USA > Iowa > Jones County > History of Jones County, Iowa, past and present, Volume I > Part 20
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In July, 1905, the capital stock of the Anamosa National Bank was increased to one hundred thousand dollars, and it has easily maintained its position as the largest National bank in the county, both as regards capital and deposits.
In April, 1907, the management of the Anamosa National Bank organized the Schoonover Trust Company, with a capital of fifty thousand dollars, for the purpose of carrying on a more extensive mortgage and trust business, and the Trust Company, the first and only one in the county, has gradually taken a po- sition peculiar to itself among the financial institutions of the county. The Na- tional Bank directors are: George L. Schoonover, Grace Schoonover, W. N. Dearborn, H. F. Dearborn, H. W. Sigworth, F. O. Ellison, J. N. Ramsey, Park Chamberlain and J. E. Tyler.
The appended table, giving a comparative statement, showing the growth of these institutions since 1899, shows the increase in assets to be 118 per cent in the last decade.
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HISTORY OF JONES COUNTY
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Resources.
1899
1909.
Anamosa National Bank.
Bank & Trust Co.
Loans and discounts
$280,706.38
$684,631.06
United States bonds
28,000.00
100,000.00
Cash and due from banks
104,973.54
110,022.91
Real estate
0.00
11,173.81
$413,679.92
$905,827.78
Liabilities.
Capital stock, paid in
$ 50,000.00
$150,000.00
Surplus and undivided profits
2,581.62
29,299.73
Circulation
25,000.00
100,000.00
Deposits
335,898.30
626,528.05
$413,679.92
$905,827.78
THE FIRST NATIONAL BANK OF WYOMING.
This is the oldest National Bank in the county that is yet doing business without any change in its form of charter. The bank was organized January 26, 1872, by F. D. Hodgeman, W. T. Foote, John K. Pixley and others. The first directors were: Stephen Hamilton, Thomas Green, William H. Holmes, Whitney J. Brain- ard, Hiram Smith, John K. Pixley and Josiah W. Sloan. The first officers : Hiram Smith, president; W. T. Foote, vice-president; John K. Pixley, cashier. This bank was the natural successor to the private bank of Butterick & Schultz.
The present directors : A. M. Loomis, A. A. Vaughn, John T. Wherry, W. I. Chamberlain, W. H. Tourtellot, Fred'k H. Foote. The present officers: Fred'k H. Foote, president ; A. M. Loomis, vice-president ; A. A. Vaughn, cashier ; Jas. S. Robertson, assistant cashier.
FINANCIAL STATEMENT, SEPTEMBER 5, 1903.
Resources.
Loans and discounts
$207,323.75
Overdrafts
11,259.14
U. S. bonds
25,000.00
Stocks and securities
36,105.00
Banking house and personal property.
5,000.00
Due from banks
61,658.09
Cash, cash items and checks.
20,622.02
Redemption fund, U. S. treasurer
1,250.00
Total resources
$368,218.00
Liabilities.
Capital
$ 50,000.00
Surplus and undivided profits.
22,712.09
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Circulation, secured by U. S. bonds 25,000.00
Deposits 270,505.91
Total liabilities
$368,218.00
FINANCIAL STATEMENT, SEPTEMBER 1, 1909. Resources.
Loans and discounts $288,074.03
Overdrafts
2,252.27
U. S. bonds 25,000.00
Bonds and securities 4,280.00
Banking house, real estate and personal property. 5,500.00
Due from banks
27,442.99
Cash, checks and cash items. 19,521.17
Redemption fund with U. S. treasurer
1,250.00
Total resources
$373,320.46
Liabilities.
Capital
$ 50,000.00
Surplus and profits
28,712.81
Circulation, secured by U. S. bonds.
25,000.00
Sight deposits
$ 65,113.85
Demand deposits
18,052.05
Time deposits
186,441.75 269,607.65
Total liabilities
$373,320.46
THE CITIZENS BANK OF WYOMING.
This private financial institution has not had the advantage of succeeding some other institution similar in character, in order to have had a start when its doors were open for business, but nevertheless, its growth and development speaks in tones of praise of the confidence and regard the people have had for the man- agement since its organization. Its doors were opened October 25, 1894, with a cash capital of twenty thousand dollars, C. J. Ingwersen was president, and P. S. Jansen, cashier. The institution has enjoyed a good patronage, and the bank is very generally regarded as one of the safe and sound banks in the county. The bank is patronized to quite an extent by the German farmers and stock raisers, although the patronage extends to and includes all classes.
The Citizens Bank continues to be conducted as a private institution. Hans Jansen is president and P. S. Jansen, cashier; Chris J. Ingwersen is assistant cashier. In November, 1899, the bank deposits amounted to eighty one thousand dollars.
