City National Bank (Hugo, OK)

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LAST BANK IN HUGO IS CLOSED Oklahoma Town Excited as Third Institution Fails to Open (By The Associated Press.) HUGO, Okla., May 27.-The City National Bank, third and last bank in Hugo, closed its doors today. A notice on the door said the closing was "by order of the board of directors." The closing of the first two was attributed to inability to liquidate old cotton loans. City business men yesterday, forseeing the impending crisis, made a concerted effort to replenish the bank's cash, sending representatives quietly to surrounding towns in an attempt to obtain money. They were unable, it is understood, to complete any negotiations in that direction. Suppressed excitement gripped the city as the last bank closed, but there was no demonstration. It was indicated today that while there was no apparent "run" on the bank recently, many depositors had gone to nearby towns, principally Paris, Texas, and drawn on the local institution through banks in those cities. Checks totalling $9000 were cleared yesterday from these sources, directors indicated.

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Oklahoma Town Has Third Bank Failure

Hugo, Okla., May The City National bank, third and last bank in Hugo, closed doors today. notice the door said the closing was order hoard directors. The closing of the first two was attributed Inability to liquidate old cotton loans. City business men yesterday, foreseeing the impending crisis, made concerted offort to plenish the bank's cash, sending quiet! surrounding towns in an attempt to obtain They were unable, understood to complete any negotiations in that direction. Indicated today that while there had been no apparent on the bank many depositors had gone nearby towns, orincipally Parts. and drawn the local institution through banks In those cities. Checks totalling $9,000 were cleared yesterday from these sources, directors from the directors is expected.

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CITY HAS NO BANKS

LAST INSTITUTION AT HUGO, OKLA., CLOSES DOORS.

Failure of Three Depositories Attrib- uted to Inability to Liquidate Old Cotton Loans-Vain Efforts Made to Replenish Cash.

City National Bank third and last bank Hugo, closed its doors today. notice the door said the was "by order of the board of directors The closing of the first two tributed to inability to liquidate old cotton loans. City business men. yesterday foreseecerted effort to replenish the bank's eash, sending representatives quietly to surrounding towns in an attempt to obThey were unable is derstood complete any negotiations that direction. was indicated today that while there had been no apparent "run" on the bank

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LAST OF 3 BANKS AT HUGO, OKLA., CLOSES

HUGO, Okla,, May 27.-The City National Bank, third and last bank in Hugo, closed its doors Wednesday. notice the door said the closing was order of the board of Their closing was attributed to inability to liquidate old cotton loans. men Tuesday, foreseeing the crises, made concerted effort to replenish the bank's cash, sending quietly to surrounding towns in attempt obtain money They were is to complete negotiations in that direcIt was indicated that while there had been no apparent "run" on the bank depositors had gone principally Paris, Texas, drawn on the cal institution through banks in those cities. Checks $9,000 were ed Tuesday indicated. from these sources, directors

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OTHERS WERE RECENTLY CLOSED of Largest Reorganization No Bank Being Rushed; Merchants Have Enough Run Business. Money to citizens. cut off the cash they had day with only closing of the their pockets by the caught optimism on and themselves rebound for better last of the City National city to close this three banks in he did for business month, open notice the door said closed by the board of had been rectors. The Hugo National and the State closed May Town is Optomistic. from the shock of the business men last bank's collapse, that the action predicting the would hasten plans largest bank Hugo already well city. These plans are the imperative banking facilities brought about the City Nation's closing regarded giving them added impetus two banks are open today county, small state banks Townson and at Boswell. Both are located villages, but several Hugo men sent there today continuing the business the city pending the soluthe problem are Business prostrated City National closing almost the money the town what cash. Storethe sidewalk and situation. the Dodds, attorney for the comptroler of the who here in federal court, declared his experience he had never seen situation such as exists He declared that far knows Hugo is the largest city the bank. here about 6,000. Deposits of the City National on April date of most statement, Its capital surplus was given resources and reserves City business men foreseeing the crises, made concerted effort to replenish the cash, sending quietly to surrounding towns in an to money. They unable. understood, to complete negotiations in that direction. Made an Indirect Run. was indicated today that there had been no bank many gone nearby towns, princiTex. and through banks Checks totalling $9,000 from and directors Indicated their action closing the bank this (Turn to Page

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Business Hit Closing By Bank in Town of Only

Hugo, Okla., May town of 6,000 inhabitants today bank. sign on the door of without City National Bank informed the the yesterday that "for the protecpublic tion the depositors," the bank open. Business was standstill today only money pockand registers. Many persons attended baseball game yesterday, others played went fishing. their Lional Bank and the Hugo State closed May Both banks were unold loans. City Bank with capital and and came safely through the financial

Saturday depositors began from the City Na tional Bank, although there Officials of the bank asked for help available dollar leading every business men placed on deposit. neighboring cities additional funds brought little

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NO COIN, BANK, OR IN SOONER TOWN

