Mower County, Minnesota - Chapter 22: Banks and Banking, 1911

Chapter 22: Banks and Banking

Story of the Growth and Development of the Financial Interests of the County, Told by Nathan F. Banfield - First Bank in the County - Banks of Austin, Grand Meadow, Le Roy, Lyle, Adams, Racine, Rose Creek, Dexter, Sargeant, Brownsdale, Waltham, Taopi - Summary of Banking Conditions in Mower County.

The Bank of Southei'ii Minnesota was established at Austin in the early sixties by A. L. Pritchard and A. M. Pett, and continued in business for about two years. It was followed in 1866 by the "Banking and Exchange Office of Harlan W. Page," who came to Austin that year from his native state of New Hampshire. He conducted this as a private bank for about two years, during which time the business increased to such proportions as to require additional capital to properly care for the needs of the community. In the fall of 1868 he enlisted the interest of ex- Governor Samuel Merrill, of Iowa, and his brother, J. H. Merrill, of McGregor, Iowa, in organizing a new bank. Associated with the Merrills in business at McGregor was Oliver W. Shaw, a native of New Hampshire, who had known the Merrill brothers and Harlan W. Page at Tamworth, in that state, before coming west, and they sent him to Austin to look the field over. After doing so he decided to unite with them in the banking business at Austin. As a result of his decision and action, the First National Bank of Austin, Minn., was incorporated and a charter granted to it liy the United States government, October 27, 1868, with a paid-in capital of $50,000. It took until the 15th of February following to complete the organization details, and on that date the new bank opened for business, having bought out and taken over the private banking business of Harlan W. Page. The first officers were O. W. Shaw, president, and H. W. Page, cashier, and they, together with J. H. Merrill, N. P. Austin and E. 0. "Wheeler, composed the first board of directors. The site selected for the banking house was the northeast corner of Main and Bridge streets, which has continued to be the First National Bank corner. In ]\I^y, 1870, George F. Trenwith, who had been a bookkeeper in the bank, was chosen assistant cashier. In January, 1872, Edward A. Rollins, a capitalist at Philadelphia, and brotherin-law of O. W. Shaw, having become a large stockholder, was elected a director in place of J. H. Merrill. The bank continued under the same management until July 1. 1885, when II. "\V. Page disposed of his holdings and resigned as cashier to accept the position of financial secretary of Carleton College, at Northfield. Minn. He was succeeded as cashier by Nathan F. Banfield, whose native place is West Roxbiiry, Mass., and who entered the employ of the bank in March, 1879, through his acquaintance with E. A. Rollins. He had been appointed assistant cashier in April, 1882, and elected a director in January, 1884, succeeding George E. Skinner, of St. Paul. In June, 1903, he was appointed vicepresident and cashier. In May, 1892, Herbert L. Banfield, of AYorcester, Mass., who entered the employ of the bank in i\Iarch. 1886, was appointed assistant cashier, and in January, 1902, was elected a director. In November, 1907, Henry J. Drost, a native of Holland, was appointed assistant cashier and Avas elected a director, he having entered the employ of the bank in April, 1887. In 1902, Edward H. Sterling was elected a director, succeeding his father, James M. Sterling, Avho had served in that capacity for thirteen years, E. H. Sterling having been in the employ of the bank since April, 1896. In January, 1909, Nathan F. Banfield, Jr., who entered the employ of the bank in August. 1904, was elected a director. These men constitute the present officers and directors of the bank, and by their faithful and conscientious attention to its affairs have contributed in a large measure to its success. The organization number of this bank in the national system is 1690 ; its first charter period of twenty years was renewed October 27, 1888, and the second, after forty years of business, was renewed October 27, 1908, for a third twenty-year period. During a career of forty-two years the bank has been most fortunate in having as its head and guiding spirit its worthy and beloved president, Oliver "W. Shaw, who is still active in its management. In January, 1902, the capital of the bank was increased to $100,000, commensurate with the increase in deposits. Its surplus fund is also $100,000, and undivided profits are $30,000. The taxes paid the county on capital and surplus average about $-±.000, and for the year 1910 exceeded $4,200. Interest paid to depositors for several years past on time deposits has averaged $15,000 per annum. The business has steadily increased until the deposits now average more than $900,000, having at certain times in the year exceeded $1,000,000. The total resources March 7, 1911, date of last report to the comptroller of the currency, reached the sum of $1,312,301. Tliese figures show not only the extent to which lliis bank ti-ies to fulfill its mission and perform its duty ti) the community, the territory properly tributary to it. and its patrons, wherever they may be, but they also plainly show how m\ich it owes to its friends and patrons for their loyalty and confidence during these many years. Owing to the fact of having surplus and undividi'd ]>r()fits exceeding the capital, it occupies a place on the roll of honor of The Financier, a distinction enjoyed by comparatively few banks in the state. In many instances Messrs. Shaw and Banfield are doing business with the thirrl generation. For this liberal patronage so long continued, they feel grateful and express due appreciation and hope to merit its continuation in the years to come.

