USA > Iowa > Jasper County > Past and present of Jasper County, Iowa, Vol. I > Part 24
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Yes, indeed, Jasper county suffered immensely during the panic-more so than at any other time during its entire history. But little land in this county escaped the sale for taxation. During the ill-fated winter of 1857-8, it is related for a fact, that a load of wheat on the street in Newton could not be exchanged for a pound of coffee. Muscatine and Keokuk (too far to be reached by many) were the only market points where this article could be exchanged for anything of much real value to the producer. This state of affairs kept on until the breaking out of the great civil conflict, 1861. It is true that during 1858-9-the rush days to Pike's Peak-the farmers had a breathing spell while the long caravans of gold seekers were passing through this county en route to the far off west. They left some good money
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with the farmers for the provisions they needed. Then came the Mormon exodus, which left a little more ready cash on which to tide this county over.
As late as 1861 exchange on New York in Newton ruled at thirty per
NEWTON'S BANKS.
The L. D. Clark Banking House, of Newton, was established in 1866, by L. D. Clark. It is a private banking concern with no specified capital. The owner is L. D. Clark and the officers are Jay Clark, manager, and D. L. Clark, cashier. Its building was erected in 1867. It stands well among the reliable banks of Jasper county.
The Jasper County Savings Bank was organized in 1869, by Gen. James Wilson and Albert Lufkin with a capital of $20,000. It now has a paid up capital of $100,000, with officers as follows: J. M. Woodrow, president; F. M. Woodrow, vice-president; A. E. Hindorff, cashier. The bank building was erected in 1892, in which the extensive business is carried on at this date.
When first established this banking concern was known as the Jasper County Bank, but since February 1, 1908, it has operated under a charter as a savings institution, under the same officers and management. This bank does a large business and has the full confidence of all within this section of the state. The management has always been conservative and at all times honorable in its transactions.
The Citizens State Bank was organized in 1896, with a capital of $60,000, which is also its present capital. It was at first formed and known as the Farmers and Merchants State Bank, but its name was changed to the Citizens State Bank in 1905.
The first set of officers were as follows: F. R. Witmer, president : O. H. Witmer, cashier. At this date its officers are: Joe Horn, president ; Charles Seeberger, vice-president : Lee E. Brown, cashier. The February, IQII, statement published for this banking house, shows the deposits to have been at that date, $305,334.38; total liabilities, $377-543.46 : undivided profits. $9,000. In the list of directors appear the names of Joe Horn. C. F. Morgan and F. A. McMurray. The Citizens Bank of Newton has for the last six or seven years published and distributed free to its patrons or others desiring it a small eight-page, double-column paper containing many valuable and highly interesting items concerning banking, as well as general literary items. It is a neat folder. printed in modern style and is looked
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for with the return of each month by hundreds of persons who have read it a number of years.
The First National Bank of Newton was organized in 1882 and was the first national bank chartered in Jasper county. It first officers were F. T. Campbell, president : C. Griebling, vice-president : C. Glenaker, cashier. The present officers are: W. C. Bergman, president; H. B. Alfree and C. Slonaker, vice-presidents : R. L. Arnold, cashier.
The present surplus and profits are $105.000. The bank was erected in 1886 and is on the northwest corner of the courthouse square. This banking house is the only government depository in Jasper county.
The Newton Savings Bank was organized in 1890. with J. H. Lyday. president : Charles Jasper, vice-president : C. Slonaker, cashier. This is run in connection with the First National, above mentioned, and its present officers are one and the same. The combined resources of the two banks were, in May. 1911, $700,000. The combined deposits of both banks was at the date last named $500,000. The surplus and undivided profits are, when combined. $122.000. The Newton Savings Bank was also the first to be incorporated in Jasper county.
These two banks have the share of business they justly merit in Jasper county and surrounding vicinity. They have the confidence of the entire community, as safe, conservative bankers and business men.
BANKING AT MONROE.
The Monroe Savings Bank, of this county, which was organized after the Civil war. finally became known as the Bank of Monroe. In 1875 this bank was converted into the First National Bank of Monroe, with Tunis Schenck, president ; W. H. Chipps, vice-president : R. C. Anderson, cashier : T. Chad- wick, assistant cashier : William White. James H. Loundsbury. Manly Gifford, George J. Dix. directors. Finding the business not remunerative, it surrendered its charter January 1. 1878, and at once re-organized its capital into the State Bank, with a paid up capital of $55.000 and it had the same set of officers.
