USA > Iowa > Cedar County > A topical history of Cedar County, Iowa, Volume I > Part 20
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The statement accompanying the banks of the county shows that the officers of many of those banks, the stockholders, the men who carry the deposits are in a large number of cases the farmer who has made the financial institutions pos- sible.
Long ago the grain raised on these prairies was sent to market by the train load and the harvest time was one of great stress for men to reap the crop and make it safe. This continued for many years until the era of corn raising. Since that time the fine stock of the county has never failed to pass the test of the ex- pert and as such reputation has grown the changes have been accounted for in the steady habits of good men to find out the best that could be procured and to bring it into the county at great expense but with the pride of having done some- thing to make the county better and richer for those who came after.
The date of the introduction of the first horses for fine breeding purposes is fixed at about 1860. The Percheron breed brought from Illinois began to be popular at that time and many of the best farmers engaged in the raising of this draft animal. "McCroskey" is mentioned as one of the first of the good horses to be brought to the county, and from this the idea of the draft horse seems to have begun to take root in the minds of breeders. Later, James Gress of Clar- ence, imported a Clydesdale draft horse which made a very good impression on the men who were then coming into the possession of the stock of the future. It was about this time that J. G. Truman of Bushnell, Ill., brought the Shire horse to this part of the state and one of the first to buy from him was the late W. C. Bryant of Marion, Linn County. The Elgin breed came some time soon after the ones just referred to and the carriage horses were introduced about the period of the latter part of the Civil war.
Attention has been called to the introduction of the Kentucky horse, in the war period, by Col. Bradshaw whose home was in that state. He was the first man to introduce the breeding of fine horses for trotting purposes exclusively. Dorsey and Harbiston engaged in this line of horses among the first in the county and Alex. Spear kept a dozen or more of this breed.
Draft horses are a popular kind since the demand for them seems always to be of stable nature. The Spears have been and are at the present heavy breed- ers of the Shire horse. Alex. Spear has owned some famous prize winners. "Eldorado the Second" was a prize winner in England and three days after being imported was the champion in the Chicago show. John Willer at his stock farm south of town is a producer of this class also. "Joliet Wolfe" is one
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of the well-known horses in this part of the county. These men are not only interested in the production of fine animals but prepare for the market as well.
In Linn township Alexander Moffit has one of the largest of the many stocks in the territory famous for its good horses. His reputation for fine specimens has long been established. Wendell Willer's Percheron stock is pronounced fine enough for any purpose.
On the neighboring farm, known long as "Border Lawn," W. W. Aldrich used to grow the trotting and running horses of the county. He owned at one time "Ansel," a fine horse of this stock, a thoroughbred English racer. He also kept the Clyde horses for a time, but he continued to breed the trotting horses until the time of his death a few years ago.
As many as thirty years ago the French coach horse was introduced into the vicinity by Mr. W. C. Bryant, of Marion. Among the famous imported ones of that day were "Escobas," champion at the great horse show on the lake front in Chicago, owned by Alex. Spear, and he is still engaged in breeding this stock. Three or four others were of equal prominence later in the horse history. One or two that sound like French noble names and others a little Spanish, "Elossant," "Romos," "Dedios," "Elebas." The last one was kept by Mr. Spear for six years and was then sold and taken to Scotland, Penn., in the Cumberland Valley. The other suggestive names that show the origin of the thoroughbred mare now in possession or once in possession of the best breeders are those of "Bellone," "Malone," "Cologne." So much for the horses with big names. There are many who have fine stocks that cannot be described for want of data, yet the Hemmingways of Springdale township are known for the best of draft animals, Marion Gray and Sons are also mentioned as good producers. Brennan Bros. were the breeders of the Belgian horse in Gower township, and in the same vicinity the Shire horse is found on the farm of Dwyer Bros. In connection with the latter breed one must not forget to speak of the Shires of Samuel McAfee.
