Salt Lake Herald-Republican | 1909-10-03 | Page 1 | Restrained from Paying out Failed Bank's Funds

RESTRAINED FROM PAYING P OUT FAILED BANKS FUNDS Federal Judge Issues Injunction in Spite Sp te of Oklahoma Guarantee Law Guthrie Okla OkIa Oct 2 A temporary injunction restraining res the officers officers cers of the Columbia Bank Trust company of Oklahoma City which failed recently from paying payi g out any funds of the bank was granted by Federal Judge Cotteral here today as the result of a suit filed by the Na National National National Insurance of o Chicago and G GC C Smith th of Springfield Mo Alleging hopeless insolvency of the bank and the Insufficiency of assets to pay depositors in full the petition asks the court to compel the distribution distribution distribution tion of the funds pro rata The petitioners also ask that a re to receiver receiver for the bank be appointed The injunction order is made return returnable returnable returnable able before Judge Cotteral next Mon Monday Monday I day daThe da The National Insurance company holds a certificate of deposit In the bank for 2000 and Smith is a de depositor depositor depositor to the extent of Oklahoma City Oct 2 This after atter afternoon afternoon noon It was announced that definite plans looking to the reorganization of ofa ofa a bank to take the place of tie the Co Cc Columbia Columbia lumbia Bank lank Trust company now nw in the hands of the state banking board may be perfected this evening A party of capitalists from St Louis Louie headed It is said by C W IS Smith for formerly formerly formerly merly president of the Farmers Farmere State Stata bank at Tulsa TuUa but now naw of St Louis Is credited cr with being Interested In taking over the bank The bank continued today to pay I de depositors depositor depositors