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Bank of Watertown
Incorporated 1854
Watertown Gazette, 08 01 1929
The history of the Bank of
Watertown is tied up closely with that of the community itself. Up until a year or so before this bank was
organized, Watertown had no banking facilities, the nearest approach to a
banking institution being Daniel Jones' broker office. When a resident of the
community needed a loan and had no satisfactory collateral, he was very apt to
borrow of his grocer or butcher and repay the loan with the products of his
farm or garden. Then, in 1852, the
Jefferson County Bank was organized in Watertown. It survived for about nine years but in
1862, according to the files of the Wisconsin state banking authorities, it
liquidated and passed out of existence after paying all claims against it
dollar for dollar.
1853-1863
The years preceding the Civil War
were years of political, social and financial unrest, particularly in the newer
states of the West. From 1853 to 1860
there was constant friction between the pro-and anti-slavery factions. When the war finally broke out in the spring
of 1861, Wisconsin had 109 state banks with an outstanding circulation of
$4,500,000, two-thirds of which was secured by rapidly depreciating bonds of
southern and border states. Within two weeks after the fall of Fort Sumter, 38
of the 109 Wisconsin banks were closed, and public confidence was not wholly
restored until after the great Union victories of 1863.
Throughout this troubled period,
however, the Bank of Watertown was able, as a result of capable and
conservative management, to continue its service and keep faith with its
customers and the community.
1854
A. L. Pritchard
City of Watertown, Wisconsin -
Architectural and Historical Intensive Survey Report: 1986-1987. City of Watertown Historic
Preservation Project, August 1987, pp 214-225.
Two of the early banks in Watertown
were begun by Yankees. Daniel Jones, a
native of New Hampshire started the Jefferson County Bank in the 1850s. It was suspended in 1862 and Jones joined
with William Dennis who had formed the Bank of Wisconsin. Together they formed the Wisconsin National
Bank (116 W. Main St). The Bank of
Watertown was founded by A. L. Pritchard, a New Yorker who never moved to
Watertown. Its long-time cashier,
though, was William H. Clark, another New Yorker who came to Watertown in
1854. Its original building (14 E. Main
St.) was replaced by a new structure in 1911.
1854
William H. Clark
The History of Jefferson County, Wisconsin by C. W. Butterfield, 1879
William
H. Clark, cashier of the Bank of Watertown; came to Milwaukee in 1852, and to
Watertown in 1854. He organized the bank
that year and has been connected with it ever since. Mr. Clark organized the gas company here, in connection with A. L. Pritchard,
and conducted the works for several years.
He has been in the banking business continuously since
1854, Organization of
Watertown Gazette, 08 01 1929
In 1854, the year after the
Jefferson County Bank opened for business, the Bank of Watertown came into
existence and has served continuously ever since without even a change in name.
Watertown was incorporated as a
city in 1853, and its first mayor Theodore Prentiss,
was in office when the Bank of Watertown was organized. The population at the
time the city charter was granted was about 4,000, but was rapidly
increasing. Wisconsin was just acquiring
its first railroad facilities, the
1854
Among the founders of the bank
are some of the most prominent pioneer settlers of this territory, men who
played a leading part in the early development of the community. At the first stockholders' meeting, held on
A. L. Pritchard was elected
president, and William H. Clark, cashier.
Daniel Jones, Amos Steck, and John P. Roose were also among
those actively interested in the organization of the bank, and Theodore
Prentiss joined the group shortly after.
Among the later presidents of the institution were William Buchheit and Frank E. Woodard. Among later officers and directors were Jesse
Stone, Marshall J. Woodard, E. J. Brandt, W. C. Stone, Constance Wiggenhorn, and C. H. Jacobi.
1855, Original Bank Building
Shortly after the bank was
organized it erected a three story brick building on the site of its present
structure. That building, which was the
bank's home for sixty years, was regarded at the time of its erection as the
best bank building in the state outside of Milwaukee. It was built of Watertown
brick. Vault doors were brought from New
York City, and the vault, which would seem almost primitive compared with the
one the bank owns today, was hailed as a notable example of advanced
construction.
