The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1907-02-14
GRANGE NATIONAL BANKS.

In Grange NeaOS for February APP
pears the report of Hon. John G.
McHenry, Superintendent of the
State Grange Banking Department.
He says in part:
Il beg to submit the following
report on the work accomplished
during the past year in my depart.
mept, in connection with the estab-
lshment of Grange National Banks
throughout the State. On April
sd, 1906, the Grange National
Bank of Tioga, the first bank of its
kind in the United States or possi-
bly, in the world, opened its doors
for the business of the general pub
lie. This bank has capitalization
of $25, 900 and paid-in surplus of
$4,000. 1t has been made United
States Government depository
which shows the confidence Uncle
Sam has in Pennsylvania farmers.
The Tioga Bank now has $1,000
on deposit and is earning money
for the stock holders at the rate of
IS per cent.
Our second bank was organized
in Cambria County, located in the
the town of Patton, and is called
the Grange National Bank Of Cam
bria County. capitalization 500,
900, paid in surplus 81 900. Has
been in operation about three
months and already has on deposit
$50, 900.
Our third bank will be establish
ed in Smethport, Mexican County.
Capitalization Sroo, 900. The or
ganization for this bank has all
been perfected and they are now
awaiting the erection Of their own
building. In Patton we purchased
our own building, paying S2I, 900
for same from which we receive
rentals from other occupants of the
building sufficient to pay all taxes,
insurance and interest upon our in
vestment at 6 per cent, leaving us
our entire banking room practically
tree Of expense. This, you will
agree, is good business to start
with. The Grange National Bank |
Of Mexican County will be installed
in a beautiful new home of its own
early i'll the Spring. In Tioga we
have a good location, rent our
at very low rental.
Our fourth bank is located in
Clear6eld, and is called the Farm
ers and Traders National Bank of |
Clearheld. capitalization SIoo, 900,
paid in surplus $40, 900, number of
stockholders, 244 This bank op-
ened for business on December IS,
and at this writing is receiving a
satisfactory line of business.
The fifth bank in our chain will
be located in Huntingdon County.
500, 900 of the amount of the capi-
tai stock has already been subscrib-
ed in Huntingdon County and the
work there will be pushed to COM
pletion as soon as possible after
January Ist. The location Of the
Huntingdon County bank or the
amount of its capital stock will not
be determined until meeting is
called for that purpose of all the
stock subscribers.
The sixth bank will be placed in
Chester County, with capitaliza-
ton OF Sloo, 900 and paid in surplus
OF $Io,o l addressed Pomona
in Avondale on November I4th, at
which time a movement was inau-
gurated and subscription paper
started. The stock for the Grange
National Bank of Chester will all
be subscribed within the next coup
le weeks.
Owing to sickness and death in
my family l was obliged to discon-
tinue the work for time and then
my Congressional campaign came
on which necessitated my absolute
discontinuance of the work for a
period Of about three months. We
could have moved much more rap
idly in this organization work but
1 did not deem it wise until we had
demonstrated by actual business
that the movement was practical
and would meet with success"
He then proceeds to discuss the
subject in mastery and compre-
hensive manner, showing that he
has given it careful study.