_____________________________________________
|
CHAPTER XIV
BANKS AND BANKERS The chronological data of Winneshiek county states that in the winter of 1855-56 there were nine banking houses in Decorah, from two of which subsequently developed the Winneshiek County Bank and the First National Bank. If there is any record of the other seven banks we are unable to locate it. THE WINNESHIEK COUNTY STATE DANK It was in 1855 that Horace Weiser, then a young man, came to Iowa from York, Pennsylvania, and located in Decorah. With the ownership vested in H. S. Weiser & Co., he at once engaged in the business of banking, choosing the title of Winneshiek County Bank. That he was a shrewd and an able financier is the uniform testimony of all who knew him, and the fact that his institution weathered the vicissitudes that imperiled many of the banks of that day is a forceful testimonial to his good judgment. Yet with all his, conservatism he bore a splendid reputation for fairness and consideration of the man who, through misfortune or other cause, found himself in financial straits. For twenty years he remained at the head of the bank. Death claimed him on July 19, 1875, when, it may well be said, he was in the prime of manhood and executive ability. The business that he had so successfully established passed into the control of his family, and with the exception that the title of the firm became Mrs. H. S. Weiser & Co. there was no change. E. W. D. Holway became the bank's cashier and C. J. Weiser, assistant cashier, and under their management enjoyed splendid growth. Mrs. Weiser died November 8, 1898. During all these years the institution remained a private bank. In 1902 the owners decided to incorporate under the state banking laws, and the title was changed to the Winneshiek County' State Bank. Charles J. Weiser, who entered the bank as a young man, has been with it through its years of greatest advancement and usefulness to the community, building upon the foundation laid by his father and planning for years to come when he may have put aside the active management to give place to his sons that they may carryon the policies that have made the bank so successful and substantial. It is worthy of note that the Winneshiek County . 157 PAST AND PRESENT OF WINNESHIEK COUNTY
State Bank is the oldest bank in Iowa, either private or organized under laws of Iowa or the nation, and it has always been under one family management. At the present time the bank's resources are nearly a million and three-quarters of dollars and its deposits are over that amount. Twenty years ago the business outgrew the old building that had housed it so long and a new modern structure was erected. As this history is being prepared another new building to take the place of the one of twenty years ago is nearing completion. It will be one of the finest banking houses in Iowa, excelling in beauty and completeness anything in this portion of the state. The officers of the bank are--C. J. Weiser, president; E. W. D. Holway and R. Algar, vice presidents; A. Anfinson, cashier; Anna C. Whalen, assistant cashier. THE FIRST NATIONAL BANK In 1854 the firm of Easton, Cooley & Co., opened the Decorah Bank. The members of the firm were W. L. Easton of Lowville, New York; E. E. Cooley and Leonard Standring. Success attended their activities from the first, and in 1862 James H. Easton, oldest son of W. L. Easton, joined the institution, becoming its president. The interests of the other partners were acquired by the Eastons and for several years the firm was known as W. L. Easton & Son. In 1870 advantage was taken of the National banking act and the First National Bank of Decorah took its place. In the years that followed it forged to the front and was recognized as the leading financial institution in this portion of Iowa. It may be said the bank enjoyed too much prosperity, and as a result some of its officers sought investments elsewhere. Almost without exception these investments proved unfortunate, large losses were sustained, and the bank became so involved that in November, 1896, it was forced to close its doors.
