The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-03-12

tho indebtedness Of tho doposltors
guaranty fund should be materially
reduced between now and the con-
vcnlug of the noxt Legislature. Go
whom the state banks look for roliol
ln fho way of proper legislation that
viii extend the credit Of tine state tp
The dopcHItors' guaranty fund over
To- sufficient period ~ time to enable
the state banks TO rchubIlitato under
a reasonable annual assessment, and
mako o'rt1ln amendments 10 our
prcE'rt banking laws that will moro
properly safeguard. not only tho lu-
tcrost ~ the dopositors and the gen
oral public, but the state banks az
well
"It might be wou for the public 20
know that the state banks have not
only paid their annual asacssmenja
To- tho dopoFItora guaranty FUND !n
full TO the amount uf OuC-ufth of
I per cont OF their average daily de-
pOsi'H as now provided by our bank
Ink laws. but that ihov have yoim-
i1rlly rN1iribulrd $4,000 600 I'm adj
dIi'Uu iu uDip tho dopOsiturg' gupr-
uu'y FUND meet lfs Liabilities 10 the
dDpOGi0rs Of failed banks. and there
iH u0 disposition Ou 'Hr part ~ the
$50 state banks remaining iD tho svs-
tenn to ropud.aio the outstanding OBJ
legations against Tho guaranty FUND.
but they are willing ana anxious to
assume This Liability provided that
tho state Will tends &c. credit 20 this
fund over reasonable por'od of
'mo. with lGul collateral security
deposited with tho state by the banks
Hs guarantee that they Will Boy
reasonable annual assessments roe
plouiah this turd 10 tho oud that
every dopusltur iu 70 failed Htntn bank
who hne mot received h,s money Will
Doc paid Iu fun
state Morally obligated.
"IhD executive council uf the
state Bankers association believes
that tho state has HlV1Ns boon
morally obligated Goo rcplouish this
fund when exhausted and chat ac-
cuJdIug iD a former decision OF tho
supreme court tho atato is legally
liable tu doposltors iu q state bank.
which decision Of the court as do
nidod Boo tho case Of:
"StHto We. CockrcN. Z oklahoma.
$780, ll2 pac. 1000.
"'Thc dcposltorE guaranty fund
ana the funds Of failed bank in
tho hands ~ the bank commlssion-
cr for the purpose of roimhursiug
/ INV N'IlN hlH guaranty IlUut lA MS
much % fund ~ tho state ns COM
mon school fund Tho title to such
fund and property vests In the state
nud is held in trust by tho state
FOR n specific purpose
Notwithstanding this decision,
the state banks are willing 10 Hs-
sumo the outstanding obligations Of
/ the guaranty fund and 20 pay of
every claim at the earliest possible
moment, and they do not ask or
expect any frec-will offering or do
nation from the state I'm this regard.
According to the records OF the
/ banking department, the state banks
/ arc I'm much better position at
| this time both from a standpoint of
/ resources and numbers 90 take caro-
/ ~ all outstanding obligations against
| the deposltOrs' guaranty fund than
/ they were following the financial
| disaster during the year l91l-12.
| following the failures OF tho Column
/ bia Bank q Trust Co.; the old Night
and Day bank and tho Merchants
and Planters bank, all OF Oklahoma
| city.
Survived Severe Test.
THE guaranty fund survived this
severe test In the beginning Of It's
operation and every dcposltor was
eventually paid in full aud there is