USA > Iowa > Buchanan County > History of Buchanan County, Iowa, and its people, Volume I > Part 69
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At one time during the afternoon of the trial a crowd assembled at the jail and had a rope ready, and many voices called, "Ilang him, hang him," but no serious demonstration was made, probably owing to there being no leader fearless enough to head such a desperate act, but in all probability if Judge Blair had not imposed the death sentence mob violence would have resulted.
CHAPTER XXX BANKS AND BANKING
THE PEOPLES NATIONAL BANK-THE COMMERCIAL STATE BANK
THE PEOPLES NATIONAL BANK
About the year 1874, the only banks in Buchanan County were the First National Bank and Francis, Jones & Ellwell at Independence, and R. O. Laird condueted an office of exchange at Jesup. At that time the only other banking facilities were at West I'nion, on the north, where the Fayette County National Bank had been organized about the time that the railroad had been built north from Cedar Rapids. Manchester, Cedar Rapids and Waterloo had banking facili- ties in adjoining counties.
In May, 1874, what is known as the big fire wiped out all the buildings on the south side of Main Street, and also the north side of Main Street, west of Chatham Street, and this included the building at the corner of Main and Chat- ham, occupied by Francis, Jones & Ellwell, who decided not to continne business longer. This left an opening for another bank. Mr. Edwin Ross was the moving spirit in the organization of a new bank. and sufficient stock was subscribed within a few days.
The Peoples National Bank was organized on September 17, 1874. Capital stock at that time was paid in to the amount of $33,830.00, and the bank com- menced business on October 21, 1874, with the following officers and directors : E. Ross, president ; C. W. Lillie, vice president ; J. F. Coy, cashier; J. W. Myers, teller. The directors were: E. Ross. C. W. Lillie. H. Burlingham, JJ. W. Myers, A. Il. Trask, E. W. Purdy, August Myers. J. L. Winnegar and C. R. Millington.
Counters and office fixtures were at that time installed in the building on the north side of Main Street, now oceupied by Swan & Leytze. The fire, in November, 1873. had burned the north side of Main Street, and Mr. A. Leytze constructed the four buildings now owned by the Leytze estate.
In July, 1875, the capital stock was inereased to $75,000.00.
In January, 1876, the first dividend, being 10 per cent, was declared. and dividends have been paid uninterruptedly since that time. During that year, Mr. C. Iekel constructed a building at the northwest corner of Chatham and Main streets. and the bank entered into a contract for the south fifty feet of this building, and moved into their new quarters in October.
The official statement of the bank, December, 1876, is as follows:
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HISTORY OF BUCHANAN COUNTY
RESOURCES
Loans
$ 84,133.23
United States bonds
40,000.00
Bonds
5,137.50
Overdrafts
2,362.87
Cash
17,019.03
Deposited with banks
2,744.20
With United States treasurer
1,800.00
Total
$153,196.83
LIABILITIES
Capital
$ 75,000.00
Surplus
1,000.00
Undivided profits
3,236.19
Circulation
36,000.00
Deposits
35,401.11
Due reserve agents
2,559.53
Total
$153,196.83
In 1890, the first case of safety deposit boxes was installed in the bank vault for the convenience of enstomers.
On January 15, 1891, Mr. E. Ross died. He had served the bank as president, continuously from the time of its organization, and the bank suffered a great loss by his death.
At a meeting June 26th following, Mr. Thomas Edwards was elected president.
In 1900, Mr. S. JJ. Fisher was elected president, and Mr. J. F. Coy, having served the bank as cashier faithfully and acceptably since its organization, wished to retire from active work, and Mr. R. F. Clarke was at that time elected cashier.
In April, 1902, Mr. S. J. Fisher died. He had served the bank as director since 1881, and as president for two years. At a meeting soon after, Mr. Thomas Edwards was elected president.
