The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-14

i W y 1 = NJ - l. a - :, 49, ~
COMPANY OF New YORK
RIcAAEo A. McCUzpy, President.
PANcoAsT KDDER, Manager.
208 Whine Building, Wichita. Kan.
starting with $500 paid in arc limited il
these necessary accounts 10 S1,66s.e6. /
requires no argument TO show that eithe
Of these sums are scarcely adequate L
provide a suitable lot. bank building
safe and counter.
The minimum capital required to in
corporate a bank in the stale OF Min
nesota is $4,000 and this only in towns
whose population does not exceed 1,09O
Kansas and Nebraska permit the incor
poration of banks with a capital of 500
but the same must be fully paid in be
fore the bank is allowed 10 open foi
business. and the latter state require:
more capital when the town has a pop
uIation Of 1000 or more. Iowa require;
So, 600 capital for state banks, and $1,000
for savings banks. and the Iowa Law
contains the truly scientific provision
that when the deposits OF any savings
bank amount 10 more than 100000. ther
the capital shall be increased; thus pre-
serving a relative proportion between ths
responsibility of the capital and the la
bility TO depositors.
TWO SAVINGS BANKS
There are two savings banks operat-
ing in Oklahoma. viz; the Guthrie Saw
ings Bank, of Guthrie. and the Okla
homa City Savings Bank at Oklahoma
City: both of which are capitalized at
S25,0oo The savings banks. however, oper-
ate under the same law as the other
territorial banks. with the single excep-
tion that a savings bank which does not
transact d g eneral banking business.
may hold one-half Of its % per cent or Is
per cent reserve in bonds of the United
States. or territorial. county, school dis
trict. or municipal bonds OF the territory
OF Oklahoma. worth not less than par;
the savings bank feature being provided
for by special contract between the bank
and each individual savings depositor;
several of the national banks of the ter
ritory have the same auxiliary savings
feature. giving out the small auxiliary
banks. to the savings depositor. upon a
deposit of 81 to insure the safe return
Of the small auxiliary coin box
our law permits any number of per-
sons not less than three 10 obtain a char
ter. provides for double liability on part
of the stockholders. limits the liability
which any bank may carry for money
borrowed from it By any one. person, firm
or corporation. to % per cent Of the bank :
paid capital and surplus; and does not
permit the loaning Of money or real
estate secureties in the first instance.
NO PRIVATE BANKING
Private banking IS not permitted; all
banks must incorporate. and are subject
10 annual examination by the bank com
missioner, and must make and publish
not less than four reports annually All
overdrafts paid by an officer or employe
are recoverable against the person pay
ing the overdrafts, personally, at the suit
of the bank
In March /. 1851, there were 81 terri
torial banks doing business in the terri
tory. and there being 172 at the date of
this article. hte increase in number has
been 81. in a period Of sixteen months.
THE total deposits held by l52 terrific
rial banks in March 1902, was in round
numbers SS000005 in the total deposits
held by the 80 national banks as shown
by the report of the comptroller OF the
currency in April. 1902, was about $1,000
coo, making the total deposits in all banks
in oklahoma in the spring of the present
year the sum Of 81. .00o.0o0 The fact that
the 60 national banks held deposits grea-
ter than the 152 territorial banks, is
largely accounted for when We consider
that the territorial banks use the national
banks located in the territory as reserve
agents to a considerable extent.
s42 PER OKLAHoMAN
As there are about 5o0.o0o Inhabitants
IN the territory. the deposits held by the
banks equaled So per capita
The great activity in railroad building
now in progress. developing the resources
OF the country, starting new towns along
their respective lines. accounts for the in
corporation OF so many oanxs.
The banks incorporate i'm many iustan-
ces even before the name Of the new
town is definitely ascertained: ana it not
infrequently occurs that the first. OF
nearly the first building TO be erected on
a new townsite is a banking building.
The bank charter Is obtained by fling
articles of Incorporation with the secre-
tary of the territory. who issues the char
ter. Several charters are usually OBJ
tained Tor each new or projected town.
as none Of the capital Is required to be
actually paid in AT the time the char
ter is applied for. although it must be all
subscribed. The new banking corpora
ton then has one year u pay in It's cap
itaL ard secure authority from the bank
commissions to open for business before
its charter would be forfeited by non
user. Quite large number Of banks are
thus Incorporated which DO not begin the
business OF banking
DAY COUNTY ALONE
~of the twenty-six counties in okla
sona. there IS bvt one. VIZ. Day. county.
without a bank. ard charters have been
issued by the SECRETARY Tor TWO banks
in that county
since the opening ~ the new ooun-
;ry. and the creation of The counties =.
Niowa. Caddo aud Comaache. there have
been opened for business in these three
counties. thlrty-two territorial ans so.ut
ten rational banks. and charters issued
Ter several more.
Enterprises are constantly soriaef-e
up. people are pouying ia from eH parts
~ the Cuiou. and 'cari,ai = here sezSfrc
1DNeSfrr7a-r Trs -fs ~rru s,---- a.