HISTORY OF O'BRIEN COUNTY

CHAPTER XVI.

BANKS AND BANKING.

The first infantile banking enterprise in O'Brien county was at Old O'Brien in 1869, when John R. Pumphrey made arrangements with Weare & Allison, bankers at Sioux City, giving him the right to draw checks and drafts on them in their name on their correspondents. Mr. Pumphrey never opened up a business building as a bank there. Indeed the account as kept there at Sioux City, of the checks, drafts, etc., was the only record. Prior to that the only use for a bank had been at Cherokee and Fort Dodge, but not by any direct drafts, as Mr. Pumphrey for the first time in the county was given the right to do. Mr. Pumphrey opened up his first bank in a small frame building on the site of the present Hub hotel, in Primghar, in the latter part of 1872 or first part of 1873.
We have stated, and shown elsewhere in this history, that Mr. Pumphrey's bank, which he called the Exchange Bank, was in reality but little more than a clearing house in handling public funds, both county, township and school, and in the buying and selling of county warrants and bonds, putting them into judgment and speculating on the margins and profits on same. It is true that he also filled the small needs of a bank in the eastern and southern parts of the county. We will not dwell longer on that feature. As B. F. McCormack and Mr. Pumphrey each said at sundry times to the writer, they "had to do and take part in the business that was going on or they would have no business to do." About every dollar of public funds in the county in the first instance passed through his bank and his very ordinary bank safe. Mr. Pumphrey was a ready penman and kept a neat record, was himself a homesteader, an old soldier, but never really discovered the full definition of public funds. To him they were funds to be used in all classes of public business and were so used generally by himself and by him loaned to others in the county. In fact, the public funds was the only banking capital.

PRIMGHAR BANKS

John R. Pumphrey and Ed. C. Brown were the first bankers in the county. Mr. Brown in the first instance had been a clerk in Mr. Pumphrey's

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bank. In real fact they had studied up the matter together and, so to speak, taught each other, during the same months in banking, with a view of each starting a bank, Mr. Pumphrey at Primghar and Mr. Brown at Sheldon, which was carried out later, each in a common frame building perhaps twenty to thirty feet in size. Neither had ever had any banking experience even in a small town.
Mr. Pumphrey started a set of abstracts of title and commenced on a land list and paid taxes for nonresidents. Mr. Pumphrey's experience was not quite equal to the severe strain through a trying period from 1872 to 1881 in Primghar and the county. He and A. J. Brock, and later on W. C. Green, and still later J. G. Chrysler and his store and bank and public funds became much intermingled. In 1881 Mr. Pnmphrey sold his bank to Schee & Achorn (George W. Schee and Clinton E. Achorn), who conducted it until 1883, when they sold to Slocum & Turner, composed of George R. Slocum and Frank A. Turner. Following this year, for six years Mr. Turner was clerk of the courts, but later on moved to Salem, Oregon, where he has since engaged as an attornev at law. Mr. Slocum developed into one of the real far-reaching banking men of the county. Mr. Slocum, with O. H. Montzheimer and H. W. Smith, had much to do in developing and laying the later foundations for what became the First National Bank.
Isaac W. Daggett, in 1877. started a bank in a small building, about ten by sixteen feet in size, in Primghar. Mr. Pumphrey often sported the fact that Mr. Daggett run a two-by-four bank and kept hogs and fed them himself. But the curious fact followed that Mr. Daggett made himself rich and Mr. Pumphrey broke up. Mr. Daggett did not participate in the debt and county warrant dregs, though his banking business was smaller than that of Mr. Pumphrey.

RALPH HINMAN, BANKER.

Sometime about the year 1888 a young man moved to Primghar, with his father, from a farm in Baker township, a man who was destined to, and has since, become one of the main bankers in Primghar as well as in the county. We refer to Ralph Hinman, the son of Hon. John F. Hinman, for two years a member of the Iowa State Legislature from this county. The son, then just past his majority, was first a clerk and then cashier in the Primghar State Bank with George W. Schee. Later on he, with William Archer, John H. Archer, John F. Hinman and George R. Whitmer (later to include D. H. Smith, J.L.E. Peck and L.D. Collier), organized the

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Primghar Savings Bank, with William Archer and Ralph Hinman as managers. Still later Mr. Hinman sold his stock to William Briggs.
About 1897 Mr. Hinman and George R. Whitmer organized the Farmers Bank as a co-partnership, and conducted it for some time. Later it was reorganized as the Farmers National Bank, which was conducted as such until 1904, when its assets were sold to and incorporated in the First National Bank. Mr. Whitmer was a successful financier, and during these periods served two years in the Iowa State Legislature.
The First National Bank was organized in 1889, and Mr. Hinman later became engaged with George R. Slocum and others therein. This experience, running through all these years, developed Mr. Hinman into a ripe and substantial banker. Mr. Hinman has for some years been cashier of that bank, and since January 1, 1913, he has been its president, with Roy King promoted to his place as cashier.
Returning to the bank of Mr. Pumphrey, he sold it to Schee & Achorn in 1881, and they, in 1883, sold to Slocum & Turner as in part stated above. Schee & Achorn conducted a very extensive real estate department with this bank. They were also financial agents in the rebonding of the county debt in connection with Reiniger & Balch, bankers of Charles City. Iowa.

