American National Bank, Marshfield, WI (Charter 5437)
American National Bank, Marshfield, WI (Chartered 1900 - Receivership 1934)
Town History
Marshfield is a city in northwest Wood and southwest Marathon counties in the U.S. state of Wisconsin. It is located at the intersection of U.S. Highway 10, Highway 13 and Highway 97. The largest city in Wood County, its population was 18,929 at the 2020 census.
In 1872 the Wisconsin Central Railway was building the leg of its line from Stevens Point through the forest to what would become Colby, heading north for Lake Superior. The railway needed a supply depot between those two towns, and Marshfield was about midway. At the railroad's request, Louis Rivers, his wife and child, and his brother Frank came to the area and started cutting an opening in the forest. They built a two-room log hotel at what is now the corner of Depot and Chestnut streets, with bunks in the west room and tables, benches, bar and store in the east room. That crude building between the stumps was the first permanent structure in Marshfield.
Marshfield's name is explained two ways. It might have been named for John J. Marsh, one of the original owners of land in the area. Marshfield might also have been named after Marshfield, Massachusetts, since the Wisconsin Central Railway was financed with money from Massachusetts and other stops along the WC's line were named after towns in Massachusetts, including Amherst, Medford and Chelsea.
The first industry was a stave and spoke factory located near the railroad. In 1878 William H. Upham, a "Yankee" migrant of English descent from Massachusetts and later president of The First National Bank of Marshfield and governor of Wisconsin, built a sawmill near the railway, with a millpond. By 1885 he had added a general store, a planing mill, a furniture factory and a flour and feed mill. Other businesses started, too: an alcohol factory, hotels, saloons, stores, newspapers, blacksmith, and a milliner. There were also churches and schools. The city was incorporated in 1883. By 1885 the population exceeded 2,000, ranging from the Uphams in their fine Italianate homes to laborers living in shacks along the railroad.
In 1887, a fire started and got out of control. On June 27, after a dry three weeks, fire broke out among the drying piles in the Upham mill's lumberyard, ignited by a spark from a train. The fire spread, consuming the sawmill and flour mill, and headed south into homes and the business district. Men tried to stop the inferno, even dynamiting stores to create a fire break, but the updraft lifted embers and dropped them onto more buildings. When it was over, 250 buildings were destroyed, but no lives were lost. The next day, Upham announced he would rebuild his businesses. Neighbors in Stevens Point, Spencer and Wisconsin Rapids sent trainloads of supplies. The city ruled that buildings on Central should henceforth be built from brick, even though Marshfield had been largely built on wealth generated by lumber.
Marshfield had three National Banks chartered during the Bank Note Era, The First National Bank (Charter 4573), The American National Bank (Charter 5437), and the Citizens National Bank (Charter 14125), and all three of those banks issued National Bank Notes.
Bank History
- Organized June 7, 1900
- Chartered June 18, 1900
- Succeeded German-American Bank
- Conservatorship March 24, 1933
- Receivership May 23, 1934
The German-American Bank was organized and the substantial building which it occupied started in December 1891. The institution opened its doors for business on March 9, 1892 with R.L. Kraus as cashier. Since that time Mr. Kraus faithfully watched over the bank's interests increasing its prestige and patronage each year. The new bank's handsome furnishings and neat arrangements attracted a great deal of admiration. Located at 205 S. Central Avenue, it was the only brown stone structure in the city, adding much beauty to that side of the avenue.
On Monday, December 19, 1892, stockholders of the German-American Bank elected the following directors: R. Dewhurst, H.N. Maurer, R.L. Kraus, W.D. Connor, Wm. Noll, Sr., Michael Steinmetz, and P.N. Christenson. The directors that same evening re-elected R. Dewhurst, president; H.N. Maurer, vice president and R.L. Kraus, cashier.
