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national
fa01a90ec77a946dAccommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health
Other: The bank utilized armed U.S. Marines with machine guns to guard the institution and maintain order during the run.
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LONE M'ALESTER BANK IS OPENED First National Expects Run, Other Failures. OK., Feb. marines armed guns standing First National bank opened for only bankBank officials the ability of the institution withstand heavy caused the closing Trust company, Bank North other small banks vicinity yesterday.
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MARINES GUARD BANK FROM Okla., With three marines armed with guns standing guard, the First National bank of opened for business the only active banking institution in McAlester. Bank officials and citizens were generally optimistic over ability of the institution withstand heavy run caused by the closing of the ter Trust Co., the Bank of North McAlester and other small banks in this vicinity yesterday.
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Marines on Guard As McAlister Bank Opens for Business Okla., Feb. With three marines armed chine guns standing guard, the First National bank for business only active bankofficials citizens were erally optimistic ability of the to withstand heavy run caused closing the Trust company, the Bank of North McAlister other small banks in this vicinity yesterday.
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OKLAHOMA BANKS UNDER SUPERVISION Examiners in Charge of Five, Due to Run on Parent Institution. By the Associated Press. McALESTER, Okla., February 5.Five banks serving the Oklahoma coal field territory, with deposits estimated at $2,500,000, today were under the supervision of State bank examiners as a result of a run yesterday on the McAlester Trust Co., the parent institution. Waldo Watkins, assistant bank examiner. attributed the closing of the trust company to frozen assets caused by a slump in cotton prices. This, he said, tied up the reserve funds of the other institutions, forcing a suspension of business. Banks affected besides the parent institution, are the Bank of North McAlester, the Wapanucka State Bank, the Coalgate Bank of Commerce and the Bank of Pittsburgh. Although depositors began to draw money from the First National Bank of McAlester, most of the withdrawals stopped when the bank met all demands and customers then started to redeposit funds. A new double violet, with excep-tionally large petals, has been named after Princess Mary of England.
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three machine guns standing the First National Bank Alester opened for business only active institution in McAlester. Bank officials and citizens generally optimistic ability the institution to stand heavy run caused closing of the Alester Trust Company the Bank of North McAlester other small in yesterday
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Lone Oklahoma Bank Keeps Doors Open as Marines Stand Guard United Press. McALESTER, Okla., Feb. With three marines armed with machine guns standing guard the First National Bank of McAlester opened for business today-tne only active banking institution in McAlester. Bank officials and citizens were generally optimistic over ability of the institution to withstand heavy run caused by the closing of the $2,000,000 McAlester Trust Company, the Bank of North Mc. Alester and other small banks in this vicinity yesterday.
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Marines Guard Only Bank Left In Oklahoma Town M'ALESTER Feb. (United three marines armed with machine guns standing guard the First National Bank McAlester opened for business today-the only active banking institution McAlester. Bank officials and citizens were optimistic over ability of the institution to withstand caused by the closing of the $2,000,000 McAlester Trust Company, the Bank of North McAlester and other small banks this cinity yesterday.
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BANK OPENED UNDER GUARD McALESTER. Okla. Feb. three marines armed with machine guns standing guard. the First Na tional Bank opened for only active bank ing institution in McAlester. Bank officials citizens were generally optimistic over ability the to withstand heavy caused by the closing McAlester Trust the Bank and other small banks this yesterday.
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MARINES GU ARD ONLY BANK IN McALESTER (By United Press Lensed Wire) With three marines armed with machine guns standing guard the First National Bank of Alester opened for business today-the only active institution in McAlester. Bank officials and citizens were generally optimiste over ablity of the institution to withstand heavy run caused by the closing of the 000 McAlester Trust company, the Bank of North McAlester and other small banks in this vicinity resterdar
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Marines Guard as Bank Faces Run Okla., Feb., marines, armed machine the First National Bank McAlester, opened business today, only banking institution McAlester. Bank officials citizens generally optimistic ability the institution heavy caused the closing of $2,000,000 Alester Trust company, the Bank North McAlester and other small banks in this cinity, yesterday.
