USA > Minnesota > Stearns County > History of Stearns County, Minnesota, Volume I > Part 45
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Alexander M. Simmers, of the firm of Simmers & Campbell, St. Cloud, granite workers, was born in Kennay, Aberdeenshire, Scotland, December 19, 1862, son of George and Christian (Moir) Simmers. He learned the granite business from his father, and in 1889 came to America, and located in St. Cloud. After working a while for Matthew Breen, he joined in a company which formed the Rockville Granite Co., at Rockville, Minn. About seven years later the firm was sold out to Henry Alexander. In 1898 William Camp- bell and A. M. Simmers formed the company of Simmers & Campbell, which now, perhaps, does the largest business of its kind in Minnesota, handling rough and polished granite for all purposes, and shipping its products exten- sively. In 1903 they erected a series of large buildings. For some years they rented the J. G. Emery property. In 1893 they purchased the Matthew Breen property. Mr. Simmers became a Mason in Scotland. He also belongs to the United Commercial Travelers.
Mr. Simmers married Barbara Phillips, and they have five children : George, Alexander W., Edwin P., Christina G. and Lillian B. George is super- intendent in his father's quarry.
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CHAPTER XXII.
BANKS AND BANKING.
Story of the Organization and Growth of the Financial Institutions of Stearns County-Lives of the Men Upon Whom the Stability of These Banking Houses Depends-A Brief History Compiled By W. W. Smith, Vice-Presi- dent and Cashier of the First National Bank of St. Cloud.
The history of banking in Stearns county is commensurate with the steady and stable growth of its various industries, and is typical of the conservative and progressive character of its people. No legitimate exigency has arisen but that the demands have been adequately met and the means provided to further its purpose. This history covers a period of fifty-eight years and re- fleets credit on the ability, sagacity and attention of those entrusted with the great responsibility given them in conducting the banking interests of the county.
Of the many millions of dollars placed in the banks during this period, there is record of but one failure to make full and immediate returns to depositors. Considering the several incidents of "panic," "financial dis- tress" and "stringency" to which the country has been subjected from 1857 to 1915, this is a remarkable showing.
At this time the statements made to the Comptroller of Currency and the State Banking Department indicate a sound and commendable condition in every banking institution in the county and presage a determination to maintain the high standard which has previously existed.
ST. CLOUD.
The first approach to anything like banking in St. Cloud, or Stearns county, was the business conducted in 1857 by Sisson & Seymour, soon suc- ceeded by Sisson & Alden, who besides dealing in real estate bought and sold land warrants and loaned money. So far as is known no deposits were re- ceived. This business continued until the fall of the next year.
The first actual banking business began in the summer of 1860, when H. C. Waite and T. C. McClure, as Waite & McClure, established the bank which had a continued existence, with a few slight changes of ownership, for 35 years. In 1861 by reason of the appointment of T. C. McClure as register of the land office at St. Cloud the partnership was dissolved and the business continued by H. C. Waite. Four years later Mr. Waite succeeded Mr. McClure in the land office and Mr. McClure resumed charge of the bank. In January, 1870, Mr. McClure again entered the government service as receiver of the land office and Mr. Waite took possession of the bank until April, 1874, the end of Mr. McClure's term. In August, 1881, subsequent to the death of Mr. McClure, the business took the name of Clarke & McClure, the firm being composed of N. P. Clarke and Mrs. T. C. McClure. In Janu-
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ary of the following year the firm was dissolved, the business passing into the exclusive control of Mr. Clarke, although the name remained unchanged. The bank was conducted by Mr. Clarke until May 18, 1895.
In January, 1886, S. B. Pinney opened a banking office, although no checking deposits were received, the business being continued for several years.
The First National Bank, "the oldest bank in Central Minnesota," has been a prominent factor in the history of the city and the county. For forty- eight years its personality has been felt, and its offices, during these years, have exercised an influence for the good of the community. The growth of the bank has been strong, stable and dignified. Reaching years of maturity, as it now has, this bank occupies an enviable position among the financial in- stitutions of the state. The officers of the First National have been recognized as gentlemen of sterling worth, of the highest integrity, and are entitled, as they have been, to the esteem and confidence of the community. In Sep- tember, 1867, the Hon. James A. Bell and J. G. Smith, both of Watertown, New York, opened a private bank here known as the Bank of St. Cloud (Bell & Smith), advertising that besides conducting a general banking business, "Land Warrants and College Scrip" would be "Bought and Sold." This partnership, lasting for twelve years, laid the foundation for the successes it enjoyed in later years.
