1.
May 7, 1925
Bartlesville Examiner-Enterprise
Bartlesville, OK
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State Bank Commissioner Orders Hugo State Bank and Liberty Bank at Soper Closed Today
HUGO, Okla., May Hugo National Bank failed to open for business here today. The Hugo State Bank and the Liberty State Bank Sopher, town west of were closed by order of Mothersead in connection with the closing of the national institution. Officials of the national bank attributed their difficulties to the refusal the federal reserve bank Dallas to handle paper of the First National bank, which merged with the Hugo National bank years The City National transacted business today It was said that had sufficient cash to pay all depositors necessary. Depositors the two closed banks include number of leading concerns of the city. The closing was unexpected.
OKLAHOMA CITY. May Hugo State Bank was closed today Mothersead, state bank commissioner. precaution against run. The bank has no connection with the Hugo National Bank, which failed open this morning "While had grounds to close the State bank. It has not failed." Mothersead said. "The bank had insufficient reserve cash withstand and ordered closed precaution Mothersead said the Liberty State Bank of Sopher which he also ordered closed today, has the same directorate the Hugo National
2.
May 7, 1925
The Daily Ardmoreite
Ardmore, OK
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NATIONAL BRINGS BANKS TO RUIN
Fails to Open Doors and As Result Hugo State and Liberty Banks are Ordered Closed.
FEDERAL RESERVE REFUSES PAPER
Banks Reported Closed as Precaution Against Threatened Run.
Hugo National bank failed to open for business Thursday. The Hugo State bank and the Liberty State bank of Sopher, town west of here, were closed by order of Oscar Mothersead, state bank commissioner, in connection with the closing of the national institution. Officials of the bank attributed their difficulties to the fusal of the federal bank at Dallas to handle of paper the First Na. tional bank which merged with the Hugo National bank two years ago. Depositors in the two closed banks include number of the leading ness concerns the The closing unexpected.
To Prevent Run OKLAHOMA Hugo State closed Thursday by order Mothersead as caution against run he bank had connection with the Hugo National bank which failed open this While had ground to close the state bank it had not Mothersead "The bank has insufficient cash to withstand run and ordered closed Mothersead Mothersead said the Liberty State of Sopher ordered closed on the same ground as the Hugo National
3.
May 7, 1925
The Guthrie Daily Leader
Guthrie, 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, 1925
The Guthrie Daily Leader
Guthrie, OK
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STATE BANK SAVES SMALLER BANK
Oklahoma City, May The bank Wash closed day by state bank The bank has no connection with the Hugo National bank which failed to open this morning have grounds close the state bank has bank had Insufficient reserve cash to withstand run and ordered closed as precention." Mothersond said. The Liberty Sto bank of Sopher, which he also ordered closhas the directorate the Hugo National,
5.
May 7, 1925
The Ada Evening News
Ada, 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, 1925
The Parsons Daily Sun
Parsons, 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
7.
May 8, 1925
Tulsa World
Tulsa, OK
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STATE STOPS PROBABLE RUN
Bank Commissioner Acts to Forestall Loss to State Institutions
PRECAUTION IS TAKEN
Hugo National Officials Say Difficulty Due to Action of Bank at Dallas the Associated By HUGO. May Hugo National bank failed to open for business here Thursday The Hugo State bank and the Liberty State bank of Soper, a 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 refusal-of the Federal Reserve bank 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 B.H usual It was said that had sufficient cash to pay off all depositors if necessary Depositors in the two closed banks include a number the lending business concerns of the city. The closing was unexpected.
CLOSED TWO BANKS AS MATTER OF PRECAUTION OKLAHOMA CITY, May 7.-The Hugo State bank was closed Thursday by B. Mothersead, state bank as precaution against run, he said. The bank has no connection with the Hugo National bank, which failed to open Thursday morning "While had grounds to close the state bank, It has not failed. Mothersend said. "The bank had Insufficient reserve cash to withstand a run. and ordered It closed as precaution. Mothersead said the Liberty State bank of Soper, which he also ordered closed has the same directorate as the Hugo National
8.
May 8, 1925
Miami News-Record
Miami, 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.
9.
May 14, 1925
The McCurtain Democrat
Idabel, OK
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Receiver Appointed National Bank Hugo
Announcement Is Received Here As Plans Are Started By Depositors and Directors To-Re-Organize Institution
Roy A. Cooper, of Muskogee, former national bank examiner, has been appointed receiver of the Hugo National bank by comptroller of currency, it was learned from an authentic source Announcement of the appointment came just as a desperate effort was being made by a number of depositors, stockholders, and directors of the bank, to perfect re-organization as a means of warding off receivership.
