Monroe County, Wisconsin - Chapter 41: Banks in Tomail, 1912

The early history of the baiikiiig interests in Tomah is not in the form of corporate existence; and up to the time of the change in the banking laws, were private banks owned by partnerships ; no public record is available and no record at all can be found. In the early seventies Runkel & Freeman entered into the banking business in a w^hite brick building in the block just south of Gillett pg.rk ; what the capital invested was or the volume of business transacted is not noAv known. The Bank of Tomah succeeded this and was established by Thayer & Kingman, of Sparta, in 1879, and was also a private bank. These gentlemen were at the time conducting the Monroe County Bank at Sparta also.

But in 1893, Mr. Kingman having withdrawn from the business some years before, under the management of Mr. Thayer, both these institutions failed and went into the hands of an assignee, "W. G. Williams, who wound up the affairs of both institutions.

AVith this exception the banks in Tomah have been conducted on sound financial principles, conservatively managed and have retained the confidence of the people in the city and surrounding country.

At this time Tomah is well favored with banks, having four banking houses, each, of course, organized under the laws of the state. The combined capital of these institutions is $90,200, and the combined assets foot up to the sum of $1,118,527.02, aggregated from the reports of June, 1912.

Warren's Bank was organized in 1888 as a private banking house under the name of J. H. Warren & Son. Its officers were : J. H. Warren, president ; G. H. Warren, vice president, and AV. W. Warren, cashier ; the composition of this firm was unique in that it represented three generations of the Warrens, and at the time of the organization of the firm their ages were, respectively, eighty-six years, fifty-three years and twenty-three years.

over $270,000, -which is a remarkabh^ testimonial of confidenee in an institution without capital. This bank passed through three panics witliout closing its doors, and in. the panic of 1893 was the only bank in the county that kept its doors open and did business at the old stand.

In 1903, under the laws then passed, it was organized as a state bank with a capital of $25,000; at that time John H. "Warren had passed away and George H. \Varren became president, W. W. AVarren remaining cashier; the bank having been conducted under the same management for over twenty-three years up to the death of George II. AVarren. AV. AY. AA^arren has succeeded to the position of his father and is now president and manager; J. P. Reinhard, formerly of the ]\Ionroe County Bank at Sparta, cashier. Norma Fitch, bookkeeper.

That under tlie management of Colonel AYarren the same conservative methods are used and that the confidence of the public is still the same is evidenced by the deposits which in June. 1912, were $509,146.18. and this together with its capital stock, surplus of $5,000 and undivided profits, brings up the grand total to $541,743.55.

Bank of Tomah. After the failure of the Thayer bank in 1893, the opportunity to establish a bank business in Tomali appeared good to Frenk Drew, formerly of Portage, later of Dakota, where he had been engaged in tlie 1)anking business Avith his brother. He came to Tomah late in the year 1893 and proceeded to interest some of the business men of the community in the organizing of a banking corporation under 'ihe name of the Bank of Tomah.

A Ijanking corporation was organized witli Frank Drew, AYatson Earle and Charles A. Goodyear and AVilliam Feiting as its incorporators and principal stockholders. The business name of "Bank of Tomah,"' together with the building in whieh tluit institution had been housed, were purchased of the assignee. AY. 0. AVilliams, and its existence as a bank began Alardi 1. 1894, with a capital of $25,000.

C. A. Goodyear was its first president, with Frank Drew as cashier. Later ^Ir. AYatson Earle succeeded to the presidency. The bank has been successfully conducted under the management of ]\Ir. Drew since its organization ; has the confidence of

Its deposits in June, 1912, -were $216,936.84, which, together with its capital, surplus and undivided profits, makes a grand total of $237,842.32.

Farmers' & Merchants' Bank. This institution has not been organized long enough to have much of a history, as its authority to do business dates from February 25, 1911. It was incorporated by Thomas E. Anderson, George P. Stevens and William J. Brennan ; erected a handsome banking house on Superior avenue, starting business with a surplus fund of $10,000 in addition to its capital.

Thomas E. Anderson is president and William J. Brennan is cashier. Under their management, in little over a year, the institution has grown remarkably. In June, 1912, its deposits w^ere $220,661.33, and taken together with its capital, surplus fund and undivided profits, makes a grand total of $256,243.76.

The State Bank. This bank also is of so recent an organization as to preclude any historical sketch, for its history is yet to be made outside of the fact of its organization and commencement of business. Its organizers, believing the field for another bank at Tomali still a good one, notwithstanding the fact that there Avere three other banking institutions, incorporated under the state law with a capital of $25,000 ; J. P. Rice, C. B. Drowatzky and G. C. Pingel were its incorporators; the present officers are, J. P. Rice, president ; G. C. Pingel, vice president ; C. B. Drowatzky, cashier ; H. B. Vaudell, F. 0. Drowatzky and A. 0 'Leary, directors.

The bank opened business under circumstances which seem to insure a good growth in business. During its short existence its deposits have reached in June, 1912, $57,074.14, and, taken together with surplus fund and undivided profits, makes a total of $82,692.39 at that time.