STATEMENT OF CONDITION, SEPTEMBER 1, 1909.
Capital
$ 20,000.00
Deposits
221,000.00
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Loans and discounts - 180,000.00
Cash and due from banks 60,000.00
The following table showing the live stock receipts for stock shipped to Chi- cago, the money of which was received by the Citizens Bank during the past thirteen years, gives some idea of the volume of business which passes through this institution, as well as giving some idea of the stock prepared for market in this locality, although it does not include all the stock shipped out of Wyoming and the surrounding territory.
Year ending
October 31, 1897-158 cars cattle, 114 cars hogs-272 cars. $ 224,010.84
October 31, 1898-135 cars cattle, 127 cars hogs-262 cars. 223,178.85
October 31, 1899-168 cars cattle, 122 cars hogs-290 cars. 279,284.41
October 31, 1900-175 cars cattle, 158 cars hogs-333 cars. 324,688.51
October 31, 1901-186 cars cattle, 176 cars hogs-362 cars 383,008.19
October 31, 1902-163 cars cattle, 188 cars hogs-351 cars. 445,412.23
October 31, 1903-190 cars cattle, 146 cars hogs-336 cars.
379,667.71
October 31, 1904-193 cars cattle, 154 cars hogs-347 cars. 353,480.10
October 31, 1905-207 cars cattle, 168 cars hogs-375 cars 382,745.19
October 31, 1906-181 cars cattle, 173 cars hogs-354 cars. 381,512.59
October 31, 1907-210 cars cattle, 174 cars hogs-384 cars. 465,215.28
October 31, 1908-141 cars cattle, 149 cars hogs-290 cars. 293,449.36
October 31, 1909-142 cars cattle, 114 cars hogs-256 cars. 323,717.06
-
Total 13 years. . 2,249
1,963 4,212 $4,459,370.32
RAILROADS.
The first railroad in Iowa was commenced in 1854. Previous to that time, the struggle for a railroad had begun in Jones county. On May 2, 1852, there had been incorporated the Iowa Central Air Line Company, an organization which for a number of years figured quite conspicuously in Central Iowa, and which because of its "air" the Jones county people have abundant cause to remember.
This company was incorporated at the date named, by the following persons, most of whom were Iowa men: Jonas Clark, John E. Goodnow, J. W. Jenkins, Russel Perham, Alonzo Spaulding, Elisha F. Clark, Daniel Rhodes, David Sears, Ira Minard, Charles Butler, Elisha C. Littlefield, G. S. Hubbard, S. S Jones, S. M. Hitt, George W. Waite, William Ferdman, L. H. Bowen. O. Emer- son, George Greene, A. F. Steadman, D. M. McIntosh, Isaac Whittam, N. B Brown, S. D. Carpenter, D. W. King, N. W. Isbell, Charles Nye, Thomas J Mckean, L. D. Jordan, E. Vanmeter, Dan Lothian, M. E. McKenney, S. C. Bever, William Haddock, J. H. Fisher, H. C. Metcalf, W. H. Eldridge, Porter Sargeant, E. A. Wood.
The purpose of the corporation, as set forth in the articles, was "the con- struction, operation and use of a railroad with double or single track, and with all necessary appendages, branches and extensions. The main trunk or con- tinuous line of said road was to commence on the Mississippi, at or near Sabula, and run thence westerly on or near the forty-second parallel of latitude to the
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HISTORY OF JONES COUNTY
Missouri River, and thence westerly, ultimately through the South Pass to Cali- fornia."
The stock of the air line company was to be ten million dollars, with the privilege of increasing it. A survey was made through to the Missouri River, passing through Maquoketa, Anamosa, Marion, Cedar Rapids, Marshalltown, and crossing the Missouri River just west of Onawa. Negotiations were opened up for a land grant and not much else was done for several years. An act of congress, of May 15, 1856, granted to the state of Iowa upward of three million acres of government lands, to be expended in building railroads. The act pro- vided to give a company building a road from Lyons to a point at or near Ma- quoketa, and thence west on the line of the air line road to the Missouri River, every alternate section designated by odd numbers within six miles on either side of the line of road, and where the land within this distance was already sold or preempted, the state was to select an equivalent amount of land within fifteen miles on either side of the road.
The grant from the legislature to the Iowa Central Air Line Company pro- vided that the line should be definitely fixed and located before April 1, 1857, and that if the road did not have seventy-five miles completed prior to December I, 1859, or did not have the road completed before December 1, 1865, that all un- sold lands should revert to the state.
