The manufacture of furniture is the chief occupation of the Swedes of Rockford, Illinois, who comprise fully one-third of that city's population of 30,000. In 1875 fifteen Swedes organized the Forest City Furniture Company, with a capital of $50,000; ten years later, Rockford was the second city in the country in the production of furniture, and in 1893 there were more than twenty furniture companies with a capital varying from $50,000 to $200,000. Nearly all of these companies were organized on the co-operative basis, nearly all were composed of Swedes, and nearly all were earning a clear profit of 20 per-cent and upwards.[245] Other notable instances of successful Scandinavian manufacturers are John A. Johnson, whose works for making agricultural implements in Madison, Wisconsin, employed about 300 men; the great printing and publishing house of John Anderson & Company of Chicago, from which are issued the daily and weekly editions of "Skandinaven," and the Swedish-American Publishing Company of Minneapolis, publishing the widely circulated "Svenska Amerikanska Posten."[246] [245] Kæding, _Rockfords Svenskar_, 67, 95; _The North_, Jan. 8, 1890, July 12, 1893. [246] Nelson, _History of the Scandinavians_, II, 209; Söderström, _Minneapolis Minnen_, 181-189. The economic progress of the immigrants from the Northlands may well be gauged by the number of public and private banking establishments in the Northwest controlled by them. Surprisingly numerous are the men who, after gaining a competency as merchants, grain-dealers (one of these built twenty-five elevators along the Great Northern Railway), land speculators, and lumbermen, have turned to banking as their communities developed. The market for capital was active, ready to absorb large or small amounts; rates of interest ran from ten to twenty per cent.; the thrift and honesty of the Norse folk were equivalent to a bond. Hence small banks with $25,000 and $50,000 capital multiplied, not always on the soundest basis, it should be said, though this does not imply dishonesty. In Minneapolis, between 1874 and 1900, the names of no less than six Scandinavian banks appear, the largest becoming the strong Swedish American National Bank with a capital of $250,000.[247] Smaller cities like Sioux City and Boone, Iowa, have developed similar sound banks capitalized for $100,000. Not all Scandinavian bankers, however, have escaped the temptations of "high finance," though the total of failures is comparatively small. One of the most notorious and shameful examples of bank-wrecking in recent years occurred in Chicago in 1906, when Paul O. Stensland, for years the trusted and honored and admired president of the Milwaukee Avenue State Bank, the depository of hundreds of working men and small tradesmen, wrecked the bank through speculations in real estate, fled to Africa, and was brought back and placed in the Joliet prison for a term of fifteen years.[248]