USA > Iowa > Clinton County > Wolfe's history of Clinton County, Iowa, Volume 1 > Part 33
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The De Witt Savings Bank was organized as a state bank in 1901 by W. H. Schlabach and nine others, with a capital of twenty-five thousand dollars. The first officers were: W. H. Schlabach, president; J. Alex. . Smith, vice-president, and J. V. Bloom, cashier. The present officers are: J. Alex. Smith, president; William Hines, vice-president, and J. V. Bloom. cashier.
The capital has not been increased; the surplus and undivided profits and deposits aggregated three hundred and forty-three thousand two hundred and five dollars on June 30, 1910.
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CHARLOTTE.
The first bank in Charlotte was organized as a private bank in 1896 by F. L. Butzloff, who was its cashier. A. J. Albright was president.
On September 1, 1903, the Charlotte Savings Bank, with a capital of twenty-five thousand dollars, was organized to succeed the private bank, with A. J. Albright, president, P. C. Hansen, vice-president, F. L. Butzloff, cashier, and B. E. Marlowe, assistant cashier. In 1908 the capital of the bank was increased to fifty thousand dollars, and on January 9, 1909, the bank moved into its specially erected bank building. C. W. Beeby is now president; Martin Dolan, vice-president; the cashier and assistant remain the same. There are more than ninety stockholders.
On June 30, 1910, the total of the deposits, surplus and undivided profits was two hundred and eighty-seven thousand dollars.
The Farmers and Merchants Savings Bank was organized in Decem- ber, 1908, run as a private bank for two months, and began business as a state bank in February, 1909, under the following officers, who are those at present at its head: P. R. Manion, president; Harry Beeby, vice-president ; Peter C. Duer, cashier ; C. T. Hanrahan, assistant cashier. Its capital was placed at twenty-five thousand dollars. On June 30, 1910, the deposits, surplus and undivided profits aggregated eighty-four thousand dollars.
GOOSE LAKE.
The Goose Lake Savings Bank was organized in 1907, and began busi- ness in 1908, with the following officers: Henry Kruse, president; George G. Boothby, vice-president; W. F. Schroeder, cashier, and L. E. Keiner, as- sistant cashier. These officers are at present in charge. The capital was fixed at twenty thousand dollars. There are about fifty stockholders. The total of deposits, surplus and undivided profits was on June 30, 1910, eighty- eight thousand dollars.
DELMAR.
The first bank in Delmar was a private bank organized about 1890, with D. W. Hurst as president and H. W. Flenniken as cashier. This con- tinued in existence until the organization of the Peoples Savings Bank.
In 1899 the Peoples Savings Bank was organized as a state bank with ten thousand dollars capital. The first officers were: F. P. Goodjohn, pres- ident ; C. C. Davis, vice-president, and J. C. Spencer, cashier. The remain-
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ing directors and organizers, in addition to these, were D. A. Hart and W. R. Barrick. In 1905 the capital was increased to twenty-five thousand dol- lars. The present officers are: P. Shollenberger, president; E. C. Mc- Meel, vice-president; F. P. Goodjohn, cashier, and H. L. Goodjohn, as- sistant cashier. On August 8, 1910, the deposits and undivided profits of this bank amounted to one hundred and seventy-three thousand seven hun- dred dollars.
GRAND MOUND.
The Peoples Savings Bank of Grand Mound was organized as a state bank January 24, 1900, with a capital of fifteen thousand dollars, with the following directors : George Jordan, William Voss, J. W. Reihman, A. M. Price, Henry Mueller, John O'Brien and F. H. Rock. The first officers, who still continue, were: George Jordan, president: William Voss, vice- president ; J. W. Reihman, cashier, and R. C. Quinn, assistant cashier.
In 1907 the capital was increased to thirty thousand dollars. The de- posits, surplus and undivided profits on June 30, 1910, aggregated three hundred and sixty-seven thousand four hundred dollars.
PANIC OF 1857.
(From Allen's History-1879.)
The financial annals of the county and the cities within its borders are essentially the same as of the Northwest. Three periods are tolerably well defined. The first was one of slow, steady and rather crude devlopment, by the arrival and settlement of pioneers, poor in nothing but financial re- sources. For some years they were too few to inaugurate any scheme for public improvements. Though, as previously noted, the necessities of life were abundant, money, for almost indispensable luxuries, was lacking. Then in the later forties and earlier fifties, began the period of activity. based partly on capital, and more largely on credit and discounting. a rather in- definite but rosy future.
