USA > Iowa > Muscatine County > History of Muscatine County, Iowa, from the earliest settlements to the present time, Volume I > Part 48
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the next issue of his paper he made a similar statement in an article intended to reflect sarcastically on Editor McCormick."
A CONSISTENT AND FEARLESS FOE.
Throughout his editorial service, Mr. Mahin was a consistent and a fearless foe of the liquor traffic. He carried his opposition to such lengths that he made some bitter enemies for himself. But neither the enmity of his foes nor the ad- vice of well meaning friends ever turned him from the pathway which he had chosen, because he believed it right. In the darkest hour of his life in Mus- catine, his home, together with those of two other prominent residents, was blown up, following the bitterest part of the struggle in Muscatine during the days of the old prohibitory law of Iowa. On the night of May 10, 1903, his home was wrecked and he and his wife and children, together with the maid em- ployed in the house, escaped with their lives only as if by miracle. Not even this dastardly deed served to cool his ardor for the cause in which he had en- listed not for a single battle or campaign, but until the fight was ended. While Mr. Mahin is no longer engaged in editorial labor and therefore no longer has the opportunity to daily set his lance at rest and charge upon his ancient foe, there are no signs that he has changed in his opinions or that his loyalty to the white banner of temperance has grown less warm. Mr. Mahin, in part perhaps by reason of the intenseness of his convictions and uncompromising character of his support of those convictions through the columns of his paper, won for himself a wide reputation as an editor and as an able writer.
John Mahin's retirement from the editorial chair in 1903 marked the pass- ing from active newspaper life of Iowa's veteran editor. That retirement is too recent to make necessary any discussion of the commanding position which he held among the editors of the state. By his evident sincerity and his absolute integrity, as well as by his sturdy fearlessness and his recognized ability, he won the respect of all.
In May, 1859, Mr. Mahin was married to Miss Anna Herr, of this city, who died in 1861, leaving no family. In September, 1864, he married Miss Anna Lee, of Johnson county, Iowa. Their first born, Ella, died at the age of four and a half years, in 1870. Two sons and two daughters are now living. John Lee Mahin, their elder son, is a resident of Evanston, Illinois. In 1895 he mar- ried Miss Julia Graham Snitzler, and three children have been born to them, two daughters, Margaret and Marian, and one son, Master John Lee Mahin, Jr. Mabel, the elder daughter, is the wife of Louis Jamme of Chicago, Illinois. The younger daughter, Florence, is the wife of J. Warren Alford, of East Orange, New Jersey. They have two children, Charles and Charlotte. The second son, Harold J. Mahin, is employed in a responsible position by O. J. Gude & Com- pany of New York, the widely known outdoor advertising firm. His home is in New Rochelle, New York. His wife was Miss Nelle Boone, of New York. They have an infant daughter, Virginia.
THE NEWS-TRIBUNE.
The Muscatine News-Tribune is a lineal descendant of the Democratic En- quirer, established by H. D. LaCossitt in 1848, who remained at the wheel until
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1853, when for six months W. B. Langridge had the arduous task of steering the craft.
In 1854 the paper was sold to J. Carskadden and T. M. Williams, passing in 1855 into the hands of Williams, Gibson and Company, with Judge Robert Will- iams as editor. Under this administration the paper became vigorously democratic and was the first paper in Iowa to advance the name of James Buchanan for President. In January, 1856, the paper again changed parents, D. S. Biles and E. W. Clarke becoming sponsors for the firm. Mr. Clarke withdrew in a short time. Mr. Biles continued as editor and publisher until 1859, when he sold the entire outfit to J. Trainor King, who changed the name of the paper to the Review and gave it a daily attachment. The following year another change of proprietorship occurred E. H. Thayer being the purchaser and changing the name to the Courier. In 1864, Barnhart Brothers later proprietors of the Great Western type foundry of Chicago, purchased the paper and for eight years were very successful in their management when there was another change, G. W. Van Horne becoming owner. Another change was made in the name and the Tribune then appeared, which was issued as a weekly for two years when E. H. and W. C. Betts became associated in the proprietorship and a morning daily was es- tablished. Mr. Van Horne retired in 1877 and W. C. Betts died in 1879, when E. H. Betts became sole proprietor.
