USA > Minnesota > Rice County > History of Rice and Steele counties, Minnesota, Vol. I > Part 78
USA > Minnesota > Steele County > History of Rice and Steele counties, Minnesota, Vol. I > Part 78
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HISTORY OF RICE AND STEELE COUNTIES
large business that is now being transacted through its various channels.
At this time, June 30, 1893, the twenty years' charter of the Farmers' National Bank having expired by limitation and the National Farmers' Bank having been fully organized, on July 1, 1893, succeeded to the entire business of the old organiza- tion, whose charter expired on that day. The new bank started with a full paid-up stock of $80,000. Subscriptions had been re- ceived for just twice that amount, but as it was not thought best to make the capital more than the $80,000. the amount for each subscriber was reduced and divided with the later applicants. until a generally satisfactory allotment was made, and the bank started out with fifty stockholders scattered throughout the city and county. This large distribution of stock proved in after years of great satisfaction, as the association of so large a num- ber proved of mutual assistance to officers as well as valuable to stockholders.
With the new organization came quite a change in the direc- tory, as will be seen by the following named persons, who formed the first board, viz: W. H. Wilsey, B. S. Cook, John Virtue, L. L. Bennett, James W. Ford, Carl K. Bennett and Orlando Johnson, who, after due organization, elected the following named persons as officers : L. L. Bennett. president ; B. S. Cook, vice-president ; Carl K. Bennett, cashier.
While there were many new stockholders, the officers elected were the same that had so successfully managed the affairs of the old organization, and had paid to its stockholders during its twenty years' existence an average of II.7 per cent per annum on its capital stock.
On April 3, 1896, on account of high taxation and slow de- mand for money, it was decided to reduce the capital stock of the bank to $60,000, at which amount the capital remained until in December, 1907, when, on account of a better demand for money, the capital stock was increased by the amount of $15,000, making the total capital $75,000, at which amount it has since remained, as this scemed sufficient for the demands of business.
In 1895 Guy B. Bennett was elected assistant cashier. He was advanced to cashier on September 12, 1905, when Carl K. Bennett, the cashier at that time, was advanced to the position of vice-president. The business of the bank has been very suc- cessfully carried on under the management of these two young men, who now have nearly the whole charge of its daily increas- ing business.
This bank has always had an active and proficient board of directors, which, during the life of the present bank, now over sixteen years in existence, have never failed to have their regu-
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lar meetings at least once each month, and have never failed to have a quorum present. Much of the efficiency and reputation of this institution is due to the close care and attention devoted to it by its board of directors.
In this comparatively new state it is not common to find a business institution of any kind that has been in continuous and successful business so long as this bank, as it is now in its thirty- seventh year. With its beautiful quarters for transacting its business, and in which every convenience is afforded its patrons, there is no reason why its life should not be as long as the city of Owatonna exists. This bank, located in a beautiful growing city, situated in one of the best counties of southern Minnesota, inhabited by a thorough-going and energetic people, makes its life and prosperity only dependent upon the integrity and ability of its board of directors, and the efficiency of its acting officers and managers, and, judging the future by the past, its prospects are bright indeed.
The following article from the pen of Carl K. Bennett, vice- president of the bank, appeared in "The Craftsman" of Novem- ber, 1908:
The National Farmers' Bank, of Owatonna, was established thirty-five years ago by Dr. L. L. Bennett, who is today, as he was then, its president. This bank began in a very small way, but prospered with the growth of the surrounding country. With increasing business came the natural need for a larger and more convenient banking room, and the officers of the bank not only felt the necessity of adequate and practical housing of its business, but also desired to furnish its patrons with every con- venience that was necessary and incident to its environment. But this was not all. They believed that an adequate expression of the character of their business in the form of a simple, digni- fied and beautiful building was due to themselves and due to their patrons, through whose generous business co-operation had been made possible the financial preparation for a new building. Further than that they believed that a beautiful business house would be its own reward, and that it would pay from the finan- cial point of view in increased business.
The layout of the floor space was in mind for many years, but the architectural expression of the business of banking was prob- ably a thing more felt than understood. Anyhow, the desire for such expression persisted and a pretty thorough study was made of existing bank buildings. The classic style of architecture so much used for bank buildings was at first considered, but was finally rejected as not being necessarily expressive of a bank, and also because it is defective when it comes to any practical use.
