First National Bank (Hobart, OK)

View Charter #5954 on SPMC View balance sheet

Episode Information

Episode UID
595401253
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
59540 national
Charter Number
5954
Start Date
May 22, 1904
Location
Hobart, Oklahoma

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8f49bb66d29dbd5d

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1919-02-20
Date receivership terminated
1919-10-25
OCC cause of failure
Fraud
Share of assets assessed as good
74.0%
Share of assets assessed as doubtful
4.2%
Share of assets assessed as worthless
21.8%

Description

The bank is named in a 1904 item; the Oct 28, 1907 territorial bank holiday applied to all Oklahoma banks including Hobart's.

Events (5)
1. August 30, 1901 Chartered
Source
historical_nic
2. May 22, 1904 Other
Newspaper Excerpt
The First National Bank of Hobart gave an opening Tuesday night and received 2,000 guests. The institution has been moved into new quarters.
Source
newspapers
3. October 28, 1907 Suspension
Cause
Government Action
Cause Details
Acting Governor Filson issued a proclamation declaring a six-day legal holiday closing all Oklahoma banks because reserve centers refused to forward currency.
Newspaper Excerpt
Be it ordained that a legal holiday extending from Oct. 28, six days to Nov. 2, be proclaimed.
Source
newspapers
4. November 2, 1907 Reopening
Newspaper Excerpt
legal holiday extending from Oct. 28, six days to Nov. 2
Source
newspapers
5. February 20, 1919 Receivership
Source
historical_nic

Newspaper Articles (11)
1. May 22, 1904 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, May 22, 1904

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Article Text

OKLAHOMA OUTLINES. "Fresh garden saas" is advertised on the Cooperton markets. Fifteen bushels to the acre is predicted for Grant county wheat. The Leader is advocating closer friendship between Guthrie and El Reno. Is Guthrie jealous of Kingtisher? The Medford Patriot reports a shortage in irrigation agitators. The crop has been washed out, probably. Pond Creek's hook and ladder company was reorganized Friday night. One township in Grant county is to be canvassed by Sunday school teachers for the purpose of discovering who is not attending Sabbath school. The First National Bank of Hobart gave an opening Tuesday night and received 2,000 guests. The institution has been moved into new quarters. W. T. Havard of Hobart is in Kansas City to arrange a date with President Stillwell of the Orient railroad for a conference with a committee of Hobart citizens. Hobart is bound to have every good thing within her commercial reach. The Democrats declare that they will run Pat Oates again for sheriff of Woods county. Pat says he doesn't want the place any longer. The Ingersoll Review and Alva Pioneer have sent out a whole torpedo fleet against Bill Cross. Bill probably didn't know that there was a press alliance in Woods county even stronger than the Anglo-Saxon! Admiral Schley with a party of Masons passed through Shawnee with a stop of fifteen minutes. There was a crowd at the station to see him, A thoroughbred horse was killed at Clinton last week by lightning. The animal was worth $2,000, and it was never priced to a railroad claim agent, either. The Odd Fellows will put up a $10,000 temple at Elk City. An association with a capital of $15,000 has been incorporated. The brass band recently organized at Elk City has already gone to pieces according to the Record. The Kiel Press has suspended publication. -Roy Hoffman has just been down in Arizona and New Mexico looking after some mining property. Kingfisher Times: If you are twenty years old when your baby is one year old, then you are twenty tires as old as the baby. When you are twenty-fivé, baby is five; then you are five times as old as the baby. When you are forty years old, baby is twenty, and you are twice as old. When you get to be eighty, instead of being twice as old as your child, you are only one-third older. Now at this rate how long would you have to live before your child is as old as you are? Larned warning in Elk City Record: Some of our people seem to think the constitution and laws of our country, are entirely too lenient on the subject of property protection. We hear it noised about, that the Larned boys are going to take to herd lawing some of the boys, from other localities that come to Kiowa, and cause SO much disturbance in the social circle. They believe in exercising the right that is allowed them by the laws of the territory.

2. October 28, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, October 28, 1907

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Article Text

Oklahoma Banks Close for Week. Oklahoma City, Okla., Oct. 28.-Acting Governor Filson today issued a proclamation closing the banks of the territory for one week, on demand of the bankers. This action was taken because the banks at Kansas City and St. Louis refused to forward cash to the banks of the southwest. Concerted Action Taken. It is said that a consultation of the bankers of Oklahoma, Indian territory, Arkansas and northern Texas by means of the telephone took place during the early hours today, and all have taken similar action. The closing is for the purpose of protecting the banks in case of a run.

