State National Bank (Shawnee, OK)

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SEVENTEEN STATES CHECK RUNS ON BANK

Seven More Join Movement to Restrict Withdrawals of Deposited Moneys

THREE AND FOUR DAYS TO BE TEMPORARY HOLIDAYS

Situation Easing in Some States as Legislatures Planned Curb Laws

Mississippi, Arizona, Nevada and in Oregon today joined the states. which there are limitations placed on the withdrawals of deposits from banks. in which limitations on withdrawals now exist. The proclamation of Gov. Ralph at San Francisco makes mandatory the closing of California banks (or three-day period ending Saturday The three-day holiday called Gov. Murray in Oklahoma for same period also is mandatory. The of Gov. Allen of Louisiana provides for the sation until the end of the week "all public business including Banks and other public enterprises." Mississippi the decree of state banking called only (Continued On Page Two)

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Lone Wolf Open But Just 'Changing'; Others Closed

CITY. Mar. Extension of Oklahoma's bank day until Wednesday was recommended today by Bank Commiss sioner J. Barnett as the state government placed legislative and executive protection over the 453 Oklahoma banks and their depositors. The first flurry of excitement over, following Gov. W. H. Murray's three-day bank moratorium proclamation, state officials pared new stabilizing bill. Assurance of safety both banks and depositors was the keynote of the situation in Oklahoma. The unusual spectacle of such great confidennce is local banks that the institutions remained open today in the face of heavy demands occasioned by the state wide holiday was enacted at Idabel, Durant, Enid, Valliant and Alva. Bankers in these communities declared their situations so sound they saw no need of inconveniencing depositors. The redrafted bill authorizing the bank commissioner to banks under a plan of restricwithdrawals was being drawn up.

The senate was prepared to suspend all other and send bill through its first stage. Preparing for immediate action, Speaker Tom Anglin called the house into session this morning without waiting for the scheduled m. meeting time. The bank holiday was declared, Murray explained, to give the islature time to enact lieve the proposed bill the bank commissioner sweeping power delay payment of deposits all banks, trust companies, savings banks and segregate deposits from old deposits, with no restriction on the new deposits. The bank virtual dictator over financial stitutions with emergency author needed rules and ity to adopt any daily reports. require

SIXTEEN STATES HOLIDAYS TODAY BANK to restrict with. The movement of bank deposits spread drawals rapidly through the south and west last night and today states operated under decrees for bank holidays. CaliforMississippi, Oklahoma, nia, Arizona, Nevada and Oregon ordered brief bank holidays to give time for legislatures to draw withdrawals legislation limiting deposits. Louisiana went farther by orderholiday for all iness. The New Orleans cotton cotton market change, largest was closed. the country, Executives announcing the new holidays for forcing the other states restructions by placing tension of banks which unusual strain on an to continue business sought mally.

ONE BANK IN ONLY STAYS OPEN COUNTY The First National bank at Lone Wolf was the only banking tution in Kiowa county which mained open today, and was just "making change," according made by the Demosurvey Banks here, at Mountain Cooperton, Mountain View and Snyder were all closed, was the one at Rocky.

OREGON TOO

Ore., Mar. Governor Meier today declared three-day legal holiday state Oregon starting continuing through

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New Institution Is to Be Formed If State National Fails to Reopen that Shawnee would two banks the near future was Monday committhe National bank new bank would be take of the assets of the failed providing the bank not opened reports federal aminer are submitted. The fedbegan investigatthe bank tailed report be to the federal department. and Neale the depositors committee made public the following statement been working quietly but persistently approximately since we have been serve committee for the The chairman and George Emdepositors on proposition open Shawnee National bank. organize bank take over the eligible assets of the Shawnee National made trip to Washington and received all the data and which brought back report would be necessary organize and the bank could from the receiver the Shawnee Na. tional bank which the examiners would allow into the bank, and depositors would receive their share of the purchase price thereof. The assets would held liquidated the ceiver. This would made large amount the money available to the committee, after considerable negotiation, an agreement with bankers undoubted financial strength acceptable to the banking and willing put up the necessary capital and surplus for the bank. All arrangements completed, the for the capital for surplus vided and new bank could have been opened days. The committee meeting Saturday evening and discussed the proposition that made the assets of the State National bank determine could open. We have been advised all along that would be permitted to operate The department undoubtedly thinks, this from the we that two can meet all the mands of trade Charter Sought "Those in the new bank project to the best not to urge issuance charter for bank, which has applied for, check up can made the State National bank whether or not the partment would permit to open. So with end view await (CONTINUED ON PAGE

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L. M. VANCE TO DETERMINE IF BANK REOPENS

The Shawnee Morning News, Shawnee, Okla., recently published the following story regarding L. M. Vance, national bank examiner, formerly of this city, being named to make final inspection of the State National Bank:

L. M. Vance, national bank examiner of Illinois, was nanted by J. F. T. O'Connor, comptroller of the treasury, to make a complete new examination of the State National bank, the Shawnee bank reorganization committee was informed late Friday. Vance's report on the bank will be final and will determine whether the bank will be reopened or liquidated. The special examiner's new checkup will be made quickly and his report sent direct to the comptroller of the treasury, thus eliminating much waste of time necessary when the usual procedure is followed.