Appointment of a receiver will not frustrate plans for re-organization necessarily. it was pointed out, but will mean & delay and complication. The action of the comptroller of currency was made at the request of a bank examiner who audited the bank's books about a week ago, and the federal reserve bank at whose instance the examination was made, it was said. Bank officials had not been officially informed of the receivership being made, and no statement will be available as to the procedure to be followed until Cooper takes charge. A statement Tuesday said that stockholders were willing to lose the $200,000 capital stock and that $125,000 of new money had been secured. This with a small per cent of loss on the part of depositors would solve the situation and permit the bank to re-open at an early date on a solvent basis, officials said. It was being talked on the streets that depositors would continue their efforts to determine just what per cent loss they would have to take in in order to insure the Hugo National's re-organization. Most of the depositors seemed of the opinion that by takin ga small loss now they would save money in the long run, as it will require considerable length of time, it is believed, to liquidate the bank, in case it is not re-organized. It was understood that C. G. Shull was in Dallas today in interest of the Hugo National. No further statement has been made by officials of the Hugo State bank.
10.
May 19, 1925
The Frederick Press
Frederick, OK
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COOPER IS BANK RECEIVER
Disappointed Because Planned to Reopen Business
Hugo, A. Cooper, former national bank examiner of Muskogee, as been named receiver for the Hugo National bank by the comptroller of currency His appointment came just as depositors and officials of the bank were working out a plan for re-organization keep the institution from receiver's ands Most depositors favored taking percent loss. Stockholders had greed to sacrifice $200,00 capital tock and bank directors had raised 125,000 new money for re-opening the sank on sound basis. A total of $1,117,000 in deposits is ed up in the bank, including state, ounty, city and school funds.
11.
May 21, 1925
Mayes County New Deal
Pryor, OK
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COOPER IS BANK RECEIVER
Stockholders Disappointed Because Planned to Reopen Business
Hugo, Cooper, former national bank examiner of Muskogee, has been named receiver for the Hugo National bank by the comptroller currency. His appointment came just as depositors and officials of the bank were working out plan for re-organization keep the institution from receiver's hands. Most depositors favored taking percent loss. Stockholders had agreed to sacrifice $200.00 capital stock and bank directors had raised $125,000 new money for re-opening the bank on sound basis. total of in deposits tied up in the bank, including state, county, city and school funds.
12.
May 21, 1925
The Texola Tribune
Texola, OK
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COOPER IS BANK RECEIVER
Stockholders Disappointed Because Planned to Reopen Business
Hugo, A. Cooper, former national bank examiner of Muskogee, has been named receiver for the Hugo National bank by the comptroller of currency. His appointment came just as depositors and officials of the bank were working out plan for re-organization to keep the institution from receiver's hands. Most depositors favored taking 25 percent loss. Stockholders had agreed to sacrifice $200,00 capital stock and bank directors had raised $125,000 new money for re-opening the bank on sound basis. total of $1,117,000 in deposits is tied up in the bank, including state, county, city and school tunds.
13.
May 21, 1925
Johnston County Capital-Democrat
Tishomingo, OK
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COOPER IS BANK RECEIVER
Stockholders Disappointed Because Planned to Reopen Business
Hugo, Okla.-Roy A. Cooper, former national bank examiner of Muskogee, has been named receiver for the Hugo National bank by the comptroller of His appointment came just as depositors and officials of the bank were working out a plan for re-organization to keep the institution from receiver's hands. Most depositors favored taking 23 percent loss. Stockholders had agreed to sacrifice $200,00 capital stock and bank directors had raised 125,000 new money for re-opening the bank on sound basis. A total of $1,117,000 in deposits is ied up in-the bank, including state, ounty, city and school funds.
14.
May 21, 1925
The Leedey Star
Leedey, OK
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COOPER IS BANK RECEIVER
Stockholders Disappointed Because Planned to Reopen Business
Hugo, Okla.-Roy A. Cooper, former national bank examiner of Muskogee, has been named receiver for the Hugo National bank by the comptroller of currency. His appointment came just as depositors and officials of the bank were working out a plan for re-organization to keep the institution from receiver's hands. Most depositors favored taking 25 percent loss. Stockholders had agreed to sacrifice $200.00 capital stock and bank directors had raised $125,000 new money for re-opening the bank on sound basis. A total of $1,117,000 in deposits is tied up in the bank. including state, county, city and school funds.
