History of Otter Tail County, Minnesota: Its People, Industries and Institutions, Volume I, Part 34

Author: John W. Mason
Publication date: 1916
Publisher:
Number of Pages: 765

USA > Minnesota > Otter Tail County > History of Otter Tail County, Minnesota: Its People, Industries and Institutions, Volume I > Part 34

Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).

A few days afterward a widow, owning five hundred dollars worth of stock, came into Mr. Mason's office, very much distressed, and asked the value of her stock. He told her it was impossible for him to state and to ask Mr. Warfield. She said, "I have asked him and he says it is not worth anything."

Warfield was a deacon in one of the churches and, for some reason not given, the writer is requested not to mention the name of the church. The "deacon" was a Southerner, "sah." from Lexington, Kentucky, "sah." and prided himself on the chivalrous characteristics inherent in gentlemen of the Blue Grass region. One evening, after the bank had closed at . four o'clock, a debtor was present trying to adjust some dispute over an endorse- ment of fifteen dollars which he, the debtor, claimed should have been made on his note, and which did not appear thereon. The temperature of the "deacon's" southern blood was rising rapidly when he said, "Ah, I know you fellas, sah. I've had others make kicks, sah, before this, sah." "I don't doubt it," said the farmer. "I am not the first man you have beaten out of his honest dues." No gentleman, "sah .. " would stand such an insult as that, when the deacon jumped up and shouted, "If I had you out doahs, sah, I would soon settle that with you. sah. I'd take that fifteen dollars out of your hide, sah." The farmer jumped up and said, "Come on, I'll go out doors, or anywhere else, with you." "I'll go with you, sah," said the "deacon," when he stepped to his desk, pulled a big revolver from a drawer,

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ran up to the farmer and, shaking the same in his face, cried: "Come on, sah; come on, sah. I'm ready for you, sah." As may be supposed, the farmer was frightened and made a bolt for the door, out into the street, leaving his hat with the "deacon."

At the next session of the grand jury the farmer told to that august body his experience at the bank and the deacon's manner of collecting notes. After listening to the proofs, the grand jury returned an indictment against Warfield, charging him with assault with a dangerous weapon. The "deacon's" friends, after a little "horse-shedding" with the court, secured a promise that if Warfield would plead guilty, it, the court, would impose a fine of not more than fifty dollars. The court adhered to its promise. War- field plead "guilty" and paid the fine, fifty dollars.

One other episode closed Warfield's career in Fergus Falls. On one occasion, and over some trivial matter, he had a wordy altercation with a very prominent citizen, a rival in business. Meeting this man a few days later in the office of a mutual friend, the former quarrel was renewed. Who began it, the writer cannot state, but after the exchange of some words, Warfield drew a knife and made a vicious attack on the man, stabbing him several times. The knife, at one wound in the chest, entered the victim's lung. and for a time great fears were entertained of his recovery. The next morning the "deacon" was not to be found. He left the city between two days, not even waiting for the usual letter severing his church member- ship. Needless to say that he has not been back here since, "sah."

FIRST NATIONAL BANK OF FERGUS FALLS.

The First National Bank of Fergus Falls was the first national bank organized north and west of Minneapolis. It was organized in 1872 under the leadership of Henry G. Page, Captain James Compton and George B. Wright. Mr. Page became its first president and Captain Compton, its cashier. It occupied temporary quarters in a wooden building for a year or two and then built the brick building at the corner of Lincoln avenue and Cascade street, which was supposed to be the center of town, as it was near the water power, and in those days industries surrounded the water powers, as there was no means of transmitting power as is the case now by electricity.

Later, Charles D. Wright became connected with the institution as vice-president and this organization continued until 1883. In the meantime the Fergus Falls National Bank had been organized, E. A. Jewett being the cashier. In 1883 the town had reached such proportions that it was apparent that there was need of more financial institutions and the men who controlled the First National Bank decided to occupy the field themselves. H. G. Page sold his control in the First National Bank to Charles D. Wright and purchased controlling interest in the Fergus Falls National Bank,

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becoming president of that bank and severing his official connection with the First National Bank.

