The history of Mower County, Minnesota : illustrated, Part 32

Author: Curtiss-Wedge, Franklyn
Publication date: 1911
Publisher: Chicago : H. C. Cooper, Jr. & Co.
Number of Pages: 1246

USA > Minnesota > Mower County > The history of Mower County, Minnesota : illustrated > Part 32

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The Austin State Bank was incorporated by C. H. Davidson, G. Schlender, F. I. Crane and R. E. Shepherd, February 1, 1887, with C. H. Davidson, president; R. E. Shepherd, cashier, and C. H. Davidson, Jr., assistant cashier. The bank had a paid-in capital of $25,000 and opened for business in the building for- merly occupied by the Mower County Bank. This was conducted as a state bank until September, 1889, when the Austin National Bank, of Austin, Minn., was organized and succeeded to the busi- ness of the Austin State Bank. The first officers and directors were: C. H. Davidson, president; G. Schleuder, vice-president ; Henry Birkett, eashier; R. L. McCormick, R. D. Hatheway, F. I. Crane and C. H. Davidson, Jr. The capital stock of the bank was $50,000 and it first opened for business in the building formerly occupied by the Austin State Bank. It occupied those quarters until March, 1905, when it moved into its own handsome new building at the northwest corner of Main and Bridge streets.

It has had during its existence but few changes in its official corps, its first president being as stated above, who was succeeded in 1895 by G. Schleuder. He continued as president until he resigned in 1898, when C. H. Davidson again became president. On the death of Mr. Davidson in September, 1901, F. I. Crane became president and retained that position until January, 1909, when he was sneceeded by C. H. Ross, of Minneapolis. The present officers and directors are C. H. Ross, president ; C. II. Davidson, Jr., and J. L. Mitehell, vice-presidents; P. D. Beaulieu, cashier ;

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F. C. Wilbour, assistant cashier. These together with Ethel D. Mitchell constitute the directorate.

C. H. Ross became first connected with the institution in January, 1909, in his present capacity. C. H. Davidson, Jr., has been a director of the bank since its organization, becoming vice- president in January, 1909. J. L. Mitchell became assistant cashier of the bank in January, 1890, and in December of the same year became cashier, holding that position continuously until his election as vice-president in January, 1909. P. D. Beau- lieu, the cashier, was elected to his office in January, 1909, coming to this city from Graceville, Minn. Following is the published statement of its condition March 7, 1911 :

Resources .- Loans and discounts, $232,803.67; overdrafts, $902.94; U. S. bonds to secure circulation, $50,000; other bonds, securities, etc., $10,751 ; banking house and fixtures, $30,000; other real estate owned, $55,817.69; due from banks and U. S. treasurer, $79,901.68; cash on hand, $21,747.15; total, $431,930.78.

Liabilities .- Capital paid in, $50,000; surplus fund, $10,000; undivided profits, less expenses and taxes, $7,647.19; circulation. $48,800; deposits, $315,483.59 ; total, $431,930.78.

The Citizens National Bank of Austin was organized in May, 1893, by C. L. West, J. W. Scott, M. J. Slaven, Seymour Johnson, Jacob Weisel and L. G. Campbell, and those men constituted its first board of directors; C. L. West being president ; M. J. Slaven, vice-president; J. W. Scott, cashier; A. E. Johnson, assistant cashier; the capital being $50,000. The bank purchased the building at the northwest corner of Main and Mill street, of C. L. West, formerly used by him as a dry goods store, which is still their banking house. About two years later C. L. West sold his interest and retired from the bank. L. D. Baird was chosen to succeed him as president and director. He served as such until his appointment as national bank examiner, when he sold his stock and resigned his position. J. W. Scott was then elected president and A. E. Johnson cashier. A. S. Campbell succeeded L. G. Campbell as director, the latter having removed to Blooming Prairie, Minn. The bank continued under this management until in 1902 Messrs. Seymour Johnson and A. E. Johnson sold their stock and withdrew from the bank. B. J. Morey, who had been cashier of a bank in Chester, Iowa, was chosen cashier to succeed A. E. Johnson, and he and Henry W. Lightly were added to the board of directors. In 1903, Jacob Weisel sold his stock and resigned as director. J. E. Crippen, who came from Ortonville. Minn., was appointed assistant cashier and became a director soon after Mr. Morey's connection with the bank. With these officers and directors the bank continued until the fall of 1908, when Messrs. Scott, Morey, Slaven and Lightly retired as officers and