The land grant to this and other roads gave a tremendous impetus to railroad building in Iowa for several years. The land grant to the air line company alone was estimated by its president at nine hundred and six thousand, four hundred and eighty acres. The report of June 2, 1858, represents one million, two hundred and ten thousand dollars as already expended upon the road, most of which was disbursed in securing the lands of the company.
The projected line was to cross Jones county, passing through both Wyom- ing and Anamosa. The county in its corporate capacity was called upon for help, and before the land grant had been secured, in June, 1853, almost immedi- ately after the formation of the company, a petition was presented to the county judge, asking for a vote subscribing eighty thousand dollars stock in the new company, to be paid in county bonds drawing eight per cent interest. These bonds were to be liquidated by an annual tax of one per cent. The proposition was carried by a vote of four hundred and fifty-nine to two hundred and forty.
The stock was not subscribed, however, nor the bonds issued until June 15, 1856, following the congressional land grant, nor were the bonds delivered even at that time. December 25, 1856, an agreement was entered into between G. C. Mudgett, county judge, and S. S. Jones, president of the air line company, pro- viding that the bonds should be issued only so rapidly as the work was carried on in the limits of the county of Jones.
At that time, the stock of the railroad company was above par, and it was agreed on the part of the corporation, that if the county should relinquish all right to the dividend upon the stock of the company, that the latter would agree to pay the interest upon the county's bonds. This would simply amount to the county of Jones lending her name as security to the railroad, which in the rose- ate hue hanging over railroad prospects, was a very small favor. Stock of the company. to be held in trust for the county, was immediately delivered to three
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SCENE ON THE BUFFALO, NEAR SAM'S SPRING
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HISTORY OF JONES COUNTY
trustees-N. G. Sales, of Anamosa; Robert Smythe, of Marion and Jas. Haz- lett, Jr., of Lyons.
Under this agreement, the work of grading was immediately commenced in Jones county, and, in a short time, fifty-four thousand dollars of county bonds had been issued. This graded roadbed can yet be easily located.
It is a well known fact that the air line company failed on account of reckless management and open rascality on the part of the president and other officers. The magnificent land grant of the company was of itself sufficient to have com- pleted the enterprise to the Missouri River, and the company would also have received cordial help from cities and citizens all along the line. Nothing was done. The affair was a suicide. December 1, 1859, the time when the road should have seventy-five miles of road completed or forfeit the grant, came around, and not a mile of iron had been laid, and the magnificent gift of the government passed into the hands of the Cedar Rapids and Missouri River Railroad.
Of course the air line company never paid a cent of interest upon the bonds of the county. Suits were entered in the United States court by bondholders against the county of Jones in default of the payment of interest. The plain- tiff secured judgment.
Forty-six of the fifty-four thousand dollars bonds were held by David J. Lake of Chicago. In May, 1865, a compromise was affected by the county's pay- ing Lake seventy-five cents on the dollar due, principal and interest. Six thou- sand more were redeemed about the same time from other parties at nearly the same rate. One bond, held by G. W. Bettesworth, was settled by the payment of one thousand, nine hundred and twenty dollars and seventy cents principal and interest, on the part of the county, while Bettesworth surrendered the bond and conveyed four thousand, five hundred and ninety acres of land to Jones county, which afterward sold at such a figure as to prove a good investment. The fifty-fourth bond was cancelled some years later.
About 1852, there was projected a road from Dubuque to Keokuk, by way of Anamosa, Marion and Iowa City. This departure from the direct line gave to the enterprise the vulgar name of the "Rams-Horn." An incorporation was formed, with the Langworthys of Dubuque, Lincoln Clark and W. T. Shaw among the leaders. This road, as originally laid out, proved a failure, but along part of its line was built the Dubuque Western.
On the occasion of the completion of this road to Anamosa, the following notice of it appears in the Anamosa Eureka:
"Friday evening, 9th of March, year of grace 1860, was a joyous time in Anamosa.
"Punctual as lovers to the moment sworn and punctual to the hour of 8 o'clock, came the first train of cars from Dubuque. A crowd was at the depot, and the welcome was deep and cordial.
"The road was commenced in July, 1857. In October following, came the revulsion throughout the country; but the work continued through the winter, and subsequently struggled on, now and then, amid the trying stringency of the money market until last autumn, when by a money arrangement with C. W. Theo. Krausch, the late chief engineer of the New York Erie Railroad, the entire su-
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HISTORY OF JONES COUNTY
perintendency was transferred to him, and most nobly has he performed his task, proving his high competency as a railroad builder and manager.