In December, 1905, Mr. Thomas Edwards died, and the bank for the third time in fifteen years, suffered a loss by death, of its president.
At the January meeting, 1906, Mr. R. F. Clarke was elected president, and Mr. C. M. Roberts, cashier. Mr. Roberts resigned as treasurer of Buchanan County to accept the position.
In the spring of 1909, the matter of a bank building was taken up, and the building on the south side of Main Street, opposite the old location of the bank, at the corner of Chatham and Main, was bought of Dr. A. G. Shellito. At the time, the building was under lease, and possession could not be had, but during the summer this building burned and the bank, early in the fall, took up the matter of plans for the new bank building, with energy. The plans of different kinds of buildings were submitted, and the present attractive and convenient building is the outcome. Mr. H. E. Netcott was the architect, and had general
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HISTORY OF BUCHANAN COUNTY
supervision of the building operations. The building was pushed to completion during the winter of 1909 and 1910, and in the spring of 1910, the bank moved into their very commodious quarters.
. The amount of space available for banking business is more than double that it had been in the old quarters, and furniture and fixtures of mahogany and marble, make the rooms very attractive.
The bank front is of Bedford stone, supported by pure Corinthian columns. Light and ventilation are obtained from an airshaft of prism glass, about twenty feet across, extending from the ceiling of the banking room to the roof of the building. Two reinforced concrete vaults, of latest style of construction, are entered from the banking rooms. One of these is the safety deposit vanlt, and the other, for the use of the bank. These are fiitted up with steel fixtures of latest pattern, and the funds of the bank are protected by latest pattern manganese steel safes, and also covered by burglary and hold-up insurance. A large storage vault is built in the basement. There are several rooms for the convenience of customers; the building is heated throughont with hot water and every convenience furnished.
Forty years ago, as stated in the beginning of this history, there was but one organized bank in Buchanan County. There were two private loan offices at that time. At the present time there are two national and seventeen state banks in the county. The combined capital and profits of these nineteen banks is abont $960,000.00, and the total deposits are about $4,000,000.00.
The 1913 report of the comptroller of currency, shows the Peoples National Bank, of Independence, lowa, as one of the forty-nine national banks in Iowa on the honor roll. Banks in this list are those whose surplus and profits are equal or exceed their capital.
The Peoples National Bank has always catered to the small depositor and small borrower, and their books at this time, show the names of more than two thousand customers, now doing business with the bank. The officers and directors of this bank have ever encouraged development in all lines in the community, and they are now representative, in that they are interested in nearly all lines of business in the locality. Especially do they feel that they should be interested in farming and allied industries, as this is essentially a farming com- mmity, and the bank's strength and growth must be acquired from this source.
The bank feels that it has enjoyed a full portion of the confidence of the people in this community and, while ever reaching out for new business, realizes that the old and time-tried patrons, who have made the splendid growth pos- sible, are entitled to first consideration. While the growth of the bank has per- haps not been phenomenal, it has reflected the general prosperity of Buchanan County, which is its legitimate field of endeavor, and the few official statements inserted in this sketeh, show the existing conditions.
This sketch would be very incomplete, should it leave out the names of Mr. D. B. Sanford, who presided over the books from 1886 to the time of his death, in 1894; also Mr. David Donnan, who served as teller from 1887 to 1907, when he moved West with his family.
The last published official report of the bank, to the comptroller of currency, follows, and shows continuons growth. It will be noticed that the Peoples National Bank has one-sixth of the capital and profits and one-sixth of the deposits of
560
HISTORY OF BUCHANAN COUNTY
Buchanan County. The officers and directors of the Peoples National Bank, at the present time, are as follows: R. F. Clarke, president; Thomas Scarcliff, vice president ; (. M. Roberts, cashier. Directors: J. F. Coy, Dr. R. E. Buchanan, A. lonek. D. S. Jones. (. G. Trask. M. S. Carver.