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MACHINE GUN Okla., Feb. (United three marines armed with machine guns standing guard, the First National Bank of McAlester opened for business today-the only active banking institution in McAlester. Bank officials and citizens were optimistic over ability of the institution withstand heavy caused by the closing of the $2,000,000 McAlester Trust Company, the Bank of oNrth McAlester and other small banks in this sociated Watkins, assistant bank examiner, attributed the closing of the McAlister Trust Company to frozen assets caused by in cotton prices. This, he said, tied up the reserve funds of the other Institutions, foreing suspension of business. Although depositors began to draw money from the First National Bank of McAlester, most of the withdrawals stopped when the bank met all demands and customthen started to redeposit funds.
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MARINES ON GUARD AS M'ALESTER February Withstanding heavy run caused by closing of the McAlester Trust and affiliated company banks Friday, the First National bank of McAlester effected regular Saturday noon closing without trouble and marine guards posted as a precaution were dismissed. McAlester, February With three marines with machine guns standing on guard, the First National bank of McAlester opened as usual today with very few withdrawals. Officials and citizens were generally optimistic over ability of the institution to withstand heavy run, caused by closing of the McAlester Trust company, the bank of North and other small banks in McAlester territory yesterday. The First National bank of MeAlester is the only open banking institution.
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MARINES GUARDING OKLAHOMA BANKS Okla., Feb. McALESTER, marines armed with With three standing guard, machine guns Bank of Mcthe First National opened for business Alester active banking inonly stitution McAlester. officials citizens Bank optimistic over were generally the institution to withability caused by the stand heavy run of $2,000,000 McAlesclosing the the Bank of ter Trust Company, McAlester other small North banks in this vicinity yesterday.
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BANK OPENS WITH GUNS TO GUARD MONEY Feb. With three marines armed with machine standing guard, the First National bank McAlester opened for business day-the only active banking institution in McAlester. Bank officials and citizens generally optimistic ability of the institution withstand caused the the company, the Bank North McAlester other banks in this vicinity yesterday.
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ONE BANK OPEN FOR McALESTER Okla., Feb. With three marines armed with machine guard. the First National bank of McAlester opened for business today. the only active banking institution in McAlenter. Bank officials and citizens were generally optimistic over ability the bank to withstand heavy run caused by the closing of the 000 McAlester will
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IS Ample Funds Arrive McAlester, Okl., Following Closing of Two Concerns. Okl., Feb. funds in the First National bank here today to the tide financial that yesterday after the closing McAlester Trust company the Bank of North shipment money arrived from the federal reserve bank Kansas Guarding the detachment United States marines, today duty at the bank and the crowd of depositors eager withdraw their money from the First National much smaller that of yesterday when run was made the bank. Closing the two institutions here resulted closing three other this section the state. Trust the parent bank of the other four
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Marines Guard Only Bank Active in McAlester, Okla. With three marines armed with machine guns standing guard, the First National bank of McAlester opened for business today only active banking institution in Banking officials were generally optimistic over the ability of the institution to withstand a heavy run caused by the closing of the $2,000,000 McAlester Trust company, the Bank of North McAlester, and other small banks yesterday.
