USA > Illinois > Peoria County > Peoria > Peoria city and county, Illinois; a record of settlement, organization, progress and achievement, Vol. I > Part 71
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In 1884, the Mechanics' National Bank reorganized as the Merchants Na- tional Bank, the capital stock being increased to $200,000.00. The first board of directors of the new organization consisted of Horatio N. Wheeler, Ezekiel A. Proctor, John C. Yates, Charles T. Luthy, John B. Smith, John D. McClure, and Wm. F. Bryan. H. N. Wheeler, who had been president of the Mechanics' Na- tional during most of its history, was elected the first president of the new insti- tution, and J. B. Smith, cashier. E. A. Proctor was elected president in 1885, continuing in office, by repeated reelections, until 1888, when he resigned, and was succeeded by Andrew J. Hodges, whose period of service continued until 1893.
A new element came into the Merchants National Bank in 1897. in the ab- sorption of the Bank of Commerce, which had been organized in 1891, under the state banking law, with a capital stock of $100,000, which was increased two years later to $200,000. The first board of directors included the names of Henry H. Fahnestock, Charles R. Wheeler, A. G. Danforth, H. B. Stewart, George Emerson. B. F. Rhodehamel, C. A. Davis, James M. Morse and Fred H. Smith, with Mr. Fahnestock as president. C. R. Wheeler, vice president, and Homer W. McCoy, cashier. The bank conducted a successful business, the board of directors and officers in the meantime, remaining unchanged until July, 1897. when it was merged into the Merchants National Bank of Peoria, the stock holders realizing 103 per cent on their capital stock.
After the retirement of Mr. Hodges from the presidency of the Merchants National Bank in 1893, Ferdinand Luthy, who had been a director since 1887. became president, and has so continued up to the present time ( 1912). The terms of other officers have been as follows: John D. McClure, vice president, 1885-1892; Henry Sandmeyer, vice president, 1893-1912; Homer W. McCoy, second vice president. 1897-99; Frederick H. Smith, second vice president, 1899-
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1912; John B. Smith, cashier, 1884-89 (resigned ) ; George H. Littlewood, assist- ant cashier, 1888-89, and cashier from 1889 to 1903 (deceased) ; Thaddeus S. Ely, assistant cashier, 1884-88 (resigned ) succeeded in turn by Mr. Littlewood, who, in 1889, gave place to Fillmore Millard, the latter resigned in 1894; W. T. Murray, assistant cashier, 1894-96 (resigned) ; Walter L. Wiley, assistant cash- ier, up to 1903, then cashier, succeeding Geo. H. Littlewood, deceased, to July, 1907, when he resigned and moved to California; John C. Paddock, present cashier (1912) became connected with the bank as general bookkeeper in 1897. was appointed assistant cashier in 1903, and succeeded Mr. Wiley as cashier in 1907 : Thomas D. McDougal, assistant cashier in 1912, who entered the employ of the bank as messenger in 1885, was appointed an assistant cashier in 1903.
The present officers (1912) are Ferdinand Luthy, president : Henry Sand- meyer, vice president ; Frederick H. Smith, second vice president ; J. C. Paddock, cashier and Thos. D. McDougal, assistant cashier, with Messrs. Luthy, Sand- meyer, Smith and McDougal members of the board of directors, which also in- cludes Messrs. J. B. Bartholomew, Edward C. Leisy, Valentine Jobst, Jr., George T. Page and Samuel L. Nelson.
In addition to those directors already named, the following have served on the board of directors for various periods: B. Cremer, A. J. Hodges, C. S. Clarke, C. C. Clarke, Adolph Woolner, B. J. Greenhut, Samuel Woolner, Jr., and Homer W. McCoy.