On Monday, September 4, 1899, at the annual stockholders meeting of the German-American bank, the following officers were elected: President, W. D. Connor; vice president, R.L. Kraus; cashier, O.G. Lindemann; board of directors, W.D. Connor, R.L. Kraus, O.G. Lindemann, E.M. Deming, M. Steinmetz, P.N. Christensen, and W.L. Hemphill of Neillsville. Wm. Noll and E.E. Winch retired from the board of directors much against the wishes of the stockholders. Mr. Lindemann, the new cashier, was a young man, coming with the highest recommendations from the National Bank of Oshkosh, with which he has been connected in various capacities since finishing his collegiate education. He had filled every position in the Oshkosh bank below that of cashier. Mr. Kraus sought the change to devote more time to the lumber business. He planned to give a large portion of his time assisting Mr. Lindemann in connection with handling outside interests.
In April 1900, the German American Bank made application to the authorities at Washington for its conversion to the American National Bank with a capital stock of $50,000. A dispatch from Washington received yesterday states that the comptroller of the currency has approved the change. R.L. Kraus, W.D. Connor, O.G. Lindemann, E.M. Deming and M. Steinmetz were the incorporators. On June 20, 1900, the German-American Bank became the American National Bank. The capital stock was increased from $25,700 to $50,000, the additional stock having been taken by patrons of the bank. The officers and directors would remain the same until the next annual election. At the last annual meeting of the directors, Mr. W.D. Connor was re-elected president, Mr. R.L. Kraus was elected vice-president and O. G. Lindeman succeeded Mr. Kraus as cashier. The directors were W.D. Connor, R.L. Kraus, Mich. Steinmetz, P.N. Christensen, W.L. Hemphill, E.M. Deming, and O.G. Lindemann.
In February 1904, the officers were W.D. Connor, president; R.L. Kraus, vice president; O.G. Lindemann, cashier; and Jacob Leinwander, assistant cashier.
In September 1911, the officers were W.E. Connor, President; P.N. Christensen, vice president; Thos. D. Spalding, cashier; and Jacob Leinwander, assistant cashier. The directors were W.D. Connor, Henry Kalsched, E.M. Deming, R. Connor, P.N. Christensen, Dr. K.W. Doege, and Philip Adler. The bank had capital and surplus of $90,000 and deposits of $450,000.
In January 1919, the officers were W.D. Connor, president; P.N. Christensen, vice president; T.D. Spalding, second vice president and cashier; and Jake Leinwander, assistant cashier.
1921 Robbery
On Tuesday, July 26, 1921, at 12:55 when there were no customers in the bank, a lone robber made off with $1,700 from the American National Bank. Pushing a small, nickel-plated revolver between the bars at the cashier's window, a well-dressed young man about 26 years old ordered Assistant Cashier Jacob Leinwander, Miss Zita Brickheimer, bookkeeper, and two messenger boys to throw up their hands. According to Miss Florence Rice, cashier in the office of the Peoples Gas Company next door south of the bank building, the bandit drove up to the curb directly in front of the gas office at about 12:45. He remained in the car for several minutes, during which time he kept his motor running and appeared concerned with the running of the motor. I One woman customer came out of the bank at a few minutes to 1 and the bandit hurried in, leaving his car running. He went directly to the window of the cashier and gave the command, "Hands up!" Cashier Leinwander was a few feet from the window with his back turned when he heard the command. He threw up his hands and turned around to look into the muzzle of the revolver. The two messenger boys, Phil and Roman Beining, were included in the order. Both of them scooted out the back door of the bank and yelled for the police and then rushed up into Frank Vaughn's office and pushed the alarm to the station. The escape of the boys apparently forced the bandit to change his plans. He ordered Cashier Leinwander to turn over to him what money there was handy. Leinwander took one spindle holding paper money, walked out of his cage to the desk of Cashier Spalding and handed the money and spindle to the robber over the marble railing. The total amount of the money was $1,700 of which sum $900 were in brand new bills. As the robber dashed out of the bank with the money, he dropped the spindle in the lobby. Miss Florence Rice saw him hurry from the bank, but saw no money in his hands. He jumped into the car, a Buick roadster of last year's model, and started south at terrific speed. The car bore the license number 264-005 of Wisconsin and its engine number was 541676. Chief Griffin turned to his records and established the fact that a car of that number belonged to the Louis Kindling Company of Milwaukee. It was stolen from Milwaukee on Monday morning.
