The Marshall republican., 1910-06-24
Forty Years of Banking


Continued rom Fist Page
with the specific duties of his Of
flee, during the first few years of
the bank he performed the work
of janitor, bookkeeper and general
utility man, nearly all the inside
work devolving upon him.
The new bank met with immedi-
ate favor and ucces and prosper
ed beyond expectations. The ex-
penses incurred in the conduct of
it's business were considerable but
it was enabled to make good
money and pay dividends satisfac-
tory to it's stockholders. In those
days a two cent revenue stamp
was required to be placed on every
check and note which vas issued,
a practice similar to that which
obtained during the late Spanish
War in 1898. Besides this the bank
was compelled to pay 20 the gov
eminent a monthly tax on all it's
deposits which became quite an
item. Interest was paid on time
deposits at the rate of s and 10 per
cent per annum To offset this
however, the bank was allowed to
charge 11-2 per cent per month
ON all money which it loaned.
In 1873 a sudden and disastrous
panic came upon the country like
a clap of thunder from a clear sky.
The failure of j. Cook and Co. in
Pennsylvania and other circum-
stances attendant upon it pro-
duced a condition in financial mat
tiers which forced an u~nprecedent-
ed number of the best banks in the
country to close their doors. Amng
these were two of the city cores
pondents of the Farmers Savings
Bank, viz, Northrop and Chick of
New York and the Union National
Bank of ST. Louis. These two
banks, however, were able even
tually to pay their depositors in
full. Despite the fact that the
Farmers Savings Bank was only
three years old at the Tins of this
panic and financial turmoil, it's af-
fairs were in such splendid shape
and the confidence of it's customer
was so great that it was enabled
to keep it's doors open and tran
sact it's business unruffled without
requiring any one to make a sac
rifice in order to meet his obliga-
ton to the bank. In fact one of
the achievements of the bank of
which it is most justly proud is
that in all of it's 40 years existence
even in times of financial stringen-
cy, it has not been forced to close
its doors for any reason nor has it
departed in any particular from
it's usual course of action in its
relation to and treatment of its
patrons.
After the failure of the Union
National Bank in st. Louis, the
Farmers Savings Bank opened an
account with the old Commercial
Bank of that city which became lis
regular correspondent and contin-
ued so to be until it's absorption
by the State National Bank, which
is the present correspondent. The
friendly relations existing between
the two institutions is evidenced
by the following telegram of con-
graduation which was received by
the bank on the morning of it's 40
anniversary:
st. Louis, Mo-, June II, 1910.
James A. Gordon, President,
Farmers Saving Bank,
Marshall, Mo.
We all join in heartiest congratu
lations to yourself and associates
upon the occasion of the fortieth
anniversary of the Farmers Saving
Bank and your connection with
same. We are pleased indeed to
note the fact that during almost
that entire time you have been a
customer of this institution and the
relations have certainly been pleas
ant and satisfactory. You have
our best wishes along every line.
A. o. WILSON Vice President,
State National Bank of st. Louis
In 1879 Farmers Savings Bank
was removed from Waverly to Mar
shall, having purchased the good
will and premises of the old Saline
County Bank. On March I, 1879, il
opened its doors as a business in
stitution of Marshall in the room
on the east side of the square now
occupied by Mitchells' jewelry
store. Its capital of $4,000 was at
that time fully paid up and its