1921 Duluth & St Louis County MN, Van Brunt.pdf - Garon.us

598 DULUTH AND ST. LOUIS COUNTY
The American Exchange Bank of Virginia was incorporated in
March, 1904, as a state bank. Its original capital was $25,000, but
this was increased to $50,000 on July 1, 1907. At that time the directorate
was: W. H. Cole, president; J. D. Lamont, vice-president;
D. W. Stebbins, cashier; C. T. Fairbairn, D. B. McDonald, A. Hawkinson,
Fred Lerch, W. J. Sincock and E. J. Bush. It will thus be
seen that the bank had a strong mining and municipal support, and
was thus destined to grow into the bank it became.
Another bank, the Farmers and Merchants State Bank, was organized,
with good prospects, and a particular field, on January 1,
1917. The bank devoted its efforts mainly to the developing of a
connection among agriculturalists in the Virginia sphere, the land
to the north of Virginia beyond the range, and along the Canadian
Northern system, being rapidly converted into excellent agricultural
properties. Farming, therefore, is becoming increasingly important.
The Farmers and Merchants State Bank began with a capital of $50,-
000, and soon had a surplus of $10,000. On May 30, 1920, its deposits
totalled to $400,000. Directors then were : Andrew Grande, president
; B. J. Kelsey, vice-president; C. T. Eckstrand, cashier; Joseph
Christopherson and E. J. Larsen, directors.
The banks of Virginia, in August, 1920, had total deposits of
$4,300,000, which gives indication of their business prosperity.
Light and Water.—The light and water utilities are now municipally
owned. Originally they belonged to the Virginia Light and
Water Company, which was organized by O. D. Kinney, A. E. Humphreys
and others, in 1892. The first installation of water pipes was
done in the spring of 1893, and an electric light plant installed in
1894. The plants grew with the city, and met its requirements fairly
well. Just prior to the reorganization, in 1909, the officers of the company
were: O. D. Kinney, president; B. F. Britts, vice-president;
Geo. W. Buck, secretary; E. Z. Griggs, treasurer; O. H. Griggs, manager.
In July, 1909, the company became the Virginia Electric Power
and Water Company, and proposed an issue of $70,000 bonds, to meet
cost of extensive improvements planned. The officers of the new
company were : O. D. Kinney, president ; O. H. Griggs, vice-president
and general manager; E. Z. Griggs, treasurer, and G. W. Buck, secretary.
Virginia "was one of the first towns in Northern Minnesota to
adopt the policy of municipal ownership of public utilities." In 1913
the city purchased the plant of the Virginia Electric Power and Water
Company, and for several years the municipal operation of the plants
showed a net profit of about $80,000 a year. The plants have been
considerably enlarged and include "a complete heating and extension
system," constructed in 1919, at a cost of $350,000. The "Seventh
Annual Report of the Water and Light Commission" of Virginia,
October 1, 1920, shows that the surplus assets above liabilities of the
city in these public utilities is $729,280.89.
Public Improvements,—In 1894, the "White-Way" of Virginia
consisted of "some fifteen arc lamps," of which possession "the citizens
boasted"; in 1920, Virginia had upon its streets 155 white-way
standards, each having five lamps, and about 175 other street lights.
Other comparisons are equally striking. In 1894 there were seventeen
hydrants ; in 1920, the city owned 141. In 1894 there were four blocks
of water mains ; in 1920 there must have been much more than twenty
miles of water mains; its storm sewers alone extended for thirteen
miles, and there were eighten miles of sanitary sewer in 1918, the