PRIMGHAR STATE BANK.

In 1886 George W. Schee, in connection with Frank Frisbee, Fred Frisbee, Ed. C. Brown, Dr. C. Longshore, J.E. Van Patten, C.S. McLaury, E.F. Parkhurst and J.L.E. Peck, and Rudolph Blankenburg, now mayor of Philadelphia, organized and incorporated the Primghar State Bank, with W.J. Lorshbough, and later on in the same year, 1886, J.L.E. Peck as cashier, who continued as such until 1890, and was then followed by Fred Whitehouse, and still later by Ralph Hinman as cashiers, respectively, for the years up to 1894.

PRIMGHAR SAVINGS BANK.

In 1894 the Primghar State Bank and its good will was sold or rather reorganized into the present Primghar Savings Bank by William Archer, John H. Archer, John F. Hinman, George R. Whitmer and George W. Schee and L. D. Collier and later by William Briggs and J.L.E. Peck. The long experience of William Briggs as an accountant in large business, together

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with the still longer experience of his father, Stephen Briggs, president of the First National Bank of Clinton, Iowa, for a lifetime in business, and bringing to it the support of large financial properties in the background by each of these parties, brought to Primghar what are now, with the First National Bank, two solid banking institutions in the town.
Be it remarked here that both George W. Schee and John H. Archer have figured largely in many of the banks of the county.
A statement of the Primghar Savings Bank would not be complete without special mention of the services of its three cashiers, William Archer, D. H. Smith, and Lester T. Aldinger. William Archer laid substantial foundations in its organization and first years. D. H. Smith came to the bank with seven years' experience in the Bank of Archer and prior to that several years in the bank at Marcus. The bank was equally fortunate in a successor in Lester T. Aldinger, who had had an experience of eight years with all the banks of the county as county treasurer.
We can not close the banking history of Primghar in a better way than to state the rapid advancement of its youngest banker, Roy King. On January 1, 1913, Mr. King was by its directors elected cashier. He had stepped direct from his high school graduation in the Primghar public schools to a prominent place as a clerk in the First National Bank. He was at once recognized as a coming representative of banking throughout the county. It has been truly remarked that Mr. King was a banker and accountant from the beginning.
Charles Hinz and Harold Metcalf, of the First National, and Charles Kopp, of the Primghar Savings Bank, are assistants in the two banks.

SHELDON BANKS.

Sheldon, in proportion to her size in population, her railroad facilities making her a distributing point and other favorable conditions, has four banks. It is not merely in numbers, however, that we speak. The property valuation is well up toward the million mark. It is a high compliment to the bankers of Sheldon, but the same can apply quite universally in the county, when we say that those bankers have practically all grown up with the growth of the county, and made their success and their fortunes in O'Brien county with the two or three exceptions in northwestern Iowa. There have been but little importations in banking circles into the county They therefore understand its needs.

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THE SHELDON STATE BANK.

The oldest and first bank in Sheldon was what later became the Sheldon Bank and still later the Sheldon State Bank and established by Ed. C. Brown. It was first started in the small frame building of very modest size. Sheldon and Primghar were platted the same year, and its two first banks started nearly simultaneously. This bank developed into large proportions. Mr. Brown was a man of a large conception of a real bank and banking, even though he did fail later. He enjoyed a large banking constituency and grew in figures and sizes of transactions until the year 1903, when, unfortunately, his bank failed. This has, happily, been the only bank failure in the county. It went into the hands of a receiver, R. W. Ady acting in that capacity. Its assets and proceedings were in the courts for several years. Mr. Brown had participated in many of the public affairs of both county and town of Sheldon for thirty years, and was state railroad commissioner for three years. He had erected a fine banking building of stone. He seemed to have reached a climax. The remark was often made, "As good a banker as Ed. C. Brown." No banker ever in the county could write a more terse, condensed business letter of instruction on a business transaction of any kind than he. He scarce ever wrote a letter longer than two-thirds of a common letter sheet, but it was always remarked that he expressed every necessary item and never used a word more. He had dealt with substantial things for thirty years. He had been tested and by the public judgment pronounced a success. His failure was a great surprise. He had been both an old soldier and an old homesteader. His bank in the courts paid a dividend of seventy-three per cent. In this article we can only mention his long career as an historic item. It was seriously to be regretted that a man so gifted should have met with such a misfortune to both himself and the public. He was indicted for embezzlement and his trial by a jury lasted one week, and he was acquitted. But we must turn to our better sides of banking again.