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Because architects who were consulted preferred to follow precedent or to take their inspiration "from the books," it was determined to make a search for an architect who would not only take into consideration the practical needs of the business, but who would heed the desire of the bank officials for adequate expression in the form of the building of the use to which it would be put. This search was made largely through the means of the art and architectural magazines, with the hope of finding some architect whose aim it was to express the thought or use underlying a building, adequately, without fear of precedent- like a virtuoso shaping his material into new forms of use and beauty. From this search, finally emerged the name of one who, though possibly not fully understood or appreciated at first, seemed to handle the earth-old materials in virile and astonish- ingly beautiful forms of expression. The work and personality of Louis H. Sullivan, of Chicago, were then carefully investi- gated, with the result that he was the man sought to solve the adequate expression of banking in this new bank building.
Since more land was available than was needed for strictly banking purposes-amounting in all to sixty-eight feet west frontage, and 154 feet south frontage-the problem resolved itself into the construction of a "monumental" bank building occu- pying sixty-eight square feet on a corner, and the improvement of the remainder of the land so as to produce a reasonable cash revenue, by utilizing it for two shops, fifteen office units and a small warehouse, all a part of the same building and therefore entirely harmonious in design, material and construction.
Reddish brown sandstone forms the base of the entire build- ing ; above this, Oriental bricks in soft and variegated colors are used for the walls. These bricks are laid in the ordinary way, with every fifth course a header course with raked out joints. A wide bank of polychromatic terra cotta (chiefly Teco green) and a narrow band of glass mosaic in high color frame in the bank exterior, which is further enriched by corner ornaments and a cornice of brown terra cotta. Two massive brick arches enclose stained glass windows, which have a general effect of rich variegated green. The shop and office portion of the build- ing is notable for its piers of rich brown terra cotta, enlivened with ornaments of Teco green and bright blue. The color effect of the exterior is hard to describe, for it has something of the color quality of an old Oriental rug-that is, all the colors, when seen from a distance, blend into a general impression of soft green and red, while at close range they maintain their strong and beautiful individuality. The exterior of the building gives at once the impression of strength and solidity as well as
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HISTORY OF RICE AND STEELE COUNTIES
beauty. Above all, it suggests "bank," a safe place for keeping money and valuables.
Within, a floor of plain green tile is laid over all. The wainscoting is made of Roman bricks of a rich red color, capped with an ornamental band of green terra cotta. The counters and partitions are of these same red Roman bricks capped with green terra cotta, and the counter tops and deal plates are of Belgian black marble. Above the wainscoting the walls and ceiling are a glory of luxuriant color and form. The colors of early spring and autumn predominate, with a steadying note of green throughout the entire scheme. The woodwork is all of quarter-sawed white oak, laid in broad smooth surfaces and panels and finished in Craftsman style, which gives the wood a soft brown tone, in which there is a subtle undertone of green. The furniture is Craftsman throughout, and is all of oak, finished to match the woodwork.
In addition to the most complete modern equipment for the transaction of banking business, the building contains a some- what unusual farmers' exchange, a women's room, and a consul- tation room. The farmers' exchange room is finished with white glazed tile walls, green tile floor, and a ceiling of leaded glass panels set between heavy oaken beams. Along the walls are comfortable built-in seats, covered with Craftsman cushions. The room is intended for the private use of farmers in their business meetings, and is also used as a convenient meeting place for business or social engagements. The women's room is intended as a rest room for the farmers' wives and children and is somewhat more homelike than the room for men, as it shows a warmer and richer color scheme and is provided with high-back settles, low rocking chairs and small tables and writing desks. The president's room is furnished wholly in wood, and is charm- ing in its friendly simplicity of oak paneling. It is fitted with a Craftsman office desk and swivel chairs, upholstered in soft dull red leather. The consultation room is advantageously located between the officers' platform and the president's room, and is used for private business conferences. It is finished in oak throughout, like the president's room, and is furnished with a big Craftsman desk, comfortable office chairs and a settle well filled with Craftsman cushions.
No attempt has been made to make one department more beautiful or comfortable than another; for the one idea that dominated the whole plan was to make each room serve just as well as possible the purpose for which it was intended.
The owners of this building feel that they have a true and lasting work of art-a structure which, though "built for busi- ness," will increase in value as the years go by and which will
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HISTORY OF RICE AND STEELE COUNTIES
be as adequate for use and as fresh and inspiring in its beauty 100 years from now as it is today.
