The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1918-03-02

The first and second homes of the
the banks first home, was located al
stands at the corner of Front street
N~~~~~~~-~-~~-~~~---~~~-~
great grandchildren of the late E. B.
Eddy. hrst president Of the bank, and
grandchildren of II. c. Eddy, first
cashier, distributed the cut flowers,
assisted by Mrs y. c. Eddy of Fargo,
who has won the title Of "Aunt to
the First National Bank"
Old Timers Pay Respects.
Such old-timers in Fargo's history
and development as Stewart Wilson,
l. p. Clapp, Henry Rusch, George B.
Runner, J. III. Mcclure, Bob Lewis,
George Upham, Charley ID. Webster,
Henry Amerland, w. j. Lane, G. z.
Webster, Rev. Mr. Sticlxney, II. L.
Loomis, George Harrington, g. w.
Seebold, M. A. Baldwin, N. @. Young,
Nick Mcclellan. G. A. Grettum, X.
M. Hagen, John Monsoon, Bill Stern,
]. e. johnson. T. w. Jackson, C. w.
Paulson of MooThead, Ben Mallough
Of Embden, NJ. L. Mayo, Nels Wilson
Of AbsaTaka, John Martin, F. e.
Kindred, +. L. Goodman OF Grand
Forks, Charles Jennings, William
Sturman, Hubert Harrington, q.
with the visitors and the. officers.
Lane, Webster, VowIes and Amer
land were formerly employees in the
early days of the institution They
simply called to discuss banking con-
ditions of nearly a half century ago
compared with conditions at the
present time.
Among the first deposltors to call
were William Mangold, now en-
ployed by the Northern Pa
cific; @. A. Campdin, a retired farm |
err of Hickson: Charley Mitchell, city |
treasurer Of Fargo; G. J. Baern- |
stein, Evan S. Tyler, Peter Luger, |
Peter Elliott and T.. Q. Eddy.
The first draft issued by the bank
on Jan. II, 1873, and signed by II. c. 1
Eddy, was on display in a frame, as
was the first financial report, for
the close Of business on March Is. /
1878. The capital stock Of the bank
was supposed to have been $4,000, !
but at the time of the call only SCI,
500 had been paid in.
Money Loaning at "a Per Cent.
There was no bank in Fargo when
we opened for business" said Z. Il
Q. EddY. the first cashier, in
"reminiscences. Money was /
.oaning at "a per cent per annum.
We immediately reduced the rate TO 4
IL per cent, and we were never
known to charge more than that
rate. Today the loan rate is s and
per cent. In those days settlers
we're willing to pay anything for ac-
sommodations. Our bank was To-
lated on Front and Second streets,
he old building is still standing, but
S now used as a confectionery store.
from the time that this bank was
started there have not been any
serious bank failures in Fargo. Two
banks failed since 1873 but the de-
l0sitoFs suffered no losses. The pol
cy Of the First National bank at
he beginning and ever has been is
o accommodate the legitimate GUS
omers OF the bank without regard to
he pecuniary question of interest. II
consider IL one of the greatest hon
RS Of my life to sit in Mr.. Irish's
hair this afternoon and recall that
ust forty years ago / was cashier !
nd the first cashier-of this great =
Institution. l have often spoken of
he growth and the development OF !
he bank and Fargo to my wife and
he has always taken as much inter
st in the First National as / have"
Lots Of Horse Paper.
Conditions nave not changed so I
much in banking circles as one, I
hight imagine" said j. u. Nowles, I
no considers himself the first note
sller of the First National. He I
ED the position for FIVE years from !
S83 TO 1888. There might have been +
theirs who held this position, but it I
-as just temporary, according TO
In 1883 and 1855 we had collec-
ons as far west as Portland. Ore
on. as far north as Regina, Canada
nd wherever there was a settle
lent We had a large amount of
orse paper in those days, paper that
anne from Illinois, Oregon and
One firm in one years
me sold 400 horses here and we
andIed all OF the paper. During
le fall OF those years, collections
ere frequently $4,000 for a days
orlz, and did run as high as $40,-
DO. At that time we employed
ghteen men in the bank which iu-
uded those employed in the farm
AN agency.
Elevators Paid In Cash.
1T may seem strange to you now,
ut in those days the Northern ra-
nc Elevator company winch had
S general of1ces Wnere the DacJtahl
Otei now STANDS on broadway, used
pay its superintendents ana man
gers OF other elevator houses in
lsh. 1 often put up $4,000 in cur
sncy in a -four sack and gave
to the cashier OF the elevator wh0i 4
ould send 1T out, apportion 1t out, /
I'd distribute ii to his superinten- 4
snts throughout the district There /
ere elevators at Casselton. Maple
n. and other points near Fargo and
/ grain marketed was paid by these
en- Ia cash. There were no drafts
lch as the elevator men Of today
III the farmers for the grain which
marketed from the North Dakota
Mr.. Vowles came to Fargo in De- Il
,mber Of 1878 from ST Charles. II
inn, where he conducted a lumber ~
.rd He Is now one Of the attaches IA
the Cass county district court Ia
IL. j. WeiseF, president Of the First tt
ational bank Of Fargo which was IA
years old Friday, learned the 81
mixing business in DEBORAH. Iowa. e.
Ithe Wiuneshiek County state IA
INK, one Of the oldest banks Ia thel "a