FIRST NATIONAL BANK, SHELDON.

We strike a better chord in the First National Bank of Sheldon. With due courtesy to all others in the county, we think it will be conceded as admittedly the first, the largest, and the nearest approach to a city and metropolitan bank of either of the twenty banks in this county. Both its deposits and its loans amount to practically three-quarters of a million dollars. Indeed it is to a merited extent a bank of deposit, and bank drafts

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drawn upon it are much in circulation. Its former president. W. M. Smith, did much to establish its solid foundations. By reason of an unfortunate and severe railroad injury he was compelled to cease active work in banking. Its present president, Fred E. Frisbee, and the family of Frisbee brothers, Frank and Fred Frisbee, John McCandless and John H. Archer and others have added a large strength.
The First National Bank started at a time when there was great need of more banking capital to assist in developing the new country, and in February, 1888, began business in a modest way with the following directors: George W. Schee, president; J.E. Van Patten, vice-president; C.S. McLaury, cashier; Frank Frisbee, John H. Archer and W. M. Smith. The board were all men who had other large business interests which took their entire time, and it was intended the first officers should serve only until such a time as a suitable manager of banking experience could be found who could give his entire time to the business. The man they selected was W.M. Smith, a successful banker of several years' experience, who was cashier of a bank at Milford, Iowa. He moved to Sheldon early in 1889, and at once assumed the active management of the business.
Mr. Schee, who lived at Primghar, sold his entire interest at the time, and C.S. McLaury was elected president; Frank Frisbee, vice-president, and Messrs. Van Patten, Archer and Fred Frisbee, directors. These men were large land owners and men who were very successful in all their business, and immediately gave the bank a prestige for stability which has always staved by it, and the bank was known from the first as a Frisbee-ArcherSmith institution.
Money was scarce and deposits small, and consequently banks were limited as to the business they could do. In July, 1890, the capital was 850,000 and deposits only $37,000, when Fred E. Frisbee, a young man just out of the public school, accepted a position as clerk under Cashier Smith, and for a number of years these two men were the only persons actively engaged in the bank.
Mr. McLaury continued as president until 1895, when he sold his interest, and Frank Frisbee was made president; J. E. Van Patten, vice-president; W. M. Smith, cashier, and Fred E. Frisbee, assistant cashier; John H. Archer and Fred Frisbee, directors, and the bank has continued under the same management until this day, with some changes in officers as the older men shifted responsibilities onto younger shoulders.
The only break in the ranks was in 1905. when Mr. Van Patten died.

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In 1903 W. M. Smith was elected president: J. H. Archer, vice-president: Fred E. Frisbee, cashier, and in 1910 Mr. Smith, feeling he wanted to be relieved from active duty, retired as president, being made chairman of the board, with Fred E. Frisbee, president and manager; J. H. Archer, vice president; F. W. Bloxham, cashier ; F. L. Barragar, assistant cashier; Frank Frisbee and Fred Frisbee, directors. Mr. Bloxham entered the bank in 1899 as a bookkeeper, having previously been employed as deputy postmaster, and as a clerk in the Sheldon Bank. Mr. Barragar came to the bank as bookkeeper in 1907.
At the present time the bank has a capital of $100,000; surplus, $50,000; deposits, $900,000, with resources of a million and a quarter dollars. It has paid semi-annual dividends from the very beginning and is one of the strong banks of Iowa.

UNION BANK.

The oldest bank now in Sheldon is the Union Bank, established in 1882, by its president, George W. Sherwood, and William H. Sleeper and A. W. Sleeper. Like the place that John H. Archer fills in the First National as one of the large farmer stockholders and directors, so Mr. Sherwood has for a generation filled a similar situation in the Union Bank. This bank is a private or partnership bank. The partners in individual responsibility stand for a half million dollars.

SHELDON NATIONAL BANK.

The Sheldon National Bank as now conducted was organized by James F. Toy, of Sioux City, and is among a large number of what is known as the "Toy Banks," associated as branch banks in northwestern Iowa. Associated in this bank is Hon. W. C. Kimmel, ex-state senator of this district.

SHELDON SAVINGS BANK.

In 1912 Sheldon was well represented by three banks, national institutions, and a private bank, but did not have a state or savings bank, and in January of that year local capitalists started the Sheldon Savings Bank in the building formerly used by the old Sheldon Bank. The new institution is a growing bank with $30,000 capital, and deposits of $100,000 and is backed by some of the most substantial men in Sheldon. The officers are William

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Myers, president; Dr. W.H. Myers, vice-president; E.B. Myers, cashier; John Versteeg, assistant cashier; Dr. F.L. Myers, John H. Archer and Fred E. Frisbee, directors.
Messrs. Frisbee and Archer are also interested in several other banks in the county, and Myers Brothers are among the most successful and conservative real estate owners in Sheldon and the president, William Myers, is owner of a large and successful department store. All are men who give stability and standing to any institution of which they may be connected.