On December 13, 1879, the Bank of St. Cloud was incorporated under the state laws with a capital of $35,000.00. The assets of the private bank, appraised at their face value ($83,698.81), were taken by the new organiza- tion, and the following were named as constituting the first board of direc- tors : James A. Bell, J. G. Smith, William B. Mitchell, L. W. Collins, H. J. Rosenberger, William Powell and H. C. Waite. The officers elected by this board were: James A. Bell, president; L. W. Collins, vice-president; J. G. Smith, cashier; E. D. Moore, assistant cashier. At this time, and as it had been since 1867 and until 1889, the business was conducted in the building now occupied by the A. G. Whitney Land & Loan Co.
In 1882 the need and advisability of organizing a bank under national supervision was felt, and this important change was consummated October 23, 1882. The capital was increased to $50,000.00 and immediately sub- scribed. No change was made in the officials of the bank, the only additions being in the directorate, which was increased to a membership of ten and included, besides the former members, Lewis Clark, L. A. Evans, L. E. Reed and F. H. Dam.
In 1889 the capital stock of the bank was further increased to $100,000.00, and offices taken in the new building on the corner of Fifth avenue and St. Germain street. In 1913 the bank affiliated with the Federal Reserve As- sociation.
In the fall of 1902, the Bell and Smith interest was disposed of to Elwain F. Moore, of Brooklyn, N. Y., and his associates, and on January 12 following (1903), Mr. Smith resigned his office as president of the bank and was suc- ceeded by Mr. Moore, an office held by him until June 19, 1913, when he was succeeded by Ralph O. Olson, the present presiding officer.
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Mr. Moore came to St. Cloud admirably equipped for his office, having had a wide acquaintance in matters of finance through association with in- terests both in the western and eastern states. Evidence of the manage- ment of the bank under his care is best shown in the rapid growth of the institution wherein deposits increased, from the time of his taking office until his resignation, about $600,000 and leaving these liabilities at that time over $1,000,000. It was during Mr. Moore's term of office that he was ap- pointed by the directors as liquidating agent in the merger of the Stearns County Bank with the First National.
In the personnel of the bank, considering the number of years covered, remarkably few changes have occurred. The Hon. James A. Bell, whose initiative founded the bank and who filled the office as president for twenty- eight years, was a gentleman of large affairs and influence. His abilities were not only recognized in the state in which he resided, but reached a broader field in national matters.
A large part of the history of this bank is identified with the activ- ities, the close personal supervision and, until the time of his resignation, the wise counsel of J. G. Smith. His reputation as a conservative, careful and honorable banker has made its lasting impress on this bank. Mr. Smith's administration of the affiairs of the First National continued for thirty-six years and left to his successor an absolutely clean bank and an enviable record. The Hon. L. W. Collins served as vice-president from the incorpora- tion of the State Bank of St. Cloud (1879) until the time of his death. His legal advice, coupled with the high esteem in which he was held, not only in this community but throughout the state, added materially to the strength, success and prosperity of the institution. In 1886, E. E. Clark succeeded Elder D. Moore as assistant cashier. The genial manner and good judgment of Mr. Clark did much to make this a popular bank. After ten years' service Mr. Clark resigned and associated himself with the Public Service Company of St. Cloud, as superintendent and general manager.
Following the election of J. G. Smith to the presidency, and the resig- nation of Mr. Clark as assistant cashier, E. B. Smith was chosen cashier in 1896, and continued to administer this office with credit and ability until he moved from St. Cloud in 1903, when he was succeeded by W. W. Smith, the present official.
On January 24, 1911, Ralph O. Olson of Alden, Minnesota, purchased the controlling stock interest of Mr. Moore and his friends, and was elected active vice-president of the bank. Mr. Moore tendered his resignation June 19, 1913, and by appointment of the directors Mr. Olson immediately succeeded him as president. This appointment was confirmed by election on the suc- ceeding annual meeting in January, 1914.
