The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1909-12-14
NORTON WAS FORMERLY
INTERESTED IN CONCERN
Large Amount Of His Personal
Paper Said 10 Be Chief
Source Embarrassment

Owing to the fact that 100000 OF
It's $4,000 reserve and $4,000 Of itS
surplus was on deposit with the
Farmers and Merchants National bank
Of Tulsa, which failed yesterday and
rs now IN the hands Of National Bank
Examiner Bryan. the State Bank OF
Keifer is now In The hands of State
Bank Commissioner A. M Young who
today posted notice by wire from
Tulsa that the bank was in his charge
and that a representative of the state
banking board would arrive from
Guthrie with ample funds TO pay on
all depositors when the bank opened
for busines tomorrow morning.
Governor Haskell and Bank Com.
missioner Young both stated today
that the bank was In an excellent con-
dition and that as soon as the failed
National bank delivers to the Keifei
bank the $4,000 which il had on de
poslt there subject to check the lat
ter bank would be turned over again
To its Officers. The only reason for
the state taking charge Of the bank.
said the governor. this morning, Is
due the tact that $4,000 OF lis funds
we'e ON deposit in a National bank
which might financially embarass the
bank.
According 70 statements made by
Bank Commissioner Young to the gov
eInor over the telephone from Tulsa
this morning the Keifcr bank had last
night on hanG in cash $4,000 of It's
reserve and $4,000 surplus The indy.
iduaI deposits wefe $7S00O and the
assets were approximately S9600O
The bank carried a reserve of al.
most SO per cent and is declared to be
In as good a condition as any bank
in the state by Bank Commissioner
Young The bank has a capital stock
Of $4,000.
The school land commission had ST..
400 on deposit IN the bank which is
secured By a $4,000 indemnity bond
given by the Commerce Bauk and
Trust company OF Kansas city.
Guaranty Fund Ample
Governor Haskell and stale Treas
ufer Mcneieu stated this morning
that the condition of fhe deposits
guarantee fund was ample to provide
sufficient cash for the state to hr
able 10 take care 0l all the deposits
In the Keifer State bank aud anolh.
er state bank or two that size
The First State bank of Keifer ig
a reorganization Of tho OIL Exchange
bank Of that place which look place
ia January 1905. +. = Blalse who ID
president ~ me aerlnct Farmers and
Merchants National hank of Tulsa
VAS also The president Of the keifei
hank. G. n Weicklzer Is vice presi
dent, r ] Sullivan rs cashier and
T. t. Sullivan is assistant cashier The
directorate is composed Of y f. Blals
G. N Weickizcr I ] sullivan, Il II
sullivan and r. r. Ardoe
The OH Exchange bank was organ
lied prior TO statehood under The Al
kansas banking laws
According To Governor Haskell, the
keifer bank showed by it's report tp
ihe bank commissioner al The close
nf business on November ~ last chat
it had $4,000 in individual deposits
THE report also showed the bank io.
tai liabilities To be $75000 With aH
sells Of s9e.000
According lO Governor il4skc1 the
bank has never showed Tess than "a
per cent cash reserve within The paet
year
Banking Board Takes Action
Following the action taken by The
bank commissioner the state baHlsing
board. In special session here today,
passed the following resolutions
Whereas State Bank Commission
or Young reports to this board thal
the suspension Of the Farmers Ma.
tional bank. Of Tulsa. maf embafass
the First state bank Of Keifer due
to the fact that said Farmers Nation
al bank Is indebted in tie form Of
bank balance due said First State
bank Of Keller IN the sum Of over
thirty thousand dollars. ihe same be-.
ing about three times the capital
stock of said First State bank of keif-
a.. and that unless said Farmers Ma
tional bank s Abe 70 Immediately pay
the amount ID owes said First State
bank Of keifer that such failure %
pay Will doubtless embarass said
First State bank Of Keifer'
Resolved, Therefore. that said A.
If Young. state bank commissioner,
in the exercise Of bis discretion. may
take charge Of said First State bank
Of Keifer. and in case be Is unable 70
secure the amount due said First
State bank Of Keller from said sns-
pended Farmers National bank IN
pursuance Of law said state bank
commissioner. Young, may proceea %