USA > Iowa > Johnson County > Leading Events in Johnson County, Iowa, History > Part 37
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Another of the elementary industrial plants is thus de- scribed :
"Away back in 1856 Jared Dondore and L. M. Rice (they called him 'Dan'), then active young men, leased the corner of College and Dubuque streets of John R. Van Fleet and began for themselves, Dondore in building wagons, and Rice as black- smith. Four or five years later 'Jerry' bought from Col. E. W. Lucas the twenty feet south of his corner and added that to his wagon shop. Business prospered and in 1871 he bought the corner from Van Fleet. 'Jerry' did lots of business in the 'tumble down shop,' before wagons were sold in car lots by big factories, before the days when a 'front axe' was cut in a machine and a wheel painted by dropping it into a vat of paint.
"Why, Dondore built over eight hundred wagons, one hun- dred and fifty spring wagons, and some buggies and carriages ; eight or ten men worked in the wagon shop alone. But the factory drove him out of business, and in 1885 the last 'Don- dore wagon' was built."
The old wagon maker moved into rooms in the old Hutchin-
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son House, where he filed saws and took his ease, possessing a competence, and his new location was also historic, being the old State House built by Walter Butler, and where the first legislature met in Iowa City, December 6, 1841. When its grandeur was eclipsed, wheels were put under it, and after its career as a hotel had dimmed, it was put to many and strange uses as it was said, "far removed from the eloquence of statesmen. '' 854
It was during these days that the "Third Ward Store" quoted the best calico at twenty cents per yard, ginghams at twenty-eight cents, while the best thread was ten cents per spool, home-made pantaloons two and one-half to four dollars a pair, good paper collars twenty cents a box, all wool flannels thirty-five to sixty-five cents per yard, chil- dren's wool hose twelve and one-half to twenty cents a pair, men's fine shoes three dollars a pair, fine calf boots six dollars and a half, eight pounds of light brown sugar one dollar, six and one half pounds of white coffee sugar for one dollar, and six pounds of the best white sugar for one dollar. The best kerosene oil was then seventy cents a gallon, good flour two dollars and a half a hundred, six bars of soap cost forty- five cents, and brooms were twenty cents apiece. One could procure seven pounds of rice for one dollar. A full line of linen coats and pants for farmers' wear was kept in stock, while the best and cheapest lot of "shakers" in town was found here, at the store of "Wilde & Bro." It is further noted that the best Japan tea cost two dollars and twenty cents per pound, and we may conclude that it must have been real tea in those days and used only on state occasions. Salt was quoted at three dollars and forty cents per barrel or seventy-five cents a bushel.355
The pioneer merchant or industrial manager did many things on his own account, and traces of his helpfulness yet remain, so that more than ordinary interest attaches to the first furniture store opened in the community kept by Charles Gaymon, who made the chairs to furnish the legislative halls of the Old Capitol. One of these pieces of "home-made" furniture may be seen doing service in the store of M. W. Davis on Wash- ington street. So long as these chairs are preserved the name of "Gaymon" will be remembered. He removed from the city
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THE ENLARGED COMMERCIAL OUTLOOK
in 1856, living for many years on the road toward Solon, but he spent his closing years once more in Iowa City.
Jacob Ricord began as a merchant here in 1840, and for many years was identified with such interests, but was not unmindful of public duty, since he served as postmaster for six years and mayor for four, and while chairman of the finance committee of the city council, was instrumental in disposing of the great railroad debt borne by the corporation.
"Sanxay and Murray" was the firm name of one of the very first mercantile houses in the county. Theodore Sanxay came here at twenty-nine years of age, and bringing with him a stock of goods opened a store at once. In partnership with Malcolm Murray he built a brick building on Iowa avenue. The partnership was dissolved in 1843, when Mr. Sanxay continued the business, acquiring the property so long known as the Sanxay corner. For more than half a century he was a citizen of the county, and for forty years of that time actively en- gaged in business, being known to every old settler.
