INDIANA: To Pay Paul

Young Clyde Rectenwall didn't know much about banking. But then, neither did anyone else in Spencerville, Ind. (pop. 300), and Clyde was as steady a young fellow as there was in town. The farmers who had scraped together $25,000 so that Spencerville could have a farm bank of its own didn't think twice. They named Rectenwall cashier, brought in a specialist to show him the ropes and help him get started. That was back in 1914.

Clyde and a bookkeeper were the bank's only employees. The bank prospered, in a quiet way, and so did...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!