USA > Iowa > Black Hawk County > History of Black Hawk County, Iowa, and its people, Volume I > Part 30
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Mr. Stroud visited Waterloo in the spring of 1912 and being so well pleased with the city and the prospects for the company, decided to build an adequate home for the plant. The Lane property in the rear of the Commercial National Bank was first purchased for $50,000, the intention then being to build on that spot. However, it was learned later that the Brown or Cascaden property at the corner of Park Avenue and Commercial Street could be purchased for $41,000 and the gas company considered it even better than the Lane property for its use. The site was procured, plans for the building drawn up, sent to Philadelphia for approval and inspection, and the structure finished. The new building occupies 60 by 100 feet of ground space, is of reinforced concrete and steel, has a basement under the whole, and the three floors are especially adapted for heavy weights, being able to bear 50,000 pounds strain per square yard without sagging. The building was completed in April, 1913, at which time it was dedicated by an
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electrical and street railway exhibit given under the auspices of the Iowa Electrical and Street Railway Association, then in session in Waterloo.
The plant is located on the bank of the Cedar River below Eleventh Street. It is considered a model of its kind in the Middle West. The present site is now in the process of abandonment, due to the necessity of new quarters and new machinery. Electrical plants have a short life and demand replacing every few years. Ilence, in 1913, the company acquired two new sites, one for the erection of an electric and the other for a gas plant. The sites for the two plants are 214 miles apart. The electric plant is bounded on the north by Lafayette Street, on the cast by the Illinois Central belt line, on the south by Utica Street, and on the west by the Cedar River. All of the machinery now in use will be shipped to other points and a complete new line of equipment installed. The new plant will have double the capacity of the old institution. The close proximity of the river, which is dammed below, affords an abundance of water, and it might be noted that the gas and electric company pumps over four times as much water as the Waterloo Waterworks. Most of this water is used to cool the turbine engines. Other buildings are to be erected, in view of the necessary increase of the size of the plant to meet the growing demands of the city.
The new gas plant is located in the Blowers' addition at the intersection of the Illinois Central and W. C. F. & N. The convenience of these two lines, with their sidings, is a great asset.
In 1905, when the new era began, there were but forty-eight miles of gas mains in the county and two independent gas plants-one at Waterloo and the other at Cedar Falls. There are now over one hundred and twenty-five miles of mains in Waterloo, a daily manufacturing capacity of 1,850,000 cubic feet of gas, and a holder capacity of 775,000 cubic feet. For the electricity there are 450 miles of wire lines, 5,400 horsepower connected motors, and a plant capacity of 5,250 kilowatts.
WATERLOO BANKS
Waterloo has always taken great pride in the financial institutions of the city and it is not an empty boast when it is declared that the banks, trust companies and other financial institutions are as "strong as Gibraltar." In the history of banking in Waterloo there has never been a failure recorded and the perilous times which seriously affected the banking facilities of other communities found the Waterloo institutions ready to weather the storm. In the recent monetary flurry of 1907 which compelled the banks of nearly all cities of the entire country to go "upon a paper basis" payment of funds was not stopped in Waterloo and the professional man, the skilled mechanic and the laborer were paid in coin or currency, as frequently as salary or wages became due.
The officers and directors of the Waterloo financial institutions have, without exception, adopted a policy in support of commercial and industrial institutions that has made possible the growth and stability of all concerns. Worthy institu- tions are given credit to the limit, yet withal there is a conservatism that well protects the stockholders and those otherwise interested in the banks and loan and trust companies. Banks of Waterloo invest in industrial securities to a certain extent and this is a policy which is coming into general approval in other com-
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munities where an effort is being made to build up factory interests and especially is the plan approved where it is understood and tried for the first time.
With each recurrent call for a report of condition of business by the comptroller of the treasury or the auditor of state, there is shown an increase of deposits of all the banks and trust companies. In some instances the growth in deposits has been remarkable. Practically ten millions of dollars are on deposit in all banks, which fact indicates more clearly than anything else that the people of Waterloo are thrifty and industrious.
With Waterloo's increase in population and the general growth of all business, industrial and commercial, the banks have become more aggressive and all of the banks of the city have deposits of correspondents in the territory tributary to Waterloo.
