USA > Iowa > Linn County > The history of Linn county, Iowa, containing a history of the county, its cities, towns, &t., a biographical directory of its citizens, war record of its volunteers in the late rebellion, general and local statistics history of the Northwest etc > Part 67
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The advent of a rich and powerful organization such as the Chicago, Mil- waukee & St. Paul Company in this city means more than appears on the sur- face. The freight business of the city amounts to probably a million of dollars per annum, and the company propose to have a fair share of it. They have unsurpassed facilities for handling promptly and expeditiously vast quantities of merchandise and produce. Their eastern connections are as good as those of any other company. Milwaukee is one of the greatest wheat markets in the United States and in the world. The Company own and operate nearly two thousand miles of railway already, reaching all important points in Wisconsin, Minnesota
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and Northern Iowa. The intention of the Company is to extend the road from here in a southwest direction, through this State and Missouri to Kansas City, and it will be one of the greatest thoroughfares in the State. What the Chi- cago & Alton road is to Illinois, this road will be to Iowa. No single event in the history of Cedar Rapids has been more significant of a prosperous future than the coming of this road, almost unheralded and unannounced. Some of the advantages of this road to our city may be mentioned as follows :
1. The quickest, cheapest and best passenger route to Milwaukee.
2. A competing route for passengers to Chicago.
3. The best and quickest route to all points north and west of Chicago in Wisconsin, Minnesota and Northern Iowa.
4. A powerful competitor for bringing merchandise from the East and for carrying our Western productions to the Eastern markets.
Cedar Rapids being the competing point, it will give our merchants and busi- ness men an advantage not enjoyed by any other locality in the State. It is a fact not generally thought of, that right here in Cedar Rapids two great rival routes from the seaboard to the West, come together for the first time in actual competition. The result will be lower freights on both East and West bound articles to and from Cedar Rapids. This advantage, however small it may be over other points in the State, will always constitute a healthy and sure margin which will enrich our dealers and build up the city.
Fremont, Elkhorn & Missouri Valley Railroad Company .- This road ex- tends from the station known as Missouri Valley Junction, on the North-West- ern Railway, crossing the Missouri at Blair, and thence to Fremont, on the Union Pacific Railroad ; and from thence up the Valley of the Elkhorn in a northwesterly direction to Wisner, Nebraska, which is the present terminus. The principal place of business is at Cedar Rapids. The officers are : James Blair, President ; S. P. Wisner, Vice President ; P. E. Hall, Secretary ; Chas. E. Vail, Assistant Secretary ; L. D. Richards, Second Assistant Secretary ; David P. Kimball, Treasurer ; J. Van Deventer, Assistant Treasurer; Geo. T. Crandell, Auditor; P. W. Penhallow, Jr., Register of Stock.
The capital stock is $690,000; shares, $100 each. Bonded debt the same, drawing seven per cent., payable April and October.
Iowa Falls & Sioux City Railroad Company .- The principal office of this Company is at Cedar Rapids, except the office of Treasurer and Register of Stock, which is at 23 Sears Building, Boston, Mass. The officers are : Horace Williams, President ; J. Van Deventer, Vice President and Assistant Treasurer ; P. E. Hall, Secretary and Auditor Land Department; George T. Crandell, Auditor ; J. B. Calhoun, Land Commissioner ; Charles H. Clark, Register of Lands ; David P. Kimball, Treasurer and Register of Stock. The town lot and land department of the Company has the same officers as the rail- road company.
Up to March 31st last, the account stood as follows : Lands sold, 281,- 893.47 acres ; lands unsold, 361,610.01 acres. The lands belonging to the Company are situated within twenty miles of the railroad, on either side of it, between Iowa Falls and Sioux City, and comprise some of the richest agricult- ural lands in the State.
The capital stock of the Railroad Company is $4,625,000; shares, $100 each. The bonded debt consists of $2,952,500, bonds bearing seven per cent. interest.
The capital stock of the Town Lot & Land Company is $500,000; shares, $50 each.
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HISTORY OF LINN COUNTY.
Sioux City & Pacific Railroad Company .- This road extends from Sioux City, Iowa, down the valley of the Missouri to the junction with the Fremont, Elkhorn & Missouri Valley Railroad, the latter crossing the Missouri River at Blair and running thence to its connection with the Pacific Railroad at Fre- mont, Nebraska. The principal place of business is at Cedar Rapids, except the office of Treasurer and Register of Stock, which is at No. 23 Sears' Build- ing, Boston, Mass. The officers are : Oliver Ames, President ; D. C. Blair, Vice President ; P. E. Hall, Secretary ; David P. Kimball, Treasurer and Reg- ister of Stock ; J. Van Deventer, Assistant Treasurer ; George T. Crandell, Auditor.