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directors and transferred their interests in the bank to Robert Thompson, of Cresco, Iowa, and Lafayette French, P. H. Friend and J. D. Sheedy, of Austin, who became directors of the bank. In 1909 the control of the bank changed again and passed into the hands of H. W. Hurlbut and Sam A. Rask, and they two, with A. S. Campbell, Robert Thompson and J. E. Crippen, eom- pose the present board of directors, with H. W. Hurlbut, presi- dent ; A. S. Campbell, vice-president, and J. E. Crippen, assistant cashier. Vice-President Campbell is owner of Peerless Mills and has been honored by various positions of trust by the people; is now serving as mayor for a second time. The officers are good business men, and the bank enjoys liberal patronage and is con- servatively managed, as the following last published statement of March 7, 1911, shows :

Resources .- Loans and discounts, $119,552.35; overdrafts, $2,487.72; U. S. bonds to secure circulation, $50,000; banking house and fixtures, $20,326.15; due from banks and U. S. treasurer, $48,603.89; cash on hand, $14,865.25; total, $255,834.56.

Liabilities .- Capital paid in, $50,000; undivided profits, less expenses and taxes paid, $2,502.33; eireulation, $50,000; deposits, $152,876.82; reserve for taxes, $455.41; total, $255,834.56.

GRAND MEADOW.

The Exchange State Bank. The history of the original bank in Grand Meadow is a most unique one, as it was not the inten- tion of the originator to go into the banking business. As a mer- chant, C. F. Greening was engaged in the hardware business, at the same time aeting as paymaster for several grain firms. During the fall of 1871 he paid his bills by drawing sight drafts on the commission men in Milwaukee. In the spring of 1872, having been elected to the office of town treasurer of the town of Grand Meadow, which then included the town of Clayton, and some $1,200 of funds being turned over to him, he was at a loss what to do with the money, not having a safe in which to keep it. Being in Austin shortly afterward and transacting business with the First National Bank there, he noticed they used the Union National Bank, of Chicago, and the Chemical National Bank, of New York, as correspondents. He thought if those two banks were good enough for the First National of Austin they were good enough for him. Ile at once expressed the town funds to the Union National Bank as his bank capital, and a check book of fifty stamped checks was ordered. He paid eastern bills with cheeks on the town money and paid town orders with store money, and was now fully equipped to do an exchange business. The merchants soon "caught on," and, instead of expressing money