15.
May 21, 1925
The Yale Record
Yale, OK
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COOPER IS BANK RECEIVER
Stockholders Disappointed Because Planned to Reopen Business
Hugo, Cooper, former national bank examiner Muskogee; has been named receiver for the Hugo National bank by the comptroller of currency. His appointment came just as depositors and officials of the bank were working out plan for re-organization to keep the institution from hands. Most depositors favored taking percent loss. Stockholders had agreed to sacrifice $200.00 capital stock and bank directors had raised $125,000 new money for re-opening the bank on sound basis. total of $1,117,000 in deposits tied up in the bank, including state, county, city and school tunds.
16.
May 22, 1925
The Stroud Messenger
Stroud, OK
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COOPER IS BANK RECEIVER
Stockholders Disappointed Because Planned to Reopen Business
Hugo, Okla. Roy A. Cooper, former national bank examiner of Muskogee, has been named receiver for the Hugo National bank by the comptroller of currency. His appointment came just as depositors and officials of the bank were working out a plan for e-organization to keep the institution from receiver's hands. Most depositors favored taking 25 percent loss. Stockholders had agreed to sacrifice $200.00 capital stock and bank directors had raised $125,000 new money for re-opening the bank on sound basis. A total of $1,117,000 in deposits is tied up In the bank, including state, county, city and school funds.
17.
May 27, 1925
The M'Alester News-Capital
McAlester, OK
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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
18.
May 28, 1925
The Daily Oklahoman
Oklahoma City, OK
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Weeds Will Choke Go Unless Aid Fields, Crops Unharvested, Comes; Planters Left and Crash High Dry by of the crops on farms Choctaw county, one heavy and counties of the state, will not be harvested this year. unless heroic measures taken finance following the failure Wednesday the bank in the city of Hugo, Waldo assistant state bank commissioner predicts. The City National bank of Hugo closed its doors morning the order the board directors. The Hugo National bank and Hugo bank closed the first time Oklahoma's history. that community persons has been entirely without facilities. Residents Hugo had any money not tied the defunct banks had no place keep but their hid persons their homes. Business houses kept their cash their vaults, while they made arrangements open checking accounts in banks at rant, Paris, Texas, or other
Not only depositors, but borrowers will be tightly pinched by the
Hugo men played two jokes Wednesday. One was to try to cash check of some business house; the other to quest change for bill of large Both requests brought laughter. closing of the Watkins pointed out. Farmers Choctaw county their cotton the ground and had made arrangements with Hugo banks to carry them picking time. Planters depended going to bank for advances of $25 growing have nothing but their
Their horses, cattle, chattels and land, they own all under mortgage to the banks now and cannot be used security for loans, the assistant commissioner plained.
With this situation before them, probably third the farmers Hugo district will be forced their lands weeds, lieved. Some of the less responsible ones has value since mortgaged than the amount the loan simleave other goods the receivers the county. Hugo merchants already are hard pressed many stockholders in the the skimpy buying to be expected during the few months will severe test on Hugo business houses, expected. Stockholders of the three doomed in almost every saw their entire fortunes melt away said. Most of these men Hugo men, and of them the disaster worth much derstood.
In spite of this, efforts will be made and reorganize least the M. Phillips, president of the defunct state bank in Oklahoma City aid Any reorganization old tutions start under heavy handi the opinion of the banking The failures caused by dead weight old cotton loans made back in the period inflation of and based on flated far better mode of relief; Watkins believed, would be the launching of
Every who person could get away Wednesday attended game between two teams in the Hugo Sunday school league; or played golf. Some took advantage of the "holiday" to go fishing. entirely bank Hugo by outside bank would have have capitalization least and preferably surplus start in order be safe, organizers would rock along for two years before expect profit. If such bank could started, lend money toward the making this only by obtaining year's crop waiver from the of the failed banks their prior claims the already mortgaged the farmers need The bankdepartment being to the best interests of the depositors the long Deposits the three failed banks composed aggregate Only two are left running Choctaw They small state Boswell and rush for withdrawals before the closing the City National bank, although depositors on their accounts through banks in cities. Large chose leave their deposits vaults in hope of carrying through the crisis.
19.
