USA > Illinois > Peoria County > Peoria > Peoria city and county, Illinois; a record of settlement, organization, progress and achievement, Vol. I > Part 70
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six were initiated and enrolled as members, all of whom appear upon the records as charter members, although from lack of space in the charter itself, but eight names are there engrossed.
The charter was granted June 14, 1892, under the name of William J. Flor- ence Lodge, No. 20, there having been initiated to this date one hundred and seventy-one members. Subsequently, in consequence of a regulation of the grand lodge, the name of "Peoria" was substituted for that originally chosen, all lodges being required to take the name of the city in which they are located.
Leslie D. Puterbaugh served as the first exalted ruler by appointment while working under dispensation, and by election under charter, a term of two years and four months. Since that time the presiding officer has served for a lodge year. The following have been chosen successively: A. G. Tyng, Harry J. Gra- ham, Frank Baker, Fitch C. Cook, George H. Sampson, Charles S. Proctor, Alfred W. Beasley, Al. J. Kanne, William A. Murden, Harry M. Hayes, Tobey \'an Buskirk, Theodore L. Burkland, John N. Powell, L. W. Wells, S. O. Tripp, P. M. Hensler, S. F. McGrath, F. D. Fox and L. W. Quinn, the present exalted ruler. The secretary is Clarence W. Heyl.
The original meetings were held in Schnellbacher's Hall, and in 1892 the lodge removed to the third floor of the Niagara building. When that building was remodeled, the whole of the seventh floor being fitted up for it, the lodge took possession and remained there until October 15, 1898, the lodge once more moving, this time to the top floor of the National Hotel, where it kept open house to all brothers and their friends, until the building was destroyed by fire in the fall of 1911. However, the Orpheum Theatre building was in course of con- struction and the two upper stories were secured by the Elks and arranged to suit the wishes of the lodge. There it has been installed for several months past and its spacious and beautiful rooms are always open to the members and visiting friends.
A BRIEF HISTORY
During the winter of 1867-8 a small coterie of members of the theatrical and musical professions who at that time happened to be in the city of New York, banded together for the purpose of friendly social intercourse and recrea- tion. The prime mover in the formation of this little society, which was known among its members as the "Jolly Corks," was Charles Algernon Sidney Vivian, the son of an English clergyman, who had but a short time before landed in the city and was then singing at the old American Theatre on Broadway.
Increasing numbers and appeals for help by needy members of the profes- sion pointed to the formation of a society which would carry into effect such purposes by systematic methods, and thus by a slow but gradual process the Order of Elks was evolved.
It was at first urged by Vivian that the organization should be called "The Buffaloes," which was the title of a social organization of which he had been a member in England, but the majority of the new society were desirous of a name that was purely American in its suggestions, and at a meeting held Feb- ruary 16, 1868, the name of "Elks" was chosen, and that date has since been regarded as the natal day of the order, although the constitution and by-laws were not adopted until the following month.
At this time there were two degrees of the order, the chief officer in the first degree being known as the right honorable primo, and in the second degree as exalted ruler. These titles were used until the adoption of the ritual of 1883, when all the titles of the first degree were abolished and those of the second degree retained throughout the work, which was condensed to a single degree.
It was not long before the fame of the young organization began to spread and to create a desire for the propogation of its principles, which had also
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broadened upon other soil. In order to accomplish this it became necessary for the New York lodge, which had become incorporated, to surrender its control of affairs to a grand lodge, which was done in February, 1871, this grand lodge being composed of the fifteen original founders of the order, and all the past and then present officers of New York lodge. March 10, 1871, the grand lodge of the Benevolent Protective Order of Elks was given a charter by the state of New York, with power to issue charters to subordinate lodges throughout the country.
During the next six years the order spread gradually to Philadelphia, San Francisco, Chicago, Cincinnati, Sacramento, Baltimore, Louisville, St. Louis, Boston and Pittsburg. Eleven lodges with a membership of over eight hundred, grew from the single lodge of the fifteen "Jolly Corks."
From 1878 to 1881 no new lodges were organized, and for a few years the order grew but slowly until in 1885 occurred an event which was so far-reaching in its effect, and to which, probably more than to any other cause, is due the phenomenal growth of the Order of Elks. Up to that year the New York lodge had been able to maintain her contention that the grand lodge should meet annually in that city, but at that time it was forced to submit, and the annual meeting of 1886 was held at Cincinnati. Within one year the thirty-five lodges had increased to fifty-five, a gain of twenty, and the membership had grown from thirty-nine hundred to five thousand, five hundred. That settled the question and since that time the meetings of the grand lodge have been migra- tory, and the growth of the order steady until today there are some ten hundred and fifty lodges, while there are over two hundred and twenty-five thousand wearers of the antlers.