At the same time Captain Compton organized the Citizens National Bank, becoming president of that institution. E. A. Jewett resigned as cashier of the Fergus Falls National Bank and became cashier of the First National Bank, which position he has occupied continuously for thirty- three years.

The First National Bank has had but three presidents in its forty-four years of existence, the first being Henry G. Page, who occupied the position from 1871 to 1883; Charles D. Wright, from 1883 to 1912, and Elmer E. Adams, who was elected in 1912 and is still president. The bank has had but two cashiers, James Compton, who served from its organization to 1883, and E. A. Jewett, who has served from 1883 down to the present time.

The bank was capitalized at $50,000 when organized, but in 1884 increased its capital stock to $100,000. In the meantime the center of town had moved from Whitford street to the intersection of Mill street and Lincoln avenue and the bank accordingly purchased a corner there and in 1884 erected the building which it now occupies.

The First National Bank is recognized as a conservative institution and confines its business exclusively to the receiving of deposits and loaning money. Its deposits have steadily increased and now range around $1,000,000.

Associated with Mr. Adams, the president, and Mr. Jewett, the cashier, on the board of directors are the following well-known business men of Fergus Falls: Charles D. Wright, former president; Cyrus Beall, presi- dent of Beall-McGowan Company, wholesale grocers; M. T. McMahon, the lumberman; W. B. Windsor, of the Fergus Flour Mills Company; Vernon A. Wright, president of the Otter Tail Power Company; F. G. Barrows, of the Red River Milling Company, and Robert Hannah, of the Northwestern Building Association. R. E. Lincoln has been assistant cashier since 1903 and connected with the bank since 1897.

FERGUS FALLS NATIONAL BANK.

The Fergus Falls National Bank is an outgrowth of the Merchants Bank. The latter was organized as a state banking corporation on the first Monday in January, 1882. The original capital stock of this corporation was placed at fifty thousand dollars, and this was divided into five hundred shares of one hundred dollars each. The incorporators were: E. D. Dyar, of Dover; E. A. Jewett, William D. Lowry, Charles J. Sawbridge, Jasper W. Earl, John H. Allen and L. W. Schmitz, all residents of Fergus Falls. The government of said corporation and the management of its affairs was vested in a board of five directors, who were elected at the annual meeting

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of the stockholders held on the last Saturday in December. The first officers were: E. D. Dyar, president; John H. Allen, vice-president, and E. A. Jewett, first cashier. In January, 1884, the capital was increased to $70,000, and in January, 1916, the capital was increased to $100,000.

This bank continued as a state corporation until March, 1882, when it was incorporated under the federal laws as a national bank and called the Fergus Falls National. This bank now has a savings department and does a large farm loan business. The present bank building, which is located at the corner of Lincoln and Court, was erected in 1913, at a cost of $55,000. The deposits, according to the last statement, were $1,056,- 667.34 with surplus and undivided profits of $41,416.33. The present officers are : Joseph S. Ulland, president ; E. H. Rich, vice-president ; Frank J. Evans, cashier; Henry G. Dahl, assistant cashier; Joseph M. Sannes, teller.

FIRST STATE BANK OF FERGUS FALLS.

The First State Bank of Fergus Falls was organized, May 2, 1902, with a capital stock of $25,000, divided into two hundred and fifty shares of one hundred dollars each. The names of the original shareholders of this bank were as follows: A. Brandenburg, A. E. Luedke, J. G. Durrell, George W. Downing. N. F. Field, D. F. Rae, A. A. McLeod, Peter Maurin, J. H. Bell, August Burar, Steve Butler. F. J. Pfferle, O. J. Fossen, John Lauritzen, C. W. Kaddatz, John A. Buor, A. R. Kitts, A. H. Denniston, K. W. Bondy, L. L. Baxter, Ole Rian, John K. Wyatt. Amund Nelson and Elmer E. Adams. The government of this corporation is vested in a board of seven directors, the first board of directors being composed of the follow- ing members: Amund Nelson, J. G. Durrell. J. H. Bell, N. F. Field, C. W. Kaddatz, A. E. Luedke and A. Brandenburg. A. E. Luedke served the bank as the first president, with Amund Nelson as vice-president and A. Brandenburg as cashier. This bank now has a savings department and does a general business in farm loans. The present officers are: A Bran- denburg, president; A. Boe, cashier; B. M. Lein, assistant cashier.

