USA > Iowa > Lee County > Story of Lee County, Iowa, Volume I > Part 24
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STRUČNI
Photo by Anschutz
The Government lock at Keokuk, built at the cost of the Mississippi River Power Com- pany, to become the property of the United States upon completion. This lock is in the Panama class, having the same width but a much higher lift than any lock on the Isthmus.
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HISTORY OF LEE COUNTY
Soon after work was commenced the plant was placed under the management of the Stone & Webster Management Association, which manages more than fifty public utilities in all parts of the United States, and some of their best trained and most experienced men were sent to Keokuk to look after the service. Transmission lines have been built to Fort Madison and Burlington, Iowa; Dallas City, Nauvoo, Warsaw, Quincy and Alton, Illinois; Hannibal and St. Louis, Missouri, and light and power are also furnished to the cities of Keokuk and Hamilton.
The large body of water held in check by the dam, extending up the Mississippi to the City of Burlington, has been named Lake Cooper, in honor of the engineer who designed and constructed the dam. From the low islands in the river and the partly submerged woodlands along the shores the timber has been removed by the power company, so that the trees, after being killed by the water constantly standing around their roots, may not be washed into the stream and become a menace to navigation. By the raising of the water level several miles of wagon roads along the river banks were overflowed. To overcome this condition of affairs, the company offered to donate a right-of-way through its property, use its engineers and equipment and give $75,000 toward the cost of constructing boulevards to Montrose, Iowa, and Nauvoo, Illinois. These improvements were finally completed at a cost of $375,000.
Changing the water level also submerged several historic points in Lee County. Foremost among these is probably the huge bowlder known as "Mechanic's Rock," from the fact that the steamboat Mechanic was wrecked by striking it in 1830. This rock is situated at the head of the rapids, about a mile below the Town of Montrose and near the Iowa shore. In times of low water it stood above the surface and was one of the landmarks used by pilots on the Missis- sippi. When it was covered with water boats could take the open channel without danger. The steamer Illinois was also wrecked upon this rock on April 20, 1842.
Lemoliese, the French trader who located where Sandusky now stands in 1820, was buried near the bank of the river and his grave has been covered by water since the construction of the dam. Part of the old Tesson land grant has also been submerged.
CHAPTER XVI FINANCE AND INDUSTRY
BONDED DEBT OF THE COUNTY-PUBLIC REVENUES-VALUE OF TAXABLE PROPERTY-BANKING INSTITUTIONS-KEOKUK BANKS IN 1914- FORT MADISON BANKS-OUTSIDE BANKS-AGRICULTURE-CROPS AND LIVE STOCK - FARMERS' INSTITUTES - MANUFACTURING - BRIEF SKETCHES OF THE LEADING FACTORIES.
In the matter of public credit, Lee County has always sustained an unquestionable reputation, as may be seen in the ease with which her bonds have been refunded at a lower rate of interest. The be- ginning of the bonded debt dates back to January 1, 1857, when the county issued bonds to the amount of $450,000, bearing 8 per cent interest per annum, to aid in the construction of certain railroads. The people of that day may have made a mistake in voting this in- debtedness upon the county, but it must be remembered that there was a crying need for some outlet for the county's products, and the construction of railroads seemed to be the logical solution of the prob- lem. Perhaps no better history of this bonded debt could be written than that contained in the county auditor's report for the year 1913, in which he says :
"The County of Lee originally became indebted, and issued its negotiable bonds in the sum of $450,000 under date of January I, 1857, bearing 8 per cent interest payable semi-annually, in aid of certain railroads. The indebtedness above mentioned, together with the costs and unpaid interest accrued, amounted to $1,078,415.63, of which amount $252,415.63 was settled for in cash, and the payment of the balance was made by an issue of compromise bonds to the amount of $826,400 bearing date of March 1, 1870, with interest at the rate of 6 per cent per annum. The balance of the Lee County 25-year 6 per cent compromise bonds, amounting to $660,000, ma- tured on March 1, 1895.
"Under date of March 1, 1895, said $660,000 of 6 per cent bonds were refunded by a new issue of $660,000 41/2 per cent bonds, matur-
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HISTORY OF LEE COUNTY
ing on March 1, 1915, redeemable at the option of the county after March 1, 1900.
"On March 1, 1900, there were $550,000 of the issue of March 1, 1895, still outstanding, $110,000 of this issue having been paid off and cancelled. At this time it was deemed advisable and to the best interests of the county, that the remaining $550,000 412 per cent bonds be refunded by a new issue of serial bonds bearing 33/4 per cent interest per annum, thus effecting a saving in interest.