MISCELLANEOUS SOCIETIES
IMPROVED ORDER OF RED MEN
Arapahoe Tribe, No. 150; Huron Tribe, No. 93; Tippecanoe Tribe, No. 70.
DAUGIITERS OF POCAHONTAS
Alfarata Council, No. 31.
DRAMATIC ORDER KNIGHTS OF KHORASSAN
El Medi Temple, No. I.
INDEPENDENT ORDER OF FORESTERS
Court Glen Oak, No. 3027: Court Gibbons, No. 3852; Court Ford, No. 3499; Companion Court, Fort Clark, No. 316; German Order of Foresters.
KNIGHTS OF THE MACCABEES OF TIIE WORLD
Peoria Tent, No. 8; Invincible Tent, No. 14; Fair Play Tent, No. 40; Adams Tent, No. 45.
LADIES OF TIIE MACCABEES
Crystal Hive, No. 5; Glen Oak Hive, No. 122; Invincible Hive, No. 152; National Hive.
ROYAL ARCANUM
Ajax Council, No. 216; Peoria Council, No. 55.
ANCIENT ORDER UNITED WORKMEN
Central City Lodge, No. 202; Goethe Lodge, No. 8 (German) ; Hargrove Lodge, No. 310; Peoria Lodge, No. 15; W. F. Stevens Lodge, No. 342.
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COURT OF HONOR
Columbia Court, No. 12; Royal Court, No. 67; Glen Oak Court, No. 281; Peoria Court, No. 1037.
DEGREE OF HONOR
Olive Lodge.
IIARUGARI
Peoria Lodge, No. 353.
IMPROVED ORDER OF HEPTASOPHIS
Fort Clark Conclave, No. 729; Peoria Conclave, No. 266.
FRATERNAL ORDER OF EAGLES Peoria Aerie, No. 265.
FRATERNAL RESERVE LIFE ASSOCIATION
Golden City Lodge, No. 108; Peoria Lodge, No. 66; East Peoria Lodge, No. 56; East Peoria Legion, No. 172.
HEBREW SOCIETIES
The Circle of Jewish Women; Peoria Hebrew Relief Association; Jewish Ladies' Sewing Society; Ladies' Hebrew Aid Society; Sisters of Peace Chari- table Association; Ladies' Hebrew Benevolent Society ; Home of Shelter.
INDEPENDENT ORDER OF B'NAI BRITH
Progress Lodge, No. 118.
INDEPENDENT ORDER OF WESTERN STAR
Joseph B. Greenhut Lodge, No. 80.
ORDER BRITII ABRAHAM
Peoria City Lodge, No. 138.
ROYAL BENEFIT SOCIETY
Victor Circle, No. 27.
CHAPTER XXIX
HISTORY OF BANKING IN PEORIA-MEN WHO TOOK THE INITIATIVE IN THE BUSINESS -FIRST BANK BUILDINGS-PEORIA STRONG IN ITS FINANCIAL CONCERNS MODERN BANKS AND BANKING-THE PEORIA CLEARING HOUSE.
The welfare of the banks is closely identified with the prosperity of the community and their progress measures the development of its material re- sources.
The business of banking is of great antiquity and in its simpler forms no doubt was understood and practised by the Assyrians, Babylonians and Athe- nians. As the taking of interest for money lies at the root of all banking and furnishes the chief motive for it, wherever a people were sufficiently advanced to loan money for hire there would naturally spring up many of the practices and methods of modern banking. The transfer of credits was undoubtedly known among the ancients. They used checks and bills of exchange, but for all that they were very far from having the confidence in credit business that has since been fostered by modern banking methods. They used gold and silver coin and other commodities then in use as standards of value and media of exchange and had not invented representative money. It is more fanciful than correct to ascribe to the Romans the invention of modern banking. The business carried on by their money lenders and dealers was similar to that of the Jews of the middle ages and the Lombards.
When gold and silver were deposited, it was more in the nature of a special deposit to be kept until called for. There have always been money lenders, but banks for lending money are of comparatively modern origin. The bank of Venice, which originated in 1171, may be pronounced the forerunner of modern banking. It was followed by the Bank of Genoa, 1320; Bank of Amsterdam. 1609; Bank of England, 1694; Bank of France, 1716; and others at later dates. In the United States there have been private banks and chartered banks, and of the latter some have derived their powers from state legislatures and some from the Federal Congress.
