The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1915-08-17
GOT SOAKED ON
BUILDING BONDS
State Bankers Find That Phllan-
thrOpy TO Politicians Doesn't
Always Pay

NNAHOMAs public building bonds,
- amounting to IL million aud al
half are In the hands Of the state
bankers They were sold 10 the bank
ers ON the assurance that they would
be- non.taNable Goy Crucc assured the
bankers that the bonds were uon.Axa-
bic aud Attorney General West gave Il
written opinion 10 the same effect
For three years the bonds have not
been taxed
Now the state board of equalization
proposes to tax the public building
bond, IN the hands Of the state bank
rrs disrcgardug the promises aud le
gal opinions of the former admins
trutlou Perhaps It should not be eI.
pcytrd that the present administration
would keep faith with the promises
made hy the former administration.
There Is wide gulf between them.
At least II &. not being done, and the
state bankers. cuught between the dev.
u and the deep seu 80 to speak, and
with the states public building bonds
ou them feel that they are about to
Dee the victims ~ n buncu game
\rnrly four years ago when the
flr5t efforts were made to sell the
public building bonds, II was found
that they were not salnhle No bids
were received for them aud apparent.
/ ly nobody wanted them They were
Iwhut might be- PROPERLY called Il drug
| IA the market
Nakdimen tO the Rescue
About that time / II Nakdlmeu, II
state banker who Is widely known as
la phllnnthropist came 10 the rescue
/ Of the state administration lie put
/ through deal whereby the public
building bonds, which draw uuly 1 per
cent interest aud are not regarded as
prizes u the financial world on that
account would be taken by the bank
prs " the state ON condition that they
should not be- taxed, but should be
held us part of the capital stock Of
. the banks buylug them
It was given out 10 the public that
Z Nukdlmru had taken the entire bond
issue. which was correct rs fur ~ n
went. but the philanthrupist knew
where he could place the bonds be
fore the deal WAS cousummHted The
agreement had already been made that
they should not be- taxed aud the at
turuey general had already given an
opinion tu the effect that Il would he
legal 10 make the sale Of the bonds
under such conditions
hut little thing Ike ON agreement
made hy one administration can easily
be- disregnrdpd by the succeeding ad
ministrutiuu Banker philnnthroplst
! Nakdimeu and the other bankers did
not think NJ that
Gave Help 10 the State
The state bankers didn't really want
the public building bonds, but the,
wanted tn give the state a MT aud hell
. Il ont " bad predicament which
they did ~ course II was adynnta
keOnN lu them 10 nave the hOnuS lie
durted from their capital stock whel
the assessments were made and thai
has been done during the past thre,
years This year however. the stat,
board NJ equalization. with Governor
Williams at lts head proposes that IN,
bankers shall be- taxed ON these bonds
And that I, not all The state bank
era hold 100000 worth of gunrant,
, fund warrants aud law passed b,
the last legislature elempts them fron
t0Nuton when found In u bank In SUI
fleient amount to equal 10 per cen
" the banks capital stock
Now the state board of equalization
Governor Williams says this law 4
all wrong aud that the guaranty FUN,
warrants caunOt be exempted fruu