On November 30, 1887, the Muscatine News company was incorporated with a capital stock of $25,000 with the following officers :
William Huttig, president; William Hoffman, treasurer; George W. Van Horne as secretary. They began the publication of the Daily News. Mr. Van Horne was one of the most scholarly and gifted writers in the country and re- mained as editor until his death in 1895, when he was succeeded by Joseph Ger- ard Van Lent, as editor, who had been the city editor for 7 years, and who still remains as editor of the News-Tribune.
On May Ist, 1889, the Muscatine News Company acquired the Tribune by purchase and both papers were consolidated and were issued as the News- Tribune, a daily and semi-weekly issue being published.
In September, 1902, Messrs. Joseph G. Van Lent, Frank W. Eichoff and John C. Van Lent, decided to acquire the stock of the company. All three were born and reared in Muscatine and were imbued with the idea to give their be- loved home town and community a newspaper that would reflect the views and keep full pace with the progress and growth of the city.
Joseph G. Van Lent had been connected with the News-Tribune and the News for 14 years past and enjoyed a wide acquaintance; Mr. Eichoff had a number of years' experience in the office of County Clerk and County Treasurer as well as several years' experience as local editor and manager of the evening paper ; John C. Van Lent was a practical job printer and also served as assistant post master of the Muscatine post office for II years, under both political ad- ministrations, leaving his position to associate himself in the publishing business. The combination looked peculiarly well fitted to win success and on September 16, 1902, they purchased the stock of the company and the News-Tribune passed to the new regime.
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It was and is the determination of the present owners to make the paper in all respects a worthy newspaper in the broad and modern meaning of the term. The news service is ample, reliable and wholly independent of its political opinion. It faithfully gleans and presents city, county, state and general world wide news with celerity and accuracy and publishes information that will instruct, interest and enlighten its readers.
In politics the News-Tribune is clearly and distinctly democratic, ever loyal to the principles and policies of the grand old party, the name of whose father and founder Thomas Jefferson, is enshrined in every American heart. In so doing it lends its influence toward advancing the cause whose triumph will re- dound to the individual and National welfare.
In matters of municipal concern the News-Tribune will aspire in the future as in the past to occupy advanced ground. Its unswerving fidelity to a policy of progress is known to all. Public spirit has prompted it in taking the initiative in the successful agitation leading to the construction of the high bridge, inaugura- tion of the electric railway, brick paving and sewerage system, the acquiring by the city of its own water plant and the location of important industries, and in every way made itself an active factor in promoting the best interests of the city. The News-Tribune's loyalty to the city in the past is the best possible guarantee that it will be equally loyal in the future.
It is the first and highest purpose of the News-Tribune to excel as a pur- veyor of news and a reflection of public sentiment and it has invariably had the co-operation and support of a valued constituency and a generous patronage.
With the paramount desire to give all subscribers the benefit of current news and to deal fairly with the individual and with the public, the publishers are con- fident that they will have the continued good will and patronage of the community.
The News-Tribune is conveniently located on Iowa avenue and occupies a three story building including a basement, for its home. Its mechanical equip- ment is of the best with perfecting press, a battery of linotypes and all the acces- sories for printing a live daily newspaper. The first linotype in Muscatine county was installed by the News-Tribune in April, 1897.
CHAPTER XX.
BANKS AND BANKERS.
FINANCIAL CONCERNS OF MUSCATINE COUNTY-EARLY BANKS AND BANKERS-IN THE "FORTIES" CURRENCY CHIEFLY CONSISTED OF COUNTY ORDERS-DEPOSITS IN MUSCATINE BANKS OVER FIVE MILLION-RECOLLECTIONS OF A PIONEER BANKER.
GREENE & STONE, BANKERS.
The private bank of Greene & Stone was the first concern of its kind in Muscatine and was started early in the year 1851, by Joseph A. Greene and George C. Stone, both of whom had formerly been engaged in buying grain, packing pork and general merchandising. Joseph Greene came to Muscatine in the '40s from Vermont and opened a store under the firm name of Enders & Greene, which was later changed to Greene & Stone. He became very pros- perous, was one of the men who laid out the towns of Wilton and Letts, erected the first frame structure in the last named place and owned several farms in that vicinity. He was enterprising and fearless,-a town builder, erecting a number of business blocks in Muscatine. He dealt largely in real estate and raised many fine horses, for which he had a decided predilection. One of his blooded equines was the noted "Greene's Bashaw."