The lone youth who robbed the American National bank at Marshfield, was captured the same night 65 miles from the scene of the robbery. The bandit's name was given as John May, of Medford, Wisconsin. The big Buick touring car he drove was stolen from the Stoughton branch of the Louis Kindling company. Deputy Sheriff E.E. Vessely, Westboro, made the arrest. The bandit was captured in his car a mile from Prentice, Wisconsin. All the money taken from the bank was intact and recovered. He was caught by Deputy Vessely when he turned in at a farmhouse to get water, his engine having overheated from the terrific pace he had been hitting. Vessely had been pursuing him for 26 miles out of Westboro. No resistance was made to arrest by the bandit, who had thrown away his gun after the holdup. He said he had been a chauffeur for the past several months for Louis Kindling Co. He said he stole the car from Kindling’s Stoughton office. He said his intention was to hold up the bank at Waupaca, but lost his nerve there. He drove on to Stevens Point where he saw a policeman in the bank, so he decided to try Marshfield.
In January 1924, the officers were W.D. Connor, president; P.N. Christensen, vice president; T.D. Spalding, vice president and cashier; Jacob Leinwander and J.L. Stauber, assistant cashiers. The directors were Henry Kalsched, W.D. Connor, Frank Cramer, Robert Connor, P.N. Christensen, E.M. Deming, Louis Hartl, Herman Arndt, and Ben Lang.
On January 19, 1926, at the annual meeting of the stockholders which followed a noon banquet at the Eagle Hall, the following directors were re-elected: W.D. Connor, R. Connor, Henry Kalsched, E.M. Deming, Herman Arndt, Frank Cramer, Louis Hartl, and Ben Lang. T.D. Spalding was elected to fill the vacancy on the board of directors caused by the death of P.N. Christensen.
In December 1928, the officers were W.D. Connor, president; Henry Kalsched, vice president; T.D. Spalding, second vice president and cashier; Jacob Leinwander and J.L. Stauber, assistant cashiers. The directors were W.D. Connor, Robert Connor, Henry Kalsched, W.E. Deming, Herman Arndt, Louis Hartl, Ben Lang, and T.D. Spalding.
On January 19, 1932, all of the officers and directors were re-elected at the annual stockholders' meeting and banquet held at noon at the Eagles' Hall. The officers elected were: W.D. Connor, president; Henry Kalsched, vice president; T.D. Spalding, second vice president and cashier; Jacob Leinwander, and J.L. Stauber, assistant cashiers and assistant trust officers. The directors were W.D. Connor, Henry Kalsched, W.E. Deming, Herman Arndt, Louis Hartl, M.R. Laird, Ben Lang, and T.D. Spalding.
1933 Banking Holiday
On January 27, 1933, Frank Cramer of Hewitt, Wisconsin, was elected president of The American National Bank of Marshfield at a meeting of directors. He had been a stockholder of the institution since its organization. Directors elected T.D. Spalding and Atty. Wayne E. Deming, vice-presidents, and also elected Mr. Spalding cashier and trust officer. Other officers were: Jacob Leinwander, assistant cashier and assistant trust officer; John Stauber, assistant cashier and trust officer; M.A. Hansen, Jr., assistant cashier. The board of directors included Herman Arndt, Frank Cramer, Atty, Wayne E. Deming, L.A. Hartl, Ben Lang, M.R. Laird and T.D. Spalding.
On February 10, 1934, refinancing arrangements expected to give Marshfield a bank for the first time since the national moratorium last March were approved in Washington by the Reconstruction Finance Corporation, according to a telegram received by John L. Stauber, conservator of the bank, from Congressman Gerald J. Boileau. Boileau said the Reconstruction Finance Corporation agreed to a loan of $125,000 secured by non-liquid assets of the closed American National bank. The new bank, to be known as the Citizens National Bank of Marshfield, would be capitalized at $100,000, of which $25,000 will be preferred stock purchased by the Reconstruction Finance Corporation. The bank's plan of reorganization was previously approved by the comptroller of currency. All the forms in connection with distribution of a 60% cash dividend were completed. Articles of incorporation were being forwarded from Washington and as soon as they arrive, Mr. Stauber planned to call a meeting of stockholders of the bank to ratify the articles of incorporation. "Our work now is nearing completion and we can expect to open for business within a week or ten days," said Mr. Stauber. "It has been a long, tedious grind, and we appreciate the patience of our depositors, stockholders and community in general." At a stockholders meeting held in the city hall February 21, directors of the new bank were Attorney Wayne E. Deming, Louis Hartl, E.P. Umhoefer, E.M. Lee and August Mews. These men were recommended in the articles of association and their names were approved by stockholders after it was explained by Mr. Stauber that the new banking laws required that all directors had to qualify for approval by the federal reserve board and the comptroller of the currency. The directors elected the following officers: Louis Hartl, president; Attorney Wayne E. Deming, vice president; and John L. Stauber, cashier.