1855
11
22 Bank completed raised capital to $100,000;
commenced business a little more than a year ago with capital of $25,000 WD
1857, Location of Reading Center
(pre public library)
Long before 1900, however, the
idea of a free public library was in the dreams and
wishful thinking of many Watertown residents.
In 1857 the young men's association rented a room and opened a reading
center in the old Bank of Watertown building on Main and North First
streets. So many readers came that the
association moved to the top floor of the Cole building.
c1860
Theodore Prentiss
The law office of Theodore
Prentiss (Watertown’s first mayor) was above the Bank of Watertown.
1868
Col. Solliday
Upon his arrival in Watertown Col. Solliday opened dental parlors over the
Bank of Watertown, where he remained three years, finally locating on
Solliday held several positions
of trust in Watertown, among them four years on the school board, part of the
time its president; alderman of the
1893
Two drawings, both from 1893
issues of Weltburger [1]
[2]
1893
"Notice to Depositors"
One episode in the bank's history
in which it takes particular pride, and one that is characteristic of the high
sense of responsibility that has always been a feature of the bank's
management, took place in 1893. That was
a year of financial panic in the United States, and banks in many parts of the
country were in acute distress. The Bank
of Watertown remained perfectly sound, as it had through previous panics, but
gossips aroused by the general lack of public confidence in banks spread rumors
that frightened some of the depositors.
To quiet depositors and restore confidence, on July 26th, the bank
posted in its window and published in the newspapers the following "Notice
to Depositors":
Owing to the present unsettled condition throughout
the business world, we, the undersigned directors of the Bank of Watertown,
hereby guarantee with our private fortunes all the deposits now in the bank and
all deposits made during the year 1893.
There is due depositors in this bank, $220,000. The assets of this bank are $300,000. Added to this ample amount of assets we
pledge our private fortunes.
We take this occasion to thank the business
community, farmers, and other customers for their liberal patronage and desire
to show our appreciation of the same with this absolute guarantee.
Dated, Watertown, Wis.
Wm. Buchheit,
Jesse Stone,
M J Woodard,
Theodore Prentiss,
C Wiggenhorn,
E J Brandt
This confidence-inspiring
document accomplished its purpose.
1906
Watertown Daily Times, 08 09 1906
The scene of activity about the
Bank of Watertown the past few days and nights has convinced those who have
watched the preparation that the installation of a burglar alarm system is no
easy task and in fact take a far greater amount of strenuous labor and time
than the average person would imagine. The new system is being installed by the
Invincible Protection Company of Monroe, the equipment being manufactured at
Cedar Rapids, Iowa.
The system is what is known as
the open and closed circuit, the vault of the bank being inclosed in a
veritable network of cables containing electric wires so that it would be
utterly impossible for a burglar to gain access to the vault without giving an
alarm that would almost wake the dead. The work of installing the new system is
in charge of T. J. Weirich of Monroe, who has four experienced assistants
helping him, beside local assistants. The work was started last Saturday, Mr.
Weirich working and supervising the work through to Monday a period of
forty-eight hours without any sleep. It is expected that it will require a
week's time yet to complete the task of installing the system. In the course of
operating it was necessary to drill holes through the steel plates of the
vaults in order to run the cable. It was found that ordinary drills would
scarcely touch the steel, so the process used was by electricity, a common arc
light carbon being used as the drill. This process is a very interesting one to
watch, the display of light being virtually like a miniature electrical storm.
The operation has been watched by many of our citizens and all have found Mr.
Weirich and his assistants very courteous in explaining the details of the new
system.
1907
12 10 A
deputy factory inspector has ordered the Bank of Watertown to build a fire
escape on either the south or east side of its building at the north west
corner of Main and First streets is the hall in the third story being used as a
test hall (sic). It is passing strange
that such an order should be issued as it is less than four years ago that the
owners of the building put up a good and sufficient fire escape on the north
side of the building. The building is
small and heated with a furnace, the only stove in it being in the Post hall
and the buildings on either side are warmed by steam from the Masonic Temple. To put up another fire escape where ordered
would deface the building and cost at least $200 and is not required for the
safety of those who occupy the building.