"Accordingly, on November 16, 1900, the board of supervisors entered into a contract with N. W. Harris & Company, of Chicago, Illinois, for the refunding of the said $550,000 outstanding 41/2 per cent Compromise bonds. The accrued interest on the above issue has been paid up to December 1, 1913. Bonds to the amount of $315,000 of the above issue have been paid off, leaving a balance of $235,000 outstanding on January 1, 1914."
On August 1, 1910, the board of supervisors issued $50,000 in bonds to refund certain outstanding obligations incurred in the con- struction and repair of bridges. The bonds, known as "bridge funding bonds," were made payable at certain stated times. and on January 1, 1914, there were still $35,000 of this indebtedness out- standing, making the total bonded debt of the county $270,000.
And what security has the bondholder for the ultimate payment of his claim against the county? The answer is that these bonds constitute a lien upon all the taxable property of the citizens of Lee County. That property is assessed for taxation at about one-fourth of its actual value. Even at that low figure the assessed value of the property in 1913 was $11,075,302, distributed among the several municipalities and townships as follows :
City of Fort Madison $ 1,034,248
City of Keokuk. 2,878,076
Cedar Township 625,659
Charleston Township 397,920
Denmark Township 235,717
Des Moines Township 574,704
Franklin Township 605,137
Green Bay Township 338,995
Harrison Township 488,858
Jackson Township 499,927
Jefferson Township 605,003
Marion Township 603,254
Montrose Township 505,487
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HISTORY OF LEE COUNTY
Pleasant Ridge Township
458,414
Van Buren Township. 284,206
Washington Township
488,656
West Point Township
451,041
Total
$11,075,302
In the above table the assessments of the incorporated towns are included in the townships in which they are located and the assess- ment of Madison Township is included in that of Fort Madison city.
Notwithstanding the custom of assessing the property for taxa- tion at about twenty-five per cent of its real value, the tax duplicate for 1913 shows that the county has nearly five dollars of collateral for each dollar of bonded indebtedness. If the actual value of the property be taken into consideration, the collateral amounts to nearly twenty dollars for each dollar of outstanding bonds.
BANKING INSTITUTIONS
The first bank in Lee County was opened at Keokuk in 1846 by George C. Anderson, in connection with his wholesale grocery and supply house on the corner of Second and Johnson streets. It was a private bank and was at first conducted as a sort of broker's office, but after a short time Mr. Anderson devoted his entire attention to the business of the bank, continuing in that line of activity until his death in 1867. Alexander Barclay & Company then succeeded Mr. Anderson. Mr. Barclay died in 1871 and the affairs of the bank were soon afterward liquidated.
In 1852 Charles Parsons opened a bank in Keokuk. His first place of business was on Main Street, two doors east of Second. Later he removed to the southeast corner of Second and Main streets, where he continued until his bank was forced to suspend in the panic of 1857.
Late in the year 1852 or early in 1853, Granville B. Smith & Company opened a bank in Keokuk. Fitz Henry Warren, A. D. Green and E. H. Thomas, of Burlington, were members of this firm, which carried on a successful banking business in Keokuk until in January, 1856, when the original founders of the institution were succeeded by the firm of A. L. Deming & Company.
Other early financial institutions of Keokuk were the banking houses of Ford, Graham & Ford, which began business in June, 1856;
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HISTORY OF LEE COUNTY
Chapin & Lee, who came from New York; Hatch & Thompson, from Kentucky; Ficklin & Lucas, all of whom began business prior to the financial crash of 1857, when most of them wound up their affairs and went out of business.
On February 4, 1858, the banking house of Rix, Hale & Com- pany opened its doors for the transaction of business and continued until March 3, 1862, when Mr. Hale was elected cashier of the Keokuk branch of the Iowa State Bank and the exchange and deposit department of the concern was discontinued.
KEOKUK BANKS IN 1914
In the year 1914 there were four banks in the city of Keokuk, to-wit: The State Central Savings Bank, the Keokuk Savings Bank, the Keokuk National Bank, and the Security State Bank.