"Pioneer Book Store, 117 Washington street," was the sug- gestive name of the oldest business of the kind in the city for a period of fifty years. William Lee conducted it for twenty years, from 1851 to 1871. James Lee succeeded him and con- tinued without any change in name until 1888, when death caused another Lee to undertake the business, and until 1901 Margaret Lee was interested there. In that year another Lee came into possession and while using the same familiar name, was said to have been no kin of the former Lee family, although familiar with the book business. A name unchanged in a bus- iness house for a period of fifty years with so many different. proprietors is not common in a country as new as ours.
"January 1, 1858, M. W. Davis, the druggist, took posses- sion of the building in which he is now located. He has occu- pied this site ever since, hence his record is perhaps unsur- passed in the state, and in the half century of business he has seen great changes wrought in the city. Moreover, the descrip- tion which Mr. Davis gives of Iowa City in 1857 is very interesting and shows how conditions are altered, and how primitive in a sense were the old methods.
Between the Metropolitan block, the building in which Mr. Davis is now located, and the Johnson County Bank corner
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there were nothing but frame buildings and shacks, this con- dition applying to the other side of the street as well. East of the Metropolitan block there were other frame structures, but where Maresh Bros.' establishment now stands there was a long building that reached to the alley, in which the firm of Daniels & Co. was located. This was regarded as out of the business part of the city. Ten or twelve teams daily came into the city from points all around within a radius of 150 miles and loaded up with dry goods and provisions from the Daniels store. It must be remembered that this was the terminus then of the Rock Island railroad and as a consequence Iowa City had a very large trade from all the outlying districts. All communication with the north, west and south was made by stage coach, and the Western Stage company had its barns and shops located on Jefferson street in block twenty-five. A dozen stage coaches were to be seen there at a time and the stages carried mail, passengers, and express. Dubuque street had some business buildings, including the Republican office, but was mostly devoted to residences. Mr. Davis has been in business longer than this record indicates, for he moved to his present location from the Brossart building on Clinton street, half way between Washington street and Iowa avenue. On the third floor of the Metropolitan building was a dance hall and place of assembly, and many exciting tales are told of the en- counters between copperheads and federal supporters during the strenuous days of the war.
A further illustration of industrial changes is found in the prices for farm products and the ability to care for large ship- ments as compared to the time when men came many miles to the city market with dressed pork only to find the price $1.50 per hundred, and that in barter of a given kind. But in 1859 it was reported that "thirty thousand hogs were bought in the street at $10 per head."
Although the assembly of 1858 had amended the game law in this state so that some protection was given to the native birds and beasts of Iowa, whereby it was made unlawful for any person to "kill, sell, purchase or have in his possession any deer, elk, wild turkey, prairie chicken, pheasant, or quail," after a certain time of year, it was noticeable that the firm of Luse and Brother, of Iowa City, up to December 22, 1858,
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THE ENLARGED COMMERCIAL OUTLOOK
during the autumn hunting season, paid out for game shipped out of the county more than $1,300. They had then shipped 767 dozens of quail besides a few tons of prairie chickens and, more than this, they were not the only dealers in game in this market. The comment was in the interests of the farmer "whose game crop yielded him quite a harvest of revenue whereby he would have a fuller purse with which to throw off the burden of taxation."
Two or three years later prairie chickens were selling in the home market at $3.25 per dozen, and quails at $1.50, during the Christmas season. Domestic chickens at the same time brought only seventy-five cents per dozen, while "nice turkeys were going at four and five cents per pound,"
In the early part of 1860 more than 67,000 bushels of corn, 14,000 bushels of oats, and 10,000 bushels of wheat were stored in Iowa City awaiting shipment. From October 1, 1859, to February 1, 1860, there had been received for shipment or storage 88,000 bushels of corn, 23,000 bushels of oats, and 125,. 000 bushels of wheat, so that it is concluded that most of the wheat had been forwarded and the corn in greater part held. In February, 1860, more than 600 tons of baled hay were stored for shipment.856
A farm in 1845 was considered the highest type of good property. In the words of one who looked from this point of view: "I know of nothing in the whole round of physical ob- jects more beautiful and ravishing to the eye than an Iowa farm, on whose green sward may be seen the fine neighing steed, the lowing kine, and the bleating lambs." Doubtless adjectives to describe the present farm would be entirely in- adequate if the writer lived today.