The capital stock consists of $1,899,400 common stock, and $169,000 pre- ferred stock. Dividends, April and October. First mortgage six per cent. bonds, $1,628,000; interest payable January and July.
Maple River Railroad Company .- This road forms a junction with the North-Western Railway, in Carroll County, Iowa, the station being known as Maple River Junction. It runs northwesterly first and then curves to the south- west, corresponding somewhat to the great curve in the North-Western Road, from Carroll County to the Missouri River at Council Bluffs. The Maple River Road was built by the Iowa Railroad Land Co., for the purpose of affording easy access to the large body of lands owned by the Company in the section through which it runs. The Road, as stated above, commences in Carroll County and runs thence through Sac, Ida, Woodbury, and terminates at East Mapleton, in Monona County, a distance of a little more than sixty miles.
The principal office of the company is at Cedar Rapids. The officers are, Horace Williams, President ; Fred L. Ames, Vice President; Henry V. Fer- guson, Secretary ; David P. Kimball, Treasurer and Register of Stock ; J. Van Deventer, Assistant Treasurer.
THE BLAIR BUILDING.
This building situate on the corner of Eagle and Adams streets is the headquarters of the following companies :
First National Bank.
Cedar Rapids & Missouri River Railroad Co.
Iowa Falls & Sioux City Railroad Co.
Sioux City & Pacific Railroad Co.
Fremont, Elkhorn & Missouri Valley Railroad Co.
Maple River Railroad Co.
Iowa Railroad Land Co.
Moingona Coal Co.
Blair Town Lot & Land Co.
Sioux City & Iowa Falls Town Lot and Land Co.
Missouri Valley Land Co.
Elkhorn Land & Town Lot Co.
The building was erected by the Cedar Rapids & Missouri Railroad Co., for the use of the several organizations. Mr. John I. Blair, of New Jersey, having a large interest in many of the companies represented, it has been generally designated the "Blair Building." It is built of brick, with cut-stone corners, having a Mansard roof over the main portion. The First National Bank occu- pies a commodious suit of rooms on the main floor of the wing, while all the companies have finely appointed apartments, well ventilated, and have abundance of light. The building is warmed with hot air from a furnace underneath. It is substantial in every respect, and for the purposes intended could not be im- proved on.
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HISTORY OF LINN COUNTY.
IOWA RAILROAD LAND COMPANY.
The principal place of business of this company is at Cedar Rapids. It was organized in October, 1869, and commenced business in that year. The object of the company is to promote emigration and to dispose of the lands granted by Congress to aid in the construction of the Cedar Rapids & Missouri River Railroad, now leased and operated by the Chicago & Northwestern Rail- way Co.
The first officers were, John I. Blair, of New Jersey, President ; W. W. Walker, Cedar Rapids, Vice President ; Chas. E. Walker, Cedar Rapids, Sec- retary ; Charles H. Clark, Cedar Rapids, Register of Lands ; D. P. Kimball, Register of Stock.
At the organization of the company, there were 1,060,776.07 acres of land belonging to the company, mostly in Central and Western Iowa. At present, the account stands : Lands sold, 540,347.60 acres; lands unsold, 520,429.47 acres.
The present officers are as follows : J. Vandeventer, President and Assist- ant Treasurer ; P. E. Hall, Vice President and Auditor ; George T. Crandell, Secretary ; D. P. Kimball, Treasurer ; J. B. Calhoun, Land Commissioner ; Chas. H. Clark, Register of Lands ; David P. Kimball, Register of Stock.
The capital stock amounts to $7,620,000, divided in shares of $100 each.
MISSOURI VALLEY LAND COMPANY.
Principal office at Cedar Rapids. Organized in 1875 to dispose of the lands and town lots belonging to the Sioux City & Pacific Railroad Company, from Sioux City via Missouri Valley Junction to Fremont, Neb. The officers are :
J. Van Deventer, President and Assistant Treasurer ; P. E. Hall, Vice Presi- dent and Auditor ; George T. Crandell, Secretary; David P. Kimball, Treas- urer and Register of Stock ; C. H. Clark, Register of Lands.
Besides a large number of town lots, the Company have for sale 45,602 acres of choice bottom lands mainly on the Missouri River.
The capital stock is $200,000 ; shares, $50 each.
MOINGONA COAL COMPANY.
