The History of Peoria County, Illinois. Containing a history of the Northwest-history of Illinois-history of the county, its early settlement, growth, development, resources, etc., etc., Part 87

Author: Johnson & co., Chicago, pub
Publication date: 1880
Publisher: Chicago : Johnson & Company
Number of Pages: 932

USA > Illinois > Peoria County > The History of Peoria County, Illinois. Containing a history of the Northwest-history of Illinois-history of the county, its early settlement, growth, development, resources, etc., etc. > Part 87

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Mr. Howell, the president, is now the oldest banker in central Illinois, and has ever

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HISTORY OF PEORIA COUNTY.

been a man of unimpeachable integrity. Mr. McIlvaine has been one of Peoria's active and honored business men since 1853.

The Second National has been a Government Depository most of the time since its organization. It has a cash capital of $100,000, with a reserve of $50,000.

About 1860 Marshall P. Stone, William F. Bryan and George H. Stone, opened a bank in the building formerly occupied by Curtiss, on the corner of Main and Washing- ton Streets. In 1864 it was organized into the First National Bank of Peoria, with Tobias S. Bradley as president, and N. B. Curtiss, cashier. On May 6, 1867, Mr. Brad- ley died, and Washington Cockle was elected president; and March 1, 1872, he retired, since which time John C. Proctor has been president. M. P. Stone succeeded Mr. Cur- tiss as cashier, which position he filled till August, 1869, when W. E. Stone, the present cashier, took his place. The First National Bank has a cash capital of $100,000, with a surplus of $150,000.

The Mechanics' National Bank of Peoria was opened for business May 20, 1865, with Isaac Underhill as president and Samuel Coskery, cashier. On January 13, 1866, a considerable change took place in the directorate of the bank, H. N. Wheeler became president, and J. Boyd Smith became cashier. Mr. Wheeler is still president, but Mr. Smith is now vice-president and Henry P. Ayers has succeeded him as cashier. This bank has a paid up cash capital of $100,000, and $70,000 reserve.

These three are the only National Banks in the city, and are all doing a heavy busi- ness and are among the solid banking houses of the State.

Besides the National banks, there are several private banking houses and Savings banks. The first of these in chronological order is that of J. B. Hogue & Co., which was established May 1, 1867, by James B. Hogue and Thomas L. Davis, with a capital of $50,000, and continued business prosperously, until the ill health of Mr. Davis compelled him to retire, Mr. Hogue buying his interest, May, 1874. Since that time he has had sole management of the establishment, and has done a successful business.

The Savings Bank of Peoria was founded by a co-partnership composed of John Hamlin, William A. Herron, Thomas C. Moore, Zenas N. Hotchkiss, Thomas S. Dobbins, Charles P. King, Philip Zell and Lorin Grant Pratt, in February, 1868. The object was to accommodate depositors of small savings, of from one dollar and upwards, and enable the persons making savings deposits to receive interest thereon. This bank has been in successful operation up to the present time. Several changes have occurred in the stock- holders, by death and retirement ; so that the establishment is now owned by William A. Herron, president ; Charles P. King, Philip Zell and L. Howell. The bank is situated on the corner of Main and Washington Streets.

Philip Zell, Walter B. Hotchkiss and Henry C. Fursman established a bank on the corner of Washington and Fulton Streets, under the firm title of Zell, Hotchkiss & Co., in the year 1870, for the purpose of doing a general banking business. About 1873, Mr. Fursman sold his interest to the other partners, who ran the business under the same firm name until the death of Mr. Hotchkiss, in November, 1874. A year later Mr. Zell purchased his interest, and became the sole owner, but has never changed the style of the firm name.

In June, 1872, J. B. Hogue, in company with several others, opened the establish- ment known as the Germans' Savings Bank, at No. 203 Main Street, with a capital of $100,000, to accommodate parties desirous of doing a savings business. Mr. Hogue has purchased the principal amount of the stock from his former co-partners, and now is the chief owner and manager of the concern. This is entirely separate and distinct from the banking house of J. B. Hogue & Co.

In March, 1880, Hogue & Co.'s Bank suspended, owing to the heavy loss of $52,000, sustained by the financial failure of Thomas Neill.

The German Banking Company was organized in 1873, and opened a banking house

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HISTORY OF PEORIA COUNTY.

on the corner of Washington and Bridge Streets. The establishment does a general commercial banking business ; and also has a Savings department, to accommodate per- sons who wish to do a savings business. The members of the co-partnership are Valen- tine Ulrich, Louis Green, Joseph Miller, Jacob Miller, Michael Pfeifer and William Oberhauser.

