USA > Iowa > Sac County > History of Sac County, Iowa > Part 11
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Wall Lake, German State Bank, established in 1878, present capital $25,000.
Wall Lake Savings Bank, established 1882, present capital $30,000.
Schaller State Bank, established in 1887, present capital $40,000.
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Sac County State Bank, Sac City, established in 1887, present capital $75,000, surplus and undivided profits $87,176.32, equal to a total of $162,176.32.
Early State Bank, established in 1888, present capital $40,000.
Lake View State Bank, established in 1889, present capital $25,000.
Sac City, First National Bank, established in 1890, present capital and profits $165,000.
Schaller Savings Bank, established in 1892, present capital $25,000.
Odebolt, First National Bank, established in 1899, present capital $50.000.
Lytton, Farmers State Bank, established 1900, present capital $25,000.
Odebolt, German Savings Bank, established in 1901, present capital $50,000.
Auburn, Farmers and Merchants Bank, established in 1903, present capital $25,000.
Nemaha State Bank, established in 1903, present capital $25,000.
Sac City, Farmers Savings Bank, established in 1906, present capital $50,000.
Ulmer, Farmers Savings Bank, established in 1911, present capital $10,000.
Early, Citizens Bank, established 1911, present capital $30,000.
The latest bank in the county is the Farmers Savings Bank of Odebolt, which was established in February, 1914, by many farmers. It starts with a capital of $50,000.
This makes a total of $835,000 as the capital held by all the Sac county banks, at this date.
SAC CITY BANKS.
The Sac County State Bank, of Sac City, was organized and opened its doors for business February 21. 1887. This bank really succeeded to the first banking concern of this county, the "exchange" operated from 1871 on by Judge D. Carr Early, who, in company with W. H. Hobbs and N. W. Condron, erected a bank building in 1875, and in 1876 incorporated the Sac County Bank, with Messrs. Early, Hobbs and Condron, all ex-county officials, as incorporators. The officers of this pioneer bank were D. Carr Early, presi- dent : W. H. Hobbs, vice-president; N. W. Condron, cashier. It had a capital of $50,000. When the change was made and the present Sac County State Bank was established in 1887, the Sac Sun had this item concerning the
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new bank: "The new bank opened for business Monday morning, taking formal possession of the Sac County Bank, and Messrs. Baily and Grotewohl may be found in their places ready for business. The State Bank succeeds the Sac County Bank and will confine itself strictly to banking business, doing no real estate business, only what may be absolutely necessary. Its capital is $35.000 and will no doubt be increased to $50,000 in a year or two."
On January 1, 1890, the capital of this bank was increased to $75.000 and had a surplus of $18.coo. This was the third year after its organization. So, really, this is the site of the oldest bank in the county, and has gone through all the panics and paid out dollar for dollar to its thousands of depositors.
Their statement January 28, 1914, gave its deposits as $635,710. Its capital is $75.000 and its surplus and undivided profits $87,176.32. The total amounts to $162,176.32. This bank has headquarters in the same block in which it was first established in 1887, though about 1909 it was overhauled and remodeled. making it one of the finest banking buildings in the western part of the state. All branches of banking are here transacted. A few years ago a savings department was added, and this has greatly increased its busi- ness. The present officers and directors are: Asa Platt, president : E. N. Baily, vice-president ; J. Y. Campfield. vice-president : C. C. Jameson, cashier ; Frank Kessler, assistant cashier ; directors, Asa Platt, J. Y. Campfield, Orville Lee, W. H. Townsend. E. N. Baily. Charles L. Early, Malcom Currie and C. C. Jameson.
This corps of men, each peculiarly fitted for the responsible position he holds, makes this a strong bank and is the reason that it has the confidence of such a large portion of the citizens of Sac and surrounding counties. Their correct business management has given them the liberal deposits they now have.
The First National Bank, of Sac City, was established October 27, 1890, and was the first bank of the national type founded in Sac county. It was organized by D. E. Hallett. Eugene Criss and H. H. Allison. The first capital was $50,000, and it is the same today, but also has $50,000 more as surplus and undivided profits. The original officers of this banking house were as follows: D. E. Hallett. president ; H. H. Allison, cashier. The officers today are: George B. Perkins, president ; Dr. C. B. Adams, vice- president : H. S. Barut, cashier ; E. D. Humphries, assistant cashier. The present bank building was erected in 1893 at a cost of about $15 000. This fine structure has been the home of the bank, also of the United States post-
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office, with law, medical and other offices on the second floor. The serial number of this the first national bank in Sac county is 4,450, showing that there had been 4.449 national banks organized and chartered before this one.
