Rensselaer Semi-Weekly Republican, Volume 36, Number 76, Rensselaer, Jasper County, 17 May 1904 — A New Bank Organized. [ARTICLE]

A New Bank Organized.

To Be a State Bank With Unlimited Capital Behind It.

The town was full of bank talk Saturday but it was not all about the defunct McfJoy bank, but largely of a new one to take i's place. Two distinct and riv«l movements were on fom to this end. One proposition was to organize a state bank, and in this movement Delos Thompson and John Eg-r were the main movers- The other proposition was to start another national bank, t»eing largely a revival of the national bank which was so nearly organized about a year ago by J. O. Paxton, now of South Bend. He was here talking up the matter, again, but W. B. Austin and C. W. Coen were the aotive resident advocates of this enterprise. There was great rivalry as to which of the parties would fits*, reach a point in their orgaaizttion where they oould safely make an offer to lease the MtCoy bank room. The Tnompson and Eger people were first under the wire, and made an offer to Assignee Chapman to rent the room for a year, at SSO per month. The offer was accepted, subjeot later to the approval of Judge Hanley, of oonrse, and the contract was just ready to sign, when the Austin people came in and demanded the right to bid on the lease of the room, also. The assignee consented, and the two sides bid until they reaohed dear up to $175 per month, when it was kuooked dowu to the Thompson side. They will get the room for a year at that rate and the building will then be sold to the highest bidder. Evidently great value is attached to the building, as a bank location, and it will probably sell well.

The new bank will be a state bank, and subjeot qaartely ex aminer. Its capital stook, at first will be $25,000, whioh will be increased later to $50,0J0 That it will be a financially solid institution, is evident from this list of organizers. Delos Thompson, John Eger. Granville Moody, L. Strong. H. E. ParkiscD, B. F, Fendig. Thos. Robinson, Wm Washburn. Warren Robinson, Foltz <fc Spitler, S. P. Thompson, J E. Wilson. G. A. Williams, J. J. Lawler. A. K. Yeoman, R. B, Porter. Warner Brothers E. D. RhoadesHenry Amsler. All are substantial, conservative men, and collectively represent wealth of probably muoh moae than a million. The bank is to have the room by the 15th of June, and expects to be ready for business about that time. Its name has not yet been ohosen nor all its officers agreed upon, but John Eger will be its president.