USA > Iowa > Crawford County > History of Crawford County, Iowa, a record of settlement, organization, progress and achievement, Volume I > Part 40
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The bank building still occupied by this institution was erected in 1873, and it was among the first buildings that gave to Denison an air of permanency and acknowledged supremacy. In 1877, W. A. McHenry purchased the interest of his brother Morris and continued the business under the name of the W. A. McHenry bank. This institution continued until August 1, 1892, when the bank was nationalized under the name of the First National Bank of Denison. The bank is and has been continuously a family affair. Mr. W. A. McHenry, hav- ing been succeeded in the active management of the bank by his sons Sears and George McHenry, and his son-in-law, Louie Seemann. Mr. McHenry early established himself in the confidence of the community. He was a careful, al- though a money making, man, and never in the course of his business history has any speculative gains tempted him to place a mortgage upon any of his holdings. His real estate transactions have been large and at one time he owned 25 farms in Crawford county. Ten years ago he purchased 40,000 acres in Minnesota, all of which were sold at a handsome profit. Five years later he purchased 25,000 acres in Canada, 17,000 of which he owns at this time, and, although it also could be sold at a profit, he continues to hold this as he has great faith in the future of that country. Another outlet for Mr. McHenry's business energy was found in the breeding of Aberdeen Angus cattle, and his farm just southwest of Denison has for years been noted as the home of the Champion herd of this breed in the United States.
When the First National Bank was established in 1892, it had a capital of $100,000, and its total deposits were $181,000. Since that time dividends have been paid annually, the surplus amounts to $25,000, and the latest published statement showed assets of $980,000. The deposits being more than three quarters of a million. The bank has been tested by hard times and by panics, but it has ever remained a veritable Gibraltar of finance and its stability has in many ways been a blessing to the community. Much of the later day success of the bank is due to the efforts of Mr. Sears McHenry who has been the cashier since 1885, and who has succeeded to the abilities, as well as to the responsibil- ities of his father.
As Denison grew apace there came a demand for additional banking facilities and Mr. R. Hefflefinger, who was at that time one of the most prominent merchants of the city, established a second bank in 1876. Mr. Hefflefinger was engaged in many different pursuits. He was a kindly hearted, indulgent man and in the course of time he found his assets tied up in business ventures and
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Chicago & Northwestern Depot
Illinois Central Depot
Sweet Street
West Broadway, 1910
Main Street, looking south
VIEWS OF DENISON
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HISTORY OF CRAWFORD COUNTY
in loans which, though good, were not promptly to be converted into cash. All the old timers remember well the day when the Hefflefinger bank closed its doors. The business interests rallied to the support of the institution and it was soon found that its affairs were in a solvent condition and that no depositor would suffer loss. It was at this time, 1884, that the bank was reorganized and became known as the Crawford County Bank. Many of the most prominent business men of the city were concerned in this reorganization. The capital stock was $50,000, and the first stock holders were H. F. Schwartz, L. Corn- well, J. P. Miller, J. P. Conner, John Kridler, M. Z. Landon, W. H. Kridler, L. M. Shaw, and C. H. DeWolf. Mr. W. H. Kridler was the cashier and vir- tual head of the institution for some time, selling his interest in 1888. The new owners installed M. E. Jones as cashier, a position which he has filled since that time. H. Heicksen was assistant cashier until his death in 1893, when he was succeeded by C. J. Kemming. The first officers were L. Cornwell, president and J. P. Miller, vice president. From 1889 to 1894 this order was reversed, Mr. Miller being president and Mr. Cornwell vice president. Mr. Miller sold his interest and Mr. Cornwell became president with A. C. Balle as vice president. In 1897 Mr. George Naeve became vice president and manager. There have been many changes in stock ownership and among those now owning stock are Chas. Tabor, T. J. Garrison, M. E. Jones, C. J. Kemming, H. F. Schwartz, L. Cornwell, J. P. Conner, and George Naeve.
From its very incipiency this bank has had a most successful career When the statutes were changed providing for state banks advantage was taken of the new law and it became the Crawford County State Bank. Later the capital was increased to $100,000. The charter was renewed in 1904. The bank at a recent statement showed assets of $933,269.65, approaching very closely to the million dollar line. The bank does a large business, is noted for its stability, and the wealth and reputation of its stockholders and officers are sufficient guarantees of the future. In 1910 the bank purchased the loan business of Mr. Chas. Tabor, and it also conducts a large abstract department in charge of Mr. Robert Helsley.