The State Central Savings Bank is the successor of the old Keo- kuk branch of the State Bank of Iowa, which first opened its doors on September 25, 1858, with Samuel F. Miller as president and J. W. McMillen as cashier. In 1865 it was reorganized under the national banking laws as the State National Bank, with a capital stock of $150,000. James F. Cox was the first president of the reorganized bank and O. C. Hale continued as cashier. The bank was again reorganized in 1885, when it became the State Bank of Keokuk. In 1893 it was consolidated with the Central Savings Bank, which had been organized in 1890, when it adopted its present name. The officers of the bank in 1914 were : William Logan, president; George E. Rix and Wells W. Irwin, vice presidents ; C. J. Bode, cashier ; H. T. Graham and H. B. Blood, assistant cashiers. The capital stock of the bank at that time was $200,000, the surplus an equal amount, and the deposits amounted to $2,500,000.
On December 19, 1867, the Keokuk Savings Bank was incor- porated under the laws of Iowa, and it opened for business on February 10, 1868, with an authorized capital of $100,000, one-half of which was paid up. Edward Johnstone was the first president and William Thompson the first cashier. A statement of the bank's condition, issued on September 1, 1914, shows a capital stock of $100,000, surplus and undivided profits of $185,000, and deposits of $1,065,000. The officers at that time were as follows: A. E. Johnstone, president; Howard L. Connable, vice president; F. W. Davis, cashier; Howard W. Wood, assistant cashier.
The Keokuk National Bank was organized on June 15, 1872, with William Patterson, president; Edward F. Brownell, cashier,
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HISTORY OF LEE COUNTY
and a paid up capital stock of $100,000. It is one of the substantial institutions of the City of Keokuk, as shown by its statement of Sep- tember 12, 1914, when the capital stock was $100,000, the surplus and profits, $62,748, and the deposits, $752,000. The officers then were: E. S. Baker, president; A. E. Matless and Ira W. Wills, vice presidents; John A. Dunlap, cashier, and E. R. Cochrane, assistant cashier.
The Security State Bank is the youngest in the city. It was organized on February 15, 1913, with a capital stock of $100,000 and on September 1, 1914, reported undivided profits of $28,410. Its deposits at that time amounted to about $220,000, and the officers were: W. B. Seeley, president; J. B. Weil and Alois Weber, vice presidents; E. A. French, cashier, and E. G. Weismann, assistant cashier. The bank occupies a neat building at the corner of Eighth and Main streets.
FORT MADISON BANKS
In 1914 there were three banks in the City of Fort Madison, viz. : The Fort Madison Savings Bank, the German-American Bank, and the Lee County Savings Bank, all operating under the state laws.
The first bank in the city was established in the year 1854, as a branch of the banking house of E. H. Thomas & Company, of Burlington, with a Mr. Merrick in charge. Two years later the business was purchased by John H. Knapp and George P. Eaton, under the firm name of Knapp & Eaton, and they continued the business until the institution was made a branch of the State Bank of Iowa in 1858. The affairs of this bank were wound up in 1865, when it was succeeded by the Fort Madison National Bank, which began business with John H. Winterbotham as president and Clark R. Wever as cashier. On January 30, 1872, the national bank charter was surrendered and the concern was reorganized as the Bank of Fort Madison under the state laws. The stockholders of the reorgan- ized bank were A. C. and Henry Cattermole, John H. and J. R. Winterbotham and Clark R. Wever.
The First National Bank succeeded to the business of the Bank of Fort Madison in 1888. In August, 1890, the same stockholders organized the Fort Madison Savings Bank and the two banks were operated in connection until 1895, when the First National was dis- continued, the Fort Madison Savings Bank taking over the business.
From a statement issued by the bank on September 1, 1914, it is learned that the paid up capital is $30,000, the net surplus and
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HISTORY OF LEE COUNTY
profits amount to $35,344, and the deposits were over $865,000. The officers at that time were: D. A. Morrison, president; James C. Brewster, vice president; J. A. S. Pollard, cashier; W. H. Rose and A. M. Lowrey, assistant cashiers.
The German-American State Bank was first organized as the German-American Bank in April, 1876, by Henry and Arthur Cattermole, George Schlapp, Joseph Deiman and H. D. McConn, with a capital stock of $50,000. Henry Cattermole was the first president and H. D. McConn the first cashier. In April, 1913, it was reorganized as the German-American State Bank, with a capi- tal stock of $100,000. The officers of the bank in 1914 were as follows: Dr. Maurice Wahrer, president; E. F. McKee, vice presi- dent; H. J. Kennedy, cashier; E. T. Einspanjer, assistant cashier. Since its reorganization the bank has accumulated undivided profits of $4,125, and in September, 1914, reported deposits of about five hundred and sixty thousand dollars.
