First National Bank (Lenapah, OK)

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BANK RECEIVER FILES 28 SUITS

Lenapah Institution Can't Pay Out Unless Stockholders Pay Up, He Says

Separate suits were filed in federal court here today against twenty-eight stockholders in the First National bank of Lenapah, Okla., by J. J. Houston, receiver for the bank, to recover $25,000 which he asserts is necessary to complete the payment of outstanding indebtedness of the defunct institution.

The suits are on the basis of $100 a share for each share of stock owned in the bank.

The men named in the petitions are G. W. Patchett, Fred Lowery, J. J. Cooper, J. W. Patchett, C. U. Owen, Ed Strawn, E. F. Young, E. Ballard, R. L. Compston, E. P. Tharp, Jasper Tharp, E. Woods, D. E. Pimmell, Robert Patchett, R. A. Everett, R. W. Lowery, W. T. Mills, R. W. Skimmerhorn, John Young, W. M. Hook, James Eggleston, Lenapah Trading company, H. E. Parker, M. R. Garnett, Enos Patchett, J. E. Tharp, H. G. Garnett and George C. Mosley.

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SUES ON BANK STOCK

Receiver for Defunct First National At Lenapah Seeks to Enforce Double Liability

Thirty suits ranging from $100 to $500 were filed in federal court yesterday by J. J. Houston, receiver of the First National bank of Lenapah, against various citizens in the county of Nowata, who own shares of stocks in the insolvent bank.

The bank was declared insolvent on November 20, 1923, by the national bank examiner and Houston was appointed receiver.

Examination revealed that it would be necessary to enforce the individual liability of the stockholders to the extent of $100 upon each share of the capital stock, due on or before August 15.

BREAKS RIBS IN CRASH

H. H. Howell of Oktaha suffered two broken ribs and severe bruises yesterday when a car driven by an unidentified woman struck a hay wagon on which he and W. L. Shelby, a neighbor, were riding north of Summit on the Jefferson highway.

The old fashioned boy doesn't deserve all the credit; he couldn't have gas charged to dad.

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STOCKHOLDERS SUED FOR DOUBLE LIABILITY

TULSA, Okla., June 11.—Twenty-four stockholders in the defunct First National bank of Lenapah will face juries in the United States district court in Tulsa, beginning Monday, in answer to suits filed against them by J. J. Houston, receiver of the Lenapah bank.

The receiver asks in his suits against the stockholders that they pay double liability on the amount of stock they held when the bank closed its doors several months ago. The actions are all civil.

Lenapah is north of Nowata in Nowata county.

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SUE BANK STOCKHOLDERS

TULSA, June 11.—Twenty two stockholders in the defunct First National bank of Lenapah will face juries in the United States district court in Tulsa, beginning Monday, in answer to suits filed against them by J. J. Houston of the Lenapah bank.

The receivers asks in his suits against the stockholders that they pay double liabilities on the amount of stock they held when the bank closed its doors several months ago. The actions are all civil.

Lenapah is north of Nowata in Nowata county.

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BANK STOCKHOLDERS MUST ANSWER SUITS

TULSA, Okla., June 12.—Twenty-four stockholders in the defunct First National bank of Lenapah, will face juries in the United States district court in Tulsa, beginning

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BANK RECEIVER SUES ON STOCK

SEQUOYAH, June 13.—Twenty-four stockholders in the defunct First National bank of Lenapah, will face juries in the United States district court in Tulsa, beginning Monday, in answer to suits filed against them by J. J. Houston, receiver of the Lenapah bank.

The receiver asks in his suits against the stockholders that they pay double liability on the amount of stock they held when the bank closed its doors several months ago. The actions are all civil.

Lenapah is north of Nowata in Nowata county.

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Children Of Absconding Bank Receiver Wonder if Santa is Really Coming

Three little tots in Parsons are wondering today whether or not Santa Claus will forget them this year. For weeks they have been looking forward to the coming of old St. Nick, but their hopes were shattered by the disappearance of their father, R. H. McElwain, absconding assistant receiver of the First National Bank at Lenapah, Okla.

Their mother, almost in destitute circumstances, is comforting them, hoping that the tide of affairs will turn for the better and that her children will not be disappointed this Christmas.

Fate has been cruel to Mrs. McElwain. Caring for a baby less than nine months old and unable to seek employment, she is wondering what will become of the little family.

The little mother cherished hopes of a happy Christmas. Why should it not be? she thought. Her husband, an assistant receiver of the Lenapah bank, was drawing a sum on which the family could comfortably live and everything appeared rosy.

But Dec. 14 brought a sudden turn of affairs. The shocking news of her husband's disappearance with another woman, and with $1,500 of the bank's funds, reached her.

It was too much for her. She could not understand it, she told the Sun today. "My husband has always been kind to me and I cannot understand what made him do such a thing."

