The Madill News (Madill, Okla.), Vol. 13, No. 50, Ed. 1 Friday, August 14, 1908 Page: 1 of 4
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THE MADILL NEWS
MADILL, OKLAHOMA, FRIDAY, AUG. 14, 1908.
This bank is in the hands of the State
Bank Commissioner. Depositors will be paid
in full by the State Banking Board. Please
oall and get your money.
H, H. SMOCK,
May 21, 1908,
State of Oklahoma.
(From New-State Tribune, June 4).
Reader, did you ever see a
notice like the above posted on
the door of any "busted" bank?
No, you never did until this one.
This is an exact copy of the no-
tice which the Oklahoma State
Bank Commissioner, in pursu-
ande of the laws of Oklahoma,
posted on the door of the Inter-
national Bank of Coalgate, Ok.
By the end of the second day
the depositors had all proved
their claims and received their
money, except a few who lived
from six to fourteen miles from
town, and whose checks were
made out and left in the hands
of another bank to be delivered
when it was convenient for the
owner to call for them.
The statement made by the
Bank Commissioner to the State
Banking Board was as follows:
"The International Bank of
' Coalgate was closed because its
active managing officers had vi-
olated the State law by borrow-
ing-the following sums, princi-
pal and interest:
"The President, $7,067; the
The Bank Commissioner as-
sembled the Board of Directors
and demanded that this bor-
rowed money be replaced,
which, after a reasonable time
was given, they failed to do.
Had this money been replaced,
The Fire Fiend
Visits Our City.
Building and Contents of 0. P.
Trammell's Blacksmith and
Machine Shop Burned.
of all the deposits the bank
had. If they had been permit-
ted to continue this kind of bus-
iness under the old law until
the bank fell of its own weak-
ness, the depositors would prob-
ably have gotten 25 cents on the
dollar, but by prompt enforce-
ment of the new law, the depos-
itors got all their money and
even the stockholders will get
at least 50 cents on the dollar.
Crooked bakning is not toler-
ated in Oklahoma a single day
after it is discovered, and the
vigilance of the State Banking
Department, as required by law,
does not permit any violation
of the law to continue long
enough to reduce the bank's as-
sets from the Guaranty Fund
The above shows how the Ok-
lahoma bank law operates un-
der the guaranty plan.
A proper guaranty or insur-
ance system would prevent pan-
ics and do away with runs up-
on banks. People do not make
runs upon banks because they
want their money, but because
they feel insecure. They don't
want their money, they want
safety. If they felt that their
deposits were insured and that
they would certainly be paid
every dollar deposited in any
bank, hoarding of money would
Wednesdav morning at about
1:30 o'clock the alarm of fire
was sounded and it was found
that the building owned and
occupied by O. P. Trammell as
a blacksmith and machine shop
was in flames. The fire depart-
ment made a quick response to
the alarm, but when they ar-
rived on the scene the fire had
gained such headway that no
effort was made to save that
property. By this time a small
building just north of the shop,
which was filled with hay be-
longing to Joe Reirdou, had
burst into flame and Reirdon's
livery barn was threatened. To
these two buildings was the
attention of the fire fighters di-
rected. Quick, constant work
prevented the ignition of the
livery barn and extinguished
fire in the storage house before
it was consumed.
A brisk wind was blowing at
the time from the south and for
a while it looked as though the
fire might spread, but it was
kept confined to the buildings
The loss on the blacksmith
and machine shop will reach
$1500.00, with insurance.
We could not learn the amount
of Mr. Reirdon's loss.
The origin of ;the fire is un-
This fire is an eloquent lesson
to the citizens of Madill as to
the value of the waterworks
system and the necessity for
extending and improving it. If
we had had no water supply,
this fire could not have been
sutodued so easily aud the loss
might have been many times
The fire department deserves
much praise for the manner in
which they handled the fire, all
the more because of the fact
that they are amateur volun-
The union meeting closed last
Sunday night. It is estimated
by some that about 1000 per-
sons were present at some of
the Sunday night services. The
meeting lasted three weeks.
Doubtless much good was ac-
complished that will never be
revealed in this world. About
40 gave theirjnames for church
The primary election went off
very quietly here. There were
only 27 votes polled, and out of
this number, 15 were Socialists.
The Socialists and boll weevil
are about to take this country.
Rev. Savage filled his regular
appointment here Sunday at
11 a. m. .
The Madill National Bank
Tc r>nlv Konl/- in \/Tor«?V>i11 Poiintv wVnrh Oner-
All Business hntrusted to I s Liberally Treated and (iiven the Best
Protection and Closest Attention.
these two officers would have
been removed and the Board of
Directors might have elected
new officers and the bank con-
tinued in operation. On ac-
count of the failurj? to replace
the money, the Bank Commis-
sioner closed the bank at 2:15
p. m. and posted on the door
the above notice.