The First State Bank of Owatonna, the name of which has since been changed to the Security State Bank of Owatonna, one of the sound financial institutions of the state, was incorporated December 28, 1895, when papers were filed with the county register of deeds bearing the following names: Nicholas J. Schafer, Fred E. Church, Perce L. Howe, Benjamin J. Meixner, George V. Parkes, George E. Ward, Gottfried Bosshardt and John Kendall. Of these the officers were: Nicholas J. Schafer, president ; Perce L. Howe, vice president, and Fred E. Church, cashier. The directors were the Messrs. Schafer, Church, Howe. Meixner and Bosshardt. The bank opened its doors May 11, 1896, in the building now occupied by the Clefton Plumbing & Heating Company, on North Cedar street. Mr. Schafer con- tinued as president until January, 1902. Mr. Howe was suc- ceeded in 1898 as vice-president by Gottfried Bosshardt, who in turn was succeeded in 1899 by J. E. Malone, who served until 1902. Mr. Church was succeeded as cashier in 1899 by W. J. Naylor, who served until 1902.
The bank entered the second epoch of its existence. January 14, 1902. when financial interests of Faribault secured a con- trolling interest and changed the name of the bank to the Secur- ity State Bank of Owatonna, to show its association with the Security Bank of Faribault, also controlled by the same people. The new officers elected were: President, B. B. Sheffield. of Faribault ; vice-president. N. J. Schafer, of Owatonna : cashier. Lynne Peavey, of Faribault. The new directors were the above named gentlemen, with the addition of A. Blodgett. Jr., of Fari- bault, and B. J. Meixner, of Owatonna. In September. 1902. the bank was moved to its present location in the Kelley Block. corner of South Cedar and Broadway, a five-years' lease having been secured. In 1903 the officers remained the same, and John Watowa was added to the list of directors. Mr. Watowa is still serving. In 1904, Mr. Peavey succeeded Mr. Schafer as vice- president, and II. H. Herrick, who was added to the board of directors, became cashier. In January. 1905, Thomas E. Cash- man became director in place of N. J. Schafer, and M. S. Alexan- der in place of Il. H. Herrick, although the latter retained his position as cashier. In September. 1905. M. S. Alexander be- came president in place of B. B. Sheffield, and the capital was increased to $30,000, with a surplus of $6,000.
In May, 1906, began another epoch in the history of the bank. J. Il. Robson, a director of the First National Bank of Owatonna, associated with T. 11. Kelley and others, secured a two-thirds interest, and the Faribault interests retired. The offi-
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HISTORY OF RICE AND STEELE COUNTIES
cers elected were: President, J. H. Robson ; vice-president, T. HI. Kelley; cashier, Sidney Robson. The directors were these gentlemen. with T. E. Cashman, B. J. Meixner, Horace Bagley and John Watowa. Mr. Kelley still continues as vice-president, and the Messrs. Cashman, Watowa, Meixner and J. H. Robson are still directors.
In May, 1907, the present regime came into existence. Nor- man and P. H. Evans, who had previously been with the First National Bank of Owatonna, sold their holdings in that insti- tution to the Kinyon interests and purchased a controlling inter- est in the Security State Bank. From that date until the present time, the officers have remained the same. They are: Presi- dent, Norman Evans (1907) ; vice-president, T. H. Kelley (1906) ; cashier, P. H. Evans (1907) ; assistant cashier, Charles F. Al- bertus (1905) ; directors, the first three officers named above, with Thomas E. Cashman (1905), John Watowa (1903), B. J. Meixner (1895), J. H. Robson (1906).
Messrs. Norman and P. H. Evans have been actively engaged in the banking business since 1898. They conducted a private bank at Dodge Center, Minn., for six years and successfully organized and established the Farmers' National Bank of Dodge Center. From 1904 to 1907 P. H. Evans was cashier of the First National Bank of Owatonna, both he and Norman Evans being large stockholders and directors of that institution. Under the present management the Security State Bank of Owatonna has shown continuous annual net earnings of over 20 per cent on its capital stock, and during the past three years the deposits of the bank have nearly doubled.