Yet when that was written destructive fires were sweeping over the open prairie, threatening everything on the "fine farms" with annihilation. Smoke filled the atmosphere and night was made luminous with the glare of the burning grass which was so abundant. Fifty or more men from the town hur- ried to the assistance of their friends, and to the protection of the stacks of hay and grain, now at the mercy of the flames. Frequently this agent of man, when under control, was never subdued and was allowed to "burn out."
In proof of the "good property" mentioned by the en-
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thusiast above, the transfers of "real estate" for March, 1863, may be cited in two instances : Clinton De Forest sold his farm of almost 200 acres for $2,200, and another of a quarter section belonging to Jesse Higbee brought $2,000. These were pro- nounced good prices during war times. However, the farm of Warner Spurrier of 367 acres was sold in 1869 for thirty-five dollars per acre.
Photo of Iowa ? Johnson County Sdd.
Jo any yerden in said loroants low forward by Law to Solimange Managed, You are hereby authorized was Licenced to
and for to doing this shall be yours legal toucher
In tostarp where I have hansen der viny hand and officed the deal of the Bestaset Count of can't security at dowe buy this the way 10 1801
D.G. He Jowa
ONE OF THE EARLY MARRIAGE LICENSES ISSUED IN JOHNSON COUNTY
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CHAPTER XXVII
The Banks of the County
C LOSELY allied to the growing trade and the increased commercial transactions were the institutions organized to facilitate exchange. Like all new settlements the period of barter and real money preceded the time of commercial paper, if we do not consider the "county order" as of that nature, and it could hardly be called by that name. It is true that men made it a business to purchase the "county order," knowing that it would some time come to par value. As an illustration of the profit in such an investment it may be mentioned that a hill was paid for oak lumber purchased from Henry Felkner, which on the face of the orders amounted to $40, but in the transaction was valued at seventy-five cents on the dollar. The orders issued to James Trimble in payment for county build- ings were always heavily discounted.357
However, banks soon became a necessity, and since their establishment people have come to understand their good of- fices in exchange and the old opposition of early days has en- tirely disappeared.
After the repeal of the charter of the bank at Dubuque there were no banks in Iowa from 1845 until 1858. Many shifts were made to find means of exchange when money was scarce and doubtful as to its value even if it could be had for produce. Towns and companies issued a "promise to pay" called "scrip," which might be good and again it might not. Iowa City, as well as the Western Stage Company, issued the stuff, and a sample of it may be seen today if one cares to examine it in the rooms of The State Historical Society.
In 1856 it is said that two gentlemen interested in the great number of bank bills in circulation, which were not, of course, of Iowa banks, took the trouble to follow up the exchanges and found passing as money the bills of more than three hundred
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CHURCHES OF IOWA CITY
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THE BANKS OF THE COUNTY
banks with six kinds of local "scrip or orders," and two-thirds of the bank bills were below par. Much has been said and written of "Florence money" in the current papers of the dates when Iowa had no banks and after Nebraska became a state. Florence was a town in that state and the bank of issue at Florence was owned and operated by Iowa men, Cook and Sar- gent being members of that firm and also bankers of Daven- port and of Iowa City later, and they were the projectors of numerous town sites in the state, notably on the roads built on from Davenport, or in prospect. The firm of Cook, Sargent and Downey erected the building on the corner of Washington and Clinton now occupied by the Johnson County Savings Bank, doing a large business here for a number of years, when one morning, just before Christmas in 1859, the announcement was made on the closed doors that the institution had tempo- rarily suspended operations. This was the first bank in Iowa City. A second was established soon after by Reno and Cul- bertson, located a few doors east of the Whetstone corner, at the time headed by Morgan Reno, once Treasurer of State. A third bank was established by James H. Gower and Brothers, and was located on the corner of Clinton and Washington, where the Morton shoe store is at present, and opposite the Cook, Sargent and Downey concern.