"We were living happily," she continued. "Although away from home during the week, he always returned on Saturday night, spending a happy weekend with his family and returning to his duties at Lenapah each Monday morning."

Mrs. McElwain could shed no light on the mystery. She knows nothing of his whereabouts. He did not confide to me any information concerning shortage, she said.

And while a nation-wide search is being instituted for their daddy, the prospects for the coming of Santa Claus appears very gloomy for the three little McElwain tots.

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DYKES IS RECEIVER OF SAPULPA BANK

John H. Dykes, receiver of the Farmers National Bank of this city, First National Bank of Lenapah, Okla., and the Nowata National Bank of Nowata, Okla., last night received telegraphic advice from the comptroller of the currency in Washington that he has been commissioned receiver of the First National Bank of Sapulpa, Okla., to succeed the present receiver, Frank Wasson, resigned. The Sapulpa institution was closed in July, 1923, was a one and one-half million dollar concern, and has paid total dividends of 20 per cent to date.

The first of this week Mr. Dykes began paying off to the depositors of the Farmers National Bank in this city a dividend of 10 per cent, bringing the total paid to date up to 100 per cent. The bank suspended in March, 1924. Mr. Dykes says he hopes to be able to realize sufficient from the remaining assets to pay the depositors 6 per cent interest on their money from the time they were out it. This is the only national bank receivership in the Tenth Federal Reserve district which has ever paid out 100 cents on the dollar. With the goal Dykes has set for himself he bids fair to beat the best record for the whole United States in the matter of paying out insolvent national banks. E. L. Burton and Carl V. Rice are local attorneys for the receiver here. With added duties making a total of four banks now on his hands, and with a stretch of territory 150 miles long to cover each week, Mr. Dykes' duties will assume more of the executive and directional part of the administration of all these banks' affairs, each bank being in charge of an assistant.

James H. Smith, a Parsons young man who was employed in the Farmers National Bank here at its suspension, is Mr. Dykes' chief assistant covering all banks in charge of all detail work and the books. "Jimmie" Smith, although 19 years of age, has become an expert in his line and his services are frequently sought by new receivers to install and set up receivers' books.

Dykes and Smith left this morning for Sapulpa to take charge.—Parsons, Kan., Republican.

Another trouble with the world is that too many people are worrying over their lack of dollars and not enough are worrying over their lack of sense.

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M'ELWAINE NOW IN TULSA JAIL

R. H. McElwain, defaulting assistant receiver of the First National bank of Lenapah, was brought back to Tulsa by federal officers Wednesday to stand trial in the United States district court for embezzlement of money from an officer of the United States—National Bank Receiver John H. Dykes.

Mr. Dykes and Paul Drake were in Tulsa Thursday and called to see the prisoner at the county jail, where he is being held in default of $5,000 bond. McElwain has already signed a confession and says he will plead guilty to the indictment and throw himself upon the mercy of the court for leniency. The maximum sentence is five years' imprisonment in the federal penitentiary and $5,000 fine or both, in the discretion of the court.

Mr. Dykes this morning received a draft from the Independence Indemnity company of Philadelphia for $1,341.36, the total amount for which the company had McElwain bonded to Mr. Dykes.

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McELWAIN NOW READY TO MAKE PLEA OF GUILTY

R. H. McElwain is in jail at Tulsa charged with embezzlement of money from an officer of the United States.

According to John H. Dykes, national bank receiver and the officer from whom the money was taken, took $5,000 from the First National bank of Lenapah, Ok., where he was in charge of the liquidation of the closed bank. The default was discovered December 18, three days after McElwain is alleged to have left Tulsa in company of a woman not his wife.

An indictment was returned in the federal court Feb. 10 and on the 16th federal officers arrested McElwain in Spokane. He was returned to Tulsa and the woman was released.

Mr. Dykes said McElwain did excellent work in making collections and that in addition to his regular salary he drew $30 a month from the government because of injuries received in the World war.

Mr. Dykes was in Tulsa Thursday to consult with his former first assistant and reports he found him penitent. That he told Dykes he did not know why he took the money and was anxious to make restitution. He has signed a written confession and has declared he will plead guilty.

McElwain has a wife and three children in Parsons. They are being taken care of with funds obtained from the Community Chest.

A story in a recent issue of the Nowata, Ok., Star follows:

"R. H. McElwain, defaulting assistant receiver of the First National Bank of Lenapah was brought back to Tulsa by federal officers Wednesday to stand trial in the United States district court for embezzlement of money from an officer of the United States—John H. Dykes, national bank receiver. Mr. Dykes and Paul Drake were in Tulsa Thursday and called to see the prisoner at the county jail, where he is being held in default of $5,000 bond. McElwain has already signed a confession and says he will plead guilty to the indictment and throw himself upon the mercy of