USA > Iowa > Wapello County > History of Wapello County, Iowa, Volume I > Part 15
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But little data is available to support the writer in detailing early efforts at banking in Ottumwa. There were private banks here. It is known that the Temple brothers conducted a private bank in the later '40s, in the first two-story brick building erected in Ottumwa. Later, W. B. Bonnifield was located in the building as a private banker, and eventually the First National Bank had its headquarters there.
THE FIRST NATIONAL BANK
On the 25th day of February, 1863, Congress passed the national banking act, under which, with numerous changes, thousands of financial institutions in the land are conducting their business. The First National Bank of Ottumwa, received charter No. 107, October 19, 1863, and was the fifth bank west of the Mississippi securing a charter under the national banking act. The first was the First National of Davenport, Iowa, its president being the noted financier, Austin Corbin. This institution's number is fifteen, and it was not only the first national bank west of the Mississippi to obtain a charter, but it also has the distinction of being the first national bank in the United States to open its doors under the new order of things. This took place June 29, 1863.
However, the First National Bank of Ottumwa was not far behind the Davenport concern. In the summer of 1863, certain prominent capitalists,
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among whom were W. B. and Allen Bonnifield, George Gillaspy, Carey Inskeep, A. D. Moss and Loten E. Gray, organized the bank and secured a charter October 19, 1863, with a capital stock of $50,000, which was shortly after increased to $60,000. The stockholders in this bank were W. B. Bon- nifield, his brother, Allen M. Bonnifield, H. B. Hendershott, George Gillaspy, W. P. Cowan, Carey Inskeep, William C. Moss, Amos D. Moss, Loten E. Gray, George W. Dresper, Daniel B. Abrahams and John G. Baker. James Hawley was president, George Haw, vice president, and W. B. Bonnifield, cashier. West B. Bonnifield succeeded Mr. Hawley as president, and remained in that position until his death, August 9, 1908. W. T. Fenton, who served as cashier from May, 1886, to July, 1891, became cashier of the National Bank of the Republic, in Chicago, in the year last mentioned. He later was elevated to the vice presidency of the institution and the presidency of the Clearing House Association of that great city. Others who have served as cashier are: J. B. Field, March 4, 1864, to May 23, 1868; W. A. McGrew, May 23, 1868, to May 5, 1886; M. B. Hutchison, May 10, 1892, to April 3, 1903; and William B. Bonnifield, April 3, 1903, to January 12, 1909.
The home of the First National is at the corner of Main and Market streets. It is a four-story brick structure that has stood there many years. As a financial institution, it has stood the test and stress of a half century's vicissitudes, and is today one of the most solid financial concerns in the State of Iowa. Its capital stock is $200,000; surplus, $60,000; deposits, $865,000. The officials are: W. B. Bonnifield, son of the founder, presi- dent; H. L. Waterman, vice president; M. B. Hutchison, vice president, Union Trust and Savings Bank ; P. C. Ackley, cashier ; S. L. Vest, assistant cashier.
THE UNION TRUST & SAVINGS BANK
January 10, 1898, a savings department of its bank was opened to the public by the First National, under the name and title of the Union Trust & Savings Bank. This branch of the First National is capitalized at $50,000. The last statement of its financial condition shows undivided profits of $27,000 and deposits of $496,000.
10WA NATIONAL BANK
In the year 1870, Charles F. Blake, James L. Taylor, L. W. Vale, P. Saunders, G. P. Merritt, J. M. Kibben, J. B. Vernon, Charles Snider, and Mahlon Wilkinson, with a capital stock of $100,000, organized the Iowa National Bank, whose charter is of date October 14, 1870. The first presi- dent of this institution was L. M. Vale, and cashier, A. J. Briggs. In a building erected by the corporate interests, on Main Street, near Market,
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the bank maintained its headquarters a number of years. While here, in 1871, A. J. Briggs resigned his office of cashier, and was succeeded by J. B. Field. E. F. Sheffield took up the duties of the office in 1873, and in the same year Charles F. Blake was elected president, having bought the stock of L. W. Vale. Mr. Blake remained as official head of the bank until 1893. Edwin Manning, now gone to his, reward, became president of the Iowa National after Mr. Blake's retirement, and in 1901 he was succeeded by his son, Calvin Manning. Mr. Manning only remained in the office until 1904, when J. H. Merrill took up the duties of the position, and J. C. Jordan was elected vice president. In 1912, upon the death of Mr. Merrill, Mr. Jordan was elevated to the presidency. Others who have served as cashier are J. W. Edgerly, who succeeded E. F. Sheffield in 1874, and retained the position thirteen years ; Thomas W. Eaton, Cyrus K. Blake, Calvin Manning, W. R. Daggett, G. F. Trotter, and H. C. Chambers.