On May 30, 1886, a crisis occurred in the affairs of the bank in consequence of the discovery of the embezzlement of its funds by a bookkeeper, to the amount of $183,000. The bank went into the hands of the National Bank authorities, and for a month remained closed, but, its capital having been restored by an assessment of 50 per cent upon the stockholders, it finally reopened for business and has since enjoyed a steady growth and excellent profits.
Besides an unimpaired capital of $200,000 it has now ( June, 1912), a sur- plus of $180,000, undivided profits of $33,861.80, and for the past twelve years has paid quarterly dividends of 3 per cent. making a total paid to its stockholders since 1887 of $528,000. The statement of June 14, 1912, shows $2,001,224.50 in deposits and total resources of $2,615.158.
THE CENTRAL NATIONAL BANK OF PEORIA
The Central National Bank of Peoria dates its organization from the year 18844, when it began business with a paid up capital of $200,000, as the successor of the Farmers' Bank, which had been conducting a successful business at 211 Main street. The latter institution was a partnership concern, organized in 1879, by Martin Kingman, Benjamin F. Blossom and Frederick E. Leonard, the transition from a private bank to a National organization being in recognition of changed financial conditions, and a desire to accommodate the business pub- lic of Peoria to better advantage. The members of the first board of directors of the new institution were Hervey Lightner, Richard H. Whiting, Martin King- man, Benjamin F. Blossom, Isaac Taylor, Frederick E. Leonard and Oliver J. Bailey. At the first election of officers by the board of directors ( 1884) Mr. Kingman was chosen president, Mr. Bailey, vice president. Mr. Blossom, cashier and manager, and Mr. Leonard, assistant cashier. In January, 1891, Hervey Lightner was chosen as president of the bank, which position he held with great honor and dignity until the day of his death. Routine changes in the directorate and official staff of the association have occurred from time to time since said date, caused by the decease and resignation of those active and prominent in ownership and management, the board of directors at the time of this writing. namely, 1912, being composed of the following named gentlemen. to-wit: Rich- ard W. Kempshall, of Messrs. Kempshall & Keene, managers of western general agency of the Aetna Life Insurance Company; Henry W. Lynch, wholesale dealer in bituminous and anthracite coal, coke, etc .; Henry J. Woodward, presi-
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dent of Allaire, Woodward & Company, pharmaceutical chemists and drug mill- ers ; Charles H. Feltman, grain commission, president Peoria Board of Trade; Edgar C. Foster, manager Peoria Division United Boxboard Company ; Francis H. Tichenor, general counsel, and Frederick F. Blossom, vice president, with a co-existent staff of officers as follows: Richard W. Kempshall, president ; Frederick F. Blossom and Henry W. Lynch, vice presidents ; Albert H. Addison, cashier ; William R. Cation and George E. McMurray, assistant cashiers. The sworn official statement rendered to the Government on call of the comptroller of the currency, shows condition of the association at close of business June 14, 1912, as follows: Capital paid in $200,000; surplus fund and net undivided profits, $200,407 ; deposits, $2,684,812; total resources, $3,174,213.
The bank is centrally and conveniently located at the corner of Main and Adams streets, and is rated as one of the most conservative and substantial of Peoria's financial institutions.
Others in addition to those previously mentioned, who have in the past served upon the board of directors of the bank, with credit to themselves and to the institution, are Samuel W. Sessions, Cleveland, Ohio ( deceased ), Jacob P. Schnellbacher and Henry B. Rouse, of Peoria.
ILLINOIS NATIONAL BANK
The youngest of the national banks of Peoria is the Illinois National Bank, chartered on May 21, 1900, and which began business under its new charter June 1, 1901. It was based upon the foundation of the old "Bank of Illinois," which had been chartered under state law February 21, 1891, under the name of the "Peoria Savings, Loan and Trust Company," in the year 1899, taking the name of the "Bank of Illinois." The officers of the earlier bank, at its organi- zation, were Martin Kingman, president; A. S. Oakford, vice president ; C. T. Heald, cashier ; and Rudolph Pasquay, assistant cashier, and this organization has been continued with little change to the present time. In 1897 Mr. Heald and Mr. Pasquay resigned their positions, Frank Trefzger being elected cashier and William C. White his assistant. In 1899, Ira D. Buck was chosen second vice president. and these officers were continued under the organization of the new corporation in 1901. The capital stock of the Illinois National Bank, of Peoria, at its organization, was $150,000, which was later increased to $200,000.