Denison's third bank grew up in much the same manner as did the First Na- tional Bank. In the earlier days Conner and Shaw in their law offices had the largest and best safe in the village outside of the banks. After banking hours it became a matter of convenience for many to make deposits with them. They also commenced to sell exchange and practically enjoyed the functions of a bank long before a bank was organized. Upon the election of Hon. J. P. Conner, as district judge, the partnership of Conner and Shaw was dissolved and Mr. C. F. Kuehnle entered the firm. He gave particular attention to the financial part of the institution and to the upbuilding of the large loan business which had already been established. It was not until 1890 that the bank, per se, was incorporated. The original capital stock was $35,000. The first officers were Leslie M. Shaw, president ; Carl F. Kuehnle, vice-president; W. R. Bar- ber, cashier ; C. L. Voss, assistant cashier. The ownership of the Bank of Den- ison has remained continuously with Mr. Shaw and Mr. Kuehnle. The re- sponsibility is in excess of $500,000 and the deposits exceed $650,000. The present officers are Leslie M. Shaw, president; Carl F. Kuehnle, vice-president ; Vol. I-23
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C. L. Voss, cashier ; A. B. Lorenzen, assistant cashier ; P. D. McMahon, man- ager farm loans, Jacob Sims, attorney ; and J. W. Miller, Jr., abstracter. The bank has a large line of deposits, is loan agent for the Prudential Insurance Company, as well as for a large number of eastern institutions. Its volume of business is great and it has been a very considerable factor in the upbuilding of the county. In fact the three banks of Denison are of nearly equal rank and have made Denison the financial center, not only of Crawford but of the counties adjoining. The banking interests of Denison give active employment and require the entire attention of at least twenty-five officers and employees, and next to the business of retail merchandising represent the largest industry of Denison, while in point of the magnitude of their transactions they are easily first, not only in Denison, but in this section of the state. These three banks have total deposits in excess of two million dollars.
Strange as it may seem we have not been able to obtain reports from all the banks in Crawford county. We give those which we have and any ommissions must be charged to the officers of the banks concerned. Aside from the inde- pendent banks there are three banking systems in the county emanating from Denison. The Traders Bank of Vail and the Bank of Dow City are owned and controlled by the stockholders of the First National Bank of Denison. The National Bank of Manilla is owned and controlled by the Bank of Denison. The Farmers State Bank of Charter Oak and the German Bank of Schleswig is owned and controlled by the stockholders of the Crawford County State Bank, while the First National Bank of Charter Oak and the German Savings Bank of Ricketts are closely affiliated. The Baxter Reed Company bank is in like manner affiliated with the bank of the same name at Ida Grove. The other banks of the county are on independent basis, that is; they are largely owned by local capitalists. There is no exact statement of the amount of de- posits in all the banks but from the information at hand it is safe to estimate that the banks of the county hold as deposits not less than four million dollars, approximately two million of which is on deposit in the banks of Denison. This is a great showing. It is a far cry from the days when the county treas- ure was hidden under a board and the chief financial transactions were the bar- terings of flour and corn meal for work and wood. We take up the banks in the order in which they were reported by their officials.
The Kiron State Bank was organized as the Boyer Valley Bank October I, 1899 by the stockholders of the First National Bank of Odebolt. The original capital stock was $7,500.00.
The concern erected a one story brick building in November, 1899 and opened for business January 2, 1900, with Henry Hansen, president; T. B. Stratford, vice-president; W. J. Sandberg, cashier. This business was con- ducted successfully for five years and in June, 1904, the Kiron State Bank was organized by W. W. Field, Jos. Mattes, John R. Mattes, John Dinges, W. J. Sandberg, J. A. Reynolds, Henry Hansen, W. F. Bay, Aug. Lundell, and W. A. Helsell with a capital stock of $25,000. The first directors were Henry Han- sen, Aug. Lundell, W. J. Sandberg, W. F. Bay and Joseph Mattes. The first officers were Henry Hansen, president; August Lundell, vice-president ; W. J
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Sandberg, cashier. This bank purchased the business of the Boyer Valley Banking Company, opening for business as a state bank October 1, 1904. In 1909, a fine two story brick bank building was erected on the site of the old building, the business being conducted in the Kiron hall during the pro- cess of construction. The bank moved into its new quarters December 1, 1909 and it now occupies one of the best arranged bank buildings in the county. No robberies or losses of any kind have been sustained and the institution is one of the soundest, if not the largest, in the county. The officers are the same as those chosen in 1904 which speaks much for their successful handling of the bank. The total deposits are given as $150,000.