In 1850-53 the recent discovery of gold in California filled even the prudent with visions of riches, and affected every county in the same stage of growth as Clinton at that time. Into her limits came companies of rail- road and land speculators, together with substantial settlers, who were des- tined to become the real authors of its wealth. As observed in the detailed
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chronicle of railroad and land enerprises, for a season all went prosperously till it crumbled before the panic of 1857 like the baseless fabric of a dream.
A digression is necessary to explain to the younger generation of read- ers how certain sections of the country could then have been brought to such a permanent standstill, and for them to appreciate the severity of the storm their sires had to weather. and to afford them useful lessons for the future.
The crisis of 1857 was due partly to excessive importation of foreign goods, and partly to the too rapid construction of railways with borrowed capital-just such enterprises as the projected Lyons & Iowa Central. A partial crop failure diminished the capacity of the country to pay for its imports in produce and compelled heavy coin exports. Confidence was dis- turbed by the failure of individuals and corporations. It became impossible to negotiate paper. As in 1837. a struggle was inaugurated between banks and merchants, which ended as such struggles must, in the suspension of both. In October. the New York City banks suspended specie payments, and the example was followed throughout the country. Merchants and rail- way companies generally failed. The failure of a highly esteemed corpora- tion, the Ohio Life and Trust Company, has generally been considered the starting point of the panic. But the elements of a radical revulsion, in the shape of unduly expanded bank credits, excessive conversion of floating capital into fixed capital, the construction of an extensive railway system, with capital borrowed on call. chiefly from abroad, and last of all, a partial crop failure, had been present for some time, and the result had been fore- seen and predicted. Prices fell fifty per cent. in a few days. Money was so stringent that bankers were actually unable to borrow currency on gold bullion.
The Michigan Southern sold a guaranteed ten per cent stock at fifty cents. and the Michigan Central an eight per cent mortgage bond at the same price.
When the banks suspended in monetary centers, relief came. Confidence gradually returned, money flowed into Wall street, prices improved, and many banks resumed in December. Many who had lost fortunes during the depression recovered at least a part of them during the winter and spring. But it was several years before the commercial classes recovered from the blow, and the West and South remained poor quite as long.
The stringency of commercial and financial matters, and the dullness of times during the months immediately following the break-up in 1857. cannot be understood except by those who went through those troublous days. Not only was the country without money, but it was also poor in
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commodities-not as in 1873, overloaded with products, and with merely the machinery of trade and business deranged. Those who remember only the latter panic, have no conception of the earlier disaster. An incident connected with the lumber trade will show how Lyons, previously so pros- perous and confident as to the future, was utterly prostrated.
Hosford & Miller had, in the spring of 1857, begun their mill at Lyons, and in the summer started the saws. Mr. Hosford had bought two rafts of a Galena banker, paying one thousand dollars advance. On the tim- ber being delivered, the financial storm having darkened the whole horizon. he offered to resign his advance, preferring not to risk working up the logs, or risk wintering them in the swift current of that year's high water. But upon the seller insisting upon sharing the risk, the rafts were delivered, as much lumber as possible cut therefrom before the early and severe winter that added so much to the gloom and distress of that time set in, and the rest of the logs hauled high. on the bank by the main force of the "bull-wheel." Discouraged by the outlook, Messrs. Hosford and Miller, like so many other firms, busied themselves temporarily elsewhere, leaving the Lyons interests in the hands of an agent, and the severity of the pinch can be perhaps ap- preciated by the fact that the agent did not transact, in a place of about one thousand people, with a large back country, business enough to pay his ex- pense, and had to be supplied with funds to live upon. In the spring, Mr. Hosford, thinking that greater energy might revive trade, gave his per- sonal attention to the yard, but though they sawed up great piles of lumber. it was impossible to dispose of any worth mentioning. Then Miller, think- ing that he could perhaps stir up some trade, endeavored to work off some lumber; but so torpid was the market, and so utterly depressed and inactive every building interest, that he only succeeded after many weeks in selling on credit one bill of about eighty dollars, to help build a small house owned by Peter Dick, just east of the present Riverside Institute, formerly the Randall House, which was built by Ben Lake in 1857.