SANBORN BANKS

Sanborn has two banking institutions, each under state incorporation. The first bank in Sanborn was established by Isaac W. Daggett. In 1878 Mr. Daggett moved his small banking office from Primghar, together with his safe and residence building, his removal being concurrent with the building of the Milwaukee road. That winter, with Henry C. Lane and Dr. C. Longshore, each of Sheldon, as partners, he opened up the first bank in the town, then as Mr. Stocum expressed it, "Lariated out in the prairie grass." Later Mr. Daggett sold out his interests to Marker & Green, composed of William Harker and J. L. Green, bankers and land dealers from Ida Grove, which was continued until Mr. Green retired. Then Mr. Harker conducted it as a private bank. A little later, in 1803, it was organized by William Harker, Ezra M. Brady, J. H. Daly and others as the First National Bank of Sanborn. On May 26, 1895, Mr. Harker died in the very prime of a successful and honored life. The First National Bank was continued until 1899, when it liquidated by desire of its stockholders, and was re-established as the Sanborn Savings Bank by W. W. Johnson. Ezra M. Brady. J. A. Johnson and W. M. Smith, president of the First National Bank of Sheldon, and others, under the immediate management of J. H. Daly as president and J. A. Johnson as cashier.
In the spring of 1881 Isaac W. Daggett again started a bank on the present site of the Sanborn State Bank, which, in 1882, he sold to the Ellis brothers (C. D. and A. E.) and George B. Davids and Morton Wilber, who organized and incorporated same as the Sanborn State Bank, with Morton Wilber as cashier and manager. Mr. Wilber was perhaps one of the most exacting and conservative bankers ever in the county. Thus Isaac W. Daggett, in a sense, was the founder of both of Sanborn's two strong banks. Its present management is Peter Velie, president, and W. A. Solon, cashier.

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PAULLINA BANKS.

The Bank of Paullina was prganized and opened its doors for business un the first day of August, 1883, with John Baumann as its first president and owner of the capital stock. Owing to the failure of his health. Mr. Baumann, on the first day of February, 1885, sold and transferred his interest in the Bank of Paullina to John Metcalf & Company, consisting of John Metcalf and J. D. Simpson, John Metcalf being president and J. D. Simpson, cashier, and owing to growing business, in 1886, John V. Adkins entered the bank as bookkeeper and continued under this organization about six years.
On July 26, 1892, the bank was reorganized, being still known as John Metcalf & Company, the members of the firm being John Metcalf and John V. Adkins, J. D. Simpson retiring from the firm.
In 1903 John Metcalf & Company erected the splendid bank building and brick block, which would be a credit to any city in the state of Iowa, and where the business of the Bank of Paullina is carried on at the present time. In 1908 John Metcalf died, and John V. Adkins became the president, and W. C. Metcalf, vice-president, George Raw. cashier, and H. C. Page, assistant cashier. Under the provisions of the will of John Metcalf, the bank should continue business under the old firm name for a time, and it is so conducted at present.
The Bank of Paullina has always enjoyed the full confidence of the people and has steadily grown under the sound, judicious, conservative and safe management of the owners and officers, until today it stands as one of the strongest banks in northwestern Iowa. Throughout all the vicissitudes of pioneer days and repeated panics, the Bank of Paullina has stood firm and reliable, ever ready to serve its patrons and customers, while many other strong banks were compelled to temporarily suspend business until the panic passed. Very much of the permanent growth and ever-increasing prosperity of the bank may be traced to the skillful, painstaking and untiring efforts of the president, John V. Adkins, and the never-failing courtesy and business ability of its cashier. George Raw.

FARMERS STATE BANK.

The Farmers State Bank of Paullina was organized March 31, 1886, with a capital stock of twenty-five thousand dollars, approved by state officials. George Hakeman was its first president, and Stephen Harris its first

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cashier. A certificate of incorporation was issued to it by the secretary of state, on June 6, 1886, and the bank commenced business at once. It is truthfully said that the bank has been an illustration of good, careful management, and has made a splendid growth through the years since its organization, and the proof of this is made certain by the examination of one of its official reports to the auditor of state, as by law provided, showing deposits of the sum of $296,204.32, which clearly indicates that the people of this community have unbounded confidence in the bank, in its management and its officers.
This growth of the financial condition of the bank has been steady from the day of the opening of its doors, and the conservative management by its able cashier, George W. Harris, son of the first cashier, with the counsel and advice of James F. Toy, its president, has made it a monument of solidity in the financial world, a financial institution that has been able to and prepared to serve its patrons, even in the most trying times of panic and financial disturbance. It is a proper and just boast of the banners State Bank that it has individual responsibility of over one million dollars, and in proof of this statement the names of James F. Toy, William Cain, Henry Hibbing, C. F. Myer and John Ginger, as directors, are submitted, all men of wealth, integrity and first-class business ability. The offices of the Farmers State Bank are in its building, corner of Main and Broadway streets, Paullina.
One of the best evidences of solidity and permanency is the business courtesy existing between the farmers State Bank and the Bank of Paullina, and it has been one of the most pleasing features of our banks that they have always been willing to come forward and back any enterprise started for the good of the town of Paullina, each bank being willing to do more than its share of carrying the financial responsibility on all occasions, and the fraternal spirit of our banks has materially helped to place it in the very forefront of the prosperous towns of Iowa.