The Farmer's Bank of Kingman, Blossom & Co., is the youngest banking institution in the city, having been opened for business on the 6th of October, 1879. The firm is composed of Martin Kingman, B. F. Blossom, and F. E. Leonard. Their design is to do a general banking and exchange business, and to make a feature of loaning money on extended time. The gentlemen comprising the firm are all well and favorably known in the business circles of Peoria and contiguous counties. The bank is located at 211 Main Street.

Chamber of Commerce Association. - This body was organized as a Stock Company, with a paid up capital of 875.000, on January 30, 1875. and had for its objeet " the providing of suitable grounds, and the erection and furnishing of a suitable building in said city of Peoria, to be known as a Chamber of Commerce. " The stock was held by about eighty prominent business men of the city, and the Association was incorporated under charter from the State of Illinois, in the name of Lewis Howell, R. C. Grier and Jonathan Hancock. At a meeting of the stockholders held shortly after incorporation, nine directors were elected, viz: Jonathan Hancock, D. MeKinney, E. S. Easton. Thos. Cratty, William Steinseifer, Lewis Howell, L. L. Day, S. HI. Thompson, and D. P. Grier, who according to the constitution, eleeted from their own number, the presiding officers of the Association, president, E. S. Easton ; secretary, D. Mckinney, and treasurer. Lewis Howell. On February 13. 1875, the ground on the corner of Washington and Harrison Streets was purchased, at a cost of about $10,000, and from the designs for a building submitted, those of Mr. B. Wadskier, architect of Chicago, were selected by the directors, as being in every respect the most desirable. The building contract was let to Mr. W. P. Caverly, of Toulon, Stark Co., and the total cost of the strneture was 880,000, inelusive of heating apparatus, and all other extras. The structure was forthwith begun, rapidly completed, and opened for business on December, 15, 1875. It is built of brick, with stone trimmings ; 65 feet wide, by 145 feet long. and the top of the weather wave is 134 feet above the level of the sidewalk ; is four stories high, surmounted with a mansard roof, and is heated throughout by steam. The building contains twelve offices on first floor, twelve on the second, board of trade hall, etc., on third, two offices on fourth, and is occupied by grain commission men, Western Union Telegraph Co., Edison Tele- phone Co., Board of Trade, Public Produce Exchange, freight agents for various railroad fines, general offices P. P. & J. R. R., and R. G. Dun & Co's commercial agency. None of the stoek of the association is in the market ; the dividends are not made public, and the investment is presumably a remunerative one, although the rents of the offices have been reduced very materially of late years. The present officers of the association are, president, H. N. Wheeler ; secretary, D. MeKinney, and treasurer. Lewis Howell. Regu- lar weekly business meetings are provided for in the by-laws, but at present one meeting in each month is found sufficient to meet all demnuds.

BOARD OF TRADE.

This institution has become one of the leading interests in the city, being composed of the most enterprising business men, and while its immediate object is to foster and maintain the trade in grain ( which has, through the efforts of the members of the Board, grown to large proportions), yet its energy and enterprise reaches out to the various industrial interests of the town. It is one of the main instruments in encouraging and sustaining important enterprises of several kinds, and has given un impetus to building and improvements beyond any thing the city has experienced heretofore.

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HISTORY OF PEORIA COUNTY.

The Board was organized late in the year 1869, to supply a want that was felt by the dealers in grain. It was started in a moderate way in a store room on South Washing- ton Street, which was soon found to be too small for the purpose, and new and commo- dious quarters were procured in the large block at the corner of Fulton and Washington Streets, which were first occupied November 10, 1870. The following extract from the address of the president, Horace Clark, Esq., delivered on that occasion, will be of inter- est in this connection :

The Peoria Board of Trade has been organized less than one year. Previous to its organization the miller, dis- tiller, and all buyers were obliged to examine grain in the cars on a track of from two to three miles in length, mak- ing it very tedious and laborious as well as unsatisfactory. This organization has entirely changed the manner of doing business. A sworn sampler is appointed, whose business it is to carefully examine and sample every car of grain coming to this market, as follows : On entering the car he takes samples from different parts, the bottom as well as the top, and when he has a sufficient quantity he mixes thoroughly, weighs it with a grain tester, and records, in a book kept for that purpose, the number of the car, weight of grain per bushel, and condition of same. A sam- ple, with a duplicate statement of record on a ticket, is placed in a small sack, taken on 'Change and placed on the owner's table. The exchange session of the Board is from II to I o'clock. A member coming on 'Change goes to the bulletin board and ascertains the amount of receipts and shipments, reads the telegrams from New York, Chi- cago, etc., and is then prepared to transact business. The buyer having made his purchases, the sample is returned to the sack and passed to the purchaser, with his name and the price agreed upon marked upon the sampler's ticket.

