USA > Iowa > Clinton County > Wolfe's history of Clinton County, Iowa, Volume 1 > Part 32
Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).
Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25 | Part 26 | Part 27 | Part 28 | Part 29 | Part 30 | Part 31 | Part 32 | Part 33 | Part 34 | Part 35 | Part 36 | Part 37 | Part 38 | Part 39 | Part 40 | Part 41 | Part 42 | Part 43 | Part 44 | Part 45 | Part 46 | Part 47 | Part 48 | Part 49 | Part 50 | Part 51 | Part 52 | Part 53 | Part 54 | Part 55 | Part 56 | Part 57 | Part 58 | Part 59 | Part 60 | Part 61 | Part 62 | Part 63 | Part 64 | Part 65 | Part 66 | Part 67 | Part 68 | Part 69
SHORT REMINISCENCES.
In the settlement of every new country there are always some laughable and pathetic scenes, a record of which should be made in the later annals of the county in which they transpired, hence the following are copied from a little pamphlet published on the history of Wheatland a few years since by that pioneer editor's son, A. W. Gault, and they run as follows :
In the early days of Wheatland while M. L. Rogers was doing business he advertised to the tune of eighty dollars per column a year, and at one time did a business of two hundred and fifty thousand dollars a year by thus doing.
Ducks were so plentiful that in many instances a wagon load were killed at one shoot and brought to town.
An amusing incident is told of M. L. Rogers in his first shanty store. It was no uncommon thing to see "Mart" holding an umbrella over his wife's head while she prepared the meal-the roof was leaky!
Jokes were then free and taken as a matter of course. M. L. Rogers at one time sold a pair of shoes to an old fisherman known as Shute, and for pay was to take "fish as they run." The pay in fish did not come in as Rogers had expected and so one day he asked about the debt. "Yes," said Shute, "they are running nicely now, go take them." Mart saw the point, cancelled the debt and smiled.
In early days, where now stands the German church there was harvested wheat that averaged forty bushels per acre.
When Wheatland was yet a small place, the Germans and Irish (who never seem to get along well) fought for the supremacy. Clubs, boards and the like were brought into action and many sore heads resulted. The Ger- mans, however, came out victorious.
The Wapsie Rangers .- Previous to the platting of the town. there existed a band of outlaws and horse thieves and in order to protect themselves against their depredations, the Wapsie Rangers were organized. There lived at this time, just across the Wapsipinicon river and on a farm later owned by Mr. Griffin, a man by the name of Bennett Warren. While he was suspicioned of
Digitized by
334
CLINTON COUNTY, IOWA.
aiding criminals, it is said that sufficient evidence could not be obtained to convict him. Nevertheless a gang of vigilants went to his house June 27, 1857, and took him to a small grove near by and hung him, after the com- mittee had found him guilty of harboring horse thieves, keeping and secreting stolen goods and habitually passing counterfeit money.
In July, the same year, Alonzo Gleason and Edward Soper were hung in a grove near Lowden. The headquarters for this Wapsie Ranger society was near Big Rock. No innocent man was ever injured or hung, but terror was set to the soul of offenders of the law and soon things regulated them- selves.
Digitized by
CHAPTER XXXVI.
BANKS AND BANKING IN THE COUNTY.
Banks are a necessity in any locality where commerce is carried on to any considerable extent. All governments realize this fact and seek to stand between the people who have such transactions and the men or com- panies who carry on such a line of business. The modern banking methods are radically different from what the pioneers found them, prior to the Civil war. The old "wild-cat" and "red dog" paper money that circulated in the Western states in the early days were really promises to pay, without funds sufficient to pay with. The old state banks in every state in the Union were little improvement over the private banking system. What was known as "bank detectors"-little pocket pass-books that were issued at least once each month, and usually oftener-quoted the discounts on the bills in circu- lation. These fluctuated wonderfully. On Monday a bill of some Ohio or Indiana bank might be quoted at eighty-five cents and before another Mon- day rolled around it might be quoted at twenty-five cents on the dollar and possibly reported "suspended." Farmers frequently hauled pork or grain to Galena, Illinois, sold it at sundown and took a Wisconsin paper note on some Wisconsin bank, and after sleeping over night, till banking hours, went to the bank, but only to be shaved twenty per cent. discount on the checks given by the dealer. No man felt safe until he had first gotten gold for his paper, no odds what the discount might be.