It may be said that in the latter-day panics, no bank in this county had to suspend, or close its doors, even temporarily, and that during the stringent days of 1873, 1893-4 and 1907, these banks paid out whenever demand was made on them, to the full amount of the money deposited with them, while in many cities of Iowa and other states the amount was limited to five, ten and twenty-five dollars in any single day, no matter what amount might be deposited.
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CHAPTER XXXVII.
CLINTON AND LYONS.
Clinton, the largest city in Clinton county and the present seat of jus- tice, is situated on the west bank of the Mississippi river. It is in parts of sections 6 and 7 of township 81, range 7, and in sections 1, 11, 12, 13 and 14, township 81, range 6, and section 31, township 82, range 7. It is a beautiful and highly enterprising municipality, with extra broad streets, well paved and modern in all its appearance. Its present population is about twenty-seven thousand. The first town platted here was known as New York, of which hamlet further mention will be made in this chapter. Be- yond doubt there was more than one cause for Clinton being made the chief city. instead of Lyons, which had been platted long before. But perhaps all will now agree that the disagreement as to the crossing terms, depot grounds, etc., between the solid men of Lyons and the managers of the old Mississippi & Iowa Central railroad, together with the natural bridge site over the island opposite the Iowa shore at Clinton, had much to do with the selection of the site for a city. Again, the railroad men who took stock in the new. city site had personal and good financial reasons for Clinton being the head- quarters for the railroad now styled the Northwestern. T. T. Davis, con- fidential agent of Erastus Corning, and later identified with the Iowa Land Company, was a prime mover in the final selection of the site. It was he who after examining the site for a railroad bridge at the "Narrows" at Lyons, decided that it was not practical, and advised a crossing at some point lower down the Mississippi. The land about Lyons having been en- tered by others and naturally held at advanced prices, the men connected with the railroad project sought other and cheaper lands, and possibly used the river crossing as an argument for not locating at Lyons.
The base of operations at Clinton was really in the organization of the Towa Land Company, May 28, 1855. It was authorized by the general laws of Iowa and it was empowered to purchase, hold and improve and sell real estate, and do such other acts as were connected therewith. The first officers of this company were: C. B. Stewarts, president; J. G. Forbes, vice-president; R. H. Nolton, secretary. Colonel Van Deventer and J. C. Bucher were also conspicuous figures in the company.
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This company erected the first really substantial building in Clinton, the Iowa Central hotel and block, where its offices remained until December, 1878. The business of the corporation finally wound up about 1880. Be it said of these original city builders, that they were liberal minded and do- nated much to the people who should come here and dwell and to future posterity. They gave lots upon which churches were erected; they gave and platted several public parks now enjoyed by this generation and which will ever remain as monuments to their sagacity and good taste. In platting the city the streets were contrary to almost every other city in the country, being laid out one hundred feet wide. These streets are intersected by cross streets known as avenues, not less than eighty feet wide.
On July 4, 1855, this company purchased its first land, five hundred acres. situated at the great eastern bend of the Mississippi river. Then the city site was mostly covered with heavy timber, the bluffs being oak-covered. A natural levee stretched for miles along the west shore. It was not an easy site on which to build a great city, but it possessed many charming attractions and by much labor and expense the forests were cleared up and the swamps and marshes gradually filled in, so that the person who saw Clinton even twenty-five years ago would hardly conceive of the rough, uneven appear- ance it presented to the original proprietors. It was somewhat of a specula- tion as to whether a rail route would be constructed across Iowa from this point, but, not discouraged, the men behind the project set busily about mak- ing improvenients. Even at that day the later well known Col. Milo Smith was engaged in trying to push forward a line of railroad across the bogs and swamps in western Illinois to the west, but just where it was to terminate was a problem yet unsolved. The Civil war coming on, in 1863. the place was anything but prosperous and hope was not too sanguine of brighter days. Where the gas works now stands was a mere village of shanties; the city proper was bounded by the river. First avenue, the railroad track and Fourth street. Fourth street was scarcely defined when Grant was trying to take Vicksburg. But with the completion of the railroad bridge and the lo- cating of the round house and shops in 1865, the boom commenced and since that day the growth of Clinton has been steady and substantial.