The last official report to the comptroller of currency is, as of March 4, 1914:
RESOURCES
Loans and discounts
$639,118.94
Overdrafts .
18,800.88
Bonds and securities
81,659.97
Banking house, furniture and fixtures
21,000.00
Due from national banks not reserve agents.
17.493.00
Due from state and private banks, trust companies and savings banks 11,745.18
Due from approved reserve agents
74.448.62
Checks and other cash items
10.749.00
National bank notes
420.00
Nickels and cents
242.51
Lawful money in bank
43.621.50
With United States treasurer
3,750.00
Total
$923,049.60
LIABILITIES
Capital stock
$ 75,000.00
Surplus fund
25,000.00
Undivided profits
55,371.39
National bank notes (outstanding)
75.000.00
Deposits
692,678.21
Total
$923,049.60
THE COMMERCIAL STATE BANK
The Commercial State Bank, Independence, was first chartered, under the laws of the State of Iowa, in January, 1890. May 23, 1910, the charter was renewed. The first preliminary meeting was held November 11, 1889, twenty- five years ago. The two banks already established in Independence were national banks. The Commercial State was the third bank.
Previously to the first meeting the capital stock of $100,000 had been pur- chased by some eighty-nine individuals, among them being E. Zinn, A. J. Barn- hart, John Till, C. Borie, C. F. Herrick, William Lewis, E. W. Purdy, James Van Orsdol and R. O'Brien, all since deceased.
The first officials were: A. J. Barnhart, president; C. W. Williams, vice president : O. M. Gillett, cashier. Clark L. Cole was teller and George T. Blamer, bookkeeper. The board of directors included C. W. Williams, Dr.
561
HISTORY OF BUCHANAN COUNTY
A. G. Shellito, Elzy Wilson, James Van Orsdol, C. F. Herrick, A. J. Barnhart, E. Zim, E. W. Purdy, R. O'Brien, B. W. Tabor and A. Cocroft. Of these A. Cocroft and Doctor Shellito are now members of the board.
The building, excellently located on the southwest corner of Main and Walnut (now Third Avenue, southeast) streets was purchased by the bank from E. W. Purdy, and after thorough remodeling became the home of the institution. A large fireproof vault was erected, sufficient space being provided for a separate compartment to be used as a safety deposit vault, an innovation for Independence, by the way, as the safety deposit boxes then provided were the first to be installed in the county. Fifty boxes originally were provided, many more having been added from time to time since. The interior furnish- ings of the bank were of up-to-date design, cherry being used throughout the main room. The building being large and commodious, customers and directors' rooms were provided. A good heating plant was installed. Harmonious wall and floor coverings completed the furnishing that placed the bank in the front rank in the way of well-equipped banking houses. A large picture of the famous Axtell graced the main office, and it still is a mueh prized wall decoration.
The bank started out under favorable auspices and from the first enjoyed splendid patronage. The management wisely voted to set apart a percentage of the net earnings each year until an ample surplus fund should be created, thus insuring the credit of the institution, and $20,000 has been thus used. In addition, meh of the earnings has been carried in the undivided profit account, and this account now totals $35,000, making a combined capital, sur- plus and undivided profit account of approximately $155,000. It is a source of great gratification that the credit of the bank always has been absolutely sound, that it never has been questioned, and that it had, and has, its part with the other banks of the city in maintaining the high place in the confidence of the public which all of these financial institutions occupy.
The Commercial's directorate uniformly has been composed of high-class business and professional men, and they have given much of their time and thought to this work. On the board at different times the following, in addi- tion to the first board, have served : L. C. Tifft, J. Wackerbarth and L. F. Springer. The present incumbents are: A. T. O'Brien, HI. W. Oliver, E. E. Hasner, L. C. Soener, A. T. MeDonald, W. J. Davison, C. E. Purdy, J. E. Cook, O. M. Gillett, Dr. A. G. Shellito and A. Cocroft.