While there may be flaws in the national and state banking laws of to- day, no one can reasonably complain about the currency and a safe money on which to do business. One dollar is as good as another-it matters not whether the farmer receives in exchange for his produce a five-dollar gold coin, a five-dollar silver or gold certificate or a national bank bill, it is one and the same on the American continent. Men are not now ruined finan- cially because of poor money, but by the risks they may take in handling the same. In the early days it was reversed-innocent, hard working men lost their all in a week on account of an unstable monetary system.
THE FIRST BANK IN CLINTON COUNTY.
Lyons has the honor of being the pioneer seat of banking in this county. It was by the establishment of a private bank by A. C. Root, in 1845, which
Digitized by Google
336
CLINTON COUNTY, IOWA.
concern for many years carried on a thriving business in a small structure on Exchange street, near the levee. It was too small for a good banking house of the present day to place its vaults within. This bank continued in the place described until 1855, when Mr. Root moved to the bank build- ing at the corner of Main and Second streets, where he remained until he sold his interest, in 1860, to O. McMahan and W. N. Evans, who continued it till August, 1865, when the business was merged with the Lyons First National Bank, with a capital of fifty thousand dollars, which was soon in- creased to one hundred thousand dollars. The following will give the later history of this concern :
FIRST NATIONAL BANK OF LYONS.
This sound institution was organized July 6, 1863. and was the sixty- sixth national bank chartered in the United States. Its capital was sixty thousand dollars. Its first officers and directors were: James P. Gage, president ; Isaiah Goldy, vice-president; W. M. Evans, cashier. The direc- tors were O. McMahan, Isaiah Goldy, Thomas Thomas, Jr., A. R. Cotton, John K. P. Balch, Norman Boardman, John P. Rice, James P. Gage and James Hazlett.
The bank was opened for business August 17, 1863. The location se- lected was the corner of Main and Second streets. On September 7, 1863, it was voted to increase the stock to one hundred thousand dollars. Jan- uary 4, 1864, a change of owners, etc., was made, when the stock was pur- chased by the Lyons City branch of the State Bank of Iowa. The matter of increasing the capital stock was rescinded. James P. Gage was still pres- ident. In April, 1865. however, it was voted to increase to one hundred thousand dollars capital. The occasion of the two banks merging was the fact that Congress passed an act taxing circulation of state banks ten per cent, which compelled the Lyons Branch bank to transfer its business to the National. The old State Bank (branch) had a capital of fifty thousand dol- lars. The Branch of the State Bank did not get all of its business closed until May. 1866. In June, 1869, the First National Bank suffered a loss of thirty-five thousand dollars by the burglary of United States five-twenty six per cent bonds taken from the Ocean National Bank of New York.
In 1874. this bank paid on certificates of deposit not less than three months' interest at the rate of six per cent. In January, 1877, it was re- duced to five per cent.
On June 7, 1882, the charter having about run out, new articles were
Digitized by Google
337
CLINTON COUNTY, IOWA.
prepared, new officers elected for the re-chartered national bank, No. 2,733, instead of the old "sixty-six." Business under the new form commenced June 15, 1882. In 1892, on account of the death of President McMahan, D. Joyce was elected to the office. In 1893 the interest on deposits had fallen to five per cent on four months calls. May 4, 1901, it dropped to three per cent on deposits under certificates. March 12, 1902, resolutions were passed by the directors to secure renewal of charter until June 7, 1922.
In 1894 President Joyce died and D. J. Batchelder was elected in his place. In November, 1904, President Batchelder died and was succeeded by W. T. Joyce, who in August, 1908, resigned and was succeeded by S. Briggs. October 4, 1909, interest on deposits was raised to four per cent.
The cashiers of the banks (No. 66 and No. 2,733) have been as fol- lows: Bank No. 66, the first bank under the national banking act here, W. M. Evans, R. N. Rand, William Holmes; under the reorganized bank, David Joyce, William Holmes, J. H. Peters and M. L. Gabriel.
