doors, is but temporary and the bank will resume business within a short time. AUSTIN-A telegram was received from the clerk of the supreme court of the United States stating that the case of D. Sullivan vs. the state of Texas would come up for hearing during the week beginning December 9. William E. Hawkins, assistant attorney general, will go to Washington to represent the state. If you want to go east, c. Haydock, Agent Illinois Central R. R., 118 W. 6th


Article from Bryan Morning Eagle, November 24, 1907

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# TEXAS COTTON CROP. Commissioner Milner Says Figures Are Official. Austin, Nov. 23.-Commissioner of Agriculture Milner gave out his estimate of cotton crop of Texas for 1907 which he places at 1,987,887 bales. This is based on the fact that 86 percent of the present cotton crop in Texas as has been ginned. He compares the percentage of cotton crops which have been ginned up to Nov. 14 for the past four years in order to reach the conclusion of his present estimate. These percentages and figures, Commissioner Milner says, are official, as they are figures given of ginners' reports by the Federal government. An important conference of officers of the Texas National guard was held here in the adjutant general's department for the purpose of taking definite steps toward reducing the Texas National guard from a division to a brigade. The question of a successor to Major General William H. Stacy, as commander of the guard was also discussed. Plans for the next encampment were also debated. The following officers attended: Generals Newton, Stacy, Hulen and Scurry; Colonels Hutchings, Townsend, Lyon, Brynes and Delamater. A statement was given out by the department of agriculture showing the total number of bales of cotton ginned of this season's crop up to Nov. 1, which is 1,137,010 square and 52,550 round bales. State Bank Superintendant Love has announced the appointment of Thomas Shearon of Dallas to be special agent of and take charge of the Johnson City State bank, which suspended several days ago. Mr. Love is just back from San Antonio in connection with the West Texas Bank and Trust company. He says that the institution will be able to resume business within a short time.