During Mr. Olson's administration a savings department has been added to the business of the bank, and affiliation with the Federal Reserve Associa- tion affected. The growth of the bank since Mr. Olson's participation of interest in its affairs has been continuous and very rapid. During this time deposits have increased $520,000, and $564,000 have been added to its re- sources.
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In point of service W. W. Smith is the oldest of the present banking force, having entered the employ of the bank as bookkeeper in July, 1898. He came to St. Cloud after an experience of eight years in the business, begin- ning with a clerkship in New York City and later serving as an executive officer in two banks of eastern Kansas. During his association with the First National Mr. Smith has filled the office of assistant cashier (1901), cashier (1902) and January 13, 1914, he was elected to the combined office of vice- president and cashier. During these seventeen years he has seen the bank increase its deposits $1,200,000 and claims with pardonable pride a part in its development. Mr. Smith has been honored by fellow bankers in his elec- tion to the presidency of the Sixth District Group, Minnesota Bankers' Asso- ciation.
Following the resignation of Mr. Smith as assistant cashier Leo P. Moos was elected to this office and he in turn was succeeded by George A. Moore. Mr. Moore was followed by A. A. Lagergren and W. L. Rosenberger as assist- ant cashiers. On June 19, 1913, Mr. Lagergren resigned to engage in other business and was succeeded by Theo. Stember, leaving Mr. Rosenberger and Mr. Stember the present officers in this department.
The history of a bank is largely the personality of the bank. Consid- ering this, a record of the First National would fall far short if mention of the directorate was omitted. The gentlemen who have shared the responsi- bility, and have been given supervision of its affairs are entitled to much credit in the upbuilding of the bank. In gathering statistics for this article a manifest pride was shown by the officials in calling attention to the list of representative business men who have comprised the Board of Directors, as follows: James A. Bell, J. G. Smith, L. W. Collins, W. B. Mitchell, William Powell, Lewis Clark, H. J. Rosenberger, L. E. Reed, F. H. Dam, H. C. Waite, John Cooper, John N. Benson, John Zapp, Howard P. Bell, C. L. Atwood, L. A. Evans, E. B. Smith, Theodore Bruener, L. E. Wakeman, Elwain F. Moore, George A. Moore, R. O. Olson, D. C. Abeles, W. W. Smith and Frank Fandel. Of the above J. G. Smith and L. W. Collins served continuously from 1879 to the time of their death. Lewis Clark and W. B. Mitchell have been on the board for thirty-six years, while Mr. Benson and Mr. Zapp have continued as directors for twenty-two years. Mr. Dam was one of the earliest of the directors and served on the board until he moved to Superior, Wis. On his return to St. Cloud he was again elected to fill the first vacancy and now shares with his former associates the duties of this responsible office.
In 1914 the First National paid over $34,000 in interest to depositors, and since its organization has paid to shareholders $223,000 in dividends, besides adding to its working capital an earned surplus of $115,000.
Joseph G. Smith, banker, for many years one of the prominent and most highly respected citizens of St. Cloud, and a native of Jefferson county, New York, born May 15, 1833, son of Levi and Adeline (Corey) Smith. He at- tended the schools of his native place, and the Lowville Academy, at Lowville, N. Y., and at the age of twenty-one went to Watertown to take a position in the Union Bank in the same state. Later he engaged in the mercantile busi-
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HISTORY OF STEARNS COUNTY
ness, until the summer of 1867, when he decided to seek his fortunes in the West. He reached St. Cloud in September, 1867, and after deciding to locate here permanently in connection with his uncle, James A. Bell of New York, formed a partnership and organized the Bank of St. Cloud, which was later made a state bank, and finally a national institution under the present title of the First National Bank. Mr. Smith remained with the bank for nearly forty years, and during the time he was at its head it enjoyed a remarkable growth, until at the time he withdrew in December, 1903, and was succeeded by E. F. Moore, it had become one of the strongest financial institutions in central Minnesota. Mr. Smith concluded to make his home in California, where his sons were then living and moved to Los Angeles before Christmas of the same year. He remained in fairly good health until about a week before his death, when he was stricken with acute indigestion. He died January 30, 1909. The news of his death was received with regret by the entire community. During his long residence in St. Cloud, he had won by his honest and upright business methods and by his kindly disposition, the respect and admiration of all who knew him. In the business world he was most successful, and enjoyed a high standing among the bankers of the state.