Mr. Barnhart, the first president, continued to serve until his resignation, March 5, 1892, at which time O. M. Gillett was elected, and which position he has since continuously occupied, filling the office with conspicuous ability. Suc- cessive vice presidents were E. W. Purdy, A. J. Barnhart, A. G. Shellito and J. E. Cook.
In April, 1892, following Mr. Gillett's resignation, C. M. Shillinglaw was elected cashier, and was a faithful and efficient officer until ill health com- pelled his retirement, April 13, 1899. To fill this vacancy Chas. E. Purdy was elected and his services as cashier continued until January, 1911, when he resigned and M. O. Fouts was elected.
After Clark Cole's resignation in April, 1890, W. G. Stevenson was elected teller, J. B. Steinmetz and Robert R. Plane being later incumbents. Book- keepers have included George T. Blamer, Miss C. E. Lathrop, J. B. Steinmetz, Vol. 1-36
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HISTORY OF BUCHANAN COUNTY
Harold Tabor, A. M. Donnan, R. R. Plane and Leon P. Davis, in the order named. The present force comprises O. M. Gillett, president; J. E. Cook, vice president ; M. O. Fouts, cashier; R. R. Plane, teller; and L. P. Davis, book- keeper.
Below is appended a late statement of the condition of the bank as made to the state anditor June 30, 1914 :
RESOURCES
Loans, bonds and stocks
$570,055.39
Cash and exchange
105,378.64
Overdrafts 4,068.19
Real estate
6,000.00
Total
$685,502.22
LIABILITIES
Capital
$100,000.00
Surplus and profits
53,348.50
Deposits
532,153.72
Total
$685,502.22
CHAPTER XXXI INTERESTING EVENTS
AMUSEMENTS-CRIMES-DISASTERS
THE TOWN BELL AND FOURTH OF JULY CELEBRATION OF 1860
The town bell, like the town pump, deserves a chapter of its own in his- tory as being an accessory, if not participant, in history making. These two necessary articles were about the first considerations of our forefathers. The town pump was installed in 1857 and the cannon in 1860, and that same year the editor of the Guardian suggests the propriety of providing for the conven- ience and pleasure of the citizens of the county seat both a cannon and a bell. In speaking of the bell he describes, with poetical effusion, the effect that the sweet silvery cadences of melody and song would produce. Told how it would revive tender recollections of other days, etc. But it was not this sentiment alone that culminated the proposition, for the actual necessity of a town regulator was per- fectly evident to most of the citizens and the suggestion met with instant approval. The spark ignited by the newspapers had ereated a fire of enthusiasm. Every issue of the papers had suggestions as to the proper methods of raising the necessary funds and at a public meeting of the citizens, the idea of making the coming Fourth of July celebration a means for creating a "bell fund," with- out in any way marring the patriotie character of the day, met the enthusiastic approbation of all. So officers were elected and committees appointed to make all the arrangements, and at this meeting, the finance committee was anthorized to procure a eannon and ammunition, that the day might be ushered in with a proper salute. The greatest preparations were made and everything worked out to a harmonious and splendid climax. Every man, woman and child in the county was nrged to participate, and the proceeds from a big public dinner and a dance would be the mueleus of the "bell fund." Rev. C. Billings Smith, of Dubuque, was secured as orator of the day. The "old-time Fourth of July celebration," of which we have given some idea in our Civil War Days, has been so modified and temperized, that only by reading one of the programs can we imagine the enthusiastie patriotism of that by-gone era. It seems a sad state of affairs that it calls upon our powers of imagination and not experience or observation to picture such a scene.
We read with some astonishment and curiosity, a similar concern for the future lack of spirit and fervid patriotism which inspired those early celebra- tions, expressed by the former historian in contemplation of his own prosaic,
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HISTORY OF BUCHANAN COUNTY
unexpressive times, and pray, what would he think of ns now, with our utter lack of proper observance.