In 1888 the Lee County Savings Bank was organized with Samuel Atlee as president; William G. Kent, vice president, and George M. Hanchett, cashier. In 1914 William H. Atlee was president; W. N. Blackinton, vice president; George M. Hanchett, cashier; Carl E. Stoeckle and Albert R. Benbow, assistant cashiers. The original capital stock of $25,000 has been increased to $50,000 and in September, 1914, the bank reported a surplus of $10,000 and deposits of $700,000.
OUTSIDE BANKS 1
The oldest bank in the county, outside of Keokuk and Fort Madi- son, is the private bank of W. N. Blackinton, at Denmark, which was established in 1894. As this is a private institution and publishes no statements showing the condition of its business, it is impossible to give the amount of capital or deposits.
In 1898 the Citizens Mutual Bank of Donnellson was founded with a capital stock of $15,000. The officers in 1914 were: W. B. Seeley, president; W. E. Dickey, vice president; G. W. Mattern, cashier. At that time the bank reported a surplus of $15,000 and deposits of $310,000.
The next rural bank to be organized in Lee County was the Montrose Savings Bank, which began business in 1903, with a capi- tal stock of $20,000. H. R. Younkin was president of the bank in 1914; C. H. Curtis, vice president, and J. E. Lamb, cashier. At
SECOND STREET, LOOKING EAST FROM MARKET STREET, 1914, FORT MADISON
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HISTORY OF LEE COUNTY
that time the surplus and profits amounted to $2,000 and the deposits to $150,000.
The Farmers and Citizens Bank of West Point was established in 1908, with a capital stock of $15,000. The bank has a good patronage among the neighboring farmers and in 1914 was officered by F. N. Smith, president, and John Shepherd, cashier.
The Farmers Savings Bank of Wever was also organized in 1908, with a capital stock of $12,000. On July 1, 1914, the officers of this bank were as follows: H. E. Hyter, president; S. J. Hilleary, vice president; A. J. Huebner, cashier ; Emma D. Huebner, assistant cashier. At that time the surplus and undivided profits amounted to $3,000 and the deposits to $190,000.
In 1909 the Mount Hamill State Savings Bank was organized by some of the citizens of that town and the immediate vicinity and began business with a capital stock of $12,500. R. S. Pease was president of this bank in 1914 and F. M. Geese was cashier. The surplus then amounted to $1,400 and the deposits to $60,000.
The Pilot Grove Savings Bank was organized under the state laws in 1911. The capital stock of this bank is $10,000, the surplus and profits, $1,770, and the deposits, $102,000. The officers in 1914 were: B. Dingman, president; Theodore Schinstock, vice presi- dent; John Hellman, cashier.
The Donnellson State Bank, the youngest financial institution in the county, was organized in 1913, with Henry Meinhardt, presi- dent; H. C. Knapp, vice president; J. E. Krieger, cashier. These officers were still in charge of the bank in 1914, when the deposits amounted to about thirty thousand dollars. The capital stock of the bank is $25,000.
From the above statements it will be seen that the people of Lee County have approximately eight millions of dollars on deposit in the local banks, all of which are conservatively managed by experi- enced financiers and command the confidence of their patrons and of other bankers throughout the country.
AGRICULTURE
Tilling the soil and raising live stock have always been the prin- cipal occupations of the people of Lee County. From the small clearing in the timber or the sod cornfield of the prairie in the latter '3os, the county has gradually developed along agricultural lines until in 1913, according to the Iowa Year Book, there were 2,009 farms, with an average size of 136 acres. Figures are not always Vol. I-17
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HISTORY OF LEE COUNTY
interesting reading, but the story of a community's progress can often be better told by statistics than in any other way. Adopting that method for the purpose of showing the county's agricultural status, the following table has been compiled from the reports of the prin- cipal crops as published in the year book above mentioned :
Acres
Bushels
Corn
53,640
1,404,368
Oats
23,649
694,321
Winter Wheat
6,458
128,864
Rye
4,298
83,160
Barley
551
11,775
Potatoes
1,115
50,887
Timothy Seed
3,364
13,035
Clover Seed
3,635
4,351
Tame Hay
34,303
36,347 tons
Wild Hay
93
172 tons
Of the 277,242 acres in the 2,009 farms, 131, 106 acres were given over to the crops above enumerated. In addition to these products there were approximately three thousand acres planted to orchards and about twice that area devoted to the production of vegetables. and small fruits.
The number of domestic animals on hand on July 1, 1913, in- cluded 12,401 horses, 714 mules, 47,580 hogs, 15,061 dairy cattle, 31,983 other cattle and 17,487 sheep. Over nine thousand sheep were sold during the year and the wool clip amounted to 44,946 pounds. Lee County ranks high as a poultry raising community, reporting 238,946 fowl of all varieties, and during the year 1913 the production of eggs for the market reached 789, 163 dozen.
