The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1916-05-16
Oklahoma Bankers Association Meets;
President Reviews Financial Conditions;
Federal Reserve System Prevents
Panic from Coming With War
ADVOCATES POLICY OF
NATIONAL DEFENSE
Declares Army Of Half Million Men and
Adequate Navy Needed; Favors
Enforcement of New Usury
Law to Letter

Special to the Express.
Oklahoma City, May 16.-The ok
lahoma Bankers association conven-
ed here today, meeting at the Liberty
theater. Col T. H. Dwyer, of Chick
asha, president of the association,
called the convention to order shortly
after 10 o'clock
Following the invocation, the adj
dress of welcome was delivered by
A. E. Vaught, president of the okla
homa City chamber of commerce.
John j. Gerloch. president of the Ger
loch bank, of Woodward, responded.
After the close of Mr. Gerloch's re-
marks, President Dwyer delivered his
annual address.
Circumstances extraordinary and
without precedent in the history of
the world surround u.s." said Mt.
Dwyer. Zone searches the pages of
history in vain for anything similar
to the condition of mankind today
More than one-half Of the civilized
world has been engaged for nearly
two years in conflict that is break
ing down the accomplishments OF
centuries and setting back the hand
on the dial of time perhaps thcus-
and. years"
The speaker stated that one Of th9
worst features of the titanic struggle
was that it was serving to break down
our faith IN humanity and to arouse
serious doubt in our ability to adj
vance beyond the stage of barbarisrh.
Continuing the speaker said in part:,
Panic Averted.
AS bankers we should be specially
thankful for the record of the past
year If we doubted the wisdom of
the new fe deral reserve system at the
time it was adopted, if some of us|
still think. that the system could bel
simplified and rendered less expen-|
sive, without being less useful, wei
still must bear in mind, with duel
gratitude, that had it not been tori
this new financial system the tre-
mendous shock of the present work.
disaster would. in all probability
have caused financial panic in this
country that it might have taken al
decade to eliminate from considera
tion. 1t is indeed phenomenal that
in the face of this world crisis it has
been possible for the banking bust
ness of this country to enjoy securi
ty and prosperity, and we must, if wf
are honest with ourselves, give rea
sonable measure of credit for thi.
fortunate situation to the new cur
rency system which was adopted jus
in the niche of time to be of use ii
this epoch making period.
America Dominates.
American financiers now dominat
the money markets of the world. w
have been piling UP wealth in thi
country at tremendous rate at tn
very time when the nations of the oil
world have been wreclxing their TO
tunes. Hence in comparison wit
them we have taken the lead at
double pace and the distance we al
now in advance of the Old World pc
pies is impossible to estimate. II
supply of funds in the banks is well
excess of the demand, but lenders
displaying considerable conservatisi
Notwithstanding their very logical {
sire to find employment for idle ca
tai and make it productive of incoui
Warnings against the dangers Of
flation and over-extension of cred
have been quite generally heed
Bankers fully RECOGNIZES the yisd,
Of exercising great care in view
present conditions, they realize n
the time may not be far distant WI
the available supply Of loanable fun
for legitimate and constructive ent
prise. is heavily drawn upon"
Referring to conditions through