Durant weekly news. (Durant, Choctaw Nation, Indian Territory [Okla.]) 190?-1944, 1918-02-01
Durant Banks to
Make Loans Only
for Necessary Use
VIII Follow Suggestion Of Federal
Reserve board that Loans for
Speculation and Cnnccey.
sary Developments BE
Entirely Cut Out.

Foilowing the suggestion in a let
ter from Il. l.. Van Iandt, governor
OF the Dallas Federal Reserve Bank.
Durant banking institutions have
piedged themselves to make no loans
lor speculative purposes. for buying
iuNur'es. or for unnecessary develop
ment during the war, with the end
In view that their resources may bet
ter serve the war needs OF the Ma
ton, which include ample financing
OF production, useful businesses, and
the necessary industrial enterprises,
and for better aiding in doing our
county's bit in the way of buying
Liberty Bonds.
An extract from Governor Van
Zandt's letter is as follows
fOu must bring to yourself a re-
alization Of the fact that I'm order
Tor our participation in the great
war to be effective and to result I'm
an early and successful termination
or the war, II will be necessary for
you to 90 your part toward financing
our Government.
At present, war Is the business OF
the United States and your every ef-
fort must be devoted toward making
1t successful business.
The financing Of enterprises
and businesses not necessary to the
conduct OF the war nor incidental
thereto, and the financing Of spccu.
latiOn must Immediately stop"
The Advertiser has interviewed
heads Of every bank in the city as
to the policy Of their institution
along this line
When approached on the subject.
Green Thompson, vice president Of
said:
The carrying on OF the war and
the businesses and industries incl
dental to the war, calls for the unit
ed efforts OF all American citizens
to bring the war to successful con-
clusion. II is this banks policy to
discourage the making of any loans
save to aid in the carrying on of
production and the normal opera
tion of businesses and industries
the operation OF which are necessary
to maintaining our economic
strength. and which are in one way
or another necessary in the winning
OF the war"
George H. Pruitt, president of the
First State Bank, puts 1t this way:
II We lose the war, nothing
counts, anyway. 1t will be the pol
Icy OF our hank to be as liberal as
possible in financing the production
OF crops and aiding established bus
inesses in conducting their opera
tions. and we will do all in our pow
er to discourage the making OF
loans. regardless OF security. for
any unnecessary improvement or de-
velOpment. or for the purchase of
any luxury whatever. or for specu-
lative purposes. In truth. we will
refuse speculative loans and those
sought to buy luxuries."
Jas. r. Mckinney. president OF
the Durant National Bank. said Of
the Regional Reserve Bank Govern
Or's suggestion: 1t will be this
banks policy to loan money liberal
ly for the production of food. in
cluding grains. cattle and cotton.
and for the conduct OF the essential
established businesses and CONNER
cial enterprises, but we will discOur-
age altogether the making OF loans
for the purchase OF luxuries. unnec-
essary development OF property. and
all speculative ventures of whatever
nature. In this time OF National
crisis, business f. called upon to
make sacrifices az well as individ-
uals. The financing OF the war calls
for the united efforts OF all citizens.
and whatever financial resources
are expended useless!y or in sp"cu-
latiOn are that much effort tax ~
away from the war needs OF the Ma
tion. As has been said. America :
principal business at this time il
war and we o. X. It in word and
and in spirit. and will try our best
to live up to the idea. The funds
that our customers do not need for
the oDeration OF legitimate busincs
will he invested in Liberty Bonds
BY legitimate ;. we mean. directly
| or indirectly, for the benefit OF the
war"
S 4. Whale. president OF the Am
erican State Bank, said:
In order to best promote the
| best interests Of our Government
and the prosecution OF the war.
believe our people should economic
az much as possible. refrain from
luxuries. eat plain wholesome food
and buy neat but durable clothing
| in order to save az much as possible
to contribute toward the successful
termination OF the war.
81 believe that the financial in
/ terests should discourage sprcula-
| tion and refuse to make loans when
money IL desired for speculation or
the purchase Of luxuries. in order
to take care OF the legitimate bust
ness Of the country and be in po-
sition to respond to the needs OF the