The mines of the Company are in the Des Moines Valley, near the station of Moingona, west of the river, on the North-Western Road. The coal deposits are very extensive, and all the coal used in the central and western part of the State by the North-Western Road, comes from these mines. The principal office of the Company is in Cedar Rapids. The officers are :
P. E. Hall, President; David P. Kimball, Vice President and Treasurer ; H. V. Ferguson, Secretary ; J. Van Deventer, Assistant Treasurer ; George T. Crandell, Auditor ; D. P. Kimball, Register of Stock.
The capital stock is $305,200 ; shares, $100 each.
BLAIR TOWN LOT & LAND COMPANY.
The principal office of this Company is at Cedar Rapids. The company was organized to lay out towns and sell lots along the Cedar Rapids & Missouri River Railroad (now operated by the Chicago & North-Western Railway Com- pany). The officers are :
J. Van Deventer, President and Assistant Treasurer ; P. E. Hall, Vice Presi- dent and Auditor ; George T. Crandell, Secretary ; D. P. Kimball, Treasurer ; J. B. Calhoun, Land Commissioner ; Charles H. Clark, Register of Lands ; D. P. Kimball, Register of Stock.
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HISTORY OF LINN COUNTY.
The new towns along the line of the Maple River Branch Railroad were also laid out by this Company. The capital stock is $778,200, divided into shares of $50 each.
SIOUX CITY AND IOWA FALLS TOWN LOT & LAND COMPANY.
The headquarters of this Company are also located in Cedar Rapids. The object is to lay out towns along the line of the railway between Iowa Falls and Sioux City. The officers are :
J. Van Deventer, President and Assistant Treasurer; P. E. Hall, Vice Presi- dent and Auditor ; Geo. T. Crandell, Secretary ; D. P. Kimball, Treasurer and Register of Stock ; J. B. Calhoun, Land Commissioner ; Charles H. Clark. Register of Lands.
The capital stock is $500,000; shares $50 each.
ELKHORN LAND AND TOWN LOT COMPANY.
This Company was organized to sell the lands granted by Congress to aid in building the railroad from Missouri Valley Junction, in Iowa, through Blair, Fremont, and thence northwest through the State of Nebraska. The road is finished to Wisner. The Company have laid out a number of towns along the road. The officers are: James Blair, President ; S. P. Wisner, Vice President ; Henry V. Ferguson, Secretary ; L. D. Richards, Assistant Secretary ; David P. Kimball, Treasurer; J. Van Deventer, Assistant Treasurer; P. E. Hall, Auditor ; P. W. Penhallow, Jr., Register of Stock. The capital stock is $690,000, divided into shares of $50 each.
BANKS.
There are four banking houses in Cedar Rapids, at present, all having ample capital, and conducted by men of acknowledged financial standing and ability. The "hard times" that commenced with the panic of 1873, and which have prevailed with more or less severity ever since, wiped out of existence many of the moneyed institutions of the country. Some of the heaviest and best known houses of the large cities bowed before the financial storm, inflicting great loss upon the commercial interests of the country, and carrying ruin and desolation to hundreds and thousands of hearth-stones. During all this time our bankers have conducted their affairs with such prudence and foresight that no panic has occurred, and now, when the crisis has passed, the outlook for the future is brighter than it has been for several years.
The First National Bank of Cedar Rapids was organized in 1864. The officers at that time were W. W. Walker, President, and John Weare, Cashier. The management of this bank has been eminently conservative, and it has a large line of deposits. It is looked upon by capitalists as one of the soundest banks in the State. The capital paid up is $100,000, and the circulation is $90,000. The present officers are : John Weare, President; John F. Dean, Cashier; and Ely E. Weare, Assistant Cashier. The bank owns its building corner of Eagle and Adams streets.
The City National Bank was organized in 1864, with S. C. Bever as Presi- dent, and J. L. Bever, as Cashier. This bank was successor to S. C. Bever & Son, a private bank which commenced doing business in the year 1858, making twenty years of continuous business, a longer period than any other bank in city or county has existed. The bank enjoys the confidence of the community to a remarkable degree, and always carries large deposits. The capital is $100,000; circulation, $90,000. The bank building, corner of Commercial
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HISTORY OF LINN COUNTY.
street and Iowa avenue, is three stories high, with plenty of room for the trans- action of business, and is an elegant structure. The officers remain the same as at the beginning.
The Union Bank was organized in February, 1870, under the State laws, as "Union Savings Bank," but changed to the present name in 1875. Hon. George Greene has been the President since the first organization. C. B. Rowley was the first Cashier. At the end of the first year, Mr. H. B. Stibbs was elected Cashier, and yet retains the position. Five years ago, Mr. Peter Martel was appointed Assistant Cashier, and still holds the place. The bank owns its building at the corner of Washington street and Iowa avenue. It has a large paid-up capital, and has always transacted a large business.
