The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1909-06-16
new BANK
FOR GARY
PROMISED
Pennsylvania Capital Seek
ing Location in Magic
City; Harry Watson of
Chicago to Head New In
stitution.

Pennsylvania and eastern capital is
to be interested in a new bank which
will be started in Gary as soon as
definite location can be secured This
VIII give Gary I'VE banking institu-
tions
The new bank will have as it's head
Harry Watson, wealthy young Chi
cago banker, who IS now manager of
the bond department in bank in that
city. Mr. Watson is the son of
prominent banker at Greeneville. Pa
The story regarding the establishment
of the bank has been thoroughly vert-
fed. Affrmations of it have come from
/ authoritative sources in Gary, which
lend truth to it.
Mr.. Watson's father is prominent in
Pennsylvania financial circles and is
among those who will be connected
with the deal.
Just as soon as a suitable location is
procured on Broadway the fixtures will
he nut in place and the bank will be
: opened for business. Efforts have been
made within the past few weeks to
. secure the corner store in the Moody
building, on the northeast corner Of
Sevnth avenue and Broadway. Whether
the negotiations have been successful is
:
not divulged.
Loan Money on Gary Property.
Should the Seventh avenue site be
secured this will place the institution
diagonally opposite the bank which A.
F. and Thomas E. Knots intend to
start during the summer.
The new institution viii be a private
! one. It's main purpose Will be to loan
money on Gary property. In connection
] with this department a savings account
branch and a commercial and foreign
exchange department will be conducted
I It is not known wether Gary or Lake
i county people will subscribe to any Of
: the 10000. although it IS highly prob
: able that such will be the case
Mr.. Watson, who will be the head o.
a the local bank. is well qualified fol
: the duties which he will perform. HI
q is past 80 years old and besides serv
I ing a number of years in eastern bank:
= he is now connected with a Chicago
institution in a subordinate executive ca
Ie pacity.
The watsons control considerable
= capital and number among their client
- many rnoneyed people. These they viii
= interest in Gary, much to the benefit 0
the town. The news that a banl
which will make its main business loan
- ing on local property will be we'll re
- ceived here.
- That the new people have made n
% mistake in choosing Gary as the bas
- Of their financial operations is appre
- ciated by all in touch with financif
% affairs here. Some of the leading OF
IN fcials Of the United States Steel col
70 poration are interested in the loc'
:" banks.
For instance, such a CONSERVATIVE
or eapitalfst as Eugene J. Buffngtol
re president of the Indiana Steel compan,
90 Illinois steel company. the Gary Lar
e company and the Gary Heat, Light an
en- Water company, serves on the directo
go ate of the Gary state bank, Fifth av'
nue. and Broadway. This bank also HI
to on its board Of directors Treasurer Ha
zig of the United States Steele orporatio
ice father Of II. G. Hay Jr.. president
the bank.
icy Good Returns for Money.
in The First National bank and Il
at First Trust and Savings company a
Jay controlled by the Smell interests al
Sc high steel officials. Prominent La
an county capitalists, such as A. MUIR;
zen Turner. president of the First Nation
vill bank Of Hammond one of the bigge
ing financial institutions in northern Inc
his ana, and several wel-known local m
IN are idetified with the Calumet Tru
lily and Savings bank, which is located
the Broadway just south of the First N
US tional bank of Gary.
ich It is said that money in Gary col
monds 6 and per cent interest. wi
g. 4 and per cent commission, wi
AZ first mortgages as security. VIII
IL money at this rate frequently nets
u he 70 10
hardship on the borrower. who recei
a rental income which amounts to
- gross return of Is, IS and 20 per &C
~ annually.
~ The capital of the First National
- 500, 900, the capital of the Gary ST.
bank is the same. The First Trust a
49, Savings company and the Calun
- Trust and Savings bank each have IS
-, capital