The June 30, 1910, statement of this bank shows assets amounting to $870,375.17; its liabilities were, capital, $100,000; surplus and profits, $65,- 655.34; circulation, $64,400; deposits, $640,319.83. The combined capital, surplus and profits was $289,192.11, and combined deposits, $1,834,720.37. The last figures refer to the two branches of the bank.
LYONS SAVINGS BANK.
Articles of incorporation were filed for this institution February 5, 1891. C. L. McMahan was its first president, and J. H. Peters, treasurer. Its number is 261. In 1893 from four to five per cent interest was allowed on deposits. In October, 1895, the capital was increased to fifty thousand dollars, and interest on deposits less than six months fixed at three per cent. In July, 1900, the Gage block was bought for banking house purposes and improvements made. In 1902 the stock was increased to one hundred thousand dollars. Early in 1906 the Clinton brewing property was pur- chased and the Gage building authorized sold. May 9, 1907, the new bank building was completed.
The presidents of Lyons Savings Bank, No. 261, have been B. H. A. Henningsen, D. J. Batchelder, William T. Joyce and Stephen Briggs. The cashiers have been J. H. Peters and A. L. Holmes.
On June 30, 1910, the assets of this savings bank were $1,317,937; its liabilities were, capital $100,000, undivided profits $23,536, and deposits $1,317,937.31.
(22)
Digitized by Google
338
CLINTON COUNTY, IOWA.
IOWA STATE SAVINGS BANK.
The Iowa State Savings Bank, of Lyons, was opened for business Sat- urday, April 29, 1905, in the Masonic Temple block. Its capital was then seventy-five thousand dollars and its president was Charles H. Ingwersen. Its first notice to the public was in a circular sent out a part of which read:
"Recognizing that the increasing wealth and business of Lyons can well support additional banking facilities, the Iowa State Savings Bank has been organized and incorporated under the laws of the state of Iowa. with a paid-up capital of seventy-five thousand dollars, and hereby announces the commencement of business on Saturday, April 29, 1905, in the old banking room in the Masonic Temple, corner of Main and Third streets, Lyons, Iowa."
With the passing of the few years since the bank opened, it has re- deemed all promises contained in the above announcement, and is today an excellent savings bank. At the close of business, June 30, 1910, it had as- sets and liabilities amounting to $467,591.91. It has sight deposits amount- ing to $73,707; time deposits, $58,405; in pure savings deposits, $237,760. Gustav Gradert is the capable cashier at this date.
CLINTON BANKING.
The first bank in Clinton was opened up for business by D. W. Dakin, in 1857, in the old Iowa Central block. In 1860 he disposed of the interests he held to Messrs. Budd & Baldwin, who, in 1863, disposed of their inter- ests to W. F. Coan, under whose charge it was removed from between Sixth and Seventh avenues, on Front street, to the corner of Fifth avenue, and on May 1, 1865, merged into the Clinton National Bank, which was organized by some of the strongest capitalists of the city at that day. Its capital was first sixty thousand dollars. Its first officers are named later in this article. It succeeded from the first. In 1879 it had a surplus of fifty thousand dollars. In 1867 the bank purchased a lot on the corner of First street and Sixth avenue, where they built a commodious banking house.
The Clinton National Bank was organized February 27, 1865, by the following incorporators : W. F. Coan, Chancy Lamb, W. J. Young, Sam- uel Rand, Isaac B. Howe, John C. Bucher, Pitkin C. Wright, William Campbell, T. F. Butterfield. Loring Wheeler. D. W. Eldred, William Full- er, George Beach and James A. Townsend. The first officers were: W.
Digitized by Google
339
CLINTON COUNTY, IOWA.
F. Coan. president; John C. Bucher, vice-president; James A. Townsend, cashier.
This banking house is now operating under its third charter, with the following as its present board of directors and officers: C. C. Coan, pres- ident ; W. J. Young, Jr., vice-president; W. F. Coan, Jr., cashier; Courtland H. Young and Edward A. Young completing the list.
The present capital is sixty thousand dollars; loans and discounts, one hundred and forty-two thousand dollars.