Within the past several years the banks have contributed much to the building of the city. The Commercial National Bank was the first to erect a handsome and expensive home in the six-story structure at the corner of Sycamore and Fourth streets. The Black Hawk National Bank followed in 1909 with its eight- story structure at the corner of Commercial and Fourth streets. The First National Bank came next and built a seven-story edifice at Sycamore and Fourth streets. . The Leavitt & Johnson National Bank is now constructing a modern - ten-story building on Commercial Street at the head of Fourth Street West.
BANK BEGINNINGS
The Commercial National Bank was organized in 1882 and since that time has had but two presidents, Judge J. D. Platt and W. W. Miller. There have been but three cashiers, F. L. Gilbert, A. J. Edwards and H. C. Schultz. The bank started with a capital stock of $50,000. In March, 1905, the bank occupied its present handsome quarters on the corner of Fifth and Sycamore streets.
The Leavitt & Johnson National Bank is the successor in title to one of the oldest banks in the State of Iowa. On July 13, 1856, John H. Leavitt established a private banking house in the city and he continued alone in the ownership until January 1, 1865, when A. T. Lusch was admitted as a partner. This partnership continued until Emmons Johnson became connected with the business in 1870 and then the firm was known as Leavitt, Johnson & Lusch. Later Mr. Lusch retired from business and the bank was then known as the Leavitt & Johnson Bank until 1898, in which year the stockholders of the institution organized the Leavitt & Johnson National Bank with a capital stock of $100,000. In 1903 the capital stock was doubled. J. H. Leavitt was the first president of the national bank, followed by James E. Sedgwick.
The Security Savings Bank is the oldest savings bank in the city of Waterloo and since the year of its organization, 1900, has grown rapidly. The institution was founded by the late J. T. Coolidge, one of the pioneer business men in Water- loo, W. F. Curtiss and others.
The oldest national bank in Waterloo is the First National, the organization of this institution having been effected in 1865. This bank is one of the strongest in the state.
The Iowa State Bank was organized and ready for business on February 15, 1904.
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In 1870 there were two banks in the City of Waterloo, one headed by McIsaac, Stanton, Crittenden and Robinson and the other by Farwell, Miller and Day. In 1873 the Waterloo Savings Bank went into liquidation.
THE BANKING INTERESTS
The Black Hawk National Bank of Waterloo, organized in 1903, has a capital stock of $200,000 ; surplus, $32,000. F. W. Powers is president ; A. E. Glenny and James Loonan, vice presidents ; C. W. Knoop, cashier ; and H. E. Rugg, assistant cashier.
The Central Savings Bank, organized in 1909, has a capital stock of $50,000 and surplus of $2,100. George H. Cheever is president; J. W. Arbuckle, vice president ; Anna Doorley, cashier ; and Hurlbert Cheever, assistant cashier.
The Commercial National Bank, organized in 1883, has a capital of $400,000 and surplus of $165,000. W. W. Miller is the president of the institution ; E. W. Miller, vice president ; H. C. Shultz, cashier ; and H. W. Wente, assistant cashier.
The First National Bank, organized in 1865, has now a capital of $200,000 and surplus of $291,000. F. J. Eighmey is president ; A. M. Place, vice president ; H. M. Cowles, cashier ; F. P. Hurst, assistant cashier.
The Iowa State Bank, organized in 1904, has a present capital of $50,000 and surplus of $30,000. J. K. Joder is president ; George N. Garrettson, vice presi- dent ; I. W. Blough, cashier.
The Leavitt & Johnson National Bank, organized in 1856, has a present capital stock of $200,000 and surplus of $120,000. J. E. Sedgwick is president; C. E. Pickett, vice president ; Ira Rodamar, cashier; C. J. McNulty, assistant cashier.
The Security Savings Bank, organized in 1900, has a capital stock of $100,000 and surplus of $31,000. J. W. Arbuckle is president; W. J. Peddicord, vice president : F. B. Dietrick, cashier : C. F. Berry, assistant cashier.
The Waterloo Savings Bank, organized in 1902, has a capital of $100,000 and surplus of $40,000. Emmons Johnson is president ; E. L. Johnson, vice president ; W. C. Logan, cashier ; J. J. Miller, assistant cashier.
The Leavitt & Johnson Trust Company, organized in 1856, has a capital of $150,000 and a surplus of $100,000. Emmons Johnson is president ; E. L. John- son and Carlton Sias, vice presidents ; C. R. Davis, treasurer ; W. C. Logan, secre- tary.