The Citizens National Bank, successor to the American National Bank, would open at 9 o'clock Tuesday, May 1, 1934, it was announced by John L. Stauber on April 30. The opening of the new bank made available to depositors 60% of the amount they had on deposit in the American National bank when it was closed by the state banking holiday on March 3, 1933. From this would be deducted the amount depositors subscribed as capital stock for the new bank. In most instances, this was 15%. The total amount made available was $575,585.13, to both secured and unsecured creditors.
On December 12, 1935, dividends of 22% or $173,000 were paid to depositors of the American National Bank, bringing the total to 82% or $648,000. William Fordyce, receiver of the American National Bank, located in the Citizens National Bank building warned depositors that they had to bring their Conservator's Receipt with them to receive their dividend check. Depositors would eventually receive 100% on the dollar with no stock assessment against stockholders of the old American National.
Official Bank Title(s)
1: The American National Bank of Marshfield, WI
Bank Note Types Issued
A total of $1,393,320 in National Bank Notes was issued by this bank between 1900 and 1934. This consisted of a total of 111,942 notes (86,088 large size and 25,854 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 3x10-20 1 - 3000 1882 Date Back 3x10-20 1 - 2340 1882 Value Back 3x10-20 2341 - 3664 1902 Plain Back 3x10-20 1 - 14858 1929 Type 1 6x10 1 - 3331 1929 Type 1 6x20 1 - 978
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1900 - 1934):
Presidents:
Cashiers:
Other Bank Note Signers
- Peter Nicolai Christensen, Vice President 1908-1925 NOTE: a featured biography is available
- Thomas D. Spalding signed notes as Vice President
- Jacob J. Leinwander, Assistant Cashier 1904...1919 Signature
- John Leo Stauber, Assistant Cashier 1924...1933 Signature
Wiki Links
- Wisconsin Bank Note History
- General information on Marshfield (Wikipedia)
- General information on Wood County (Wikipedia)
- General information on Wisconsin (Wikipedia)
Sources
- Marshfield, WI, Wikipedia, https://en.wikipedia.org/wiki/Marshfield,_Wisconsin
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Mar. 10, 1892.
- The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Dec. 22, 1892.
- The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Sep. 7, 1899.
- The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Apr. 12, 1900.
- The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Apr. 12, 1900.
- The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Feb. 25, 1904.
- The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Sep. 21, 1911.
- The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Jan. 30, 1919.
- Marshfield News-Herald Marshfield, WI, Tue., July 26, 1921.
- Wisconsin State Journal, Madison, WI, Wed., July 27, 1921.
- The Marshfield News and Wisconsin Hub, Marshfield, WI, Fri., Jan. 11, 1924.
- Marshfield News-Herald Marshfield, WI, Wed., Jan. 20, 1926.
- Marshfield News-Herald Marshfield, WI, Tue., Dec. 18, 1928.
- Marshfield News-Herald Marshfield, WI, Wed., Jan. 20, 1932.
- Marshfield News-Herald Marshfield, WI, Sat., Jan. 28, 1933.
- Marshfield News-Herald Marshfield, WI, Sat., Jan. 28, 1933.
- Marshfield News-Herald Marshfield, WI, Sat., Feb. 10, 1934.
- Marshfield News-Herald Marshfield, WI, Mon., Apr. 30, 1934.
- Marshfield News-Herald Marshfield, WI, Wed., Dec. 11, 1935.
- Marshfield News-Herald Marshfield, WI, Wed., May 2, 1984.