Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1916-08-03
FARMERS BANK DEPOSITS GROW


president Of the First National Bank of
Fennimore, Grant county, Wisconsin,
has been giving some serious thought
recently to the relation of the farming
interests to the banking business. AL
though Grant county is not so exclu-
sively devoted to dairying as many
others in Wisconsin, Mr. Him attri-
butes the great growth Of the banking
business there, during the last quarter
Of century, to dairying and places
farming, as it should be placed, as the
foundation of the banking interests OF
that county. Mr. Him recently, at a
meeting of the Grant County Bankers
Association, summed up for those
present the importance of both the
farming and banking business. and 1t
is so interesting in showing the IN
creased prosperity Of the farmer ana
his more modern ways Of doing business
that we are pleased to quote the follow
ing from his remarks:
Twenty five years ago there were only a few
banks in Grant county, with limited deposits
and still more limited capital Few farmers
then had money deposit in the BANKS. rev
Of them really had any ready money at all, ana
those who did have little bought United
States bonds or other securities they thought
were absolutely safe investments, for the banks
at that time did not enjoy the confidence placed
in them today Not single farmer paid out
money by the check method Business men
were the only ones to allow themselves this
luyurv The banking business in Grant county
played only an inferior part in its affairs twenty
five wears ago But what do we find today:
Nearly all the financial business Of Grant cOun-
ty not only that Of merchants and other busl-
mess men, but also the farmers and the work
ingman, is done through the banks. There is
now a bank in every town in Grant county OF
any size, and the larger places each support
two, three and as many as four banks The
deposits are something enormous and reach the
almost unbelievable sum Of about $9GO,0O.
This proves to the world what strong and
wealthy country we have-a leader in every
thing and absolutely unsurpassed in its rich
productivenesS.
Where does this huge of money on de.
pOsit in the banks come from: The greater
part Of it comes from the farmers. And how
does it come that they have money to put in
the banks. and in such large amounts, when
only twenty five years ago they had to do their
store trading on credit, run an account for the
whole year and pay it in the fall when they sold
their hogs or other stock-;nd, if they couldn't
pay all would have to give their notes. before
starting the next years account? Well, for one
thing the big increase in the price of land
made some Of them rich, and the others have
become well to do through the large returns Of
late years from stock raising, and their labors,
and again more improved methods have helped
very materially but above all else, the develop
ment Of the dairy industry is what I would
cribe Grant county's wonderful prosperity to.
No other line of business in Grant county has
made such strides and such wonderful advance
ment in the past quarter century as has the
banking business You can all remember when
farmers made their own butter and sold it for
to 10 cents pounds. The low price they re
ceived hardly compensated them for their work
and they got no money either, they took it out
in trade Now the average farmer pay his
entire grocery bin for the year with one months
cream check.
The establishment Of creamerieS and cheese
factories in our county keeps him in ready
money-all the year around. And he put
the proceeds of other sales in the bank start
savings deposit account, and soon be indepen-
dent So when ii is simmered down, the phe
nomenal development of the banking industry
III Grant county is due directly and primarily
to the farmers who now have the cash to sup
port the banks, keep them going and, the
farmers get most of their cash through their
cows so the fourishing condition the banks
of Grant county are in must be laid to the COW,
and at our bankers banquet everyone ought to
drink milk to her honor as our great benefac-
tor.
The history of Grant county in this
respect, AS outlined by Mr. Him, is the
history of scores Of other Wisconsin
counties. 1t has been only few short
years since the farmer traded his pro-
duce for merchandise and visited his
banker only to get loan. 1t can
equally be said that it has only been in
recent years that the banker came to
recognize the Importance of the farmer
in his business and that co. operation
between banker and farmer is as essen
tial as co operation between banker and
merchant. The new era is here-the
era in which the banker seeks the aid
and counsel of the farmer, and how im-
portant this is from either the bankers
or the farmers standpoint is we'll indi
Gated by the statistics cited by Mr.
Him to the Grant county tinanciers.
Turn to page T. column l, for editorial COM
ment under heading, Wealth and Population. J
nr