People's Pilot, Volume 2, Number 49, Rensselaer, Jasper County, 26 May 1893 — WHERE ZIMRI STARTED. [ARTICLE]

WHERE ZIMRI STARTED.

Farmer, Lawyer, Tlien Finan-cier—-Made Good Fie of Hi» Friends. A reporter of the Chicago Record was here the other day to visit the town where Zimri Dwiggins first started in the banking business, and incidentally to get a good story for his paper. That he succeeded the following clipping from Tuesday’s Record is evidence: Rensselaer, Ind., May 15.—1 n the minds of future or intended Napoleons of finance this town should be held in high esteem. For it was here that Zimri Dwiggins first launched out on the sea of finance, and by skilled navigation of its troubled waters from a country money-lender arrived to the dignity of president of the Columbia National Bank, not to mention two or three other little enterprises which Mr. Dwiggins dallied with merely as side issues. It was here that Mr. Dwiggins formed that mighty purpose of becoming a great financier and gave up the business of law to engage in the more pleasing and remunerative handling of money. The Dwiggins family is well known all through the town and “Zim,” as he is affectionately called by his friends, is director of the Citizens’ State Bank. This bank, fortunately, was not forced to the wall during the late panic. It is eighteen years since Zimri Dwiggins first staried a small private bank in Rensselaer. Born on a farm within a couple of miles of the village Zimri first studied law. Then, in company with his brother, R. S. Dwiggins, he commenced practice. Soon he was appointed agent for the Equitable Trust company, of New York, and loaned the money of the company to the farmers. Business was good and commissions came in fast. Soon Zimri had a small capital and began lending it out. Rates of interest were high and money doubled itself in a short time. Then the soaring genius demanded more extensive operations and the Citizens’ bank was started. Zimri Dwiggins was the bank, and money was deposited withthim in goodly amounts. After a few years Rensselaer grew too small and he removed to Oxford. Thence he went to Chicago and commenced his career as a metropolitan banker.

In 1888 Mr. Dwiggins commenced the building up of that chain of country banks which was to be the great and unique feature of his banking. The Citizen’s bank was reorganized under the state laws and several well-known farmers were induced to take stock. For the first two years Dwiggins was president and directed the policy of the institution and then, the business of the head of the system demanding his close attention, he resigned, but was retained as one of the board of directors.

The president of the bank is F. J. Sears. Mr. Sears has known Dwiggins for years and is a warm friend of his. “I have known Mr. Dwiggins ever since he was a child,” said Mr. Sears to a reporter. “He was a lawyer before he went into the bunking business. While here he was always conservative and strongly denounced the principle of a bank dabbling in outside speculation. He may have changed his ideas since then. This bank will not be hurt very much even if Mr. Dwiggins should be forced to suspend business altogether. The total amount of our interest is #3,550. Of course that is ar great deal.too much to lose, but it will not cripple the bank.” “How did you come to invest #3,550 in Dwiggins’ schemes?” “Well, Dwiggins holds $1,550 worth of stock and we have $2,000 worth of the United States Loan and Trust company's bonds. We bought these bonds from Mr. Dwiggins and on his assurance that they were good. We had the highest opinion of Mr. Dwiggins and would have accepted his personal note. At least I would have done that, for I believed that he was all right.” “Do you know that the validity of these bonds has been called into question?” “Well, I don’t know about that. The fact is that I have

not read the conditions of the bonds closely. We always thought that they were good and Mr. Dvviggins said that they were secured by bank stocks which covered the whole amount of bonds issued.” “Did you have any evidence of that except Mr. Dwiggins" word?” “No. we did not. The fact is we looked upon Mr. Dwiggins as good and I saw him in Chicago to-day, when he told me that everything would come out all right. I saw him and had a long talk over the whole business with him.” *

There will be union services at the M. E. church next Sunday to consider the question of forcing the business men of the tofan to close their places of business on that day. An effort was made some time since tending towards this end. with but partial success. While the observance of Sunday should be encouraged there is such a thing as overdoing a matter of this kind. The persons who havo been agitating the question have succeeded in closing the meat shops, or partially so, at least, and here comes the injustice to the poor people of the town. During the cold months a person could buy his meat Saturday night and keep it for use Sunday. But now that the heated season is here it is impossible for those unprovided with ice boxes and ice to keep the meat over night. Wo venture the assertion that nine-tenths of our people are in this position. Let the shops be open during the heated period a short time each Sunday, say from seven to nine in the morning or any hours the people consider most convenient. This matter should bo given serious consideration by the Sunday closing element and no injustice should be done to the poorer class. We do not belive that the persons who arc at the head of this movement believe, as does a certain , millionaire, that “the public be damned.” A grekt deal of hard feeling already exists over this question, which we feel certain could be abated by each side conceding a few points to the other. Let each side think the matter over until Sunday, and tix certain hours for opening those places of business which are a necessity.

A new supply of tine baby cabs just received at Williams’ furniture store. Hemphill & Honan are selling out to quit business. Now is the time to get bargains for cash. Double breasted summersuits in summer weights are very popular this year. We are showing a beautiful line of which you should avail yourselves. R. Fendig. Dr. I. B. Washburn, the optician, handles the celebrated Trolley’s Kohinoor eye glasses, the best made. Attention is called to the ad, “See Again us in Youth,” in another place in this paper.