BANKS IN HARTLEY.

In 1882 Frank Patch and Mart Shea started a private bank, which was later changed into and called the Peoples Bank. Like Sheldon, Hartley has four strong banks. In 1886 the present Hartley State Bank was organized and incorporated by Frank Patch, Mary E. Colby, Freeman R. Patch, John W. Cravens and James F. Cravens. Frank Patch was one of the pioneer bankers in the county. He was on the ground with the prairie conditions and is still there in the county with his own prosperities. Frank Patch was

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one of the men who jumped up out of the prairie grass into a bank and made it permanent. He succeeded not only in making himself and his bank permanent, but therein assisted in making Hartley permanent. Special notice should be made of the fact of this one lady banker, Mrs. Mary E. Colby, real estate owner, invester and business woman. She was not such merely in name, but in an all-around reality, in the fact that through all the years she has passed judgment upon her own large, among the largest, property transactions in the county, and her's has been one of the most prominent successes in the county.
A little later, in 1893, was established the First National Bank of Hartley, by E. T. Broders, W.J. Davis, H. T. Broders and J. H. Bordewick. This group of financiers have not only established a permanent banking institution, but have likewise dealt in mother earth, that has made solid so many private and bank fortunes in the county, and have also taken part in the upbuilding of Hartley and the county. Hartley enjoys two railroads and has probably the largest acreage of trading territory of either town in the county, especially to the northeast. Though not as large as Sheldon, this fact, with other energies, has made four banks possible.
This same group of men, at least in large part, in 1903 established the co-operating Farmers Savings Bank, to meet some conditions in the large farming constituency not otherwise provided, it being conducted in the same building as the First National Bank.
Hartley, like Paullina, has a very large German population, suggesting what was established in 1903 in the German Savings Bank. Its articles of incorporation were executed and organization effected October 4, 1902, by J. T. Conn, G. E. Knaack, George R. Whitmer, Ralph Flinman, George W. McFarland, J. H. Hass, Theodore Miller, John Fick, J. H. Voss, George Bader, Henry Ruwe and William T. Voss. Its president, J. T. Conn, had been county attorney one term and county auditor four years. G. E. Knaack is its cashier.

MONETA SAVINGS BANK.

The Moneta Savings Bank at Moneta is an affiliated bank of the First National Bank of Hartley. This bank was established in 1907 by local capital. Its first and present president is W.J. Davis; its first cashier was Albert Bierkamp, and its first vice-president, D.S. McNaughton. The first bank building was burned in the great fire of March 8, 1910, but was immediately rebuilt. The present bank building is of concrete material, amply reinforced by steel rods. Ninety per cent, of the stock in this bank is held by persons

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residing in the vicinity of Moneta. The present capital is $10,000; surplus and profits, $3,000; deposits, about $90,000. The officers in 1913 are W.J. Davis, president; P. M. Schoelerman, vice-president; W. A. Burlett, cashier; C.L. Burlett, assistant cashier.

SUTHERLAND BANKS.

The town of Sutherland has two banks, the Sutherland State Bank and the First Savings Bank.
Sutherland has its banking foundations in original O'Brien county productions. William P. Davis for many years in the early day resided upon and personally farmed his large section farm on section 36, in Dale township. A.J. Sieh, associated with Mr. Davis, has had a long experience in the lumber business and T. B. Bark as both banker and investor, have held up their contributions in its management. The Sutherland State Bank was organized September 15, 1886, by W. P. Davis, D. M. Sheldon and C. E. Achorn. Prior to that E. E. Brintnall had conducted a bank connected with other parties.
Two of the officials of the First Savings Bank, Ralph C. Jordan and Clay P. Jordan, were each raised from childhood on their father's large farm in Grant township, and thus learned first the farm needs in the county. Ralph C. Jordan is now a member of the board of supervisors and is thus dealing with finances in this still larger field. The elder Samuel J. Jordan laid the first foundations and the bank has well earned its popular name of "Jordan's Bank."
It can thus be seen that the present six main managers of Sutherland's two banks literally "dug themselves up" out of the black O'Brien county soil.

BANK OF ARCHER.