The original town of Clinton, as laid out by the land company, con- tained but two hundred and ninety-one acres, but soon afterwards six addi- tions were made. making six hundred and thirty-five acres, nearly a square mile of plattings. Then followed the additions of Gray in 1866; Hyatt's in 1867; Flournoy's in 1868; Staryor's addition the same year; as well as Davis' addition: Aiken's addition in i869: Bluff addition about the same date : many more "second additions," and, finally, by 1875. Pearce's addition.
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CLINTON'S FORERUNNER-NEW YORK.
As already indicated, the original place where Clinton stands was known as New York and in describing the place pioneer Pearce wrote many years ago as follows :
"In the summer of 1836 I found J. M. Bartlett squatted on the little townsite, keeping a small store, the only building within a mile or more from the spot. He was the sole proprietor and monarch of all he surveyed- quite a funny talking fellow. who liked his whisky fully as well as he did money. He was ready for a trade of any kind, and was always ready to sell town lots, which he often accomplished, for some commodity, such as old harness, horses, wagons, plows, etc. Generally, in those days, money was minus; more commonly, a great deal of time, called credit. was given, particularly to such lot holders as our old friend Hogan, who owned the eighty over against the hill-side.
"As I was running the steamboat 'Missouri-Fulton' between St. Louis and Dubuque, and sometimes going as far up as St. Anthony's Falls, Minne- sota, and Fort Snelling, I had a chance to watch the little town of New York and its sole proprietor, upon whom I used to call nearly every trip. Besides its natural and commercial advantages, he would argue when trying hard to sell me the town site, that there was gold enough in and about the site to run the United States mint. He always insisted that he was digging for gold. and that he found it in large quantities. In the spring of 1838, I think it was myself and Col. B. Randall and Col. Jennings purchased the town from Mr. Bartlett, but I have no recollection that we gave any more on account of its mineral wealth.
"New York, at this time-1838-39-did not appear in a very flourish- ing condition, although there had been many lots sold at high prices, but mostly in barter and trade. For instance, a person having an old horse, or a broken-down team, would trade it for a town lot, get his deed, and con- sider himself worth some hundred of dollars in real estate. There were at this time three buildings in the city proper. These were Bartell's store, the Perrin house and that of the Pearces."
MUNICIPAL HISTORY OF CLINTON.
On January 26, 1857, the General Assembly conferred a city charter upon Clinton. It was unanimously adopted March 7. 1857, ninety-seven votes being cast. An amended charter was adopted April 5. 1859. by which
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the city was divided into four wards. In 1867, the old special charter was abandoned and it was chartered under the general laws of Iowa, as a city of the second class, having then fifteen thousand population.
The first council meeting was in an old wooden building, on the corner of First street and Third avenue. Then the council met in the Iowa Cen- tral building, and a lock-up was provided in the basement. Its next home was in a block opposite the later city building, on Second street. In 1867- 68, on Second street, between Fourth and Fifth avenues, an engine house and council chamber was erected of brick. Its cost was seven thousand dol- lars. By an arrangement with the supervisors of Clinton county, in 1867-77, a massive jail addition was constructed, in which the hardest of criminals were safely housed until their trial, obviating any attempt at lynching pris- oners. This cost about four thousand dollars. Prior to that time prisoners were kept in a wooden "calaboose" in the same block and prisoners fre- quently made their escape, on one occasion twenty-seven escaping in a body. This building served well its purpose until 1893, when the present city hall was erected, at a cost of twenty-five thousand dollars for the naked building.
The following have served as mayors of Clinton, from the first to the present : Samuel Crozer, 1857; J. C. Bucher, 1858; H. B. Horton, 1859; T. J. Flournoy, 1860; J. C. Bucher, 1861 ; T. S. Briscoe, 1862; W. H. Ank- ney, 1863; W. J. Young, 1864; A. P. Hosford, 1865; W. H. Ankney, 1866; J. C. Young, 1867; L. B. Wadleigh, 1868; J. W. Gottlob, 1869; C. S. Tay- lor, 1870-71-72; C. H. Toll, 1873-74; John J. Flournoy, 1875; J. T. Pier- son, 1876; J. J. Flournoy, 1877; Larkin Upton, 1878-79; Richard Price, 1880; F. A. Seavey, 1881-82-83; Abe Reynolds, 1884; F. D. McDowell, 1885; Arnold Walliker, 1886; John J. Pollock, 1887; C. W. Chase, 1888; T. M. Gobble, 1889; E. A. Hughes, 1892-94; T. M. Gobble, 1896; G. D. McDaid, 1898-1900; E. A. Hughes, 1902; W. B. Farver, 1902; James Peterson, 1904; H. U. Crockett, 1906; H. U. Crockett, 1908; James Smith, 1910.