This historian thought to inseribe the celebration of 1860 in detail, in his- tory to preserve it as a memento of pure, inspired patriotism, thinking that perhaps, though it might then seem of little historical consequence, yet at the rate of decadence in the observation of our National Independence Day, our next centennial may necessitate the rummaging of dusty and worm-eaten volumes of county histories and public records published during those simple and sincere times, in order to reproduce those ceremonies. .
We will give but a few of the special features of this glorious Fourth, and let posterity work out its own salvation in regard to celebrations.
There were officers for every conceivable emergency and a gunner. At sunrise-a national salite of thirty-three guns, one for each state, under the direction of Samuel Sherwood-then a town salute of twelve guns. one for each year of the corporate age of the town, at 10 o'clock. At the firing of this salute a procession of all the officials of the day, the town dignitaries, the clergy, celebrated guests, different societies, common citizens, a carriage drawn by four horses loaded with young girls dressed in white, representing each state with appropriate banners, all headed by the brass band diseoursing martial music, formed and marched through the principal streets of the town, to South River Street in the Third Ward, where the exercises were to be held. Here an excel- lent program was carried out.
From thence to the banquet board, where a bounteous dinner regaled the partakers, after which toasts were responded to by distinguished individuals from home and abroad. Places for 400 were laid, which proved to be insufficient for the crowd. After dinner there was another salute of eighteen guns- one for each hundred of the inhabitants.
And the day's festivities ended with fireworks and a grand ball at Morse's Hall. Everything was in readiness (in the West Side Grove) for the celebra- tion several days in advance. A pole over one hundred and seventy feet high had been raised, and from its top a large and splendid tlag floated to the breeze ; a cannon weighing over four hundred pounds had been procured from the Rogers Brothers Foundry, at Quasqueton, and stood ready for the powder and fuse, and several balloons had been prepared by Messrs. Littlejohn and Hardenbrook. Everything seemed auspicions for a day of rare enjoyment-just such a time as John Adams recommends for the day ; "rockets and racket, cannon and crackers, squibs oratorical, and squibs pyrotechnical, bonfires and bonmot, flags and flam- beaux. dinner and drumming, music and merriment, graciousness and glorifi- cation." This particular day "we celebrate" was an ideal one, and people from all over the county began pouring into town. Spring Creek sent a dele- gation of seventeen well-filled wagons. Fairbank sent a delegation headed by a marine band and carrying a flag : a fonr-horse team, ornamented with Lincoln and Hamlin flags, brought Bray's Band and escorted a good sized representation from Pine Creek ; horse teams, ox teams, mule teams, carriages and earts, bug- gies and buekboards, road wagons and rockaways, all came filled with old men and old women, youths and misses, boys and girls, small babies and large babies, all dressed in holiday attire and overflowing with the spirit of the day. "The boys naturally gravitated towards firecrackers and fun, the girls indulging in
565
IHISTORY OF BUCHANAN COUNTY
cakes and candies, youths and misses in ginger bread and gossip; the young men and women took cream and courting, lemonade and love; the old ladies to purchases, and the old men to politics."
The program and oration were a grand success, and the fourteen specified toasts and the ten volunteer extemporaneous ones, were all fine and touched upon every phase and condition of popular patriotic sentiment. The prospective town bell was toasted, along with all the other civil interests. One toast responded to by Colonel Lake shows what prophetic minds those earlier patriots had. It was as follows:
"Uncle Sam-May he continue to grow until he takes his seat on the Isthmus of Panama, and with his feet resting on Cape Horn, his hat hung upon the North Pole, his left hand laid upon the West Indies, and with his right thumb to his nose, he gyrates defiance to the combined powers of the Old World."
In view of recent developments, that toast is particularly interesting, ex- pressed as it was, over fifty years ago.
