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Ann Arbor Banks

Ann Arbor Banks image
Parent Issue
Day
2
Month
December
Year
1898
Copyright
Public Domain
OCR Text

Jos. Greisel, better known as Yusef, accompanied the Detroit business men on their visit here Monday and thus describes it:

Two hours was given to Ann Arbor. It was hardly sufficient, but the time was well improved. The delegation of bankers visited the banks and learned of the wealth of Washtenaw county, which stands next after the countries of Wayne, Kent, Saginaw and Houghton. They discovered, too, that the presence of some 4,000 students has an important bearing on the prosperity of a town, while the accounts of students are not, of themselves, a source of profit. They learned that the electric line or railway from Detroit to Ann Arbor is doing a profitable business and has a future that looks promising.

They discussed telephones and the business of the state companies. The fact was elicited that there are few farm mortgages held by banks. It appears that the farmers themselves take their funds from the savings banks, where they receive 3 per cent interest, and make loans to their neighbors at 4 or 5 per cent. It was also found that one of the banks has a fine numismatic collection of American silver, going back to 1805 and the "dollar of our daddies;" also, wildcat bank bills of various denominations, dating from the flush times of 1837. One of these bills, a $20 of the Erie & Kalamazoo railroad bank at Adrian, has an engraved marine scene, showing, among other types of vessels of that period, one of the Walk-in-the-Water, the first steamer on the great lakes.