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HISTORY OF MOWER COUNTY

or registering letters to pay eastern bills, they bought the new bank cheeks. The farmers also found it convenient, and some little deposits were left with the new bank. A good safe was purchased, with time lock, and the bank was then named "The Exchange Bank," and the rates then established for exchange have never been changed. The Chicago correspondent was not changed until the consolidation of the Union National Bank with the First National of Chicago, the latter bank having since been its Chicago correspondent. For thirty-nine years it has had an account with the Chemical National Bank, New York. The bank was run in this way until the spring of 1874, when F. R. Warner, a brother-in-law of C. F. Greening, was added to the firm and the business carried on under the firm name of Greening & Warner's Exchange Bank, until 1882, when C. F. Greening pur- chased the interest of Mr. Warner and continued as sole owner · of the bank. The capital was at this time $5,000, and gradually increased until 1906, when it had reached $25,000. Having grown to such proportions, it was deemed expedient to organize as a state bank. This was done in December, 1906, and the incorpora- tion took effect January 2, 1907, when the doors were opened as "The Exchange State Bank." The first officers were: C. F. Greening, president ; P. T. Elliott, vice-president ; Elgar F. Green- ing, cashier ; and they, with S. Y. Hyde, Henry Neumann, E. M. Hoff, W. D. Lockwood, C. L. Engen, Adolph Stoltz and George Kuhn, Sr., constituted the first board of directors. The capital stock was $25,000, fully paid in, and the bank opened for business in the same building that had been occupied by the Exchange Bank for the previous twenty years, at 12 Main street. The business increased so rapidly during the first three years after incorporation that it was decided to build a new bank, which was done during the year 1910, on the corner of Main and Second streets. The new building, costing over $12,000, was occupied on the 14th day of December, 1910, a beautiful structure, modern in all particulars, built of Indiana Oriental brick and Lake Supe- rior sandstone, 261/2 x 75 feet, full two stories and basement, with hot water heating plant, storage vault below, two vaults on the main floor, one for customers' safe deposit boxes, the other for the bank cash and books. The cash safe is one of the latest improved manganese steel, screw door, triple time lock safes, weighing nearly a ton and a half. In addition, the vault is protected with the electric alarm system.

The present officers are: C. F. Greening, president; P. T. Elliott, vice-president ; E. F. Greening, cashier, who has held that office over twenty-one years, or since he was sixteen years of age, being at that time the youngest cashier of a bank in the state of Minnesota. The present directors are C. F. Greening, P. T. Elliott,

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E. F. Greening, C. L. Engen, Adolph Stoltz, Henry Neumann, W. D. Lockwood, W. R. Peyton, August Detloff, Sr., Frank S. Hambleton and Andrew Lybeck.

The present capital is $25,000; surplus, $4,000; undivided profits, $1,964.78. The following is a statement of the bank as reported to the superintendent of banks on March 7, 1911 :

Resources .- Loans and discounts, $177,381.28; overdrafts, $808; bonds and premiums, $16,320; banking house and fixtures, $13,697.78; other real estate, $1,625; due from banks, $50,593.23; cash on hand, $6,807.10; total, $267,232.39.

Liabilities .- Capital stock, $25,000; surplus, $4,000; undivided profits, $1,964.78; deposits, $236,267.61 ; total, $267,232.39.

The capital of the bank remains the same as when incorporated and has made annual dividends of six per cent, besides accumu- lating a surplus and undivided profits of $5,964.78 in its four years of life as a state bank. The policy of the bank has been to render to the community all the usual facilities of a conservative country bank, buying and selling exchange, making loans, eol- lecting and discounting notes and securities, fire and insurance agents, selling passage tickets to and from Europe, and all other business incident to banking. The bank does a safe, conservative business and points with pride to the record of thirty-nine years since its inception ; that it has always met every demand on pre- sentation ; that it has never limited a depositor in his withdrawals, but paid in full on demand, during panics and financial flurries, when many others did not. It is not one of the "get rich quick" style of banks, but, like the walls of its new home, is one of the permanent fixtures of Grand Meadow; and of the sixteen banks in Mower county it stands sixth as to capital and surplus, third as to deposits and loans and discounts, and fourth as to total resources.

The Bank of Grand Meadow was organized as a private bank in the early seventies by H. M. Lovell, a merchant of that place, and J. C. Easton, of La Crosse, Wis., who was interested in a line of banks along the Southern Minnesota railroad. It was managed by HI. M. Lovell as cashier. This was continued for about ten years, until J. C. Easton withdrew as a partner from the banks with which he was connected, and H. M. Lovell not caring to continue in the business, it was discontinued, Mr. Lovell devoting his attention to his mercantile business in the firm of Lovell & Sheldon, and to his land interests, the Exchange Bank then occupying the field alone.