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BANK BUSINESS

Dividend Payment Made Uninsured Depositors of State National

BOWLBY IS CHIEF

Other Officers are Ingram Guyton, Morey and Barnwell

Business at No. East Main street was huming again Monday the Joyous news of bank in the city was spreading sunshine over the business trict, as the American National Bank opened its doors for business the building formerly oceupithe State National Bank.

Visitors thronged in and out of the bedecked bank lobby all week congratulate of ficers who have been smiles mile broad while coming the callers. the new president, is friendliand one has the feeling that that humaness in the new bank supplanting the hard boiled titude usually attributed to banks and bankers. Mr. Bowlby and his officers have been encouraged over the accounts coming in and the increase in deposits.

Small Accounts Welcomed

"No account will be too large none too small for us to handle Mr. Bwlby declared. He pointed out that he was going to strive to make the service charge to customers as small as posible. feel that banks all over the country need to biuld up goodwill toword the building business and that excessive charge for service have the opposite effect. We are going to strive to give the best servic possible and keep the cost customers at minimum," said.

The other officers Ingram, vice-president, Guy. ton, cashier and Grant Morey and Esta Barnwell, assistant cashiers. Willard Johnson is the chairman of the board of directors, other members being Mr. Bowlby, Mr. Ingram, Roscoe Arrington and Bryant,

State Bank Dividends Paid

The bank has purchased certain of the acceptable assets of the old State National Bank, and are paying through the conservator, Ross Johnson, 45 percent idend on the unsecured deposits of that bank which closed at the time of the banking moratorium. The cashing out of this dividend has been much slower than the officials of the new bank had expected and desired. suppose that since people know that it safe, they aren't in such hurry it," Mr. Bowlby said. Reget maining assets of the old bank, not by the new bank will be liquidated by Mr. Johnson and additional dividends will be paid. All deposts in the new bank up to $2,500 will be insured the provisions of the Federal Deposit Insurance corporation with no assessment to cover deposit surance.

The new bank is member of the federal reserve system. The capital structure is $220,000, $100.000 in common stock; $100,000 in preferred and $20,000 plus.

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NEW BANK RECEIVER

SHAWNEE April F Johnson has received telegraphic notice of ceiver of the State National bank of Shawnee, which has been under conservator since the banking holiday last year. Johnson took charge of the bank today.

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NAME BANK RECEIVER

SHAWNEE April F. Johnson, receiver for three banks of the closed Douglas chain, has been appointed receiver for the State Na. tienal bank of Shawnee, succeeding Ross Johnston conservator.

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SHAWNEE BANK RECEIVER SUES FOR $4000 DAMAGES

A dispute over-the ownership of fixtures and properties in the defunct Holdenville Theater Co. entered federal court yesterday as Roy F. Johnson, receiver for the defunct State National Bank of Shawnee filed against R. D. and Lottie Howell to collect damages of $4000. Johnson alleges that the bank for which he has been appointed receiver holds mortgage on the properties of the Holdenville Theater Co. and that the Howells also held indebtedness against the picture show company. Johnson complains that the Howells have taken and disposed of certain properties in the Grand and Dixie theaters, and that they have damaged his bank to the extent of $4000.

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Announcement this week that the State National Bank would make another payment deposits brings as much happiness the depositors in that bank Santa Claus will bring to Tuesday.

The announcement makes us wish had lost money in the old bank.

Our guess is depositors will get all their money eventually. And dame rumor has it something big is in store for the bank about the first of the year. Which is ali one can get from street talk.

Sale of Christmas trees and decorations in Shawnee would indicate most homes here are ready for arrival of the bewhiskered gent from the cold bleak northland.

Looking back over year conditions here are somewhat improved. Merchants report busines. better than in many years. The government's efforts in turning normal conditions taking effect here, believed

About one more year of the magic recovery hypo will put the nation where was 10 years ago, financial experts say.

Oil fans of Shawnee are wait ing for the Sauter well to decide how big an oil play this city will get in 1935. There is not muc. noise made at the present but are hoping it is the lull before the storm of oil.

If Santa really wants to make big hit out northeast of Shawnee he can bring that section Wileox producer in Sauter well. That wouldn't be half bad.

John Hickey probably wouldn care if the Sauter well came so big it would blow oil all ove his farm home. Hickey owns large portion of the land imme diately north of

However old man Hardin, who owns most of the land in the Fitts oil field at Ada, raised ned for disturbing him in his old fashioned log cabin he has called home for 40 years, and refused cool million to vacate 10 acres there.

Then we once heard of mai who was plenty angry over ruin ing new suit of clothes when gusher came in on his property in the Oklahoma City field. farmer near Wanette was peeved drilling crew for making much noise his cows didn't give the milk they were capable of.

But can assure Santa if his program calls for big gusher in the Sauter well he won't lose any friendships in that vicinity.

Santa has many things he do for Shawnee this year. The greatest thing we can ask is for happiness and contentment in the homes. Drive that bugaboo of fear and the big bad wolf out of existence. Everything else will come along alright.

