THE WAUPACA COUNTY POST

December 31, 1991

 

WHEN THEN WAS NOW

By Wayne A. Guyant

 

            This is what the July 28, 1910, issued of the Waupaca Record had to say:  “Charter for a State Bank.  Waupaca will have another financial institution in the near future.”

            The fact that a city the size of Waupaca had only one bank caused some concern among the people of the area, especially after the event of the Charles Churchill incident and his resigning in February, 1910, after 20 years as president and director of the First National Bank.  This was the primary cause that led to the birth of the Farmers State Bank.

            On October 1, 1910, the State Bank Commissioner approved the Article of Incorporation of the Farmers State Bank of Waupaca.  They had a capital stock of $25,000, 250 shares at $100 each.  The incorporators were Dr. L.H. Pelton, with 100 shares; John Pinkerton, 100 shares; E.B. Jeffers, 35 shares; L.D. Moses, 10 shares, and G.J. Moses, five shares.

            The building owned by John Pinkerton, next door to Alfred Johnson’s Abstract Office, was to become the new bank’s permanent home, which it was to occupy later.  Dr. L.H. Pelton was elected president and G.J. Moses as cashier.

            In the Waupaca Record for October 20, 1910, there appeared an ad for the Farmers State Bank:  “The Farmers State Bank will open next week at 114 East Union Street.”  Also in that same issue was a notice that the Rosholt Brothers had secured a home for a new bank and they closed a deal that assured a third bank for the City of Waupaca.

            Things were happening fast since the shakeup of the First National Bank.  There was another article that appeared the 27^th of October, 1910, stating that the Farmers State Bank had changed hands in its infancy.  A deal which had been pending for a week was consummated whereby the Rosholt Brothers – Julius Rosholt of Minneapolis and Kim Rosholt of Eau Clair – purchased the property and took over the charter of the newly organized Farmers State Bank of Waupaca.

            When the Rosholt Bros. came to Waupaca looking for a location to open a bank they leased the building just vacated by Charles Hoffmann, who retired from the jewelry business after 29 years.

            A deal was made the first day of November, 1910, by and between the Estate of Richard Lea, of the City of Waupaca, and the Farmers State Bank of Waupaca.

            The party of the first part agreed to lease to the party of the second part the following described premises; the basement and first floor of the building used by Charles Hoffmann as a jewelry store.  Said building being located on lot one (1) Block K, in the City of Waupaca, to hold for a term of 10 years November 1, 1910, November 1, 1920, for an annual rental of $550.

            The party of the second part was authorized to build a suitable fire proof vault in said building at their own expense, provided however that at the expiration of said lease, if it is not renewed, the party of the second part had the right to remove such vault, provided the floors and building shall be repaired and placed in as good condition as it was before the erection of the vault.

            The Waupaca Record, dated November 5, 1910, had this to say:  “New State Bank to open soon.  Work on remodeling the Hoffmann building is going ahead rapidly.  Mr. Kim Rosholt of Eau Claire told the representative of the Waupaca Record that they expect to have one of the most modern banks in the state.  They are installing a large burglar-proof vault with safety deposit boxes, and the floors and the front of the building will be marble.  The officers have not as yet been elected, but would be soon.”

            The original Article of Incorporation was amended December 29, 1910.  The time had come, and the Waupaca Record for Thursday, Jan. 12, 1911, brought the news to the people of Waupaca:  “The new State Bank opens Saturday.  The Farmers State Bank held its first meeting on Wednesday afternoon (and) 26 stockholders were present.  The bank opened for business on Saturday, Jan. 14, 1911.”

            The first officers elected were:  president, J. Rosholt; vice president, K. Rosholt, H.J. Myhus, C.R. Hoffmann, E.W. Smith, Albert Breit, O.C. Harrington, and Mr. Hoffmann was elected as chairman.

            The original stockholders were Herm Felker, O.C. Hole, Carrie A. Wheeler, B.P. Hom, E.W. Smtih, R.J. Havenor, N. Cohen, O.B. Ware, Albert Chady, J.R. Keating, F.D. Axtell, Chas. R. Hoffmann, Albert Breit, Thos. Davidson, Lawrence Miller, A.B. Axtell, R. McCabe, M.E. Hansen, O.C. Harrington, John Wallace, Carl A. Sander, Fred Hess, S.J. Danielson, Thos. Oyans, William Pope, A.W. Warren, K. Rosholt and J. Rosholt.

            When the building was completed, the wainscot was Grecian marble set off most beautifully by a base board of Italian marble.  The dealing plate was of Belgian marble and the woodwork and fixtures were all in mahogany.

            The 10 years lease came up, and it was renewed for another 10-year period.

            On June 12, 1930, they renewed the lease for a third time for 10 years.