Mr. Smith married Mary Babcock, daughter of Jesse and Maria Babcock. She died January 11, 1903. There are two sons. Edmund B. Smith is engaged in the loan and investment business in Los Angeles, California. George B. Smith is engaged in the investment business in Newhall, California.
At the time of his death an editorial in the St. Cloud "Journal Press" admirably summed up his life and worth in the following words: "The his- tory of St. Cloud could not be written without much space being devoted to J. G. Smith, who for many years was, in a business way, its leading citizen. He established the second bank in St. Cloud, and for nearly forty years he was the man who developed it from a private institution to one of the strongest banks in the state. He was of the best type of the early bankers, who had faith in the country and yet had the ballast of good business sense and con- servatism, qualities which made his institution all these years-in time of depression as well as in prosperity, always safe and sound. There never was a minute from the first opening of the doors up to the present time, when any one having money in his bank could not get it on demand. He had the confidence of the business men and of the farmers alike, which was in itself a valuable asset to his business. While he was of modest and retiring dispo- sition and did not mingle much in public affairs, he was always patriotic, and when any emergency arose, would exert a powerful influence for the benefit of the city. When there was a doubt of St. Cloud meeting the requirement of the state for the third Normal School, then Mr. Smith, with far-seeing saga- city realized its great importance to St. Cloud and central Minnesota, took hold of the matter, and secured the school. But for his efforts the school might have been lost to St. Cloud; and this school, the largest in the state, is a monument of which any man might well feel proud."
The following resolutions were adopted by the Board of Directors of the First National Bank of St. Cloud, February 16, 1909, and embodied in the minutes of the meeting :
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"Whereas, Death has called to his last rest Joseph G. Smith, the founder, and for many years the president of this bank, and up to the time of his death a member of its board of directors; therefore, be it
Resolved, By the Board of Directors of the First National Bank of St. Cloud, that we desire in this manner to testify to the esteem in which he was held by us, in common with the other citizens of St. Cloud without a known exception. Few men have enjoyed to an equal degree the confidence of the community in which they lived, and it was a confidence based on a life of rectitude, of unbending integrity, of exemplary citizenship. His judgment was accepted and trusted not only in matters relating to business but in matters pertaining to the welfare of the city. It was to the soundness of his judgment, as applied to the management of the affairs of this bank, that its steady growth and continued success as a financial institution, during the more than thirty-five years of his active connection with it, was in the largest measure due. Too modest and unassuming to claim this measure of credit for himself, we who were most closely associated with him and having knowl- edge of the facts desire to make record of this tribute as that which is even less than his due."
Ralph O. Olson, banker, was born in 1873, the son of M. and Anna Olson, pioneers of Faribault county, this state. He received a good education and early turned his attention to banking. He began working in the State Bank of Wells, Wells, Minn., in 1891, and two years later in 1893 resigned the posi- tion to accept another in the First National Bank of Wells, and in March, 1894, resigned to accept the position of cashier in the Bank of Alden, Minn. In May, 1896, the interest of associates in the Alden bank was purchased and he reorganized the bank into the State Bank of Alden with a capital of $15,000, surplus $3,000. In 1903 the capital stock was increased to $30,000, the sur- plus to $5,000 and the bank was converted into the First National Bank of Alden. In August, 1914, the capital of the bank was increased to $50,000, surplus and profits $10,000. During the time he was cashier of the Alden bank, Mr. Olson was also interested in other banks. In May, 1906, he pur- chased the Bank of Walters, Minn., and in June, 1906, reorganized it into the State Bank of Walters and was elected president. The capital at present is $10,000, surplus and undivided profits $8,000. In January, 1907, he purchased the Bank of Conger and in February, 1907, reorganized it into the State Bank of Conger and was elected president. The capital at present is $10,000, sur- plus and undivided profits $8,000. In September, 1908, he purchased the entire stock of the State Bank of Kiester, Minn., and was elected president of the bank. The capital stock was $15,000, surplus and profits $5,000. In July, 1914, the capital was increased to $30,000, the surplus to $5,000, and the bank was converted into the First National Bank of Kiester under the new Federal Reserve Act. During the 24 years of his banking experience he has loaned several million dollars on farm mortgages and has not foreclosed and taken a single farm on mortgage. He was also largely interested in im- proved farm lands in Freeborn and Faribault counties, Minnesota, and still owns several of the finest farms in that part of the state. He was too busy with other business matters to give any time to politics, but was president of
RALPH O. OLSON
1
W. W. SMITH
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the school board the last few years he resided in Alden. He is now president of the First National Bank of St. Cloud.