CLINTON SAVINGS BANK.
The Clinton Savings Bank filed its original articles of incorporation, June 23, 1875. Its first board of trustees were W. J. Young, W. F. Coan, Milo Smith, C. H. Toll, Chancy Lamb, Artemus Lamb, E. S. Bailey, I. B. Howe and J. C. Weston. The original officers were: W. J. Young, pres- ident ; Chancy Lamb, vice-president; W. F. Coan, secretary and treasurer. The board of 1910 is as follows : C. C. Coan, W. J. Young, Jr., Courtland H. Young, F. A. Wadleigh, Edward A. Young, with C. C. Coan as presi- dent : W. J. Young, Jr., vice-president : W. F. Coan, Jr., secretary and treas- urer. The present capital of this bank is fifty thousand dollars.
THE CITY NATIONAL BANK.
In the spring of 1870 Messrs. Augustus L. Stone and Alfred G. Smith came to Clinton from New York state and opened the private bank above referred to. It was located nearly opposite the present location, and was conducted under the name of Stone & Smith. This was the foundation of the City National Bank, which was organized in 1880 with Mr. Stone as president and Mr. Smith as cashier.
Winning the confidence of the public from the beginning, their private bank had won a merited success, and having associated with them a line of stockholders who were successful and energetic business men, from among whom an able, intelligent and enterprising board of directors was selected, the career of the bank has been a successful and progressive one. Its orig- inal capital was one hundred thousand dollars, which was increased soon after its organization to one hundred and fifty thousand dollars, and it now has a surplus of over ninety thousand dollars.
In 1901 Mr. Stone retired from the presidency and A. G. Smith was elected to the position, and his son, A. C. Smith, elected cashier. Since
-
Digitized by Google
340
CLINTON COUNTY, IOWA.
that time the growth has been steady, rapid and healthy. The deposits have passed the two million dollar mark and its clientage numbers many of largest manufacturers and most solid business men of the city of Clinton. It is a clearing house for eighty corresponding banks and is a depositary of the United States government.
Few banks have such a forty years' record, at the same location and without a visible check in its growth during the period. The present offi- cers and directors are: A. G. Smith, president; G. M. Curtis, vice-presi- dent; A. C. Smith, cashier; C. F. Curtis, H. W. Seaman, James Peterson, L. P. Allen, L. P. Tritschler and J. H. Shaff.
MERCHANTS NATIONAL BANK.
The Merchants National Bank of Clinton was organized July 1, 1887, by the following persons: B. H. A. Henningsen, Ezra May, C. D. May, J. P. Gage, A. R. Olney, W. I. Hayes, R. C. Vankuran, G. D. McDaid, T. J. Hudson, Helen J. Gage, S. Shoecraft, Philip Tritschler, C. Moezinger, Charles Arlen, Edw. A. Arlen, J. G. Cornue, A. E. Duncan, Henry Gerhard, John Smith, L. F. Sutton, L. G. Eastman, J. S. Hart and others. At that time its officers were: B. H. A. Henningsen, president; J. P. Gage, vice- president; R. C. Van Kuran, cashier; C. D. May, assistant cashier. The present officers are: George E. Wilson, president; S. Shoecraft, vice-presi- dent : C. D. May, cashier.
The capital of this banking institution is $100,000; its surplus, $20,000; undivided profits, $6,500. It has deposits to the amount of $780,000, mak- ing the total assets $1,025,000. It occupies quarters at No. 514 Second street, which have been continuously used for banking since it was built by the late James P. Gage.
The presidents of this bank have been respectively: B. H. A. Hen- ningsen, E. S. Bailey, Lafayette Lamb, W. T. Joyce and George E. Wilson. Its present board of directors is composed as follows: A. P. Barker, F. J. Iten, C. D. May, A. R. Olney, Fred Rixon, S. Shoecraft, A. H. Stuede- mann, George E. Wilson, Jr.
PEOPLES TRUST AND SAVINGS BANK.
The Peoples Trust and Savings Bank of Clinton, one of the firmest financial institutions in the Upper Mississippi valley, was organized in 1893. The incorporators were: Chancy Lamb, Artemus Lamb, Lafayette Lamb,
Digitized by Google
341
CLINTON COUNTY, IOWA.
