City National Bank (Muskogee, OK)

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Episode Information

Episode UID
691101294
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
69110 national
Charter Number
6911
Start Date
October 28, 1907
Location
Muskogee, Oklahoma

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
20da9cb61bb8ce69

Response Measures

None

Description

The articles describe a territory-wide six-day legal holiday (Oct 28–Nov 2, 1907) closing Oklahoma banks; separate item notes the Muskogee bank's Jan 1908 merger.

Events (4)
1. August 6, 1903 Chartered
Source
historical_nic
2. October 28, 1907 Suspension
Cause
Government Action
Cause Details
Acting governor proclaimed a six-day legal holiday closing all Oklahoma banks because reserve/forwarding banks (Kansas City, St. Louis) refused to ship currency.
Newspaper Excerpt
Acting Governor Filson issued a proclamation closing the banks of the territory for six days.
Source
newspapers
3. January 22, 1908 Other
Newspaper Excerpt
The City National bank of Muskogee, Okla., purchased by Dr. J. L. Johnson of St. Louis, was merged with First National.
Source
newspapers
4. March 16, 1908 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (12)
1. October 28, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, October 28, 1907

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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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# 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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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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# 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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# 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. 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.

9. 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.

10. 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."

11. January 22, 1908 Willmar Tribune Willmar, MN
Article from Willmar Tribune, January 22, 1908

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A WEEK'S EVENTS RECORD OF THE MOST IMPORTANT HAPPENINGS IN ITEMIZED FORM. HOME AND FOREIGN NEWS Information Gathered from All Quarters of the Civilized World and Prepared for the Perusal of the Busy Man. Over 165 persons were killed and Pa., many injured at Boyertown, The the opera house burned. of a moving a wild panic; oil lamps started explosion when picture collapsed. were tank upset and blew up and the floor and The victims were mostly women children and belonged to the leading families of the town. The special grand jury of to investigate the sworn in which conduct county was recertain banks in New York Wilturned two indictments against the liam R. Montgomery, president of Hamilton bank. A serious earthquake occurred at Gonalves, Hayti. A few houses damaged. were destroyed and others were No loss of life has been annual meeting in At their reported. Detroit Lumber Carriers' Association of the Lakes decided that it would to operate be the impossible Great their the boats same during the coming season at condiand under the same prevailed during lathat there will be a expense predicted tions as 1907. great It is bor struggle. The Maple-Leaf mills at Kenora, eleOnt., were destroyed by fire. The 300,in which was stored over debusheis of wheat, was inThe loss was stroyed. vator, 000 $1,000,000; also sured. Oil-producing firms at St. Petersburg of received news from the Caucasus the opening of a mammoth oil gusher flowin the Bibi-Eybat field at Baku, a ing at the rate of 120,000 barrels day. Farmers in Stanley county, South first Dakota, were plowing during the week in January. coroner's jury practically exthe coal mining for W. onerated The Monongah, company the great disaster at Va. Edward Henry Strobel, general died ad viser of the government of Siam, after a long illness. The body of Lient. John W. Admiral Crawford, private secretary to was found in the prince regent of who Dewey, The murderers Bavaria, Potomac. recently pardoned two sentenced to death, declared his intention not to sign any more death warrants. The officers of the American battlefleet were breakfasted by Presi ship dent Penna at Petropolis and later attended a garden party at the American embassy It was positively asserted that resign Sec retary Cortelyou would not the though he was virtually offered presidency of the Knickerbocker Trust company. John S. Peters, one of the jurymen who found R. Meade Shumway guilty of murder at Beatrice, Neb., affixing the death penalty, committed suicide. Five persons were drowned while skating in the Jimtown reservoir, near Connellsville, Pa. Hepburn hall, the girls' dormitory de- at Miami university, Oxford, o., was stroyed by fire. E. D. Scott, cashier, and Roy W. Van Hoesen, bookkeeper of the Peo- N. ple's National bank of Franklinville, were arrested, charged with violathe revised statutes to a tion Y., of statements relating of the making of false bank's condition to the controller. Denmark's greatest modern poet, Holger Drachmann, died suddenly of at Copenhagen, in the sixty-first year his age. Prof. Charles Baetens, for many years solo cellist in the Thomas or chestra, committed suicide in Omaha, Neb. The City National bank of Muskogee, Okla., purchased by Dr. J. L. Johnson the of St. Louis, was merged with First National. The Bank of Commerce will go into liquidation, its business having been sold to the Oklahoma State bank. Frank Nunno, a wealthy young N. Y. banker, was found murdered near William B. in his Ardsley, troit, Mayor Mich., Thompson annual message, of Deattention to the fact that the city to deal with the franchise question will way calls have in street leases another rail- of year and urges that "no new life be given except on the basis of a three-cent fare.' General Freight Agent W. E. Estes of the Central of Georgia railway was perhaps fatally shot by his wife at Savannah, Ga. The shooting was accidental. Peter Rasmussen of St. Charles, III., committed suicide because of domestic and financial troubles. Rabbi Bernhard Felsenthal, the oldest Jewish theologian in the United States, recognized as the world's greatest Hebrew scholar, died in Chi- He cago after ten days of illness. was most widely known as the founder of the "reform" movement among Chicago Jews. United States dredge boat Fladd, worth was to the water's Henry burned The edge $175,000, at her moorings in Memphis. who Charles Krall of Cleveland e

