Hugo National Bank (Hugo, 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.

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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,

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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

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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.

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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

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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.

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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

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NAME MUSKOGEE MAN HUGO BANK RECEIVER Muskogee, May Cooper, vice president of the Muskogee National bank, was notified today by the comptroller of that he had been currency pointed receiver for the Hugo National bank, which was closed last Saturday. Cooper leaves Thursday for Hugo. He has been in the banking service- an eral years but for the past has been connected with the Muskogee institution and his appointa

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COOPER IS BANK RECEIVER

Stockholders Disappointed Because Planned to Reopen Business national bank examiner of Muskogee, been named receiver for the Hugo National bank by the comptroller of His appointment came just as depositors and officials of the bank were out a plan for keep the institution from receiver's hands. Most depositors favored taking 25 percent loss. Stor kholders had agreed to sacrifi $200.00 capital stock and bank directors had raised $125,000 new money TOI re-opening the on sound A total of $1 in deposits Ted up in the bank including state, ounty city and school funds.

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COOPER IS BANK RECEIVER

Stockholders Disappointed Because Planned to Reopen Business

Hugo, Cooper, former national examiner of Muskogee has been named receiver for the Hugo National bank by the comptroller currency His appointment came just as positors and officials of the bank working out plan for keep the Institution from receiver hands. Most depositors favored taking 25 percent loss. greed sacrifice $200.00 capita and bank had 125,000 money for re-opening sound basis total of in deposits ed the bank, including stat ounty, and school funds.

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COOPER IS BANK RECEIVER

Stockholders Disappointed Because Planned to Reopen Business national bank examiner of Muskogee, been named receiver for the Hugo National bank by the comptroller of His appointment came just as positors and officials of the bank out plan for re-organization to keep the institution from hands Most depositors favored taking percent agreed to sacrifice $200.00 capital and bank directors had raised money for re-opening bank sound basis in deposits is and school funds.

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COOPER IS BANK RECEIVER

Stockholders Disappointed Because Planned to Reopen Business

Cooper, former Autional bank examiner of Muskogee, named receiver for the Hugo National bank by the comptroller of currency. His appointment came just as positors and officials of the bank working out plan for re-organization keep the institution from receiver's Most depositors favored taking percent loss. Stockholders agreed sacrifice $200,00 capital and bank directors had raised new money for re-opening the sound basis. total in deposits the bank, including state, city and school funds.

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BANK RECEIVER COOPER IS

Disappointed Because Stockholders Planned to Reopen Business

Hugo, Cooper, former bank of Muskogee, for the Hugo National bank the comptroller His appointment came just positors the bank plan re-organization keep the institution from hands. Most depositors favored taking Stockholders percent capital agreed and had raised $125,000 money for re-opening the sound basis. In deposits up in the bank, including state, city and school funds.

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Hugo, Oklahoma Bank, Third and Last One There, Closes Doors

By The Associated May and closed order the board of two cotton City replenish the bank's cash but today that while there been apparent bank. many depositors the local institution through banks in those Only banks remain open in Choctaw and the other both villages. business today these banks cash plans for the future have not been optimism apparent reaction to last the feeling prevailing that its open the Hugo National bank, the largest Business was seriously cut the they had Hugo has population of 6,000.

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COOPER IS BANK RECEIVER

Stockholders Disappointed Because Planned Reopen Business

Hugo, Cooper, former bank has receiver for the Hugo National bank by the comptroller Ills appointment came Just positors officials the bank working out plun for re-organization to keep the institution from hands Most depositors favored taking 25 percent agreed sacrifice $200.00 capital stock bank had $125,000 for re-opening the sound total in deposits tied the bank. state, county, and school funds.

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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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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

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SUE BANK RECEIVER ON PROTESTED DRAFT

The Stewart Mill and Grain company filed suit in the federal court today against Roy A Cooper. receiver for the Hugo National bank, for $1,147.78 judgment. According to the petition the plaintiffs sold a carload of merchandise for a cash consideration. In transmission the draft was protested by the First National Bank of Paris, Texas. The plaintiffs state they have not been at any time depositors in the Hugo National Bank and had no knowledge that the draft was to have been handled through that institution.

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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

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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.

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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