Tooele Transcript Bulletin | 1908-05-29 | Page 3 | Guaranty Fund Drawn Upon

GUARANTY FUND DRAWN UPON oklahoma banking law causes joy to depositors guthrie ala within one hour from tho lime birne 11 II 11 II smock oklahoma hanking banking commissioner had taken charge of the international lutor national dank bank of colgate colgat for alleged violation of the banking baril dill laws lais he be had authority to pay the depo SADIS in full though the bank a cash basli anil and ai a funds in other banks fell clort of the total amount of 0 deposits the coin cent was enabled to do this un der tho the operation of the new baul ing law and this Is the he alist time it has been called into use when the cash was exhausted the be commissioner drew checks upon th state guaranty fund under the operation of the guaranty Rua banking bar thing law in oklahoma a tax oi 01 I 1 per cent la ia levied upon the tit e average annual deposits of all state hanks and the money thus raised la Is i teed bed in payment in full of all di pos igors of an ln insolvent solvent state bank after the fun funds d s 0 of f the bank have been ex hausted