470501252 47050
national
4afff63e675a7b50Accommodated withdrawals, Full suspension, Books examined
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OKLAHOMA BANK FAILS. Guthrie, Okla., April 4.-The Capital National Bank, of this city, one of the oldest banking institutions in the Territory, and a Territorial and United States depository, closed its doors to-day. It was placed in the hands of the Controller of the Currency Washington, April 4.-The Controller of the Currency to-night learned that the Capital National Bank of Guthrie, Qkla. had suspended. He has appointed National Bank Examiner M. R. Sturtevant, receiver.
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GUTHRIE BANK SUSPENSION. Statement of Resources and Liabilities January 22. The following is a statement of the'resources and liabilities of the Capital National Bank of Guthrie, Oklahoma, which suspended yesterday, at the date of its last report of condition, January 22: ResourcesLoans and discounts. $638,805; overdrafts. $37,775; United States bonds. $201,450; stocks, securities, etc., $84,011; furniture and fixtures, $3,800; due from banks and bankers, $410,393; cash and cash items, $50,813; total, $1,427,050. Liabilities-Capital, $100,000; surplus and undivided profits, $20,893; circulation, $100.000; due to banks and bankers, $388,447; deposits, $817,708; total, $1,427,050.
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"RUN" CLOSES BEST BANK IN OKLAHOMA One of Oldest Financial Institutions in Territory Goes Under. National Depository. (By Associated Press.) GUTHRIE, OKLA.. April 4--The Capi. tal National Bank, of this city. one of the oldest banking institutions in Oklahoma, and a territorial and United States depository. closed its doors to-day, It was placed in the hands of Comptroller of the Currency. C. E. Billingsley, president of the suspended bank. to-night said that the depositors would be paid in full and that at present a deal was pending to sell the assets of the bank so that the depositors might be paid. When the bank closed its doors there was $1,255,000 with which to pay $1,033,000 in deposits. The failure was caused by a heavy draft during the last month and unexpected run this morning. During the last month there was a shrinkage of deposits amounting to about $500,000, and during the nun to-day more than $100,000 was paid out. The president and direc. tors, seeing that the bank must go under, closed the doors.
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BANK IN GUTHRIE FAILS. Billingsley, the President, Says Depositors Will Be Paid. Guthrie, Okia., April 4.-The Capital National Bank of this city, one of the oldest banking institutions in Oklahoma and a territorial and United States depository, closed its doors today. It was placed in the hands of the controller of the currency. C. E. Billingsley, president of the suspended bank, to-night said that the depositors would be paid in full and that at present a deal was pending to sell the assets of the bank so that the depositors might be paid. When the bank closed its doors there was $1,255,000 with which to pay $1,033,000 in deposits. The failure was caused by a heavy run during the last month and an unexpected run this morning. During the last month there was a shrinkage of deposits amounting to about $500,000 and during the run to-day more than $100,000 was paid out. The president and directors seeing that the bank must go under, closed the doors.
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Receiver Appointed. Washington, April 5.-The controller of the currency learned Monday that the Capital National bank of Guthrie, Okla., has suspended. He has appointed National Bank Examiner M. R. Stur tevant receiver.
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Oklahoma Bank Suspends. GUTHRIE, Okla., April I.-The Capital National bank of this city closed its doors today. - The comptroller of the currency appointed National Bank Examiner M. R. Sturtevant receiver. C. E. Billingsley, president of the bank, says that the depositors will be paid in full. When the bank closed there were $1,255,000 in assets and $1,033,000 of liabilities. The suspension was caused directly by the filing of a suit against and failure of the Holdenville National bank, of which Mr. Billingsley is president.
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BANK'S CONDITION. Resources and Liabilities of the Sus. pended Institution at Guthrie. Washington, April 6.-The following Is a statement of the resources and 11abilities of the Capital National bank of Guthrie, Okla., which suspended Monday. at the date of its report of condition Jan. 22, 1904: Resources-Loans and discounts $638,805 overdrafts. $37,775 United States bonds $201,450; stock, securities, etc., $84,011; furniture and fixtures $3800: due from banks and bankers $410,393; cash and cash items, $50,381 Total. $1,427,050. Liabllites-Capital stock, $10,000; surplus and undivided profits. $20,893; cir culation, $100.000; due to banks and bankers, déposits, 817,707 Total, $1,427,050.
