23
THE CHICAGO BANKER
July 4, 190#]
The Mercantile National Bank
Surplus
$2,000,000
OF THE CITY OF NEW YORK
We offer the complete service of a safe, solid and conservative bank. Special and personal attention ¿iven to the business of banks and bankers
Willis G. Nash, Pres. Miles M. O’Brien, V.-Pres. Wm. Skinner, V.־Pres. Wm. H. Taylor, Y.-Pres. Emil Klein, Cash.
Capital
$3,000,000
National Grange Banking in Pennsylvania
Vancott, J. C. Morse, F. J. Gere. Capital, $25.״ 000; deposits, $60,000.
Benton—J. G. McHenry, J. B. McHenry, S. B. Karns.
Sligo—G. B. Woods, John P. Reed. Capital, $25,000; deposits, $51,000.
Downingtown—John Gyger. Capital, $100,־ 000; deposits, $63,000.
Smethport—D. C. Young. Capital, $100,000; deposits, $109,000.
Spartansburg—John M. Webb, W. E. Rice. Capital, $25,000 ; deposits, $22,000.
Ulysses—William Heinrich.
Clearfield—E. O. Hartshorn. Capital, $100,-000; deposits, $184,000.
Applause greeted each favorable report, particularly when it was announced that a second bank was to be established in !Mansfield, where the first one was planted as an experiment in April, 1906.
There was an address on “The Bank Examiner.“ by T. J. Scholl, of Carlisle, and a practical talk on “The Farmer as a Business Man,” by Charles H. Dildine, of Orangeville.
Great preparations were made for a banquet on the second floor of the Grange Bank Building and men of high repute invited to speak.
Charles H. Treat, treasurer of the United States, was to have delivered an address on “The Economic Value of the Grange Bank,” but illness prevented his appearance, though he sent a brief manuscript on his subject.
Illness also prevented the attendance of John !Mitchell, the great leader of the miners, who was to have spoken on “The Opportunities and Duties of Industrial Citizenship.” Congressman W. B. Wilson, of Blossburg, consented to take his place, but did not arrive until late.
Justice Potter, of the state Supreme Court, also was unable to attend.
There was a good attendance of bankers, both from this state and New York, and one of them, F. E. Lyford, of Waverly, N. Y., spoke on “Protection for the Depositor.”
A’. M. Wilson, senior member of Wilson, Slade & Co., Providence, R. I., bankers and brokers, was an interested auditor at to-day’s meeting. J. A. Schwab, of Loretto, father of Charles M. Schwab, the steel man, was a prominent attendant. He is president of the Patton Grange Bank. During their stay here the delegates are the guests of the local grange bank management.
By far the most important financial step ever taken under state grange auspices was authorized by the Grange National Bankers’ Association here at the concluding session when it was unanimously voted to organize a finance company, with $500,000 capital, for the sole purpose of encouraging the establishment of small banks in Pennsylvania.
Chairman John G. !McHenry, of the executive committee, presented a report containing such a recommendation, and none but favorable discussion was heard.
W. F. Hill, master of the state grange, not only
$2,000,000 deposits in fifteen Grange Banks in two years is the record shown at the Troy Convention — Grange to have a bank in every county
dent, I did so only at the earnest solicitation of state grange officers. I did not seek it. I did not want to assume the responsibility ; but, being made to believe it was a duty, I accepted, and having once accepted, I have given to the work freely of time and energy and means.”
With but one exception, the Huntingdon Trust Company, they are national banks. The figures produced are really eloquent.
Thirteen banks reporting have a combined capital of $785,000 and their total deposits are more than $1,610,100. The oldest one, that in Tioga, has been in business but two years and three or four have been opened but a few months. The Troy bank, whose president is E. E. A andyne, gives a good idea of the wonderful work done.
There are a dozen banks here in Bradford County, one of the strongest being in Troy, yet the local grange bank, which opened for business February 1st. with $60,000 deposited, now has deposits of more than $164,000, being an average deposit of $1,000 a day ever since opening.