The Bank Commissioner found
that the deposits were $36,744.93
that there was cash on hand
$9,574.67, due from other banks
Thursday afternoon, Friday
and Saturday sufficed to com-
pletely liquidate the affairs of
the bank, so far as proving and
paying depositors was concern-
ed. The Bank Commissioner
drew on the State Guaranty
Fund for $24,843.73 to furnish
additional cash necessary to
pay all depositors. The re-
maining amount due from oth-
er banks, aud paper readily col-
lectible, the State Guaranty
Fund will be replaced within 30
days. Therefore, no assessment
on the insured bauks is required
be practically unknown and de-
posits would largelv increase.
The principal income of a bank
is the interest derived upon its
loaned funds. The banker wish-
es to lend as much credit as he
can with safety. Greater de-
posits mean larger business and
more profit. A banking system
would never deteriorate under
a plan that precluded panics
and would insure the perfect
confidence of depositors.
The discussion of bank de-
posit insurance is no longer ac-
ademic. We are not exploring
untried realms. The young
State of Oklahoma has already
put it into practice with good
results. The deposits in the
guaranteed banks are rapidly
increasing, showing that the
money is being drawn from its
hiding places in the stockings,
under the carpets, inside the
stoves and other familiar places
of deposit in time of panic and
is being returned to the banks
where it is again available for
busiuess. The result is that
the National bauks, eager for
The benefit of the Oklahoma the advantages to be obtained
banking law, in its regulation from this insurance, are asking
and close inspection of secured permission to be allowed to
bauks, is fully demonstrated in conform to the State law aud
this case. These bank officers receive its benefits,
had borrowed about 30 per cent ent financial system
National Banks Cannot
Insure Their Deposits.
In a recent opinion given by the Attor-
ney General of the United States, he says:
"I hold that it is illegal for the officers of
any National Bank to 'enter into such an
iigreement as is contemplated by Section 4 of
the Oklahoma Statutes, and persistent and
willful action to this effect on the part of any
such bank would be JUST CAUSE FOR
THE FORFEITURE OF ITS CHARTER."
The management of this bank has always con-
tended that National Banks eould not come under
the Oklahoma Deposit Insurance Law, and has not
seen fit to jeopardize its charter nor risk being thrown
into the hands of a receiver by violating rules gov-
erning National Bauks. We have always been able
to pay our depositors, and have not consented to be
assessed to pay the deposits of all the weak and un-
stable banking institutions in the State.
If it is illegal for a National Bank to be assess-
ed to pay the losfes of other bauks, then your depos-
its in the so-called Insured National Banks ar*> NOT
The stability of any bank is measured by the
financial strength of its stockholders and, the integri-
ty of its managing officers, and on these merits we
invite the patronage of the public.
First National Bank
There is not much news this
week. Farmers are still baling
We are still having a great
deal of sickness.
Mrs. Ida Jackson is very ill.
The little daughter of Mrs.
W. G. Wilson is chilling.
L. O. Mabry has been quite
sick, but is up at the present
Mrs. Will Stowers is improv-
Miss Maggie Purciller, of Dal-
las, Texas, who has been visit-
ing in Tyler, returned home
Mr. and Mrs. C. E. Leach
have been visiting their sister,
Mrs. W. F. Pumphrey.
Mesdames Pumphrey, Rain-
ey and Leach and Miss Maggie
Purcillar spent Sunday in
W. F. Pumphrey made a bus-
iness trip to Madill Monday.
N. Johnson was in Madill on
We had singing at the school
I house Sunday afternoon. Quite
a large crowd was present.
a Mr. Pardue, of Lebanon, is
teaching a singing school here.
Our school was to have be-
gun the first of August, but
our teacher had to attend an
election, so it will not begin till
Wishing our paper great suc-
cess, I will close.
Mrs. Witt Seely, of Madill,
who is visiting her father, Jas.
Morton, has been seriously sick
for several days. She is being
attended by Drs. Lewis and
Elder Harrison closed his
meeting here Sunday. Mrs.
Bettie Barnard, the only addi-
tion to the church, was baptiz-
ed in Buncomb Creek Sunday
Mrs. Adkins aud children of
Oakland, visited her son, J. E.
Adkins, last week.
Will Lovett and family and
Miss Smith, our teacher, at-
tended the Holiness meeting
near Amos Tuesday night.