Edwin P. Wells, C. F. Alden, Daniel Langan, George B. Young, Phineas S. Towle, August M. Ingwersen. Of this number only two are now living.
The first officers of the bank were: Artemus Lamb, president; C. F. Alden, vice-president; G. B. Young, general attorney; J. H. Ingwersen, assistant cashier. The present officers are: J. H. Ingwersen, president; C. F. Alden, L. Lamb, C. B. Mills, vice-presidents; W. W. Cooke, cashier; J. L. Bohnson, assistant cashier; F. W. Ellis, attorney.
The capital of this banking house has always been $300,000. Its sur- plus amounts to $300,000. Its June, 1910, statement shows the following standing : Resources, $3,982,392.19; individual deposits, $284,600; banks, $375,206; time certificates, $88,605; savings deposits, $2,617,533. This is a record seldom surpassed in any western city. The class of stockholders and the able management of this bank makes it the pride of this section of Iowa. It was started at a time in which finances in this country were trembling in the scale, but it has never been found wanting in one particular. Their magnificent new bank building was erected in 1893, and stands on the north side of Fifth avenue, between Second and Third streets. Both its exterior and interior finish and design are imposing.
WHEATLAND.
In 1883 L. G. Homrighausen instituted a private bank in Wheatland with Henry Guenther as cashier. Mr. Guenther was the prime mover in the organization of the bank, and in 1886 the firm of John L. Guenther & Sons was organized to take over the business, with John L. Guenther, Sr., as president, Henry Guenther, cashier, Edward Guenther, assistant cashier, and with Peter Guenther and John Guenther, Jr., as the other members of the firm. This bank did a large business under that management for twen- ty-four years. .
In May, 1910, the German Trust & Savings Bank was organized as a state bank to succeed the bank of John Guenther & Sons. The capital of the new bank was placed at fifty thousand dollars, and the first officers, who are now serving, were elected as follows: Henry Guenther, president ; Adolph Lohse, vice-president. and Edward Guenther, cashier, while the re- maining directors are J. O. Devitt, Paul Paustian, George W. Mowry and Otto Siegmund. The capital is at present fifty thousand dollars, and the deposits on August 2, 1910, aggregated three hundred and sixty-three thou- sand dollars.
Digitized by Google
342
CLINTON COUNTY, IOWA.
CALAMUS.
The Exchange Bank of Calamus, a private bank, was established by S. B. Walker and W. F. Siegmund in 1895 or 1896, with S. B. Walker as president and W. F. Siegmund as cashier. This arrangement of offices and this management have continued to the present day.
At about the same time another private bank, the Bank of Calamus, was established by E. A. Christensen. This bank failed in a few years.
The Farmers Savings Bank, the first state bank established in Calamus, was organized in March, 1907, by Adolph Wendel, Conrad Kuebler, J. W. Reihman, W. H. Eaton, George Hayes, David Wagner and S. S. Arnold, with a capital of sixteen thousand dollars. The first officers were: Con- rad Kuebler, president; Adolph Wendel, vice-president, and J. F. Mueller, cashier. Mr. Mueller served but a short time, when his place was taken by C. A. Blake, who is the present cashier. George Hayes has since been chosen as president, and Mr. Wendel is still vice-president. The present capital is sixteen thousand dollars, and the deposits and surplus on August 3, 1910, aggregated eighty thousand dollars.
LOW MOOR.
The Citizens Savings Bank of Low Moor was organized as a state bank in 1903. with a capital of fifteen thousand dollars. The directors are J. H. Shaff, W. L. Dannatt, R. J. Dannatt, E. E. Young, R. J. Gibson. John Simon and U. J. Howson. The present officers are: J. H. Shaff. presi- dent ; R. J. Dannatt, vice-president : C. A. Wolfe, cashier, and Helen E. Dannatt, bookkeeper. The first officers were the same, with the exception of S. C. Bauder, vice-president. The bank building was burned in the fire of 1907, and the present building, of white brick and Bedford stone, was constructed since.