Seven of the thirteen banks reporting have more than $100,000 each in deposits. Banks represented in the meeting, with their delegates, capital and deposits, are:
Patton—J. M. Schwab, T. M. Sheehan, W. J. AA’eakland, H. S. Buck, J. S. A'amvert. Joseph A. Gauntner, James A. Westwick, AV. E. Thomas, John S. McCoy, M. D. Beard. Capital, $60,000; deposits, $205,000.
Mansfield—F. F. Hotchkiss, E. B. Borsett, G. A. Cornwell, F. F. Bailey, Francis Kelley, J. F. Haverly, Freeman Shaw, L. F. Reynolds, B. Moody, L. B. Shaw, W. D. ITusted. Capital, $50.000; deposits, $228,000.
Troy—F. N. Hubbard, J. C. Robinson, C. A. Smith, E. Everett A'andvne, John M. Coney, Austin Leonard, D. A. Kingsley, L. E. Vandyne, C. B. Bailey. Capital. $75,000; deposits, $164,-000.
Hughesville—J. K. Boak. John AV. King. R. R. McMichael, J. H. Fagne, M. Gillis, P. W. Opp, Alexander Decker, J. B. Runyan, C. IT. Dildine, IT. G. A'andevender. Capital. $50,000; deposits, $60,000.
Laceyville—A. C. Keeney, J. S. ITolbert, W. L. Clifford, H. P. Bunnell, G. Elmer Detrick. Capital. $25,000; deposits, $67,000.
Huntingdon—Harry W. Read, W. F. Hill. Dr. AAA T. Scheaffer, G. AV. Fisher. Capital, $125,-000: deposits, $109,000.
Tioga—S. T. Hakes, Simon Hughes, AV. H. Hughes. Capital, $25,000; deposits, $205,000. New !Milford—Dr. T. F. Butterworth, William
WANTED--$3 gold pieces. State price and amount. Nelson T. Thorson, Omaha
Troy, Pa., June 29.—Facts and figures were produced here last week to prove that a new financial power is rising rapidly in Pennsylvania.
This power is the State Grange, and the proofs were brought out in the second semiannual convention of the Grange National Bankers Association of America, which was held in the courthouse here.
This association comprises all the grange-con-trolled banks in the state, fifteen in all, established since April, 1906, with a combined capital stock of nearly $1,000,000 and deposits rapidly nearing־ the $2,000,000 mark.
Sixty-seven delegates were present when the roll was called arid the opening address made by Congressman John G. McHenry, president of the association and superintendent of grange banks. Every one of the banks was represented by at least one officer.
Besides presenting a general report of the work, President McHenry dwelt on the public nature of a bank, and prophesied that the selfish course of Wall Street, if persisted in, would hasten the extension of the grange-owned banks and the establishment of a great central bank to be owned by small stockholders.
“A AA’all Street bank is owned for selfish purposes,” he declared, “merely for the earning of dividends. A grange bank is owned and managed by a number of persons who run it not only for the good of the stockholders, but also for the benefit of the community. A bank is not a private affair. It is quasi-public, at least, and the true idea of a bank is first to collect money and keep it safely, and, second, to distribute it as the communitv needs it.
“Seventy per cent of the bank deposits of this nation belong to small depositors, and there are millions out of circulation because small banks have been neglected. The farmers and wage-earners have started right.
"They have decided not only to own, but to control their funds by owning the banks themselves. They are perfectly willing to put their money into circulation, but not for the benefit of AVall Street and the trusts.
“This Pennsylvania movement will be worldwide and may easily result in a great central bank to be owned not by the government or by AVall Street, but by the people. This is an age of co-operation. By this bank movement, with its enforced wide disposition of stocks, the profits are returned to the community and advance prosperity in that community.
“AVe have nothing against other banks, but it is our desire and intention to have the farmers and other wealth producers share first in the profits of the banking business.
“The work thus far is but a beginning. Like all successful projects, it will naturally receive its share of criticism and persecution, attacks by those opposed to the grange cause and those selfish interests unwilling to see the farmer and wage-earner prosper.
“In accepting the position as your superinten-