Volume 9 , Issue 16

2/8/1924 - News In The Alva Record

The first week of February, 1924 we discover that Woods County, Oklahoma is prosperous. According to president George Bell and Secretary W. G. Lamont of the Alva Chamber of Commerce, with the assistance of local bankers, a summary showed that the financial conditions were "decidedly on the mend."

Woods County Is Prosperous... This article stated, "It is a noteworthy fact that while banks on every side have been forced to close their doors because of the economic condition of the country and depositors have lost heavily, no depositor ever lost a penny placed in a Woods County bank. Every bank in the county is in sound condition and is prospering, despite the money stringency which has followed the over inflation of the war period."

If I am correct, this was about five years after World War I ended. It was reported by bankers, "More persons are living within their incomes and fewer are borrowing money than at any time within the last several years."

I guess it had been rumored back then, "Oft-repeated statements that there is no money in the county is belied by the fact that the total bank deposits were approximately $2,700,000 at the time of the last call which was immediately after the Christmas season when bank deposits."

The combined statements of Woods County Bank Receipts made as per December 31, 1923: Resources showed Loans and Discounts at $2,132,019.98; Overdrafts at $10,485.09; Banking Houses, Furniture and Fixtures at $106,652.58; Bonds and Warrants at $291,250.24; Other Real Estate owned at $30,582.47; Actual Cash Reserve showing $686,047.88 for a Total Resources of $3,257,038.19.

Liabilities showed Capital Stock at $265,000.00; Surplus and Undivided Profits at $103,791.40; Total deposits at $2,670,555.25; Rediscounts and Bills payable at $186,591.54; Circulation at $31,100.00 with a Total Liabilities showing $3,257,038.19. The "Woods County Bank" was located on the North side of the Alva downtown square, the northeast corner of 5th & Flynn Avenue.

See More 2/8/1924 News articles from The Alva Record in the Mailbag Section.
  |  View or Add Comments (0 Comments)   |   Receive updates ( subscribers)  |   Unsubscribe

---