3. October 28, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, October 28, 1907

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Article Text

# OKLAHOMA BANKS # CLOSED BY PROCLAMATION Oklahoma City, O. T., Oct. 28.-On demand of the bankers of the territory, Acting Gov. Charles Filson has issued a proclamation closing the banks of the territory for a week. The action was taken because the banks of Kansas City and St. Louis refused to forward cash to the banks of the southwest. It is said that a consultation of the bankers of Oklahoma, Indian Territory, Arkansas and northern Texas by means of telephone took place during the early hours this morning, and all have taken a similar action. There had been no uneasiness In this city and the bankers say the deposits last week were greater than at any previous week in the month. The closing is for the purpose of protecting the banks in case of a run. Since the banks here could not get cash from Kansas City in case of a run, they considered the risk too great. The banks of this city are carrying many of the small banks over this territory. They have aranged to issue clearing house certificates to carry them until conditions have improved. The banks of the southwest are further embarrassed because of the demand for cash to move the cotton crop. It was necessary to get cash from the east to meet the demands. The refusal of those banks to forward cash caused the banks to take radical steps to protect themselves. The governor's proclamation was as follows: "Whereas, it appears to the undersigned, acting governor of the territory of Oklahoma, that all of the leading cities of the United States through the clearing house associations have entered into an agreement to protect themselves against conditions which they are apparently unable to control, and by such concerted action are refusing to ship currency to country banks which have deposits with them or to honor the bills of lading drawn upon the banks of such, or to pay checks of customers over the counters; and "Whereas, such action makes it impossible for the banks of Oklahoma to meet the demands upon them for currency to pay for the cotton and other products of the territory, and, "Whereas, our banks appear to be in a solvent condition, therefore, "Be it ordained that a legal holiday extending from Oct. 28, six days to Nov. 2, be proclaimed. (Signed) "CHARLES FILSON. "Acting Governor."

4. October 29, 1907 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, October 29, 1907

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Article Text

OKLAHOMA BANKS ALL CLOSED Acting Governor Declares Legal Holiday for Six Days to Protect Institutions in Event of Run. [By Morning Journal Special Leased Wire.] Oklahoma City, Oct. 28.-Acting Governor Filson today issued a proclamation closing the banks of the territory for six days. The action, which was taken on the advice of the bankers of Oklahoma, was due to the refusal of the banks of St. Louis and Kansas City to forward cash to the banks of the southwest. The closing of the banks is for the purpose of protecting them in the event of a run. All of the financial institutions of the territory are reported to be in excellent condition.

5. October 29, 1907 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, October 29, 1907

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Article Text

ACTION OF ACTING GOVERNOR SURPRISE TO GOV. FRANTZ Washington, Oct. 28.-"It was a surprise to me," said Governor Frantz. of Oklahoma, tonight in speaking of the action of acting Governor Filson in issuing a proclamation declaring a legal holiday of six days and the closing of the banks of the territory as a result. Acting Governor Filson notified Governor Frantz of his action by telegraph late today. "I have been away from Oklahoma for several days," said the governor, "and therefore I am not familiar with the financial situation there as I otherwise would be, but I am satisfied that the acting governor took the step on the advice of the bankers there. "I do not see how it can injuriously affect the railroad or cotton business, as seems to be feared on the New York exchanges. The closing of the banks simply protects them against any run that might be made on them, and can be revoked at any time." Governor Frantz called at the treasury department and discussed the financial situation in Oklahoma with Secretary Cortelyou, who expressed no concern over the closing of the banks in Oklahoma.

6. October 29, 1907 The Bennington Evening Banner Bennington, VT
Article from The Bennington Evening Banner, October 29, 1907

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Article Text

# SIX DAY HOLIDAY. Acting Governor of Oklahoma Takes Step to Protect Bankers. WASHINGTON, Oct. 29. "It was a surprise to me," said Governor Frantz of Oklahoma in speaking of the action of Acting Governor Filson in issuing a proclamation declaring a legal holiday of six days and the closing of the banks of the territory as a result. Acting Governor Filson had notified Governor Frantz of his action by telegraph. "I have been away from Oklahoma for several days," said the governor, "and therefore I am not as familiar with the financial situation there as I otherwise would be, but I am satisfied that the acting governor took the step on the advice of the bankers of the territory. The small country banks have large deposits in St. Louis and Kansas City, and the action of those banks in refusing to ship any currency to the country banks of Oklahoma makes it almost impossible for the latter to handle their business. "I do not see how it can injuriously affect the railroad or cotton business, as seems to be feared on the New York exchanges. There is no reason why it should. The closing of the banks simply protects them against any run that might be made against them. However, if it is found that the holiday order results in stagnation of business it can be revoked at any time." Governor Frantz called at the treasury department and brought Acting Governor Filson's telegram to the attention of Secretary Cortelyou. Governor Frantz said, however, that Secretary Cortelyou did not express any concern over the closing of the banks in Oklahoma.