Mr. G. F. Van Vetchtin established a banking house in the city in 1876, and is at present located on Washington street, in post office block. He has ample banking capital, with a long experience in the business. It is under- stood that he intends to erect a banking house that will be an ornament to the city. This addition to the business interests is one of the most valuable that have located here for some time.
The following banking firms did business in the city at one time, but are not now in existence. Some of the parties are connected with other institutions, and others have retired from business entirely.
Greene & Weare, bankers, commenced business in 1855. The firm did a very large business, and at one time had a number of branch banks in other portions of the State.
From 1854 to 1857 a phenomenal state of affairs existed in money matters in the West. Owing to a vicious system of legislation in many of the States, a large brood of irresponsible banks sprang into existence, and money, or at least what purported to be such, became very plenty. Many of these well-executed promises to pay had no intrinsic value beyond the implied indorsement of the local bankers who paid them out. Thus it came about that bills which passed current in one part of the State, because they were received by the local bankers, were utterly worthless as currency in other parts of the State.
Messrs. Greene & Weare, through their numerous branch banks in the State, floated a good deal of Nebraska money, but they protected it, and people suffered no loss, such as occurred in many parts of the West.
The banking house of Carpenter, Stibbs & Co. commenced business in 1857, and continued until 1869. During the twelve years of its existence, it did a large business, retaining a large hold on the confidence of the public.
Ward, Bryan & Co. did a banking and exchange business on Commercial street, from 1855 to 1857.
Carpenter, Lehman & Co. did business for about a year, from 1856 to 1857.
Dodge, Carr & Co. was a banking firm that flourished about the same time, from 1856 to 1857.
Elihu Baker & Co. were successors to Carpenter, Lehman & Co., and conducted a banking business from 1858 to 1860. Mr. Baker became identified with the State Bank of Iowa after the establishment of that institution, being appointed by the State authorities, and the banking house was discontinued.
BUILDING AND LOAN ASSOCIATIONS.
There are two building and loan associations in Cedar Rapids. These organ- izations are of great benefit to stockholders in encouraging savings of small amounts monthly, which are easily paid, swelling in a few years to a handsome sum. The shareholders pay $1 a month for eight years. at the end of which
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time the shares, it is expected, will be worth $200. The amount paid in being only $96 in that time, the profit is large, all arising from small payments at such intervals as cannot distress even the poorest person in the community.
The Valley City Building and Loan Association was organized in June, 1876. The first Board of Officers was : S. C. Bever, President; C. J. Ives, Vice President ; George W. Bever, Treasurer ; Charles E. Heath, Secretary ; James Morton, G. W. Bettesworth, Auditors ; Blake & Hormell, Attorneys. All subscribed for in a single year constitute a separate series, which will be wound up and the profits divided in eight years. After eight years from the date of organization, there will be a series wound up and another one commenced each year. The officers remain as at the beginning, except that, A. H. Spangler is Secretary, vice C. E. Heath, resigned. G. W. Bettesworth has retired as one of the Auditors, which place is filled temporarily by George W. Bever. The organization is in good hands and cannot fail to be successful.
Cedar Rapids Building and Loan Association. Organized and began business May 1, 1874. The first officers were : W. W. Walker, President ; P. Mullaly, Vice President ; Peter Martel, Treasurer ; Charles E. Heath, Secretary. The association has been quite successful since the organization, with a large list of shareholders pretty equally divided between the two classes necessary to the prosperity of such associations, viz., borrowers and lenders. Many persons depending on their daily labor for support have been enabled by their connection with this association to secure a homestead for their families. The shareholders have made their fifty-first monthly payment. At the end of eight years from 1874, the assets will be divided pro rata among the share- holders. At that time it is expected that the shares will be worth $200, $96 only having been paid in per share.
The funds have been well managed so far, and there is no reason to doubt. the ultimate realization of the plans of the founders. The officers remain the same as at the beginning, except that E. F. Pomeroy was elected Secretary in 1876, and continues in that capacity.
INSURANCE COMPANIES.
There are two insurance companies in the city. The Farmers' Insurance Company is the oldest, and has been in operation since 1860. In insurance circles it is considered one of the safest and best managed companies in the State. The first officers of the company were: S. C. Bever, President ; L. Daniels, Vice President ; O. V. Munn, Secretary ; A. C. Churchill, Treasurer.
The Company has always paid its losses promptly without unnecessary delay in adjustments. It insures only farm property and detached dwellings, and hence is not liable to extraordinary losses through extensive conflagrations. The capital stock of the Company is $100,000.