The present capital is fifteen thousand dollars, and on February 16. 1910. the deposits and surplus aggregated one hundred and sixty thousand seven hundred dollars.
TEEDS GROVE.
The Teeds Grove Savings Bank was organized November 26. 1906, by H. H. Petersen and J. J. Gehlsen. with a capital of ten thousand dollars. Since its organization the following have served as officers: J. J. Gehlsen, president : Charles Jargo. vice-president : H. H. Petersen, cashier, and S.
Digitized by Google
-
343
CLINTON COUNTY, IOWA.
H. Kunau, assistant cashier. On August 5, 1910, the surplus and deposits aggregated sixty-nine thousand five hundred dollars.
LOST NATION.
In 1890 the first bank in Lost Nation was established as the Bank of Lost Nation by D. D. and C. W. Comstock. The Citizens Savings Bank was established in 1900, and in 1910 these two banks consolidated as the Citizens Bank of Lost Nation, of which C. W. Comstock, cashier, is the pro- prietor.
The First National Bank of Lost Nation was organized July 25, 1900, A. L. Cook taking the lead in the organization. The capital was twenty- five thousand, and the first officers were A. H. Gish, president; J. D. Busch, vice-president, and A. L. Cook, cashier. The present officers are: M. W. Burnett, president; J. D. Busch, vice-president; A. L. Cook, cashier, and Fred Dickman, assistant cashier.
The capital remains the same as at first, and on June 30, 1910, the surplus, undivided profits and deposits aggregated one hundred and sixty- three thousand five hundred dollars.
ELWOOD.
The Elwood Savings Bank was organized as a state bank in February, 1904, and began business April 25, 1904. with a capital of ten thou- sand dollars. The first officers were: George E. Langham, president : Jo- seph Sadler, vice-president ; A. L. Cook, cashier. C. C. Irwin, F. W. Busch, W. S. Hill and John Galloway were also connected with the organization. The present officers are: C. C. Irwin, president ; F. W. Busch, vice-presi- dent : W. S. Hill, cashier, and Grace Hill, assistant cashier.
The capital remains the same as originally, and the deposits and sur- plus aggregated forty-three thousand dollars on August 9, 1910.
WELTON.
The Farmers & Merchants Bank of Welton, a private bank, was organ- ized in October, 1908, and a brick building erected and the bank installed therein by December 21st of that year. The first officers, who are those still continuing, were: A. M. Price, president ; C. B. Berst. cashier: Paul Siegmund, auditor of books and accounts. Others concerned in the organ-
Digitized by Google
344
CLINTON COUNTY, IOWA.
ization were C. H. Arthur, William Lee and L. N. Williams. Many of the organizers are residents of De Witt, and the bank is managed by Mr. Berst. The bank is one of the most progressive of the private banks in the county.
DE WITT.
The first banking business established in De Witt was begun by J. H. Price and C. E. Dinehart in 1869, as Price & Dinehart. In 1874 Mr. Dine- hart sold his interest to Mr. Sanford, and the firm became Price & Sanford. In 1877 Mr. Price bought out his partner, and conducted the business under the name of J. H. Price & Son.
In 1884 the First National Bank of De Witt was organized to succeed J. H. Price & Son, Bankers, with a capital of fifty thousand dollars. The first officers were: N. A. Merrell, president; A. J. Clark, vice-president; J. H. Price, cashier, and E. W. Price, assistant cashier. In May, 1893, those concerned in the management of the First National Bank organized the Farmers & Citizens Savings Bank, with a capital of twenty-five thousand dollars, under the following officers: W. H. Talbot, president; N. A. Mer- rell, vice-president, and A. M. Price, cashier. These two banks are under one management and conducted in the same room. Their capital remains the same as at organization. The surplus, undivided profits and deposits of the two banks, as shown by their combined statement issued June 30, 1910, was nine hundred and eighty-five thousand dollars. The present officers of the First National Bank are: W. H. Talbot, president; William Lee, vice- president, and A. M. Price, cashier. The president and cashier of the Farm- ers & Citizens Bank are the same persons who hold those offices in the First National and the vice-president is Henry Moeller.
Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.