Security State Bank - Bemidji, MN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: August 4, 1914
Location: Bemidji, Minnesota (47.474, -94.880)

Metadata

Model: gpt-5-mini
Short Digest: 8730a212aded8f1c

Response Measures

None

Description

Article (Bemidji Daily Pioneer, 1914-08-04) reports a precautionary restriction by the State Clearing House limiting cash payouts (similar to 1907 order) due to European situation/Aldrich-Vreeland emergency. No run or closure reported; banks said they had enough cash to carry on. Classified as a suspension (restricted payments) with no run and eventual resumption of ordinary business.

Events (1)

1. August 4, 1914 Suspension

Cause: Macro News
Cause Details: State Clearing House restricted cash payouts in response to the European situation and pending emergency currency under the Aldrich-Vreeland act; precautionary measure to prevent runs.
Newspaper Excerpt: the State Clearing House association took yesterday, when it decided to restrict the paying out of cash and placed in effect a similar order to that of 1907
Source: newspapers

Newspaper Articles (1)

1. August 4, 1914 The Bemidji Daily Pioneer Bemidji, MN

Article from The Bemidji Daily Pioneer, August 4, 1914

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Article Text

LOCAL BANKS PROTECTED Institutions Possess Enough Local arrying On of Ordinary Cash for Un Business, Amount 01 URE PASS PRECAUTIONARY MEA. While the three Bemidji banks, H among the strongest in the state, are G affected by the precautionary measure, which the State Clearing House C association took yesterday, when it decided to restrict the paying out of 0 cash and placed in effect a similar P order to that of 1907, they are in posB session of enough money to carry on A the ordinary amount of business done here for some time. The action taken yesterday was in order to preJ vent a run on banks by Europe. 0 The large pay rolls of the Bemidji T manufacturing establishments will be met and business will be carried on here the same as usual. When interviewed this morning, A. P. White, president of the Northern t National bank, H. C. Baer, cashier of the Security State bank, and A. G. ] Wedge, vice-president of the First National bank, said that they did not anticipate a complication of condit tions here. I It means that until the emergency o currency available under the AldrichI Vreeland act is issued that commerC cial banks will not pay out cash in t large amounts and that business will E be conducted almost solely by checks.