The capital of the Iowa National is today, as it was in the start, $100,000. Its last statement of conditions, March 4, 1914, indicates surplus and profits of $124,000, and deposits, $1,129,000.
About 1904 the bank moved into the Ennis Building, corner of Main and Market, and in 1906 established a savings bank branch with a capital of $50,000. The undivided profits of this institution are $22,000, and deposits, $317,000. Present officials of the Iowa National: J. C. Jordan, president ; Samuel Mahon, vice president ; C. F. Rauscher, cashier. This is the same official list as of the Iowa Savings Bank.
THE OTTUMWA NATIONAL BANK
On the 3d day of January, 1882, the Ottumwa National Bank was organ- ized, and shortly thereafter opened its doors for business at the corner of Main and Market, which makes the third bank to have its home on the corner of these two streets. The first president was J. G. Hutchison, who served a growing clientele of this splendid institution from its organization until 1888, at which time he disposed of his stock to J. T. Hackworth and A. G. Harrow. J. B. Mowrey was the next president, who served the bank as its head from December, 1888, until in May, 1912, when he was called by death. J. T. Hackworth, the present incumbent, and A. G. Harrow, were then elected to the offices of president and vice president, respectively.
Notwithstanding it had a strong, competitive field to face, its growth has been sound and substantial, until it has come to be recognized as one of the best banking houses in the state. The capital stock is $100,000 ; surplus and profits, $125,000 ; deposits, $1,366,000.
WAPELLO COUNTY SAVINGS BANK
This institution has a capital of $50,000, surplus and profits, $27,000, and deposits, $467,000. It was organized in February, 1900, by the stockholders Vol. 1-10
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of the Ottumwa National, and its officers are the same as those of the parent institution. Its growth has been steady and most gratifying, as the above financial statement indicates.
The officials of both banks are: J. T. Hackworth, president; A. G. Harrow, vice president; R. W. Funk, cashier; Fred Dimmitt, assistant cashier.
CITY SAVINGS BANK
The second savings bank to be organized in Ottumwa was that of the City Savings Bank, which was formed in February, 1888, and began business in the rear of the First National Bank Building, 115 South Market Street, where it has continued until this day.
The officers chosen at the time of the organization were: Samnel Mahon, president ; T. D. Foster, vice president ; and Carey Inskeep, cashier. The original capital stock was $50,000, which has not been changed.
One of the oldest bankers of Ottumwa in point of service is Carey Inskeep, who took an active part in the organization of the First National Bank. He is the president of the City Savings Bank ; W. B. Bonnifield, vice president ; and Charles Connelly, cashier. The latter gentleman has been connected with this institution over twenty years, some of which were passed as assistant cashier under Carey Inskeep.
From its last report, published on the 6th day of April, 1914, and made to the auditor of the State of Iowa, the following figures are extracted : Amount of capital stock, $50,000; time deposits, $57,600; savings deposits, $164,029.40 ; deposits by banks, $10,000; total deposits, $231,629.47.
THE OTTUMWA SAVINGS BANK
The organization of the Ottumwa Savings Bank took place in 1887, with a capital stock of $50,000. It began business at the corner of Court and Main streets, where it is today, but the building has been remodeled, both on the exterior and interior, until it has now an attractive appearance. The bank is one of the solid foundation stones of Ottumwa's financial structure, and has a large and remunerative clientele, who place every faith in the credit and probity of its officials.
The last statement of the Ottumwa Savings Bank was published April 6, 1914, from which it is gathered that the capital stock is $50,000; surplus and profits, $109,000; deposits, $1,033.745. The officers are: Frank von Schrader, president, who has held the position the past eighteen years and was the bank's first cashier ; Frank McIntire, vice president ; B. P. Brown, cashier ; H. L. Pollard, assistant cashier.
CITIZENS SAVINGS BANK
The youngest financial institution in Ottumwa is the Citizens Savings Bank, which opened its doors for business, May 1, 1905, at the corner of
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Market and Second streets. The institution was the outgrowth of a banking concern founded in 1873 by George A. Brown, known at various times as the Citizens Bank and the Citizens State Bank. The present bank is the result of a purchase made by L. A. Andrew, when he bought the banking interests of George A. Brown, in 1905.