Mrs. Medlock of Lawton and Mrs. Ollie Mitchell of Mem phis, Texas, will arrive the last of this week for holiday visit with their brother and sister, Mr and Mrs. Roy Black.

Mr. and Mrs. E. Nicholson and daughter, Moyna June, of Reno, will come Sunday to be the guests of their brother and sister, Mr. and Mrs. P. Hatchcock and Mr. Nicholson's father, George Nicholson, over ChristJoining the family party Tuesday will be Mr. and Mrs. Nicholson and daughters, Mary Lou and Dorothy Ann, of Wewoka.

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TIMES RECEIVER BANK THINKS

Announcement of 25 Cent Dividend Is Encouraging

STATE NATIONAL PA1

Will Make Total To Date To Depositors of 70 Cents On Dollar

Announcement of the payment per cent dividend to depositors on the original amount their deposits in the defunct State National coming within year of the paying of 15 per dividend, being heralded as compliment to the business judgment of the receiver. "It aim to values out of our assets and it purpose to get much money back to the depositor Ben Johnson, receiver said in commenting on the dividend. He believes that more will be paid to the depositors and he stated that there also will be dividends paid to the depositors of the former Shawnee National Bank for which he is receiver. It will take about three weeks for the amounts to be sent Washington and the checks to signed by the comptroller of the currency and returned, Johnson said. Johnson who through his cervership work has kept in close touch with business over the county believes that conditions much better and that people greatly watomie County is principally agricultural district and farmers should build their incomes around diversified farming, cows, hogs. poultry and sheep, is his opinion. He thinks that more emphasis should be given to sheep raising than is at the present, and that lands which have been taken out of cultivation because of lack of productive value should be plantin pasture grasses. Johnson sees as the chief agricultural problem of the next two or three years the replenishing of classes of livestock, depleted cause of the drouth. The best producers, Johnson recommends for dairy cattle sturdy white face and Durham mixture is his ideal in beef stock. Don't chase poor stock, but don't the other extreme and pay fabulous prices on which returns are almost impossible to make, vises. This is Johnson's first experience as bank receiver. He has been in the banking busines years.

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TEN SUITS FILED OVER FAILED BANK

Receiver Seeks to Collect From Shawnee Stockholders

Ben F. Johnson, receiver for the closed State National Bank of Shawnee, today filed 10 suits in federal court here in an effort to collect allegedly overdue assessments on stockholders.

The suits involve $23,900, and are based on a 100 per cent assessment made on Aug. 15, 1934, and payable on or before Sept. 20, 1934, the petitions state. Parties sued and the amounts Mr. Johnson seeks from each are:

W. H. Brown, $2000; Paul X. Johnston, $2000; Charles E. Wells, $700; W. L. Chapman, $1000; Mary D. McKinnis, $3900; W. G. Neale, $1500; I. G. Berry, $3000; H. E. Bryant, $6000; Jessie F. Bryant, $1800, and Martha E. Neale, $2000.

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FOUR BANKS WILL PAY DIVIDENDS

TWO SHAWNEE INSTITUTIONS ARE INCLUDED

Receiver Refuses To Reveal Amount Or Time Of Payments

6,000 TO BENEFIT

State National And Tecumseh Institutions' Payment Approved

BULLETIN WASHINGTON, Dec. 20 (UP)—Small dividends are contemplated for depositors in the closed State National bank of Shawnee, and Tecumseh National bank early next year, Comptroller of the Currency J. F. T. O'Connor said today.

He declined to indicate how much he expected the dividends would be, but it was believed five per cent was the likely figure, with 10 per cent a possible maximum. O'Connor would not make a definite prediction as to the date of the dividends, beyond saying there was "not a chance in the world" that they would be declared before Christmas.

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BULLETIN

WASHINGTON, Dec. 20 (UP)—Small dividends are contemplated for depositors in the closed State National bank of Shawnee, and Tecumseh National bank early next year, Comptroller of the Currency J. F. T. O'Connor said today.

He declined to indicate how much he expected the dividends would be, but it was believed five per cent was the likely figure, with 10 per cent a possible maximum. O'Connor would not make a definite prediction as to the date of the dividends, beyond saying there was "not a chance in the world" that they would be declared before Christmas.

Assurance that approximately 6,000 depositors in four defunct Pottawatomie county banks may expect dividends of undesignated size was given the Star Friday morning by Ben F. Johnson, receiver for the four failed institutions.

Johnson refused to set any approximate figure on the dividends and also refused to tell when the dividend checks might reasonably be expected here. He said that he was doing much more than the average bank receiver in even releasing the announcement that dividends will be forthcoming.

Estimated at $200,000

It was reported unofficially, however, that the combined State National and Tecumseh National would inject something like $200,000 of long frozen funds into the business life of the county. Payments have already been approved for these two banks.

A dividend from the two above banks await only the receipt of signed checks from the treasury department in Washington before being released, according to a typed announcement provided by Johnson. The receiver refused to estimate how many persons would be benefited by payment from these two banks, but stated that when the Shawnee National and First

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