First National Bank of Grand Meadow. In 1904 the First National Bank of Grand Meadow was organized by R. E. Crane, G. A. Wright, Benjamin Wright, W. H. Goodsell and F. M. Higbie, the first two named being president and cashier respec-

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tively. Capital, $25,000. They built a convenient banking house on the southeast corner of Main and Second streets, and while thought by some at the time of its organization there would hardly be a field for two banks, they have worked up a very satisfactory business, the other bank in Grand Meadow having at the same time made a steady growth, thus showing the thriving condition of the village and the prosperity prevailing in the country tributary. R. E. Crane has been succeeded as president by Benjamin Wright, and he with W. II. Goodsell, vice-president, G. A. Wright, eashier, and C. W. Higbie, assistant eashier, eom- pose the present offieers. They have a surplus of $4,000; average deposits, $120,000; average loans and discounts, $125,000, and, considering the time the bank has been in business, it is making a very ereditable growth.

LE ROY.

. In the early seventies a private bank was established at Le Roy by G. L. Henderson & Co., bankers, known as the Le Roy Bank. After a few years of not very active life it proved unsue- eessful and went out of business. It was followed by the banking house of D. C. Corbitt, who eondueted it until in the early nine- ties, when he was succeeded by Strong, Farmer & Edwards, of Spring Valley, Minn., a firm of private bankers, under the name of Bank of Le Roy. This in turn was succeeded in 1893 by the First National Bank of Le Roy, of which Wentworth Hayes was president. M. T. Dunn, eashier, and A. J. Hayes, assistant cashier. The bank has a capital of $25,000; surplus and undivided profits, $15,000; average deposits, $150,000, and average loans and dis- eounts of $150,000. Its present officers are W. K. Porter, presi- dent ; M. J. Hart, vice-president ; A. J. Hayes, eashier ; Lynn A. Porter, assistant eashier; M. T. Dunn having sold his interest in the bank and removed to Brainerd, Minn., to engage in the banking business at that place. It is a sueeessful, conservatively managed bank, and has a good record and standing in the community.

In May, 1901, John Frank, C. Hambrecht, S. Englesen, W. M. Frank, William Allen and F. E. Hambreeht entered the banking business in Le Roy under the firm name and style of "Citizens Bank," which they eondueted as a private bank until January, 1904, when they incorporated the First National Bank of Le Roy, into which the business of the Citizens Bank was merged, and of which William Allen was president ; C. Hambrecht, viee-presi- dent; W. M. Frank, eashier; Merrill Bowers, assistant eashier. The bank owns its building ; has a capital of $25,000; surplus and undivided profits of $10,000; average deposits, $175,000; average loans, discounts and bonds, $165,000. The general policy of the

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bank is conservative and aggressive. It is ably managed by its strong directorate and present officers, the latter being C. Ham- brecht, president; F. E. Hambrecht, vice-president ; W. M. Frank, cashier ; Merrill Bowers, assistant cashier ; and is liberally patron- ized, as the above figures indicate.

LYLE.

In 1892, A. H. Anderson opened the Exchange Bank of Lyle, of which he was sole proprietor and which he conducted as a private bank for nine years. During the early part of that time the business was moderate in volume, but gradually increased until in January, 1901, it had increased to such an extent that it was deemed advisable to incorporate the business and increase the capital. Accordingly, the First National Bank of Lyle was organized in January, 1901, by A. H. Anderson, L. W. Sherman, F. M. Beach, A. B. Wilder, John Beach and J. H. Goslee, all of these men being the first board of directors, the officers being as follows: A. H. Anderson, president; L. W. Sherman, vice-presi- dent; F. M. Beach, cashier. In 1908, Miss J. C. Reirson became assistant cashier. The bank owns its banking house, at the corner of First and Grove streets. The present officers are F. M. Beach, president ; L. W. Sherman, vice-president; R. A. Anderson, caslı- ier, and J. C. Reirson, assistant cashier. The directors elected at the last annual meeting were F. M. Beach, L. W. Sherman, R. A. Anderson, A. B. Wilder and B. J. Robertson. The capital is $25,000 ; surplus and undivided profits, $10,000; average depos- its, $215,000; total resources, $260,000. It is an ably managed bank, has been successful during its entire career, and has well earned the confidence of the public.