SCANDIA STATE BANK OF FERGUS FALLS.

The Scandia State Bank of Fergus Falls was incorporated on January 31. 1912, with a capital stock of 325,000, which is divided into two hun- dred and fifty shares of one hundred dollars each. There were five original shareholders with equally divided shares. as follow: Frank P. Woods, G. H. Woodhouse, residents of Estherville; J. O. Barke, L. P. Gjermo and Charles A. Root, three latter residents of Fergus Falls. The government of this corporation is vested in a board of not less than five or more than nine directors, the first board of directors being made up of the following

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FERGUS FALLS NATIONAL BANK

ONE OF FERGU'S FALLS' CLASSIC BUILDINGS.

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members: Frank P. Wood, G. H. Woodhouse, J. O. Barke, L. P. Gjermo and Charles A. Root. The first officers were: Frank P. Woods, presi- dent ; George H. Woodhouse, vice-president; L. P. Gjermo, cashier ; Charles A. Root, assistant cashier. The capital stock of this bank was increased from $25,000 to $50,000 January 9, 1912, and has remained as such. The pres- ent officers of the bank are as follow : Dr. Olaf Th. Sherping, president; John O. Barke, vice-president; A. G. Anderson, cashier ; E. M. Anderson, assistant cashier; George W. Knoff, assistant cashier. The directors for the bank are as follow: Dr. Olaf Th. Sherping. George W. Frankberg, K. H. Ber- gerud, E. M. Anderson, Olaf Schei, John O. Barke, O. H. Lee, K. K. Peter- son and A. G. Anderson. This bank carries a savings department and does a general farm loan business. The bank building, which is located on the corner of Lincoln and Mill streets, was erected in 1913 at a cost of $30,000 and is a strictly modern and up-to-date building. At the close of the busi- ness November 10, 1915, the following statement of the finances of the bank was issued: Deposits, $480,331.96; surplus, $15,000; loans and dis- counts, $438,020.69.

FARMERS AND MERCHANTS STATE BANK OF FERGUS FALLS.

The Farmers and Merchants State Bank of Fergus Falls was organ- ized on May 22, 1915. This bank was opened for business on August 2, 1915. The capital stock of this corporation is $25,000, divided into two hundred and fifty shares of one hundred dollars each, and at the time of the incorporation was owned by the following persons: W. S. Winslow, Fergus Falls; T. M. Alexander, Battle Lake; W. R. Erridge, Pipestone ; Ole C. Boyum, Slayton ; O. W. MacGregor, Crookston; C. M. Hunt, Charles L. Alexander, J. P. Johnson, C. D. Baker, M. Benson, H. B. Solberg, G. W. Bates, Clara M. Hoorn, J. W. Campbell. Lewis Lohmeier, George Campbell, T. H. Johnson, Lina B. Overwick, C. E. Swenson, J. M. Bye, H. P. Bye, Samuel Johnson and R. A. Hoorn, residents of Fergus Falls. The capital stock may be increased from time to time by a majority vote of stockholders, but not to exceed the sum of one hundred thousand dollars. The highest amount of indebtedness or liability to which the corporation shall at any time be subject is three hundred thousand dollars. The present officers of this bank are, W. L. Winslow, president : O. C. Boyum, vice-president, and T. M. Alexander, cashier. These three men also comprised the first officers. The bank has a savings department and does a general farm loan business. According to the last statement of the bank the deposits amount to $85,621.32 with a surplus of $5,000. This bank has furnishings and fixtures valued at $3,500.00.