Percherons are grown for the best stock by Julius Popp, and also the same breed by Wm. Leech. A. J. Glick of Dayton township and the Schieles of Farm- ington are among the large producers of good horses.
Col. Bradshaw, who was mentioned as the man who first brought in the Kentucky horse, was the first man to introduce the Durham and Shorthorn cattle from the same source. He sold them to M. Bunker at the "Bunker Hill" stock farm, to W. W. Aldrich, Mr. McNeil of Clarence, Peter Wingert, Geo. King, the Spears, Alex. Yule and many other breeders of good cattle.
About thirty-five years ago, the first Aberdeen Angus cattle were brought to the county. John and Alex. Spear owned a large herd. The latter owned "Shamrock," the grand champion of the world in 1902. Other breeders of this variety are John Willer and James Spear.
The largest herd of Hereford cattle in the county belongs to Alexander Moffit of Linn township. His stock are thoroughbreds and he has kept in this line for many years. Gideon Bailey of Rochester has always taken great pride in good stock. The fine old house of the very early type of construction and the home-like old barn suggest a good old age for everything and what is grown is that of good ancestry.
FARM SCENE
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HISTORY OF CEDAR COUNTY
Some marked herds of cattle have been shown at the county fair by their representatives as prize winners. Among these are the herds of Wm. Penning- roth and Clarence McClellan. The latter is a breeder of the Shorthorn. Ed. Cosgriff of Clarence has the same stock.
Jersey stock was introduced from New York when Allen Elijah brought five cars of these cows from that state. They were the best of their kind that money could buy. Those who trace the Jersey supply will arrive at this source finally. In the records of the first agricultural societies there is mentioned the breed of hogs known as the "Magees." In one instance a writer refers to the time as. suitable to find something better than these hogs for the increase of profit. It has been forty years since these swine were brought into the county for the supply of the breeder. They came from Ohio originally, and were sent for by Robert Spear. Since that time they have the name Poland applied to them as the grading improved. The Chester White is bred by Lon Fraseur and Son, Red hogs by the Spears and John Willer. The present large breeders of Poland Chinas include the names of Escher and Regennitter. There was a special variety of the kind supposed to produce good bacon, a kind of ranger, once raised by the Nebergall Bros. They had a pleasant name, "The Tamworth Red." James Spear has a large drove of the "Jersey Red," Spear and Son raise these also for stock and the market. John Willer is an extensive producer of this hog, his stock running into the hundreds.
Henry Hoyman is a well-known leader in the Percheron stock and in the buying and feeding of draft horses. J. W. Reeder has always supplied his farm with the best of stock in both horses and cattle.
Probably the heaviest buyer in this section of the country, not only in the county but extending beyond its borders in many directions, is Mr. Dodson of Stanwood. The amount of the sales in that town and shipments from the station is far beyond the opinion of the public.
Moffit Bros. of Red Oak are specialists in the fitting of fine teams and make this their chief business in this phase of farm work.
And finally we should not forget the old running horse of Caleb Jones, "Old Iowa," when he and his partner in the racing business thirty-five years ago staked their money on the races and made it interesting for the men who beat them.
Land values since 1880 have so risen that the time has come when compari- sons can be made with difficulty. It sold then for an average of $35 per acre. The highest sale in this county to date is a quarter section at $225 per acre and the most recent sale when this is written at $215 per acre, a sale amounting in round numbers to close to $60,000. Some contrast to the sale referred to in the early history of Tipton, where the natives were astonished because a sale of $2,000 was made-all in cash.180
Cedar County at the date of this work has seventeen banks in the ten towns of the county that support banks. Each one of those banks has a special history which can in some measure be drawn from its reports or statements, but which is not complete in that form. No one not familiar with the institutions can make its history, hence the major part of what is found in this chapter comes from the officials of these institutions or from their co-operation in securing the data used.