This is one of the strong banks in one of the lesser towns. It was founded by D. H. Smith in 1898 and was reorganized in 1901 by John H. Archer, William Briggs and D.H. Smith. Though a private bank, it is one of the safest in the county. The individual ownership by John H. Archer of about three thousand acres of high-value land laying adjoining and surrounding Archer, stands out in land security to every stockholder and depositor as a bond. D.H. Smith was its cashier for its first seven years. We have called attention to one peculiar feature that our bankers have (16)

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grown up and make their test of success in the county. This is true not only relating to Mr. Archer, hut likewise as applies to W.J. Sinyard, its present cashier, who came to this bank from Summit township, just east of Archer, and had been for several years in the service of the Illinois Central Railroad.

FARMERS SAVINGS BANK OF GAZA.

This bank was organized October 2, 1909, by the filing and execution of articles of incorporation by Henry B. Lake, Norman W. Salisbury, Theodore Jaacks, Hans Peterson, N. C. Wilkinson, R.N. Wilkinson, C. F. Reifsteck and Charles Schnoor, with a capital of $10,000. It now has a surplus of $2,500 and owns a good bank building. Its present officers are president, F.W. Martin: vice-president, Henry B. Lake; cashier. C.F. Reifsteck.

BANK OF CALUMET.

This bank was established as early as 1885 by that family of bankers, composed of L. Reifsteck, president; George Reifsteck, cashier, and C. F. Reifsteck, assistant cashier, with a capital of $10,000. Later on, in 1910, C. F. Reifsteck. with others, organized the bank at Gaza as shown.

EMPIRE LOAN AND INVESTMENT COMPANY.

The Empire Loan and Investment Company, of Sheldon, was organized September 12, 1885, by George W. Schee and C.S. McLaury. While this institution was not strictly a bank, yet it performed many of the functions of a bank. For many years, both as conducted by C.S. McLaury, who for years had the personal management, and later when it passed under the management of John McCandless, it probably made as many real estate loans, not only in O'Brien county, but in many adjoining counties and in Minnesota as any one Eastern loan company doing business in the county.
The company continued as the largest farm loan company in O'Brien county for twenty years, in the meantime passing into the control of John McCandless and E.B. Starrett. After the expiration of its charter in 1905 it still continued in the same business, but as a private company owned by John McCandless and his wife, Kate L. McCandless. Iowa laws being changed in 1913 granting extended powers and privileges to loan and trust companies, allowing them to act in more of an individual capacity as guardians, trustees, and executors of persons and estates,

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as well as allowing them to buy and sell real estate, make farm loans, and write insurance, Mr. McCandless decided to reincorporate his business and take in some new stockholders, and some younger men to assist him in the management, and in January, 1914, he took out a charter as the Empire Loan and Trust Company with paid-up capital of $50,000, and with the following officers and stockholders: John McCandless, president; E.B. Starrett, vice-president; E.C. Starrett, secretary; C.O. Button, treasurer: Fred E. Frisbee, John H. Archer and Judge W. D. Boies.
O'Brien county has indeed a substantial banking plant, if we may be allowed that expression. The whole banking system of the county may be said to be embodied in a solid groundwork. Indeed we can scarcely name a single large wind-bag, chuck hole, scheme or visionary promotion in which any large capital is invested within the county. The investments by its bankers and citizens have been largely either in loans to men owning farms in moderate amounts, or invested in the land itself, which can neither be burned up or stolen. The chances are very few for even small losses. This is true in an unusual degree in this count) as compared with many localities. These large surpluses now set apart more than amply furnish this securitv even to its stockholders. A large part of the bank stock of the whole county would sell for from one dollar and a half to two dollars for each dollar of bank stock outstanding. The very fact that there are no banks and scarce any bank stock for sale in the county evidences this reliability and security of the banking system in the county. While it may be somewhat statistical in figures and names, we will close this chapter on banking with a complete list of its banking institutions showing their presidents and cashiers and other officials, the amount of capital stock, the amounts of surplus, deposits and loans, with the correspondents on which bank drafts are drawn.
In round numbers, it will be seen that the total capital stock of banks issued in the county is six hundred thousand dollars, with a surplus of three hundred thousand dollars. In other words, the banks of the county have set apart a surplus or reserve fund equal to one-half the amount of its capital as additional strength to the several banks and likewise as a security to its depositors.
The total deposits are about four and one-half million dollars. The outstanding loans or bills receivable are practically in the same amounts. We give this list of banks and officials below and write this chapter on banking as showing the substantial men who have had in the past and now handle the large property transactions of the county.

