The weekly chieftain. [volume] (Vinita, Craig County, Okla.) 1905-1913, 1911-11-03
BANKERS UP IN ARMS OVER
CRITICISM OF PROSECUTION

OklanOma Clty oct 5l.-ConSluer-
able indignation was aroused among
bankers and members of the state
banking board on account of an edi-
torial last week, in which the banking
board was taken to task for prosecut-
ing a certain Oklahoma City banker
for alleged violations of the law, and
it was also intimated that members of
a previous banking board "dissipated
the state guarantee fund
Il was state bank commissioner from
June /, 1910 to February 20, 1911"
says f. B. Cockrell. now vice presi
dent of the State Exchange Bank, and
this is the first | knew that the funds
had been dissipated In justice to the
old members of the board, | would like
to know who it is that knows such to
be the case"
Mr.. Cockrell also says that he is
willing to go to the Office of the state
banking board with the writer Of the
article, above referred to- and go thor
oughly into every detail of the man
agement of the department while he
was bank commissioner Further
more, he says, that he is willing to
have any three reputable bankers of
the state present either national or
state, and if they do not say that the
best business policy was pursued in
every instance he is willing to pay for
the time and trouble of making the in
vestigation
IF any banker or newspaper man,
or anyone else desires to know any
thing about the records in the Office
of bank commissioner, or how funds
were disbursed that came into that
office while | occupied that position,
he has but to come to me and l will
frankly answer any questions he may
desire to ask; or hunt up any record
he may desire to see, and sincerely
hope that before making any further
UNJUST attacks on the banking depart
ment as administered formerly or at
present, that the newspaper men of
this city and state will make an hon
est endeavor to ascertain the truth
Il will say further that the banking
department is finding it sufficiently diff
fieult to convict bank officials who
wreck the banks of which they have
control without being opposed by the
newspapers in the community where
the offense is committed In fact, the
newspapers of this city have been
clamoring for more than year to have
officials of the banks prosecuted who
wrecked the three institutions here
and now as soon as the prosecutions
are commenced, we find this paper de
Tending these same bank officials. Its
attitude seems to be an inconsistent
one to say the least.
''As to where the money of the banl
guaranty fund has been used, will sa!
that as nearly as I can remember, anC
without the records before me, the fol
lowing is approximately correct: Tt
protect the depositors against loss Il
the Columbia Bank & Trust company
$780, 900; Oklahoma Trust company
Muskogee, 100000; Creek Bank {
, Trust company, Sapulpa $65000; Ok
lahoma State Bank, Durant. $25.000
Bank of Ochalata, $4,000; First Stat,
Bank, Kiefer $4,000; Planters & Me
chanics, Oklahoma City. 100000
Night & Day, Oklahoma City, $500, 900
Bank of Commerce, Geary. $4,000
Bank of Mountain View 20.000 Banl
? of Snyder, $4,000.
T Now inasmuch as the entire amour
collected for the guaranty fund is les
than one million dollars and depositor
| have been taken care of in the abov
+ named banks for approximately tn
4 amounts stated, it can readily be see
D that the banking board could not hay
!. dissipated the funds i'm the amounts C
{. hundreds of thousands of dollars. O
course the banking board holds asset
f taken from the above named bank
considerably in excess of one millio
c dollars and from which they will n
Q alize a great deal of money and sin
e ply because they have paid out tn
Q amounts above stated to depositors
o these banks, does not necessarily mea
that it will all be lost.
O J. c. MeClelland. one of the member
j, of the present banking board was ais
t. extremely indignant over the attitud
taken in the editorial referred to, an
J. did not hesitate to express on the SUI
t ject
d The Times in its leading editorii
V of Friday, under the heading why d
y big fish escape" puts itself in the a
tiude of many thoughtless and MOI
or less dishonest people who put ii
~.