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Oklahoma Bank Closes. TULSA. Okla.. Dec. 14.-The closing of the doors of the Farmers' National bank here by order of National Bank Examiner Bryant, has brought the discussion of the Oklahoma guaranty law to the front again. The closing of the bank is said to be an aftermath of the suspension of the Columbia Bank & Trust Co. at Oklahoma City. Both institutions were controlled by W. L. Norton.
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Depositors Are All Paid. Muskogee, Okla., December 22.-The state bank commissioner gave out a statement today in which he said that all depositors of the First State bank of Keifer have been paid. Of the $80,000 disbursed, $40,000 was taken from the bank guaranty fund. "The failure of the Keifer bank was due solely to the fact that the day before the Farmers' National of Tulsa suspended it was holding $50,000 cash belonging to the Keifer bank," said the commissioner.
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Depositors Were Paid. Muskogee, Okla., Dec. 22.-State Bank Commissioner Young gave out a statement today in which he said that all the depositors of the First State Bank of Reifer have been paid. Of the $80,000 disbursed, $40,000 was taken from the Bank Guaranty Fund. "The failure of the Keiger Bank was due solely to the fact that the day before the Farmers' National of Tulsa suspended, it was holding $50,000 cash belonging to the Keifer Bank," said the commissioner,
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Keifer Bank Depositors Paid. Muskogee, Okiá., Dec. 22.-State Bank Commissioner Young gave out a statement today in which he said all the depositors of the First State bank of Keifer have been paid. or the $80,000 disbursed $40,000 was taken from the bank guaranty fund. "The futture of the Keifer bank was due solely to the fact that the day before the Farmers' National of Tulsa suspended it was holding $50,000 of the cash belonging to the Keifer State bank." said the commissioner.
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minor contributions, and th vernment of the states or natio well afford to assume temporar where the result is for th rmanent and lasting good of th ople. this connection, my dear Senato experience in Oklahoma make incumbent on me to request tha confer with the proper authoritie the National Banking Departmen Washington, and advise me upo following proposition: December 14th. the Farmer ational Bank of Tulsa, Oklahoma spended, and was taken in charg the Comptroller. It had tied u twenty-one thousand dollars o due the First State Bank o eifer (a nearby village). Th eifer bank was a small bank, wit thousand dollars capital stocl a fair business, and in goo ndition. except for this deposi eater than double its own capita Our State Bank Commissine inquiry of the Comptroller's ager to when the Keifer bank might li to withdraw its balance from th spended Farmers National Banl reply was "God only knows," an dging from the usual delay occasion in liquidating national banks. w imediately took charge of and b end of the eighth day. had full every depositor of the Keife and are only awaiting the po dividends which may be receive the Farmers National Bank as of reimbursing the Stat naranty Fund. We have sought at all times to giv credit and business opportunit the national banks of Oklahom well as the state banks Oklahom proud of all its financial instit both state and national, an not desire to in any way Iim proper privileges. In this connection state banks ofte it convenient just as was th actice of the Keifer State Bank. I moneys on deposits as reserve other bank balances, in nation in Oklahoma. and we do ne to interrupt this practice, e as a last resort, and as a matte necessity, but you will recogniz Oklahoma cannot afford to pe its state banks to carry their r or balances in unsecured bank here the national government itse not carry a dollar without ad security, nor can these stat be permitted to have the alances indefinitely tied up in a su ended national bank when the pra of the Oklahoma state banks pay on demand. regardless ( hether the bank officers themselve the State Bank Commissioner is : paying teller's window. Simplified, the question is: Unde present national banking law, wi authorities at Washington poir some way that the state banks . klahoma can have security agains
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public business, necessary to be controlled by law, but not to be the dictator of law. Inevitable is It that the question may be settled aright, that banking made more stable without being at the same time made less convenient or less economic, that we first declare that banking is a public business, to be regulated and protected by the law of the states and the laws of the nation. It is essential to protect the depositor, whose accumulated wealth is the substance upon which the bank lives, and equally essential and just is It that these laws must protect the banker to the extent of fairness and opportunity for legitimate profits, and any law that neglects to cover both these phases of the business is worthless. In all these years of progress wherein government in many of its features has vastly developed for the public good, It cannot be said that the national banking law to. day in its features of safety and public convenience is anything more than barbaric. A suspended bank, we are bound to consider, at times: is inevitable Just so long as humanity may be guilty of criminal conduct, just SO long as values of any kind may perish. just so long under any law is a bank suspension a possibility, and knowing this, has the national banking law kept pace with other improvement in government, when