In 1858 the legislature allowed the people to vote on a gen- eral banking law and on the proposition to establish a state hank, both of which were adopted by the vote, resulting in the State Bank with eight branches, one of them, managed by Ezekiel Clark, being located in Iowa City. Later the branches were increased to fifteen, and until the national banking law went into effect in 1863, they continued to serve the people. Then the branch of the State Bank in Iowa City became, by reorganization, the Iowa City National Bank, since the State Bank and all its branches ceased to do business. After a few years under this title the name was once more changed and then it became known as the Iowa City State Bank. In the meantime the First National Bank was organized, and the next in order was the Johnson County Savings Bank.
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It is said that the Iowa City National Bank became a state bank at the time because there was more profit in disposing of the bonds held to secure circulation, when the government be-
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gan taking them up, than in continuing the notes in circulation. The bank simply ceased as a national bank and organized under state laws.
The first national bank in Iowa City was authorized July 1, 1863. It opened for business on July 13, but this happened on Monday so no misfortune came to it. The banking house for- merly occupied by Hubbard and Goodrich was engaged for the new corporation. In order to make its business plans clear to the public and to give some understanding of the character of the institution, the capital and stockholders, and other in- formation of public importance, the officers placed before the people the facts below: The capital of fifty thousand dollars was subscribed in three days and was held by twenty-seven stockholders. Its first officers were, president, W. B. Daniels; vice-president, John Doggett; cashier, W. H. Hubbard; assist- ant cashier, T. F. Goodrich; directors, the officers mentioned and G. H. Collins, E. P. Coman, C. T. Ransom. This of course was a bank of issue and something new to the community. The organization was fully explained, how the notes of circu- lation were obtained, and how they were secured. That was under the old regulation of one hundred dollars in bonds for ninety dollars of circulation, and the report expressly mentions this fact, "one dollar and eleven cents for each dollar of circu- lation." The bill holder was made to understand that he was effectually protected. Uniform currency was much appre- ciated since the mixed-money state of affairs was still fresh in the memories of the business man of the time. Wild-cat bank- ing was familiar enough to the commercial world and the new plan of circulating medium that would be current in every state and known and understood by all parties and institutions would be indeed a great blessing to all concerned. There was no discussion of its feasibility, for it was approved as the wise provision of the secretary of the treasury and the previous Congress. There was no doubt of the financial stability of the home institution.
The first installment of the bank notes came from Washing- ton early in 1864, and they were paid out at once to those who happened to present checks on the institution. They were quite unfamiliar and did not have the worn appearance of the bank note of the present day. The greenback had been the
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THE BANKS OF THE COUNTY
familiar kind of paper money, while at the present day the owner of a piece of paper money seldom inquires or cares whether he is carrying a bank note, greenback, or some certifi- cate that represents specie.
The new notes were pronounced "works of art," and were regarded with the interest due them. The report for the first six months of the bank's affairs showed a good surplus, indi- cating its prosperity.858
The First National Bank was organized under the law, as it then existed, which stated that each national bank should be limited to an existence of 19 years. None of the parties who organized the First National Bank are now living - some of the oldest settlers and most prominent residents being identi- fied with the movement. During the first years of existence the Iowa State Bank was the only other similar institution in the city. At the time of the panic of 1873 the bank was keeping its account with the Manufacturers National Bank in Chicago and being the largest shippers of stock in this section of the country, had the misfortune to have about $40,000 in the Chica- go concern when it closed its doors. This money was in the Chicago bank as a result of stock shipments which had been made from this point. It is needless to say that the money was lost. This loss came as a severe stroke upon the Iowa City First National.
In 1882, according to the provisions of the national banking law, which stated that the charter would be void after 19 years from the date of the organization, the business of the bank was closed. In spite of the losses mentioned above, a 43 per cent dividend was paid to the stockholders, and the capital stock of $100,000 retained intact for the purpose of reorganizing the bank.
The bank was forced to give up the number 18 which had always been the source of great pride to the organizers, and in 1882 the bank was again organized as number 2,738, which it still retains. This organization was perfected in June of 1882, and has been running consecutively ever since. The stockholders have been paid an annual dividend of eight per cent and a surplus has been accumulated which now amounts to $100,000, and the capital also is $100,000.
