The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-09-03
JONES OPENS A BANK.
Kansas City Merchants in a New
Feature.

Kansas City, Sept. 3.-The Jones Dry
Goods company is to open bank in its
store.
While this is to be a new feature in con-
nection with department house, yet the
members of the Jones firm say they have
long felt the necessity of such an insti-
tuition in connection with their store
Articles of Incorporation have been filed
with the recorder of deeds by the Jones
Brothers Banking company. The bank
is to be private institution and is
capitalized for $4,000 Lawrence NJ Jones
and ]. Logan Jones, owners of the Jones
Dry Goods company, are the owners OF all
the stock of the bank. The new depart
ment is to be on the north side of the
third floor of the Jones store, on Twelfth
and Main street. The bank will have
ample quarters and every convenience will
be at hand for customers. F. G. Black,
who lately came here from Garnett, Kan,
is to be in charge of the bank as cashier.
Mr.. Black was engaged in the same bust
ness in Garrett 1t is not the intention
if the Jones brothers to compete with the
other Kansas City banks for deposits.
The establishment of bank in connec-
ton with the department store is not a
new idea with the firm. Such a proposition
was considered and discussed several
years ago. When the Jones Dry Goods
company first began business in Kansas
City provision was made in the articles
of incorporation to sell preferred stock in
the concern to employees. This was done
with a view to encourage the men and
women in the store to save their earn
ings. When employee got together
500 he was allowed TO invest it in the pre-
ferred stock of the company if he so de-
sired A great many of the employees of
the store took advantage of this provis
ion and now share in the dividends of the
institution.
After we have established our bank"
said Lawrence NJ. Jones employees may
deposit their surplus savings with us If
they desire, and by this means 1t Is hoped
they will be enabled more quickly to get
together 800 to buy a share of the stock
of the company, If they are so disposed.
Another reason why we felt the need
of the bank is that we have recently
opened a large piano department. The
Jones Dry Goods company sells only for
cash, but it is a difficult matter to handle
pianos on that basis. After have the
bank in operation a person desiring to
purchase one of these instruments may
do SO, making the note for deferred pay
ments to the bank and the bank will pay
the full amount into the piano depart
ment.
Another reason for the bank Is that we
have recently established a large mail Or
der department and as a consequence re-
ceive large numbers of checks and drafts
from country merchants. In the ordinary
business way it Is more or less difficult
to handle such a large amount of paper.
but with the bank in the store the task
will not be bothersome
THE bank will be a great convenience
for our customers, who come here with
checks and who are unacQuainted at the
| banks. The Fact is that even now we han
die nearly as many checks and drafts
daily as some banks"
1t is expected the Jones Brothers bank
will open for business about September Is.