The institution has recently leased the Kelley block for a period of twenty-five years, thus securing practically a perma- nent home. July 1, 1909, the capital stock was increased from $30,000 to $40,000, and the surplus on that date had increased from $6.000 to $10,000. The financial report of the bank, issued March 29, 1910, was as follows :
Resources : Mortgage loans, $135,684.92; other loans, $238,- 548.23; bonds, $22,600; overdrafts, $791.31; banking house fur- niture and fixtures, $5,000; cash on hands and in other banks, $83,586.51. Total, $486,210.97. Liabilities : Capital stock, $10,000; surplus and profit, $13,187.65; time certificates, $236,- 630.17 ; other deposits, $196,393.15. Total, $486,210.97.
Since March 29, the time of its last statement, the deposits have grown to over $500,000. Being a state bank, it is the only Owatonna bank authorized by law to loan money on farm mort- gages. These farm mortgages form a considerable part of its assets and give an idea of the soundness of the bank's loans. While this bank has been of much assistance in building up the
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HISTORY OF RICE AND STEELE COUNTIES
commercial institutions of Owatonna, it also adheres strictly to a policy of sound and conservative banking. Its directors meet monthly and examine all loans made, and twice a year the whole bank is closely examined by the State Department of Banking.
BLOOMING PRAIRIE.
The first bank established in this enterprising village, situ- ated in the southeast corner of this county, was under the name of Whitton & Haley, opening its doors for business September 25, 1875. After conducting business for two years, or until May 1, 1877, they were succeeded by J. C. Brainerd & Co., who prose- cuted a successful banking house until February 16, 1903.
The State Bank of Blooming Prairie was organized June 1, 1898, by John M. Haven, William N. Morse and Austin B. Morse. The bank did not open for business, however, until August 1, 1898. The first officers were : John M. Haven, president ; Austin B. Morse, vice-president ; D. N. McLeod, cashier. Business was conducted in the Bell building on West Fourth street.
On May 17, 1899, N. D. McLeod resigned his position as cashier, and O. P. Rask was elected to fill the vacancy. On May 5, 1900, John M. Haven, William Morse and Austin B. Morse sold all their interest in the bank to local parties, and the follow- ing officers were then elected: O. A. Veblen, president ; Ole Ille, vice-president; O. P. Rask, cashier.
On January 14, 1902, Sam A. Rask was elected assistant cashier of the bank. These officers continued in charge of the bank until the consolidation with the bank of J. C. Brainerd & Co., on February 16, 1903, when the following officers were elected : J. C. Brainerd, president ; O. A. Veblen, vice-president ; O. P. Rask, cashier ; Sam A. Rask, assistant cashier.
On February 16, 1903, the old established bank of J. C. Brainerd & Co. and the State Bank of Blooming Prairie were consolidated, retaining the name of the State Bank of Blooming Prairie, making a strong financial combination.
First National Bank of Blooming Prairie. On May 8 of the same year (1903), the State Bank of Blooming Prairie was con- verted into the First National Bank of Blooming Prairie, with capital of $25,000 and surplus fund of $2.500. J. C. Brainerd was elected president ; O. A. Veblen, vice-president; O. P. Rask. cashier, and Samuel A. Rask, assistant cashier.
On February 6, 1906, O. A. Veblen and O. P. Rask sold their stock in the bank to J. C. Brainerd, and the following officers were elected: J. C. Brainerd, president : T. C. Cashman, vice- president : Samuel A. Rask, cashier ; L. O'Toole, assistant cashier. The same officers are still at the helm, and under their able
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HISTORY OF RICE AND STEELE COUNTIES
management the bank has been successfully conducted, the vol- ume of business having been more than doubled.
The First National Bank owns its own bank building, which was erected by J. C. Brainerd & Co. in 1893, and is situated on West Fourth street. The capital is still $25,000, while the sur- plus has been increased from time to time out of the earnings until it is now $5,000. This of itself is an evidence that the bank has prospered.
The general policy of the bank has always been to conduct its business along safe and conservative lines. Local enterprises have been assisted, and every accommodation consistent with sound banking principles has been tendered in helping to build up the surrounding farming community.
Resources : Loans, $171,532.67; United States municipal bonds, $22,400 ; buildings, furniture and fixtures, $5,800; cash on hand and due from banks, $65,876.33. Total, $265,609.
Liabilities : Capital, $25,000; surplus and undivided profits, $6,343.50; circulation, $10,000; deposits, $224,265.50. Total, $265,609.
The Farmers and Merchants' State Bank, of Blooming Prairie, Minn., was organized for business May 17, 1904, as a private institution, then known as the Farmers and Merchants' Bank, with a capital of $15,000. The name is justly titled, as the insti- tution was organized by the farmers and merchants of this vicin- ity, numbering in all twenty-seven stockholders. The following officers were elected: T. A. Helvig, president; H. A. Peterson, vice-president; A. E. Johnson, cashier, and E. O. Habberstad, assistant cashier.