Several young men who have served the bank for periods varying from five to eighteen years, and did their part in promoting its welfare, have been called to responsible positions in other places, and to mention them may not be out of place : F. R. Cordley. who became assistant cashier of the National Exchange Bank, Boston, now Avith Charles R. Flint & Brother, of New York ; T. W. Andrew, who went to the same bank, and is now cashier of the First National Bank, Philadelphia; A. "W. Wright, who became a lawyer and has been a practicing attorney of this city for many years ; J. N. Nicholsen, who also became a lawyer and is now a member of the law firm of Catherwood & Nicholsen, of this city ; C. J. Sargent, who removed to Red Wing, Minn., where he is cashier of the Goodhue County National Bank ; W. E. AYaldron, who went to Billings, Mont., where he is cashier of the Yellowstone National Bank ; L. E. Wakefield, who became assistant cashier of the Northwestern National Bank, of Minneapolis, and is now treasurer of the Wells & Dickey Company, of that city.

The policy of the First National Bank of Austin has always been conservative; it has adhered to true banking principles and its officers haA'c concentrated their energy and attention to the aflFairs of the bank, believing the public approved of that kind of management and service ; and the position the bank occupies, and the esteem in which it is held at home and Avherever it is known, seems to confirm that theory as correct. It has passed safely through the panics «of 1873, 1893. 1896 and 1907, and through other hard and trying periods ; has always stood for solidity and strength, and the people of Austin and Mower county take .iustifiablc pride in this sound financial institution that has served them so well for forty-two years. The First National Bank is a designated depository of the United States and is strictly a home l)ank, as its stock is all owned in Austin. The +ast published statement of its condition, made to the comptroller of the currency. ]\rarch 7. 1911, is as follows:

The Mower County Bank was organized at Austin shortly after the First Xatioual Bank, in the year 1869, by Sylvester Smith, formerly county treasurer, of Austin; W. T. Wilkins, formerly treasurer of Fillmore comity, of Preston, and J. C. Easton, a capitalist of La Crosse, Wis., under the firm name of "Smith, "Wilkins & Easton, Bankers." In the year 1882, Mr. Easton withdrew from the bank, as well as from numerous other banks in which he was interested in towns on the Southern Minnesota railroad; and Sylvester Smith having died, the firm was reorganized by W. T. Wilkins and Fay R. Smith, a son of Sylvester Smith, who had for some years been identified with the bank under the firm name of "Wilkins & Smith, Bankers." They had built up a good business and enjoyed a liberal patronage, and their deposits reached a total of $100,000, which was large for that time in our history. Owing to unwise management and injudicious investments, coupled with the hard times experience at that period, the bank failed, June 12, 1886, and passed into the hands of F. I. Crane, receiver, who settled up its affairs.

The Austin State Bank was incorporated by C. H. Davidson, G. Schleuder, 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 formerly occupied by the Mower County Bank. This was conducted as a state bank until September, 1889, when the Austin National Bank, of Austin, Minn., Avas organized and succeeded to the business of the Austin State Bank. The first officers and directors were : C. H. Davidson, president ; G. Schleuder, vice-president ; Henry Birkett. cashier ; R. L. McCormick, R. D. Ilatheway, F. I. Crane and C. 11. 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, Avhen he was succeeded by C. II. Ross, of Minneapolis. The present officers aiid directors are C. H. Ross, president ; C. II. Davidson, Jr., and J. L. :\Ii1ehelI, vice-presidents; P. D. Beaulieu, cashier;

C. II. Ross became first connected with the institution in January, 1909, in his present capacity. C. II. Davidson, Jr., has been a director of the bank since its organization, becoming vicepresident in Januarj', 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. Beaulieu, 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 :

The Citizens National Bank of Austin was organized in May, 1893, by C. L. West. J. AV. 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 ]\Iessrs. 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. Morej^'s connection with the bank. With these officers and directors the bank continued until the fall of 1908, when ^Messrs. Scott, I\Iorey, Slaven and Lightly retired as officers and directors and transferred their interests in the bank to Eobert Thompson, of Cresco, Iowa, and Lafayette French, P. H. Friend and J. D. Sheedj% 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, compose the present board of directors, with H. "W. Hurlbut, president; 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 en.joys liberal patronage and is conservatively managed, as the following last published statement of March 7, 1911, shows:

Grand Meadow

The Exchange State Bank. The history of the original bank in Grand i\Ieadow is a most unique one, as it was not the intention of the originator to go into the banking business. As a merchant, C. F. Greening was engaged in the hardware business, at the same time acting as paymaster for several grain firms. During the fall of 1871 he paid his bills by draAving 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 fluids 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 witli 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 Avere good enough for him. He at once expressed the town funds to tlie 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 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. K. Warner, a brother-in-law of C. F. Greening, was added to the firm and the business carried on mider the firm name of Greening & Warner's Exchange Bank, until 1882, when C. F. Greening purchased 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 incorporation 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. Greening, cashier; and they, with S. Y. Hyde, Henry Neumann, E. j\I. 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 Superior sandstone, 26% 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 ea.sh 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, casliier, wlio has held tluit office over twenty-one years, or since he was sixteen years of age, being at that time the j'oungest cashier of a bank in the state of ^Minnesota. The present directors are C. F. Greening, P. T. Elliott,

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:

The capital of the bank remains the same as when incorporated and has made annual dividends of six per cent, besides accumulating 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, collecting 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 presentation ; that it has never limited a depositor in his withdrawals, but paid in full on demand, during panics and financial fli;rries, Avhen 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 ill the early seventies by IL 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 II. 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 oci-upying tlie field alone.

First National Bank of Grand Meadow. In 1904 the First National P.aiik of Grand ^Meadow was organized by R. E. Crane, G. A. Wright, Benjamin AVriglit, W. H. Goodsell and F. M. Higbio, the first two named being president and cashier respec- 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 counti-y tributary. R. E. Crane has been succeeded as president by Benjamin AVright, and he with W. H. Goodsell, vice-president, G. A. Wright, cashier, and C. W. Higbie, assistant cashier, compose the present officers. 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 creditable 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 unsuccessful and went out of business. It was followed by the banking house of D. C. Corbitt, who conducted it until in the early nineties, 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, cashier, 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 discounts of $150,000. Its present officers are W. K. Porter, president ; M. J. Hart, vice-president ; A. J. Hayes, cashier ; Lynn A. Porter, assistant cashier; 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 successful, 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. Hambrecht entered the banking business in Le Roy under the firm name and style of "Citizens Bank," which they conducted 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. IIaml)recht, vice-president; W. M. Frank, cashier; Merrill Bowers, a.ssistant cashier. The bank owns its building; has a capital of $25,000; surplus artd undivided profits of $10,000; average deposits, $175,000; average loans, discounts and bonds, $165,000. Tiie general policy of the bank is conservative and aggressive. It is ably managed by its strong directorate and present officers, the latter being C. Hambreeht, president ; F. E. Hambreclit, vice-president ; W. M. Frank, cashier ; Merrill Bowers, assistant cashier ; and is liberally patron-" ized, as the above figures indicate.

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 Avas 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-president; 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, cashier, 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 deposits, $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.

The tliriving 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, I\rrs. S. Dean was chosen to succeed him. The present officers and directors are as follows: Mrs. S. Dean, president; Michael Krebsbach, vice-president; W. W. Dean, cashier; A. J. Krobsbach, assistant cashier; and L. H. Carter, John II. Krebsbach 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 institutioUj^aud has the confidence of the public.

This A'illage, located in the northeastern township of tlie county, was without local banking facilities until the year lS!)cS, 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, Avhich was incorporated at that time by the same interests. The business has steadily grown in volume, the bank now having capital of $15,000, surplus $2,000, and average deposits $75,000. The present officers and directors are Silas Utzinger, president ; Chris Schwartz, vicepresident ; R. "W. Chadwick, cashier; 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 Iheir customers are residents of the adjoining counties of Fillmore and Dodge. The bank has been a large factor in developing tlie interests of this prosperous community and enjoys a high rating.

Rose Creek

Augustus Vaux, a lumber merchant of Rose Creek, in company '"ith F. M. Beach, John Cronan, C. ^^\ Lacy and E. W. Decker, opened the Bank of Rose Creek, a private institution, with F. M. Beach, president ; John Cronan, Aace-president, and Augustus Vaux, cashier, in the year 1902. These persons sold their interests in the liauk to ]\Ir3. S. Dean, William W. Dean and Warren H. Dean in February, 1906, and they conducted it as a private institution until ]\larcli. 1908, when it was incorporated as the "State Bank of Rose Creek." The following were elected officers at tliat time and liave been re-elected annually: ^Irs. S. Dean, president; John Cronan, vice-president; W. II. Dean, cashier. The bank occupies its own building erected in l*t()2.