The Waterloo Loan and Trust Company, organized in 1905, has a capital of $250,000 and surplus of $71,000. Ben J. Howrey is president ; F. J. Eighmey, vice president ; E. H. Wyant, treasurer ; C. A. Barber, secretary.
The Farmers Loan and Trust Company, organized in 1909, has a capital of $100,000 and a surplus of $7,000. J. E. Sedgwick is president ; J. O. Trumbauer, vice president ; Ira Rodamar, treasurer; and F. E. Stewart, secretary.
The combined capital and surplus of the Waterloo banks runs over $3,000,000 and the combined deposits over $9,000,000. The bank clearings for the year 1912 amounted to $71.000,000 and for the year 1913 over $82,000,000.
THE PRESENT DAY BANKS
Within the past year the banks of Waterloo have had a rapid development. They have grown, not only on their own stability, but because they have mapped
JOHN H. LEAVITT Early Waterloo banker.
R. A. WHITAKER First mayor of Waterloo.
HENRY NAUMAN Pioneer Waterloo manufacturer.
EDWIN MESICK
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out their policies in accord with the startling growth of the city. The promoter of every legitimate enterprise, calculated to attract citizens to Waterloo, and in- crease her industrial prestige, found in his banker an ally willing to aid in a material way in bringing the venture to a successful issue. This attitude has been a strong pillar in the program looking toward a bigger, brighter, better and busier Waterloo. The banks of Waterloo outrank similar institutions in all Iowa cities of this class and size, including Cedar Rapids and Dubuque, in one essential respect. Their capitalization is considerably larger and in the final analysis this means that more protection is given the depositors here than in the sister munici- palities. A banker reduced the claims from a protection standpoint to concrete terms by the statement that every dollar left on deposit is safeguarded by one dollar and fifty cents. The fact, also, that no bank failures have ever occurred in the City of Waterloo has served to fortify local bankers in their enviable po- sition.
If bank capital, surplus, profits and individual deposits can be used as an index to the wealth of her people, Waterloo is especially fortunate. The state- ments of the national and state banks indicate each institution to be in a healthy condition. Waterloo has four national banks, the Black Hawk, Commercial, Leavitt & Johnson and the First. These have a combined capital of over $1,000,- 000, and surplus and profits of over $625,000. There are three savings banks and one state bank, with combined capital of $800,000. They have surplus and profits of about $650,000.
SOME WATERLOO BANKERS
Though much of the money required by the factories in Waterloo is procured outside of the city, a considerable portion of the funds demanded are gotten from the local banks. In fact, a number of the leading manufacturers are interested in the banks. Their prosperity has been uniform and constant.
One of the conspicuous figures in Waterloo banking circles at the present time is Emmons Johnson, president of the Leavitt & Johnson Trust Company and the Waterloo Savings Bank. Mr. Johnson has been identified with the finances of Waterloo for more than a generation. He is a kindly, philosophic man, one who would like to have people live up to his ideals. He has been a resident of the city for more than a third of a century and is its most widely known financier.
Another striking figure in Waterloo financial centers is Frank J. Eighmey. of the First National Bank. W. W. Miller, president of the Commercial National Bank, a financial institution which ranks high in Northeastern Iowa, has been con- nected 'with the banking business in Waterloo for a long series of years. J. E. Sedgwick, president of the Leavitt & Johnson National Bank, is a man highly esteemed by his contemporaries and fellow citizens. Not only has he entered into the banking business with heart and soul, but has taken an interest in the affairs of the city aside. He served as a councilman. Dr. F. W. Powers, vice president of the Black Hawk National, is also a well known figure in Waterloo finance.
BUILDING AND LOAN
The Waterloo Building and Loan Association was organized in March, 1878. and reincorporated September 1, 1896, to comply with laws governing loan as-
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sociations which became effective at that time. The capital stock is fixed at $5,000,000 and the association has over $600,000 in loans now in force. The officers are: president, A. J. Edwards; vice president, E. E. Peek; secretary, W. H. Brunn; treasurer, E. W. Miller.
The Peoples' Mutual Building and Loan Association has 220 loans in force, amounting to $320,000. The total value of the association is $330,000 and since its organization February 1, 1879, it has aided in the erection of 400 buildings in Waterloo, including both residence and business blocks. It loaned sums making possible the erection of twenty-five buildings in 1913. The officers are : president, J. E. Sedgwick ; vice president, J. C. Hartman ; secretary, Edwin Mesick; treas- urer, W. C. Logan.