THE CITIZENS SAVINGS BANK The third bank to be opened in Decorah was the Citizens Savings Bank. Its incorporators were C. W. Burdick, L. L. Cadwell, George Phelps, A. W. Grow and Nelson Burdick, and it opened for business on February 20, 1884. Its growth was not rapid, but it was steady and substantial. Up to October, 1907, it was located in the building now occupied by the Decorah Tailoring Co. at 111 Winnebago street. In that year the building at the corner of Winnebago and Water streets, opposite Ben Bear's store, was purchased and remodeled as a banking home and office building. Here the bank has continued to thrive, winning new friends and patrons each year and holding its old ones as well by its sound policies and courteous treatment to all. In January, 1904, C. W. Burdick, who had been the bank's president
from its organization, sold his interests to his associates, and
E. J. Curtin was elected PAST AND PRESENT OF WINNESHIEK COUNTY 161 to succeed him. Mr. Curtin became associated with the bank as messenger and bookkeeper soon after it opened for business and advanced steadily, both in official capacity and in the esteem of its patrons, proving his capacity in all departments. His worth has also been recognized among the bankers of the state. Within the past five years he has served as treasurer and president of their state organization, as well as on important committees of the national organization. He is a member of the board of directors of the Iowa State Agricultural Society and has financial interests at Beach and Sterling, North Dakota, in addition to his local interests, which combine to make him one of Decorah's busiest business men. Associated with him in the management of the Citizens Savings Bank are Ogden Casterton, R. F. B. Portman, Dr. F. \V. Conover and John Curtin as directors. Ogden Casterton is vice president, B. J. McKay is cashier, F. E. Cratsenberg and Richard E. Bucknell are assistant cashiers, and Miss Minnie Palmer as stenographer and bookkeeper completes the personnel of the force. The bank's resources are between $500,000 and $600,000 and each year sees a healthy increase in its volume. THE NATIONAL BANK OF DECORAH The National Bank of Decorah was opened for business on July 12, 1897. Anticipatory of this event the stockholders purchased the building of the defunct First National Bank. In so doing they secured without the necessity of construction a plant that was ample in its capacity, admirable in its appointments, and central in its location. Engaging in business at a time when there was not a little prejudice in the local mind because of the failure of the First National Bank, it was to be expected that their growth would be slow. They soon outlived this prejudice, however, and the close of the first ten years of its existence found it carrying deposits of $425.433.63 and resources of $549,522.62, its capital of $50,000 having been augmented by a surplus fund of $10,000. The men who made this growth possible are among the substantial men of the county. L. B. Whitney, the president, began commercial life as a member of the firm of Cratsenberg & Whitney at Burr Oak. Subsequently he served as treasurer of Winneshiek county for four years, and in these relations sustained a splendid reputation for ability and integrity. O. C. Johnson, the vice president, was for many years a merchant in Decorah, later county auditor; §l man of sterling character. H. C. Hjerlaid, the cashier, came to Decorah from the Cresco Union Savings Bank and at once established the fact that he was a capable banker. W. F. Baker, the assistant cashier has grown up with the bank and has won deserved recognition both as a bank officer and on the city council where he has served with distinction as alderman for several years. The directors of the bank are J. J. Haug of Spillville, G. F. Gunderson of Ossian, F. H. and A. C. Baker of Decorah, O. L. Wennes of Highlandville, and E. R. Thompson of Cresco, all men of recognized high standing in their various communities. Some years ago the bank acquired the abstract books of C. W.
Burdick and these have become a valuable adjunct of the business.
They are in charge of Miss Cora Auchmoody, who enjoys the distinction
of being one of the most accurate abstracters in Northern Iowa.
Miss Lilian Wise is Miss Auchmoody's assistant. PAST AND PRESENT OF WINNESHIEK COUNTY 162 THE DECORAH STATE BANK In September, 1906, the Decorah State Bank was organized in Decorah. Its incorporators were R A. Engbretsol1; A. L. Haakenson, G. E. Soland, A. J. Dyrland, T: O. Storla, Dr. T. Stabo, E. J. Hook, and E. P. Johnson. The bank opened about October 1st, with a capital of $25,000, in the Sampson building (at the corner of Water and Washington streets) which had been purchased and remodeled to meet its requirements. The equipment was modest, but ample for a considerable period of growth, and while it has not yet made a demand upon its full capacity, the bank has enjoyed a steady, substantial success from the first. By many it was not believed that a fourth bank could find a place in Decorah without taking business from other local institutions, but this prediction has not been borne out, in any respect. In fact, the reverse has been the result. The business that has come to this bank has, in a large measure, been new business, and at the same time the other banks have enjoyed the most prosperous period in their existence. When the bank was first organized R. A. Engbretson was chosen as president; E. P. Johnson, vice president; A. L. Haakenson, cashier. Mr. Haakenson was compelled by ill health to resign two years ago, and the vacancy was filled by the election of E. E. Berg, who had formerly been assistant cashier. E. P. Johnson retired from the vice presidency and moved to Minneapolis, L. S. Reque taking his place. At the annual meeting last January, Arthur R. Johnson was made assistant cashier. The board of directors include Messrs. Engbretson, Reque, Berg, G. E. Soland, Dr. T. Stabo, E. J. Hook and Borger Hanson. The bank has capital and surplus of $57,500, the deposits and loans being about $200,000 each, and total resources of $258,000. Affiliated with the Winneshiek County State Bank of Decorah,
but independent in their management, are the Winneshiek County
Banks at Calmar and Ridgeway, the Home Savings Bank at Fort Atkinson,
the Citizens Bank at Spillville, and the Canton State Bank at
Canton, Minnesota. The Winneshiek County Bank at Calmar was organized
about seventeen years ago with Ole P. Ode as cashier. He has remained
as the manager through these successive years and H. A. Dessel
is his assistant. The Ridgeway Bank was acquired by purchase in
February, 1902, from George R. Baker, who had for several years
been engaged in the banking business there. Sivert R. Ringeon
was made cashier. At the present time he is being assisted by
his nephew, Elmer Ringeon. A month following the purchase of the
Ridgeway Bank, the bank at Fort .Atkinson was purchased from W.