ADAMS.

The thriving village of Adams having been without banking facilities until 1898, in January of that year Mrs. Sophronia Dean, of Northfield, Minn., and J. G. Schmidt, a banker of that place, together with William W. Dean, opened a private bank known as the Bank of Adams, owned and operated by Dean, Schmidt & Dean, with William W. Dean resident partner and active manager. They purchased a lot and built an attractive, convenient banking house, which they occupied as soon as completed. The business was conducted as a private bank until January, 1906, when the First National Bank of Adams was organized, into which the private bank was merged. Its first officers were J. G. Schmidt, president; W. W. Dean, cashier. Upon the retirement of J. G. Schmidt, Mrs. S. Dean was chosen to succeed him. The present

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officers and directors are as follows: Mrs. S. Dean, president ; Michael Krebsbach, vice-president; W. W. Dean, cashier; A. J. Krebsbach, assistant cashier; and L. II. Carter, John H. Krebs- bach and Warren H. Dean. The bank has a capital of $25,000; surplus, $5,000; average deposits, $215,000; total resources, $270,000. The First National Bank has been an important factor in promoting the growth of Adams, has been a successful institu- tion, and has the confidence of the public.

RACINE.

This village, located in the northeastern township of the county, was without local banking facilities until the year 1898, when the "Bank of Racine," a private institution, was opened by Silas Utzinger, C. F. Kumm and S. H. Hale, the active manager being Silas Utzinger. In February, 1908, this private bank was converted into the Racine State Bank, which was incorporated at that time by the same interests. The business has steadily grown in volume, the bank now having capital of $15,000, sur- plus $2,000, and average deposits $75,000. The present officers and directors are Silas Utzinger, president ; Chris Schwartz, vice- president ; R. W. Chadwick, eashier; E. G. Utzinger, assistant cashier, and C. H. Stephan, S. J. Sanborn, J. G. Schroeder and J. F. Bollinger. Owing to their geographical location, many of their customers are residents of the adjoining counties of Fill- more and Dodge. The bank has been a large factor in develop- ing the interests of this prosperous community and enjoys a high rating.

ROSE CREEK.

Augustus Vaux, a lumber merchant of Rose Creek, in company with F. M. Beach, John Cronan, C. W. Lacy and E. W. Decker, opened the Bank of Rose Creek, a private institution, with F. M. Beach, president ; John Cronan, vice-president, and Augustus Vaux, cashier, in the year 1902. These persons sold their inter- ests in the bank to Mrs. S. Dean, William W. Dean and Warren H. Dean in February, 1906, and they conducted it as a private institution until March, 1908, when it was incorporated as the "State Bank of Rose Creek." The following were elected officers at that time and have been re-elected annually: Mrs. S. Dean, president ; John Cronan, vice-president ; W. H. Dean, cashier. The bank occupies its own building erected in 1902.

The following is a statement of the condition of the State Bank of Rose Creek at the last call on March 7, 1911 :

Resources .- Loans and discounts, $85,365.30; overdrafts, $676.12; U. S. and other bonds, $12,000; banking house and fix-

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tures, $5,085.21; cash on hand and in other banks, $27,596.75; total, $130,723.38.

Liabilities .- Capital stock, $10,000; surplus and undivided profits, $1,646.97; deposits, $119,076.41; total, $130,723.38. This bank is closely connected with the First National Bank of Adams, having substantially the same shareholders, and the foregoing figures tell their own story of the growth and healthy condition of the bank.

DEXTER.