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NO CAUSE FOR UNEASINESS. While the troubles of the Capitol National bank are deplorable, yet there is no reason for uneasiness on the part of Guthrie people 88 to the local and commercial situation. A bank failure, of course, hurts. Such an untoward event unsettles business temporarily, but it may be said to the credit of Guthrie depositors that the sudden collapse of one of the largest financial institutions in the territory, caused no precipitate and unreasonable actions on their part. A mad run on the other banks, Monday, following the failure of the Capitol National vould have paralyzed business locally for months. Fourteen years ago Ragsdales bank, located at the same place marking Monday's failure, suspended payment. There was a howling rush on all the other banks. It required two years' time for business to reach its normal level. The failure of Monday is a blow to the town. It will cause a shrinkage of prospective investments, by eastern capital which is proverbially timid, when western enterprises are mentioned. But the development and solid growth of Guthrie does not hinge on one bank, one firm or one individual. Guthrie's progress can not be checked by one business disaster. The city is moving onward. The good sense of Guthrie people is again to be commended.
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Guthrie Bank Fails. Washington, April 5.-The comptroller of the currency learned that the Capital National bank of Guthrie, Okla., has suspended. He has appointed National Bank Examiner Sturtevant, receiver.
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BANK IS FORCED TO CLOSE DOORS FAILURE OF LARGEST INSTITUTION IN OKLAHOMA. DUE TO AN UNEXPECTED RUN Officials Declare That Depositors Will Be Paid in Full-Stockholders Will Be Heavy Losers. Guthrie, Okla., April 5.-The Capital national bank, of this city, one of the oldest banking institutions in Oklahoma and a territorial and United States depository, closed its doors Monday. It was placed in the hands of the comptroller of the currency. C. E. Billingsley, president of the suspended bank, which was the largest in Oklahoma, made a statement Monday night. He says that the depositors will be paid in full and that at the present time a deal is pending to sell the assets of the institution so that the depositors may be paid. When the bank closed its doors there were in assets $1,225,000, with which to pay $1,033,000 in deposits. The failure was caused by a heavy drain during the last month and an unexpected run Monday morning. During the last month there was a shrinkage of deposits amounting to $500,000, and during the run, which commenced
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Butler had a wet election Tuesday. It rained hard all day and quite a number were kept away from the polls. A new gas, oil and asphalt company was organized at Nevada Monday with a capital of $678,000. The company has leased land near Liberal and start their drills this week. J. M. Briney sends us remittance for renawal from (Appleton City. Mr. Briney is an early settler and substartial citizen of Hudson. He is an old friend and patron of THE TIMES and is highly appreciated. The Capitol National bank, of Guthrie, the largest bank in Oklahoma closed it doors Monday. The failure was caused by a heavy drain during the last month and an unex pected run Monday morning. Mrs. Wm. M. Gray, a highly respected lady who resided seven miles south of Nevada, dropped dead Sunday morning while walking out to the barn to milk her cow, says the Mail. Death was due to heart disease. She was 34 years old and leaves a husband and four children. H. H. Mitchell, editor of the Clinton Republican, and postmaster of that town and secretary of the Republican press association of Missouri, has purchased the Advance and Republican newspaper plants at Boonville and will consolidate the two paper. Mr. Mitchell will move to Boonville. At a meeting of the asylum board at Nevada, Monday, a substantial increase in the salaries of attendants male and female, was adopted. The new scale of salaries will go into effect May 1st. The new order, says the Mail, is made to meet theincreas. ing cost of living and to offer an inducement to a good class of people to make this a life work.
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BANK CLOSED After Standing Run of a Half Million. Guthrie, O. T., April 4.-The Capital National bank here with one hundred thousand dollars capital closed its doors today and is now in the hands of tue controller of the currency. Bad investments are alleged to be the cause of the failure. A. G. Bower, of Utica, N. Y., is the principal stock holder in the bank. During the past few days the bank withstood a half million dollars run on Its resources, but finally collapsed. It was both the government and state depository. The territory had two hundred and fifty thousand dollars on deposit while the total deposits on March 28 last amounted to one million and fifty thousand dollars.
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BANK IS CLOSED. Failure of Largest Institution in Oklahoma Is Caused by a Run. Guthrie, Okla., April 5.-The Capital national bank, of this city, one of the oldest banking institutions in Oklahoma and a territorial and United States depository, closed its doors Monday. It was placed in the hands of the comptroller of the currency. C. E. Billingsley, president of the suspended bank, which was the largest in Oklahoma, made a statement Monday night. He says that the depositors will be paid in full and that at the present time a deal is pending to sell the assets of the institution so that the depositors may be paid. When the bank closed its doors there were in assets $1,225,000, with which to pay $1,033,000 in deposits. The failure was caused by a heavy drain during the last month and an unexpected run Monday morning. During the last month there was a shrinkage of deposits amounting to $500,000, and during the run, which commenced when the bank opened its doors Monday, over $100,000 was paid out. About noon it was rumored that the bank was going under. and eager depositors hurried to the bank faster than during the morning, and the president and directors, seeing that the bank must go under, closed its door. The suspension was caused directly by the filing of a suit about three weeks ago against the Holdenville national bank. of which Mr. Billingsley is president, and its failure last week. Although the directors say that the depositors will be paid in full, the stockholders will be heavy losers. The bank is a national and territorial depository, and many of the country banks of Oklahoma carry large deposits with it.
