Read an issue on 1 Jun 1929 in Racine, Wisconsin and find what was happening, who was there, and other important and exciting news from the times. You can also check out other issues in The Greater Wisconsin.
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Greater Wisconsin (Newspaper) - June 1, 1929, Racine, WisconsinI i of tact 10 greater Wisconsin june Facton behind Wisconsin s favourable banking position my Kat in going on. Rivet a Zdency for beak Milwaukee banking la have Mia counts1.ent during a i rat hic Lillutt a Tkai banking sour on i is found n com part on of the for 1929 and Tor it. La january. In 5. The Bankers director showed that Watt Contin wants had total Ruo Ursra of in january. Pub Raj bail figures Wocia l Baa 4 la there waa a ten while not on in Wisconsin but throughout the country toward More Banks ban and improved were necessary to serve the up Olla. This was mainly a product of War and Post War inflation. Eltona Tion of the weak and superfly Lous Banks is for the general econ Mic health of our banking system and Tho state at Large. A of chartering new Banks Only v Hen their necessity can be show i is the obvious remedy for Over Ink ing. Improved Bank management in m 173 2 m. Wisconsin Dew Rhea special pm wac in.1 in a Tuia. Tala can be partly Bave to t he i Butch to the sort of problems b Unk expat of almost Hunan Al have encountered in ent lion d 1 an during f a i Low interest rates and Deere i severe Competition have put to test not bar of the banker s ability to show earn some in a 1 in ices and have made him Renej Tulve new ideas and methods. The banker has awakened to the fact 1 that banking la a business just other business and hat new Papo. A Nurcy v As Otto a at a or period o text the amount Bank til i he i or y tit report 4 link Weilu modern methods Are the Only i Olu to 3 -4 record 35. T Tetter to his problems. Modern b Oaly four keeping machines and Metal ods i available even to Small Banks Are m Khz of cart lil for Poe Dong up accounting and Nak t inking Pooh i inn Bank service even More the Public. The May in riven to eco Rule the c n in of in at a a n ii Vikati in Coli the attire exc Baa then Pretl year Nulf imy t is Han of l file Mure he Anrce of la it 1s milk hive in in lag for the last five Cara rid blurt if Moit hut tone he spared Between try i and u ilk proc b his la a i Mir inv the to commonly l a kit it no of k i d Itin Luord 1 n Genera f ii Iii m Tel ill is sult us 1 rat ii Loci Lily in id Lack a of equal u in is tip of a in you i toil i Ink into. A is sex . Aged m j or m l i it i Kut ring it fit i e k if the in in 1 Able to the Public. The of Sunlly a every financial need can to met through its banking institution. Wisconsin Baa been Fortuna e in banking supervision. The i ight Kin-1 of Check ups Are Extrie Lely they bring Small w a and waste to the banker s attention and disclose mean of correcting them. In addition to to run col assistance. Wiser Osin banking Les have at All Mica Stoini ready to cooperate in raising the state s stand arc of banking practice. Knee rally of interest Are the take a for the Impi Ive of Bank personnel. 11 a of counties America in of banking classes Tave lr., n former that the you Iger men id Tho Banks May add to heir knowledge and equipment an i fit to step into place of when the Ider passes on. Eight i a of the a study groups with 308 Stu in its Are now Bolding weekly . Here again the iffy i in Talca that Banks have been through and the problems Uhey have Bud to wrestle with t Lake .1 Iraln that something More ban new age and ability is to run a Bank sue Ess fully. Insurance in Wisconsin is u ii Joor life As la 1. To Ihla by at drown i in for to Iier in by of la Castn. When on Jan query v. Trea tout Caln Nad d. A. ,.i Wittur i la nol i non Luis of inn Runce in this 1 i to Are it Fine example of the of modern life Insun Jice. To Lucy Are Well managed eol x Rvl Valr. The state May Mil proud of them. From the Doone Itic lit in .1 Roin Manlea which Are fur i it Jiro Lur Ion to the people of i tute. There la the wisc Nln t Kund that was created an of Tho legislature in 1911. Thea fund 1 in Unity a life Ina Tinco opera Tang throughout the of the state according to Ita last report Publ shod it in Furce. Its total admitted a nets us that time were Dua mainly to the nor theft Tern a Tual Ufa insurance com any yvi.9cun.iln a prom nent in the life insurance Leld. H u the largest company we it of Tea Ajleghknk-3. And by the Tito the largest financial Ini Tutu within Tea same territory. It in the life insurance state o the Middle weat. La of e ii in Lii 1 when t fitly Rij j Catt to Tia t or r., f to f 71 i i i t Jiw i h Gen Ruby info Rit 1 a Ity hip t i tf.tle.i. In Jie cuu. 1 in nth Toluca. At there not my k m sanitation to or Lii it to toe Ina Runce department May to Balleu. But to to had of insurance Toni t 1 of Cir to Fol la look aut Bjk v us Worre n Tetie e a com Eai i b form Par to ail i upon it or Elvn i Federal farm loan Board Tut Tad since the creation of the be Leral farm loan Board and the inauguration of Ita plan to make credit available to Farmers at a Rena on Able rate the joint Stooge land t wits us try luf ctr. 1 fire i t under the have loaned to a rom. I. A in farm borrowers Accord Lair o a Shea b Tho Ity isl Luly made by the lao Onalan than of Alao citation Matison. Total Loans