Excerpt of
the book "Writer and Engraver's Picture of Graham County's Progress Since
Its Organization" (1906)
Morland
State Bank
(pages
106-108)
As
a rule the important part played by banks is not fully appreciated by the
public. A majority look upon them as simply a place of safe keeping for money
and have no adequate conception of the fact that they constitute a most
important factor in the success of all legitimate enterprises. The feeling
afforded to a business community by the possession of a responsible banking
institution whose methods, and principles are founded upon ripe judgment and
broad experience and whose financial status is beyond question, can not be over
estimated. Of such a character is the Morland State Bank, organized in
February, 1904 by G. W. Collins, G. W. Stober, D.J. Hanna, E.E. Mullaney, W. H.
Hill, B. Hill, D. C. Kay and others.
The
officers are: G. W. Collins, President; W. C. Brown, Vice President; and D. C.
Kay, Cashier.
The
capital stock is $10,000 and aside from the 10 per cent cash dividends paid
since the organization of the bank, there is a surplus of $3000.
The
bank building, owned by the bank is located on the main street. It is neatly
furnished with modern fixtures. The heavy vault and timelock safe are fire
proof and are equipped with an electric burglar alarm. The bank has 200 fire
proof private boxes for the use of its depositors. Such a bank does credit to
the financial stability of any town and its policy and management are worthy of
emulation.
The
people show their appreciation of, and confidence in this management by their
deposits which are now $50,000. The loans of the bank which are principally on
chattels and cattle, amount to $30,000.
The
following is the last statement of the bank at the close of business on the
sixth day of April, 1906.
RESOURCES
Loan
and discountsÉ$38,273.35
OverdraftsÉ1,218.65
Bank
buildingÉ715.32
Furniture
and FixturesÉ625.71
Expense
accountÉ509.92
Cash
items other than reserve itemsÉ85.93
Cash
and sight exchange, legal reserveÉ19,998.30
TotalÉ$61,427.18
LIABILITIES
Capital
stock paid inÉ$10,000.00
Surplus
fundÉ400.00
Undivided
profitsÉ1,247.59
InterestÉ1,366.58
ExchangeÉ241.05
Individual
DepositsÉ39,466.21
Certificates
of DepositÉ8,705.75
Overdrafts
on other banksÉ--------
TotalÉ$61,427.18
In
addition to the general banking business the bank does a land and insurance
business, last year selling 28 quarter sections of land. The principal stock
holder and cashier of the Morland State Bank is D.C. Kay, who was born in
Glasgow, Scotland in 1863 and came to America in 1875.
After
eleven years in Philadelphia, New York and Kansas City he went to Chicago where
3 years later he was married. Mr. and Mrs. Kay left Chicago at once on the
Missouri Pacific and came to Stockton, the end of the line. There they bought a
buggy and team and drove west, hunting a desirable location to start in life.
When some 15 miles west of Hill City the road seemed to fade from the trackless
prairie, and here is where they decided to build their home on the present site
of Morland. A few days later Mr. Kay succeeded in interesting six men from
neighboring places in his plan for a town there. Since that time his success
and MorlandÕs success have been one and the same.
One
of the first buildings on the townsite was Mr. Kay's hotel and the first child
born in the village was his son, Freemont Kay.
Mr.
Kay's hard and conscientious work for a score of years has told in a material
way. Aside from being the heaviest stock holder in the Morland State Bank, he
owns a $2500 home, a new residence which he rents and a number of lots in town,
also three quarters of pasture and three quarters of wheat land.
Mr. Kay has the elements
that constitute a strong and striking character. His unfaltering and never
swerving purpose, never to complain or deviate, shows that he inherited much of
the primeval sturdity and unyielding courage of his Scotch forefathers. With
these traits of character coupled with energy and wonderful powers of tact and
perception, he has made himself a vital part of Morland.