Liabilities. - Capital stock, $10,000; surplus and undivided prolits, $1,646.97; deposits, $119,076.41; total, $130,723.38. This J)ank 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. AA^right and W. A. Nolan, of Grand MeadoAV, and Henry "VVeber, Jr., F. M. Conklin and G. J. Schottler, of Dexter, Avho incorporated 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 ]\Ieadow people, represented by Messrs. Wright and Nolan, was sold and they retired from the bank. Its present officers are Henry AVeber, Jr., president ; G. J. Schottler, vice-president; F. M. Conklin, cashier; Theodore Kramer, assistant cashier. Capital $10,000; surplus, $2,500; average deposits, $80,000. The bank is i\-e]] patronized and doing a successful business.

The Bank of Sargeant was organized as a private bank by McD. AVilliams, 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. AV. Smock, of Riceville, Iowa, who incorporated it as the State Bank of Sargeant, witli AY. G. Shaft'er, president, and F. AA^. Smock, cashier, the latter being the resident and active officer of tlie bank. It has a capital of $10,000; surplus and profits, $2,000; average deposits, $35,000. The bank occupies its ov.'n building, having erected a new banking office two years ago. Its owners ar" connected with banking interests in lowii and stand highly in ib'-ir respective communities. It does a

The Bank of Erownsdale was organized as a private bank in February, 1904. with $.").000 capital, the co-partners being N. K. Dahle, AVilliani AVaterraan, J. H. Ruprecht, M. Stephenson and W. G. Weisbeciv, 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 Avas chosen cashier to succeed him. In February, 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 oflicers are N. K. Dahle, president ; M. Stephenson, vice-president ; George M. Shortt, cashier, and they, together with F. E. Gerbig and W. G. AVeisbeck, constitute its present board of directors. It has a capital of $10,000 ; surplus, $1,100 ; average deposits, $50,000. It is a prudently managed institution, and the progress it has made reflects credit upon its officers and is evidence of the prosperity of the community it serves.

The Bank of Waltham, a private bank, Avas opened by Vebleu, Rask and company, in 1903, Avith a capital of $10,000; 0. A. Veblen, president; O. P. Rask, vice-president, both of Blooming Prairie, Minn., and at that time connected Avith the First National Bank of that place, and C. E. Sanders, cashier. It Avas so conducted until June, 1908, Avhen the Waltham State Bank Avas 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. Has a capital of $10,000; surplus, $2,000; average deposits, $40,000. Present officers are 0. A. Veblen, of Minneapolis, president ; J. A. Stephan, vice-president; L. S. Chapman, cashier; W. A. Clui])man. assistant cashier, all Avell and favorably knoAvn, and the published statements of the liank shoAV it to be in a prosperous condition.

In the spring of 1906 L. E. Bourquin, of Butler county, Iowa, believing Taopi afforded a favoraldc opening for a l)ank. decided to locate there, and in ^lay of that year oi)ened a private bank called the -'Bank of Taopi,"' in the Aliemaii store Imiiding. whiT(> they transacted business until the completion of the two-story brick banking house erected that summer. In IMarch, 1908, the bank was converted into a stat? organization, adopting as its corporate name "The First State Bank of Taopi," the incorporators being W. F. Jordan, Tliomas Kough, P. J. Peterson and L. E. Bourquin, with P. J. Peterson, president ; Thomas Kough, vice-president ; L. E. Bourquin, cashier, and A. J. Bourquin, assistant cashier. In October, 1910, L. E. Bourquin sold his interest to G. W. Pitts, vice-president of the Bank of North- Avestern Iowa, at Alton, in that state, and his son, G. S. Pitts, of the same place, who then assumed the management of the bank. Directors are P. J. Peterson, W. F. Jordan, Thomas Kough, G. W. Pitts and G. S. Pitts, and the officers are G. W. Pitts, president ; Thomas Kough, vice-president ; G. S. Pitts, cashier, and Gladys C. Pitts, assistant cashier.

G. W. Pitts purchased about 2,500 acres of what is known as the "Big Taopi Farm," and has erected new farm buildings on some of the places, and is subdividing the large tract into smaller farms, and is active in promoting the interests of that locality.

The Mower County Transcript, one of the oldest newspapers published in Austin, for some time past has collected the statements of the ditferent banks in the county and from them has compiled a condensed statement of all the banks, showing their capital and surplus, deposits, loans and discounts, and total resources. The one taken from the last reports, made March 7, 1911, in response to the call made by the comptroller of the currency to the national banks, and by the superintendent of banks to the state banks, is as follows :