The bank was opened in a small frame building, later the site of F. W. Swan's store. The business room was about fifteen feet square. The safe was an or- dinary affair, its contents being secured from intrusion by a lock, the bolt of which was shot into a socket by the turning of a key. Time locks were un- dreamed of in those primitive days. Later, the firm erected a brick building for the bank on the south side of Second, between Iowa avenue and Chestnut, and placed therein a "fire and burglar proof" safe, a very pretentious venture at that time. And the bank prospered until the panic of 1857, when it was compelled to make an assignment, the first and only bank in the history of Muscatine that failed to meet its obligations-a financial record any city can well be proud of. This wound up the affairs of the banking firm of Greene & Stone.
Like in all new, undeveloped communities, Muscatine county for the first several years of its existence had a greater fund of hopes, ambition and deter- mination than ready cash, with which to carry on the various enterprises of her hardy and practical settlers. Money,-real money, certainly was a scarce article in those strenuous days and difficult to obtain. County orders largely were the prevailing currency and legal tender in the community for all debts, public and private. The first one of these orders, drawn upon the county, was in favor of
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HISTORY OF MUSCATINE COUNTY
T. M. Isett, October 5, 1837. "Colonel" Isett had come to Muscatine when a young man, bringing with him some money. Having a faculty for accumulation, he soon became of prominence in "money circles" of the embryo city, and, early in the '50s, associated himself with William C. Brewster, in the formation of a banking concern, under the name of Isett & Brewster. Later, and prior to 1865, the firm name was changed to the Merchants Exchange Bank and in September, 1865, the concern opened its doors for business as the
FIRST NATIONAL BANK.
Since that time the bank's charter has been twice renewed-in September, 1885, and September, 1905. The first president of the First National Bank was Peter Jackson ; its first vice president, S. G. Stein; and cashier, W. C. Brewster. For some years Peter Jackson continued in the presidency and was then suc- ceeded by S. G. Stein, Sr., Jackson succeeding Brewster as cashier. The senior Stein died in 1892 and H. W. Moore assumed the responsibilities of the presi- dential office, continuing therein until his death, which occurred in 1904. His successor was S. G. Stein, Jr., the present incumbent. As cashier, F. R. Lewis followed Jackson in 1879 and he by T. W. Brown in 1884. The latter died in 1893 and his place in the bank was filled by the present cashier, S. M. Hughes. The present head of this concern is a son of its first vice president, and D. V. Jackson, now vice president of the bank, is a son of Peter Jackson, its first pres- ident and one of the county's pioneers.
In the summer of 1911 a magnificent new home was built by this strong and trusty institution, on the corner of Third street and Iowa avenue, at a cost of $100,000, having a frontage on the latter thoroughfare of sixty feet and on the former of ninety feet. This is a modern structure in all that the term implies, having two stories on Iowa and three stories on Third. The material is of St. Louis brown mottled brick, inlaid with Berea sandstone. The banking apart- ments are on the ground floor, above the basement, and are beautifully and ar- tistically furnished, with no absent thought for convenience, burglar-proof vaults, safes and deposit boxes, with every accessory needed and demanded by the twentieth century banker and depositor. The capital stock is $200,000; surplus and profits $177,000 ; deposits, $1,810,000.
FIRST TRUST & SAVINGS BANK.
About March 1, 1880, the First Trust & Savings Bank began business. This concern is a connection of the First National and occupies a share of the latter's new building. This bank is capitalized at $100,000, has a surplus of $80,000, and undivided profits of $30,000.
The present officials of the First National are: S. G. Stein, president ; D. V. Jackson, vice president; S. M. Hughes, cashier; T. C. Clark, assistant cashier. The board of directors is composed of S. G. Stein, D. V. Jackson, S. M. Hughes, J. Carskaddan, J. R. Reuling, W. F. Bishop, R. K. Smith, F. P. Sawyer. The above names are the same on the directorate list of the Trust Company and the Vol. I-26
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HISTORY OF MUSCATINE COUNTY
officers of the First Trust are: J. Carskaddan, president ; S. G. Stein, vice pres- ident ; R. K. Smith, cashier; B. C. Benham, assistant cashier.
HERSHEY STATE BANK.