The Perpetual Building and Loan Association was organized March 18, 1890, and was reincorporated September 1, 1896. It capitalized at $1,500,000 and on December 1. 1913, had loans in force amounting to $566,920. The officers are : president, George F. Dunham; vice president, Warren Brown; secretary, C. W. Stilson ; treasurer, H. C. Schultz.
The Home Building and Loan Association was organized in 1905. There are at present approximately 250 loans out, aggregating $500,000 in all. The officers are : president, Louis Frank; vice president, J. C. Hartman ; treasurer J. E. Sedg- wick; secretary, J. E. Dempster.
NEWSPAPERS OF WATERLOO
The first paper ever published in Waterloo was edited by Maj. William Had- dock, a brother of Rev. John A. Haddock, who was later shot at Sioux City while engaged in temperance work. It was a very small paper, but had a very big name -The Iowa State Register and Waterloo Herald. The first number was printed on December 15, 1855.
In August, 1858, William H. Hartman resurrected the defunct Banner at Cedar Falls and in the following November George D. Ingersoll became associated with him. These two men made a brave fight to sustain the life of the paper, but found the hard times too much for their efforts, and they suspended publication. On Christmas Day, 1858, they moved the entire office equipment to Waterloo in a bob-sled. This equipment consisted of a press, type and furniture.
Newspaper competition began at a very early date in Waterloo. From Jan- uary 18, 1859, the date that the Waterloo Courier was established until January 1, 1860, the Courier and Iowa State Register and Waterloo Herald vied with each other in an endeavor to get patronage, both for their subscription lists and advertis- ing columns. The latter paper died very shortly and was moved to Waverly.
In September, 1860, Mr. Hartman bought out the interest of Mr. Ingersoll and the Courier continued with him as sole proprietor until November 14, 1864, when J. W. Logan became half owner. In April, 1871, the proprietors sold out to Charles A. Aldrich, who later became curator of the Iowa Historical Society, and M. C. Woodruff, but Mr. Hartman was not entirely disassociated from the paper. In October of the same year Mr. Hartman purchased Mr. Aldrich's interest and on February 5, 1874, Mr. Woodruff sold his interest to A. J. Felt, the firm name being changed to Felt & Hartman. On April 16, 1875, Mr. Hartman became sole owner.
MAJOR WILLIAM HADDOCK Founder of the Iowa State Register and Waterloo Herald, 1856.
WILLIAM H. HARTMAN Founder of the Courier.
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The first copy of the Waterloo Daily Courier was issued December 13, 1890, by W. H. Hartman and his son, John C., who had learned the printer's trade in his father's office. In 1891 the W. H. Hartman Company was incorporated and the majority of the stock has been retained by the family since that time. William H. Hartman passed to his death on July 1, 1895, and the business management rested largely on John C. Hartman. Later Edwin Mesick and T. P. Myers aided in the publication of the paper. Mr. Mesick severed his connection with the office in 1906 and Mr. Myers in 1908. In May, 1908, Arthur W. Peterson of Minne- apolis, formerly with the Indianapolis News and Minneapolis Tribune, purchased an interest in the paper and became secretary and general manager of the com- pany.
William D. Hartman, the second son of William H. Hartman, also learned the printer's trade in his father's office, but he entered the railroad business of the Southwest in 1882 instead of continuing in the newspaper work. He returned to Waterloo at the time of his father's death and remained, assisting in the publication of the Courier until he himself was stricken by death on October 4, 1902.
On March 10, 1914, the Reporter was taken over by the W. H. Hartman Com- pany and the paper is now known as the Waterloo Evening Courier and Daily Reporter. Mr. John C. Hartman continues as editor-in-chief of the publication.
The Courier was started in a little frame building at 611 Commercial Street. In October, 1859, Major Haddock, having sold his paper to the Courier pro- prietors, took his type and material to Waverly and started a democratic paper. A few months after Haddock vacated his quarters the Courier plant was moved there. After a year or two in this building the plant was moved to the ground floor of a frame building on Fourth Street west, opposite Libby's cigar store. At about the close of the war the office was moved into the second story of the old stone store facing Commercial Street at the corner of Fourth in what was then known as Benight's Hall. In about the year 1869 the building now occupied by the Henderson Drug Company was erected and the easterly twenty feet of the third floor was occupied by the paper. It was so inconvenient to climb two flights of stairs that the proprietors, Hartman and Logan, erected a frame building known as 510 Commercial Street, and here they remained for about two years. The building now occupied by Yetter and Waters was erected in 1871 or 1872 and the Courier was housed in the second story of that building until 1875, when the office was moved into the second story of the building at 189 Bridge Street, the building having been erected that year. The office remained there until the year 1889, when it was moved to the building at 186 Bridge Street. The business remained here until 1903, at which time the present Courier Building was erected at 209-11-13 Park Avenue west. The present building is one of the best equipped in the Middle West, containing every appliance and apparatus used in the publica- tion of the modern newspaper.
