The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1918-03-02
First National Established In Fargo
40 Years Ago-StateS Oldest Bank

| way pdA ~ usld III the DAnklnB rooms
at Broadway and N. p. avenue q
: notable feature being the presence OF
the first cashier OF the institution
u. g, Eddy-the man who accepted
the first deposits i'm what Is today the
Oldest and strongest banking instftu-
: ton in North Dakota. Evan S. Tyler
one Of the first three depositors, and
member OF the first directorate. also
participated in the party.
| j. ID. VoWles. first note teller of the
bank, also participated in the ami
versary affair.
j 1t is a far call from the unpreten-
tious shack, pictured in connection
with this article, to the splendid
banking home in which the First Ma
tional is today housed.
II is a far call from 1878, when
pioneers with faith in the future Of
| Fargo and the northwest opened the
doors Of the little bank. to have
deposits aggregating slightly over
$1,000 when the first statement Of
| condition was made to the banking
| department at Washington, to the
| present institution with deposits ag-
| gregating over five millions.
Originally capitalized at SIS, 900,
the bank today has a capital of $780,
| 900.
Bank Of Fargo First.
When the First National was first
established in Fargo, it was known
as the Bank of Fargo, and was
| organized under the laws Of the
were opened on Jan. IL, 1878, and on
March l it was converted into a ma
tional bank.
On March 10. the bank reported
for the first time to the banking de-
partment in Washington, and the
copy of that statement still is retain
ed in the First National today. De-
posts then aggregated 11,s62.92.
The call was signed by =. C. Eddy
as cashier, and by Harry c.. Stevens,
N. x. Hubbard and Evan S. Tyler,
as director. 1t was sworn to before
=, G. Roberts, notary public.
The total resources Of the bank
were placed at $75,154.47.
First Officers.
The founders of the First National
bank were e. B. Eddy and George
Erskine, who lived at Plainview, |
Mimi, prior to their arrival in |
Fargo. They came to the then
the time they opened the bank, and !
placarded their intention of es-
tablishing the bank.
In efrecttng the first organization,
u. b. Eddy, since deceased, was
made president; E. G. Eddy, present
deputy county treasurer of Cass
county, was made cashier. MI.
ErBkine was a member OF the board /
Of directors, and vice president Of
the institution.
e. B. Eddy was succeeded to the
presidency by E. G. Eddy, and Mr..
Erskine was the third president OF
the institution.
The first board OF directors com
prised z. B. Eddy. e. c. Eddy,
George Ersldne, =. B. Erskine, II. c. /
stevens, Evan s. Tyler and N. K.
The shanty in which the bank was
opened was a IL by Is affaif. Inl
1879 the brick building was erected,
and 1T stil stands at the corner of
Broadway and Front street-Front
street being the principal street of
the town then The site of the pres
emit home Of the bank was occupied
by a loading platform on a side
track Of the Northern Pacific.
Among the four or five men on
hand to make deposits when the
bank opened were Evan S. Tyler,
VIM. HI. White, Newton Hartley anal
A. c. Cornweli.
street to its present home in about
there.
Succeeding Mr.. Erslcine, the third ]
bank president. the institution hast
been headed by J. w. Smith, Robert
Jones, now OF Chicago, L. b. Hanna
IND p. J. Weiser. present, head of
he bank.
In 1905 the Red River Valley bank
with the First National I
that being the only consolidation
n which the institution has figured. {
In the early dates, banking was
conducted on a rather unusual scale. i
Many notes were sent to the bank J
or collection on men on the Pacific
'oast, Winnipeg, and elsewhere. 1t 8
ften required from six to eight
months TO communicate with the /
,arties. The only mode OF trans j
'ortation between Winnipeg and
largo at that time was the Red
liver, and Grand Forks and Fargo t
ad not yet been connected by rail. [
The cities were connected by rail in c
$50. o
Letters would go forward by stage, c
og trains, boats, and other frontier )
ay methods.
Growth Remarkable. d
Mr.. Hanna Of North Dakota, on [
he fortieth anniversary of the First Z
National bank of Fargo depicted the 3
rowth Of the state and the north e
rest in a statement that i'm 1899 not
bank in st. Paul or Minneapolis,
nth populations OF $4,000 and 49, n
90, respectively, had as large de- n
osits then as the First National has v
0day and Fargo has a population of I,
little less than $4,000. Ia
The total deposits In the Firstl /,
Iational bank OF Fargo today are O
o,267, 0S017, which is a wonderful "
election OF the growth and the N
evelopment OF Fargo and the state.
ust forty years ago the deposits Ii
ere $11, S63.29." o.
Former Governor L. 3. Hanna. be- a,
anne associated with the First Ma m
onal bank in June Of 1899, and was h
JADE vice president and became the q
ctive ofiicer of the institution. j. VI
Z Smith was then president and s. ii
Lyon, cashier. The directors III
ere the above mentioned and in Ii
George @. Erskine, Seth | "
ewman and Mortimer Webster. W
The deposits at that time" said OK
n. Hanna. "totaled about $500, 900, 81
hich was considered a poor show cl
lg owing to the condition which 10
allowed the panic in the eos.
anking conditions were very limit
/ and the deposits in all the banks b.
ere small. Loans were then bring 81
g to IL per cent compared to II
q average OF six and seven per cent h,
NV ia
Il believe the future for the First AZ
bank and the other bank ~
g institutions in Fargo and the NJ
1rthWest 70 be very bright. The it
ca river valley as being ditched ex- w
50 that greater crops will an
) grown, all Of which will helpl M
q rrn and the dnNnlnrnaAnf n4 H. =.