It was conducted in the last named manner until August 10. 1904. when it was organized into the First National Bank, with a capital of $25,000. the same which it still operates with. Its first officers were: A. J. Porter, president : J. P. Johnson, vice-president : C. T. Schenck, cashier. A bank building was erected on the west side of the square in 1906. The present officers are : A. J. Porter, president : Fred Whitehead, vice-president :
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JASPER COUNTY, IOWA.
F. B. Kingdon, cashier ; F. D. Chipps, assistant cashier. The last state- ment shows this bank had deposits amounting to $157,000 and loans out amounting to $126,000.
In connection with this national bank is the Monroe Savings Bank, organized at the same date as the national. Its capital was, and is still. $10,000. The present officers are: J. W. LeGrand, president; George Lackey, vice-president ; F. B. Kingdon, cashier. Deposits, $120,000; loans, $112,000.
The State Savings Bank of Monroe was organized January 30, 1893. with a capital of $17,000, which has been increased to $25,000 since 1908. The first officers of this banking house were: W. H. Shaw, president ; T. P. Burchinal, vice-president; Josiah Fisher, cashier; T. P. Burchinal, assistant cashier. The officers in the spring of 1911 are: W. H. Shaw, president ; T. P. Burchinal, vice-president : W. M. Livingston, cashier : O. W. Burchinal, assistant cashier ; the last named. with W. O. Tice, G. W. Loar and E. W. Henry are the directors. The present capital stock and surplus amounts to $33.000. The bank building now used was built in 1898, at a cost of about $8,000.
BANKING AT REASONER.
The Reasoner Savings Bank was organized June 2, 1900, as a private banking house, with a capital of $10,000. Its president and proprietor was Josiah Fisher. In 1905 the bank was incorporated as a State Savings Bank, carrying the same cash capital as when it was established as a private concern. The first officers of the incorporated banking house were: H. B. Allfree, president : B. B. Trout, vice-president ; W. A. Williamson, cashier ; C. C. Warring, assistant cashier. The above, with Riley Lust, are the bank's directors.
This town being within one of the best stock shipping sections in Jasper county, the banking business is good and has been considered one of the safest of financial institutions, having the confidence of the entire community.
In the start the bank was kept in the Edwards store building, but in 1907 a substantial brick structure was built for banking purposes exclu- sively.
BANKS OF PRAIRIE CITY.
As might be expected in such an enterprising place as Prairie City. situated as it is in the heart of one of the finest farming sections in all Iowa, banking flourishes there. The history of the banks is as follows :
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In 1876 a private banking house was established by L. E. Zachary, who had a capital of $25,000. He erected a handsome brick banking house, and continued as a private bank until May, 1893, when it became the First National Bank, with the same capital stock. Under the new bank, the first president was J. D. Whisenand, who is still at the head of the bank ; the vice-presidents are B. F. Moore and J. G. Olmsted; cashier, Hugh G. Little; the additional directors are J. H. Little, A. A. Arnold and E. A. Nye. Mr. Little has served as cashier since 1909, when he succeeded W. D. Scott, who had succeeded Fred L. Risser.
The March, 1911, statement makes a good showing for the bank, as is to be seen by the following items : Loans, $264,543; United States bonds (five per cent), $13,125; cash and due from banks, $49,532, as resources. The liabilities include : $25,000 capital stock ; surplus and profits, $10,276; circulation, $12,500; deposits, $281.924. This gives a total of $329,701, liabilities and resources, including the real estate holdings.
The Prairie City State Bank was organized December 2, 1889, with the same capital it now runs under, $25,000. The officers were: Dr. S. V. Duncan, president ; John Ryan, vice-president ; B. W. Brown, cashier. This banking house has always been conducted in a safe, conservative manner, hence has always had the good will and confidence of the community. Its officers in the spring of 1911 are: T. E. Johns, president: A. G. Warner, vice-president ; John Ryan, vice-president : John R. Buckley, cashier, and Estell Porter, assistant cashier. Its late statements show that the amount of deposits was $250,056, and its total liabilities were, on March 7, 1911. $282.237.
BANKING AT NEWBURG.
Being within one of the richest portions of Jasper county, it is not to be wondered at that pioneer John Borroughs saw fit to organize the present Savings Bank of Newburg, in the month of October. 1908. Its first and present capital is $10,000. Its first officers were John Borroughs (now deceased ) : P. Y. Fuller, vice-president, and A. K. Murphy, cashier. The brick bank building was erected as the home of the institution in October of the year in which the bank was organized.