. The National Bank Act, which became a law early in 1863, was modelled largely after the free banking laws of New York, Ohio and other states; and the distinctive principles which underlie it are government supervision of the operations of the banks and a circulation based directly upon the securities and guarantee of the government. The original act has undergone many modifica- tions, some of them of considerable importance ; and while in its operations it has proved of great value to the commerce of the country, it is undoubtedly capable of improvement and further changes may be expected in it in the not distant future.
In the early days few of the states were more cursed by fatuous banking enterprises than was Illinois, whose legislature repeatedly gave state aid to fan- tastic schemes which ended disastrously in almost every case.
These early banks, which violated almost every known canon of finance, seemed to spring up more readily in the southern part of the state and Edwards- ville, Shawneetown, Kaskaskia, Cairo and Alton are familiar names to students of this period of banking history.
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In contrast with these was "Smith's Bank," so called. in Chicago, which is- sued certificates of deposit in denominations from one dollar upward, which were always payable on presentation, although in 1851, there was an aggregate of $1,476,235.00 outstanding.
As a result of the unfortunate alliance of the state with successive banks, provisions were incorporated in the constitution of 1847, prohibiting the state from engaging in the banking business and requiring that all banking laws be submitted to a vote of the people. The provisions have been preserved in the present constitution adopted in 1870. The first banking law under the constitu- tion of 1847 was modelled after that of New York and was passed in 1851. While this law was faulty in some particulars, yet the banks organized under it rendered good service to the business interests of the state and provided a safe circulating medium up to the time of the Civil war, when it was displaced by the circulation of the national banks. Peoria seems to have escaped any direct con- nection with these ill-considered banking enterprises, largely, it is to be thought, because of her lack of prominence in those earlier days.
In his history of banking, John Jay Knox states that S. Pulsipher was the first of the Peoria bankers and mentions the establishment by Governor Matteson of the Central Bank of Peoria, which seems not to be historically correct.
William R. Phelps and B. L. T. Bourland established themselves as land agents and dealers in October. 1847. Later they began receiving deposits and selling exchange in a quiet way and also made commercial loans to a limited extent. Subsequently they formed a partnership with Gideon H. Rupert, James Haines and Thomas N. Gill of Pekin, and greatly extended their business, starting a banking house at Pekin, under the firm name of G. H. Rupert & Co., with a branch at Peoria, under the name of Phelps, Bourland & Co. Later, these two firms organized the Central Bank of Peoria, under the old state bank system, with Mr. Rupert as president, and Robert Arthur Smith as cashier. The banking house used by the firm was built by Messrs. Phelps and Bourland, and was located at the northwest corner of Main and Water streets. Sometime afterward the stock and fixtures of the Central Bank were sold to Governor Joel A. Matteson and his son-in-law. R. E. Goodell, Messrs. Phelps and Bour- land and the Pekin parties retiring. A few years later, the Central bank went into liquidation and discontinued its business. The banking firm of G. H. Rupert & Co., however, continued in business for some years at Pekin, and always main- tained a high standard of business integrity.
Messrs. N. B. Curtis & Co. established themselves as bankers here in 1851. locating at the northeast corner of Main and Water streets, and for many years conducted a large and prosperous business. For a time this concern seems to have had some connection with George Smith, the noted financier of Chicago, as it is reported to have put in circulation large amounts of the notes of the Marine and Fire Insurance Company of Milwaukee, and of Georgia banks (chiefly the issues of the Cherokee Bank of Dalton, Georgia), in which Mr. Smith was interested. This bank suspended during the panic year of 1857, but out of it grew the First National Bank of Peoria, the first national banking institution in the city.
Other early banking enterprises were those of J. P. Hotchkiss, established by Joshua P. Hotchkiss in the fall of 1852, which has since developed into the Second National Bank of Peoria; and of S. Pulsipher & Co., which was started about 1855 by Messrs. Sydney Pulsipher, B. L. T. Bourland and George F. Harding, under the management of Mr. Bourland, their office being on the southeast corner of Main and Adams streets. Mr. Bourland sold out his in- terest in 1857, to Erastus D. Hardin, who in conjunction with Mr. Pulsipher. carried on a large and profitable business for many years. This enterprise ended in failure, in consequence of immense but unfortunate advances made to dis- tillers. This temporary disaster, however, resulted advantageously to the city, in that it threw upon the market a large amount of undivided real estate now comprised within the most attractive residence portion of the "middle bluff"
GEOD FOUNTAIN-LAURA BRADLEY PARK
TE NIAGARA
HOTEL
...
MAIN AND JEFFERSON STREETS. PEORIA
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district. While some of the depositors lost heavily, others bought up the bank's obligations at a discount and realized the full amount of their claims.