F. Miller. Several years ago the business was incorporated under
the state law, the title being changed to the Home Savings Bank.
Frank J. Pouska is its cashier and Fred J. Huber is his assistant.
The Citizens Bank of Spillvil1e was organized in 1908. Local interests
at Spillville joined with the owners of the Winneshiek County
State Bank in the organization. Chas. E. Houser was its first
cashier, but on his removal from Spillville, A. A. Novak succeeded
to the cashiership. C. J. Andera is his assistant. F. A. Masters
is cashier of the Canton State Bank. Although not a Winneshiek
county institution we mention it because of its association with
the Winneshiek County State Bank and the further fact that considerable
Winneshiek county money is on deposit there. These banks have
been uniformly successful, serving their several communities in
a manner that is in every way satisfactory. PAST AND PRESENT OF WINNESHIEK COUNTY 163 At the time of the organization of the Winneshiek County Bank at Calmar, A. McRobert was in the banking business. He was compelled eventually to close the institution. Among the early bankers of Calmar was John Scott, postmaster and druggist. In 1911 the Calmar Savings Bank was organized with a capital of $10,000. The incorporators included some of the officials of the Citizens Savings Bank of Decorah as well as prominent citizens of Calmar. It has established a surplus fund of $1,000. It deposits aggregate $25,000 and its loans and discounts $18,000. For its size the town of Ossian is as well fortified in its financial interests as any town in this section of the state. In 1880 the Ossian Bank, with Meyer, Carter and Figge as partners, came into existence. It enjoyed a steady and increasing patronage for about a score of years, when it was organized under Iowa law as the Ossian State Bank with capital of $25,000 and surplus of $5,000. Its deposits, according to a recent bank directory, are over $500,000 and its loans and discounts approximate $450,000. Its officers are Fred J. Figge, president; L. A. Meyer, vice president; J. W. Meyer, cashier; Cornell Riveland, assistant cashier. In 1901 a competitor entered the field in the Citizens Bank of Ossian. Its incorporators were some of the prominent business men of the town. The original capital of $10,000 has never been increased, but a surplus fund of $18,000 has been established. Its deposits approach the $400,000 mark and its loans and discounts are $300,000 or better. R. W. Anderson is its president; G. F. Gunderson, vice president; M. J. Klein is its cashier, and E. H. Kleisart is assistant cashier. At Castalia, the Castalia Savings Bank, organized in 1902, may be considered an offspring of the Ossian State Bank. It has a capital of $15,000, surplus of $5,000, deposits of $120,000 and loans and discounts of $110,000. L. A. Meyer is its president and D. C. Malloy its cashier. Burr Oak has a substantial little organization in its savings bank which was organized in 1910. Dr. W. H. Emmons is its president, J. A. Thompson its vice president and E. Kippe its cashier. Its capital is $10,000, deposits $61,000 and loans and discounts--$48,000. Another bank that has Decorah affiliations, but which is not
strictly a Winneshiek county bank, is the State Line Bank of Prosper,
organized in 1911. John T. Ask is its president, G. O. Lermo is
its cashier, while stockholders in the National Bank of Decorah
are also interested along with a number of prominent farmers and
business men in Prosper and vicinity. |
|
This nonprofit research site is an independent affiliate of the American History and Genealogy Project (AHGP), and proud to be hosted by USGenNet, a nonprofit historical and genealogical Safe-Site Server™ solely supported by tax-deductible contributions. No claim is made to the copyrights of individual submitters, and this site complies fully with USGenNet's Nonprofit Conditions of Use
Copyright © 2000 - 2002 D. J. Coover All Rights Reserved Webmaster: D. J. Coover - ustphistor@usgennet.org |