The Courier has been the pioneer in many things pertaining to its business. This paper installed the first newspaper cylinder press in Waterloo, the first news- paper folding machine, the first linotype machine, the first 8-page perfecting newspaper press, printing from rolls of paper, the first 16-page perfecting newspaper press printing from continuous rolls of paper, and the plant is now equipped with a 24-page, high speed perfecting press. The Courier is an evening paper, published every evening except Sunday.
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The Iowa State Reporter was started on May 13, 1868, by H. Q. Nicholson. In November, 1868, Mr. Nicholson was called East by the death of his father and the boys in the office attempted to keep the paper going, but with sad success. When the coal supply became exhausted and the paper factories refused any more paper on credit. the presses stopped and the paper died. On February 11, 1869, the material and subscription list was purchased by the firm of Smart & Parrott. At that time, the office on Fourth Street, being too small, was abandoned and moved to the rear rooms in the second story of the Union Hall Block. In April of that year, the 14th, the paper was again started, having changed political color during the interim. The establishment was again moved on October 16, 1872, to a building constructed for the purpose on Sycamore Street. On June 18, 1873, James 1. Girton became a partner in the business, and the firm name was changed to Smart, Parrott & Company. On March 17, 1875. J. J. Smart sold out his interest to J. P. Sherman and the firm was again changed to Parrott, Girton & Sherman. The last named withdrew March 17, 1879, and on February 21, 1884, the firm of Parrott & Girton was succeeded by that of Matt Parrott & Sons. On March 10, 1914, the Reporter was absorbed by the W. H. Hartman Company and published with the Courier.
The Waterloo Tribune was established on September 11, 1879, by the firm of Van Metre & Wilson. On December 1, 1884, L. II. Edwards purchased the plant, which he operated until October, 1885. He was appointed postmaster at Waterloo and then sold out to Isaiah Van Metre. The latter published the paper until May, 1901, when he sold to the Times Publishing Company, a stock company, which consolidated under the name of the Times-Tribune Publishing Company. The Times had been started in 1897 by Mr. F. G. Corwin, who sold to Jacob G. Schmidt, or to the stock company which he organized. The present officers of this company are: J. T. Sullivan, president ; W. W. Marsh, vice president ; secretary- treasurer, W. A. Reed. The latter is also the editor of the paper. The paper is republican and is published every morning except Monday.
Der Deutsch Amerikaner was issued first on August 29, 1872, one side English and the other German. It was published by a company and edited by A. Schill. On January 1, 1873, Martin Blim became proprietor and editor and on February 2Ist following, discontinued the English part of the publication. Mr. Blim died in Germany in November, 1882, having gone abroad on account of ill health, and the following March Jacob G. Schmidt purchased the paper of Mrs. Blim and on October 10, 1903, sold to Arthur G. Horn. The present proprietor is H. C. Finnern.
SOCIETIES
MASONRY
Free Masonry was first introduced into Black Hawk County in 1853, when Black Hawk Lodge, No. 65, Ancient Free and Accepted Masons was organized at Cedar Falls, at that time the county seat. In the year 1856 dispensation was issued for a lodge at Waterloo. A charter was granted to Waterloo Lodge, No. 105, in June, 1857, the lodge having eighteen members. In 1870 a second Masonic lodge was organized in Waterloo on the east side of the river and was known as
MATT PARROTT Honored state official and publisher.
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Victory Lodge, No. 292. This lodge continued until 1879 when both lodges were consolidated under the name of the first. They were then located in the third story of the Union Block on East Fourth Street. They remained here for twenty years and then money was raised for the beautiful Masonic Temple, located at the corner of East Park Avenue and Sycamore Street. This building was erected and is now valued at $40,000. The cornerstone was laid November 1I, 1898, and the finished building was dedicated June 20, 1899.
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