1888 –1889 Bank of Minot, Dakota Territory Collection.
Early banking in the Dakota Territory
The Bank of Minot was likely the first bank established in Minot, Dakota. In this group, the bank’s president and cashier solicit investments and discuss the issuing of capital stock and the sale of debenture bonds, etc. All items were sent to John F. Betz of Philadelphia. The Betz family owned the John F. Betz & Sons Brewery. Viz.,
• One Broadside and Three Circulars. A stock prospectus; a personalized solicitation to invest in the bank stating surplus and dividend profits; a broadside prospectus for 8% debenture bonds secured by the Mortgage Bank and Investment Co. of Fargo, Dakota Territory; an extract from the Revised Code of Dakota on stockholder liability on unpaid portions of stock; and a list of references, including four in Philadelphia, and referring investors to Bradstreet’s Mercantile Agency.
• Three Letters Signed by E. Ashley Mears, President. Discussing shares in Betz’s name, the registration of bonds, dividends, and a recommendation to buy stock in the Bank of Tower in Tower City, Dakota Territory.
• One Autograph Letter Signed and One Letter Signed by A.E. Mears, Cashier. Discussing better-than-expected earnings, a surplus, the bank’s first series of debenture bonds, another stock recommendation.
“The Magic City of Minot” was founded in 1886 and sprung up overnight when work on the Great Northern Railroad had to pause in its construction during the winter of that year. Henry Davis Minot was a railroad investor and friend of Jim Hill.
Description: 1888 –1889 Bank of Minot, Dakota Territory Collection.
Minot, Dakota [Dakota Territory, now present-day North Dakota], 1888–1889. One letter with expert tissue mend; overall, very good.