Hugo, May town today bank. the door the City National Bank the public yesterday the protection the deposibank not being regispersons baseball yesterday two Sunday school teams, others played golf went Three banks closed their doors Hugo month. Hugo Hugo State Bank closed May Both banks unable cotton loans. The National Bank, capital surplus requested its limit withdrawals safely through the financial emer gency. Saturday depositors began from Bank, although the bank asked help every dollar leading business placed their disposal. Trips neigh boring cities secure additional funds brought little Tuesday night board of directors met decided bank 'for the protection of dePlans areb ing discussed merge three each accept of 25 per cent their deposits The National Bank in statement Issued April reported deposits capital and surplus the reserve and cash on hand

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Hugo, Okla., Business Comes to Dead Stop As City's Third and Last Bank Closes Doors

The Associated Press) Hugo day find out financial during the the the last the city The hard sign was for public Industry all kinds the virtually when business the money cash registe. their pockets which operate. Only two rating tutions Fort Towson and Hugo National bank and the Hugo unable old closed Ma) nearby town Soper National was closed the by the order of bank Possibility of merging the assets the three banks one institution being dislocal Under was propos bank should proportionate losses. Heavy withdrawals during the three were cause the City National bank's closing today by Leonard. president, in statement issued this afternoon. run the going cities issuing checks ClearTuesday alone amounted amount apcontinued operation the board did appearance dissipating their

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Oklahoma Must Conduct Its Affairs Without Bank Help

Hugo. Okla., May 28. town 6.000 inhabitants today without bank. sign on the door of the National Bank informed the public yesterday that "for the protection of the depositors" the bank not open. Business was at standstill today. The only money available was and cash registers. Many persons baseball terday, others played golf or went fishing.

Three banks have closed their doors Hugo this month. The Hugo National Bank and the Hugo State Bank closed May Both banks unable liquidate old cotton loans. The City National Bank. with capital and surplus of requested its depositors to limit withdrawals safely through the financial emergency. Saturday depositors began to make heavy the City National Bank, although there was no Officials of the bank asked for help and every dollar of leading placed on deposit. Trips cities to secure additional funds brought little aid.

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POCKET MONEY FOR FOLK OF THIS TOWN

Sole Bank In Hugo, Okla., Closes Doors To Protect Depositors

May Hugo, a town of 6,000 inhabitants, today is without bank. A sign on the door of the City National Bank, informed the public yesterday that for the protection of the depositers, the bank was not open. Business WHS at standstill today, the only money available being in pockets and eash registers. Many persons attended baseball game yesterday between two Sunday school teams, others played golf or went fishing. Three banks have closed their doors in Hugo this month The Huge National Bank and the Hugo State Bank closed May 6. Both banks were unable to liquidate old cotton loans. The City National Bank. with capital and surplus of $110,000 requested its depositors to limit withdrawals and came safely through the financial emergency. Saturday depositors began to make heavy withdrawals from the City National Bank, although there was no "run." Officials of the bank asked for help and every available dollar of leading business men was placed on deposit. Trips to neighboring clies to secure additional funds brought little aid. Tesday night the board of directors met and decided to close the bank "for the protection of deposi-

The City National Bank in statement issued April reported deposits of $380,203.1 capital and surplus $110,000. Whe reserve $401,and on hand

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TOWN OF 6,000 WITHOUT BANK

Hugo, Okla., May 28—(A. P.)—Hugo, a town of 6,000 inhabitants, today is without a bank. The City National Bank closed its doors yesterday after a hard fight and sign on the door informed the public that "for the protection of the depositors," it was not open for business.

Business was at a standstill today, business men being left with only the money in their pockets and cash registers.

On Saturday depositors began to withdraw from the City National bank. Although there was no "run" on the bank, heavy withdrawals were made through banks in other towns.

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WITHOUT BANKS

The City National Bank of Hugo, Oklahoma, closed its doors by order of its board of directors Wednesday morning of this week. It was the last of Hugo's banks, the First National, of that city, and the Hugo State Bank, having closed earlier this month. It leaves Hugo, which city of 6,000 people, and the county seat of Choctaw county, without bank of any kind. In fact, there are but two small banks left in the county; one at Fort Townsen, the other Boswell. The reason for the closing of the City National was, that depositors in it went to other towns and cities in Oklahoma and Texas, and drew checks on it, in that manner withdrawing in singal day. The officers feared run SO ordered the bank closed.

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Three banks have closed their doors in Hugo this month. The Hugo National bank and the Hugo State bank closed May 6. Both banks were unable to liquidate old cotton loans. The City National bank, with a capital and surplus of $110,000, requested its depositors to limit withdrawals and came safely thru the financial emergency.

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FINANCIAL CRISIS IN SOONER COUNTY

Citizens of Hugo Are Without Banking Facilities, Only Two in County

HUGO, OKLA., May 27.—(AP)—Citizens of Hugo were attempting tonight to find a way out of the financial difficulties that are seen today in the closing of the third and last bank in the city.