7. October 29, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 29, 1907

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Article Text

# BANKS CLOSED FOR SEVEN DAYS Oklahoma Institutions Solvent But Unable to Get Currency From the Big Cities. IMPOSSIBLE TO KEEP OPEN PROCLAMATION ISSUED BY ACTING GOVERNOR. Oklahoma City, O. T., Oct. 28.-On demand of the bankers of the territory. Acting Governor Filson has issued a proclamation closing the banks of the territory for a week. The action was taken because the banks of Kansas City and St. Louis refused to forward cash to the banks of the southwest. It is said that a consultation of the bankers of Oklahoma, Indian Territory, Arkansas and northern Texas, by means of telephone, took place during the early hours this morning and all have taken a similar action. There had been no uneasiness in this city and the bankers say the deposits last week were greater than at any previous week in the month. The closing is for the purpose of protecting the banks in case of a run. Since the banks here could not get cash from Kansas City in case of a run, they considered the risk too great. The banks of this city are carrying many of the small banks over this territory. They have arranged to issue clearing house certificates to carry them until conditions have improved. The banks of the southwest are further embarrassed because of the demand for cash to move the cotton crop. It was necessary to get cash from the east to meet the demands. The refusal of those banks to forward cash caused the banks to take radical steps to protect themselves. The governor's proclamation was as follows: "Whereas, It appears to the undersigned, acting governor of the Territory of Oklahoma, that all of the leading cities of the United States through the Clearing House association have entered into an agreement to protect themselves against conditions which they are apparently unable to control, and by such concerted action are refusing to ship currency to country banks which have deposits with them or to honor the bills of lading drawn upon the banks of such, or to pay checks of customers over the counters; and, "Whereas, Such action makes it impossible for the banks of Oklahoma to meet the demands upon them for currency to pay for the cotton and other products of the territory; and, "Whereas, Our banks appear to be in a solvent condition; therefore, "Be it ordained. That a legal holiday extending from October 28, six days to November 2, be proclaimed. (Signed) "CHARLES FILSON, "Acting Governor."

8. October 30, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 30, 1907

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Article Text

# Bank Holiday in Oklahoma Forced by New York Situation. Guthrie, O. T., Oct. 29. -Acting Governor Filson today made a statement as to the actual conditions which prompted him in issuing a proclamation providing for six legal holidays. The statement follows: "The issuance of a proclamation yesterday by the acting governor of Oklahoma making the period between Oct. 28 and Nov. 2 legal holidays whereby Oklahoma banks temporarily may suspend business, was due primarily to the present policy of New York banks. The latter, by refusing to furnish currency to western correspondents forced, through clearing house associations, the banks of Kansas City, St. Louis and Wichita, reserve centers for Oklahoma banks, to decline to furnish currency to interior banks or pay cash to patrons in person or to make cash credit cr bills of lading. Oklahoma at this time is in the midst of a cotton harvest, which requires large sums of immediate cash. The handling of this cotton crop without being able to draw upon their reserve centers for necessary funds meant disaster to every bank in Oklahoma that attempted to accommodate all its customers, as the slightest wavering would have caused the withdrawal of deposits by customers already alarmed by conditions in the east. Requested by Bankers. "In view of the threatening aspect of the situation, the clearing houses of Guthrie, Oklahoma City and Shawnee, and many bankers in Oklahoma requested the issuance of a gubernatorial proclamation for a six-day holiday, or until earlier revoked by executive order, to enable the Oklahoma banks to protect themselves until money began moving westward in sufficient amounts to permit their reserve centers to transact business on a normal basis. The proclamation was issued under section 2797, statutes of Oklahoma, which permits the governor of the territory to fix such holidays as he may deem desirable. "The proclamation seems to be giving confidence instead of causing possible uneasiness. I believe the situation will speedily adjust itself, as both the citizens and banks of Oklahoma are in a highly prosperous condition. (Signed) "CHARLES H. FILSON, "Acting Governor." Reports received here from all parts of Indian Territory and Oklahoma to-

