Farmers & Merchants National Bank (Hobart, OK)

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Episode Information

Episode UID
635801294
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
63580 national
Charter Number
6358
Start Date
October 28, 1907
Location
Hobart, Oklahoma

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c8c721d530e944ee

Response Measures

None

Description

OCR in local paper shows Farmand — corrected to Farmers & Merchants National Bank.

Events (3)
1. July 29, 1902 Chartered
Source
historical_nic
2. October 28, 1907 Suspension
Cause
Government Action
Cause Details
Acting Governor Filson proclaimed a six-day legal holiday closing Oklahoma banks because correspondent banks 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
3. March 2, 1933 Suspension
Cause
Government Action
Cause Details
March 1933 state banking holiday/moratorium that temporarily restricted withdrawals; Hobart bank reported fully solvent and expected reopening.
Newspaper Excerpt
Local coverage: Western Banking Holiday and Hobart bank president Kelsay said no local run; holiday called by governor.
Source
newspapers

Newspaper Articles (10)
1. 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.

2. 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."

3. 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.

4. 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.

5. 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.

6. 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."

7. 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-

8. March 2, 1933 Las Vegas Daily Optic East Las Vegas, NM
Article from Las Vegas Daily Optic, March 2, 1933

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Article Text

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)

9. March 2, 1933 The Kiowa County Review Hobart, OK
Article from The Kiowa County Review, March 2, 1933

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Article Text

Western Banking Holiday By The western half of the state and particularly Hobart not need the holiday no discernable after effects will be felt here, according concensus of the heads the two local institutions. Pres. Kelsay of the Farmand Merchants National bank and Walter B/ Stephens, acting and manager of the Home State Bank, expressed opinion of bright optimism in terviews by the porter this Both executives expressed the view that this section of the state not in need of moratorium, but that was probably the only thing to following reported withdrawals in the eastern section after holidays had been declared adjoining states. No Excitement saw number of business and other customers of the morning,' Stephens said, there was absolutely manifestation of excitement among Kelsay said, few fanatics could start bank, but the larger men, and knowing the liquid condition both Hobart banks will not make trouble for Both also expressed the opinion that there is occasion excitement among the custom- they expect and would be fully pared for in arose. The statements each bank found them fully solvent and liquid with few in the state in better condition. No After Effects history repeats said, one will be able moratorium after The veteran banker told two previous experiences, the panic' of 1907 and the failthe First National bank here than decade which that absolute quiet prevailthrough and after the answered, were fully prepared for anything that might But Stephens expressed the optimisthat if the local banks could have and would have ignored governor's wouldn't have worked hardship them. couldn't do said. course we would like have accommodated our customlike making change for them. customers,' said, such an attitude, that probably wouldn't have been even under hardship, banks in this section of open

10. March 2, 1933 The Hobart Democrat-Chief Hobart, OK
Article from The Hobart Democrat-Chief, March 2, 1933

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Article Text

Western Half Didn't Need Banking Holiday By The half the state particularly Hobart did not need holiday and no discernable after effects will be felt here, according of the heads local institutions. Pres. Kelsay of the Farmand Merchants National bank Walter B. Stephens, acting and of the Home State Bank, expressed an opinion of bright optimism in interviews by the porter this morning. Both executives expressed the view that this section of the state not in need of moratorium, but that was probably the only thing to do following reported withdrawals in the eastern section after holidays had been declared in adjoining states. No Excitement saw number of business men and other customers of the bank this morning," Stephens said, there was absolutely no manifestation of excitement among them." said, few fanaties could Kelsay bank, but the start run on larger depositors are business men, and the liquid condition of knowing both Hobart banks will not make trouble for them." Both men also expressed the opinion that there is no occasion for excitement among the custom- since they did not expect and would be fully pared for in case it arose. The recent statements of each bank found them fully solvent and with few in the state in better dition. No After Effects history repeats Kelsaid, "no one will be able we had moratorium after Monday." The veteran banker told two previous experiences, the 'money panic' of 1907 and the failof the First National bank here more than decade ago, in which he said that absolute quiet through and after the experiences. answered, were fully prepared for anything that might have happened. But nothing Stephens expressed the optimistie note that even if the local banks could have and would have ignored the governor's proclamation, wouldn't have worked a hardship them. But We couldn't do said. "Of course we would like have accommodated our customlike making change for them. Our customers," he said, "are persons with such an attitude, that we probably wouldn't have been even under hardship, if were banks in this section of only open the