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TELEGRAPHIC BRIEFS Representative Moore, who, to gether with Representative Dale, in charged with accepting bribe of $1000, emphatically denied the charge before the Texas House investigating committee. The legislators are charg. ed with receiving marked money from Dr. W. W. Chemberlain of Houston, optometrist, to influence legislation. The peonage cases on trial at Corpus Christi went to the jury Saturday afternoon after Judge C. Hutcheson, Jr., read his charge. Nine Willacy County citizens are the defendants. H. Leahy was In Mathis the eveing of the disappearance of Dr. Ramsey and accounted for himself every minute of the time in his testimony Saturday before the jury tryIng him at Georgetown for the murder of the doctor. Leahy denied all incriminating statements. The First National Bank, the only active banking institution now in MoAlester, Okla., opened for business Satunrday with three marines armed with machine guns standing guard. It is believed the bank can withstand the heavy run caused by the closing of other small banks vicinity and city. The three Shelton brothers convict ed of mail robbery were sentenced at Quincy, III., to 25 years imprisonment. Wilson Bronaugh, prominent Hugo, Okla., realtor, is held in jail there result of the death of Sam Kimball, garage proprietor, who succumb ed to skull injuries said to have been inflicted in Bronaugh's office. The United States and Germany have concluded an arrangement providing for reparations payments to this government. Miss Marian Meyers, 19-year-old caed of the University of South Da. kota, was arrested Saturday when she was unable to explain her presence in the First Ntional Bank at Vermillion, 8. D., before it had opened its doors. The night watchman found the girl hiding near the vault with an electric drill. Japan Saturday ordered 3000 marines to embark on cruiser and four destroyers for Sasebo prepared to sail for Shanghai short notice. The Cantonese army attacking Shanghai has suffered severe pulse but is determined attack.
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An Appreciation We destre to extend our sinecre thanks and appreciation to our depositors who through a committee selected by them: gave the First National bank and its directors, beautiful loving cup bearing an inscription congratulating us that we. were able to withstand the run made upon our bank by panicky depositors. We are equally proud of the many hundreds of our depositors who were loyal to us, and our financial institution giving every help they could Such friends, and such faith and confidence. cannot be valued. We sin cerely appreciate them Directors- W. S. Ambrose R P Brewer. Wm. P. Freeman Tom Jones, Allen Wright J. H Gordon Ben T. Childers.
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SEVENTEEN STATES CHECK RUNS ON BANK Seven More Join Movement to Restrict Withdrawals of Deposited Moneys THREE AND FOUR DAYS TO BE TEMPORARY HOLIDAYS Situation Easing in Some States as Legislatures Planned Curb Laws Mississippi, Arizona, Nevada and in Oregon today joined the states. which there are limitations placed on the withdrawals of deposits from banks. in which limitations on withdrawals now exist. The proclamation of Gov. Ralph at San Francisco makes mandatory the closing of California banks (or three-day period ending Saturday The three-day holiday called Gov. Murray in Oklahoma for same period also is mandatory. The of Gov. Allen of Louisiana provides for the sation until the end of the week "all public business including Banks and other public enterprises." Mississippi the decree of state banking called only (Continued On Page Two)
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Lone Wolf Open But Just 'Changing'; Others Closed CITY. Mar. Extension of Oklahoma's bank day until Wednesday was recommended today by Bank Commiss sioner J. Barnett as the state government placed legislative and executive protection over the 453 Oklahoma banks and their depositors. The first flurry of excitement over, following Gov. W. H. Murray's three-day bank moratorium proclamation, state officials pared new stabilizing bill. Assurance of safety both banks and depositors was the keynote of the situation in Oklahoma. The unusual spectacle of such great confidennce is local banks that the institutions remained open today in the face of heavy demands occasioned by the state wide holiday was enacted at Idabel, Durant, Enid, Valliant and Alva. Bankers in these communities declared their situations so sound they saw no need of inconveniencing depositors. The redrafted bill authorizing the bank commissioner to banks under a plan of restricwithdrawals was being drawn up. The senate was prepared to suspend all other and send bill through its first stage. Preparing for immediate action, Speaker Tom Anglin called the house into session this morning without waiting for the scheduled m. meeting time. The bank holiday was declared, Murray explained, to give the islature time to enact lieve the proposed bill the bank commissioner sweeping power delay payment of deposits all banks, trust companies, savings banks and segregate deposits from old deposits, with no restriction on the new deposits. The bank virtual dictator over financial stitutions with emergency author needed