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HISTORY OF CEDAR COUNTY
The Durant Savings Bank was organized in 1889, September the second, with a capital of thirty thousand dollars. Its growth has been quite remarkable and from a recent statement the capital is given as fifty thousand dollars, deposits as five hundred and sixty thousand, with surplus and undivided profits as fifty thousand. From a statement issued in 1909 the information that is desirable for all those patronizing banks is set forth in the following: The mortgage loans exceeded the large sum of three hundred and nineteen thousand dollars and this was secured by first mortgages on farm lands and some on town prop- erty not to exceed fifty per cent of its value. Collateral loans are defined as those secured by bonds, stocks and approved personal security, duly transferred to the banks as collateral on which the sum of seventy-seven thousand dollars was loaned. Bills receivable amounted to more than one and seventy-six thou- sand and these are the notes of solvent farmers and business men with one or more signatures. The bank declares that it is against its rule to allow overdrafts, but in cases where they are secured they try to accommodate their patrons. Their real estate holdings consist of the banking house and farm lands valued at sixteen thousand dollars. At the time of this report the cash available amounted to something above forty-six thousand. The total assets amounted then to the sum of six hundred and forty thousand dollars. The capital stock is owned by forty-five stockholders, and it is reported that this bank did at one time declare a dividend of fifty per cent. Its dividend now is regularly declared at six per cent semi-annually.
A National bank is considered sound if its surplus is twenty per cent of its capital stock. The surplus and profits of this bank amount to about one hundred per cent of its capital. Surplus is that portion set aside as a safeguard and comes from the net profits.
The deposits of the bank at the present time amount to about five hundred and sixty thousand dollars, belonging to over twelve hundred individuals, cor- porations and business firms.
It is a sound business principle that the public should know how the financial house with which it deals stands, and for this reason the officials of this bank have published in detail this report at certain specified times. The names of its officers and directors are the following :
Wm. Wulf, President; Hy. Gruemmer, Vice President; F. C. Langfeldt, Cashier ; J. H. Meyhaus, Assistant Cashier. The additional directors, Chas. Diehn, O. W. Schiele, F. W. Schiele, A. Bernick, Hy. Paulsen. Four of these are retired, three are farmers, and one is a physician.181
In August, 1903, the Farmers' and Merchants' Savings Bank of Durant was organized with a capital of twenty-five thousand dollars. Theo. Sindt was the president ; R. Tagge, vice president, and W. H. Crecilius, cashier. These still hold their respective offices. Deposits now in this bank amount to two hundred and forty thousand, surplus and undivided profits seven thousand five hundred. The bank has paid dividends since the second year of its organization. There is no aim beyond a conservative business.182
In 1899 a number of business men and farmers, assisted by D. H. Snoke of Durant and Wm. Bierkamp, Jr., cashier then of the Bennett bank, organized the Savings Bank of Lowden. It has a capital stock of twenty-five thousand and
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HISTORY OF CEDAR COUNTY
at the present time assets of two hundred and seventy-five thousand dollars. The out-of-town parties have since sold their interests and it is now owned by the Lowden people. The present directors and officers are: Chas. Heiner, president ; H. F. Kemmann, vice-president; H. O. Sander, second vice-president ; Dr. H. A. Runkle, H. Hinrichs, Albert Petersen, H. Twachtman, A. H. Licht, and H. H. Petersen. The latter has been the cashier from the beginning of its organization.183
The First National Bank of Tipton succeeded the private bank of Charles Hammond. It began business as a National Bank June 9, 1883, under the man- agement of Herbert Hammond and his associates. B. J. Rodgers, H. G. Coe, now of Clarence, W. W. Aldrich, for many years proprietor of the Border Lawn stock farm; Wm. H. Cobb, a merchant of Tipton ; H. L. Dean, interested in many lines of business ; W. T. Rigby, of Red Oak; and Hon. Alex. Moffit, a pioneer of Linn, constituted the first board of directors, with Herbert Hammond, the organ- izer. H. L. Dean became the president of the bank in 1888, serving in this posi- tion until 1891, when J. H. Coutts succeeded him. At the same time W. J. Moore was selected to succeed C. W. Hawley as cashier.