Of the present finances of the city, let it be stated that the last report rendered the state officials showed that the city had a bonded indebtedness of one hundred and forty-three thousand dollars; for outstanding warrants, fifty thousand dollars; for special sewer debts, ninety-eight thousand dol- lars. It has ten miles of brick and ten of macadamized streets.
PRESENT CITY OFFICERS.
In the year 1910 the following had charge of the city of Clinton : Mayor, J. C. Smith; auditor, William E. Hayes; police judge, Frank E.
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"EAGLE POINT," NEAR CLINTON
As it appeared twenty-five years ago-now present site of Eagle Park, which overlooks the Mississippi River to the east, showing the railroad tracks below the high ledge of rock. In the stump of the tree seen in view, at an early day was housed a large eagle's nest-hence the name.
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1. 4, 4 INOX, AND I TILDEN FOUNDATIONS R L
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Leffingwell; solicitor, J. B. Ahrens; engineer, Reuben C. Hart; city clerk, William E. Hayes; treasurer, E. B. Chandler; health physician, Kurt Jean- icke; street commissioner, Sanke Bossen; health officer, F. A. Hohenschub; councilmen, Becker, Buckley, Gage, Goff, Greene, Kreiger, Miller, O'Neill, Smiley.
THE CITY PARKS.
No city is complete without its parks. Clinton has its parks, although up to this time they have not been fully improved. By another decade, doubtless, these matters will all have been attended to. Two small parks, De Witt and Clinton, adorn the south end of the city, while at the north end is Joyce's Park. The two at the south end were donated by the original town site proprietors and contain each one block, or square, lying between Third and Fourth streets, being quite centrally located, and are greatly appreciated and admired for their already broad and spreading shade trees, set out many years ago. Good cement paving surrounds these little breathing spots in the city, while even walks cross and re-cross the grounds, which are pro- vided with a liberal supply of iron and wooden seats. Each of these parks has special care day and night during the summer months, by a man well suited to care for them and keep order.
Besides these parks, the city owns several acres. along the river front, and, about 1900, purchased fourteen acres formerly the site of the Clinton Lumber Company's mill yards. This has, as yet, not been graced by many improvements. From Fifth avenue to Fourth avenue, at the river front, has been built a solid masonry retaining wall, which was partly the work of the United States government, and was secured by Congressman Curtis during his official term. The river was dredged and the dredgings allowed to be used as filling for the low land along the river front, owned by the city. Here the city has succeeded in making a fine park site and intend further improvements when finances will admit of the expenditure.
To the north of the city is Eagle Point Park, a handsome natural park, which is owned and improved by the street car company. It is on the most elevated part of the country and overlooks the meanderings of the Mississippi river. Near by are the Protestant and Catholic cemeteries. The most of the out-door entertainments of the city are held at Eagle Point Park, which for beautiful scenery and health-giving atmosphere is seldom surpassed. Suit- able buildings have been erected there and innocent amusements are pro- vided with the return of each summertime.
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CITY FIRE DEPARTMENT.
Without going to the illy kept records of years ago to learn of the earliest fire companies of Clinton, it is sufficient to say that ever since the city had an existence there has been some sort of company of men willing to defend the property of the city against the fire fiend. After the city con- structed (through a stock company) a suitable system of water works, the fire department has been on solid footing and has executed well its assigned duties.
The old Volunteer Fire Association of Lyons (before consolidation) was one of the best trained in all eastern Iowa, and took many prizes for its efficiency. When the two cities were finally united, the city of Clinton as- sumed the responsibility of the old fire company and it is today all one. The old veterans of Lyons have disbanded long since, wearing wreaths of well merited honor at many a hard fought fire in the last half century.
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