"Prominent among the men to whom we are indebted for this great and glori- ous work, we are bound to accord all honor to L. H. Langworthy, F. S. Winslow, W. A. Wiltse. E. Stimson, H. Gelpocke, and C. W. Theo. Krausch of Dubuque, with W. T. Shaw of Anamosa. Others, too, have aided us most effectively in the trying hours of the past two years. To Mr. Shaw we at this end of the line are largely indebted. His cool and ready clear-sightedness, as a liberal stock- holder and director from the beginning, has contributed, in a great measure, to the success of the project."
At the time of the breaking out of the war, the road was being pushed west- ward toward Marion, and W. T. Shaw was superintending the construction. On the day Mr. Shaw received his commission as colonel of an Iowa regiment, he dismissed the men he had employed, and abruptly as Putnam left the plow, proceeded to the field in the service of his country. The building of the road was at a standstill for several years, and was not completed to Marion until about 1865. The present terminus of the road is Cedar Rapids, though connections are made with other lines.
Ten thousand dollars in bonds of the city of Anamosa were voted to aid the Dubuque Western road in building, but only a fraction of these were ever issued .. Farmers and citizens along the line aided liberally by subscription.
The road has several times changed hands and names, passing into possession of bondholders, and in 1878, to the Chicago, Milwaukee & St. Paul Railroad Company. It has been known by the names of Dubuque Western; Du- buque, Marion & Western; the Dubuque & South Western, and finally, as a part of the Western Union division of the Chicago, Milwaukee & St. Paul.
It should have been stated, in connection with the early history of this road, that on May 9, 1857, the question of taking one hundred thousand dollars stock, by issuing county bonds to that amount, was submitted to the people, and lost by a vote of five hundred and sixty-seven to eight hundred and twenty-eight. A similar proposition was defeated in August of the same year, by a vote of seven hundred and sixteen to three hundred and sixty-eight.
A speaker in a public gathering in later years in giving reminiscences of the days of the Dubuque & Southwestern Railroad, stated that by common consent the initials of the road (D. S. W. R. R.) stood for the phrase "Damn Slow Way Riding Round." Other equally ludicrous and vulgar phrases were heaped upon the young and struggling railroad.
Quite a number of railroads projected in Jones county existed only on paper, and, except as companies or paper corporations, had no existence at all. Among the first of these, one was formed to build a road from Cascade to Anamosa, to connect at the former place with the great Northwestern Railroad projected through that point. A meeting was held December 9, 1856, at which articles of incorporation were adopted and the following persons elected a board of directors: S. W. McMaster, John Lorain, L. C. Mckinney, A. S. Chew, S. S. Merrill. G. W. Trumbull, T. J. Chew, James Hill, William P. Wightman, W. S. Hall, N. G. Sales, Joseph Mann, C. L. D. Crockwell. The road was never begun, and the corporation soon collapsed.
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With greater pretensions was organized, March 19, 1857, the Wapsipinicon & St. Peters Valley Railroad Company, whose purpose was to build a continuous line of road, to commence at Anamosa and run thence northwest through Quas- queton, Independence and Fairbanks, and thence northwesterly to the north line of the state. The capital stock was fixed at five million dollars.
This was intended as a feeder to the air line route, and was looked upon as a very probable enterprise in the palmy days of the air line bubble. The people were given an opportunity, in May, 1857, to decide whether the county in its corporate capacity, should take one hundred thousand dollars stock in the Wapsi- pinicon & St. Peters Valley Railroad. The voters very decidedly said nay, the scheme being defeated by a vote of one thousand and sixty-seven to three hun- dred and seventy-five.
The first officers of the company were : D. S. Davis, president ; Wm. H. Gibbs, vice president; E. C. Bidwell, secretary ; H. P. Henshaw, treasurer; D. S. Lee, attorney ; directors-F. C. Patterson, Rufus Connable, P. A. Brooks, L. W. Hart, S. V. Thompson, N. G. Sales, G. H. Ford, J. S. Dimmitt.
January 12, 1859, were adopted articles of association of what was called the "Anamosa Branch of the Tipton Railway," for the purpose of building a branch to Tipton. The five directors chosen were: Wm. T. Shaw, David Graham, and H. C. Metcalf of Anamosa, O. Cronkhite and D. A. Carpenter of Rome.