The present officers are: John Newcomer, president; P. Y. Fuller, vice-president ; A. K. Murphy, cashier. The stockholders were originally about forty-two, many of whom were farmers in the northeast part of this county. The last statement shows deposits amounting to about $50,000. The bank has among items in its last statement, loans to the amount of
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$45,000. The institution is in the hands of safe, conservative men, includ- ing that excellent business man of many years' commercial training, A. K. Murphy, the efficient cashier.
MINGO BANKING INTERESTS.
The Mingo Trust and Savings Bank was established in 1894 and incor- porated in 1904. Its founder and president was F. R. Witmer, who started with a capital of $3,000. The present officers are: F. R. Witmer. president : W. J. Gannon. vice-president : A. W. Frey. cashier. The present capital is $15,000 : deposits about $70.000 loans about $70,000. The neat brick bank building was constructed in 1905.
BANKING AT LYNNVILLE.
Macy Brothers Exchange Bank of Lynnville was established in 1891, by Macy Brothers (E. B. and C. O. Macy), who started on a capital of $5,000. The present officers are: C. O. Macy, president : E. B. Macy, cashier; F. M. Carey, assistant cashier. The present capital is $10,000. with a surplus of $2.000. The bank building was erected in 1900. Prior to this banking house. Johnson Brothers operated a private bank at Lynn- ville a number of years.
BANKING AT BAXTER.
What is now known as the State Savings Bank of Baxter was originally established and known as the City Bank of Baxter, the date of its establish- ment being 1894. George D. and Alexander Wood established the City Bank, were the president and vice-president respectively, and the cashier was R. L. Arnold.
The State Savings Bank was formed and incorporated in 1902 and it then took over the business of the old City Bank and in 1906 it also took over the banking interests of the Farmers State Bank of Baxter.
The present officers are: Fred Hager, president: H. A. Geise, vice- president : Charles Burdick, cashier.
The capital is now $30,000, with a surplus and undivided profits of $12,000. The building was erected in 1895.
At this date the directors are: Fred Hager, H. S. Downs. Charles Sanderman, A. C. Meyer, George T. Hager, H. A. Geise. Henry Krampe.
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JASPER COUNTY, IOWA.
The showing made in the fall of 1910 was, loans, $288,000, and deposits amounting to $317.679.
There were at that date about fifty stockholders.
The People's State Bank was organized in 1906, by L. E. Fowler, with a capital of $15,000. A handsome bank building was erected the same year of the bank's organization. The present officers re: A. D. Berry, presi- dent: L. E. Fowler, cashier. The present capital is $15,000; surplus and profits, $2.400. This banking house, although new, is gaining a good repu- tation and a good grade of business.
BANKING AT IR.A.
At the village of Ira, this county, the Farmers' Savings Bank was estab- lished in 1904 by the citizens of Ira and vicinity, with a capital of $10,000. Its first officers were : B. F. Baker, president : W. F. Rippey, vice-president : C. S. Weston, cashier. The officers in 1911 are: B. F. Baker, president : Henry Miller, vice-president : W. I. Price, cashier. Their recent statement shows loans amounting to $62,000; deposits $60.000; net earnings $800.
BANKING AT KELLOGG.
At the enterprising town of Kellogg, banking was first established by J. B. Burton-a private banking house-in 1881. This continued to serve all demands in the community until 1900, when it became organized into a state bank under the name of the Burton & Company State Bank. Its present capital is $80,000. The present officers are: J. B. Burton, presi- dent : C. J. Trish, cashier : R. C. Burton, assistant cashier.
In September. 1908. the whole square upon which stood the bank was destroyed by a sweeping fire and the bank was destroyed. Then the same year (1908) the present bank was built. It is a fine structure on the main street.
The last statement of this bank shows they had deposits amounting to $225.764.15. while its undivided profits, etc., amounted to $6.871.60.
COLFAX BANKING.
The Citizens State Bank of Colfax was established in 1896. It was the successor to a private banking concern called the Citizens Bank. The present bank was established by M. B. Wheelock and S. G. Ruby, with a paid up
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capital of $35,000, which, with the surplus funds, now amounts to $50,000. The first officers were: S. G. Ruby, president; W. M. Croft, vice-president ; M. B. Wheelock, cashier. The present officials are : C. W. Crissman, presi- dent; S. B. Wheelock, vice-president; M. B. Wheelock, cashier. The present deposits amount to about $300,000, with loans amounting to $275,000. The bank has always had a good growth and is now in a flourishing condition. Suavity of manner on the part of the officers of this bank is a marked feature of their dealing with customers.
