The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-09-29
BIG BANK TOTTERS
Columbia OF Oklahoma City in
Receivers Hands.
Examination Discloses So, $780,
900 in Deposits.
STATE HAS THE MONEY
Fifty Thousand of Guaranty
Fund in Bank Itself.
The Capital Stock of the Con-
Germ Is 100000.

Oklahoma City. Okla, Sept. 29.-The
Columbia Bank and Trust company,
with capital stock of $20O, O,0O0 has
passed into the hands of A. NJ Young,
state bank commissioner. After an ex-
animation Of its affairs Mr.. Young de-
| cIared it to be insoIvent. insufficient
securities are believed to be the cause,
Held $4,000 of Guaranty Fund.
The bank had on deposit on June 80,
last. $464,500 belonging to the state
and Oklahoma county, according I'D
the records of the state bank ex-
aminer.
Fifty thousand dollars of the state
bank guaranty fund was in the bank
On April 30, 1909. On that date the
{ states bank guaranty fund amounted
to $302.5O0. The banking board has
levied an additional assessment on the
state banks to replenish the guarantee
fund.
+ The last statement of the bank
showed it to have deposits of $2,8OO.-
600. a capital stock of 100000 and 40
per cent in reserve and surplus and
undivided profits amounting to $2O,-
600. The bank was organized about
year ago. 1t was the reserve agent for
many of the state banks of Oklahoma.
Bank Commissioner Young, in
charge of the Columbia bank and
Trust company, with deposits aggre-
eating three million dollars today be-
gan paying depositors dollar for dol
lar on their claims.
Payments, it was announced. will
be continued until all depositors are
satisfied.
The bank guaranty fund, together
with the available assets of the bank
will be used in satisfying the claims.
Officials of the liquidated bank, say
they will reopen in q few days, pos
sibly under new organization.
Official Statement.
The following official statement
has been given out by Secretary Roy ]
Oakes of the banking board: !
THE state bank commissioner and
the banking board met last night to
consider the condition of the CoIum-
bia Bank and Trust company. The
lack of specific information and de-
tails renders it impossible at this
time to make an exact statement but
sufficient is shown to know that the |
capital is impaired that on
liquidation the stockholders may
realize very little, also that the bank |
has loaned far too great pro- |
portion of its funds. that it's supply /
of cash unreplenished is inadequate !
to meet the requirements of law.
Therefore the state authorities
have taken charge and will be open
Bring your books and in cases of
mutual account be ready to present |
claims. Contested or disputed claims |
will also receive prompt attention"
Inc SIdJG 1DOdTQs GlSO dullOIIZSQ lIIO
levy of three-fourths of one per cent
if needed to meet immediate demands
sooner than collection of bills receiv-
able provide the cash.
George w. Piersol was named liQui- T.
dating agent by the bank commissioner
but he declined to accept the appoint i
ment. Later it -~os given out that
there would be a reorganization of the
institution whereby the state would be
relieved of rmaining in charge to clear
up the affairs under authority of the
bank guaranty law.
The state banking board. consisting
of Governor Haskell, the state treas
urer Mr. Menefee; Commissioner
Young and the state auditor, Mr..
Trapp, held a session while the Okla
homa City Clearing House association
has been brought here to save a run
and the state has fund sufficient to I
pay all depositors in full at once.
W. L. Norton, president of the Co {
fortune in the oil fields of eastern
Oklahoma and purchased stock in the i
bank about a year ago. H. H Smocl1,
formerly state bank commissioner, IS {
the original directors of the company.
resigned as secretary and treasurer in {
July.
State Money There.
Guthrie, Okla. Sept. 29.-Lieutenant
Governor Bellamy. Treasurer Menefee
and other members of the state bank
ing board hurried to Oklahoma City in
an automobile.
banking board levied an additional as
sessment on the state banks to re-
plenish the guarantee fund. Fifty
thousand dollars of that fund was on
deposit in the Columbia Bank and
Trust company at Oklahoma City on
April 30 1909.
Records in the office of State Eexam-
iner and Inspector Charles Taylor show
that the bank has $464, ,504.13 of funds
belonging to the state and Oklahoma
county on deposit on June 30 last. The
m oney is distributed as follows:
Funds of the state treasurer, $171.-
0o7. 81; school land department funds,
to the permanent school fund
1855 900: bank guarantee found, $4,000;
county funds, $77,097.31 All
the state money is secured by war
rants, bonds or other securities in
equal to the amounts deposi-
ted.
There was in the bank guarantee
fund on April 80 last to pay any losses
that might occur by reason of failures
oe banks $302, 20. This was all that
Upon the state banks at the first of
the year.
Plan to Reorganize.
Oklahoma City, Okla. Sept 29-Re-
organization of the Columbia Bank and
Trust company is under way Among
the capitalists here. presumably in this
connection, is w. T. Kemper of Kansas
City.
A deal has been on. it is said. between
George w Piersol of the Oklahoma
state for consolidation of the two in
stitutions, but it is believed that has
been abandoned. Those concerned in
the matter will not talk.
Governor c. n. Haskell. Lieutenantt