St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-05-01
Farmers and Mechanics Savings
Bank.


Farmers and Mechanics Savings
Bank.
Plain, truthful descriptions of the rise
and progress of Minneapolis seem SO
impossible that our fellow countrymen
of the Middle and Eastern states find it
hard to realize the most convincing
proof of facts and statistics. Especially
great is their establishment when told
that the Farmers and Mechanics Saw
ingS Bank Of Minneapolis contains
more millions than any other savings
institution west of Cleveland. o. Even
the grand, populOus, af1uent city of
Chicago is not excepted. 1t is appro-
pirate in this special issue Of the GLOBE
to emphasize the importance of the re-
lati0n that such mutual savings banks |
bear to the general public welfare.
Not only are they the safe depostaries !
of the wage-earners' little noardings, !
but serve as monitors and moraliZers on |
prudence and economy; stlmulatOrS to !
thrift and perseverance; aderS and |
abettOrs of enterprise, progress and
stability.
The existence of such a great Mutual
Savings association, as this bank is, in
Minneapolis means great deal in evil
dence of the permanently established
financial power of the great Northwest.
1t also indicates the prudential and
earnest character of the Industrial
classes.
Commercial and savings banks have
distinctly separate and important func-
tons in the great body Of trade. But
the Mutual Savings bank determines
the rate of interest on time deposits for
every bank in the city. and also main
tains that rate at the highest Tgure
compatible with safe and prudent in-
vestments. This saves the working
people large amounts OF money an
nually and renders them more self-reli
ant, because they actually control their
own savings and are less dependent
upon the so-called money aristocracy.
The aggregate of small deposits in the
twenty-three local banks here approx
mates $1,000. 900, of which over three
millions are held by the Farmers and
Mechanics bank. which pays per
cent interest (the same as the other
banks pay. But 4 per cent is paid III
st. Paul.
In the Eastern and Middle states
the savings banks are acknowledged
as the most reliable of trust and deposit
organizations. The state of New York
contains 100 savings banks, their total
deposits aggregating $500, 100000.
law have been engrafted on the Mime
sofa statutes, the provisions of which
make all savings banks purely mutual.
Absolute safety and steady reasonable
profits are thereby realized. The Farm
ers and Mechanics Savings Bank was
incorporated in 1874, and during the
first five years of its existence its de-
posts only amounted to 100000; during
the three subsequent years they at
tanned to the figure of one million dol
lars. In the succeeding five years it in
creased to one and a half millions adj
ditional. and now exhibits grand total
of three millions, and has thirty five
thousand depOsitors.
No other similar Institution in the
country possesses such record of
thrift, progress and prestige. 1t is
quite appropriate i'll this connection to
remark that for long time the state
declined to give it legal recognition.
But after five years of persistent ell
deavor, under the leadership of Mr..
Moulton and the press creating pow
erful popular sentiment the legislature
enacted the present law, modelled after
visions the savings bank is as safe
deposit vault, guaranteeing purely mu-
tual security and interest. AS the Off
GERS and employees receive very moder
ate salaries, the entire net profits, in
Guiding interest Oh the surplus, 60 to
the depositors.
The officers are Clinton Morrison,
president; Thomas Lowry. vice presi-
dent; E. II. Moulton, secretary and
treasurer (the latter is also treasurer of
the city of Minneapolis-twi re- elected
by an immense non-partisan majority.
The trustees are eX-Gov. J. S. Pills
bury. r. B. Langdon, J. w. Johnson,
William Chandler. Thomas Lowry.
John De Laittre, Clinton Morrison, L.
II. Moulton, j. c. Oswald, NJ. B. Koon.