1916, New Bank Building
On January 29, 1916, the present
building was formally opened to the public with a reception at which visitors
were given an opportunity of inspecting the structure and its equipment.
It is interesting to note that,
while the Bank of Watertown grew steadily and paid satisfactory dividends for a
great many years, its most rapid expansion has taken place since the opening of
the present building just thirteen years ago.
An article appearing in the Watertown Daily Times on the day this
building opened [1916] called attention to the fact that the bank's deposits
were then over $900,000, and remarked that the institution "bids fair to
be numbered among the 'million dollar banks' within a reasonable
time." That this prediction was
extremely conservative is shown by the fact that deposits in 1929 were about
$2,000,000 and total resources are approximately $2,300,000. The present capital is $200,000 - four times
the amount of the original capital - and added to this is $165,000 in surplus
and undivided profits.
1929, Diamond Anniversary
Watertown Gazette, 08 01 1929
Bank of
Watertown Observes Its Diamond Anniversary
Observing the occasion with an
open house celebration to which the entire community is invited and with a free
theatre party for the children, the Bank of Watertown on Saturday, August 3rd,
will mark the completion of three quarters of a century of uninterrupted
service. The bank first opened for
business in August, 1854, when Franklin Pierce was President of the United
States.
The bank will be open on Saturday
from 9 a.m. to 9 p.m., and depositors, friends, and the public at large are
invited to attend the celebration.
Officers, directors, and employees of the institution will be present to
receive the guests. The party for the
children will be held at the Classic Theatre on Saturday afternoon, admission
being by complimentary tickets which are being given out at the bank to children
of 15 years and younger.
Present officers of the Bank of
Watertown are H. Mulberger, president; J. F. Prentiss, vice president; L. J. Lange, cashier;
and H. L. Schumann, manager of the bond department. Directors are E. J. Brandt, Alex Buchheit, F. W. Gamm, H. Mulberger, E. A. Pratt, J. F.
Prentiss, F. E. Woodard, and W. H. Woodard.
The force, the members of which
through courtesy and close attention are an important factor in the bank's
success, are: H. A. Mitzner, E. G. Thompson, Walter Manthey, Mary Burke,
Waldemar Kohn, Anne Kress, and Gertrude Fleischer.
The bank offers a complete range
of modern financial services under the general headings of commercial banking,
savings, safe deposit, investments, and trust service.
1956,
Farmers and Citizens Bank Acquired
Watertown Daily Times, 06 30
1956
After today Watertown will have but
three banks instead of the present four. With the close of business this
evening, the Farmers and Citizens Bank (1957c,
300 E Main, city assessor image) will cease to exist, according to
announcement made public today. The negotiations which led to this step were
underway for some time, but public announcement of the plan was withheld until
today.
As of today the Bank of Watertown
is assuming the deposit liabilities of the Farmers and Citizens Bank. All loans
and mortgages will be payable hereafter to the Bank of Watertown. At a special
meeting of the stockholders of the Bank of Watertown held late Wednesday
afternoon they ratified a plan to increase the capital stock of the bank from
$200,000 to $250,000 and endorsed the proposal previously acted on by the board
of directors to assume the deposit liability of the Farmers and Citizens Bank,
the announcement said. All loans and mortgages will be payable hereafter to the
Bank of Watertown.
1960
03 26 Bank acquired property; 106 Madison St, 8 E
Main, 10 E Main WDT
Image Portfolio
Click to enlarge
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1891
drawing Weltburger |
c1897 City Hall
right |
c1900 Right. N. First & Main |
c1900 Left. No First St |
1902 Counting
room |
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Cross
References:
E J Brandt's inventive talent came to the fore
while he was employed as a cashier in the Bank of Watertown. Tiring of counting money for railroad
payrolls, he invented an automatic cashier and in 1890 founded his own company
to manufacture this product, Brandt Inc.
Death of Richard Hoge, 1983
/ Ken Riedl
