Hugo State Bank (Hugo, 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

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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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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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Business Hit Closing By Bank in Town of Only

Hugo, Okla., May town of 6,000 inhabitants today bank. sign on the door of without City National Bank informed the the yesterday that "for the protecpublic tion the depositors," the bank open. Business was standstill today only money pockand registers. Many persons attended baseball game yesterday, others played went fishing. their Lional Bank and the Hugo State closed May Both banks were unold loans. City Bank with capital and and came safely through the financial

Saturday depositors began from the City Na tional Bank, although there Officials of the bank asked for help available dollar leading every business men placed on deposit. neighboring cities additional funds brought little

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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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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