rules and ity to adopt any daily reports. require SIXTEEN STATES HOLIDAYS TODAY BANK to restrict with. The movement of bank deposits spread drawals rapidly through the south and west last night and today states operated under decrees for bank holidays. CaliforMississippi, Oklahoma, nia, Arizona, Nevada and Oregon ordered brief bank holidays to give time for legislatures to draw withdrawals legislation limiting deposits. Louisiana went farther by orderholiday for all iness. The New Orleans cotton cotton market change, largest was closed. the country, Executives announcing the new holidays for forcing the other states restructions by placing tension of banks which unusual strain on an to continue business sought mally. ONE BANK IN ONLY STAYS OPEN COUNTY The First National bank at Lone Wolf was the only banking tution in Kiowa county which mained open today, and was just "making change," according made by the Demosurvey Banks here, at Mountain Cooperton, Mountain View and Snyder were all closed, was the one at Rocky. OREGON TOO Ore., Mar. Governor Meier today declared three-day legal holiday state Oregon starting continuing through
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of Confidence Prevailing in McAlester Despite Holiday on Banks; More States Are Line Action Taken To Protect Banks; Seven More States Join TOTAL REACHES 30 General Legislation Is Started to Relieve Money Situation (By the Associated Press) Swift action to protect bank deposits was taken in seven more Friday the banking committee of congress stood ready meet moment's notice. Wisconsin banking holiday, Georgia and Mexico four-day holidays. North Carolina general assembly accorded dictatorial powers the commissioner banks. Virginia authorized important banks restrict withdrawals. Three banks Kansas City, Mo., restricted their business on their own initiaThe lower house of the Arkansas legislature without dissentsuspending and public debts for days. Number Reaches States in which some kind of been taken numbered 30 Friday addition the District of ColumThe action ranged from tional mandatory holidays, and optional to mandatotry strictions withdrawals. days various duration obtained states. restrictions. in whole part, 10 states and the District United States Senator James at Detroit that had been advised that the Refinance has "undertaken national program deal with the situation Senator Gore Okla.) introduced bill that would give sweeppowers President Roosevelt takes office tomorrow and comptroller the currency whatever steps they deemed to protect bank deposits. The call the house banking committee be ready to meet issued Chairman Steagall who notified the they might consider important legisla- Predictions Hopeful Early reports the efefct that Hoover was planning issue ference with Roosevelt were tradicted authority from the chief executive. Three banks in Austin, Texas, voted to open their institutions restricted business despite state's five-day holiday They will allow daily withdrawals of $15 from one account. Barnett, bank commissionof predcited that depositors in more than 450 of state's banks would be able to tain small of their deposits by Monday The holiday mandatory. Senator Wash.) introduced bill that would authorize the pastal savings system to open checking accounts. VARIETY OF BANKING BILLS ARE OFFERED variety bills designed to deal with the banking situation put both branches of Congress Friday, climaxed summons for members House banking committee to hold themselves readiness consider important unspecified legislation. the Senate to with the problem would allow possavings the president and the the take such steps they (Continued on Page Local Bankers Will Comply with Governor's Order On Business Suspension; City Payrolls Will Be Taken Care of, Institutions Declare Business was going on as usual in McAlester Friday, despite the banking holiday that local institutions are forced to participate in under the edict of Governor H. Murray. An of confidence prevailed. Merchants were universal their declaration that business would go on to the fullest extent that circumstances would permit. Bankers here were marking time, as they cannot throw open the McAlester ahead of general plan followed throughout under the direction the State Bank ComPlenty of working on hand to provide, far as possible the full in the authority given the here to handle the situation in that will not necessary with business. Bankers are arranging McAlester payrolls. Government checks, which great numbers are handled through city banks, will cashed presented because such checks can cleared immediately and are treated cash. bankers are going ahead as fast as they it was Friday noon, protect all business interests without of the order authorities, and the reason bankers are careful not to violate these orders that the orders are made to protect the general welfare the public No reason for alarm needs to in any quarters here. desire the local bankers, in following out the state orders, not injure any persons or MANY LEADING in other where affairs may not be quid Business going on nicely, though perhaps quietly STOCKS JUMP quarters Friday, and the topic the bank suspension was being talked by many was seeming create undue concern. The subject was the butt of many good ACTIVE natured comments.