Carroll County Bank
In the summer of 1888 four representative business men of Mt. Carroll, O. F. McKenney, dry goods merchant, Robt. H. and Geo. D. Campbell, hardware and Jno. M. Rinewalt, grocery, influenced somewhat by the public demand, and believing there was a place in the community for a well equipped bank, conducted under modern methods, collected together $50,000 of their means and organized the Carroll County Bank. They provided for their patrons large, convenient and handsomely furnished quarters, with parlors containing desks, tables and stationery for public use. In building their fire and burglar proof vault ample space was reserved for a large number of safety deposit boxes for the use of their patrons, which made it the first bank in the county to accommodate the public with such advantages. Believing with the large banks of Chicago, New York and other cities, that a generous treatment of the public is mutually advantageous they divide their profits with their patrons in paying interest on time deposits. The liberal policy with its trade is securely based on economical methods of administration. Its directors believe that a bank should primarily be run in the interests of its stockholders and patrons, rather than its employees, therefore it pays good but not fancy salaries, and its officers feeling that their time for which they are well paid should be used solely in the interest of their employers turn over to the bank the proceeds of their efforts, whether it be for work in the bank or outside in some other remunerative capacity. Unlike incorporated banks whose liabilities are limited, this institution’s responsibility has no limitation short of the entire worth of its stockholders, so that together with its capital every dollar which its members are worth is at the disposal of its depositors. Its deposits do not consist of any municipal, county or state funds to secure which, it has of late years seemed necessary to bond the resources of a bank, thereby in a sense placing a prior lien on the rights and privileges of the majority, for the benefit of a favored few. Dealing honorably with each other, the members of this institution holds only the best of relations with themselves and with their patrons. Based upon sound business principles, coupled with the ability on the part of its directors to read the signs of the times, this bank comfortably went through the recent panic years with a large reserve constantly on hand, and while numbers of other banks throughout the country saw their deposits run down 25 to 50 per cent, its shrink did not amount to five per cent. Safe business principles have controlled its past and under its present management will control its future.
Dr. W.R. Tipton was born on a farm three miles north of Lanark August 31, 1859. Moved to Mt. Carroll when three years old. He received part of his education in the Mt. Carroll public schools, and graduated in dentistry from the Iowa State University, Feb. 28, 1887, after which he conducted a business of his own at Brooklyn, Iowa for five years. In June 1891 he returned to Mt. Carroll and has since been in business in this city. The Dr. started to go through school with less than $100 and sawed wood for board and room rent during his first year at school. He is a self made man and has his own peculiar ideas about his business regardless of the strained code of ethics adopted by so many dentists. He does business for cash only, and is not averse to advertising.