Langlade County, Wisconsin - Chapter 13, 1922

Chapter 13

Early Bank Charters - First Banking Law - National Bank Act - First Langlade County Bank - The Bank of Antigo - Langlade National Bank - The First National Bank - The Fidelity Savings Bank - Elcho, Neva, White Lake and Phlox Banks - Comparison 1881-1922.

The Territorial Legislature of Michigan granted a charter to the Bank of Wisconsin at Green Bay in 1834. (Before Wisconsin was detached from Michigan Territory.) This bank was in existence until 1838, when upon demand it was liquidated.

Bank charters were granted to the Miner's Bank of Dubuque, la., then in Wisconsin Territory, the Bank of Milwaukee and the Bank of Mineral Point at the Wisconsin Territory Legislature's first session.

Louis Grignon, Green Bay, kin of Charles De Langlade, possessed the first bank bills in Wisconsin. No doubt, they were for service with the British in the War of 1812.

The first general banking law in Wisconsin was adopted in 1852 and has since been frequently amended. All changes are made by the legislature without submission to the electorate.

The National system of banking was organized by law in 1863. The first monetary system was established in the United States by an act of Congress on April 2, 1792. First coinage began at the government mint at Philadelphia. The single gold standard, as a unit of value, was adopted in 1873. State and National banks are required to keep on hand a certain per cent of their deposits to meet all ordinary drafts and such special emergencies as may arise.

The first bank in Langlade County was organized as a private institution in 1881 by L. D. Moses, pioneer Antigo merchant. This bank was located just east of what is now A. A. Lueck's Drug Store. It was called The Langlade County Bank. L. D. Moses was president and Irvin Gray, later an employee of the First National Bank, was cashier.

H. C. Humphrey of Sheboygan Falls and F. W. Humphrey of Shawano purchased the bank from its original owners in 1883 and continued it under the same name and as a private institution.

In February, 1888, the Langlade County Bank was re-organized with a capital stock of $30,000. C. S. Leykom was chosen President, Louis Mendlik, Vice- President and H. C. Humphrey, Cashier. Few changes took place until its re-organization as a National Bank in August, 1901, when it was changed to The Langlade National Bank.

The Langlade National Bank

The capital stock of the Langlade County Bank was increased $20,000 to $50,000 when it was made a National Bank. J. F. Albers was chosen president and H. C. Humphrey as cashier. In January, 1902, H. C. Humphrey resigned and 0. P. Walch was elected cashier. Mr. Walch had entered the employ of the Langlade County Bank when he was a lad of fifteen in 1889 and grew with the institution. In 1918, Mr. Walch was forced to retire from the cashiership, because of ill health. He was chosen second Vice-President. Upon the death of F. J. Finucane, he was made first Vice-President, in 1919. F. G. Wanek of Menominee, Mich., was elected cashier in July, 1918.

The Langlade National Bank increased its capital stock to $100,000 in January, 1920. Its Trust Department was created in 1919, immediately after the state legislature had passed a law allowing this department to be associated with national banks in Wisconsin. Officers at present are: President - Dr. I. D. Steffen, Vice-President - 0. P. Walch; Cashier - F. G. Wanek; Assistant Cashiers - N. J. Raiche and W. J. Schultz; Board of Directors - 0. P. Walch, John Manser, John 01k, I. D. Steffen, W. A. Grant, Robert W. Zobel and Charles H. Avery.

The Bank Of Antigo

In January, 1888, D. E. Jones, Col. Woodard, Dr. A. H. Solliday and Amos Baum of Watertown, Wis., with E. N. Mellor organized The Bank of Antigo. Dr. Solliday was elected president, E. N. Mellor, vice-president and Amos Baum, cashier. The bank was located east of Cody's Shoe Store on Fifth Avenue and progressed without a mishap until the following summer of 1888, when $5,500.00 was stolen from it. The discrepancy was met by the stockholders. In 1890 The Bank of Antigo was closed, its affairs were liquidated and depositors were paid one hundred cents on the dollar.

On January 6, 1891, the name, books, good will, etc., of the bank were sold to H. G. Borgman, C. B. Mc- Donald, Ed. Daskam, C. F. Smith and three Watertown, Wis., men. The capital stock was restored to $25,000 in cash. H. G. Borgman was elected President, C. B. McDonald, Vice-President, and L. E. Buckman, Cashier. In 1897, the bank again closed its doors but to the credit of the stockholders, the depositors were paid one hundred cents on the dollar.

L. D. Moses, pioneer Antigo merchant and first banker, together with Oshkosh men, organized the First State Bank of Antigo in April, 1898, using that name until a First National Bank charter could be secured from the government.