made by Federal land f i i that ume tanks Felt off More than f so fron a train Row w let of flew that Tea . Seldom _ l ii e was Organ the Host time since 1906 c Sig Kaeti in in if cant. Following 1921 the vol ten a Mia hoi th-1 ume of applications for Loans waa port and in 1 isl i particularly Large Dua in Pat at a i at to the inability of Farmers that to repay with reasonable or coast it Tea in Ness Money borrowed from local t Hirtz red Banks. The decrease in Numeir of that 62 Large life liar reported a decline requests for farm Mort Ages g of by Vohra life applications for Federal in e Tuppeny of t sek dictate improvement in the far aers of the the since the depression Peak flu Tui Ulfo in 1921 and increased conf i ence to was urbanized Tia of local batiks regarding the is und with the of up ices of farm investments. Tie Voth port Llata 4700 foreclosures in 1923 in to run Leaa than rur Lori of Organ t-1 in quit ten at to use by the twelve Federal land tanks 11 about 2000 of these were Dos before completion it 300 the d info in 1u corporate j about 2000 of these were Dos a mendicant cases land subject to pro Ilung from j waa sold by the owner Only 1500 Prithi s. Buffa duly Tvr title Tut Tho Opra hid ton in Pended at the i d of year. With 2957 forello res transfers arising in 1928 Airong n Yajiu ton 400.0oo Loans Only about Sven y t it of the Furt tier tenths of one per cent of the i by a Cecial Nta in Tang Loans were lost by fore closure. In the period following ring incorporation of the War farm securities sutured str s in i85t, ind More than Ever before but Pri. R u enact of the i Rol Ite this fact they Stu rated next i to Federal and municipal b ads. Us aligned. B than seven the report indicates that fans in j vestments Are in _ Public appraisal and that la id in met b Al not on of them air it moving at reasonable Nuu of any there talons because of Ita Earnon Pawer those valuations. Use Laaura Oce par.orem Ojudd in Wise on Oca lowing life Fol the Grivat lag i tude toward agriculture about All no Cuy of Hil Vauchee. The guar Ian together. Lift with Heaja a Uteri la 7he Northwestern Mutual old ill Wauke the old Une fur of Uil Waukich the Waco Iraln Lin to Nutce of Romany. Of Soa. The we Scotola National use com Paay of Oati cab tin. Taco aria 8taadard life. Me a Roe. Line life insurance company of America Milwaukee Wale Naatus this company waa Bunde in the Spring of 1910 by Rupe t f. Pry. Puring the intervening coca Pasha have la it Roe co tartly a at seventy six years of pioneering seventy Abs Yean Kay first forerunner of the first Wisconsin National Bank it a organized by a smash group of the leading citizens of that Day. It w. 3 the Farmers and Millers Bank and it opened for business in a Small one room office at 204 East water door North of a Liconsi than a Block from the location of the modern 16 Story office ing which houses its descendant the first Wisconsin. The capital a the first circulation waa the City of Milwaukee was seven years old when the Farmers and Millers Bank came into Exia Tance. Horse cars plied a precarious Way the mid holes and bumps of East water Street. Tie City was in the throes of a Street improvement Campaign and history Baa it that customers of the Farmers and Mullera Bank did some rate it artistic cursing Over the unsightly appearance and inconvenience of the torn up thoroughfares the opening of the Milwaukee and Mississippi Railroad made it possible to go from Milwaukee to Chicago v a Janesville in 24 hours a prise of five dollars. This Railroad was built by Edward k. Brodhead one of the organizers of the Farmers and Millers Bank and one of Early Milwaukee s most out standing and honoured citizens. The City boasted a population of some which i an increase of Over per cent in the preceding decade. Milwaukee was alive and Alert and its various industries produced in one year goods totalling in striking contrast to the 691 reported for 1927. Considering though that the highest annual salary for teachers was and that the lowest paid received but it is evident the it considerable allowance must be made for the decreased value of the Dollar. With no the Only a few of the conveniences which we have come to look upon a absolute necessities life in Milwaukee in was nevertheless a very exciting affair. Led to men like Edward h. Brodhead Al d. Holton George and others with the Progress be and dominant spirit of builders the City was already far along on its Way from a Pioneer vilage to a Metropolis of National prominence. It was to serve this growing Community that the a and Millers Bank was organized. The men who organized it and unde whose direction it won its place in the Community were prominent in the important business civic affairs of the of sound judg ment and of vision. In writing of Hoel h. Camp who became cashier of the 3 Bank shortly after it wits organized James 8. Buck comments that the such his Ciao management the Bank became a Power financially As Well As a general favorite with the if the Farmers and Millers or he first wis Consin , or any Bank for that matter were to try to it into words its real objective it could not be better or More briefly state 1 with the passage of the National Bank act in 1863 the Farmers and Millers Bank was organized us the first National Bank with or. Brodhead a president and or. Camp As