The advantages of the present manner of doing business over the old way, will be readily perceived. Since the organization the business has more than doubled, and has been the means of inducing many enterprising business men from adjoining towns to make Peoria their home, making a profitable investment for them and increasing the population and wealth. * *

The entire amount of grain of all kinds received in the year above mentioned, was 6,591,210 bushels; amount shipped, 3,853,720 bushels; since which time the business has constantly increased until during the year 1878 the amount received was 15,594,401 bushels ; and shipped, 11,682,370 bushels. The receipts of grain for the year 1879 were over 19,000,000 bushels, or an increase of twenty-five per cent. over those of 1878. The shipments of 1879 were twenty-six per cent. in excess of those of 1878.

In 1870 the elevator capacity was reported at 175,000 bushels ; transfer capacity per day, 80 car loads. In 1878 the elevator capacity was 820,000 bushels, and the transfer 350 cars, and this, after three elevators had been destroyed by fire, whose capacity was 440,000 bushels, and the transfer 150 cars. One of these has been rebuilt and enlarged, adding 200,000 bushels capacity to that reported last year.

In 1870 one inspector with one helper did the sampling ; in 1878 it required four samplers and two helpers constantly, while at times additional help was necessary.

The total receipts of grain at this market from Janury 1, 1870, when the first systematic accounts were commenced, until December 31, 1878, amounted to 108,121,023 bushels. The receipts of 1879 show an increase of three and a half millions of bushels more than 1878, which was the largest in the history of the board since its organization.

At the organization of the board the roll of members included persons in all branches of business and from the professional classes. The fee for membership was ten dollars, but it was found that with the increasing business and expenses attended thereon, this was not sufficient, and the fee was increased to fifty dollars in 1873, with an assessment on each member of forty dollars, which had the effect of reducing the membership to those engaged in the grain business or distilling and packing, ninety-three members be- ing on the roll for that year. In 1876 the membership fees was increased to $250 and cer- tificates of membership transferable on the books under certain conditions were adopted. The assessment upon the members has been gradually reduced to thirty dollars the present year, and the present number is 112. The association has steadily increased in financial strength, and is at present the owner of 205 shares in the stock of the Chamber of Commerce Association, which association erected the present Chamber of Commerce (at a cost of $75,000), the stock in which is largely owned by the individual members and firms composing the Board of Trade. This building was erected and finished in

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HISTORY OF PEORIA COUNTY

December, 1875, at which time the board occupied its handsome and commodions rooms, which are surpassed in size and appointments only by the rooms of the Merchants' Ex- change in St. Louis, and the Board of Trade in Chicago.

Officers .- The following are the names of the presidents of the Board in .the order named :

Horace Clark, 1870-71; Robert C. Grier, 1872; J. Hancock, 1873: D. Mckinney, 1874; D. P. Grier, 1875; G. T. Barker, 1876; E. S. Easton, 1877; B. H. Morgan, 1878; W. R. Bush, 1879; Joseph Elder, 1880.

The first secretary of the Board was Mr. P. F. Chase, in 1870. Mr. F. Cantello was secretary from 1871 to 1873 inelusive. Mr. S. Wilkinson was chosen secretary in February, 1874, and is still in said office. The officers of the Board for 1880 are as follows:

Officers for 1880 .- Joseph Elder, president ; A. II. Rugg, first vice-president ; A. J. Boylan, second vice-president; Samuel Wilkinson, secretary ; Lewis Howell, treasurer.

Directors .- Term expires January, 1881 - R. C. Grier, Horace Clark, B. H. Morgan, C. F. Hitchcock, James Bannister. Term expires January, 1882 :- E. S. Easton, B. Warren, Jr., W. L. Green, Jr., P. B. Miles, W. Buckley.

Committee of Arbitration .- Philip Zell, W. L. Green. S. R. Clarke, A. G. Tyng. George P. Comstock, Thomas J. Pursley.

Committee of Appeals .- J. B. Smith, Samuel Woolner, W. II. Mills, J. Hancock, J. M. Quinn, W. F. Bryan, Jr.

Grain Samplers .- William Perry, chief sampler ; Charles S. Easton, O. R. Clough, assistants.

Weighmasters. - P. J. Murphy, elevator " A ;" F. G. Martin, Advance Elevator ; J. H. Jack, Union Elevator.

