The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1912-08-09
WALKER HEADS NORTH
MANKAT0 STATE BANK
From Saturdays Daily.
President--O. w. Walker.
Vice President-N. A.. Door.

NV" Joy . cdiIy'
Presidential. w. Walker.
Vice Presidential. A. Door.
Cashier-John c. Struck.
Directors-O. w. Walker, John c.
Struck, N. A. Door, F. e. Jefferson,
C. e. Ball, w. l. Roust, N. D.. Rist.
These are the officers of the Peo'
pies State bank which was organ
lied in North Mankato last night.
The capital stock of the bank is
$4,000, the limit of deposits was
set at 100000. The capital
stock may be increased from time
to time, but not to exceed 500, 900,
There are ffty-three stockholders,
who are all residents of Nicollet
county, and the stockholders all hold
three or more shares of stock.
c. E. Ball was elected temporary
chairman of the meeting, and John
G. Struck acted as clerk. Attorney
j. E. Regain was legal adviser and
notary public.
~ AiSblS ~ was
decided to name September 3 as the
day on which the bank should be Of
ticially opened. A number of the
stockholders thought that it would
be impossible to get a building by
that time, but it was decided that
the Nicollet county farmers would be
hauling their crops then and it was
the proper time to open for business.
The first Tuesday after the first
Monday in May was chosen as the
annual meeting day of the stock.
holders. Many suggestions were
made as to what time of the year
would be most satisfactory for this
meeting, and the stockholders living
in the village decided to leave the
matter to the farmers for decision,
acknowledging that the farmers were
he ones for whom it was difficult
to get to meetings.
The examining committee will
meet on annual meeting day, and
on the first Tuesday after the first
Monday in November. The directors
'Ni hofC doul ICIIs llSSlluSS " Tic
transaction of their business, and
these meetings shall be held in May.
August, November and February.
One Man Objected.
Thomas Wilson, who is a stock
holder, protested warmly against
the ruling that each man should
vote according to the amount Of
stock he owned. When this was an
nounced before the election of direc-
tors he said that he objected to the
practice, and was not convinced even
when told that it was a state law,
which could not be regulated by the
stockholders of the Peoples State
bank To prove his point, Mr.. Will
son told this story. "In a certain
state no man was allowed to vote
who did not own at least $50 worth
OF property. One election day a
man whose only property was a
mule which was worth just $50, start
for the polls, driving the mule. While
on the way the mule died, and with
it died the mans right to cast a
ballot"
But even this very apt story did
not convince the stockholders that
they could defy the state law, and
Mr.. Wilson had to be content to
cast his vote according to his num-
Der of shares in the bank.
When the bylaws and the articles
OF incorporation were voted upon and
the stockholders were asked: "Do
you do this thing of you own free
will?" they trembled and said: 1--WE
do" 1t was as impressive as a mar
rage ceremony, and most of the
men present were taken back to the
time when they said those words be-
fore, and the disastrous results and
heavy responsibilities which were
the outcome made them fearful.
Location of the Bank.
The matter of a location for the
bank consumed a great deal of time
and although every, man present had
quite a definite idea of where he
wanted the building located, every
one seemed reluctant about giving
his ideas. Considerable time was
wasted in useless discussion and
finally some suggested that a dia.
gram of all the available lots be
made and the size and price of the
lots placed on the diagram. This
was done and then each man was
called by name and gave his first,
second and third choice on a loca-
ton. This proved that the majority
of the men interested wanted it To-
Gated either on the corner of Cross
and Belgrade or on the corner of
Range and Belgrade. They voted to
leave the buying of the property to
the board of directors, who took the
responsibility of choosing the loca-
ton which would be most satisfac.
tory from a business and financial
standpoint.
The discussion relative to the To-
cation of the bank closed the meet
ing of stockholders and the board
of directors were called into meet
ing. They proceeded to elect Off.
GERS at once and the result of the
election was o w. Walker, presi.
dent; N. A. Door, vice president:
John G.. Struck, cashier.
. Will Look Up Site.
Mr.. Walker took the chair AM;
Mr. Tofforcon mGyod tboA a.