244 O'BRIEN AND OSCEOLA COUNTIES, IOWA.

In addition to these actual managers of the banks, we call attention to the fact that each bank of the county has a long list of farmers owning bank stock in these several institutions, which, when we realize the fact that each farmer owning a quarter section of land is worth twenty-five thousand dollars, and these farmers owning larger farms in many cases, we may appreciate the force of these statements. Land investment is solid and safe.
This being an agricultural county, its bankers and citizens in their investments have naturaly followed the farm and landed idea. Practically all the bankers and capitalists in the county have for thirty years been continually investors in land in Minnesota, Wisconsin, the Dakotas and other western states and Canada. The older farmers, as they have grown in wealth, with families of boys and girls to be provided for, have followed the same trend and invested in the cheaper lands, that the children, too, might follow in their footsteps and grow up with those newer states.
For instance, the single combination of George R. Slocum, O.H. Montzheimer and John Metcalf and others associated with them have opened up sundry separate tracts of new lands in Minnesota and Wisconsin, in single bunches of more than forty thousand acres and other lesser tracts. Mr. Schee, Mr. Patch and many others have handled and settled up, by inducement to settlers, tracts in the thousands of acres. They thereby not only made much money themselves, but in result acted as financial guides to purchasers, in many cases financing these purchasers for many years and secured homes to many who could not otherwise have secured homes. We doubt if a dozen counties in Iowa have contributed more largely in successful and actual development of large tracts than those who have gone out with their funds from O'Brien county. We might name other syndicates within the county who have financed similar enterprises, as for instance, Oliver M. Shonkwiler, W.P. Davis. W.J. Davis, Frank Patch, T B. Bark, John H. Archer, William Archer. Ralph Hinman. J.L.E. Peck, William Briggs, George W. Harris, George Raw, John V. Adkins, H. R. Dealy, J.H. Daly, William Harker, J.L. Green, George R. Whitmer, Frank Teabout, Elmer E. Hall, Allen Crossan, W.W. Artherholt, Clarence W. Ingham, W.A. Rosecrans, W.S. Armstrong, John McCandless, D.H. Smith, Joseph Shinski, L.T. Aldinger, the Myers Brothers, Frank and Fred Frisbee, Jurgen Renken, C.S. McLaury, and many others too numerous to mention.
This banking strength, being largely backed by land and landed values and land ideas, has given our banks a land specie and coinage value that places all estimates and valuations above par in dollars and cents. It can indeed truly be said that O'Brien is the one county where every

O'BRIEN AND OSCEOLA COUNTIES, IOWA. 245

farmer runs a bank and where every banker runs a farm. It can farther be truly said that O'Brien county brains, and O'Brien county capital, and O'Brien county dollars, and O'Brien county farming manual labor, has accumulated, developed, marshaled and "Pierpont-Morganized" the large properties of the county into cue great banking house, represented in twenty banking institutions, well distributed in our towns for the general farm and agricultural benefits

PRESENT BANK STATISTICS.

Primghar.

First National Bank‐Number 785: established, 1889; president. H. W. Smith; vice-president, O. H. Montzheimer; cashier, Ralph Hinman; assistant cashier. R. M. King; capital, $25,000; surplus, $26,000; deposits, $280,000; loans, $280,000. Correspondents. Corn Exchange National Bank, Chicago and Security National Bank, Sioux City.

Primghar Savings Bank‐Number 786: established 1894; President, William Briggs; vice-president, John H. Archer; cashier, L.T. Aldinger; capital, $30,000; surplus. $9,000 ; deposits, $165,000; loans, $175,000. Correspondents, Corn Exchange National Bank, Chicago: First National Bank, Sheldon, and People's Trust and Savings Bank, Clinton.

Sheldon.

First National Bank‐Number 307: established 1888; president, Fred E. Frisbee; vice-president, John H. Archer; cashier, F.W. Bloxam; assistant cashier, F.L. Barrager; capital, $100,000; surplus, $50,000; deposits, $750,000; loans. $700,000. Correspondents, National Park Bank, New York; Continental Commercial National Bank, Chicago, and First National Bank. Minneapolis.
Sheldon National Bank‐Number 307; president, James F. Toy; vice president, W.C. Kimmel; cashier, W.E. Clagg: assistant cashier, Delko Bloem; capital, $50,000; surplus, $5,000; deposits, $180,000; loans, $180,000. Correspondents. Fort Dearborn National Bank, Chicago; Northwestern National Bank, Minneapolis; Commercial National Bank, Sioux City, and Merchants' National Bank, Cedar Rapids; established, 1905.
Sheldon Savings Bank‐Number 1694: president, William Meiers; vicepresident, F.L. Myers; cashier. E.B. Myers; assistant cashier. John Vesteeg;

246 O'BRIEN AND OSCEOLA COUNTIES, IOWA.

capital, $30,000; deposits, $40,000: loans, $50,0000. Correspondents, National City Bank, Chicago, and First National Bank, Sioux City; established, 1912.
Union Bank‐Number 306; president. G.W. Sherwood; cashier, W.H. Sleeper; individual responsibility, $500,000. Correspondents, First National Banks, Chicago and Sioux City: established, 1882.

Sanborn.