June 3, 1903, the charter of the bank expired.
Immediately following the expiration of the First National Bank charter, or in the spring of the same year in order that it might succeed the first one, the 4th of April of 1903 the City National was organized. It was chartered May I, 1903, commencing business June 3 of the same year. The incorporators were J. H. Coutts, Geo. E. Beatty, F. D. Wingert, Henry Britcher, and. W. J. Moore, the officers being J. H. Coutts, president; W. W. Aldrich, vice-president ; W. J. Moore, cashier. On January 4, 1904, the president was stricken without warning while away from his home, leaving his office vacant. In April the same year the vice-president, W. W. Aldrich, also died, and these two vacancies were filled by the election of W. J. Moore as president, who still retains this office; F. D. Wingert as vice-president, and Paul Heald as cashier. The first officers are as above at the present time, but Chas. Swartzlender has succeeded Paul Heald as cashier, with F. J. Beatty as assistant cashier.
The bank to-day, according to statement for. June 30, 1910, has a capital of $50,000, surplus and profits of $58,000, deposits of about $500,000, real estate and fixtures valued at $13,000.
The directors in addition to the officers mentioned include W. B. Reeder, W. G. W. Geiger, Geo. E. Beatty, J. P. Matthews.184
The earliest banker to conduct any business in this county that may be con- sidered in that connection was Judge W. H. Tuthill, whose life and that of the affairs of Tipton are pretty well linked together. In 1850 he began doing an exchange business, some collecting, and made loans where the party borrowing did not even need to give a note in exchange. On the old book at the Cedar County Bank there is no record of bills receivable. He kept an account in some form of the money lent and charged one per cent a month for its use, a very moderate rate if one examines the rate paid by Stephen Toney in the first instru- ment on record in the office of the County Recorder, where $262 are paid at the end of twelve months when the borrower got but $200 from Samuel P. Hig- ginson.
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HISTORY OF CEDAR COUNTY
For something like twenty years this method of banking was carried on by the proprietor of this first individual, who used no safe in his business, believing, like some of the present day, that you should not advertise the place of keeping your money.
However, in 1879, this was after the West Branch State Bank had been organ- ized, the Judge headed a movement to incorporate a bank to be called the Cedar County Bank. On August 6 of that year the institution was ordered or con- structed in the office of J. N. Neiman with the subscribers for stock as below : Wm. H. Tuthill, Moreau Carroll, Moses Bunker, H. W. Bailey, Wm. Gilmore, Perrien Dean, John W. Casad, Henry Sherwood, J. W. Reeder, Henry Walter, J. C. Reichert, Watson Huber, John N. Neiman, P. Wallace, J. H. Reichert, Samuel Yule, Wm. Coutts, C. G. Wright, John Ferguson, Longley and Peet, John S. Lichtenwalter, Alex. Spear, G. W. Geller, C. S. Neiman, Whan and Adams, H. W. Fields, Henry Fulwider, Chas. Kelley.
The capital stock was to be fifty thousand dollars, which was not fully paid up until 1884. The affairs at first were to be managed by the president, vice- president and nine directors. October 5, 1879, the bank opened for business in a building purchased of Chas. Hammond and which it has since occupied.
The first officers were W. H. Tuthill, president; J. W. Casad, vice-president, and Herbert Hammond, cashier. The first nine directors included Moses Bunker, Samuel Yule, Moreau Carroll, J. H. Reichert, Wm. Gilmore, Thos. C. Prescott, A. C. Reeder, Perrien Dean, and Wm. Coutts.
For twenty years this bank continued, or until 1899, when the present Cedar County State Bank was organized. The presidents of this bank since its organ- ization in 1879 have been: Wm. H. Tuthill, '79-'80; John W. Casad, '80-'92 ; Wm. Dean, '92 to 1904; C. M. Cook, 1904-'07; M. H. Miller, 1907, and he con- tinues in office. The vice-presidents during this time have been J. W. Casad, Wm. Gilmore, T. C. Prescott, J. H. Reichert, and Wm. T. Gilmore, the present vice-president since 1903.