Early in the '50s J. W. Dutton was running a private banking house in Mus- catine and after the panic of 1857, when business once more became tranquilized, the Muscatine branch of the State Bank of Iowa was started, on the southeast corner of Second street and Iowa avenue. A. O. Patterson was president ; J. W. Dutton, cashier; Chester Weed, J. B. Dougherty, S. D. Viele, W. F. Bran- nan, C. Healey, J. W. Lucas and A. Farnsworth, directors. Out of this concern grew the Muscatine National Bank, organized in 1864, and having for its of- ficers : J. B. Dougherty, president ; Chester Weed, vice president ; J. Richardson, cashier ; Jacob Butler, J. G. Gordon and S: D. Viele, directors, including the officials. The capitalization was $100,000. Through mismanagement and other causes the Muscatine National was induced to surrender its charter and its successor became the banking firm of G. A. Garrettson & Company, the other members being G. B. Denison, A. B. Brown and W. A. Blakeney.
In 1890 another change was made and the firm name became Hershey, Brown & Company, having for its members, Benjamin Hershey, P. W. Francis, A. B. Brown and W. A. Blakeney. In 1893, Mr. Hershey died, and December I, 1894, the bank opened for business as the Hershey State Bank, with A. B. Brown, president; P. W. Francis, vice president; L. G. Burnett, cashier. In March, 1899, Mr. Brown died and P. W. Francis became his successor as president. Henry Jayne was made vice president and still occupies that posi- tion. L. C. Day is cashier. In November, 1902, the capital stock was increased to $75,000; today it is $150,000, with a surplus of $25,000, and deposits, $1,239,745.
The board of directors is made up of the following: Mira Hershey, Henry F. Otto, P. W. Francis, Sara Hershey Marsh, Chester Lillibridge, George Shield, Henry Jayne, Theron Thompson, and L. C. Day.
In 1907 a new home for the Hershey State Bank on the southwest corner of Third and Sycamore streets was planned and building operations started. The structure, a modern business and banking block, was completed and oc- cupied by the financial concern in the spring of 1908, and is probably the most expensive business building in the city. It is as near fire proof as the remark- able ingenuity of the times could make it, being principally constructed of rein- forced concrete and steel frames, the exterior, or face of the walls, being veneered with brick and stone trimmings. Its ground dimensions are one hun- dred and twenty by eighty feet and there are six floors. This building has its own heating and electric lighting plants. It has about one hundred office rooms and halls. On the ground floor are the banking apartments, fire and burglar- proof vaults, safes and deposit boxes, furniture and other paraphernalia to cor- respond with one of the handsomest and costliest business buildings in the state of Iowa.
THE MUSCATINE STATE BANK.
In 1870 the private bank of Silverman, Cook & Company was established, and continued to conduct its business under that name until 1876, when the title
FIRST NATIONAL BANK
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HISTORY OF MUSCATINE COUNTY
of the firm was changed to Cook, Musser & Company, its members being Henry Funck, P. M. Musser and S. B. Cook. In 1896 the concern was incorporated as the Cook, Musser & Company State Bank & Trust Company, with P. M. Musser, president ; Ed. C. Cook, vice president ; S. B. Cook, cashier.
In 1880, with a capital stock of $10,000 the Muscatine Savings Bank, an auxiliary institution of the above, was chartered and from time to time as its business prospered, the capital was increased to $80,000, which is the present amount.
January 1, 1910, the Muscatine State Bank was organized, into which its forerunners were merged. Its capital stock, actually paid up in cash, is $250,- 000 ; undivided profits, $28,000; deposits, $1,295,415. Officers : P. M. Musser, president; W. E. Bliven, vice president; S. B. Cook, cashier; Ray S. Hoover and B. S. Alnutt, assistant cashiers. Directors : C. R. Musser, G. A. Funck, C. E. Sinnett, J. J. Legler, E. L. McColm, P. M. Musser, W. E. Bliven, S. B. Cook.
This important banking house is also installed in a magnificent new home, on the southwest corner of Iowa avenue and Second street, and from an arch- itectural standpoint is the most classical and imposing bank building in Musca- tine. Its cost was not less than $100,000 and every precautionary measure re- gardless of cost, has been adopted to secure the safety of its treasures and the convenience of its patrons.
THE GERMAN-AMERICAN SAVINGS BANK.