After the failure of the Bank of Colfax (which is treated elsewhere in this chapter), which closed its doors and passed into the hands of a receiver appointed by the district court. the building in which that defunct institution had been kept was sold by the receiver at public auction, and purchased by P. E. Johannsen for about $13,000, and he at once established the People's Loan & Trust Company. About the same date Des Moines capitalists came to Colfax and established the First National Bank and the two new concerns run for several years, after which they sold to the People's Loan & Trust Company. the two banks becoming one. This continued until the Johannsen interests were sold to the present owners of the First National Bank.
In 1904 R. A. Crawford and W. W. Lyons, of Des Moines, established the First National Bank. The first officers were W. W. Lyons, president ; E. E. Dotson, vice-president ; A. S. Marquis, cashier. The present officers are : F. E. Boyd, president ; R. D. Atchison, cashier ; R. E. Cummings, assist- ant cashier. The capital has always been $25,000. The present deposits are $115,000, with loans amounting to $85,000. The building in which the bank is kept was erected in 1881.
This bank has the confidence of the citizens of Colfax and the new men at the head of the concern are loyal and true to every interest of their newly adopted city.
BANK FAILURES.
What was known as the Bank of Newton failed in 1884. It was a private concern and its cashier was J. G. Cotton, who dealt on the Board of Trade in Chicago and went under for fifty thousand dollars. Much might be added to the history of this transaction, but it may be best to let the "dead bury the dead" and keep silent. Suffice to say, that the guilty one paid the penalty for his wrong doing. But the depositors never received the funds he had squandered in speculation.
Other bank failures have been at Baxter, Lynnville and Colfax. Of the Colfax failure let it be said that the Bank of Colfax was a copartnership
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banking house, doing business at the city of Colfax. Its cashier and gen- eral manager was one of the two who formed the copartnership, the other member being an uncle of the cashier. The cashier was named George D). Wood, a fine looking, brainy, business man, in whom his uncle and all patrons of the bank had the utmost confidence. But in an unguarded moment he thought he saw a short cut-a "get-rich-quick" plan-and dealt in options on the Chicago Board of Trade, which concern has ruined so many hundreds of good business men. He turned out to be a "plunger"-he invested in any- thing and everything from stocks of goods to live stock speculations and finally the grain pit. The capital was supposed to be about $75.000. He was badly involved in December, 1903. and on the 4th day of that month he deliberately shot himself through the temple, ending his life instantly. There were over eleven hundred creditors to his bank, and these included bankers in the chief cities and towns in lowa; widows and orphans in estate forms, and merchants. The total of all claims against the bank was, in round figures, $624,000, while the receiver. W. O. McElroy, of Newton (appointed by Judge Preston), after three years and two months' hard, faithful service, including carrying three cases through the supreme court, was only able to pay out $235,000, or about thirty-nine and sixty-five hundredths cents on a dollar of the claims in question. The largest claim was over a hundred thou- sand dollars. Banks at Marshalltown, Des Moines, Council Bluffs, Daven- port. Washington, etc., all got fleeced, as well as one bank at Colfax, which suffered many thousand dollars of loss. In fact the business interests of the city of Colfax suffered for a number of years, before full confidence in money institutions could be restored-people were all afraid of banks and bankers for a long time after this failure and sudden tragic ending of their esteemed fellow townsman, Mr. Wood.
LIST OF JASPER COUNTY BANKS.
As shown in the Iowa Bank Directory for January, 1911, the following is concerning Jasper county banking interests :
Place. Name. Organized. Capital.
Baxter-People's State Bank
1906
$15.000
Baxter-State Savings Bank
1894
30,000
Colfax-Citizens' State Bank
1893
35,000
Colfax-First National Bank
1904 25,000
Ira-Farmers' Savings Bank
1904
10,000
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JASPER COUNTY, IOWA.
Kellogg-Burton & Co. State Bank.
188I
80,000
Lynnville-Macy Bros.' Exchange Bank
1 889
10,000
Mingo-Mingo Trust & Savings Bank
1894
15,000
Monroe -- Monroe National Bank
1870
25,000
Monroe-Monroe Savings Bank
1904
10,000
Monroe-Monroe State Savings Bank
1893
25.000
Newburg-Newburg Savings Bank
1908
10.000
Newton-First National Bank
1882
65,000
Newton-Citizens' State Bank
1905
60,000
Newton-Newton Savings Bank
1890
15,000
Newton-Jasper County Savings Bank
1869
100,000
Newton-Bank of L. D. Clark
1866
.... .
