18238. Exchange Trust Company (Tulsa, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
June 29, 1933
Location
Tulsa, Oklahoma (36.154, -95.993)

Metadata

Model
gpt-5-mini
Short Digest
6be0cbef

Response Measures

None

Description

The Exchange Trust Company voluntarily went into insolvency (suspended) in mid-1933 and was placed in liquidation under a state-appointed liquidator; it did not reopen and legal proceedings followed (embezzlement indictments later dismissed). No bank run is described in the articles.

Events (5)

1. June 29, 1933 Suspension
Cause
Voluntary Liquidation
Cause Details
The trust company voluntarily went into insolvency and entered liquidation; state banking department took control.
Newspaper Excerpt
Since its June 29. the trust has control ... the trust has control Trimble deputy state bank work preparing liquidation report
Source
newspapers
2. August 23, 1933 Receivership
Newspaper Excerpt
Liquidator Assumes Duty; Bank Sees Trust Grant ... McCool of Norman state chairman, arrived in Tulsa today assume his duties as agent of the Exchange Trust Co ... preparing liquidation report has been under way when the liquidating will from one also has that grant trust has asked from the secretary the treasury for the National Bank Tulsa and that institution expected to assume the management of large number of the estates and held by the Exchange Co., when the request granted (The Tulsa Tribune, 1933-08-23).
Source
newspapers
3. March 1, 1934 Other
Newspaper Excerpt
The trust company voluntarily went into insolvency last year and the state banking department is made party to the suit. ... Trust Co. Sued By Millers ... seeking judgment for $200,000 (The Tonkawa News, 1934-03-01).
Source
newspapers
4. March 2, 1934 Other
Newspaper Excerpt
Ten additional charges of embezzlement involving 28 former directors of the now bankrupt Exchange Trust Co. were filed ... alleging misuse of $248,776 in trust accounts (Associated Press, Mar. 2, 1934).
Source
newspapers
5. March 29, 1934 Other
Newspaper Excerpt
All embezzlement counts against 28 former directors of the closed Exchange Trust Company of Tulsa have been dismissed ... Judge Bradford Williams ruled evidence was insufficient (The Hastings Daily Tribune, 1934-03-29).
Source
newspapers

Newspaper Articles (4)

Article from The Tulsa Tribune, August 23, 1933

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Article Text

Exchange Under McCool Liquidator Assumes Duty; Bank Sees Trust Grant M McCool of Norman state chairman, arrived in Tulsa today assume his duties as agent of the Exchange Trust Co forecast in The Trib. weeks He pointed State Bank Barnett with Governor Murray's McCool will have charge of converting of the trust company and of ing until they are to Since its June 29. the trust has control Trimble deputy state bank work preparing liquidation report has been under way when the liquidating will from one also has that grant trust has asked from the secretary the treasury for the National Bank Tulsa and that institution expected to assume the management of large number of the estates and held by the Exchange Co., when the request granted