It may be stated that in 1885 D. E. Hallett and H. H. Allison came to Sac City and at once purchased the Commercial Bank of J. L. Watson, and changed its name to the Citizens Bank and operated it as such up to 1800, when it was chartered as a national bank. The old Watson, or Commercial Bank was established in 1879 or 1880. It had a capital of $25,000. No bank in this section of Iowa stands higher in the minds of good business men and shrewd financiers than does this First National Bank of Sac City.
The Farmers Savings Bank, at Sac City, was organized in 1906. Its 1914 officers were: F. S. Needham, president ; L. E. Irwin, vice-president ; C. E. Harding, cashier ; S. W. Shaw, teller ; directors, F. S. Needham, L. E. Irwin. C. E. Harding, S. M. Elwood, William Block, J. T. Dollison and J. H. Grohe. The first capital was $20,000; present capital. $50,000 ; surplus, $1.500; undivided profits, $1,000. The bank was chartered in 1906 with the serial number of 521. This bank has had a phenomenal growth and is now accounted one of the excellent financial institutions in Sac county. Its managers and directors are conservative business men throughout. They study to please and want to be sure they are right and then go ahead. This has made them appreciated by all who transact business with them. Prac- tically speaking, all the stockholders of this banking house are numbered among the thrifty farmers of the county.
BANKING AT ODEBOLT.
At Odebolt there was for a number of years what was known as the Farmers National Bank, but in January, 1914, it was merged with the inter- ests of the First National Bank of that city. The bank referred to was estab- lished in 1901 with a capital of $50,000.
The First National Bank at Odebolt was established as a state bank in May, 1886, but in January, 1891, was changed to a national bank by W. W. Field, W. J. Summerville, B. A. Coy, J. K. Ketterer, S. H. Bowman, W. F. Bay and George J. Low. It commenced on a capital of $25,000, but now has a capital of $140,000, with $56,000 surplus and undivided profits. A new charter was granted this national bank in January, 1911, running until 1931. A good bank building was erected by the bank in 1895. The original officers of the bank were: W. W. Field, president; B. A. Coy, vice-president ;
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George J. Low, cashier ; W. F. Bay, assistant cashier. The officers in the month of February, 1914, were: Joseph Mattes, president ; Henry Hanson. vice-president ; W. F. Bay, cashier; A. H. Lunberg, assistant cashier. The directors are W. A. IIelsell, J. R. Mattes, R. B. Adams, H. Hanson, J. A. Cranston, W. F. Bay, Henry Frevert, Joseph Mattes and B. C. Bowman. On January 13. 1914. this bank had deposits amounting to $583,452.72. The resources and liabilities amounted at that date to $923.464.64. Capital and surplus $168,000. It is one of Sac county's most solid banking houses, where all are safe and secure.
The German Savings Bank of Odebolt was organized in 1901, succeed- ing the loan business established by John N. Schmitz in 1886. In 1901 Mr. Schmitz established a private bank and in September, 1905, the German Sav- ings Bank was established by his sons. They occupy a handsome new brick building, thirty by forty-eight feet in size. It is a pressed brick structure. trimmed with Bedford stone, built at a cost of seven thousand dollars. It has modern fixtures throughout and carries a modern safety deposit vault system, containing one hundred and twenty-five boxes. The capital of this bank is $50,000.
The Farmers Savings Bank, at Odebolt, was organized in January, 1914, with a capital of $50.000. The founders of this bank were W. C. Cathcart, WV. T. Down, A. E. Gunderson and Starr G. Wilson. The officers are: Starr G. Wilson, president; W. C. Cathcart, vice-president ; Edna M. Hanson, cashier.
This bank was incorporated December 13, 1913. and formally opened its doors for banking business January 5, 1914. It is, practically speaking, a farmer's bank, the capital almost entirely having been taken by farmers in and around Odebolt. It has ninety-one stockholders, most of whom are good sub- stantial farmers living near the town, and from its opening day the growth of the business has been rapid. Its future seems very bright and gives promise of becoming one of the county's strong institutions.
AT NEMAHA.
The Nemaha State Bank was organized at Nemaha, this county, in 1903, by E. N. Baily. D. W. Graff and C. H. Townsend, with a capital of $25,000, the same as it carries today. Its surplus and undivided profits is $2,500. Its present (1914) officers are: E. N. Bailey, president ; Harter Marquess, vice-president ; C. E. Townsend, cashier ; C. D. Deppe, assistant
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cashier. This institution succeeded the old Nemaha Bank, a private concern owned and operated by E. N. Baily and D. W. Graff. A bank building was erected in 1907. This bank is doing a good business and has the confidence of all the surrounding community because of its square dealing and correct business methods.