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Bank Crash Foltows Run. Shrinkage in deposits of more than $500,000 in the past month. followed by a. run of frightened depositors, caused the failure of the Capital National Bank of Guthrie, Okla. President C. E. Billingsley issued a statement that the bank was solvent and the depositors would be paid in full.
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ROAR WAS HEARD. Many Thought a Guthrie Attorney Should Have the Job. Guthrie, O. T., April 20.-The announcement made here last evening that Flynn & Ames of Oklahoma City had been appointed attorneys for the suspended Capital National bank of Guthrie caused a roar among some of the large depositors of the bank, but after more deliberation it was conceded that perhaps it was all right. It was merely a matter of local pride and some of the depositors thought a Guthrie attorney ought to have been appointed.
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J. A. Willoughby, receiver of the Capitol National bank of Guthrie, Ok., filed suits yesterday against J. T. Brickner and D. W. Jenkins of Guthrie, for $4.000 and $3,000 respectively.
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Receiver Willoughby of the Capitol National bank, can be counted a friend to Guthrie. Through his oftorts much suffering due to the recent bank failure. is being alleviated.
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Suit was instituted in the probate court this morning by J. A. Willoughby, receiver of the Capitol National bank, against Paul Newman for the collection of a promissory note for $200.
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Kingfisher Star: J. A. Willoughby, receiver of the Capitol National bank, of Guthrie, arrived in the city late last night on very important business.
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UNABLE TO GIVE BOND? Ex-Vice President of National Bank at Holdenville Under Arrest for Misappropriation of Funds. / Muskogee, I. T., Oct. 11.-R. M. McFarland, vice president of the defunct national bank at Holdenville, was arrested here and placed under $50,000 bond on a charge of alleged misappropriaton of the funds of the bank. He has failed to make the bond and may go to jail. He heard of the indictment and came prepared to give $5,000 bond. The national bank at Holdenville suspended last June. C. E. Billingsley was president of the bank, also the Capitol national, of Guthrie, Ok., which failed.
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Why Do Banks Fail? Every bank failure that has occured in Oklahoma in the past two years could have been prevented had the proper examination been made as contemplated under the laws now in force. The utter ruin of several good men the serious financial crippling of hundreds more, and a general lack of confidence in all banks has been the price of penurious economy on the part of the territory in conducting the bank examiner's office. Every bank should be examined by a competent man at least twice a year and four times a year would be better. Had this been done, neither the Capital National at Guthrie, the Citizens Bank at Enid, the Bank of Beaver City, or any other bank in Oklahoma would have failed. All failed from causes which, if known in time, would have been remedied. Both the Citizens Bank and the Capital National failed because they were run along political instead of business lines. Had a competent man examined them before the abuses and irregularities responsible for their downfall had gone too far, he would have called a halt, and no depositor would have lost anything. As for the Bank of Beaver City, we are informed that less than ten per cent of its capital stock was ever paid in, and that soon after its organization the president "borrowed" $14,000 from it on his personal note, without security This condition would have been known, and remedied in time, had proper examinations been made. The bank examiner must not be blamed too strongly for these conditions, for there is four times as much work to do as it is possible for him to attend to with his present force. The safety and solidity of banking institu. tions is absolutely necessary, not only to the general welfare, but for the ordinary daily transactions of business. Banks are useful in two ways, principally, to take care of other people's money, and to loan money on proper security. The safety of the depositor's interests is the first and all-important point, and those bankers who keep this in view seldom or never get into trouble. It is the fellows who are too Joose in the matter of loans, or who engage in wildeat speculation. that cause the trouble. Comparatively few banks are wreased by straight robbery such as the officials absconding with the depositor's money. In almost every instance wherein a banker has departed with a satchel full of money it proved to be only the last net of wrecking the institution; that the record for months back was bad, and that a careful examination at the proper time would have disclosed the true state of affairs and provented a serious loss. Probably no banker in this country ever intended at the outset to wree his bank. It almost invariably takes months of bad management or misplacing of funds to do the work, and during these months is the time to defeet the real conditions. and stop the drift toward failure, This can b done by an eff etive sy stem of exam-
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Probate Judge Strang today rendered a verdict in favor of the plaintiff in the case of Willoughby. receiver of the Capitol National bank V.S. E. P. McCabe, This was a suit brought to recover $100 on a note.
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Times Journal: Mrs. R. S. Briggs, of Guthrie, who has been the assistant to the receiver of the Capitol National bank of Guthrie, is now in this city, and will locate here.