The daily star-mirror. (Moscow, Idaho) 1911-1939, 1919-10-21

county people,, as it deals with an in
stitution in which they are interested
the First National Bank, reorganize,
last week, and tells interesting fact
about j. K. Mccormack, the new pres
idnt of that bank, appeared in th
last issue of the Coast Bakner,
financial publication published at Sal
Francisco: 1t follows:
1t is trite saying that an institu
tion is the heightened shadow of {,
man. To this may well be added, tina
an institution is also the expansion
of an idea. Both Of these conceptions
are unusually exemplified in tn,
Union Securities Company of Spo
kane, which is the directing guardian
of the success and destinies of twenty
two banks in that rapidly developing
section of Eastern Washington anC
Idaho known as the Finland Empire.
The proposal to form the Union Secur
tiles Company was made ten years
ago by d. w. Twahy, president of the
Old National Bank of Spokane, who
with number of business associates
held scattered interests in various
banks throughout this section. He
suggested that instead of holding
these stocks as individuals they form
a corporation to become a parent
company, which should obtain control
of these banks, and administer their
affairs in an aggressive yet conserva-
tive way such as to insure both secur-
ity and profit to their owners. And
the central feature recognized as es-
sential to the success of the plan was
the selection of a strong, thoroughly
experienced, broad visioned executive
to conduct and carry out the details
of managing this family of country
banks.
"The new institution was fairly
under way, therefore, upon the cleo
tion as active manager of J. K. Nc
Cornack, who for twenty years had
been manager. of the Security State
Bank of Palouse, Wash He is vice
president of the Union Securities
Company, and is credited with large
part of the undoubted prosperity it
has enjoyed from its inception. Of
Scotch parantage he inherits the
thrift of the Scotchman with the
'shustle" of a real westerner. His par
ents crossed the plains from Illinois
to Eugene, Oregon, in 1852, with five
children in an OK team. Mr.. McCor-
nacR,was born at Eugene, Oregon, in
1868. The family settled near Eu-
gene, Ore, and as the father was
killed in an accident with a team of
horses and the older brothers had all
moved away while the banker-to- be
was still quite youthful, he had quite
a large responsibility in farm opera
L,r
ly interested in that activity.
After few years in clerkship, and
having completed a business college
course, he finally became bookkeeper
and teller in The Dalles National
Bank, then particularly an important
trading center for stockmen and farm
ers over large territory In 1889,
with others, he opened the Security
State Bank at Palouse, and retained
entire management of that institution,
part of the time without even board
of directors, for over twenty years,
and still is it's president and keeps in
close touch with its operations.
"The vicissitudes of that PERIOD
says Mr.. Mccormack managed by a
rather young and inexperienced man,
would make an interesting tale, and /
feel that l owe what little success I
have achieved principally to the diff
ficulties encountered and mastered
during that time Continuing:
"The country was prosperous and
early dividends were 25 per cent,
which tended to loosen lines of credit |
until 1893 when very promising crop
was destroyed by early rains, general
" with some added cost in attempting !
70 harvest it, and this was followed by
l8-cent wheat in 1894, 80 to 32-cent in |
1895, and around Accent wheat In |
1896, none of which prices left any
of profit and, in fact, general |
y showed loss in operation for the
'armers. AS that section was almost |
wheat-raising communi-
~, you can readily see tie distress
hat followed the panic of '93 coupled |
With the disastrous prices, and most I
If the people believed that the sun
.ould never rise or business prosperity
'eturn 1t required either a buoya 1T
disposition or lack of good judgment
% stick as some of us did, but the ulti-
nate result justified our hope and be-
ief in the future, and at the present
ime there is no more prosperous sec
ion than Whitman County, Washing
on, and Latah County, Idaho.
"The panic of 1907, while very
evere, was not of long duration, and
ur loans at that time, owing to ac-
umulated experience, liquidated
themselves so per cent in thirty days
Without demand for dollars re-
ayment. u
81 do not know to what should
tribute any small success on my
art, unless it should be good
of the value Of money, an {
Intolerance of inefficiency and fail {
re, and an unwillingness to admit S
efeat or loss until every energy and
fort had been exhausted in an at !
smpt to recover.
81 have been in the banking bust
ess practically all of my life and
ave a great respect and pride for
lat line of work. One of the most E
ttractive features of my connection c
ith this company was the oppor- It
unity and latitude given me by the !
oard in putting banking on higher 1
Iane and believe the operation of +
lis company has been considerable s
lctor in the betterment of banking I
L L