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FIRST NATIONAL BANK OF PELICAN RAPIDS.

The First National Bank of Pelican Rapids was organized in 1902. There were eight members of the original body of organizers as follow : R. L. Frazee, H. E. Frazee, P. C. Frazee, E. J. Webber, J. S. Ulland, O. F. Ulland, F. J. Evans and P. M. Joice. The original capital stock was placed at $25,000 and this has never been increased. The first officers of the bank were P. M. Joice, president; F. J. Evans, vice-president; O. F. Ulland, cashier.

The present officers are: O. M. Carr, president; C. D. Haugen, vice- president ; M. T. Weikle, cashier; Oscar Peterson, assistant cashier. The deposits, according to the last statement issued by the bank, are $185,000, with a surplus of $7,000. The present capital, surplus and profits amount to $35.000. This bank is owned and managed by the business men and farmers of the immediate vicinity.

J. P. WALLACE STATE BANK OF PELICAN RAPIDS.

The J. P. Wallace State Bank is an outgrowth of the Bank of Pelican Rapids, which was organized on May 22, 1882, as a state bank by R. L. Frazee, L. E. Reed, J. P. Wallace, Hans Mickelson and Theodore Frazee. The first officers of the Bank of Pelican Rapids included R. L. Frazee, as president, and J. P. Wallace, as cashier.

The Bank of Pelican Rapids continued as a state bank until January 1, 1896, with a capital of $25,000. It was then reorganized as a private bank, under the name of J. P. Wallace Bank, and continued as such until August 15, 1904, when it was again reorganized as a state bank under the name of J. P. Wallace State Bank, with a capital of $10,000. The stock of the reor- ganized bank was at first all in the hands of J. P. Wallace, S. J. Wallace and F. J. Fletcher, all residents of Pelican Rapids.

The present officers of the bank are as follow: J. P. Wallace, presi- dent; R. W. Sherin, vice-president; Cecil W. Sherin, cashier, and O. P. Sether, assistant cashier. That the bank is a prosperous institution is shown by its deposits of $310,000 and surplus of $10,000. A savings department has been added to the bank and the last report gives this department of the bank deposits of $12,000. The success of the bank has been continued from the beginning due to its conservative methods of business.

PELICAN RAPIDS STATE BANK.

The Pelican Rapids State Bank was organized on December 13, 1912, with a capital stock of $10.000. The first stockholders of the bank were C. R. Frazee, P. C. Frazee, W. K. Frazee, H. E. Frazee, G. M. Mills, H. G. Page and J. A. Bjornstad. The first officers were C. R. Frazee, president; J. A. Bjornstad, cashier. The last statement shows that the bank is in a

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prosperous condition with deposits amounting to $106.580.63 and surplus and undivided profits of $5,514.13. The present officers are: C. R. Frazee, president ; (). C. Arnquist, cashier ; C. R. Frazee, O. C. Arnquist and P. C. Frazee, directors.

FIRST NATIONAL BANK OF BATTLE LAKE.

The First National Bank of Battle Lake was organized, June 21, 1907, with the following stockholders: F. R. Mcclellan, S. S. Petterson, Charles Keith, K. C. Hansen, E. J. Rudh, Henry Olson and O. T. Langen. The first three stockholders were residents of Princeton, Minnesota, and the last three of Battle Lake. The first officers were as follows: Henry Olson, presi- dent ; O. T. Langen, vice-president; K. C. Hansen, cashier. These officers, with Charles Keith, F. R. Mcclellan and E. J. Rudh, constituted the first board of directors. This bank was an outgrowth of the Otter Tail County Bank, a private institution which had been in existence for several years, and which at the time of its absorption had less than $5,000 on deposit. The First National Bank was established with a capital stock of $25,000 and the bank is still operating with the same amount of capital. The deposits of the bank according to its last report, December 31. 1915, amounted to $244,160.06, with a surplus of $4,500. The bank is housed in its own building, which was erected at a cost of $10,000.