The capital stock of the Citizens Savings Bank is $50,000; undivided profits, $8,000; and deposits, $279,000. The officers are: L. A. Andrew, president ; Walter T. Hall, vice president : E. M. Anderson, assistant cashier.
SOUTH OTTUMWA SAVINGS BANK
The organization of the above named bank was due in a large measure to the first president, W. A. McIntire, who died in June, 1908. after serving five years as the head of the bank and of a hardware business that bore his name for many years, in South Ottumwa. The bank was organized in 1903, and with W. A. McIntire as president, B. A. Hand, cashier, and Mrs. L. B. Goldsberry, assistant cashier, opened its doors for public patronage on Church Street, where it remained until about a year ago, when a permanent home was occupied at the corner of Church and Weller streets. The building is one story in height, with a stone front on Church Street.
In 1908, when Mr. McIntire died, Frank McIntire succeeded him in the presidency. C. D. Evans became cashier upon retirement of J. V. Curran in 1907, who at the time assumed the duties of county treasurer. It was in January, 1910, that the bank received its charter from the state as a savings institution. It began with a capital of $50,000.
CHAPTER XIV
INDUSTRIAL
The beginning of the industry of manufacturing in Ottumwa may be said to have been the mill, built at the foot of Market Street in 1845-6, by John Myers, David Armstrong and T. C. Coffin, on a tract of land containing three and one-half acres, which was donated for the purpose by the Appanoose Rapids Company. In this old mill was manufactured much of the lumber that entered the early homes and business houses of Ottumwa, and here also was made flour and corn meal for the subsistence of the settlers. In 1845, James Tolman and A. M. Lyon had started a tannery and Thomas ("Tay") Sinnamon a small brick yard. A short time later, "Captain" Davis was running a shop and yard on the river bank, where he made flat boats, many of which found their way to New Orleans, laden with the products of the vicinity for the southern port. By the year 1853, Ottumwa was provided with two steam saw and grist mills, a tannery, three cabinet-making shops and a chair shop.
As the city grew, Ottumwa's manufactories increased. The articles made found not only a market at home, but the most of them were sent broadcast over the land and to foreign countries. Of the latter class of products may be mentioned those of the packing houses, farm implements, mining tools and mine equipments. For many years Ottumwa has been a large manufac- turing center of cigars, of wood and clay products, of candies and other things of every-day use and consumption.
In the year 1866 B. B. Durfee and W. W. Pollard, under the firm name of Durfee & Pollard, began making wagons in a frame building on South Wapello Street, between Main and Second streets. The firm was dissolved in 1879, Mr. Pollard continuing the business alone. In 1885, he formed a partnership with James A. Belmont, and the firm continued its activities until 1894, when Pollard retired; since then James A. Belmont has continued the manufactory. The old building was destroyed by fire soon after its sole acquisition by Mr. Belmont, and was replaced by a one-story brick structure, which some time later took on a second story.
The Johnston Ruffler Company and Ottumwa Iron Works were estab- lished when Allen Johnston, with J. T. Hackworth, W. T. Major and A. G. Harrow, in 1872, commenced the manufacture of a ruffler and other sewing machine attachments (all inventions of Mr. Johnston), which immediately became necessary parts of every sewing machine wherever made or used.
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This became one of the chief industries of Ottumwa. After many suc- cessful years, the Ruffler Manufacturing Company sold its entire equipment of the ruffler works to the Greist Manufacturing Company, of New Haven, Connecticut. The Ottumwa Iron Works then began the making of machin- ery on a large scale. Among the concern's products are electric hoists, gaso- line locomotives, stationary engines, coal cars, with roller bearing wheels, etc. The company has mammoth shops, consisting of a foundry, forge shops, machine shops, and a huge traveling crane. The Ottumwa Iron Works ranks high among the big industrial concerns of the country and gives employment to a large force of men.
The Johnston & Sharp Manufacturing Company has a large plant just west of the Church Street bridge, in South Ottumwa, where is made ball bearings, ball bearing sheaves, hollow steel balls, hollow brass balls, star furnace pulleys and mouse traps. The concern gives employment to about forty people. In the same building is the Johnston Pressed Gear Company, manufacturers of pressed steel gears.
