W.C.
Kurtz Saves Christmas
Strong
down slope winds brought an early Christmas present to W.C. Kurtz, as he and his
companions raced to Denver, December 20, 1933. The unseasonably warm day created
good road conditions for the Lincoln as it sped along the usually snow-laden and
dangerous switchbacks of Loveland Pass.
W.C.,
his best friend and business partner, Clyde Biggs, and R.E Vickery had left
Grand Junction just before noon, striving towards Denver for an emergency
session with the Federal Reserve and Reconstruction Finance Corporation.
Meetings over the next couple of days’ would determine if Grand Junction would
have a good Christmas.
This saga began nine months earlier. The Great Depression hit tsunami
proportions after the newly inaugurated president, Franklin D. Roosevelt,
ordered a “bank holiday” on March 5, 1933.
In Grand Junction, two banks closed: the United States Bank (USB) and
Grand Valley National Bank (GVNB). While USB reopened shortly, GVNB remained
closed, severing depositors from precious savings. W.C. Kurtz, vice-president of
the bank, made stringent efforts to get it reopened quickly. This entailed
working under new government guidelines as well as bank stockholders meeting
required assessments. Some balked at the sacrifices, and so the bank’s
shackled doors remained a frustrating reality.
Grand Junction’s generous spirit shined brightly during the Depression.
Soup kitchens, transient hotels, and relief funds served a suffering community.
Almost every organization in town either contributed to a charity or was taking
care of someone directly. On a citizen level, neighbors shared garden produce
and hand-me-downs with the needy. Still, shoulders slumped, feet dragged, and
faces wore a dusting of despair.
Walter Walker, publisher of The Daily Sentinel, encouraged readers
to beat the Depression’s effects. Editorials spurred citizens to hang in
there, to spend their money not hoard it, to believe in Grand Junction’s
future. GVNB’s continued closure, though, grieved him, evidenced by printed
reprimands towards some bank stockholders. He lavished praise, however, on W.C.
Kurtz’s heroic months-long endeavors to reopen the bank.
By mid-December, the town’s financial situation was desperate. Nearly
one million Grand Junction dollars were inaccessible, and Christmas did not look
merry and bright. The financial fallout meant businesses relying on holiday
receipts faced bankruptcy, but the worst fear was children would have no
presents on Christmas morning. Something had to be done—and fast.
Walter Walker phoned Colorado’s senator, Alva B. Adams, and explained
their plight. Adams dashed to Washington D.C. to see if he could move mountains
there, just as W.C. Kurtz’s Lincoln pulled into Denver for the urgent meeting.
He didn’t know that news of his odyssey had reached the Associated Press, and
now the nation watched, cheering him on and hoping the little town on the
Western Slope of Colorado would have their Christmas. As co-owner of the
successful Biggs-Kurtz Hardware Company, he loved to “get things done.” That
same spirit prevailed over the next two days as Kurtz and Senator Adams worked
out the kinks in their own arenas. By Friday afternoon, December 22nd,
all requirements had been met.
“BANK OPENS TOMORROW!” Friday
evening’s Sentinel headline announced the joyous tidings. The
newly-chartered and renamed First National Bank’s inauguration would be 10
a.m. Saturday, December 23rd.
Denver
had enjoyed a warm winter day, and at 3:30 p.m., W.C. Kurtz pointed his Lincoln
westward. He and Clyde Biggs were joined by cashier, C.R. Thomas, and A.E.
Torgeson, vice-president and acting head of the new bank. A briefcase of bundled
cash, totaling $392,000, reposed at their feet. Most of the trip was under
darkness, and the tired troupe finally hit the city limits at 5 a.m. They spent
the next few hours getting the bank ready.
Though
only $500,000 had been predicted as available, according to Torgeson, the actual
figure was $825,750.50. While only half of the deposits, it didn’t dim the
cheerful, optimistic crowd that gathered in the bank lobby Saturday morning. As
many deposits were made as withdrawals, and storeowners happily announced at the
end of the business day that sales had never been better.
W.C. Kurtz’s “get it done” enthusiasm eventually garnered successful lumberyards all over Colorado. He served on many boards, numbered among them the Denver & Rio Grande Western Railroad, Public Service, and several banks, including the Federal Reserve Bank of Kansas. He also was awarded an honorary degree at the University of Colorado for being “Outstanding Businessman of 1941.” Nonetheless, one of his most cherished accomplishments was helping to bring Christmas to Grand Junction one desperate December.
Main Street during the Depression
The Biggs-Kurtz Complex at the west end of Main Street, 1930s
W. C. Kurtz Senator Alva Adams Walter Walker, publisher of The Daily Sentinel
Progression of the Bank Corner (NW) at 5th and Main St.
Original building was a dry goods store. Bank was named First National Bank. In 1890, this beautiful Victorian was constructed by John Lumsden. 1st National Bank failed
in 1901 and reopened in 1902 as Grand Valley National Bank.
The Victorian was torn down in 1910, replaced with this brick building. The brick building was expanded in 1920, with an extensive remodel. After the "bank holiday"
which ended GVNB, it reopened on Christmas Eve 1933 as 1st National Bank.