The first board of directors was composed of Martin Kingman, A. S. Oak- ford, Ira D. Buck, Ben Warren. Jr., Chas. A. Jamieson, John Wilson, E. C. Heidrick, Charles C. Miles and Walter B. Kingman, while the present board (1912) consists of A. S. Oakford. Frank Fischer, A. W. Wilson, Chas. C. Miles, E. M. Chandler, Leonard Hillis, Charles Kretzger, John C. Streibich, Henry G. Kuch, Nicholas Ulrich and William C. White, and the officers are, W. C. White, president : A. S. Oakford and Frank Fischer, vice presidents ; Charles A. Anicker, cashier ; Charles J. Sheehaas and Thaddeus H. Fuchs, assistant cashiers. On June 14. 1912, capital was $200,000; surplus and profits, $109,845; deposits, $2,014,210; total resources, $2.524.053.
DIME SAVINGS AND TRUST COMPANY
In December, 1886, Eliot Callender, Oliver J. Bailey, Frank Meyer, Henry P. Ayers and Seth W. Freeman. all prominent, well known and wealthy resi- dents of Peoria, formed a copartnership to transact a legitimate savings bank business, under the name of the Dime Savings Bank of Peoria. The bank was opened for business January 17, 1887, on South Jefferson avenue, in what had been the residence of A. P. Bartlett, an old resident of the city, and which was located upon the exact site of the present magnificent building of the Dime Sav- ings and Trust Company.
Eliot Callender became the first president of the institution, Oliver J. Bailey,
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vice president, and Henry P. Ayers, treasurer. In 1888 Seth W. Freeman retired from the copartnership, his associates purchasing his interests. In 1887 Rudolf Pfeiffer became the bank's first cashier, and under his management and that of the associate partners the business rapidly grew and prospered. Theodore B. Wissing, present cashier of the bank, entered its service in October, 1890. Herman C. Schwab, present assistant cashier, entered its service in December, 1892. In September, 1894, Henry P. Ayers died and his interests in the bank were purchased by the other partners, thus leaving Eliot Callender, Oliver J. Bailey and Frank Meyer the copartners carrying on the business. Rudolf Pfeiffer, cashier of the bank, severed his connection with the institution in 1903, after sixteen years continuous service.
On November 1, 1903. George W. Curtiss became a vice president and gen- eral manager of the institution. March 1, 1904, the bank was incorporated under the state banking law of Illinois as the Dime Savings and Trust Company, and at that date took over the mortgage loan and investment business of the Anthony Loan & Trust Company, and also the business of the Title & Trust Company. Eliot Callender served as president of the bank until January, 1905, when he was succeeded by Oliver J. Bailey, who served as president until 1906, when Sumner R. Clarke was elected president. Upon the death of the latter in January, 1907, the present president, George W. Curtiss, was elected to that position.
The Dime Savings Bank was the first bank in Peoria to build and occupy its own building constructed especially for convenience in banking. In 1904 the business had grown to such proportions that the building then occupied became wholly inadequate, and the Dime Savings & Trust Company began the erection of its present magnificent structure, considered by many the finest bank building in the west. It took eighteen months to construct this building, and it was not occupied until February, 1906.
The present capital of the institution is a quarter of a million dollars, while its surplus is more than one hundred thousand dollars, all earned out of profits in excess of dividends paid. Since its organization March 1, 1904, it has paid to its stockholders in dividends a sum almost equalling its capital stock. Its deposits are now about two million dollars. The loans made by the bank are exclusively upon first liens upon improved real estate.