The City National bank surrendered, after a hard fight, and a sign on its closed doors today informed the public it was not open for business.

Industry of all kinds in the city virtually stopped when business men were left with only the money in their cash registers and their pockets, on which to operate.

Only two banks are operating in Choctaw county, small state institutions at Fort Towson, and Boswell. The Hugo National bank and the Hugo State bank, unable to liquidate old cotton loans despite a bumper crop last year, closed May 6. The Soper State bank, at the near-by town of Soper, with the same directors as the Hugo National, was closed the same day, by order of O. B. Mothersead, state bank commissioner.

Possibility of merging the assets of the three Hugo banks into one large institution was being discussed by local business men. Under this plan, it was proposed that depositors of each bank should accept proportionate losses.

Heavy withdrawals, during the last three days, were attributed as the cause of the City National bank's closing today by W. E. B. Leonard, president, in a statement issued this afternoon. While there was no direct run on the bank, it was said that depositors were going to nearby cities and issuing checks on their accounts. Clearance of such checks yesterday alone amounted to approximately $9,000. The bank could have continued operation on borrowed money, Leonard declared, but the board of directors did not wish to assume the appearance of dissipating their assets.

Business men, foreseeing the crash, are said to have sent representatives to neighboring towns recently, in an effort to obtain money and ward off the blow. It was said that their endeavors were unavailing. Deposits of $280,203.10 in the City National bank were shown, in the last statement, issued April 6. The statement showed that the capital and surplus was $110,000, the reserve $401,940.20 and cash on hand $62,568.94.

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CLOSE OF TOWN'S LAST BANK HALTS BUSINESS

HUGO, Ok., May 29.-Hugo, town of 6,000 inhabitants, today is without bank. The City National Bank closed its doors yesterday after hard fight and a sign on the door informed the public that "for the protection of the depositors" it was not open for business. Business today was standstill, business men being left with only the money in their pockets and cash registers. Late yesterday every person who could get away attended baseball game between two Sunday school teams, others played golf. while others took advantage of the

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Appoint Receiver For Hugo Bank

(By Associated Press) HUGO, June 6.-Roy A. Cooper, of Muskogee, receiver for the Hugo National bank, was appointed receivfor the City National bank of Hugo yesterday. The appointment was made by J. W. McIntosh, comptroller of currency. No announcemen thas been made concerning the re-organization although it is understood that definite plans is being formulated.

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HUGO NATIONAL BANK RECEIVER IS NAMED

Hugo, June Cooper receiver for the Muskogee, Hugo National bank, was appointed receiver for the City National bank of Hugo yesterday. made by Intosh, comptroller of the curBarker, national bank aminer, assets of the and Cooper will institution now take charge as soon as the invoice completed. has been made concerning the re-organization although it understood plans, that definite plan is being formulated.

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HUGE BANK'S RECEIVER SUES 31 STOCKHOLDERS

Roy A. Cooper Files Petition in Federal Court Here to Collect Liability Assessments Thirty-one persons were named as defendants in a petition filed in federal court here yesterday. Roy A. Cooper. as receiver of the City National bank of Hugo, was the party plaintiff and the more than scbre of respondents were stockhold ers in the defunct bank, the petition says. Petitic seeks to get judgment in the sum of assessments made against the stockholders of the bank after it closed its door in May, 1925.

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HUGO DEFUNCT BANK TO PAY NEW DIVIDEND

HUGO. Okla., June 9.-A dividend of 8 per cent out of assets of the defunct City National Bank of Hugo is Cooper, to be paid soon, according to Roy A. receiver. The bank suspended operation May 27. 1925. To date Cooper has paid to depositors $69 This will be increased dividend. more than $10,000 by the new

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$442,651.91 Paid to Bank Depositors

A total of $442,651.91 has been paid to depositors of three defunct banks in Choctaw county so far, it was revealed by the quarterly statement of Roy Cooper, national bank receiver, issued here this week. Hugo National depositors have received 43 per cent; the City Nationbank of Hugo has paid 43 per cent, and the First National bank of Boswell 20 per cent. Detailed figures of his operations given by the receiver in the report to the comptroller of the cur-

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Forty per cent has been paid depositors of the Hugo National bank; 43 per cent to depositors of the City National bank of Hugo, and 20 per

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Half Million Is Paid Choctaw Depositors

HUGO, Feb. 4.-A statement lividends paid depositors of three defunct banks of Choctaw county was made here in quarterly report issued by Roy A. Cooper, national bank receiver. Forty percent has been paid positors of the Hugo National bank 13 percent to depositors of the City National bank of Hugo, and 20 cent to depositors of the First National bank of Boswell. Total of dividends was fixed

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HUGO BANK RECEIVER FOUND DEAD IN ROOM

HUGO, Okla., Cooper, receiver for the funct Hugo National and City tional banks here and the National bank of Boswell, Okla., found dead today in his room in local hotel. apparently had been dead for Physicians said death due to heart disease.