ULMER BANK.
The Farmers Savings Bank of Ulmer was established in 1911 by the sur- rounding farming community taking stock. The first officers were : William Heptonstall, president: Charles O. Hill, vice-president ; C. H. Townsend, cashier. The same are still officers, except the vice-president, who is now F. A. Meyer. The capital stock is $10,000. The bank owns its own building. This is the first and only banking institution the town has ever had.
THE BANKS AT EARLY.
The first attempt at banking in the town of Early was in what was styled in those days the "Exchange," a sort of banking business transacted in the general merchandise store of the place, but it did but little real banking busi- ness. The first bank proper in the town was the Early State Bank, organized about 1888, by S. K. Fuller, N. O. Fuller, A. Mason and a few other citizens. Its capital was $30,000. Its first officers were: S. K. Fuller, president : A. Mason, vice-president : N. O. Fuller, cashier. It was conducted in the two- story frame building in which the Early News is now situated. It was estab- lished as a private concern, but was soon converted into a state bank, and finally merged into the present State Bank of Early, which bank was organ- ized in 1900 by Frank S. Needham, Phil Schaller, S. K. Fuller and A. Mason. Frank Needham has been president from the beginning ; E. C. Fuller was vice- president and G. S. Needham, cashier. Its present (1914) officers are : Frank Needham, president ; E. C. Fuller, vice-president, and Walter Little, cashier. Its first capital was $30.000, which has been increased to $40,000, with something over $3.000 surplus and undivided profits. It is situated in a fine brick banking house, erected about 1900. Its predecessor, as shown above, was the old Early State Bank.
The Early Building and Loan Association was established after a sweep- ing fire in Early in 1890, and worked under its charter twenty years and was finally sold to A. Mason, who had been its president for its twenty years of chartered life. Town loans was its specialty. Its capital was $2,800, but was authorized to be as high as $5,000. It was started to help build up certain
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properties destroyed by the conflagration of 1890. These building institu- tions are no longer as popular as they once were in this section of lowa.
The Citizens State Bank at Early was organized January 1, 1911, with a capital of $30,000 by T. A. Barrett. D. D. Carlton, W. F. Yender, Byrhl Carlton. W. P. Hirons, Will Drury, John Reiff. Jr., F. C. Brockman and others. It now has its original capital stock and $2,000 in surplus and profits.
The original officers were: T. A. Barrett, president ; D. D. Carlton, vice- president : A. F. Vender, cashier: Byrhl Carlton, assistant cashier. The present officers are the same as at first, except E. Evans is now assistant cashier. The cost of bank building and fixtures was seven thousand dollars. This institution does a good, safe banking business and the people generally have the utmost confidence in the management of its business transactions, and the men at the head.
BANKING AT SCHALLER.
The Schaller Savings Bank, at Schaller, was organized in 1892. Its present officers are : F. S. Needham, president ; Charles W. Brimhall, vice- president : \. J. Martin, cashier: C. W. Brimhall, assistant cashier. The capital of this bank is $25,000, with surplus and profits of $2,000. In 1904 a bank building was erected, at a cost of six thousand dollars, on Second street. During the past year this institution has enjoyed an unusual and prosperous business and deposits have increased rapidly, showing the confidence with which the people of the surrounding country have in the institution as a safe place to leave their earnings.
The State Bank of Schaller was started as a private bank in 1887 and re-organized in 1889 into a state banking institution, under the banking laws of the state of Iowa. This bank was organized by F. H. Hahn, E. E. Hughes, J. T. Edson. W. J. Howard. C. O. Porter, J. W. McConkey, Charles A. Blossom, A. W. Buckle, W. R. Brooks. H. J. Hahn, G. Chandler, J. H. Den- man and A. Porter. No bank in the county has made a better growth. The first officers were: F. H. Hahn, president ; Charles A. Blossom, vice-presi- dent: A. W. Buckle, cashier: J. T. Edson, assistant cashier. The bank was started on a capital of $6,000, and has been increased to $40,000, with a sur- plus and undivided profits of $10,000. The present bank building was erected in 1891 at a cost of $12,000; it stands on lots Nos. 8 and 9. in block 4 of the town of Schaller. It was chartered as a state bank November 22. 1899, with the serial number of 6,688. Present officers are: W. J. Howard. president : J. H. Meier, vice-president ; Samuel Hahn, cashier : E. W. Schafer, assistant cashier ; M. E. Currie, teller.