William Wynkoop Smith, son of Elias Ely Smith, M. D., and Susan Baker (Wynkoop) Smith, was born April 14, 1866, at Newtown, Bucks county, Penn- sylvania. His education, exeept for a five months' commercial course at the Lauderbach Academy, in Philadelphia, was limited to an irregular attendance in the public schools until he was thirteen years of age. In 1882, he entered the employ of Nichol, Hatch & Co., bankers in Wall Street, New York City. In January, 1885, he went to La Cygne, Kansas, taking a position as book- keeper in the office of Blaker & Co., dealers in lumber and grain and remained with them until 1889 when he aceepted charge of the Bank of Parker, Parker, Kansas. It was during his association with this bank that Mr. Smith married Cora Etta Gill, daughter of John G. Gill, December 10, 1890, at Ottawa, Kansas. The Bank of Parker was disposed of to other interests in 1892 and Mr. Smith then moved to Kansas City, Missouri, where he was employed as accountant with the Campbell Glass and Paint Company. On July 28, 1898, by request of the late Howard P. Bell he came to St. Cloud and began work in the First National Bank.
From that time until the present Mr. Smith has been identified with this well-known bank, filling positions as bookkeeper, teller, assistant cashier, eash- ier and viee-president, as elsewhere noted. While being actively engaged in business Mr. Smith has found time to interest himself in the religious, charitable and educational life of the city and at this time is a trustee of the First Presby- terian Church and president of the Board of Education, to which latter po- sition he has been twice elected. He is also president of the Board of Public Charities. Besides himself and wife, the family consists of four children, Mildred Gill, Glanville Wynkoop, Howard Bell and Helen Marshall Smith. Miss Mildred was born in Parker, Kansas, and the others in St. Cloud, Minne- sota.
In giving these facts for publication, and in reply to inquiry as to his ancestry, Mr. Smith made the interesting statement that his father's family belonged to the Society of Friends (Quakers) and settled in Pennsylvania at the time William Penn took possession of his "land grants" in that state, and that the descendants still own and occupy the property acquired in 1682- 84. The home in which he was born, and is now owned by his brother, was used as a hospital by the soldiers of the Continental Army during the Revo- lutionary War. How he escaped being a physician is not yet entirely clear to Mr. Smith as his brother, father and three uncles were of this profession and one aunt married a physician. All of these acquired their degrees at Jefferson Medical College in Philadelphia and practiced medicine in the same vicinity.
The mother's family came from Holland, of the original "blue stoeking" Presbyterian stock, in 1639, and were prominent in Colonial history and in events leading to the Declaration of Independence. Judge Henry Wynkoop, an intimate friend of Washington and Hamilton, was a member of the First Provineial Congress held in Philadelphia in June, 1776; was chosen a mem-
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ber of the Pennsylvania Council of Safety and was elected to the First Con gress of the United States which convened in New York, March 4, 1789.
Elwain F. Moore, financier, St. Cloud, was born in Wyoming county, New York, June 1, 1851, son of Abram T. and Mary (Chase) Moore, who, in 1856, brought him to Champaign county, Ill., where the father engaged in the mill- ing and grain business for forty years. When the University of Illinois was opened at Urbana, in the fall of 1868, Elwain F. Moore was one of the first students to enter. He graduated in 1872, and was subsequently associated with his father for twenty-two years. In 1894 he became a grain and stock broker in New York City, and four years later purchased a seat in the Con- solidated Exchange. In January, 1902, he came to St. Cloud and purchased a controlling interest in the First National Bank. In the fall of 1902, he became vice-president, and in the spring of 1904 he was made the president. In July, 1913, he retired from active participation in the management of the bank, though he still remains a stockholder. He has several banking and brokerage connections, and is a member of the St. Cloud Commercial Club. Mr. Moore married Ida H. Tewksbury, a native of Baltimore, Maryland, but of Vermont blood on the paternal side of the family. The children of Mr. and Mrs. Moore are: Carlos, George A., Olive C., and Elwain.
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