Herbert was cashier until January 1, 1880; Moreau Carroll, 1880-84, when he was succeeded by the present cashier, S. G. Frink, he having served this bank con- tinuously for almost twenty-six years, probably longer than any one in that position in the county. In 1903 Miss Emma G. Graybill was elected assistant cashier. In July, 1909, a savings department was added to the other business of the bank.
There are now eleven. directors instead of nine, as at first in the history of this bank. They are listed here:
John W. and A. C. Reeder, T. A. Spear, Montgomery Fraseur, Paul H. Downing, M. H. Miller, John T. Moffit, W. R. Fields, S. G. Frink, H. W. Reichert, and W. T. Gilmore
The last statement gives the capital as $50,000, surplus $35,000, deposits $400,000, and value of building and fixtures $9,000.185
The Farmers' and Merchants' Savings of Tipton was organized in May, 1905, with J. C. France as president ; F. H. Milligan, vice-president ; S. A. Jennings, cashier.
The directors in the beginning were P. R. Pine, E. A. Marks, F. H. Milligan, P. H. Downing, J. E. Britcher, P. VanLeshout, J. C. France, and A. C. Lauscher.
SCENES FROM THE HAMIL FARM, IOWA TOWNSHIP
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HISTORY OF CEDAR COUNTY
The first capital was fixed at fifteen thousand dollars. At that time the ban1. was located on the opposite side of the street and further to the west of the bu hiess section. Soon after its organization it was moved to its present loca- ti and its present capital is $30,000. Its president, W. W. Little ; vice-presi- dert F. H. Milligan ; cashier, D. L. Diehl. In addition to its officers the direc- tor: de J. C. France, A. C. Lauscher, Geo. H. Escher, Fred. L. Reeder, Henry Her End L. J. Rowell. The deposits from the last statement are about $110,000, valu f real and personal property $13,000, surplus $1,500.186
": [First National Bank of Clarence was organized in 1905. It is the out- grov of one of the oldest banks in the county, having been established in 1869 by J n Brothers, when it occupied a lot where the jewelry store of J. L. Esch . is located. In August of the following year, 1870, Bent and Cottrell purcli: sed the business. It was about this time that W. H. Tuthill commenced a banking business in Tipton, but made all his transactions wherever he hap- pened to be, carrying the money around in his pocket, having no office. The next bank to organize was the Helmer and Gortner of Mechanicsville.
Bent and Cottrell continued the business until 1879, when Peter Bent retired. After that W. D. G. Cottrell was the sole proprietor until the reorganization, when he became the first president. The capital was then fixed at $30,000, divided among thirty-seven stockholders. The first officers in addition to those mentioned were: Cashier, M. B. Cottrell; Directors, George E. Smith, C. E. Read, A. Seaman, S. B. Stonerook, Sr., F. B. Riggs, W. D. G. and M. B. Cottrell.
The officers at the present time are: President, M. B. Cottrell; Vice-Presi- dent, C. E. Read; Cashier, R. O. Hoyer.
From the last statement of the bank the following figures are taken: De- posits about $135,000, capital $30,000, surplus $6,000, value of building and fix- ture, $7,000. In December, 1909, a comparative statement was made that shows its progress. It is appended. May 16, 1905, at the time of the organization the total resources were approximately $104,000; December 16 of the same year, $139,000 ; one year later and annually thereafter until 1909 the record is as fol- lows : $167,000, $172,000, $208,000, $249,000.187
The Clarence Savings Bank was organized in 1894 with D. Elijah as presi- dent; Fred Hecht, vice-president, and D. L. Diehl, cashier. The capital was $25,000. The first board of directors, H. G. Coe, A. C. Cartwright, John Bau- man, Wm. McNeil and the officers. At present the bank has the same officers with the exception of cashier, Ingram Bixler having succeeded D. L. Diehl, who became cashier of the Farmers' and Merchants' Savings Bank of Tipton. P. T. Mitchell is assistant cashier and one of the directors. Other directors at the present time are C. Peterson, Wm. Thomas, and Ed. Cosgriff, the first two offi- cers, and H. G. Coe.188
The capital remains the same, the undivided profits given on the last state- ment being $28,000. Deposits at this date $212,000. Real estate and fixtures $2,500.