In October, 1902, F. C. Hartshorn, of Clarion, Iowa, who had bought several farms in the vicinity of Dexter, together with his son-in-law, D. L. Mills, and Lee T. Jester, of Grand Meadow, organized a private bank known as the Bank of Dexter, with $25,000. They built a handsome, convenient banking house, and under the management of D. L. Mills as cashier, conducted the bank for four years, during which time they worked up a good business. In January, 1907, they sold the business to G. A. Wright and W. A. Nolan, of Grand Meadow, and Henry Weber, Jr., F. M. Conklin and G. J. Schottler, of Dexter, who incorpo- rated the business under the name of the First State Bank of Dexter, with the above named gentlemen as directors, G. A. Wright being president and F. M. Conklin, cashier. About two years ago the stock held by Grand Meadow people, represented by Messrs. Wright and Nolan, was sold and they retired from the bank. Its present officers are Henry Weber, Jr., president ; G. J. Schottler, viee-president ; F. M. Conklin, cashier; Theodore Kramer, assistant cashier. Capital. $10,000; surplus, $2,500; average deposits, $80,000. The bank is well patronized and doing a successful business.

SARGEANT.

The Bank of Sargeant was organized as a private bank by MeD. Williams, of Dodge Center, and Thomas Doig. of Claremont, and F. W. Blanch, son-in-law of the latter, they three being, respectively, president, vice-president and cashier, who conducted it until its sale in 1906 to W. G. Shaffer, of New Hampton, Iowa ; W. H. Schoonmacher and F. W. Smock, of Riceville, Iowa, who incorporated it as the State Bank of Sargeant, with W. G. Shaffer, president, and F. W. Smock, cashier, the latter being the resident and active officer of the bank. It has a capital of $10,000; surplus and profits, $2,000; average deposits, $35,000. The bank occupies its own building, having erected a new banking office two years ago. Its owners are connected with banking interests in Iowa and stand highly in their respective communities. It does a

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general banking, collection and real estate business, its territory extending into the adjoining county of Dodge.

BROWNSDALE.

The Bank of Brownsdale was organized as a private bank in February, 1904, with $5,000 capital, the co-partners being N. K. Dahle, William Waterman, J. H. Ruprecht, M. Stephenson and W. G. Weisbeck, the first two named being president and cashier respectively. In January, 1905, William Waterman resigned as cashier, sold his interest in the bank and removed to Nebraska. George M. Shortt was chosen cashier to succeed him. In Feb- ruary, 1908, having run as a private bank for four years,. the business was incorporated and the name adopted was the State Bank of Brownsdale. Its present officers are N. K. Dahle, presi- dent ; M. Stephenson, vice-president ; George M. Shortt, cashier, and they, together with F. E. Gerbig and W. G. Weisbeck, con- stitute its present board of directors. It has a capital of $10,000; surplus, $1,100; average deposits, $50,000. It is a prudently man- aged institution, and the progress it has made reflects credit upon its officers and is evidence of the prosperity of the community it serves.

WALTHAM.

The Bank of Waltham, a private bank, was opened by Veblen, Rask and company, in 1903, with a capital of $10,000; O. A. Veblen, president ; O. P. Rask, viee-president, both of Blooming Prairie, Min., and at that time connected with the First National Bank of that place, and C. E. Sanders, cashier. It was so con- ducted until June, 1908, when the Waltham State Bank was incorporated, taking over the business of the Bank of Waltham, A. A. Morsching having succeeded C. E. Sanders as cashier. Built and owns its banking house ; is located in a thrifty German settlement and doing a safe and satisfactory business. Hlas a capital of $10,000; surplus, $2,000; average deposits, $40,000. Present officers are O. A. Veblen, of Minneapolis, president ; J. A. Stephan, vice-president ; L. S. Chapman, cashier; W. A. Chapman, assistant cashier, all well and favorably known, and the pub- lished statements of the bank show it to be in a prosperous condition.

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The history of Mower County, Minnesota : illustrated, Part 32

Author: Curtiss-Wedge, Franklyn Publication date: 1911 Publisher: Chicago : H. C. Cooper, Jr. & Co. Number of Pages: 1246

Author: Curtiss-Wedge, Franklyn
Publication date: 1911
Publisher: Chicago : H. C. Cooper, Jr. & Co.
Number of Pages: 1246