FIRST STATE BANK OF BATTLE LAKE.

The First State Bank of Battle Lake was first organized on January 1, 1884, as the Bank of Battle Lake. This bank was started by W. L. Winslow, as sole owner, with a capital stock of $5,000. In 1886 Winslow sold his bank to B. B. Warfield and its name was changed to Warfield's Bank. In 1901 W. L. Winslow purchased the bank of Warfield and it was then called Winslow's Bank. Through these different changes the capital stock of the bank remained the same. This bank was incorporated as the First State Bank of Battle Lake on May 15. 1905. The capital stock was placed at $15.000, divided into one hundred and fifty shares of one hundred dollars each. The names of the incorporators and original shareholders were as follow : W. L. Winslow. E. A. Everts. P. A. Aldridge. M. S. Jones and C. A. Carlson, all of Battle Lake. The government of the corporation and the management of its affairs is vested in a board of four directors. The first board of directors consisted of W. L. Winslow, E. A. Everts, P. A. Aldridge and M. S. Jones. The capital stock of the bank was reduced from $15,000 to $10,000 in 1907 or 1908 and has remained as such ever since. The last statement of the bank shows deposits of $112,000, with a surplus of $3.000. The present officers are : O. C. Boyum, president ; T. M. Alexander, vice-president : E. C. Hopkins, cashier, and J. G. Peterson, assistant cashier. The directors are W. L. Winslow, T. M. Alexander, F. C. Hopkins, J. G.

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Peterson and O. C. Boyum. The present building was erected by the bank at a cost of $3,000 and furnished at a cost of $2,000.

FIRST NATIONAL BANK, HENNING.

The First National Bank of Henning was organized on August 1, 1903, with Isaac Hazlett, J. J. Mevers and F. B. Coon as stockholders: The bank still operates on its original capital of $25,000. The last report of the bank shows that it had deposits of $147,000, with a surplus of $5,000. The bank owns its own building, which is well equipped for modern baking. In June, 1005. the bank was consolidated with the State Bank of Henning. The present officers are as follow : Isaac Hazlett, president ; J. J. Meyers, vice- president : R. R. Patterson, cashier ; L. A. Johnson, assistant cashier.

FARMERS STATE BANK OF HENNING.

The Farmers State Bank of Henning was organized, May 15, 1906, with the following shareholders: R. J. Lindberg, G. . \. Saetre, O. S. John- son, John Hanson, John Post, Andrew Anderson, Alford Knutson, J. H. Whiting, A. A. Ballmont, Anton Belmont, Manley Johnson, Fred Von Ohlen, J. D. Lifquist, Syver Vinje, A. T. Nelson, Henry Hipple, Mrs. N. H. Nel- son and W. E. Dickson. The original amount of capital stock was $10,000, divided into one hundred shares of one hundred dollars each. This stock may be increased from time to time by a majority vote of the stockholders, but not to exceed the sum of $50,000. The government of this corporation and the management of its affairs is vested in a board of five directors. The first board of directors consisted of the following: W. E. Dickson, R. J. Lindberg, G. A. Saetre, J. H. Whiting and Syver Vinje.

According to the last statement, the bank had deposits amounting to $147,089.55, with surplus and undivided profits of $3.318.65. The total liabilities of the bank amount to $160,408.20, and in addition to this amount there was listed as reserve on hand $25,584.73. The present officials of the bank are as follow: G. A. Saetre, president; Alford Knutson, vice- president ; A. S. Paulsen, cashier; A. O. Saetre, assistant cashier; these gentlemen, with Andrew Anderson, J. H. Whiting and C. S. Johnson, com- prising the board of directors.

FIRST NATIONAL BANK, PARKERS PRAIRIE.

