State bank commissioner O. B. Mothersead ordered the Hugo State Bank closed on May 7, 1925 as a precaution against a run after the Hugo National failed to open. Later coverage (July 12, 1925) reports the Hugo State Bank reopened with few withdrawals and new deposits. No independent run on the Hugo State Bank is described; the closure was by government action as a precaution.
Events (2)
1.May 7, 1925Suspension
Cause
Government Action
Cause Details
Closed by state bank commissioner O. B. Mothersead on May 7, 1925 as a precautionary measure after the Hugo National bank failed to open and because the state bank had insufficient reserve cash to withstand a run.
Newspaper Excerpt
The Hugo State bank was closed today by O. B. Mothersead, state bank commissioner, as a precaution against a run.
Source
newspapers
2.July 12, 1925Reopening
Newspaper Excerpt
BANK REOPENS ... very few withdrawals today and deposits were received ... Hugo State bank.
Source
newspapers
Newspaper Articles (11)
1.May 7, 1925Henryetta Daily Free-LanceHenryetta, OK
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HUGO BANKS CLOSED TODAY
By Associated HUGO, May Hugo Nation. al banks failed to open for business today. The Hugo State Bank and the Liberty State Bank of: Soper, a town west of here were closed by order of 0. B. Mothersead, state bank commissioner in connection with the closing of the national institution. Officials of the national bank attributed their difficulties to the refusal of the federal bank at Dallas to handle paper of the First National bank which merged with the Hugo National bank two years ago. Depositors/in the two closed banks include a number of the leading bus iness concerns of the city, The closing was unexpected.
OKLAHOMA May The Hugo Satte bank was closed today by O. B. Mothersead, state bank commissioner, as a precaution against a run, he said. The bank has no connection with the Hugo National bank which failed to open this morning. "While Dhad ground to close the state bank, it has not failed,' Mothersead said. "The bank had insufficient reserve cash to withstand a run and ordered it closed precaution." Mothersead said the Liberty State bank of Soper, which Be also ordered closed today, has the same directorate as the Hugo National.
2.May 7, 1925The M'Alester News-CapitalMcAlester, OK
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THREE BANKS ARE CLOSED: NATIONAL OF HUG0 IS CAUSE
HUGO, Hugo National bank failed to open for business day. The Hugo state bank and the Liberty State Bank of Sopher, town west of here, were closed by order of Mothersead pection with the closing of tional Officials of the national bank tributed their difficulties the fusal the federal reserve bank Dallas to handle paper First National bank. which merged with the Hugo National bank two years ago. The City National bank Hugo transacted business today usual. that ficient cash to pay off all depositors necessary Depositors in the two closed banks include number the leading business concerns of the city, The closing was unexpected.
Run Was Expected Hugo State bank was closed today by Mothersead, state bank comagainst run, he said. The with the Hugo National Bank, which failed to open this morning. had grounds to close the state bank, it has not failed, Mothersead said "The bank had insufficient reserve eash to with stand run, and ordered it closed as precaution. Mothersead said the Liberty State bank of Sopher, which he also dered closed today. has the same directorate as the Hugo national
3.May 7, 1925The Guthrie Daily LeaderGuthrie, OK
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East Side Sufters Big Bank Failure
Hugo, May Hugo bonk failed to open for business The State bank and west here were eYised by orde missioner, in connection closing of the Institution Blames Federal Reserve Bank Officials of the National bank tributed their difficulties to the freat the Federal Reserve bank Dallas handle paper of the National bank which merged with the Hugo National bank two years ago Depositors in the TWO closed banks include number the leading business concerns of the city. The closing unexpected.
4.May 7, 1925Muskogee Times-DemocratMuskogee, OK
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Two Hugo Banks Ordered Closed; One Act As Precaution Against Run
CLOSING ACTION IS SOPER INCLUDED
Hugo National Fails to Open for Business and Mothersead Orders Others Closed
Associated Press Hugo bank failed for busiThe Hugo State ness bank and the Liberty State bank of Soper, town here. closed by connection with the closing of the national Officials the national bank tributed difficulties to the the federal bank fusal Dallas paper the First the National Hugo bank The City National bank of Hugo usual It said that had sufficient cash all necessary pay the two closed banks Depositors include number of the leading busiconcerns the city. The closing unexpected
CLOSED AS PRECAUTION AGAINST "RUN" May 7.-The Hugo State bank closed today by he said. against connection with the bank has no National which to Hugo this morning the had had insufficient run. and ordered precaution. the Liberty State which he also ordered bank has same directorate today, as the Hugo
5.May 7, 1925The Ada Evening NewsAda, OK
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State Bank Closed As caution Against Run
(By the Associated Press) HUGO, May Hugo National bank failed to open for ness today. The Hugo State bank and the Liberty State bank of Soper, town west of here, were closed by order of Mothersead, state bank commissioner, in connection with the closing of the national institution. Officials of the national bank tributed their difficulties the fusal of the Federal Reserve bank Dallas to handle paper of the First National bank, which merged with the Hugo National bank two years Depositors in the two closed banks included number the leading business concerns in the city. The closing was unexpected.
OKLAHOMA CITY, May Hugo State bank was closed today by Mothersead, state bank commissioner, as precaution run, he said. The bank against has connection with the Hugo National bank which failed to open this morning. "While had grounds to close the state bank has not failed,' Mothersead said. bank had insufficient reserve cash to withstand and ordered closed precaution. Mothersead said the Liberty State bank of Soper, which he also orderclosed today, has the same rectorate as the Hugo National.