In 1897 the Bennett Savings Bank was incorporated with a capital of $2,000 and a board of directors composed of D. H. Snoke, O. W. Schiele, P. F. Broader, Wm. Bierkamp, Sr., Aug. Hinrichs, Aug. Dresselhaus, John Bannick. The
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HISTORY OF CEDAR COUNTY
officers at organization were Frank Haller, president; D. H. Snoke and Aug. Dresselhaus, vice-presidents ; Wm. Bierkamp, Jr., cashier.
The capital of the bank in 1910 is $30,000, with a surplus and undivided profits of $8,000. It owns its building, valued at $8,000, and the deposits reach the sum of $270,000. Its present officers are: Aug. Hinrichs, president ; John Bannick, vice-president; Wm. Bierkamp, vice-president; E. P. Wingert, cashier. In addition to the officers the directors are H. W. Franco, R. Roberdee, G. W. Montz, Fred Schluter, and P. L. Ayres.189
The Sunbury Savings Bank began business in 1901, having a capital then of $15,000. J. H. Meyhaus is the president ; Wm. Miller, vice-president ; O. V. Meyhaus, cashier. Its deposits are $200,000 and surplus $6,000.
The Savings Bank of Downey has a capital of $15,000, surplus of $1,500, and deposits of $90,000. It was organized in 1902. The officers are Wilson Norris, president; R. W. Hinkhouse, vice-president; W. A. Cameron, cashier ; E. L. Cornwall, assistant cashier.190
One of the oldest banks in the county, the West Branch State Bank, began to do business in 1875 with a capital of $25,000, and under the name then of the "West Branch Bank." The present name was applied at reorganization in 1895. Joseph Steer was the first president; Alex. H. Graham, vice-president, and J. C. Chambers, cashier. After one year of business the capital was in- creased to $50,000, as it is today, with a surplus now of $25,000. At reorgani- zation John Pearson was chosen vice-president and now holds the office of presi- dent. T. Coggeshall was the president following Mr. Steer, and J. E. Muers, cashier.
In the last twelve years the bank has more than doubled its assets and capital. The other officers in addition to Mr. Pearson are: J. L. Crozer, vice-president ; J. F. Adair, cashier, and A. R. Cavin, assistant cashier.
This bank possesses an interesting old safe purchased from the prize exhibi- tion at the centennial of 1876.191
In the fall of 1892 J. H. Coutts and M. L. Simmons started a bank under the name of the J. H. Coutts Bank, with J. H. Coutts as president and M. L. Simmons, cashier. This bank continued in business under the same manage- ment until November, 1900, when the bank was incorporated under the name of Stanwood Savings Bank with a capital of $20,000. The officers were J. H. Coutts, president ; M. L. Simmons, cashier, and C. H. Haesemeyer, assistant cashier. The bank continued under this management until the death of Mr. Coutts in the winter of 1903, when M. L. Simmons was elected president; F. R. McClellan, vice-president ; C. H. Haesemeyer, cashier. Mr. Simmons died Sep- tember, 1907, and Mr. F. R. McClellan was elected present and Mr. C. L. Rigby, vice-president. The bank was thus conducted until October, 1909, when it was consolidated with the Citizens' Bank, which organized in Stanwood, Sep- tember, 1903. The officers were Thomas Alexander, president; H. G. Coe, vice-president; Otto Evers, cashier. Mr. Alexander served as president until 1905. At this time James J. Spear was elected president and M. M. Davidson, vice-president, who served in that capacity until the consolidation.
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