The First National Bank of Parkers Prairie was established in May, 1903, with a capital stock of $25,000. The original stockholders were William A. Lancaster, Isaac Hazlett, R. L. Hardy, F. N. Carpenter, Charles Donnely and S. L. Frazer. The first three of these were the president, vice-president and cashier, respectively, and with the addition of Charles Donnely and F. N. Carpenter, made up the first board of directors. T. H. Hardy was the first assistant cashier. The last report of the bank, Decem-

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ber 31, 1915, showed deposits of $151,739.68 with a surplus of $7,500. The bank owns its own building, which stands on lots 1 and 2 in the Lake- view addition to the village. The present officers include the original president and vice-president; A. J. Campbell, second vice-president; E. V. Anderson, cashier; Ross Clarno, assistant cashier.

STATE BANK OF PARKERS PRAIRIE.

The State Bank of Parkers Prairie was organized, May 28, 1903, With a capital stock of $10,000, which has since been increased by $5,000. The incorporators of the bank were L. Redding, T. J. Dickson and W. E. Dick- son, who served as president, vice-president and cashier, respectively. According to the last statement, the bank had deposits of $150,000, with a surplus of $3,500. The bank also operates a savings department, which it has found to be a very attractive feature. The building in which the bank conducts its business belongs to the corporation. It is located on lot 12, block 23, of the Lakeview addition to Parkers Prairie.

At the annual meeting of the stockholders and directors held February 15, 1916, it was decided to make a number of improvements for the benefit and convenience of the customers of the bank. These improvements will include a modern heating system and more modern and efficient electric lighting. The heating system will be extended into the office of the Par- kers Prairie Independent and a new steel ceiling will be put in. The report of the officers for the past year showed that the bank had made a rapid growth and that its deposits had increased over $30,000 during the prece- ding six months. The following officers were elected at the annual meeting: John P. Post, president; Emil J. Sandeen, vice-president; C. H. Dahlstrom, cashier; T. J. Russell, assistant cashier; T. C. Newgard, second assistant cashier ; John P. Post, E. J. Sandeen, J. F. Thoreen, Peter Manderfeld and Reuben G. Thoren, directors.

FIRST NATIONAL BANK OF PERHAM.

The First National Bank of Perham was organized in 1902 by capital- ists from Iowa, and was secured by the present stockholders in January, 1910. The bank made a slow growth from the time of its organization until 1910, but since it has come under its present management its business has been increasing very rapidly. It now has a capital stock of $25,000, with deposits of $250,000, and surplus and undivided profits of $10,701.70.

The present officers are as follow : L. W. Oberhauser, president; M. J. Daly, vice-president; A. G. Schwarzrock, cashier. These three officers, together with John Kukowske and Frank Kukowske, constitute the present board of directors. The bank owns its own building a two-story brick structure, situated on Front street.

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STATE BANK OF PERHAM.

The State Bank of Perham was organized on March 23, 1908, and opened for business on the same day. The bank was the outgrowth of a private institution which had been in operation since 1892. The bank was reorganized as a state bank in 1908 by Fred L. Weber and M. A. Weber with a capital stock of $30,000. Fred L. Weber has been the president since the reorganization, M. A. Weber, vice-president, and J. H. Shea, cashier. The bank owns its own building, a one-story, pressed-brick structure, which is well equipped for modern banking purposes. The bank has had a prosper- ous career and its deposits of $440,000 testify to its strength as a financial institution. The last statement also shows a surplus of $12,000.

FIRST STATE BANK OF UNDERWOOD.

The First State Bank of Underwood was originally organized as a private bank in 1903 and was known as the Bank of Underwood. The original stockholders of the Bank of Underwood were C. D. Wright, F. G. Barrows, M. T. McMahon and E. A. Jewett.

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History of Otter Tail County, Minnesota: Its People, Industries and Institutions, Volume I, Part 34

Author: John W. Mason Publication date: 1916 Publisher: Number of Pages: 765

Author: John W. Mason
Publication date: 1916
Publisher:
Number of Pages: 765