C. E. McDaniel, owner of the Ottumwa Boiler Works, came here in the '70s, and first worked in a tin shop. In 1887 he began repairing boilers in an old building on South Wapello Street, and then it was but a short time when he was making boilers and kindred articles. In a few years the pioneer building of the factory gave way to a better one, and in recent years another structure, a two-story brick, was added to the plant, which is well known for its high-grade products throughout this section of the state.
G. Ostdiek began the manufacture of brick in Ottumwa in 1869, and was soon joined by H. B. Ostdiek. They were the pioneers of the business here. Some twenty-five years ago G. Ostdiek retired, and H. B. Ostdiek afterwards bought the Swift & Campbell brickyards at Riverview, where he has thirteen acres of land suitable to the article made. There are four large kilns, a huge work room, including the power house, a house for the brick molding ma- chines and a dry house of great capacity. The output is about 15,000 brick a day.
The Morey Clay Products Plant, west of the city, has a large tract of rich clay, well adapted to the making of brick, stoneware and other clay products. Here are numerous kilns of various kinds and sizes, some for burning brick and others for pottery. The plant employs about 125 persons, and has been in operation since 1890, at which time the original company was organized as the Ottumwa Brick and Construction Company, with D. F. Morey, Samuel Mahon, E. J. Smith, W. H. Stevens, C. T. McCarroll and C. O. Taylor among the owners. Some time ago D. F. Morey acquired the interests of Stevens, Taylor and McCarroll and the firm name was changed to the Morey Clay Products Company, with the first named as the managing head of the in- dustry. The products of this plant are common brick, paving, vitrified and hollow brick, to the number of 20,000,000 a year; also make large quantities of tile and fireproof material and vitrified stoneware.
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VIEW OF PACKING PLANT OF JOHN MORRELL AND COMPANY, OTTUMWA
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The largest employer of labor in Ottumwa is the Morrell Packing Com- pany, which started in business here in 1878. This is the greatest enter- prise in the city and is constantly growing. Its many buildings stand on a tract of land in the east end, covering ninety-one acres. Branches of the concern are in New York, Boston, Memphis, Mobile, Oakland, Seattle, Spokane, Syracuse, Philadelphia and Des Moines. For many years an office has been maintained at Chicago.
The company is a community within itself, making its own packing boxes, operating its own machine shops, and it makes electricity for its power and lighting purposes, owns and maintains a locomotive and numer- ous cars of the refrigerator and tank varieties, keeps constantly employed a force of coopers, making barrels, tierces, kegs, etc. There is also a saw mill to supply the material for boxes, an establishment for bailing hair and bristles, a no inconsiderable by-product, car shops, fire department fully equipped, carpenter shop, electric tramway, and every known modern device for treating hogs and cattle, from the abattoir to the curing, smoking, pack- ing and shipping rooms. Hundreds of men and women are engaged in keeping this stupendous establishment moving, and the dollars distributed by John Morrell & Company go up into the hundreds of thousands yearly.
The house of John Morrell & Company commenced business in Kilkenny, Ireland, in 1856, exporting bacon to England and importing a like product from the United States. The firm had a packing house in Ontario, Canada, from 1868 to 1874, and for a few years operated in Chicago. The initiative was taken in Ottumwa in 1878, the company having bought a small plant belonging to James D. Ladd, and enlarged it the following year to a capacity of 1,500 hogs per day. Now the capacity is 5,000 hogs and 250 cattle per day. The plant stands at the foot of Iowa Avenue and covers a large body of land east of that thoroughfare and south of the Burlington Railroad tracks, with buildings of an improved type for the purpose for which they were designed. (See sketch of T. D. Foster, John H. Morrell and others in second volume.)
Henry Phillips, like his father, Ira Phillips, is a pioneer in the coal business, and early conceived the importance of a device that would save labor and time in loading box cars with coal. W. E. Hunt had invented such a device, and, purchasing a half interest therein, in 1881, organized a company for the manufacture of the box car loader. The loader is manu- factured in a large plant built by the Ottumwa Box Car Loader Company. on West Second Street, near the Chicago, Milwaukee & St. Paul Railroad crossing. The product has come into universal demand at mines and large coal docks at seaports. This company is also co-extensive with the Ot- tumwa Bridge Company, which manufactures, at the same plant, bridges and structural iron to be used in buildings and other work, and has, during the past five or six years it has been in operation, put up a great many bridges and other iron structures in Iowa, Missouri, Louisiana, Texas and
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other states. The plant covers several acres on West Second Street, near the Milwaukee railroad crossing, and employs from 100 to 250 men in both departments.