            On September 30, 1939, the Farmers State Bank purchased the entire lot one (1) Block K from the estate of Richard Lea, for $30,000.  This was a Trustee Deed, volume 193, page 221, executed by Charles W. Lea, who was a son, and Harry R. Lea, who was a grandson of Richard Lea; the original builder of the building.

            “Farmers State Bank in home of its own, in Lea Block.  The Farmers State Bank, 28-year-old Waupaca financial institution, soon will boost a roof of its own and a home of its own.

            “On October 2, 1939, a deal will be consummated whereby the bank acquires the Richard Lea estate property now occupied by the bank, McLean’s Market, Stedman’s Drugs store and Allen’s Restaurant.  All occupants will continue in their present quarters, states Harry Rawson, the bank president, and will continue as tenants of the bank excepting Allen’s Restaurant.  David Allen has already arranged to purchase the quarters occupied by his restaurant.”

            The above was published in the Waupaca County Post.

            On January 13, 1955, there was a picture in the Waupaca County Post of workmen installing a new revolving clock on the Farmers State Bank building.  The old clock prior had been installed on October 25, 1916.

            The new revolving clock was unique in design, and there were only four of them in Wisconsin, the others in Milwaukee, Madison and Fond du Lac.  It was installed under a lease agreement by the Federal Sign and Signal Co., Milwaukee, assisted by Reuben Nelson of Nelson Sign Service, who became in charge of the maintenance.  Kissinger Electric did the wiring.

            The clock was installed so that its twin faces were visible for long distances in all directions as it revolved.  The faces were three feet six inches square and were of white plastic with black plastic numerals.  They were illuminated by white grid tubing.  The signs at the top and bottom that advertised the bank were maroon with gold letters.  They too were illuminated.

            In the Waupaca County Post, for October 23, 1958, there was a picture of the Farmers State Bank before it underwent its extensive exterior remodeling.  The heading was, Waupaca’s Main Street undergoes a “Face-lifting.” 

            “The west side of the 100 block on South Main Street in Waupaca is undergoing extensive “Face-lifting.”  From Union Street northward, the First National Bank remodeled the exterior and the interior of its building some months ago, the Schultz Bros. Variety store remodeled the interior, converting to self-service, the Campbell store is in the process of doubling its space by annexing the former Leader Hardware building and on the corner of Main and West Fulton streets, the Farmers State Bank is sealing off the second floor and installing a modern new front which will include Winches drug store.”

            Sometime between January 1955 and June 1966, the first temperature-time clock was installed on the Farmers State Bank building on the corner of Main and Fulton streets.   This clock replaced the revolving time clock that had been installed there in January of 1955.

            When the Farmers State Bank moved to their new location at 112 West Fulton Street on March 7, 1966, they took their time-temperature clock with them to their new location.

            For years the clocks that were mounted on the corner of the Farmers State Bank had dominated the Main and Fulton streets intersection.  The people had acquired the habit of glancing at these as they stopped for the stop sign to get the time of the day or the temperature.

            As the result of the move of the clock, the officials of the bank received many hints and remarks on how they missed the clock on the corner while shopping downtown.  The courthouse workers and businessmen found it convenient to take a look out of their doors of windows.  County Treasurer John DeVaud could see the clock from his office window and had remarked, that he looked at the bank clock more than his own office clock.

            While admitting that there had been some pressure to maintain some device at the city’s principal intersection, Executive Vice President P.L. Karling said, that when the bank officials found out how much the clock meant to the people, the decision was made to provide another clock, with the compliments of the Farmers State Bank, and as a public service to the community.

            The Waupaca County Post for June 9, 1966, had this to say:  “Bank with a soft heart bends to the will of the clock watchers.”  There was also a picture of the clock being installed.  Above the new clock were the words “Compliments of the Farmers State Bank,” and below the clock was “One block West.”

            The new clock took its orders through the old clock at 112 West Fulton Street by means of wires which carried the proper instructions.  If it was 2 p.m. at the new bank, it would be 2 p.m. at the old location, and the same went for the temperature.

            Sometime between 1966 and December 1982, another new clock was installed.  This new clock had just the words “Farmers State Bank of Waupaca.”  In the afternoon of Christmas Day, 1982, a pictured appeared in the Waupaca paper showing the temperature at 49°.  I understand that the present clock was installed in 1984.  I am sure that the people of Waupaca and surrounding areas appreciate this service provided by the Farmers State Bank.

            When the Farmers State Bank moved to its new location, the old bank building was for sale.  On the first day of March, 1967, Edward J. Hart purchased from the Farmers State Bank the north 17 feet of lot 1, Block “K” of the original plat of the Village (now City) of Waupaca, except the West 29 feet thereof.  The Grantor reserved the right to maintain the time and temperature clock attached to the building on said premises for a period of 10 years.  This location is now the Law Office of Attorneys Edward and John Hart.