The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1910-07-22
BORROWING
MONEY TO
BUY AUTOS
CANVASS OF SOUTHWEST
BANKERS REVEALS
NEW CRAZE
.FInANCIERS DEplORe
PUTTlNG MONEY INTO CARS
Condemn Purchase Of Machines
By PaIsans Who Cannot
Afford Them

st. Louis, Mo. July 22--rho Growth
cf the "automoblIe crayo . ..hI., H.
',,' senSp"o .''So' WHICH, W
"a" oo'niou'n''es' mas ied 10 pro-
lhgate borrowing, even TO the mort.
gaging or homes. Is viewed with
steonp dIsfavor no ha,,,ou. i. u. -,
,.,o, ,r,,,.,a - - WIS
.'''''s W o. LOUIS, accoruiIlE
W ropiies 10 letter OF inquiry seut
to their customers recently by tne
81. Louis Office OF McClenev q Co
dealers In commercial paper. The
members OF the firm are alI sons az
j. II. Mccluney president Of tho
State National bank. The firm seI,a
upward OF $4,000, 1000 worth az com.
niercial paper !, year from ~ m.
Louis Office to more than 1.00o banI. 4
IN the West and Southwest The III.
ters. of which 800 were sent to ban,;.
ers in Missouri. Illinois. Kansas. Az.
lansas, Louisiana. Mississippi. Texas.
New Mexico, Arizona. Georgia Okla.
Loma and Texas. asked Ave nueationx
as follows:
Is the demand for money great.
er or less than at this time last
year? II greater to what do YOU
attribute it?
What IA the crop outlook for
this year?
DO you expect money TO be easy
or firm this summer and fall?
Has there been much specula.
tion In land IN your section?
Has tho purchase OF automo.
biles In your section been by per.
sons who paid cash or by persons
who bought with borrowed funds
or on time paymentsg, ,8. taa4ss
Almost every banker IN sections OF
the country adapted 10 automobiles
expressed himself In terms OF strong
condemnation against the purchase
Of machines by persons who could not
afford them.
Small Towns Have Craze, Too
All the letters showed the bankers
lad their eyss on the automobiles ana
their owners. In many cases statis.
tics more exact than those supplied
ly the census were sent IN. Thug n
Duquoln (Ifl.) banker wrote: Our
city OF G.000 population has twenty
automobiles. two OF them bought Oh
credit" A Cape Clrardeau (Mo.D
banker wrote. "The number OF auto.
mobiles hag increased 200 ccr cent
during the last, year. Within the last
six months 50 per cent were paid fur
by persons able 10 maintain them :
A patesyille fArs banker WRITE {:
fOnly four autos here. All pald FOR
In cssh.'' ai1asalAa g&'f f1a'
/ The cities. large and small. show
the full ylrulence OF the auto craze, .
according 10 the bankers wat
Several letters tell that little Rock.
Ark, has gone "auto crazy" Little
hook has as many persons who have
bought autos without being able 80
own them as any city of its slze in
the country" one banker writes.
Some have mortgaged their property
TO buy them and others have bought
them on InstalImenfs." more thnn
one.half the autoa owned here were
bought ON borrowed funds or credit +"
sloother banker writes.
asome have spent the last dollar
of their savings for wears and have
borrowed tho balance 10 make nay,
nents on autos writes Moulton
(Tar, banker.
"TbIs a,itorabile business IL mon.
ace 10 this country. Nine hund,~d
autos are in use In our little city T
sova lettar from wichita Kas.
promotes Tendency To BUY On Credit
aTbe AUTOMOBILES shows the human
tendency toward Wild speculation Ii