The American Mining Tool Company has its factory and offices in a building between the Burlington and Rock Island tracks, between Ash and Elm streets, in East Ottumwa. It includes half a dozen buildings, where mining tools and supplies are made. The main factory building is several hundred feet in length and two stories in height. Here miners' clothing is also made; the shipping rooms and warehouse are also under this roof. There are other buildings devoted to smithing, forging, a machine shop, large foundry and the like.
Martin Hardsocg, inventor of various mining tools, commenced the man- ufacture of them at Avery. The place, however, was too small and lacking in facilities for his purpose, which led him to remove to Ottumwa, where the Hardsocg Manufacturing Company was formed and a factory covering considerable ground, lying alongside the Burlington tracks, between McLean and Benton streets, was constructed. At the head of the company always has been Martin Hardsocg, the inventor of many of the devices which it manufactures. Unfortunately the factory had not long been standing before. it was leveled to the ground by fire. With no lack of courage, the plant was replaced by a larger and better one, and here about sixty persons are employed in making coal picks, wedges, drills of special design, hand tools, coal shovels, and, in a separate department, overalls and other garments. for the use of men who work under the ground.
In a separate structure in connection with this plant are made the "Wonder drill" for mining and quarrying, also pneumatic riveting machines and hammers. The officials of the corporation are: Martin Hardsocg, president the Hardsocg Wonder Drill Company, Hardsocg Manufacturing Company and Nicholls Manufacturing Company; W. M. Edwards is vice president and L. C. Hardsocg secretary and treasurer of the Hardsocg Man- ufacturing Company. Frank McIntire is vice president; M. P. Duffield, secretary ; and J. T. Hackworth, treasurer, of the Hardsocg Wonder Drill Company.
The Ottumwa Mill & Construction Company does a large business in mill work and building material. This concern began its existence about a dozen years ago, and has one of the largest planing mills in this section of the state. Its president, Robert McMasters, and treasurer, W. E. Cook, give their entire time to the operation of the plant, which is located on West Main Street, between Marion and Wapello streets. The company employs about fifty men and boys in the mill, and during the building season the number of the force runs up to about one hundred and twenty-five.
One of the important industries located in Ottumwa, on the south side, is the Dain Manufacturing Company, which came to Ottumwa in 1899 and
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broke ground for its large plant in South Ottumwa. In the spring of 1900 men and machinery were busily engaged in turning out the products of the concern, which consists mainly of farm implements. Principal among these is the "Great Dain Line" of hay tools. During the season when these tools are being shipped heavily, the average daily output from Ottumwa is from ten to twelve carloads. These hay tools find a market in every part of the United States, in Canada, Mexico, South and Central America, Europe, Australia and even South Africa. Joseph Dain, the inventor of the hay tools, began their manufacture in Carrollton, Missouri, about the year 1882, in which year the Dain Mower Company was organized. It later became affiliated with the Deere & Company manufacturing concern of Moline, Illi- nois, and the Dain Works not only turns out hay tools, but other farm imple- ments, giving employment in its large factory to from four hundred and fifty to five hundred employes, which means a payroll of about a quarter of a million dollars a year.
The L. T. Crisman Company, whose planing mill is on the south side, first began business where Cal Hartman, a once well known blacksmith and wagon maker had his shop. On this site the Crisman plant was erected some years ago. It covers a space 100x200 feet, upon which are a planing mill, boiler house, power plant, stock drying kilns and lumber sheds. August Dean is president of the company and Lee T. Crisman, secretary and treas- urer. This concern manufactures building material and employs about one hundred people.
About the year 1880 Joseph Ainley built and established a roller mill in South Ottumwa, a few blocks from the south end of the Market Street Bridge, on Church Street, and all these years the old mill has been busy grinding grain of the farmers and for commercial uses. In 1889 S. C. Ainley, a son, and J. N. Weidenfeller, a son-in-law of Joseph Ainley, took charge of the utility and operated it until about ten years ago, when the mill was sold to W. Ferguson & Son, who still keep its doors open to patrons.
While speaking of mills, it might be well to mention that the Home Milling Company was established a few years ago by W. Clifford and others. The plant is located at 611 Church Street, where all kinds of grinding is done. The mill has a capacity of twenty-five barrels of flour per day.
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