Peter A. Dey was elected president of the bank in 1869, but
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resigned his position in 1878 in order to accept an appointment by the governor as a member of the railroad commission. D. W. C. Clapp was elected and held the office for two years when he was succeeded by Lyman Parsons. Mr. Parsons con- tinued in office until 1895 when he died. Peter A. Dey, who was a member of the state railroad commission from 1878 to 1895, when his term of office expired, was again elected presi- dent of the First National, acting in that capacity until his death in July, 1911.
Lovell Swisher, the present cashier, was elected to that po- sition in August of 1884, and has served since that time. The complete list of officers includes, in addition to those mentioned, Geo. W. Ball, vice-president; Thos. Farrell, assistant cashier; G. S. Krouth, assistant cashier. The deposits of this bank in round numbers at the time of its last statement in January, 1911, amounted to $685,000.
The Farmer's Loan and Trust Company was organized as a State Savings bank in April, 1882. Those instrumental in its organization were D. W. C. Clapp, Lyman Parsons, Peter A. Dey, G. W. Marquardt, D. F. Stone, J. T. Turner, and E. Bradway. These men were all stockholders of the First Na- tional Bank, and since its organization the personnel of the stockholders of the Loan and Trust company have been prac- tically the same as those of the First National. The business is managed by the officers and employes of the First National Bank for which a compensation is paid.
When the Farmer's Loan and Trust Company was organ- ized the capital was $10,000, but soon afterwards it was raised to $20,000 and then to $30,000, and finally in 1893 it was raised to $50,000, where it remains at the present time. The surplus and undivided profits are given as something more than $41,000 in the last statement of this institution, while the total deposits amount to nearly $667,000.
The past history of the Iowa City State Bank is one of the most interesting in the community. In 1875 E. Clark, Thos. ITill, and J. N. Coldren organized the old Iowa City State Bank. It was a private concern. This bank built the opera house and opened business in the room occupied not long ago by the Browning Land Company. After about seven years the Iowa City National Bank was organized with a capital of $200,000.
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THE BANKS OF THE COUNTY
This absorbed the Iowa City State Bank and E. Clark became the president and J. N. Coldren the cashier. This bank did a large business but several financial losses caused it to go into voluntary liquidation. It paid all of its obligations but the stockholders lost considerable money. Following this the Iowa City State Bank was organized with a capital of $100,000, being composed mostly of the stockholders of the Iowa City National. E. Clark was the president and J. N. Coldren, cashier, as be- fore. It was not long after the bank had fairly gotten under way, when differences arose among those foremost in the man- agement and the bank was in danger of gradual disintegration. After a few years of this unsatisfactory work a plan of re- organization was conceived. Practically all of the old officers and stockholders were bought out and an entirely new manage- ment instituted and the capital reduced to $65,000. The old officers were replaced by new ones - who were Euclid Sanders, president, and P. A. Korab, cashier.
The present officers and directors of the Iowa City State Bank are as follows: President, Euclid Sanders; vice-presi- dent, Wm. Musser; cashier, P. A. Korab; assistant cashier, J. C. Switzer.
This has in addition to its capital a surplus of $26,000, while its total deposits amount to $459,000. It owns real estate val- ued at $17,000.
While not one of those who assisted in the organization of the county as a pioneer, Ezekiel Clark became, soon after com- ing to the county from Ohio in 1849, a prominent character in . public affairs.
He resided here for a half a century and was identified with many business enterprises, the first being the mills at Coral- ville, which he purchased in 1849 in company with Dr. Lake. He came here to reside the following year. From that time up to almost the day of his final summons he was one of the most active men in the community, and only extreme age led him to cease active business life. As a miller, a pioneer merchant, a banker, a prime mover in the beginning of the glass works and packing house, the head of a gas manufacturing plant and an electric light company, the builder of an opera house, the de- veloper of Iowa coal fields, and in almost every enterprise of any magnitude he was found ready to assist as an organizer,
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