Prairie City-Prairie City State Bank
1890
25,000
Prairie City-First National Bank
1893
25,000
Reasoner-Reasoner Savings Bank
1900
10,000
Sully-Bank of Sully
1889
7,500
Total capital of all banks, aside from the L. D. Clark private banking house
$597,500
The total surplus and profits amounts to
182.560
THE NEW YORK PUBLIC LIBRARY!
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NORTH SIDE SQUARE, NEWTON, IN 1861
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NORTH SIDE SQUARE, LATER
CHAPTER XVIII.
THE CITY OF NEWTON.
Newton, the seat of justice for Jasper county, now has a population ( according to the latest census) of 4.616 people, has a fine public library, ten churches, a $200,223 court house, paved streets, four excellent banking in- stitutions, three railways, twenty-five busy factories, employing upwards of five hundred persons constantly, the best municipal electric lighting plant in any town in Iowa of its size, a fine water plant and a water supply showing ninety-eight per cent. purity, with nine miles and more of water mains, seven or eight miles of sewer, and coal mines in three directions from the city. Its population has increased more than twenty-five per cent. in the last decade.
BEGINNING OF THE CITY.
Newton was located as the county seat by the locating commissioners named in the act of the Legislature creating the county, and these men were sworn before Justice of the Peace Ballinger Aydellotte, May 11, 1846, to "take into account the future as well as the present population of the county." The report of this commission will be found in the general chapters of this work.
It may not be without some interest to know what town lots sold for in Newton in 1846, hence the subjoined account of same will be given. This is from a record of lots sold in the newly platted town of "Newton City," as Newton was at first called: John R. Sparks, lot 1, block 20, $37; John Wilson, lot 3. block 20, $20; Joab Bennett, lot 4, block 21, $20: John N. Kinsman, lot 2, block 21, $14: C. N. Hamlin, lot 4. block 15, $20: William Hanshaw, lot 3, block 15, $27: T. J. Adamson, lot 4, block 22, $10.50; T. J. AAdamson, lot 5. block 14. $7: Nathan Williams, lot 5, block 9. $31 : William Edmundson, lot 5, block 9, $32; Manly Gifford, lot 1, block 16, $31 ; Alvin Adkins, lot 7. block 16, $31: Joab Bennett, lot 8, in block 9. $26: James Pearson, lot 7. block 16, $13.62: William Hanshaw, lot 6, in block 15, $20; J. N. Kinsman, lot 1, block 21, $8: Joab Bennett, lot 8, block 16, $25; T. J. Adamson. out-lots 1. 14, 21. 23. 25, at, respectively. $5. $10, $31. $7 and $7.25.
It will be an interesting problem for some realty man of this day to go through this list of lots and compute their present value.
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JASPER COUNTY, IOWA.
NEWTON TOWN PLAT SURVEYED.
The records of Jasper county show that at a meeting of the county com- missioners in June, 1846, it was ordered that the town plat of the new county seat, "Newton City," be surveyed into lots. The record of July 7th, that year, shows that orders were allowed out of "the town money," to Richard Fisher, Thomas Henderson, Joab Bennett, J. N. Kinsman, Samuel Metz, James Edgar. Moses Lacy, T. C. Underwood and William Campbell, in all amounting to eighty-one dollars, all of the persons named having taken some part in the survey of the new town and county seat.
The survey of the original plat was executed by Silas Sawyer, who, the books show, was allowed sixty-seven dollars and fifty cents for such services and that his work was performed about June 25, 1846. There were twenty- nine blocks, of eight lots each, and twenty-nine out-lots. The streets from north to south were South, Marion, Main, McDonald, Washington and North, and those from west to east were Farmer, Mechanic, Olive, Spring. Market, Vine and Race. The location was described as being the "northwest of section 34, township 80, range 19."
The first building erected on the plat was early in the autumn of 1846, by John N. Kinsman, on lots 1 and 2, block 21. It was a log structure.
The second building was that built by Joab Bennett. This was a hewed log building and its owner intended to rent it to the commissioners for a county building (court house), but he was disappointed in this. A little later a small store was opened by a Mr. Van Horn.
An old historic item runs thus: "A son of William Edmundson relates that in the spring of 1847, being then six years old, he accompanied his father on a considerable drive across the prairie. Several miles away he saw a flag floating in the air above a building, which, according to his recollection, stood solitary and alone. Boylike, he set his question-mill going and soon found from his father that the people had laid out a town called Newton City the year before for a county seat, and that the building he saw was a small store."
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