Monroe County, Wisconsin - Chapter 27: Tpie Banks of Sparta, 1912

Chapter 27: Tpie Banks of Sparta

Within four years after the passage of the law which created the county of Monroe, the citizens of Sparta were furnished with banking facilities through the organization of the Bank of Sparta in 1858. From that time until the present the banking business has been conservatively and safely conducted with the exception of a private banking institution of M. A. Thayer and Company, which originally was established in the 70 's by M. A. Thayer and R. S. Kingman, but which failed, together with the bank established by Mr. Thayer at Tomah in 1893.

The other banking institution have been distinguished for a steady and substantial growth. Two of them are housed in their own buildings and the third will undoubtedly acquire its home within the next few years.

The combined capital of the three institutions in Sparta is now $100,000. The total amount of of the surplus of the three institutions combined is $17,250, and the total amount of resources is $1,257,933.10.

The Bank of Sparta, which is the oldest bank in the state of "Wisconsin west of Madison, was organized in 1858 by John T. Hemphill, who came from ]\Iilwaukee, AYis., and Samuel JMcCord, of ]\Iadison, Wis. It was inaugurated under the banking laws of 1852 and opened for business on the 26th day of July in tiiat year, in the north half of the one-story frame building which is now No. 120 North Water street and occupied by the Grand Rapids Llilling Company. The other half of the building at that time was occupied by the postofiice. Both Mr. Hemphill and Mr. McCord were experienced bankers, formerly having been connected with the Marshall & Ilsley Bank at ^Milwaukee, Wis., the latter being connected with the State Bank of ^ladison. In 1860 ]\Ir. McCord sold his interest in the institution and moved to Milwaukee.

A statement of the l)ank at this time is interesting and the following is copied from the semi-annual report, dated July 2, 1860, on file with the register of deeds of ]\Ionroe county :

The remarkable fact about tliis statement is what appears to be the small amount of cash entered in this statement as "specie" as only $2,145.55, but it will l)e ol)served th;it the bank at that time issued its notes for circulation, which amounted to over $15,000.

In the fall of 1860 the bank removed to the corner of AVater and ]Main streets, into Avhat was known as the "Goss building," now the site of the INIasonic Temple, and while there plans were made for a more su])stantial home. In 1864 the bank erected the first brick business building in the village, designed by a ^Milwaukee arcliitcct, and a very tine building at the tinie. This was occupied by tin.* institution until it Avas replaced in 1906-07 l)y the present ])ank building, except for temporary occupancy of a building opposite during the construction of the new bank.

AVhen the natioiud hanking system was established througiiout the country the Bank of Sparta reorganized in 1865 as the First National Bank and increased the number of its stockholders. The oflicers then chosen were: John T. Hemphill, president ; T. B. Tyler, vice president, and Thomas AV. Wilson, cashier. Later Air. Wilson removed to Alinneapolis and was succeeded by AVilliam AVright.

On Alay 8, 1873, E. H. Canfield entered the office as bookkeeper, was elected assistant cashier in 1877, and cashier in 1878, having faithfully served the bank continuously to the jiresent

Bank Op Sparta The Banks Of Sparta 303

In 1879 Ira A. Hill hecame identified with the institution and was elected as a member of the l)oard of directors. At the retirement of Ml'. Hemphill in 1883, who removed to Indian territory, Mr. Tyler was elected president and Mr. Hill vice president. They held these offices until 1886, when Mr. Tyler's death occurred and Mr. Hill was elected president, in which capacity he continued until the time of his death in 1904.

In 1898 Messrs. D. D. Cheney and D. AA^ Cheney became interested in the institution, the former being elected vice president and the latter assistant cashier. D. D. Cheney retired as vice president in 1901, but continued as a member of the board of directors until his death in 1904. D. AY. Cheney succeeded his father as vice president and at the death of Mr. Hill was elected president to succeed him, which office he holds at the present time.

Louis T. Hill entered the bank as a bookkeeper in 1893, and was elected assistant cashier in 1897 and vice president in 1904, which position he now holds. A. AV. Barney, who had formerly been connected with the Alonroe County Bank, became associated with the Bank of Sparta in 1901 and was made assistant cashier, and later the same year was promoted to vice president. A. AV. Ryon entered the employ of the bank in 1908 and was in 1911 promoted to the position of assistant cashier. J. D. Button, formerly in the grocery business in the city of Sparta, was employed as assistant cashier in 1911; Pearl Kelley, assistant bookkeeper, and Charles Aylesworth, night watchman.

The management of this institution has during its fifty-four years of existence aided many men and many business enterprises in their growth from small beginnings to greater success and usefulness, and numbered among its present customers are the sons and grandsons of those who were valued customers of the bank in its earlier days. It moved into the present handsome banking building on Alay 17, 1907; truly one of the most artistic, commodious and substantial buildings of its character to be found anywhere. It occupies thirty-five feet front and is is eighty-five feet deep, is of classic design and massive in outlines; the front is of Indiana Bedford stone; the interior arrangement of the bank is according to the best modern ideas for an institution devoted solely to country banking purposes, with every convenience for l)t)tli the patrons of the bank, its officers and employees ; there is a three-story vault built independently of the structure, the walls being lieavier than standard and reinforced witli steel rods and beams; ample customers' room and directors' room and all modern conveniences are found in connection ; in front are the offices of AVilliam H. Blyton & Co. and D. W. Cheney. The wood work of the interior is mahogany and beautifully grained wood was selected, especially for this purpose. In the interior finish, beauty, Avithout too much ornament, was sought, and the result is pleasing in every particular. At the last statement of the bank its total resources were $734:, 975.46, and carrying dei)osits of $672,845.46.

Monroe County Bank. This institution was opened for business October 26, ]894, with a capital of $25,000. The institution purchased the banking building on the corner of AVatcr and Oak streets, whicli has formerly been occupied by ]\I. A. Thayer ; a very advantageous location for business purposes, and it has remained in this building, which it now owns, ever since. The interior of the banking room has been remodeled and modernized in every particular and now has a handsome equipment of the most up-to-date facilities for tlie handling of the large business which this institution enjoys. Its first officers were George D. Dunn, president ; AY. G. AYilliams, vice president and A. AV. Harney cashier. Directors: George D. Dunn. A. Thoi'bus. W. G. AVilliams, C. :\r. ^Masters, L. D. Merrill and AV. T. Sarles.

During its existence this bank has been conservative in its investments and has been of much service to many business enterprises which have been assisted through its help. It has built up a strong clientage and is considered one of the best conducted and managed l)anks of its kind.

Citizens State Bank. This bank was established on Alay 25, 1907, the officers Ix'ing AV. A. Jones, president; II. IM. Newton, vice president; AV. ^I. Gioler, cashier; T. C. Longwell, assistant cashier, and wlnle yet young, the bank has rapidly increased its resources and has every indication to good success in the future. At the present time it occupies rented quarters in the I. 0. 0. F. building, on the corner of Oak and AYater streets, which are neatly fitted up for the purpose of the institution; its present officers are : President, W. A. Jones ; vice-president, H. M. Newton ; cashier, T. C. Longwell. Directors : J. C. Prill, C. M. Beebe, A. J. Carnahan and H. J. Masters.