The present officers of the institution are: George E. Curtiss, president ; John E. Keene, vice president ; Frederick H. Smith, vice president; Theo. B. Wissing. cashier ; Herman C. Schwab, asst. cashier; J. W. McDowell, treasurer ; Joseph P. Durkin, secretary: Clifton W. Frazier, trust officer and attorney ; William Jack, general counsel.
Statement of June 14. 1912, showed capital of $250,000; surplus and profits, $109,805; deposits. $2.018,814. Total resources, $2,403,619.
HOME SWINGS AND STATE BANK
The prime mover in the organization of the Home Savings and State Bank of Peoria was Valentine Ulrich, who had been for many years president of the German American National Bank, and who, in 1892, in connection with twenty- nine other stockholders, obtained a charter from the state of Illinois, under which they began doing business on June 2nd of that year. Mr. Ulrich brought into the concern with him Frank Trefzger, who up to that time had been assistant cashier of the German American National, as well as his son Charles, a member of the law firm of Ulrich & Ulrich, who had been doing a real-estate brokerage business. The original stockholders were all residents of Peoria, except Fred E. Harding, president of the Second National Bank of Monmouth, and the capital stock was $120,000, at which sum it still remains. At the first meeting of stockholders, held June 13. 1892, the following board of directors were elected : Frederick L. Block, C. Gehrmann, Fritz Leuder, Frank Trefzger, Val-
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entine Ulrich, Charles E. Ulrich and Charles Zimmermann. Valentine Ulrich was chosen president, Charles E. Ulrich, vice president, and Frank Trefzger, cashier. In 1895 Mr. Gehrmann moved to New York City and Robert Strehlow was chosen to succeed him as director. Frank Trefzger, having resigned his position in April, 1897, to accept the cashiership of another bank, Henry W. Ulrich was chosen to succeed him as both director and cashier. The present board of directors consists of Valentine Ulrich, E. C. Lersy, Chas. E. Ulrich, August Pfeiffer, Henry W. Ulrich, F. Lueder and R. V. Ulrich. The officers are: President, Valentine Ulrich ; vice president, Charles E. Ulrich; cashier, Henry W. Ulrich; assistant cashier, Robert V. Ulrich.
The report for June 14, 1912, showed the capital was $120,000; surplus and profits, $139,986 ; deposits, $1,596,766; total resources, $1,856,753.
In November, 1910, the bank removed from South Adams street to splendidly equipped quarters in the new Jefferson building. Since that date its growth has been such as to necessitate the addition of another room to properly acconi- modate its increasing business.
THE SAVINGS BANK OF PEORIA
The Savings Bank of Peoria was organized February 1, 1868, as a copartner- ship, by the following gentlemen : W. A. Herron, P. Zell, C. P. King, L. Howell, Z. Hotchkiss, J. Hamlin, L. G. Pratt, Thos. Dobbins and T. C. Moore.
The copartners held their first meeting in the directors room of the Second National Bank and organized by electing W. A. Herron, president, and P. Zell, secretary. The room under the First National Bank, corner of Main and Wash- ington streets, was selected as their banking room and the bank conducted its business in that location until July 1, 1906.
Phil Zell, secretary, conducted the business from the start for a period of two years, when he resigned and president Herron took charge of the manage- ment and continued as president until his death, which occurred in December, 1906.
On February 1, 1872, H. Hedrich was appointed cashier and continued to serve as such uninterruptedly until the death of Mr. Herron, when he succeeded Mr. Herron as president.
A few years after the organization of the bank, T: C. Moore, L. Howell, and J. Hamlin were removed by death and W. A. Herron, C. P. King and Phil Zell acquired the interests of Z. Hotchkiss, T. Dobbins and L. G. Pratt by purchase.
