The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1907-01-11

IF they simply extend the bank
ine laws OF oklahoma as they now
stand over the whole state. we will
be satisfied" was the statement mate
by Joseph w McNeal, president OF
the National Bank of Comrlence of
Guthrie and the pioneer banker OF
the territory. He is president Of the
Southwestern industrial association,
organized in st. Louis, last spring,
and HAS the distinction Of starting
theffirst bank in Oklahoma following
the opening 30 settlement in 1889. lie
pays no changes In banking laws are
desired BY the bankers of the new
state.
II has been understood that the con-
stituuonal convention might take
some action regarding the banking
laws. and for this reason Mr. McNeal
was seen. The president of the bank
ing committee of the convention is
Joseph J. Curl of Bartlesvil;e. him
self a banker, and therefore 4 Is not
believed that any radical changes
along banking lines will be made.
Practically the only thing which
seems TO be generally demanded
along that line 3 the delegates is
provision regul ifilg the legal rates
OF interest. II rs generally admitted
that this is properly a legislative
matter, but the argument advanced
in favor of placing It in the constitu
tion is that such action would forever
eliminate the agitation for change
in rates which is sure to come up at
every session of the legislature. bring
ing with II a certain number of sand
bagging measures which the btakers
are supposed to kill.
Probably a dozen propositions in
regard 10 the interest rate have been
ihsroduced ain the constitutional con
veiition MBst Of them provide for {
per cent as the legal rate. with 10
per cent as the maximum contract
rate. Some make the contract rate
II per cent p y Hopkins, one OF the
bankers of the convention. has ex
pressed himself as favoring the pro
vision for 6 and ten per cent, which
seems TO meet with general favor
among the delegates.
Even Gnder the haphazard banking
laws which now prevail in Indian
Territory, the banking business show,
q wonderful growth. Figures have
been complied by George w Barnes
president of the Commercial Nation
al bank of Muskogee, which show the
rapid growth and increase in deposits
in some of the larger Indian Territory
cities
At Ardmore i'm January, 1902. the
a 10, T,.l
81 .250.000; gain in four years, i06 per
cent In January 1902, the loans
were s1,00O,000: in July, 1906. 1880
600; increase In four years. 80 per
cent.
At Chickasha in January 1902. de
posits were 100000: in July 1906. 81,
4OO. 600: gain in four years, 1876 per
cent. In January, 1902. the loans were
10000: in July, 1906, S1.050,000; in
crease in four years. $50 per cent.
AT Muskogee in January, 1902, de
posits were s55O,O0O; in July. 1905.
So 600 600; Increase in four years, 500
per cent. In January. 1902. the loans
were \s750.O0O; in July. 1906. $1,000
GOO; Increase in four years, 400 per
cent
Comparison is also made with
Emporia, Kas., city of smaller popu
lation TO those cited There is Janu
AIRY, 1902, deposits were Sl.S50.QOO; in
July, 1906, 81 700 O0O loss in four
years. 10 per cent In January, 1907,
the loans were Sl.150000, in July
1906, sl750,000; gain in four years,
so per cent
!. That the present laws of Oklahoma
m. harlraFe ig al
SO shown by the increase in the num-
her of banks. many OF the new ones
being OF large capitalization and
strong financial backing. One Cf the
largest of the new financial concerns
Is the Security National bank at Okla
homa City. II starts in With 100000
capital. with the understanding that
the capital win be doubled at the end
OF the first years business. ]. ID,
Mees for years banker in Iowa, Is
president OF the new institution. and
William Ray mohd OF Grumdy Center,
Iowa. cashier. l.. r. Raymond, also
OF Grundy Center, is stockholder
The Oklahoma City stockholders in
clude Oscar G. Lee and w f. Young
while w. s. Search of Shawnee. the
first president OF the American Natl
onal bank of Oklahoma City, is $50
q heavy shareholder
J. q. MeGannen cf Seneca. Mo. di,
rector of number of St Louis banks
and rated as multi-millionaire. heads
the eighth banking institution for Tul-
sa. which will also start with slOo'-
OOO capital. A new si5O,00O building
is now being erected for the new
bank
The opening OF the big pasture will
see the establishment or number OF
new banks. In fact before the OPEN
ing has taken place. the First Nation
al bank OF Randlett has been organi-
zed and application for a charter
made 10 the controller OF the cur
rpncy. II will have capital of $50
600 and these Officers; President j.
n. Bellamy: vice president, T. NJ
Blxby; cashier, l.. A Wells. The bank
vim omen for business az soon as the
town Is opened. Randlett Is situated
nhont forty miles nearly due south OF
l.awton and about eighteen miles
southwest of Walter. II has an area
of 400 acres and Is the largest OF the
townsites 20 be sold in the big pas
tire. a railroad survey has always
been made through the town,