April 29, 1926
Muskogee Daily Phoenix and Times-Democrat
Muskogee, OK
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SUE MINOR IN BANK CASE
Guardian Is Joined With Girl in Suit For $500 Liability For Hugo Bank Failure Because $500 of a minor's estate was Invested in stock of the Hugo Na. tional bank. the receiver of the bank has sued the minor, Mattle E. Crowdor, of Choctnw county. for $500 on her liability The girl's guardian, Mary E. Imgle, is joined with her in the sult. The girl owned five shares of the bank's stock at the time of Its failure
20.
April 29, 1926
Muskogee Times-Democrat
Muskogee, OK
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SUE MINOR IN BANK CASE
Guardian Is Joined With Girl in Suit For $500 Liability For Hugo Bank Failure Because $500 of minor's estate was invested in stock of the Hugo Na. tional bank, the receiver of the bank has sued the minor. Mattle E. Crowder, of Choctaw county, for $500 on her stockholder's liability. The girl's guardian, Mary E. Ingle, is joined with her in the suit. The girl owned give shares of the bank's stock at the time of its failure.
21.
October 27, 1927
The Tulsa Tribune
Tulsa, OK
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LOOKING OVER OKLAHOMA
Labor Omnia Vincit
HENRY COUPLE MARRIED 50 YEARS Oct. 27. Married 71. observed their golden wedding anniversary The here Tuesday quietly couple were married October 1877 at have the succeeded in staying out of debt all time and will be glad to live long as the Lord Mr said Clift When they came to Henryetta years as much as brick had been laid in the town. MAKE RECORD RUN TO GET FUNDS FOR BANK SALLISAW Oct. -When the First National bank of Sallisaw and the First National bank of Muldrow were both closed Monday by federal bank examiners. officers of the American National bank of Sallisaw dispatched Walter Hampton, motor dealer, and Ira Holder to Fort Smith to secure extra cash to withstand an expected run on the bank. The two men made the trip to Fort Smith and back of 54 miles, in minutes. and in this time must be included eight minutes spent in bank at Fort Smith. That is, the men rode faster than mile and minute But the money was not needed. No one withdrew dime
PIONEER REFINERY TO BE SOLD AT AUCTION GUTHRIE Oct. Want to buy refinery? The Pioneer refinery mile north of Guthrie. will be sold at suction to the highest bidder November Frank Rinehart. chairman of the board of county commistoday The county secured the plant. which represents an of when delinquent taxes were not paid. ADA INTERESTED IN TULSA WEWOKA ROAD ADA. Oct. 27-Ada is watching with Interest being made on a new railway from Tulsa to Wewoka S. Hynds. secretary of the chamber of who accompanied the Tulsa Educational Special train: Ed Gwyn. O. E. Parker and W D.1 Little. members of the board of directors. have been working with interested men in Seminole and Wewoka. Hynds has been at work for several seeking to make Ada stop on the road. Orwig Wewoka, of the new railway company is optimistic that the commerc commission will grant the request for the new road
DR. CLAXTON IN MUSKOGEE TODAY MUSKOGEE Oct. 27 Dr. Philander Claxton superintendent Tulsa schools and for eleven years United States commissioner of education, will deliver three addresses in Muskogee today. He will address the Men's Bible class of the Episcopal church. the Rotary club and the patrons of West High school. In company with C. K. Reiff. superintendent of schools, he will visit various city schools here. BANK FAILURE LEADS TO HUGOAN'S BANKRUPTCY HUGO. Oct 27.-To the failure of the Hugo National bank in May, 1925. is partly ascribed the bank ruptcy W. Webb, well known Hugo citizen and property owner. who filed petition in bankruptcy in federal court Muskogee listing liabilities at $359,793 and assets Liabilities consist principally of mortgages held by various banks and to which bank official, he affixed his signature.
OKEMAH JUDGE IS HONORED BY BAR Oct 27. District Judge John L. Norman has been honored by the Oklahoma bar in being named secretary of the newly formed association of Oklahoma district and superior court judges Judge John B. Ogden of Ardmore is president and Judge Tom G. Chambers of Oklahoma City, vice president.
WHAT THE CHURCHES SHOULD -WILLIAMS OKMULGEE Oct. What we need the money and the work of the churches, not for propaganda to bring congress to make more laws and more offenses, but to put men into office who will enforce the laws we already have," said federal Judge Robert Williams as he held federal The judge is former of Oklahoma. Continuing he said have sold many bottle of morphine for 50 cents back in the days when was not crime to do so, and am sorry for men who go to the penitentiary for the same things no