The day was unmarred by a single accident and from sunrise salute until the Home Sweet Home waltz, it was a day of unbroken enjoyment and a cele- bration of which the citizens felt justly proud : one long to be remembered and after fifty-four years-still recorded in history.
The amount raised for the bell fund was about one hundred and sixty dol- lars. This sum was increased by donations from entertainments, suppers, dances, etc., until, in the fall of 1860, a sufficient sum was collected to purchase it. The committee that had the matter in charge, ordered an iron bell from a Cincinnati foundry. If the committee were deceived into believing that an iron bell could possibly produce the requisite qualities of sweetness and sonorous- ness, the delusion had one palliation-it was by no means so expensive an experi- ment in metallurgy and acoustics as one of finer metal.
This bell weighed 1,650 pounds and cost $175 in Cincinnati; a bell tower twenty-six feet high was erected on the south side of Main Street and early in December the first Independence bell was in position at a total cost of about two hundred and fifty dollars. The first criticism, after testing its quality, was that while the tone was perfectly satisfactory and could be heard dis- tinctly several miles distant, it seemed to lack volume in the immediate vicinity, but this criticism was not to endure long, for after but a few weeks' service, it met a very unromantic and untimely fate. It cracked and became utterly worthless, "except for old iron" and although warranted for a year, when it was duly returned to Cincinnati, the committee were informed that the com- pany had dissolved, and their guarantee was as worthless as their product. But the citizens had learned considerable about bells, and that it pays to buy only the best. This somewhat lengthy recital of rather an ordinary transaction is not so much to give prominence to this particular event as to give the present- day reader a glimpse into that early life with its interests and concerns; a toneh of that whole-souled public spirit and enthusiasm which pervades all public enterprises of those early times and united those pioneers, heart and soul to the common cause. Such a spirit created our nation and such a spirit subdued the wilderness and started our metropolises. This indomitable spirit stirred the citizens to action rather than dismay over their loss when the first bell became broken and their immediate thought was to buy a new and better
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HISTORY OF BUCHANAN COUNTY
one. Some of the Independence women had raised over one hundred dollars toward repairing the old cemetery, north of the I. C. R. R. depot, but when it was concluded to abandon that and establish a new one, they decided to give that as a nucleus for the new bell fund. During the interim between bells, Mr. William C. Morris, a public-spirited gentleman, bought and erected upon the roof of his store building on Main Street, at his own expense, a large triangle, such as was sometimes used back East as a cheap substitute for a bell, but this too eventually became broken and although its flat, metallic voice was anything but pleasure to the ear, it was a great convenience in this land of poor clocks and watches and the citizens sorely missed its guidance for church services and meal time. So long as the triangle was in existence, the need of a bell did not trouble the citizens and therefore the fund did not grow materially, but when this guiding voiee was stilled, a fresh impetus was given the old bell project. Subscriptions were taken to which the citizens donated liberally. Various entertainments, suppers, fairs and dances were given, the proceeds to be added to the bell fund ; a grand big pienie dinner was given on the lots where the Z. Stout residence now stands, but bells cost money and it took a great deal of time and energy to raise the necessary amount. Finally, through the concerted efforts of the entire populace, and particularly Mr. Morris and Mr. Ransom Bartle, the full amount of money was collected, and the bell was pur- chased from a celebrated bell foundry of Troy, New York. It arrived in Inde- pendence April 22, 1864, and with considerable pomp and ceremony it was conducted by the firemen, citizens and brass band from the depot to the new town tower erected for it, and placed in position where it became one of the permanent and reliable institutions. The tone was everything that could be expected, clear, musical and resonant, and it proved to be a very useful as well as a pleasurable possession. For years it was rung for the assembling of the firemen for drills, fires, drownings, church, school and meal hours, and until the waterworks whistles were established this bell was a most necessary adjunct to business, duty and trouble, sorrow and pleasure; it tolled for the living and tolled for the dead. This bell was much more expensive than the first one. It cost $635, and weighed 1,000 pounds.
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