cashier. The capital of the new National Bank was it a granted charter no. 64, which is the charter which the first Wisconsin National Bank oper ites today. The career of the Firat National Bank was successful from the first and it ranked As one of the strongest institutions in the Northwest. Its position was strengthened through a series of covering a period of 66 years culminating in i s consolidation on july 1, 1919, with Wisconsin National Bank to form the present first wisc on Jin National Bank. The Wisconsin National Bank though a younger int Tut on than the first National bad bad an interesting and highly successful career. It was 3d on october with a capital of Frederick Pabst builder of the Pabst built ing now the Trust company build ing was president and the cashier was Frederick hasten father of Walter hasten president of the first Wisconsin National Bank. In 1898 the wisc on in National Bank enlarged Ita organization by taking Over the Central National Bank. While these two Strong financial institutions were Dei eloping Side by Side Milwaukee was making rapid strides commercially and industrially. Its b King requirements were increasing proportionately. It was for the purpose of providing More extensive financial facilities for Mil Waukee s industries that the two Banks finally decided to consolidate. They had vision to look ahead and realize the possibilities for growth which the fun ure offered and with that same Pio Neering by tiding instinct that characterized the Bankers of l853, they prepared to anticipate the demands Liat would come. The cd sol Dation was effected july 1, 1919, giving Milf Aukee a Bank with a capital of and resources of Over a Hundred million dollars. The Trust departments of the two Banks were comb neck and organized As the first Wisconsin Trust c Many in order to give a More comprehensive and specialized service in the administration f trusts and estates and in the Many other complicated matters which constitute the service of i Trust company. A further progressive step waa the organization in january 1920, of a separate investment unit the first Wisconsin company to take the place of the Bond depart nent of the Bank this made pos sible a broader and More expert service to investors to an was possible under the old arrangement i the first Wisconsin was one of the first of Many Large banking institutions in the countr to adopt this plan of organizations in Ler one unified management. The three institutions commonly referred to As the fist form an organization with combined resources of with the tremendous resources and a staff of 1200 people All highly trained in their respective duties the first Wisconsin group is Able to offer c ample the and specialized service for every finance Al need. During the past year and a half several consolidations have been effected which have immensely increased the resources of the Bank itself and a controlling interest has been acquired in several smaller Independent Banks located in the various neighbourhoods of the City. Through eel of these Banks the Complete services of the Firat Wisconsin group Are Avail Able. This series of consolidations began when the America n National Bank was merged with the first Wisconsin in january 1928, its branches becoming branches of the first Wisconsin. In March the second Wisconsin National Bank was organized to occupy the former quarters of Tho american National the Central state Bank was co Solidi Ted with the Mitchell Street Branch in August and the merchants and manufacturers with the second Wisconsin about the same time. The most important consolidation was that with the second Ward savings Bank which took place on december 15, 1928. In december also the fir it Wisconsin mortgage company waa organized to take Over the mortgage business which had f irm Erly been handled by the first Wisconsin Trust company. The list of Banks controlled by the first Wisconsin group now includes the following second Wisconsin National Bank mechanics National Bank sixth Wisconsin National Bank me chants and Farmers state Bank a View Bank sixteenth Ward state Bank Lliel Street state Bank Oak and Avenue Bank old aty state Bank nor Western National Bank North Avenue state Bank cities 3ns Bank of North Milwaukee through Ita four branches and twelve affiliated Bank a the service of a big metropolitan Itig institution has been made available to Many individual and business customers who on account of the development of business in outlying dig riots find it difficult to get to the main office frequently. Besides the usual departments devoted to routine ban ing matters a women s department has been that abolished which is doing much to educate worn a in financial affairs and to help those who need guidance to the Point where they Are equal Jed to handle their own finances. The fore Jan department with its contacts All Over the w Jyrld works hand in hand with Mil Waukee s industries in foreign Trade. The first Wisconsin Ravel Bureau offers the most Exten Sive travel service. Including the arrangement of every dete 11 in connection with conducted Tours and cruises or Independent travel. Insurance can be carried. Insurance beyond this Point special purposed is often desirable. The Man of comparatively Small income should take no one authority Haa suggested land Avenue Bank Alt under the