12. January 25, 1908 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, January 25, 1908

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BRIEF REVIEW OF A WEEK'S EVENTS RECORD OF THE MOST IMPOR. TANT HAPPENINGS IN ITEMIZED FORM. HOME AND FOREIGN NEWS Information Gathered from All Quarters of the Civilized World and Prepared for the Perusal of the Busy Man. Over 165 persons were killed and many injured at Boyertown, The Pa., the opera house burned. of a moving explosion when picture were tank started a wild panic; oil lamps upblew up and the floor collapsed. victims were mostly and belonged to the set children The and women leading and families of the town. The special grand jury which was of sworn in to investigate the conduct rebanks in New York county two indictments certain turned president against of Wil- the liam R. Montgomery. Hamilton bank. A serious earthquake occurred at Gonalves, Hayti. A few houses were and others were damaged. of life has been destroyed No loss reported At their annual meeting in Detroit the Lumber Carriers' Association of the Great Lakes decided that it would be impossible to operate their boats during the coming season at the same expense and under the same condi- is tions as prevailed during 1907. It predicted that there will be a great labor struggle. The Maple-Leaf mills at Kenora, Ont., were destroyed by fire. The elevator, in which was stored over 300.000 bushels of wheat, was also de- instroyed. The loss was $1,000,000; sured. Oil-producing firms at St. Petersburg of received news from the Caucasus the opening of a mammoth oil gusher in the Bibi-Eybat field at Baku, flowing at the rate of 120,000 barrels a day. Farmers in Stanley county. South Dakota, were plowing during the first week in January. The coroner's jury practically exonerated the coal mining company for W. the great disaster at Monongah, Va. Edward Henry Strobel, general adviser of the government of Slam, died after a long illness. The body of Lieut. John W. Crawford, private secretary to Admiral Dewey, was found in the Potomac. The prince regent of Bavaria, who pardoned two to declared his tenced recently death, death murderers-sen warrants. intention not to sign any more of the American were breakfasted ship The fleet officers and by battle- Presi later dent Penna at Petropolis attended a garden party at the American embassy It was positively asserted that Sec would he was virtually retary though Cortelyou Knickerbocker not offered resign Trust the presidency of the company. John S. Peters, one of the jurymen who found R. Meade Shumway guilty of at Beatrice, the penalty, murder death committed drowned Neb., suicide. affixing while Five persons were skating in the Jimtown reservoir, near Connellsville, Pa hall. the girls' dormitory at Oxford, O., was Miami Hepburn university, destroyed by fire. E. D. Scott, cashier, and Roy W. bookkeeper of the Peo- N. bank of ple's Van National Hoesen, Franklinville, with Y., were arrested, charged viola- to the revised statutes relating a of false to the the tion making of statements controller. of greatest bank's Denmark's condition modern poet, Drachmann, died Holger sixty-first suddenly year at of Copenhagen, in the his age. Prof. Charles Baetens, for many years solo cellist in the Thomas or chestra, committed suicide in Omaha, Neb. The City National bank of Muskogee, Okla., purchased by Dr. J. L. Johnson the of St. Louis, was merged with First National. The Bank of Commerce will go into liquidation, its business having been sold to the Oklahoma State bank. Frank Nunno, a wealthy young banker, was found murdered near Ardsley, N. Y. William B. Thompson of De in his troit, Mayor Mich., annual that message, the city calls attention to the fact to deal with the street railquestion that "no new of year way will have and franchise urges in leases another of a !ife be given except on the basis three-cent fare.' General Freight Agent W. E. Estes the Central of Georgia railway was shot by his Ga. The was ac. of perhaps Savannah, fatally shooting wife at cidental. Peter Rasmussen of St. Charles, in., committed suicide because of do mestic and financial troubles. the Rebbi Bernhard Felsenthal, oldeut Jewish theologian in the Unirecognized as the world's Hebrew scholar, ten days cago ted greatest States, after of died illness. in Chi- the He was most widely known as founder of the 'reform' movement ama ag Chicago Jews.