Master Joe Norman was sick
Saturday and Sunday with
We had a nice cotton shower
Friday night. Some cotton is
doing well, but some is being
seriously damaged by the wee-
C. C. Chestnut is building a
J. T. Wood's family are with
C. Carroll and family, helping
them with their sick child who QkJ Am ^ m
IS reported to be m a critical (-> F Hart, Editor, MadiH, Ok.,
condition. Dear Sir: As an advocate Of
Miss Verna May spent Satur- the motto, "Let the people
day night with Miss Lee Nor- rule," and for the election of
man. M. Quad, Jr. Bryan and Kern, let us all real-
a \tttapu ize that our government is sa-
cred to us. We want our can-
More fine weather and good didates for public office to dis-
crops! J charge their duties free from
Messrs. Chaffin aud Mackey any bargains, claims or obliga-
have put up 8750 bales of bay tions with or to anyone but the
this year. great mass of honest people.
It takes money to pay
Col. Hurst was called to Ty-
ler Saturday on busiuess.
Johnnie P. Brown was at Mr.
ble in fair business weather. In
troublous times it goes to pieces.
The unprecedented action of
the banks during the last panic
saved the day aud mitigated
the evil, but the bauks cannot
run to cover every time a panic
threatens. When they cannot
extend customary credit to
manufacturers, merchants and
farmers, a frightful check may
be placed upon the ordinary
freedom of the banking busi-
ness and the distribution of
lendable funds to those who
need them at any time. Au ex-
perience such as we lately went
through inevitably leads to uni-
versal hoarding of money.
necessary expenses of a cam-
paign. This money the people
who want honest government
must contribute. Honest vot-
Ed Russell and Dave Pickinsjers, pay your own way and con-
spent Sunday with Wm. Beas- trol your Own government!
|ey The candidate who goes to
Rev. Walter Chaffin and fam- Wall Street for millions of dol-
ily spent Saturday with Mrs.! a campaign fund must
/ barter away the sacred rights
aC ey' of the people to have govern-
Bob Hurst, of this place, and meilt free frora COntrol by spe-
Miss Addie Mae Eddington, of cja] interests. Wall Street uev-
Kinlock, were married Sunday, er pays a dollar to any cam-
August 2. We wish them a long paigll fun(j without a pledge of
and happy life. a thousand fold return.
Major Eddington took dinner C. N. Haskell,
wilh his father-in-law, Dan
membership, but this does not
fuljy represent the results, for
quite a number made a profes-
sion whose names do not ap-
pear ou that list. The entire Duggins, Sunday.
number will liiost likely reach Miss Bertha Bagby and her
<K). Let us thank God and take brother are on the sick list this
0. R. SMITH
Will pay (ASH for lauds and
vendors lieu notes. Will buy
estates of deceased persons-
When restrictions are off, don't
Treas. Dem. Nat'l Com.
The News will take pleasure
in receiving and forwarding to
C. N. Haskell, Treasurer, any
contributions to the fund. Oth-
er points are coming forward,
and let's not let Madill be be-
hind in this matter.
If you think of putting out an
orchard, I will make it to your
interest to figure with me. I
ain agent in Marshall County
for the Bonhani Nurseries. Ev-
erything guaranteed true to
name and to live. Drop me a
card st Oakland or lftave word
with Mr. Campbell, the County
Our pt-es- Clerk, and I will come to see
is admira- vou. J. M. Bakkek. 49-12t
Dr. J. H. Bagbv
to Madill Saturday on business.
Jack Daniels spent Sunday
with W. T. Woodward.
Mr. Terry spent Thursday
sell until vou see me. - Address i«ht with his son-in-law, Mar-
C. R. Smith, vm keeuer-
Ardmore, Okla. Charlie Duke is tieiug his . „ .,
horse, at Mr. Chaffin's and Mr.! By order of City Council
Duggin is looking very bad. I J- Blalock, . lars nil
wonder what's the matter
Pay Your Dog Tax.
If you want to keep your dog
see the City Marshall at ouce,
pay your tax and get your tag.
Bunch of 15 or 20 keys on wouuer wmus me uim^i. ,
two rings linked together, be- Rev. Ja3. Bingham will hold
tweeu Madill and Tyler or Ma- a protracted meeting here, be- We make farm loans on best
dill and Lebanon. Finder leave ginning the third Sunday of terms and without delay. See
at News office and receive $2.501 this month. He will be assist- us for your farm loans.
reward. 46-tf ed by Evangelist Beasley. Ev- 42-tf Baknahd & Benson.
erybody is invited to come out
Found. and hear him. Mills Harris has opened anew
A brass key ring containing! There was a large crowd in blacksmith on the north side of
16 keys. The owner may have itow" Saturday. ! Lillie Boulevard, and does first-
same by applying to the News Hurrah for the News!
and paying for notice. 50-tf Uncle Guy.
I class work of all kinds in his
line. Prices to suit the times.
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Heart, C. F. The Madill News (Madill, Okla.), Vol. 13, No. 50, Ed. 1 Friday, August 14, 1908, newspaper, August 14, 1908; Madill, Oklahoma. (https://gateway.okhistory.org/ark:/67531/metapth351858/m1/1/: accessed February 18, 2020), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.