wins of the utter Alicia be genl no of the year Watti Sac Ond Ward has taken Owr the tool of the North state Bank. Merchants and Farmers and these four rules for building up a mid City As Well As having Arfaa financial Reserve the distribution of your income. That budget provide for a minimum of of savings. Keep in a savings Bank a Reserve sufficient to carry your family at least six weeks in Case of misfortune. An amount of life insurance Eulva ent to five times your annual income. Over a third of a Century service the Wisconsin life insurance company has completed 34 years sized the new sixteenth Ward state Bank at Twenty seventh and Walla streets. The Farmers Mutual Automo the Farmers Mutual Automo bile insurance company of Madi son which is a farm ers company youngest and is Wisconsin s fastest growing of service ant now has policy automobile insurance Corpany. Holders living in 47 states and territories and six foreign countries. During this period of time the United states participated in two wars and the a was one wide spread influenza epidemic necessarily resulting1 in More deaths than normally. Not Only has the Wisconsin life paid All claims promptly but it Haa increased in strength and and bus amply justified the slogan which it adopted sometime ago. Solid an the state an policies issued by the com Pany earn dividends at the end of the first policy year. With refer ence to the management and reputation of the company Alfred m. Best and co., new Tork City whose reports ure recognized and accepted As accurate and Authora Tive state in their 1929 report the company pays just claims promptly. The company has maintained the same dividend schedule since 1911 decreasing its surplus. The dividends paid on the company s participating policies Render the net coat of insurance very j from its operations during the past year the company increased its surplus although paying to policyholders As dividends. The Wisconsin life offers policy holders free periodical medical examinations through the life Extension Institute of new York City. That Tho company has experienced a very favourable mortality rate is proved by the fact that Over the past five years the death losses h ave been consider ably below the average of All in the United states. Through the efforts of several of the leading town Mutual secretaries and h. L. Wittwer present Secretary of the company a per Mit was Durance department in Liay 1927. Sufficient charter were secured by the Middle of the Fol lowing september and the first meeting of policyholders was held at Madison on october a 1927. To solicit charter members secured from the state in a Faroe then tits compar Baen Craw my by leaps and until it has attained the rep Batatu the Faa Tatt Frowin of Tapany e Natad a Wisconsin. Auto. Or or. The Coin Paay a Ptah of of ration distinctive wry distinctive be first of an Only Farmers cars la pleasure Aad an insured. No fatty ears Are insured by Thea company Ami there Are also various classes of More hazardous country Buat Neu which the company will not accept the reason for Thuc that has shown the fanneral As a class Are less Haa Ardour risks for Auto Mobile insurance Aad should there fore be entitled to Tower rates. One interesting fact to note la Twa connection la that after this com Pany became Orra Laed practically every commercial company operating in Wisconsin Haa started to Issue a so caned special farm at special rates in order to compete with the Farmers Owa company. The Mere tact that fanneral have their own company in the Field has saved the fanneral of the state thousands and Sands of dollars. Another distinctive feature la cont nuts of 11 assets each More Tian doubled five year period since 1918 the assets of the company have More than doubled each five year Jerriod. The company is conservatively managed it Hia kept abreast of the times by Iii suing policies that Are Liberal and up to Date. All applicants Are required to be examined to policyholders f and thus participate in the ends paid by the company each sure Protection sound investment a Wisconsin life policy assured Protection for your family and at the same time a s und investment that will bring you a steady Incon e when you need it that is what a policy with Tho company Means. The Wisconsin life insurance company is one of the strongest in the Middle weft. It covers eight states and serves policyholders la 47 states and territories and six foreign country is. During 34 years it has met every claim promptly and has paid out Over to beneficiaries and policyholders. A life insurance program with the Wisconsin life insurance com Pany Means Freedom from worry for you and your family. As the state Call the local Wisconsin life Mab or it rite direct to the company attention Farmers growth of Milwaukee Banks the development in Milwaukee s ranking for th3 year 1923 was i Marrable. I Waukee s Bank sources today Are at the highest i Point on record. Savings deposits have been Pil ing up steadily notwithstanding that More and More Money la be ing put into stocks and Bonds. The total savings deposits now represent Over 9100 two big mergers were made in 1928. The largest was the absorption of the american National Bank a downtown institution. Thea amalgamation was followed by Tho creation of a new National Bank the second Wisconsin also by first Wisconsin