The business of the bank was carried on successfully by the remaining part- ners Herron, King and Zell until June, 1894, when the partners decided to in- corporate under the banking laws of the state of Illinois, with a capital stock of $150,000, surplus $150,000, and undivided profits $10,000.
On June 29, 1894, the stockholders held their first meeting and W. A. Herron was elected chairman and Phil Zell, secretary. The stockholders voted a direc- torate of five members and elected W. A. Herron, Phil Zell, W. M. Benton, H. Hedrich, and W. Jack. At a special meeting of the directors held June 29, 1894, W. A. Herron was elected president, Phil Zell, vice president, and H. Hedrich, cashier. The above officers and directors continued in office until February 12, 1901, except Mr. Zell, who died in April, 1900. At the annual meeting of the stockholders held February 12, 1901, the following were elected directors : W. A. Herron, W. M. Benton, M. C. Horton, W. Jack and H. Hed- rich. The directors in special meeting elected W. A. Herron, president, M. C. Horton, vice president, and H. Hedrich, cashier. The above officers continued in office until the death of Mr. Herron, which occurred in December, 1906.
On July 1. 1906, the Savings Bank removed its banking quarters to 317 Main street, where it remained until June 8, 1911, when it removed to its present quarters in the First National Bank building.
At the annual meeting of the stockholders held February 13, 1907, the direc-
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torate was increased from five to seven and Mary W. Herron, W. M. Benton, MI. Huffman, W. H. Rich, M. C. Horton, E. H. Walker and H. Hedrich were elected directors. The directors at a special meeting elected H. Hedrich, presi- dent, E. H. Walker, vice president, and M. C. Horton, cashier. The above officers and directors continued in office until February, 1911, except Mrs. Her- ron, who resigned as director June 10, 1910, and M. C. Horton, who resigned July 1, 1910. C. R. Wheeler was elected to fill the vacancy caused by the resig- nation of Mrs. Herron and W. E. Stone to that of Mr. Horton. F. B. Weber was appointed to succeed Mr. Horton as cashier.
At the annual meeting of the stockholders held February 13, 1912, the fol- lowing directors were elected: E. H. Walker, C. R. Wheeler, H. Hedrich, W. E. Stone, W. M. Benton, W. Evans and W. Sutliff. The directors elected H. Hedrich, president, E. H. Walker, vice president and F. B. Weber, cashier.
Statement of June 14, 1912, showed capital of $150,000 ; surplus and profits, $224.729; deposits, $2,133,203; and total resources, $2,507,933.
PEORIA CLEARING HOUSE ASSOCIATION
On April 27, 1880, at a meeting of representatives of the leading banks of Peoria, a bankers' association was formed, to facilitate exchange and settlement of daily balances between the several banks represented. The charter members included the First, the Second and the Mechanics National, the German Banking Company, Kingman. Blossom & Co., and Zell, Hotchkiss & Co. The first officers elected were George H. Mellvaine, president, and Benjamin F. Blossom, secre- tary. In 1884. Henry Hedrich was elected secretary, and President Mellvaine having died in 1897, was succeeded by Philip Zell, who died in 1901, the position then being filled by Leonard Houghton.
In January, 1902, a reorganization was effected under the name of the "Peoria Clearing House Association." a new constitution and by-laws adopted, and an entirely new system of making local exchanges inaugurated. Under this arrangement all balances are settled through one bank, known as the "Clearing House Agent," to whom all debit balances must be paid by 1:30 P. M. daily, and by whom all credit accounts must be paid between 2:30 and 3:00 P. M. of the same day. The officers ( 1912) are: George W. Curtiss, president : Charles E. Ulrich, vice-president ; William C. White, secretary ; W. E. Stone and F. F. Blossom, clearing house committee.
The total clearings in 1892 were $99,940,626; in 1897 $81.154,457; in 1902 $142,533.004: in 1907 $141,233,539; in 1911 $161,223.684.