9. October 31, 1907 The Clarksburg Telegram Clarksburg, WV
Article from The Clarksburg Telegram, October 31, 1907

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On Banks of Oklahoma and Neigh- boring States And They Close Up. # ORDER BY THE GOVERNOR City Banks Refuse to Forward Cash And The Supply on Hand is Low. [By Associated Press.] OKLAHOMA CITY, Oct. 28.-Ev- ery bank in Oklahoma and Indian Territory remained closed today in accordance with the orders of Ter- ritorial Governor Frantz. It is said a telephone consulta- tion by many bankers of Oklahoma the Indian Territory, Arkansas and Northern Texas was held this morn- ing and all decided upon similar-act- ion. The action was taken because the banks of Kansas City and St. Louis refused to forward cash to the banks of the southwest. Since the banks could not get cash in case of a run, they considered the risk too great.

10. October 31, 1907 The Weekly Corinthian Corinth, MS
Article from The Weekly Corinthian, October 31, 1907

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All banks in Oklahoma are closed by order of Acting Governor Chas. H. Tilson to prevent possibility of disastrous runs.

11. November 7, 1907 The Vinita Weekly Chieftain Vinita, OK
Article from The Vinita Weekly Chieftain, November 7, 1907

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# THE SPECULATORS' PANIC. Bryan's Commoner for November 1 sums up the present financial situation as follows: The panic broke with full force on the whole country Monday, October 28. On Sunday bankers' conferences were held in every town in the United States. In order to prevent runs on banks the various financial institutions in different cities adopted the clearing house certificate plan, which plan was devised to keep business moving without requiring the banks to pay outall of their cash on hand. Cash payments were everywhere suspended although checks were honored to the extent of a small per cent of the individual's deposit. The newspaper dispatches of the day told this story: "New York bankers have engaged about $12,000,000 in gold in Europe. Bankers' Trust company of Kansas City closed because denied the privilege of issuing clearing house certificates. Has deposits of $800,000. All the banks in Oklahoma closed for a week by holiday proclamation of governor because unable to get cash from Kansas City and St. Louis banks. Duluth grain markat suspended and elevators advised not to buy grain. Wheat broke four cents at Chicago and 4 1/4 at New York and all grain weak. Runs continue on two small banks at New York. New York stock market opened at an advance." In an editorial entitled "A Bank Situation Without Precedent," the Omaha World-Herald says: "In the midst of great prosperity several thousand of the leading banks of the United States yesterday suspended cash payments. They had hundreds of millions of dollars in their vaults belonging to their depositors, but they refused to pay it out. This occurred all over the United States and it came with a suddenness which took everybody by surprise, including the bankers themselves. For such an occurrence there is no parallel in history and no warrant in law. Unquestionably the first effect of such a performance is a shock which will jar the business world from center to circumference. Everyone will feel it and few will escape damage. There is, however, some satisfaction in the reflection that such a universal and such an acute attack cannot last long. Whatever change occurs now will be for the better. Apparently we are now all in the same boat with New York and as her condition improves ours will mend. Two great factors have combined to force the troubles of New York on the rest of the country. One was the fact that the rest of the country had several hundred million dollars in New York banks which had united in refusing to pay it out. The other was that the crop-moving period having arrived, western and southern banks, unable to get their money from New York, were getting it from the other reserve centers, Chicago being the chief. With thirty or forty million dollars tied up in New York, Chicago could not meet the strain and not only suspended, as New York had done, the making of cash payments, but advised and forced the other cities of the west to do the same. The effect will be to keep money in the banks, to expand the currency by the injection of certified checks, cashiers' checks and clearing house certificates, and give the country time to regain its financial equilibrium." In the midst of this time of plenty everyone is asking, "How didit happen?" The World-Herald throws some light upon the situation in this way: "The four great banking institutions in New York belong to what is known as the 'Standard Oil crowd.' * Then there are eight great trust companies which are benke that do a banking busness, practically without resrves. "In those institutions was concentrated almost exactly one billion dollars, and there was where the trouble begun. The trust companies were competitors of these and other Standard banks. The panac began with a fight between them for business, and the Standard Oil methods were used. It did not work as well as when a little independent oil company was to be crushed out."