it comtemplates a destruction of credit, a suspension of business, a condition of riot. and of suffering within the community or sphere of influence of such suspended bank? Oklahoma in the treatment of its state banks may not have perfec. tion. but it does in actual operation, in the presence of 1 suspended bank, place a paying teller where the national bank places a policeman with a club and gun The Oklahoma law saves local credit, dispels individual suffering. preserves property values, where the national bank law is utterly destructive of all those. There be those yet, who chatter about wild-cat banking and irresponsible conditions resulting from our law, but what credit shall be given theories, when sufficient time has elapsed to deal with facts? If the governments of the states n or nation is to regulate and protect the banking industry. is the public any less entitled to protection and consideration? : Generations have demonstrated a safe estimate upon bank losses with just as much certainty as upon other subjects covered by stable insurance: just as the family may e not have its physical comfort destroyed caused by the death of its supporter; just as conflagration d may destroy buildings without dey stroying the owners' fortune; just as many individual losses may be apportioned over a vast number of S people so as to be trifling in its 8 effect, so should the danger and T disaster to the individual depositor S and to the credit of the community be averted and minimized by like numerous minor contributions, and the government of the states or nation can well afford to assume d temporary burdens where the re sult is for the permanent and last. ing good of the people. In this connection. my dear senator. recent experience in Oklahoma makes it incumbent on me to TO 1 quest that you confer with the proper authorities of the National Banking Department in Washing S ton, and advise me upon the fol. d lowing proposition On December 14th. the Farmers National Bank of Tulsa, Oklahoma,
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TULSA BANK WILL NOT BE REOPENED All Hope of Re-opening Defunct Bank Abandoned-Expect Receiver to Close Affairs at Once. Tulsa, Okla., Jan. 17.-That a crisis has been reached in the affairs of the Farmers National bank is evidenced by the developments of the past two days. It is now believed that all hopes of reopening the bank have been abandoned and that it is only a question of closing up its affairs in the most advantageous way to the depositors. A number of incidents contribute to this belief, though it is absolutely impossible to get the slightest confirmation either from Bank Examiner Bryant, or his attorneys, Kellough & Dillard. Last Thursday Judge Oldham, of the department of justice, Washington arrived in Tulsa. He immediately took charge of the case. On Friday both he and Examiner Bryant went west on the Frisco. It is reported that the recent trip of Dennis Flynn to Washington was not so much political as for the purpose of having his firm designated as the attorneys for reopening the institution failed and bankruptcy proceedings against W. L. Norton were resorted to. While positive information is lacking it is not a wild assertion to declare that the office of Flynn & Ames was the destination of both Oldham and Bryant, and that their trip was for the purpose of arranging to have bankruptcy proceedings instituted against Norton Saturday afternoon R. L. Kellough when asked concerning the reports on the street, refused either to confirm or deny anything. He would vouchsafe no information as to the whereabouts of Examiner Bryant, or the present status of the Farmer's affiairs. Nevertheless the information at hand is such that it feels justified in declaring it to be entirely likely that the next move in this case will be the appointment of a permanent receiver and the institution of bankruptcy pro-
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TULSA BANK WILL NOT BE REOPENED All Hope of Re-opening Defunct Bank Abandoned-Expect Receiver to Close Affairs at Once. Tulsa, Okla., Jan. 17.-That a crisis has been reached in the affairs of the Farmers National bank is evidenced by the developments of the past two days. It is now believed that all hopes of reopening the bank have been abandoned and that it is only a question of closing up its affairs in the most advantageous way to the depositors. A number of incidents contribute to this belief, though it is absolutely impossible to get the slightest confirmation either from Bank Examiner Bryant, or his attorneys, Kellough & Dillard. Last Thursday Judge Oldham, of the department of justice, Washington arrived in Tulsa. He immediately took charge of the case. On Friday both he and Examiner Bryant went west on the Frisco. It is reported that the recent trip of Dennis Flynn to Washington was not so much political as for the purpose of having his firm designated as the attorneys for reopening the institution failed and bankruptcy proceedings against W. L. Norton were resorted to, While positive information is lacking it is not
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TULSA BANK MAY REOPE Tulsa, Okla., Jan. 24.-Providing a majority of the depositors of the defunet Farmers' National bank will contract to accept certificates of deposit in a new bank to be authorized. payable in installments, thereby guaranteeing the institution against a run on the new bank, the Farmers' National probably will reopen shortly. P. J. White, a wealthy oil producer, and associates agreed under the above condition to reopen the bank, liquidate all indebtedness and pay off all depositors in full, allowing them three per cent interest on the face value of the certificates of deposit.