Article from The Tonkawa News, March 1, 1934

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Article Text

News From County Seat Trust Co. Sued By Millers Charging that the Exchange Trust company of Tulsa failed cont for certain monies in its possession while acting as of the estate of George Miller, deceased, one of the three Miller brothers 101 ranch fame, George W. Miller and Miller, Jr., Wednesday filed suit in Kay county district court against the company and its directors seeking judgment for $200,000. Citing six different manners in which the trust company failed in its duty, the plaintiffs, nephews of the deceased, brought the action against the company and the board of directors which includes the names of some of the best known oil men of the southwest. The trust company voluntarily went into insolvency last year and the state banking department is made party to the suit. Directors of the company named defendants are H. Standeven, H. Rogers, R. M. McFarlin, J. Chapman, H. Sinclair, E. W. Sinclair, Hull, Dana Kelsey, H. G. Barnard, W. A. Brownlee, Stewart Pearce, H. Evans, Larkin, Frank Haskell, H. V. Foster, E. Harwell, Robert E. Adams, H. Ashby, George S. Bole and Steele, E. Kerr, liquidating agent of the defunct institution, and Barnett, state bank commissioners, were also named as defendants. Journal Entries Returned. Journal entries details of the settlement made by Kay county officials before the state board of tax reviews with two railroad companies and four oil companies, were received in Newkirk Wednesday morning. The journal entries on the protests of the Rock Island and Frisco railroads have been here for some time but were held up until the journal entry covering the joint protest of oil companies is received. Martin got in touch with attorneys for the oil companies Tuesday and they promised to have the journal here Wednesday morning. In the meantime Henry Bucker, county treasurer, has been holding up large number of checks in payment for taxes that have been coming through the mail pending the settlement of the protests. Then when the levies are adjusted, the checks will be cashed and the surplus returned the remitters. Persons who have already paid their taxes will be required to file an application for a refund. Small taxpayers are not expected to take advantage of this as the refunds would be SO small as to make the trouble to secure them not worth while. Seed Distribution Next Week The distribution of free garden and field seed in Kay county from state funds appropriated for that purpose, will not be started before the first of next week, it was announced here by R. E. Rader, state relief head in this county. Because of the cold weather carlead of potatoes being shipped to Newkirk for distribution to Kay county and Grant county, has been held up and will not be shipped until danger of freezing is over, Rader said. Until such time as they arrive the seed cannot be distributed. Garden seed will be brought to Newkirk from Perry and the field corn will be shipped to Newkirk for distribution to Alfalfa, Grant, Noble and Kay counties. Persons receiving free seed will be required to bring their own containers for corn, potatoes and onion while the other seeds will be in packages. Flour for Needy Expected Soon Roy S. Johnson, recently appointed head of the federal relief set for Kay county, was informed Wednesday morning by Carl Giles, state federal relief head, that 50,000 pounds of flour is being shipped to this county the Kay allotment and that will arrive in short time delivered by representative of the state government. Johnson was also informed that the flour would be distributed under the direction of Miss Kathleen Ryan, recently appointed Kay county personnel adjustor, who is still in Oklahoma City. Johnson stated it was his understanding that she would be at Oklahoma City for some time receiving in her new work. Until such time as Miss Ryan returns to the county and opens her headquarters in Newkirk, the method of distributing the flour will not be known, Johnson said, as this work to be turned exclusively. Assessor's Office Busy Place. Property owners were flocking in at the county assessor's office at the court house Tuesday afternoon, listing their property for taxation so as to escape the $1 penalty which goes into effect on Thursday morning, A final notice to taxpayers to list property for assessment was sent out by Spore some ime ago and printed in the newspapers of the county. Spore stated there are large number of persons in the county who were on the roll last year who have not reported as yet this year. Asks List of Kay CWA Projects. Roy W Johnson, county CWA administrator Tuesday night stated that he had received call from CWA headquarters in Oklahoma City asking for list of all CWA projects now under way in Kay county. The state office asked that the list be made in order of the importance of the project. It understood that of the CWA projects will cut off and the least important projects will probably be dropped from the Negro Gets Sentence Leo Jones, Ponca City negro, was


Article from Carthage Evening Press, March 2, 1934

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Article Text

28 CHARGED WiTH MORE FRAUDS IN TULSABANK CASE (B) The Associated Press) Tulsa, Okla., Mar. 2.-Ten addition al charges of embezzlement involving 28 former directors of the now bankrupt Exchange Trust Co. were filed in the common pleas court here today, alleging misuse of $248,776 in trust accounts. Twenty-five of these men, including Harry F. Sinclair and others prominent in the oil industry, previously had been charged in seven complaints alleging misuse of approximately $24,000. A. S. (Mike) Monroney, 31, is the youngest president ever choosen for the Oklahoma City Retailers' association.


Article from The Hastings Daily Tribune, March 29, 1934

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Article Text

TULSA EMBEZZI.EMENT CHARGES DISMISSED All embezziement counts against 28 former directors of the closed Exchange Trust Company of Tulsa have been dismissed. Directors named in the charges included some of the nation's most widely known oil men-Harry Ford Sinclair, his brother, E. W. Sinclair, H H. Roggers and H. V. Foster-and number of others prominent in Oklahoma business and financial circles. Common Pleas Judge Bradford Williams, in dismissing the cases, ruled evidence was insufficient to sustain the accusations.