inter ests. The next merger was the merch ants and manufacturers Bank with resources of about to the first w Consin. The second Ward savings Bank and the first Wisconsin have both greatly strengthened their position through the acquisition of outlying Banks at strategy Etc Points. Enter new Field the Northwestern National Bay View commercial and savings i vet Street state Bank and Oak in prestige amongst the big of the country and its policy holders already Thea company s business in Force not counting the substantial Accident raid health business it does is close to the Mark. This company has never resorted to special schemes or artificial Dpi Malinta to Speed its growth. Amonjr with its conservatism the officers and directors of the company have kept it progressive and of the times Ever since its inception. The old line life insurance company of America writes every thing in the form of personal Protection including modern Accident and health policies of All kinds and a Complete line of life insurance contracts which embrace special plans and contracts to cover b u a 1 it Ess contingencies monthly income service and Insu Rance to cover Federal and state inheritance the old line life insurance company of America is naturally popular with agents. Likewise it has dealt with its representatives Ita policyholder a and the general in such a fair minded Way for nearly to decades that the company enjoys an Ever increasing popularity throughout the thirteen states in which. It is Active. Anybody connected with the company whether agent policy Holder stockholder employee or otherwise cannot be anything but Happy with the Progress the com Pany made. Here Are just a few of the figures which should excite satisfaction the old line Ufa insurance company of America gained in As sets a 1928 approximately 000. This brought its total resources to of which More than two third ii is invested in High first mortgage Loans. In every the value of the prop erty la Worth double amount the loan. During 1028 the company in creased its Reserve for ies from to Thea actually is added for Over and above capital net aurple a and the Legal Reserve. Living Well with l be insurance by m. Frey president Herbert Oover stated life insurance offer i men and women an Opportunity t Pool the financial effects of Chanc mis fortunes and is also a Good Maedl us for saving the investment the wide distribution of sur Ance in Thea country is an i Valu Able Factor in our daily life i and is i believe one of the finest i insults of our National development with Only 7% of the a Drill s population the United Stati Haa 71% of the life insurance in Force in the world the Legal n serve life insurance outstanding i the United states being in exc is of it is estimated that More than Are paid annually to beneficiaries i and policyholders for death Claire. I endowments annuities Dis ullity claims and dividends. By the saturation Point has not been reached. There id need for i still larger amount of life Insu Ance. 87% of All estates left at death consists of life insurance. 13% comes from sources. The National Clio federation s Irvey of old age dependency show that of those Over 65 Are w thou any property whatever 20% have no income at All and 40% More have incomes of less than a year. At age 65 and Over 85% have no income at All. And so the majority of men worry about these two problems first what would my family do if my income stopped through disability or second should i live to old age will i have the Neces sary funds to live independently of life insurance u the answer. It gives a Man a feeling of Security As be approaches the Sunset of life. It will provide for his dependent Onea in the event of his death or disability. Millions of policyholders Bear witness to the fact that life insurance la the easiest safest and surest Way to for the Protection of your farm your Home your family your income Emblem should he of every Farmer s pleasure car Ana track. Farmers Only Are a legible to membership la our company. No City cars insured. Our company is owned and controlled by the Farmers of Wisconsin and is endorsed by the state association of farm Mutual com males also by the leading town Mutual insurance . Thea la a farm cooperative move ment which deserves the support of every conscientious Farmer. We have 650 farm agents throughout the state any one of whom trill gladly give you further information. For lower Cotta automobile see oar nearest or write the Home office. Farmers Mutual automobile insurance company h. Wyttwer Secretary s Cadison Wisconsin Roger w. Babson stated. The maximum need of life insurance is for those who have the smallest earning Power. The percentage necessarily grows smaller Al though the actual amount increases until the Point la reached where Waik f shop garage Safe for 27 years loaded to Wax Slit Flimen with never a Lorn to m investing Chent. A bored and to splat financing a specially. A c. Ziegler and company reel a trance oaf Hal and sir plus Over one of the largest of its kind from its beginning Ever organized in. The United states writes life Accident and health insurance company has several openings throughout the state for men to act in the capacity of underwriters who can furnish satisfactory references. Addrena us if unattached
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