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BANKING AT LAKE VIEW.
The Lake View State Bank was organized as the Lake View Bank in 1889 by Phil Schaller and F. S. Needham as owners. It merged into, or be- came, the Lake View State Bank in 1893, its stockholders and officers being Phil Schaller, F. S. Needham, J. P. Therkelsen, A. Armstrong and John Donahue, and several others. Its first capital stock was $25,000, the same that it still carries, although to it should be added the $2,000 in surplus and undivided profits. The original officers were: Phil Schaller, president : J. P. Therkelsen, vice-president ; F. S. Needham, cashier ; J. H. McCord, assist- ant cashier.
The present ( 1914) officers are: F. S. Needham, president ; J P. Therkelsen, vice-president ; C. P. Therkelsen, cashier ; E. P. Hartman, assist- ant cashier. The bank building was erected in 1889 at a cost of two thousand dollars. The date of this bank's charter is 1893 and its serial number is 180.
BANKING AT WALL, LAKE.
The beginning of banking at Wall Lake, this county, was on this wise : What is now the German State Bank, which was incorporated under its pres- ent name in July, 1910. was preceded by a small banking business transacted by A. Herrig in 1878 in a store, in connection with his other commercial busi- ness, there being no bank in Wall Lake up to that date. In 1890 he organ- ized a private bank, and kept it in a separate building, doing business under the name of A. Herrig, Banker. In 1893 the concern was incorporated into the Wall Lake State Bank. In 1900 it was changed back to a private bank- ing house again, under the name of the German Bank. . \. Herrig died in 1010 and the bank was incorporated in July of that year by C. M. Herrig and others. Its officers were: C. M. Herrig, president ; G. A. Mohr, vice-presi- dent ; William Claussen, cashier. The present ( 1914) officers are the same as last mentioned. The capital stock is $25,000, with a surplus and profits of $2,500. The deposits are now, in round figures, $150,000. The present bank building was erected in 1885 as a store building, but in 1893 changed to suit the business of general banking. The bank was chartered in 19to at Wall Lake. This is one of the solid institutions of the southern portion of Sac county, and all the people have confidence in its management and officers, as is evidenced by its large amount of home deposits.
The other bank at Wall Lake is the Wall Lake Savings Bank, which
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sprung into existence in a rather unique manner, as will be seen by the follow- ing item kept among the private books of the present bank, which we have been kindly allowed to use in the make-up of this chapter.
About August 1, 1882, Nelson Wright and R. L. Goodenow formed a copartnership for the purpose of transacting a general banking business at Wall Lake, lowa. These men agreed to invest an equal amount of capital and to share equally in the gain or loss as the sequel might prove. An invoice of notes and bank fixtures was taken showing that Nelson Wright had invested $1.700 and R. L. Goodenow $250, which he had on deposit. About the same time, Mr. Goodenow went to Maquoketa, lowa, and there borrowed of Mr. Hubbell $2,000, giving a note for the amount, signed by Nelson Wright and R. L. Goodenow, dated July 29, 1882, and due three months from date. The proceeds of said note were sent by express and was received at Wall Lake, August 1, 1882. The amount was placed to the stock account of the members of the firm, each being credited with $1,000. Mr. Wright's share seems to be included in his investment of notes and cash. Again during the month of August, that year, Mr. Goodenow borrowed of Ed. Wooly $2,000, giving a note signed by Mr. Goodenow and Nelson Wright, and this amount was placed to the credit of the stock account, each being credited with $1,000.
On September 13, 1882, R. L. Goodenow invested $1.000 and on August 20th R. L. Goodenow borrowed $1,000 from Mr. Watson, giving his note signed by himself and Nelson Wright, due in one year, and this was placed to the stock account. Again on October 4th, R. L. Goodenow borrowed from Watson $450 for one year, which was credited to R. L. Goodenow as stock. and placed to his credit as his investment. Three years later, Goodenow bought the interests of Nelson Wright in the bank, which was conducted as a private concern, with R. L. Goodenow as its owner, until 1905, when it was organized into a state savings bank, with a capital of $30,000. The first officers of this bank were: R. L, Goodenow, president; Charles Goode- now, vice-president: George Newby, cashier, with Alexander Johnson and L. A. Mueller as additional stockholders. The present ( 1914) officers are : Charles Goodenow, president ; M. B. Goodenow, vice-president ; Charles W. Shaw, cashier. The first and present capital is $30,000, to which has been added $10,000 as undivided profits and surplus.