6.May 8, 1925St. Joseph GazetteSt. Joseph, MO
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THREE OKLAHOMA BANKS CLOSED
One Fails to Open and 2 Others Closed by State
National bank here failed to open for business today. The Hugo State bank and the Liberty State bank of Soper, town west of here. were closed by order of O. B. Mothersead, tion with the closing of the national Officials of the national bank attributed their difficulties to the refusal of the Federal Reserve bank at Dallas to handle paper of the First National bank. which merged with the Hugo National bank two years ago,
Oklahoma City, Okla., May 7.The Hugo State bank was closed today by O. B. Mothersead, state bank commissioner, precaution against a run. he said. The bank
7.May 8, 1925Blackwell Journal-TribuneBlackwell, OK
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Two Hugo Banks Close Their Doors
Okla., May Hugo National bank failed to open for business here The Hugo State Bank and the Liberty State Bank of Soper, town west of here closed by order of B. Mothersead in connection with the closing of the national institution. The Hugo State Bank was closed by O. B. Mothersead, state bank commissioner, as precaution against run, he said. The bank with the Hugo National Bank which failed to open had grounds close the has not failed, Mothersead said "The bank had fficient ordered it closed precaution, Mothersead said the Liberty State Bank of Soper, which he also ordered closed today, has same directorate as the Hugo National Officials the national bank attributed their difficulties the refusal the federal reserve bank at Dallas to handle paper the First National Bank, which merged the Hugo National Bank two The City National Bank of Hugo business today as It was said that had sufficient cash to pay off all depositors if Depositors in the two closed banks include number of the leading business concerns of the city, The closing was unexpected.
8.May 8, 1925The Parsons Daily SunParsons, KS
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To Avoid Run On Bank
OKLAHOMA CITY. Okla., May The Hugo State Bank was closed today by O. B Mothersead. sinte bank commissioner, as precaution against a run, he said The bank has no connection with the Hugo National Bank which failed to open this morning Mothersead said the Liberty State Bank. of Soper. which he also ordered closed today. has the
9.May 8, 1925Miami News-RecordMiami, OK
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BANKS CLOSED
Action Taken to Avert Run After One Bank Also Affected.
HUGO, Okla., May, Hugo National bank failed to open for business here today. The Hugo State bank and the Liberty State bank of Soper, town west of here, were closed by order of O. B. Mothersead in connection with the closing of the national institution. Officials of the National bank attributed their difficulties to the fusal of the federal reserve bank at Dallas to handle paper of the First National bank, which merged with the Hugo National bank two years ago. The City National bank of Hugo transacted business today as usual. It was said that it had sufficient cash to pay off all depositors if necessary. Depositors in the two closed banks include a number of the leading business concerns of the city. The closing was unexpected.
OKLAHOMA CITY, May 7.-The Hugo State bank was closed today by O. B. Mothersead, state bank commissioner, as a precaution against a run, he said. The bank has no connection with the Hugo National bank, which failed to open this morning. "While had grounds to close the state bank, it has not failed," Mothersead said. "The bank had insufficient reserve cash to withstand a run and ordered it closed as a precaution. Mothersead said the Liberty State Bank of Soper, which he also ordered closed today, has the same directorate as the Hugo National.
10.May 28, 1925Blackwell Journal-TribuneBlackwell, OK
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BELIEVE NEW BANK TO OPEN AT HUGO SOON
Plans Are Discussed For Combing Resources Of Failed Banks
Okla., May City National Bank, third and Hugo, closed doors notice on the door closing was order of the The Hugo State Bank, and the May City yesterday, impending made effort to replenquietly ish the bank's cash, sending reptowns attempt obtain money were unable, understood, complete any negotintions that today that there had been the bank many principally Paris, Texas, through banks in those Checks totalling $9,000 cleared yesterday from these and directors indicated their action closing bank stop "indirect order to protect remaining deposiThe closing of the last remaining bank in Hugo was the subject above all else the city, but there no demonstration agitation. The this both of McIntosh, United States of cur rency, Mothershead, state bank commissioner, is likely to result speedy the serious condition that has arisen Hugo. Both MeIntosh and Mothershead talk about matter the bankers here today, Mothershead admits that during lunch discussed the Hugo uation. Bankers knew something conditions say that bank likely to the ruins the three next few days They say being depositors banks accept proportionate and basis institution combing the strength of entire Bankers at the convention either that open its within day to without banking weeks. suffer such calamity, make sacrifices to according to plans under have capital of $200,000.
11.July 12, 1925Morning ExaminerBartlesville, OK
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Three County Women Go To Judging School school women of county
BANK REOPENS
The National received bank Liberty State the Hugo Hugo State bank The of and a surplus capital larger be The very few vithdrawals today and deposits were received it to Cleaning it of Phone and
HEADS BAPTIST NION INDIANAPOLIS. July Singleton, private secretary packer, Saturday in convention here. Singleton, opposed the succe:
SHOWERS FALL IN STATE Scattered showers throughout the west and central sections of the tate last Saturday, promised temporary relief from the intense heat the past week and broke a drouth of considerable duration. The rainfall here was accomp anied by lightning which interrupt ed electric light to Norman few minutes when lightning struck a line No further dam reported At Enid the mercury fell 28 de grees in less than an hour, declin ing to 72 degrees The rainfall there continued for more than two hours. Light showers were also report water and Fairview