The action of the associated banks of Peoria during the money panic of 1907 is thus narrated by George W. Curtiss, present president of the Clearing House Association : In the latter part of October, 1907. a panic beginning in New York, soon became manifest over the entire United States. A severe stringency of currency ensued and the banks having balances in reserve centers were unable to obtain sufficient currency therefrom for business needs. Clearing house associations in these reserve centers declined to allow their members to pay out currency in large sums, and for the settlement of balances between them- selves, adopted the certificate plan.
The Clearing House Association of Peoria issued no certificates-settlement of balances between members being made in New York or Chicago exchange; but in common with clearing houses generally, found it necessary to provide for the time being a convenient medium for use in place of currency. Banks, mem- bers of the association, to meet the emergency, first issued cashier's checks, which were readily accepted by the public generally and the banks. Later, a clearing house loan committee was provided, with which approved securities were lodged by the banks and checks drawn by the association on such banks to an amount equal to seventy per cent of the face value of such collateral; and these checks passed readily in lieu of currency. The total issue of such checks in Peoria
DIME SAVINGS _ 'S" CC +
.....
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DIME SAVINGS AND TRUST COMPANY, PEORIA
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was $209,000, probably less than one-fourth of which was at any one time em- ployed.
About January 1, 1908, currency, becoming more available, the use of these checks was discontinued.
GERMAN-AMERICAN NATIONAL BANK
The German-American National Bank, of Peoria, is the outgrowth of the German Banking Company, a copartnership banking concern, organized during the great panic in the fall of 1873. The latter opened its doors for business at the corner of Bridge and Washington streets, on November 1, 1873, with Michael Pfeifer as its president. The following were the original partners: Michael Pfeifer, Louis Green, Bernard Cremer, Ferdinand Welte, Joseph Huber, Andrew Heppler, Erhard Kramm, William Oberhauser, Joseph Miller, Valentine Jobst and Jacob Mueller. At a later date some of the partners disposed of their inter- ests, and Valentine Ulrich having become a member of the company, was elected its president. The original partnership was formed for a period of ten years, and, on the expiration of this period, steps were taken to organize the German-Ameri- can National Bank of Peoria, which was granted its charter ( No. 3070) on Oc- tober 31, 1883, and the new concern opened up its business at the old stand of the German Banking Company, at the corner of Bridge and Washington streets, January 1, 1884, with a capital stock of $100,000.00. Valentine Ulrich, Samuel Woolner, Sabin D. Puterbaugh, Michael Pfeifer, Charles Gehrman, A. L. Schimpff and Joseph Miller constituted the first board of directors, with Valen- tine Ulrich as the first president, Michael Pfeifer, vice-president, and William Oberhauser, cashier. The following changes in the capital stock have been made since the original organization : August, 1885, increased to $105,000 ; April, 1886, increased to $150,000 ; August, 1891, occurred a still further increase to $300,000.
On December 8. 1884, Mr. Oberhauser resigned the position of cashier, and was succeeded in January following by Weston Arnold. In April, 1888, the bank qualified as a government depositary. In March, 1892, Mr. Ulrich resigned the presidency, and was succeeded in June following, by Bernard Cremer. Since its organization, the bank made two removals; in January, 1884, to No. 203 Main street, and in January, 1891, to 208 South Adams street, where it continued in business until January 1, 1804.
The German-American also did a savings bank business by the payment of interest on time deposits, dealt largely in foreign exchange, and made a specialty of ocean steamship tickets. On November 17, 1903, the date of the last statement to the comptroller of the currency, the German-American, in addition to its cap- ital stock of $300,000, had a surplus and profits of $110,000 ; deposits of $1.733,- 565 and total resources of $2,440,598.
In pursuance of an agreement between the shareholders of this bank and those of the Commercial National Bank, it went into voluntary liquidation Janu- ary I, 1904, and its business was absorbed by the latter institution which, at the same time, changed its name to Commercial German National Bank.
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