First National Bank (McAlester, OK)

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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.