The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1912-06-14
NORTH S|DERS DISCUSS
MATTER OF STATE BANK

From Fridays Daily.
Up to noon today between $4,000
and $4,000 had been subscribed for
the proposed new bank in North
Mankato. The committee had no diff
ficulty in soliciting buyers for the
stock.
Steps were taken toward the or
ganization of a state bank in North
Mankato last night, when Nj. c. Dali
ton, formerly cashier of the st. Clair
State bank, but now cashier of the
Rochester National bank, Rochester,
Mimi, presented the matter to
those of the citizens interested, at
the village hall. The meeting did
not SAVIOR of as much enthusiasm
as might be expected on an occasion
of this kind. President c. E. Ball
Of the North Mankato Commercial
club presided and handled matters
very automatically. In a few words
he introduced Mr.. Dalton. The latter
stated that if a bank were establish
ed, it must be under rather adverse
conditions for a time, as there would
be considerable competition with the
banks in Mankato proper. He
thought that if the bank could be
operated SO that it would pay its
own expenses for year it would
then be placed on a profitable basis.
Opposed the Bank Plan.
A. L. Wheeler, vice president of
the National Bank of Commerce, was
then called Upon, as it was with
the idea of getting the opinions of
the business men regarding the prop
osition, that the meeting was called.
Mr.. Wheeler stated that he thought
Mankato had enough banks, so that
there was no need of establishing
one in North Mankato, as most of
the Brooklyn business men did their
banking in MankatO proper.
Il don't think there is a proper
opening at the present time for a
bank. If we We're about five miles
away from Mankato, it would be all
right to start one"
w. p. Grimes, well-known citizen
asked few questions, to which Mr.
Dalton replied as follows, the an
swers indicating what questions were
asked: 1t would be a state bank,
probably capitalized at $4,000, and
that if the people would subscribe
for one-half of the stock, he would
take the rest. He thought that the
farmers of Nicollet county would
probably take some of the stock. He
desired to have new building put
up as a location, part of which would
be for rent. Regarding the source
from which the business would be
made, he stated that he understood
there were 800 or 400 families in
North Mankato, and if the home ac-
counts of those were made at this
bank, it would receive a good bust
ness.
Would the Bank Pay?
H. Robel, ST., said that the ques-
ton would be whether or not it
would pay, but if the men would
join hands and do their best there
was no reason why it should not
pay. o. w. Walker later stated that
the question now whether it would
pay or not, or whether it was run
on a good business basis, was one
that was immaterial to the gather
ing of men, as he knew that Mr..
Dalton understood his business and
had made a success in the past. The
question was whether or not the
business men would cooperate to
get enough stock.
Fred Lossow jokingly remarked
that at present he was not interest
ed, but if the organization would
put up the building across the street
from his lot, he would do all he
could to help it along, which was
as much as to say that the old ma
chine sheds and buildings, which
he considers so obnoxious, would
have to be removed.
NJ. c. Johnson stated that several
years ago when the National Bank
of Commerce was started, people
predicted that it would be a fail
ure as there were too many banks
then. However, the organizers did
start a bank, and since then another
has been added, and as he under
stood the matter, all are making
good profits and doing good bust
ness.
Banks Have Eye On North Mankato.
Mr.. Wheeler then stated that If a
bank would have paid here, one
would have been started in North
Mankato long ago, as there were
several banks in Mankato that have
been keeping watch of the north
side, and as soon as the field was
ripe, one bank at least would estab-
lish a branch bank, but they did not
consider it the right time yet.
Emil Rohde said that the chances
of interesting such men as ]. B. Mel
sen and Otto Neitge, who handle
so much money, would be small, but
the promoters should interest the
farmers He was in favor of a
bank.
Up to this time, there had not
been much enthusiasm manifested,
and o. w. Walker arose and said:
ut seems to me that when man
comes here with five or ten thou
sand dollars, we should not throw
cold water on him."
Mr.. Lossow vouched for the bust
ness ability of Mr. Dalton as he had
known him for some time, and stat
ed that when Mr.. Dalton started the
bank at st. Clair, he did so under
adverse conditions, but made sue
cess of the enterprise.
Mr. Dalton stated that he would
like to take $1,000 in stock and have
the farmers and business men take
the rest of the $4,000 stock, each
individual to have small amounts so