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...

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