Very largely Peoria's banking institutions have been under the management of her local business men, which gives evidence that they have grown out of the actual demands of business. One effect of this natural development has been the exclusion of enterprises of a merely speculative character, financed by foreign capital and of doubtful legitimacy, which has tended to the more com- plete security of the business public. As a consequence, banking capital has not at any time exceeded the public demand, and its employment under the direction of men of ability, experience and fidelity, has brought about such community of interest between bankers and depositors that the latter have been accommodated at reasonable interest rates and have kept their accounts with the local banks, almost exclusively, and it is probable that no city of its wealth and population has suffered so little loss, through bank failures, as has the city of Peoria.
Although complete figures are not available, the following will indicate the growth of the banking interests of Peoria during the last thirty years.
The three National Banks in existence in Peoria in 1880, each with a capital stock of $100,000.00, have grown, in 1912, to five in number, with an aggregate capital of $1.900.000.00 and a surplus and profits of $1,600,000.00. Statements to the comptroller of the currency and state auditor, of the five national banks and four state banks for April 18, 1912, show total resources of $28.746,963.52,- a gain in the last ten years of approximately $12,250,000.00. Total deposits in the nine banks on the same date are $22.718,193.60.
COMMERCIAL GERMAN NATIONAL BANK
The Commercial National Bank of Peoria succeeded the private banking firm of Callender, Ayres & Co., which began business March 12, 1881, with a capital of $75,000, the members of the firm being Columbus R. Cummings, Gardner T. Barker, Henry P. Ayres, Walter Barker and Eliot Callender, of whom the last two only survive at this date ( 1912). The national bank opened for business at the corner of Washington and Fulton streets, January 13, 1885, with a capi- tal of $200,000. The board of directors consisted of Gardner T. Barker, Charles B. Allaire, Frank Meyer, George L. Bradbury, Walter Barker, Eliot Callender and Henry P. Ayres and the officers were Eliot Callender, president ; Henry P. Ayres, vice-president and cashier. Two weeks later, Gardner T. Barker suc- ceeded Mr. Ayres as vice-president, and on April Ist of the same year he was succeeded as cashier by Henry B. Dox, who continued in the office until his death in September. 1899. Homer W. McCoy was then elected cashier and served until May, 1901, when he resigned to enter the bond business in Chicago, where he now is president of McCoy & Company. The office was filled by the election of Elwood A. Cole, who was succeeded as assistant cashier by William Hazzard.
Gardner T. Barker became president of the bank January 1, 1887, and contin- ued in the office till his death in 1894. when Walter Barker succeeded him and has been re-elected annually ever since.
January [, 1904, the capital was increased from $200,000 to $550,000 ; the name was changed to Commercial German National Bank and the business of the German American National Bank was absorbed. At that time the board of directors consisted of Walter Barker, Joseph B. Greenhut, John L. Flinn, Bernard Crewer, J. N. Ward, Joseph Miller, Frank P. Lewis, Samuel Woolner, Warren R. Buckley, A. L. Schimpff, Johnson L. Cole, Leslie D. Puterbaugh. John Wilson. John Finley and Weston Arnold; and the officers were Walter Barker, president ; J. B. Greenhut and J. L. Flinn, vice-presidents ; Weston Arnold, cashier ; Elwood A. Cole, assistant cashier.
Report of January 22, 1904, to the comptroller of the currency showed capital of $550,000; surplus and profits $144,000; deposits, $3,922,665 and total re- sources, $5,116,682.
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E. A. Cole, who succeeded to the cashiership July 1, 1904, resigned the po- sition May 1, 1911, and was succeeded by William Hazzard, who had been as- sistant cashier since January 1, 1905.
April 24, 1909, the bank removed from Fulton and Washington streets, where it had been located for twenty-four years, to commodious and elegant quarters at 321-323 South Adams street.
Report of June 14, 1912, shows a capital of $550,000; surplus and profits $768,299; deposits, $5,127,294, and total resources, $6,995,593. On August 12, 1912, the capital stock was increased to $750,000, by the issuance of $200,000 new capital. This bank is the largest in the state outside of Chicago.
The present board of directors is made up of Walter Barker, William F. Wolfner, John L. Flinn, Bernard Cremer, Robert D. Clarke, Frank P. Lewis, William B. Woolner, Jacob Wocherheimer, Leslie D. Puterbaugh, Johnson L. Cole, Albert T. Schimpff, John Finley, William G. McRoberts and William Hazzard; and the officers are Walter Barker, president ; John L. Flinn and John Finley, vice-presidents ; William Hazzard, cashier ; William B. Reed and William M. Wood, assistant cashiers.