The present officers are: J. H. Smith, President ; Adam Perry, Vice Presi- dent ; J. B. Henderson, Secretary ; J. W. Henderson, Treasurer.
The Cedar Rapids Insurance Company was organized May 18, 1878. The Directors are : E. L. Mansfield, President ; D. A. Bradley, Vice President ; W. D. Watrous, F. J. Upton, J. R. Kinney, George A. Lincoln and Anthony Sulek. A. H. Spangler is Treasurer ; J. A. Perkins, Secretary, and E. S. Hill, Gen- eral Agent. W. D. Watrous, C. W. Burton and G. A. Lincoln constitute the Executive Committee. The paid-up capital is $25,000. Farm property and detached dwellings only are insured. The Company is composed of thorough- going business men, representing a large aggregate capital. In such hands the success of the enterprise is assured.
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HISTORY OF LINN COUNTY.
IOWA STATE AGRICULTURAL SOCIETY.
The first Annual Fair of the State Agricultural Society held in Cedar Rapids took place in September, 1871. The State Fairs have been held here annually ever since, with the exception of the years 1874 and 1875, and it will be held here again in September of this year. The grounds are located to the northeast of the city limits, and comprise sixty acres of land inclosed with a tight board fence eight feet high. The inclosure contains all the necessary buildings, which are large, convenient and well arranged for the pur- poses intended. The grounds are tastily laid out with beautiful drives. A rich carpet of grass prevents the radiation of the sun's rays in the hot after- noons, while numerous native forest trees cast their grateful shadows and afford protection from the sunshine and storm. Ample provision is made for the many hundred domestic animals, of the highest and best breeds, which are annually on exhibition here. The race track is half a mile around, and is the best one in the West, according to the testimony of horsemen. The amphi- theater will seat eight thousand people. The grounds as a whole are not exceeded anywhere in the West. It is not improbable that the fairs of the State Society will be held here for many years to come, as it is not probable that any other locality will be willing to prepare grounds and buildings which would compete with these for the accommodation of the State Society. A local society owns the buildings, being entitled to a certain percentage of the annual receipts.
When the State Society first decided to hold the fair there, it was in debt considerably. Three fairs were held here, at the end of which time the debt was cleared off, and a handsome sum graced the treasurer's box. After two years' trial elsewhere, the society came back to Cedar Rapids in 1876, with an empty treasury and in debt. Two fairs here have put the society on its feet again financially. These are strong reasons why the fair should be kept here for several years to come.
WHOLESALE INTERESTS.
Hardware .- The wholesale hardware house of Jones & Eaton is one of the largest in Iowa. The business was originally established in 1859. The present proprietors succeeded H. S. Camp & Sons in 1869. They are located in Merchants' Block, 48 Iowa avenue, occupying a large building of three stories. They do a general shelf and heavy hardware business, carriage and wagon stock. iron, nails and steel, in which their sales aggregate more than $100,000 annually. Their sales are west to the Missouri River, and north to the Minnesota line.
E. K. Larimer established his hardware house in 1869, and is at present located on Commercial street, near Eagle. Mr. Larimer does a general whole- sale business in wagon and carriage material and blacksmiths' goods. His sales are in Iowa, Nebraska and Southern Minnesota.
Wholesale Grocers .- The wholesale house of Cook & Frick was established in 1857. They are located at 92 and 94 Iowa avenue, adjoining the railroad depot, occupying three floors, and deal extensively in all kinds of grocers' stock. Their sales are principally in Iowa. Their business amounts to nearly $400,000 per annum.
The wholesale house of A. C. Keyes was established in 1856. It is located on Commercial street. He does a general grocery business. Their sales are in Iowa.
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HISTORY OF LINN COUNTY.
Wholesale Furniture .- The Chicago Furniture Company established itself in Cedar Rapids in July, 1877, and does a wholesale business in furniture and upholstering goods. The sales of the company are principally in Iowa. The company are located on Iowa avenue.
Wholesale Clothing .- The wholesale clothing house of A. Levi & Son was established in 1873. They have been doing a retail business since 1868. Their manufactory is in Philadelphia. The sales of the house are in Iowa. They are located on No. 30 South Commercial street.
Wholesale Notions .- Braum & Jones, successors to Bennett & Jones, dealers in wholesale notions, furnishing and fancy goods. The business was originally established in 1872. The present proprietors have carried on the business since 1875. Their sales are in Iowa, Minnesota and Nebraska. They are located at 10, 12 and 14 Eagle street.
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