The Farmers State Bank of Vail was organized July 22, 1910, with a cap- italization of $25,000. The officers were E. T. Ryan, president ; C. M. Dugar, vice-president ; M. L. Houlihan, Jr., cashier. The directors include the above and J. A. Dieter and George E. Dieter. Additional stock holders are M. L. Houlihan, Sr .; E. T. Ryan, Jr .; T. J. Houlihan, A. Dugan, M. J. Costello, M. O'Connor, M. A. Ryan, R. B. Houlihan. Although a new bank, it has had a remarkable growth. Its first statement, issued September 14, 1910, shows de- posits of $19,052.98. November 10, the deposits were $49,034.03. February 8, 19II, the deposits were $66,097.07. May 17, 1911, the deposits were $74,855.93. The owners of the bank are the members of the well known Houlihan family and a number of the most prominent citizens of Vail. That the bank has a future before it is shown by its successful career.
The First National Bank of Manilla was organized January 22, 1901, by A. T. Bennet, F. M. Leet, A. Boysen, W. H. Hart and A. F, Puck with a capital stock of $25,000. The bank has a handsome location on the corner of Main and 5th streets in splendidly equipped quarters. June 9, 1902, this bank purchased the control of the Commercial Bank of Manilla, assuming its business. The present officers are Edw. Saunders, president; F. A. Brown, vice-president ; R. C. Jackson, cashier. The capital is $25,000, surplus and undivided earnings, $8,000. The deposits June 7, 1911, were $106,689.54.
The Manilla National Bank was organized in 1887 with a capital stock of $25,000 with S. F. Smith as president, and J. M. Roseberry, cashier. In 1888 the bank was purchased by Shaw, Kuehnle and Shaw, with L. M. Shaw, pres- ident; C. F. Kuehnle, vice-president; D. W. Shaw, cashier. The bank was nationalized December, 1901, and since the death of Mr. D. W. Shaw, F. L. Van Slyke has been cashier, with Edw. Theobald as assistant. The board of directors also includes the name of Mr. Chas. Wenzel. The bank reports a surplus of $4,500.00 with deposits of $125,000.
The First National Bank of Charter Oak was incorporated in July, 1890. H. N. Moore of Red Oak, Iowa, owned the controlling interest and was elected pres- ident with J. J. Shumaker cashier. These with C. H. Weed, Chas. Robertson, Gustav Rabe, O. M. Chiswell and Martin Neal formed the board of directors. In 1894 their frame building was replaced by a fine two story brick building. In July, 1898, James F. Toy, of Sioux City, bought the interest of Mr. Moore and since that time has been president of the institution. Mr. Chas. Robertson has been vice-president since 1902. Mr. P. F. Fiene is cashier and C. A. Mains
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assistant cashier. This bank was the First National Bank of Crawford county. Its twenty year charter which expired in July, 1910, having been renewed for another period. The bank has enjoyed uninterrupted prosperity and is one of the strongest and conservative institutions of the county. Its capital is $40,000, with $10,000 surplus and in excess $4,500.00 in undivided profits. The deposits as shown by recent statements were $234,319.65.
The Farmers State Bank of Charter Oak was also incorporated in July 1890 with R. C. A. Flournoy, president; C. T. Marshall, vice-president, and D. O. Johnson, cashier. In January, 1902, the Flournoy stock was assumed by the Provident Bank Stock Company and Mr. T. A. Black was president. In 1903, Mr. D. O. Johnson bought the stock owned by the Provident Bank Stock Company and became president with A. F. Kadoch as cashier. Follow- ing the death of Mr. Johnson in March, 1905, the bank was reorganized, Denison capitalists becoming interested. The stockholders were L. Cornwell, George Naeve, H. F. Schwartz, J. P. Conner, M. E. Jones, C. J. Kemming, P. E. C. Lally, T. J. Garrison, and Chas. Tabor, all of the Crawford County State Bank. C. L. Voss and P. D. McMahon of the Bank of Denison and C. T. Marshall, B. C. Jacobsen, J. H. Riessen, A. F. Kadoch of Charter Oak. The officers at this time were L. Cornwell, president, C. T. Marshall, vice-president, A. F. Kadoch, cashier. Mr. Kadoch resigned in 1897 and was succeded by H. A. Tinker who served with the bank until June, 1909, when Mr. A. F. Barber succeeded him with E. W. Timm as assistant cashier, and E. E. Lehman, book- keeper. The capital stock has always been $25,000, and with its stockholders embracing such a list of the wealthiest men in the county, there is no question as to the bank's stability. The present officers are C. L. Voss, president ; George Naeve, vice-president, A. F. Barber, cashier, E. W. Timm, assistant cashier. The directors are, C. L. Voss, George Naeve, J. P. Conner, H. F. Schwartz, M. E. Jones, J. H. Riessen and E. W. Timm.