FIRST NATIONAL BANK
Chronologically considered, the oldest existing banking institution in Peoria, in its present organization, was the outgrowth of conditions existing in the first years of the Civil war, and the enactment of the National Banking Act by Congress in 1863. In 1851, Nathaniel B. Curtiss and his brother, Pliny Curtiss ( under the firm name of N. B. Curtiss & Co.), opened up a private banking business at the upper corner of Main and Water streets and for a time did a large business. About 1857, Curtiss & Co. removed to the building long occu- pied by the First National Bank at No. 200 Main street, which had been erected by Mr. Curtiss. Owing to the panic of the latter year, a run was made upon the Curtiss bank, which resulted in its suspension for a time, though it appears to have reopened at a later date for a short period. About 1858 or 1859, Marshall P. Stone and Thaddeus S. Ely appear to have been doing business as bankers at the location of the Curtiss bank, though it evidently continued for only a short time, as we find in 1860 that Marshall P. Stone, William F. Bryan and George H. Stone commenced a banking business under the firm name of M. P. Stone & Co., in the Curtiss building. Three years later the last named firm sold out to the First National Bank of Peoria, which was organized under the national banking law on November 23, 1863, with a capital of $150,000.00, owned by forty-two stockholders. The largest individual stockholders in the original or- ganization were Tobias S. Bradley, Nathaniel B. Curtiss and Richard Gregg, of Peoria, and James II. McCall of Canton, Fulton county. Mr. Bradley held 270 shares of stock and the other three 200 shares each. The first board of directors, elected November 25, consisted of Tobias S. Bradley, Richard Gregg, Nathaniel B. Curtiss, Hervey Lightner. John L. Griswold, John C. Proctor, Louis Green, Thomas S. Dobbins and Robert S. Smith, and a few days later Mr. Bradley was chosen president, and Mr. Curtiss cashier. The bank opened for business Janu- ary 6, 1864, and has been in operation ever since. In June, 1864, the capital stock was increased to $200,000.00 ; was reduced in 1875 to $100,000.00, but again in- creased, 1884, to $150,000.00; to $400,000.00 in 1905 and to $550,000.00 in 1910, at which sum it still remains. The original charter having expired in 1883, a new charter was secured, running for twenty years, which expired in 1903 and was extended for another period of twenty years. The first board of directors consisted of nine members; in 1870, the number was reduced to seven, and in 1875 to five. Mr. Bradley occupied the office of president continuously until his death, which occurred May 4, 1867. He was succeeded by the late Wash- ington Cockle, who continued in office until 1875. when he was succeeded by Hervey Lightner. The latter held office only a few weeks, when he gave place
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FIRST NATIONAL BANK, PEORLA
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to John C. Proctor, who was re-elected at each subsequent election until 1906, when he declined a re-election and was succeeded by Charles R. Wheeler, who has continued in the office to this time. A noteworthy feature in the history of the First National Bank, indicating its conservative and substantial character, is the few changes that have occurred in the board of directors and official staff. From 1875 to 1907, Mrs. Lydia Bradley, the widow of the first president, was continuously a member of the board of directors-one of the few instances in which a woman has held this position in a leading banking institution. In 1895, occurred the death of William E. Stone, Sr., who had been identified with the bank from its organization in 1863, first as bookkeeper and later as its cashier, and he was succeeded by his son, William E. Stone, Jr., who became vice-presi- dent also in 1906. The present board of directors ( 1912) consists of Charles R. Wheeler, William E. Stone. Winslow Evans, Edwin N. Armstrong. Henry Hed- rich, Wilber M. Benton, Warren Sutliff, George F. Emerson and E. H. Walker, with Mr. Wheeler as president, Mr. Stone as vice president and cashier, and George M. Bush and Arthur W. Bennett as assistant cashiers.
The last official statement of the condition of the First National Bank of Peoria, made to the comptroller of the currency, under date of June 14, 1912, shows that it then had a capital stock of $550,000.00, with surplus and profits of $285.000.00 ; deposits, $3.785.522 and total resources $5,185,271.
THE MERCHANTS NATIONAL. BANK OF PEORIA
The Merchants National Bank of Peoria is the successor of the Mechanics' National Bank, which was organized and opened for business May 20, 1865, with Isaac Underhill as president and Samuel Coskery, cashier. A radical change took place in the directorate in 1866. Horatio N. Wheeler became presi- dent, and J. Bovd Smith, cashier. In 1880 the bank had a paid-up capital of $100,000.00, and a reserve of $70,000.00. its executive officers remaining un- changed.
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