The present bank building was erected on the corner of Main and Second streets in 1913 at a cost of about $8,000. Formerly it was kept in the brick building on the opposite side of the street. It was chartered in 1905 and its serial number is 12,205. When one contemplates the origin of this bank,
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it seems almost a marvel that the present standing of the concern could pos- sibly be what it is. The stockholders and officers have just reason to be proud of their achievements. The people certainly have had confidence in the men "behind the guns" in this enterprise.
The Auburn Farmers and Merchants Bank, at Auburn, was established in 1903 and has a capital of $25,000, with a surplus and undivided profits of $21,250. The recent deposits amounted to $168,000. The officers are: J. Kessler, president: G. M. Parker, vice-president; W. E. Comstock, cashier ; G. M. Parker, assistant cashier.
The Farmers State Bank, of Lytton, was established in 1900, and has a capital of $25,000, with $4,000 surplus. The present amount of deposits is $175.000. The officers in 1914 were : Frank Coy, president; F. A. Ayers, vice-president : G. B. Willhorte, cashier.
CHAPTER XI.
EDUCATIONAL INTERESTS.
By Ex-County Superintendent R. Ellis.
The present high standing of the public schools in Sac county grows out of the fact that the pioneers were from American neighborhoods in some one of the Eastern or Middle states and appreciated education; also from the untiring energy and tact on the part of a great majority of the county school superintendents, who have ever sought out the latest and most approved methods of instruction. It may not be without profit and interest just at this point to insert a list of the school superintendents of Sac county, with a few notes concerning this office. Up to 1858 the schools were managed by what was known as a school fund commissioner, and then came the "superin- tendent," who was elected by the people at the general elections, as were other county officers, but this was changed by the Legislature of 1912-13 and the superintendent is elected by the several school boards in the county. This is, of course, an experiment and time will tell as to the wisdom of such change in the manner of selecting a superintendent. The first and only school fund commissioner was William Todd, elected in August. 1856. G. F. Browning was the first to hold the office of superintendent. being elected in 1858. Fol- lowing him were: William Todd, 1861; William Kromer. appointed by County Judge E. Criss, in July, 1861 : William Kromer, elected 186 : William Chapin, elected 1865 ; William P. Drewry, elected 1867: R. Ellis, elected 1869 and 1871: John Dobson, 1873 and 1875: James Darling. 1877. 1879 and 1881; H. L. Martin, 1883: Clarence Messer, 1887; Clarence Messer, 1889; C. E. Stallcop, 1891 and 1893; J. W. Jackson, 1895; C. H. Jump, 1899-01; H. C. Coe, 1903-05 : John R. Slacks, elected 1908 and still superintendent.
This office has grown to be one of much importance and none but capable men and women need hereafter apply for such positions.
Sac county was settled at a date a little too late in the history of educa- tional advantages in the country to have known anything by experience with the subscription school system that had prevailed in the Eastern states up to about 1835 or 1840.
FIRST SCHOOLS OF THE COUNTY.
As stated in the beginning. the first settlers in Sac county took great interest in education, most of them being by birth Americans. Among those
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coming in from the Eastern and Middle states were such men as Joseph Williams, Peter Basler and others of Sac township: Francis Cory and Eugene Criss, Asa Platt. D. Carr Early, William Hobbs and N. W. Condron, of Jackson township ; M. S. Lee, John Alexander and William Montgomery, of Douglas township. Up to 1865 there were but five schools within the county. and these were as follows :
The first school taught in the county was the one taught in the winter of 1856-57 in a log cabin at Ross's Grove, three and a half miles south of Sac City. This building was erected by Enoch Ross for a residence. Isaac Cory taught this pioneer term of school and had about a dozen pupils. The second school was taught in a log cabin built by Harvey Slavin, whose wife was teacher. This was at Cory's Grove, two and a half miles south of Sac City, and it was taught in the winter of 1857-58. The third school in the county was the one taught at a log shack of a building by Seymour Wagoner. The fourth school was taught five and a half miles north of Sac City by Henry Hubbard, about 1860, in a log school house erected for such use. The fifth school was at Grant City about 1860. In 1865 these schools, except the Ross Grove school, were all running, and besides these there was one at De Camp's, five miles southeast of Sac City. The first school at Sac City was kept in a log building, but by 1865 a two-story frame was built for school pur- poses. This stood where now stands Postmaster Early's residence, in the heart of the city. The next in Sac City was the two-story brick building. with five departments, and in which taught the writer. R. Ellis, who in all taught here seven terms.
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