The First National Bank

with a capital stock of $50,000. L. D. Moses was its first President and Fred T. Zentner, its first cashier. Its growth was phenomenal. In January, 1901, W. B. McArthur of Waupaca was elected cashier to succeed Mr. Zentner. In 1902, January, Leander Choate was elected President and upon his death J. C. Lewis, Vice-President, was chosen President. He remained as President until 1919, when he was selected Chairman of the Board of Directors, Dr. F. V. Watson being chosen President. H. B. Kellogg was chosen president of the bank after Dr. F. V. Watson resigned.

In August, 1910, the First National Bank increased its capital stock to $100,000 and its surplus to $20,000. W. B. McArthur resigned as cashier in January, 1919, and was succeeded by J. E. Enquist of Shell Lake, Wis., who was followed by W. W. Smith, Jr., of Sleepy Eye, Minnesota, who assumed this position in July, 1919.

The Fidelity Savings Bank

The Fidelity Savings Bank was organized January 20, 1909, under the general banking laws of Wisconsin and the United States, with a capital stock of $50,000. Its first officers were Henry Hay - President; Anton Molle - Vice-President; Walter Daskam - Cashier. The Board of Directors consisted of the three named together with J. A. Rudolph, John Benishek, C. S. Pierce of Milwaukee and W. J. Mattek.

The Fidelity Savings Bank has had exceptional success and has always been commandeered by a strong official roster. In June 1919, the bank purchased the building in which it is located. The Fidelity Savings Bank building was completely remodeled in the fall of 1919. Walter Daskam, Cashier of the Fidelity Savings Bank has served continually as such since its organization. The members of the Board of Directors are Anton Molle, Vice-President; J. A. Rudolph; J. R. McQuillan, President; Henry Hay and Walter Daskam, Cashier.

Farmers' State Bank Of Phlox

The Farmers' State Bank of Phlox was organized June 1, 1920. The capital stock was $10,000 and remains the same. The present officers, also the original officers of the bank are as follows : President* - W. B. Kramer, Vice-President - M. J. Ellstad, Cashier - A. J. Reinert. Members of the Board of Directors consist of the three named officers together with George Jansen, W. B. Dresser and W. F. Meagher. The bank is located at Phlox, Norwood township. Its present deposits are approximately $38,000. Its surplus is about $1,500 and undivided profits were $887.14 at the close of business January, 1922.

Neva Farmers State Bank

The Neva Farmers State Bank was organized October 1, 1915, with a capital stock of $10,000. Its first officers were : President - W. J. Mattek, I. D. Wood - Cashier and John F. Schultz - Vice-President. The members of the first Board of Directors were : W. J.

Mattek, John F. Schultz, Fred Schwartz, Anton Gallenberg, August Carlson, Fred L. Berner, and A. J. Nowotny. The present officers are : President - John F. Schultz, Fred Schwartz, Anton Gallenberg, Fred L. Berner, Gust Schmidt and Henry Buboltz. The present deposits amount to $199,000. The surplus was $14,000 and the undivided profits $500 in February, 1922. The resources are approximately $220,000. This bank is located at Neva, in Neva township.

White Lake State Bank

The White Lake State Bank was organized in 1921 with a capital of $15,000. The first officers have been retained to date as follows : President - W. D. Cavers, Vice-President - E. G. Woodford; Cashier - V. H. John; who with Peter O'Connor and W. W. Gamble, constitute the Board of Directors. Present deposits are $75,687.55. Surplus is $1,000, undivided profits $337.90 and resources $93,227.21. The bank is located at White Lake village, Langlade township.

State Bank Of Elcho

The State Bank of Elcho is located in the thriving and bustling village of Elcho, Elcho township, and was organized April 3, 1912, with a capital stock of $10,000. Actual business was commenced April 9, 1913.

The first officials of the bank were : Charles W. Fish, President; W. D. Burton, Vice-President; George H. Bauer, Cashier. Original directors were : Charles W. Fish, W. D. Burton, John F. Singer, L. W. Filyes, Charles Beard, Julius Follstad, R. P. Guptil; E. S. Tradewell and Bernhard Follstad. The present officers are: John F. Singer - President; 0. C. Fish - Vice-President; George H. Bauer - Cashier. Present directors are : Charles W. Fish, John F. Singer, Charles Beard, Julius Follstad and 0. C. Fish.

Antigo's three banking institutions have a combined total capital stock of $250,000. Their total resources amounts to over three millions of dollars. Add to this the resources of the State Bank of Elcho, the Neva State Bank, The Farmers State Bank of Phlox and the White Lake State Bank and sum up the deposits of the banking institutions of the county and an idea of the volume of business and accumulated wealth in Langlade County can be gained.

Today the reader can carry money or check to any corner of the world. Money can be deposited with a certainty that it is safe and that your bank deposit slip will be honored thirty days or a year later as it pleases you. This is a contrast to conditions in early days, when banking laws were less stringent and when much of the commerce was through the medium of farm produce. Langlade County official orders, at the time of the organization of the Langlade County Bank, were worth but eighty cents on the dollar.