Sanborn Savings Bank‐Number 563: established as such. 1898; established as private bank by Harker & Green. 1878: president, J.H. Daly; vicepresident. Fred E. Frisbee; assistant cashier, J.A. Johnson; capital, $25,000: surplus, $16,000; deposits. $257,000; loans. $221,000. Correspondents, Continental National Bank, Chicago; First National Banks, Boone and Sheldon.
Sanborn State Bank‐Number 502; established, 1883; president, Peter Velie; vice-president, A.J. Shea; cashier, W.A. Solon; capital, $25,000: assistant cashier, G.M. Solon; surplus, $2,000; deposits, $175,000; loans, $155,000. Correspondents, Corn Exchange National Bank, Chicago, and First National Bank, Council Bluffs.

Hartley.

First National Bank‐No. 93; established 1893; president E.F. Broders; vice-president, W.J. Davis; cashier, H.T. Broders; assistant cashier, J.H. Bordewick; capital, $50,000; surplus, $25,000: deposits, $275,000; loans, S290.000. Correspondents, Continental Commercial National Bank, Chicago; Des Moines National Bank, Des Moines; Cedar Rapids National Bank, Cedar Rapids, and First National Bank, Sheldon.
Farmers Savings Bank‐No. 598: established 1903: president, Henry Schmoll; vice-president. H.C. Voss; cashier, H.T. Broders; capital, $10,000; surplus, $5,000; deposits, $95,000; loans, $85,000. Correspondents, Durant Savings Bank, Durant; First National Bank, Hartley.
German Savings Bank‐No. 597; established 1902; president, J.T. Conn; vice-president, Wm. T. Voss; cashier, G.E. Knaack; assistant cashier. Wm. Greenwaldt; capital, $20,000; surplus, $12,000; deposits, $250,000; loans, $240,000. Correspondents, Continental Commercial National Bank, Chicago; Iowa National Bank, Des Moines; Merchants National Bank, Cedar Rapids.

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Hartley State Bank‐No. 505; established 1882; president, Frank Patch; vice-president, D.A. Patch; cashier, F.R. Patch; capital, $50,000; surplus, $15,000; deposits, $290,000; loans, $300,000. Correspondents, National Bank of the Republic, Chicago; German Savings, Davenport.

Moneta.

Moneta Savings Bank‐No. 1477; established 1907; president, W.J. Davis; vice-president, P.F. Schoelerman; cashier, W.A. Burlet; assistant cashier, C.L. Burlet: capital, $10,000; surplus, 82,000; deposits, $65,000; loans, $60,000. Correspondents, Continental Commercial National Bank, Chicago; First National Bank, Hartley.

Archer.

Bank of Archer‐No. 2230: established 1895; president, John H. Archer; vice-president, William Briggs; cashier, W.J. Sinyard; individual responsibility, $500,000. Correspondents, Corn Exchange National Bank, Chicago: First National Bank, Sheldon.

Gaza.

Farmers Savings Bank‐No. 1399; established 1910: president, F.W. Martin; vice-president, H. B. Lake; cashier, C. F. Reifsteck; assistant cashier, R.W. Webster; capital, $10,000: surplus, $5.000: deposits, $51,000; loans, $50,000. Correspondent, National Bank of the Republic, Chicago.

Calumet.

Bank of Calumet‐No. 1231; established 1885; president, L. Reifsteck; cashier, George Reifsteck; assistant cashier, C.F. Reifsteck; capital, $10,000. Correspondent, National Bank of the Republic, Chicago.

Paullina.

Bank of Paullina‐No. 745; established 1883; president, J.V. Adkins; vice-president, W.C. Metcalf; cashier, George Raw; assistant cashier, H.C. Lage; capital, $50,000; surplus, $100,000; deposits, $390,000; loans, $427,000. Correspondents, First National Bank, Chicago; Security National Bank, Sioux City; Merchants National Bank, Cedar Rapids.

248 O'BRIEN AND OSCEOLA COUNTIES, IOWA.

Farmers State Bank‐No. 746; established 1886; president, J.F. Toy; vice-president, William Cain; cashier, George W. Harris; assistant cashier, A.H. Myer; capital, $25,000; surplus, $13,000; deposits, $236,000; loans, $215,000. Correspondents, First National Banks, Chicago and Sioux City; Cedar Rapids National Bank, Cedar Rapids.

Sutherland.

First Savings Bank‐No. 829; established 1883; president, S.J. Jordan; vice-president, Ralph C. Jordan; cashier. C.P. Jordan; assistant cashier, E.C. Briggs; capital, $25,000; surplus, $7,200; deposits, $160,000; loans, $158,000. Correspondents, Hanover National Bank, New York; Continental Commercial National Bank, Chicago; Security National Bank, Sioux City.
Sutherland State Bank‐No. 830: established 1886; president, W.P. Davis; vice-president, A.J. Sieh; cashier, T.B. Bark; assistant cashier, H. N. McMaster; capital, $40,000; surplus, $3,000; deposits, $245,000; loans, $240,000. Correspondents, Continental Commercial National Bank, Chicago; First National Bank, Sioux City; Iowa National Bank, Des Moines.

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