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ALL DEPOSITORS PAID. Oklahoma Guaranty Fund Gives Up $40,000 to Keifer Bank. Muskogee, Okla.-State Bank Examiner Young has given out a statement in which he said that all the depositors of the First State Bank of Keifer have been paid. Of the $80,000 disbursed $40,000 was taken from the bank guaranty fund. "The failure of the Keifer Bank was due solely to the fact that the day before the Farmers' National of Tulsa suspended, it was holding $50,000 cash belonging to the Keifer Bank," said the commissioner.
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DEPARTMENT TO INVESTIGATE OKLAHOMA BANK FAILURES By Associated Press. Washington, D. C., Nov. 15.-The department of justice has assigned a special agent to investigate the failure of the Farmers National bank of Tulsa, Okla., in 1909, and the failure of the American National bank of Bartlesville, Okla., about the same time. The failure of these banks was co-indicent with the failure of the Columbia Trust company at Oklahoma City. The object of the investigation is to determine if there was criminal liability in any of the failures.
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DEPARTMENT OF JUSTICE NOT SATISFIED WITH FAILURE OF TWO OKLAHOMA BANKS. SPECIAL AGENT IS COMING Failure of National Banks in Tulsa and Bartlesville Occurred at About Same Time as Failure of Trust Company in Oklahoma City. Washington, D. C., Nov. 15.--The department of justice has assigned a special agent to revestigate the failure of the Farmers National Bank of Tulsa, Oklahoma, in 1909, and the failure of the American National Bank of Bartlesville, Okla., at about the same time. The failure of the two banks was coincident with the failure of a local trust company in Oklahoma City. The object of the investigation is to determine if there was criminal liability in any of the failures.
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TO PROBE (By Associated Press.) Washington, D. C., Nov. 15-The department of justice has assigned a special agent to investigate the failure of the Farmers National bank of Tulsa. Okla., in 1909, and the failure of the American National bank of Bartlesville, Okla., about the same time. The failure of the banks was coincident with the failure of a local trust company at Oklahoma City, The object of the investigation is to determine if there was criminal liability in any of the failures.
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WILL PROBE TWO BANK FAILURES GOVERNMENT TO INVESTIGATE TULSA AND BARTLESVILLE BANKS WHICH FELL. By Associated Press. Washington, D. C., Nov. 15.- The department or justice has assigned a special'agent to investigate the failure of the Farmers National bank at Tulsa Oklan in 1909, and the failure of the American National bank at Bartlesville Okla about the same time. The failure of the banks was coincident ith the failure of the Columbia Trust company at Oklihoma City, The obJuot of the investigation is to determine If there is criminal liability in .ny of the failures
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To Probe Bank Failures. Washington, Nov. 16.-The department of justice has assigned a special agent to investigate the failure of the Farmers' National bank at Tulsa, Ok., in 1909, and the failure of the American National bank at Bartlesville, Ok. These failures were coincident with the failure of a trust company in Oklahoma City. The object of the investigation is to determine if there was criminal liability in any of the failures. Mrs. Oldwed-Warmed-over dishes reduce expenses. Mrs. Newwed-I know; I always buy twice as much porterhouse as we can eat, so we can have hash next day.-New York Sun.
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Will Probe Bank Failure Washington, November 15.-The department of justice has assigned a special agent to investigate the failure of the Farmers' National bank at Tulsa, Okla., in 1909, and the failure of the American
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DEPARTMENT TO INVESTIGATE OKLAHOMA BANK FAILURES By Associated Press. Washington, D. C., Nov. 15.-The department of justice has assigned a special agent to investigate the failure of the Farmers National bank of Tulsa, Okla., in 1909, and the failure of the American National bank of Bartlesville, Okla., about the same time. The failure of these banks was co-indicent with the failure of the Columbia Trust company at Oklahoma City. The object of the investigation is to determine if there was criminal liability in any of the failures.
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Money Rushed by Plane to Halt Run on Bank The Farmers National bank its vaults stocked with more than $500,000 cash, most of which was rushed from cago Friday, the one the city's four banks open for busitoday. When Federal Reserve officers arrived Friday an and 50 minutes after Adams had telephoned to Chicago for $500,000 to cope with an run. was the the history of central IIIIhad Six Christian bounty banks had closed their in the last week. three of them Friday