The German Savings Bank of Ricketts was organized in 1901 by James F. Try, Chas. Robertson, E. E. Springer, John Dolieu, and Adolph Meyer. The capital stock was $10,000. The officers were James F. Toy, president ; Chas. Robertson. vice-president; P. F. Fiene, cashier. The present stockholders are James F. Toy, Gustav Rabe, Hinrich Claussen, A. H. Wendt, August Meyer, Fred Giestorf, S. F. Hoffman, P. H. Claussen. The present officers are James F. Toy, president ; Gustav Rabe, vice-president ; P. H. Claussen, cashier, M. L. Runge, assistant cashier. The bank has a surplus of $5,000 and undivided profits of $3,000. The deposits are in excess of $120,000, which is a large showing when the size of the town is considered.
The Bank of Buck Grove was established in 1905, and is a private bank with $10,000 capital owned by Mr. Dan'l Hemphill. The average deposits are about $40,000. This bank was originated after the failure of the banks owned by S. H. Greene of Dow City, which deprived Buck Grove of banking facilities. The new bank has had a prosperous career.
Baxter Reed and Co., bankers of Schleswig, are private bankers who have been doing business in Ida Grove since 1880. The Schleswig branch was started in November, 1899. The firm is capitalized with $100,000 with a surplus of
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BANK BLOCK. CHARTER OAK
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$200,000. Mr. Theodore Rohwer is cashier and H. A. Klotz assistant. A recent statement of the Baxter Reed and Company bank gives its deposits as $266,863.68.
The German Bank of Schleswig commenced business July 9, 1901. Their capital is $25,000 and their average deposits about $275,000. The first cashier of the bank was Mr. Emil Kruger, formerly clerk of the district court. Upon his death in 1906, he was succeeded by B. S. Andresen. The other officers of the bank are L. Cornwell, president ; George Naeve, vice-president.
The Valley Bank of West Side with their responsibility of $450,000 is one of the notable banking institutions of the county. It was organized in 1878 and was first called the Exchange Bank. For a time it was owned by C. D. Miller. E. S. Kentner was the next owner and he changed the name to The Valley Bank. Mr. C. W. Payne purchased the business in June, 1890, and Mr. George E. Spottswood was appointed cashier. In 1901 Mr. Payne purchased the Citizens Bank of West Side from Gustav Gredert and consolidated the business with that of the Valley Bank. At this time E. B. Spottswood was employed as assistant cashier. In April, 1908, the cashier, Mr. George E. Spottswood died and his brother E. B. Spottswood was promoted to the position, with Harry A. Moeller as assistant. In Nov., 1908, Mr. E. J. Danett succeeded Mr. Moeller. Mr. Payne, the owner of the bank, is one of the wealthiest men in Crawford county and is noted for his many sterling qualities. The bank occupies com- fortable quarters in a fine brick structure and is equipped with fire proof vault and all the other paraphernalia of a first class institution.
The Arion State Bank was organized August 1, 1902, with a capital of $25,- 000. The first directors were George Rae, Thomas Rae, J. I . Maurer, Sam Fox Sr., A. A. Conrad, George V. Jordan, Thos. Hederman, Dan'l Hemphill, and Wm. Eggers.
J. L. Maurer was the first president of the bank and G. V. Jordan the first vice-president. The present officers are Sam Fox Sr., president, Wm. Eggers, vice-president, and O. M. Criswell, cashier. Among the directors are L. C. Butler, G. V. Jordan and Thos. Hederman. The deposits of the bank are given as $30,000.
The Traders Bank of Vail was established by A. A. Leachey and C. E. Price. Later Mr. Price became the sole owner and he afterward sold the bank to Mr. W. A. McHenry of Denison. Mr. Price remained with the bank as cashier for about a year and then removed to Council Bluffs. The present officers are W. A. McHenry, president ; Sears McHenry, vice-president ; Henry Stuck, cashier ; W. A. Maguire, assistant. The capital is $25,000 and the bank enjoys good patronage.