The bank continued as a private corporation until March 27, 1908, when it was incorporated under the state laws as a state bank. At this time the capital was increased from $15,000 to $25,000, the bank continuing under the same management with the same officers. The bank is not only under the supervision of the state, but has an examining board of three members, elected from its stockholders, whose duty is to check up and examine the records of the bank at least twice each year.
The bank at this time has a deposit of over $300,000, with loans of $240,000 and a surplus of $5,000.
The bank is composed of the following stockholders: T. A. Helvig, H. A. Peterson, A. E. Johnson, Dr. E. W. Cooley, Charles Bell, O. G. Anderson, G. A. Peterson, C. E. Symes, Ole A. Anderson, Seymour Johnson, K. T. Berg, Mrs. Soren Peter- son, Jens Wilhelmson, O. K. Odegaard, Torkel Olson, O. K. Benson, E. O. Habberstad, J. G. Johnson, A. O. Peterson, Ole Embrickson, Dr. O. H. Hegge, Guttorm Hillson, George E. An-
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IIISTORY OF RICE AND STEELE COUNTIES
derson, Nis P. Thimsen, Henry Peterson, Nels Rierson, T. A. Herron.
ELLENDALE.
The Security State Bank of Ellendale. This bank was or- ganized on October 1, 1900, and opened its doors for business one month later, viz: November 1, 1900. Its stockholders werc largely composed of residents of the south part of the county and the immediate vicinity of Ellendale, some capital being brought in from Cedar Rapids, Iowa. The capital was estab- lished at $10,000 and the first board of directors consisted of F. G. Sloan, N. C. Jansen, R. J. Dobell, E. M. Scott and J. Brown. From this board of directors were elected the following named officers: F. G. Sloan, president ; E. M. Scott, vice-presi- dent ; and R. J. Dobell, cashier. This bank opened the first place of business in Ellendale, in temporary quarters, but which was used by all persons who had business of any kind to transact. They immediately purchased a lot, and on February 14, 1901, they moved into a new and commodious banking room which they had built on this lot, and are now so located.
In October, 1903, the control of stock was purchased by B. B. Sheffield, L. Peavey and D. W. Grant, of Faribault, Minn. R. J. Dobell resigned as cashier and Th. Christensen was elected to fill the vacancy. The bank continued under this management until February 15, 1906, when Mr. Christensen resigned as cashier and W. E. Galloway was elected to the position.
In November, 1907, the stock was all resold to parties in the immediate vicinity of Ellendale, who still own and control same. The present officers are: George E. Sloan, president; F. G. Słoan, vice-president, and W. E. Galloway, cashier.
Following is the report of the bank, rendered at the close of business, March 29, 1910:
Resources: Loans and discounts, $104,725.04; overdrafts, $459.42; other stocks, bonds and securities, $1,800; banking house, furniture and fixtures, $2,200; other real estate, $700; (due from banks, $10,243.45; checks and cash items, $142.52; cash on hand, items below. $4,653.25; currency. $3,442; gold $770: silver, $420.65: fractional. $20.60) total cash assets, $15,- 039. 22. Total, $121,923.68.
Liabilities: Capital stock, $10,000; surplus fund, $2,500; un- divided profits, net. $1.132.64; (dividends unpaid, $135 : deposits subject to check, $51,587.26; demand certificates, $5.609.18; time certificates, $53,959.60) total deposits, $111,291.04. Total, $124,923.68.
CHAPTER IX.
EARLY DAYS.
Reminiscences-Anecdotes and Adventures-Judge Allen C. Adsit-C. W. Hawley-A. B. Cornell-Judge G. W. Green -Watchman and Register-Ezra and John H. Abbott-Rev. William Thompson.
The written records of a county, while presumably accurate, are of necessity, little more than a dry collection of facts and statistics. To a certain extent a history of a county, must needs contain much that is valuable for reference and preservation, that is not in the nature of a narrative interesting to the general reader. There is one department, however, in which all are inter- ested, and that is the experiences of the early settlers told by themselves. The managers of this publication, have, therefore, endeavored to secure from the old settlers their personal accounts of the early days. Some of these have already appeared in print, while others are here printed for the first time.
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