Page:History of Goodhue County, Minnesota.djvu/679

 HISTORY OF GOODHUE COUNTY 597 Mrs. H. E. Conley, Cannon Falls. There are local unions in Goodhue, Oxford (mail, Cannon Falls), Pine Island, Red Wing and Stanton. BANKS AND BANKING. The banking- business in Red Wing and, in fact, in Goodhue county, was started by Pascal Smith, who Loaned money to the early settlers with their land and improvements as security. In 1857 a firm was started under the name of Smith, Meigs & Co., the partners in this venture being Messrs. Smith. Meigs, Fergu- son and Knapp. In 1859 the Bank of Red Wing was organized under state law and issued currency. In 1860 the firm of Smith, Meigs & Co. was changed to Smith & Dickinson. Soon after the Bank of Red Wing was started it was bough.1 ou1 by Pascal Smith and conducted from 1862 to 1865 by Dickinson and Smith. The First National Bank, of Red AYing, was organized in September, 1865, with a capital stock of $50,000, which has since been increased to $100,000. The original incorporators were Jesse Mclntire. Robert B. Miller. T. B. Sheldon, Jesse M. Hodg- man. John Friedrich and T. K. Simmons. The first president was T. B. Sheldon and the first cashier was Jesse Mclntire. In 1905 a new charter Mas secured and the company was reor- ganized, the new officers being : President. F. H. Wellcome ; vice president, E. H. Blodgett ; second vice president, H. H. Buck ; cashier, H. P. Mclntire; assistant cashier. C. H. Crandall. The board of directors consisted of F. H. Wellcome, R. L. Grondahl. H. P. Mclntire and H. IT. Buck. January 1, 1906, J. Henry Cross, who has since taken an active part in Red Wing affairs, suc- ceeded Mr. Wellcome as president. The present officers are : President, J. Henry Cross ; vice president, F. II. Wellcome ; cashier, Samuel H. Lockin ; directors, Dr. J. Y. Anderson. AY. J. Featherstone, August J. Becker. The report at. the close of busi- ness April 28, 1909, was as follows : Resources — Loans and dis- counts, $392,050.07; overdrafts, none; United States and other bonds, $172,836.48 ; real estate, furniture and fixtures, $21,000.00 ; cash and due from banks, $91,034.38; total, $676,921.73. Lia- bilities—Capital, $100,000.00; surplus and profits, $26,239.30; circulation, $100,000.00; deposits, $450,682.43: total, $676,921.73. The list of stock holders contains many of the business and pro- fessional men of Red Wing and vicinity. Pierce, Simmons & Co. was started October 1, 1868, when Messrs. J. C. Pierce, T. K. Simmons and A. AY. Pratt, all resi- dents of Red AYing, having engaged in active business of various kinds for some ten years or more, associated themselves under the firm name of Pierce, Simmons & Company, Bankers, the firm