The Bank of Dow City is also a part of the McHenry banking system and it has the entire confidence of its community. This bank was established soon after the failure of the Exchange Bank of Dow City and at a time when the people were greatly in need of banking accommodations. The officers of the bank are W. A. McHenry, president; Sears McHenry, vice-president, W. E. Fishel, cashier ; and E. G. Wiggins, assistant. It also has a capital of $25,000. A midnight burglary by which the bank lost approximately $5,000 is the only sensational event in the history of this substantial and thriving institution.
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The Farmers' Bank, of West Side, was organized in 1892. It is a private bank, owned by Mr. J. H. C. Peters, who is assisted in its management by his sons, E. J. Peters and A. C. Peters. The bank is located in comfortable quarters, has a large line of deposits and is in a flourishing condition.
CHAPTER XXIX.
THE PRESS.
Perhaps we are partial and prejudiced but to us it seems that no other single element of a community can equal in influence for good or for evil, can be of greater benefit or of more harm, than can the press. In following the history of Denison and of the county, we have found that in nearly every instance those things which have been made for the progress of the community, have been urged by the newspapers long before they were finally adopted by the people. Sometimes those propositions were rejected by the popular vote, but the per- sistent agitation of the press finally secured their adoption, and it is a historic fact that, in this community at least, the majority of the measures advocated by the newspapers from time to time have uniformly proven to have been for the public good. Incorporation was urged by the Denison newspapers for sev- eral years before the people acted favorable. There followed a long line of "agitations." Agitation for sidewalks, for a public library, for improvements in the public school system, for manufacturing enterprises, for additional railroad facilities, for the conservation of Grace park, which unfortunately was not adopted. In fact, all the good things which the community enjoys have been those adopted largely through the efforts and influence of the press.
The history of the Crawford county press is one of which to be proud. The newspapers have uniformly kept ahead of like papers in other counties and they have always kept ahead, rather than lagged behind the demands of the community.
Soon after establishing the town of Denison, Mr. J. W. Denison, who was in many respects a far sighted and able man, decided that the interests of the community demanded some organ for the dissemination of news. He accord- ingly purchased a printing plant in Cincinnati, Ohio. This outfit consisted of a Washington hand press, a considerable amount of job type and other office paraphernalia. This was shipped as far as possible by rail, and then completed its journey overland.
The Boyer Valley Record was established in 1860 and was first published by Mr. Denison himself. At that time, when everything had to be hauled many miles to Denison, it was almost impossible to obtain what are known as ready prints with any regularity. We have been unable to secure a copy of this first
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newspaper, but we understand that it was a five-column, four-page paper, and of necessity printed all at home. Mr. Denison soon secured the services of Mr. Crowell as printer and editor. Newton Brogden, now of Deloit, assisted in this first printing office. The field was very limited and the returns could not have been at all commensurate with the labor involved. The publication of the Boyer Valley Record was continued until Mr. Crowell became engaged in an unfor- tunate altercation with Mr. I. N. Allen, during the course of which the latter was killed by a blow on the head with some blunt instrument. Mr. Crowell was arraigned and taken to Sioux City for trial where he was released upon the ground of self-defense. This tragic affair ended the existence of the Rec- ord, and no printers being available, Mr. Denison stored the type and machinery in a little building on the site of the present city hall. It was not until the coming of the railroad that the paper was revived. Mr. G. W. Stephens, an expert printer, who had been residing at Jefferson, heard of the Denison outfit and together with Mr. M. H. Money, editor of the Jefferson Bee, leased the plant.
The first building occupied was the old log schoolhouse, which had been superseded by the small brick building in the western part of town. The name of the new paper was the Denison Review. The date of the first issue was May 3, 1867. The paper was a six-column folio or a four-page paper. After a two years' struggle against many difficulties, and discouraged by the business situation and by the fact that the crops had been injured by grasshoppers, Mr. Stephens was compelled to suspend publication. The absence of a newspaper was severely felt by the community, and on July 16, 1869, the paper was re- vived by Mr. J. D. Ainsworth, who with the assistance of Mr. H. C. Laub, pur- chased the plant and reestablished the paper which has been in continuous ex- istence since that time and which has the honor of being the oldest institution in Crawford county, doing business under the same name. We have a copy of this first issue, which is a six-column, four-page newspaper, and it may be of interest to quote from the introductory editorial, which reads as follows :
INTRODUCTION.
"In resuming the publication of The Review and in presenting to you this, our first number, it is needless for us to say much by way of introduction. The paper speaks for itself now, as it ever will. We have come to your fertile prairie country, and your thriving town, for the sole purpose of earning our living, and that by the sweat of our brow. With the interest of this country lie our interests. Upon the prosperity of this town depends our own success, to a certain extent.
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