The partly graded road-bed, between Lyons and Maquoketa, of the exploded air line road, found its way into the Mississippi, Maquoketa & Western Company. In March, 1870, the Midland Company was organized at Des Moines, to build a road from Clinton to Maquoketa, with the probability that it would go farther west. The Mississippi, Maquoketa & Western sold the road-bed and franchise to the Midland for eighteen thousand dollars. The cars were running into Ma- quoketa in December, 1870. A fortunate rivalry springing up between the Chi- cago & Northwestern, the Chicago, Burlington & Quincy and the Chicago, Mil- waukee & St. Paul, enlisted the cordial support of the first named road to the Midland. William T. Shaw was president until March, 1871, at which time the road passed under complete control of the Chicago & Northwestern Company, though a separate organization was still maintained. The road was immediately pushed on from Maquoketa to Anamosa, being completed to the latter place in October, 1871. The citizens of the latter place subscribed about thirty-five thou- sand dollars in stock, though little was paid, and Fairview township voted to its aid a three per cent, tax, amounting to nearly fifteen thousand dollars.
The Sabula, Ackley & Dakota Railroad was projected especially by the citi- zens of Ackley and Sabula, and was designed as a western branch to connect with the Western Union road at Savanna, Illinois. The building of the road commenced in 1870. The Chicago, Milwaukee & St. Paul, jealous of the progress of the Midland road, lent its aid to the building of the Sabula, Ackley & Dakota enterprise. A bitter rivalry sprang up between the two enterprises, and each did what they could to hinder the progress of the other. The Northwestern came out first in the race, at least so far as the building of the road is concerned. When the cars were running into Anamosa over the Midland, the western terminus of the Sabula road was at Preston, only about twenty miles from its starting point. In the summer of 1872, the road was completed to Rome, in Jones county. The
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western terminus of the road, which now belongs to the Western Union division of the Chicago, Milwaukee & St. Paul Company, was Cedar Rapids. The road traverses the southern tier of townships of Jones county, passing through a fer- tile agricultural country.
The Davenport & St. Paul Railroad, was a Davenport enterprise, whose chief spirit was its president, Hon. Hiram Price. This road passes through Wyom- ing and terminates at Monticello. Cascade made a determined effort to secure the road from Wyoming to that point, but in vain. The cars over this line were running into Wyoming, December 22, 1871. The road was later purchased by the Chicago, Milwaukee & St. Paul Company, and the line extended north giving direct connections with St. Paul. The corporation, therefore, owns and operates three lines of road traversing Jones county, viz., the Sabula, Ackley & Dakota, now called the C. & C. B. Division with 25.54 miles of road, The Daven- port & Northwestern, with 27.67 miles of road, and the Dubuque & Southwest- ern with 19.78 miles of road, in all a total of 72.99 miles of road in Jones county.
In April, 1868, a company was organized under the name of the Anamosa & Northwestern Railroad Company, whose object was to build a road from Ana- mosa northwest, along the Wapsipinicon Valley, to the northern boundary of the state. The incorporators were James Jamison, James Ironside, R. N. Soper, F. Braun, William T. Shaw, J. S. Stacy, D. S. Lee, C. R. Scott, Charles E. Kent, J. H. Fairchild, E. C. Downs, A. Hunsicker, C. W. Hastings, H. J. White, M. McGlatherty.
The interest which might have been enlisted in this enterprise was directed into other channels by new and unexpected developments in railroad building, about this time. The project, therefore, was unsuccessful.
Following this effort at railroad building, there was a season of comparative quiet which continued for a period of about thirty-five years.
On December 21, 1903, the Chicago, Anamosa & Northern Railroad was or- ganized, with a capital of one hundred and fifty thousand dollars, supplied largely by Dubuque capitalists and assisted with Anamosa capital. The road was constructed within a short time from Anamosa to Coggon a distance of twenty miles. It is proposed to continue the road to Waterloo during 1910. The new company has leased the tracks .of the Chicago & Northwestern Railroad Company for a mile and a half out of Anamosa, and also the terminal and tracks in Anamosa. At the present time, the C. A. & N. company own no equipment, but by contract, the company has the use of an engine, a combination coach, a flat car and a box car, property of the Glasser Equipment Company of Dubuque.
This road has been found to be a great convenience to the people, as well as a safe investment for the company. During the year ending June 30, 1909, the total revenue from the road was eighteen thousand, four hundred and fifty-two dollars and thirty-two cents, and the total operating expenses for the same period, even a thousand, eight hundred and seventy-one dollars and fourteen cents, leaving a balance of six thousand, five hundred and eighty-one dollars and eighteen cents on the right side of the ledger.
The present officers of the company are: president, Henry Kiene, Dubuque; vice president, D. C. Glasser, Dubuque ; secretary, T. W. Ruete, Dubuque; trea-
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HISTORY OF JONES COUNTY
surer, C. H. Eigheney, Dubuque; assistant treasurer, Paul Kiene, Anamosa ; au- ditor, Clifford L. Niles, Anamosa ; general manager, J. L. Kelsey, Anamosa.
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