The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-08-25

Nobody could have said when Rich
ard Banner Oakley founded the Coop
erative Credit Bank that he had had
no financial experience.
He had already lost in speculation
two fortunes he had inherited Then
he had looked round for a rich wife
and found her in Shropshire But the
squire, her father, soon realized that
money, whatsoever it was, would not
last long in his son-inlaw's hands, and
Mr. Oakley was soon out in the world
again.
His. next venture had been to rent
several deer forests and shooting
moors in Scotland These he furnish
ed with dogs, keepers and guns, and
hired them out to parties of self-made
men from Birmingham and London.
In their desire to do as the aristocra-
cy, they were willing to pay whatever
was asked, and the venture looked like
being great success. Then the
grouse all died from some disease and
his moors lost their attraction. The
creditors seized what property was
left, and for the fourth time, Richard
| Banner Oakley had been made a
/ DciuhI upIs
London heard of him next as the
manager of the Cooperative Credit
| Bank an establishment that had
/ sprung into existence over night, il
seemed. It's head office was in Queen
| Victoria Street, and people were sub
scribing to its stock, and leaving Older
banks to deposit their money with it
! For who would not be attracted by
such an opportunity as this?-"Co-op
| erative Credit Bank-first issue o.
capital $4,000, 00-Subscriptions o.
| IS and upwards received Each casf
subscriber entitled to dividends of /;
per cent payable monthly in cash -
"And further-'Five per cent interes
allowed on all current accounts o
whatever amount"
And who might doubt the securit!
of the proposal? Were not Lieuten
ant General ]. H. Gascoyne, c. B
/ Rev. W. F. Good, D. D., Rev. Hope
Robertson and Henry Walker, Esq, It
trustees?
! Not directors, understand, but trus
tees Mr. Oakley was careful to max,
}, clear. Directors in bank mean pr
vate control" he said. 81 will hav,
| nothing to do with directors. cal
not work under the corporation law
without being interfered with.
: fBy working as l do, l can at one
take every advantage of proposition
or a situation, without consulting
others. Even with their cumbersom
methods, some banks declare div
dends of 20 per cent. Without divide,
: control, what cannot the Co-operativ
. Credit Bank achieve?"
What security had the public 70
their money? People might ash
What real security had it from any O
the other banks?' Mr. Oakley aske
in return. Look at the many failure
, of past years.
"Yet, with the Cooperative" h
went on, 1.-The public has some sort G
guarantee: II, Richard Banne
, Oakley contract to pay each subscrit
: er Is per cent dividends, and to pa
each depositor per cent on curren
accounts. Thirty per cent of the II
i naming profits will go to a reserv
fund, and the rest belongs to me-"
These proposals did not gos withou
: derisien from the older establishe
/ banks, but that did not deter peopl
t from subscribing to the Cooperative
) shares, or depositing their money wit
: it. Soon, to show their disapprova
the other banks were refusing to
: business with it, but that attitude di
: not discomfort Mr.. Oakley in the leas
: He issued weekly magazine, explain
ing the advantages of his bank and RI
porting its progress.
THE Cooperative Bank is steadil