The State of Iowa, by the enactment of liberal laws, has done much to encourage the agricultural and stock raising interests of the state. One of these laws is that of 1907 regarding farmers' in- stitutes. By this act it is provided that: "When forty or more farmers of a county organize a farmers' institute, with a president, secretary, treasurer and an executive committee of not less than three outside of such officers and hold an institute, remaining in session not less than two days in each year, which institute may be adjourned from time to time and from place to place in said county, the secre- tary of the State Board of Agriculture, upon the filing with him a report of such institute and an itemized statement under oath show- ing that the same has been organized and held and for what pur-
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HISTORY OF LEE COUNTY
poses the money expended has been used, shall certify the same to the auditor of state, which state auditor shall remit to the county treasurer of such county his warrant for the amount so expended not to exceed seventy-five dollars," etc.
The act further provides that no officer of the county institute shall receive any compensation for his services and that all reports must be made to the secretary of the State Board of Agriculture by June ist of each year, or no money will be paid by the state to such institute as fails to report.
Under the provisions of this act a farmers' institute has been organized in Lee County, of which Joseph Carver was president in 1913, and E. C. Lynn, county superintendent of schools, was secre- tary. The meetings of the institute have been well attended, as a rule, and by the interchange of ideas the farmers of the county are becoming more and more up-to-date in their methods. Through the medium of these institutes the influence of the agricultural college is being felt by hundreds of farmers who are unable to attend the college in a regular course of study, and the business of farming is gradually being placed upon a more scientific basis. Other indus- tries may be established and flourish, but it is quite certain that for many years to come corn will still be king in Lee County.
MANUFACTURING
Probably the oldest manufacturing concern in Lee County, in point of continuous operation, is the Fort Madison Plow Company. As early as 1847 S. D. Morrison came from New York to Fort Madison and began the making of plows by hand. In the spring of 1854 J. H. West became a partner and the firm of West & Morrison began operating on a larger scale. This partnership lasted but about a year, when Mr. Morrison withdrew and started in the business for himself. In 1865 his two sons, J. B. and D. A. Morrison were taken into the firm and ten years later the elder Morrison retired. In 1883 the Morrison Manufacturing Company was formed, and a few years ago the business was incorporated under the name of the Fort Madison Plow Company. . The factory buildings cover practically the entire square east of Broadway, facing the Mississippi River, on the site of old Fort Madison. From fifteen to twenty thousand plows of different varieties, cultivators and corn planters are turned out annually. Most of these implements are sold in the states west of the Mississippi River, though large shipments have been made to South American countries. The company employs from one hun-
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HISTORY OF LEE COUNTY
dred and fifty to two hundred men and the value of the annual out- put approximates four hundred thousand dollars.
In 1854 Winterbotham & Jones began the manufacture of farm- ing tools in Fort Madison. They were succeeded by Soule, Davis & Company, who enlarged the plant and extended their trade over a larger territory. This firm was in turn succeeded by Soule, Kret- singer & Company and in 1874 the Iowa Farming Tool Company was incorporated. Special attention was then given to the produc- tion of three hand farming tools, viz .: Forks, hoes and rakes. Since the year 1900 the business has practically doubled in volume and the goods made by this company are shipped to every state in the Union, Australia, Japan, South Africa, South America and several Euro- pean countries. The concern is now a branch of the American Fork and Hoe Company, employs about three hundred men and turns out about two million forks, hoes and rakes annually.
Another early industry of Fort Madison was the manufacture of brick and tile, an abundance of fine clay being found in the imme- diate vicinity of the city. Among the pioneer brick makers were Reichelt Brothers, Frederick Brothers & Adriance, Herminghausen Brothers, the Wiggenjost Brick Works and Bartel & Stellern. The most important of those in 1914 were the Stellern yards, on the Denmark road just outside the city limits, owned by Henry Stellern, and the Reichelt Pressed Brick and Tile Works, a mile from the city on the Burlington road, Julius Reichelt, proprietor. This is the oldest yard in the vicinity of the city, established in 1867. In the last named yards the Reichelt rotary pressed brick machines are used. These machines are manufactured by Reichelt & Willmes- meier and shipped to brick makers all over the country. The capac- ity of the Stellern plant, when running full time, is 25,000 brick and tile daily. That of the Reichelt plant is 10,000 brick and 5,000 feet of tile.
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