Page:History of Goodhue County, Minnesota.djvu/680

 598 EISTOEY OF GOODHUE COUNTY and business being conducted along these lines until 1891. W. H. Putnam entered the employ of the firm in 1873 and was elected cashier in 1883. Mr. Simmons' death in 1890 necessitated a re- organization, which was completed July 1, 1891, the firm's busi- ness being transferred to the Bank of Pierce. Simmons & Co., a duly incorporated slate bank with a capitalization of $60,000, the officers being J. ( '. Pierce, president ; A. W. Pratt, vice president ; AY. II. Putnam, cashier, and W. II. Grow, assistant cashier. Pros- perity, due to good management and liberal support, necessitated more capital, which in 1892 was increased to $100,000 and in 1904 to $125,000. On the death of Air. Pierce in June, 1904, Mr. Pratt was chosen bis successor as president, Air. Putnam assum- ing the offices of vice president and cashier. At the annual meet- ing held in January, 1908,* the present officers were elected, as follows: President. V. H. Putnam; vice president. AY. H. Grow; cashier, R. AY. Putnam; assistant cashier. J. AY. Holliday. A neat booklet issued by this bank contains much historical and statis- tical information in regard to the early days of Red Wing. The report of the bank at the close of business. April 28, 1909, is as follows: Resources — Loans. $657,696.19; overdrafts, $3,111.68; bonds. $53,837.00; cash and due from banks. $94,860.36; total, $S( 19.405.23. Liabilities— Capital, $125,000.00; surplus. $50,- 000.00: undivided profits. $9,033.29 ; reserve for interest and taxes, $8,000.00; deposits, $617,371.94; total, $809,405.23. Albert W. Pratt for many years Red Wing's most prominent banker, now living in honored and respected retirement, has been closely identified with the financial interests of the county since the early days. He was born in Chagrin Falls, Ohio. July 10, 1837. son of Richard and Sarah (Fitch) Pratt, who located in that place in 1835. The father was a native of Massachusetts and the mother of New York state. At Chagrin Falls Richard Pratt engaged for many years in the boot and shoe business. For a time he lived in Keokuk. Iowa, but later returned to Chagrin Falls, where he died in 1868. His wife died at Hamilton, 111., in 1872. Albert AY. received his early education in the schools of his native town, and for .several years was employed in the post- office at Painsville. Ohio. He came to Red Wing in 1856 and was commissioned by Judges H. and E. T. Wilder to sell land warrants and loan money to new settlers who took advantage of the preemption law. In this capacity he continued until 1857. when the land office was removed to Henderson. Minn., Mr. Pratt going with the office and following the same business until the Indian outbreak of 1862. at which time he was appointed by the state to adjust claims made by the whites for property destroyed by the Indians. Locating again in Red AYing in 1863. he entered