The German-American Savings Bank is one of the solid financial institutions of Muscatine and has within its directorate and large list of stockholders, some of the most affluent and influential men of the county. The bank was organized in June, received its charter July 1, 1899, and was in operation at that time, the board of directors having chosen for its officers J. L. Giesler, president; J. H. Kaiser, vice president; and S. L. Johnson, cashier. Directors: J. H. Kaiser, J. L. Giesler, Gus Schmidt, F. H. Little, Albert Baird, Fred Daut, J. Scott Blackwell, S. M. Barrison, H. W. Huttig.
The bank was capitalized at $60,000. It commenced business on the corner of Second and Sycamore streets and remained there until March 27, 1908, when its present new quarters became the home of the bank. This building is on the opposite corner from the old bank and is one of the most attractive structures in the business center of Muscatine. It is built of dark vitrified brick, with Bedford stone trimmings, four stories in height. The ground dimensions are twenty-eight and one-half feet on Second street and one hundred and forty feet on Sycamore. Most of the lower floor is given over to the bank. To the rear, on Sycamore, is the hallway and three store rooms. It is not necessary to state that the German-American has everything of modern taste and require- ments within the walls of its banking rooms. That goes without saying. The last financial statement of this bank shows that its capital stock, surplus and un- divided profits amounted to $178,000, and its deposits were $1,529,625.
RECOLLECTIONS OF A PIONEER BANKER.
A man who figured very prominently in business and banking circles of Mus- catine in the callow youth of the city, was F. L. Underwood, who removed from
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here in the '70s and went into the banking business at Kansas City, Missouri, and from there to New York city, where he now resides. In 1901 Mr. Underwood became reminiscent and contributed to the columns of the Muscatine Journal a valuable and interesting account of banking in the west fifty (now) years ago. The article is here reproduced that it may be preserved, because of its value to the future historian of this locality:
Banking in the west forty years ago was a much more difficult business than it is today. Capital had not been accumulated so that the borrower had less upon which to base his loan; security was therefore unreliable; conditions were unstable ; currency was scarce and fluctuating violently in value from time to time, often from day to day; bank failures were of frequent occurrence; trans- portation lines were fewer and subject to more frequent interruption, so that all was uncertain when the best interests of the community and bankers alike were subserved by certainty.
There were porportionately fewer trained bankers for the new towns con- stantly springing up all over the western prairies. The merchants of today be- came the bankers of tomorrow.
The law incorporating the State Bank of Iowa, adopted by the state legisla- ture in 1858 or 1859, put our state in the front rank of the western states so far as banks of issue were concerned. It was based largely upon the laws incor- porating the state banks of Ohio and Indiana, and in none of these three states were there any failures or losses made in the state banks incorporated under their laws. Most of the banking in Iowa, as in all the western states however, was done by private bankers and it is creditable to them to say that but very few failures occurred among them.
EARLY MUSCATINE BANKERS.
Muscatine fared well in those early days. Greene & Stone, who had been sucessful merchants, were the pioneer bankers and for many years served their town and country well. Their failure in 1861 was caused by the stringency brought on by the breaking out of the war of the rebellion and the consequent closing to navigation of the Mississippi river, for this river was then the great highway which carried to market the grain from the Muscatine county farms and the products of the packing houses of the city.
This failure caused a good deal of embarrassment but it spoke well for Joseph A. Greene and George C. Stone that their creditors were paid in full, and that many of these made large sums out of the lands and property received by them in settlement from the bankrupt firm.
At the date of their failure, Mr. Greene was president of the Washington branch of the State Bank of Iowa, of which Howard M. Holden, once clerk in Greene & Stone's bank, was cashier, and Mr. Stone was president of the Mus- catine branch of the State Bank, while Thomas Harbach was cashier. Mr. Greene at once entered the service of the United States as quartermaster and rendered the faithful service in this place that only a good business man can. 'A't the close of the war he returned to Muscatine and was always a good citizen and a much respected man.
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HISTORY OF MUSCATINE COUNTY
Mr. Stone immediately after the failure went to Chicago, engaging in the grain commission business, suffering the vicissitudes that attended that business in its early days. Later he went to Duluth and St. Paul and recouped his lost fortune in railways in the "Zenith City of the Unsalted Seas."
THEN CAME ISETT & BREWSTER.
Isett & Brewster were the followers and rivals of Greene & Stone, and had in Muscatine a successful career. William Brewster died while a partner and was succeeded by his son, William Cullen Brewster. Colonel Isett went to New York in 1865, I think, formed the firm of Isett, Kerr & Company, and for a time did a large and profitable business.
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