Standing Committees for 1880 .- Finance: R. C. Grier, A. J. Boylan. C. F. Hitch- cock. Rules and regulations : A. H. Rugg, W. Buckley, P. B. Miles. Rooms and furniture : James Bannister, E. S. Easton, B. Warren, Jr. Telegraphing and printing : W. L. Green, Jr., B. Warren, Jr., A. H. Rugg. Statistics and accounts : A. J. Boylan, James Bannister, P. B. Miles. Sampling: B. II. Morgan, C. F. Hitchcock, E. S. Easton, R. C. Grier, W. Buckley. Weights and measures : E. S. Easton, B. H. Morgan, Horace Clark. Transportation : P. B. Miles, R. C. Grier, W. L. Green, Jr. Market reports : Horace Clark, A. II. Rugg, A. J. Boylan. Membership : W. Buckley, P. B. Miles, James Bannister. Regular warehouses : C. F. Hitchcock, E. S. Easton, B. H. Morgan. Registration : B. Warren, Jr., Horace Clark, W. L. Green, Jr. Call-board contracts : Frank Hall, D. C. Smith, C. C. Miles.

THIE ELEVATOR BUSINESS.

The first elevator in Peoria was erected by Messrs. Grier & Co. in the year 1866, and known as the Central elevator. At that time the grain trade of Peoria was quite small, and the building of an elevator was considered a hazardous experiment, it being uncertain whether the receiving trade by rail could be built up in this city. The traffic in that line, done previous to this time, was principally a retail business, the dealers pur- chasing their grain from farmers in wagons, and all grain was handled in saeks, there being no facilities here for handling it in any other manner. The Central elevator was completed about the last of November, 1866, and was opened for business JJanuary 1, 1867. The facilities thus offered for handling grain were immediately recognized by the community, and the trade was worked up to quite large proportions during the year 1867, so that on January 1, 1868, the showing in the grain trade was very favorable for a larger increase in that business. The building of this house encouraged a number of dealers from abroad to settle in Peoria, who immediately set about increasing the vol- ume of the business. In 1868 the traffic had so rapidly increased here that it was found

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HISTORY OF PEORIA COUNTY.

that the capacity of the Central elevator was not nearly large enough to handle all the business that was being offered. Messrs. McFadden, Dobbins and McClure, under the firmi name of Dobbins & Co., commenced the erection of a larger elevator with a capaci- ty of 90,000 bushels, called the Central City, in October, 1869, and opened it for busi- ness in March, 1870. The building of this house gave the city two small elevators, and attracted the attention of dealers from all over the country, and quite a number of them locating here commenced to operate in grain. The trade of the city constantly increased, and in 1871 it was found that the elevator facilities were insufficient to transact the busi- ness being offered. In that year a company was formed known as the Union Elevator Company, who immediately proceeded to build the Union elevator, with a capacity of 150,000 bushels. In 1876 an addition was built to it increasing its capacity to 400,000 bushels. Soon after this, April 25, 1872, the Central City elevator was destroyed by fire. The grain trade kept on growing, and in the year 1872 another company was formed entitled the Peoria Elevator Company, who erected the elevator known as ele- vator " A," with a capacity of 350,000 bushels. Messrs. Tyng and Brotherson also erected the same year an elevator nearly opposite the Union elevator, called Elevator " B," with a capacity of 100,000 to 150,000 bushels. From that time the grain trade of Peoria increased year by year, and in 1875-6 Messrs. Easton, Rugg & Co. built, on the same site on which the Central City elevator had stood, an elevator with a capacity of 150,000 bushels, called the Phenix. In the year 1877 both Elevator "B" and the Central elevator were burned, and the year following the Phenix was also destroyed by fire. In - the Fort Clark mills, with a small elevator attached, was erected on the ground where the Phenix had formerly stood. In 1879 Messrs. Rugg built what is now known as the Advance elevator, on the ground formerly occupied by the Central elevator.

At present there are four elevators stauding in Peoria, the Union, Advance, Ele- vator " A," and the Fort Clark elevator, all of which are doing a large business, with a total storage capacity of 1,000,000 bushels, the grain trade of the city in 1879 having been heavier than in any previous year, with a flattering prospect of a steady and constant growth. The following figures show the receipts and shipments of the principal cereals in the Peoria market during the year 1879 :

Wheat - Received 733,225 ; shipped 650,445.

Corn - Received 10,323,740 ; shipped 7,305,040.

Oats - Received 4,896,280 ; shipped 4,850,125.

Rye-Received 953,465 ; shipped 755,125.

Barley - Received 834,950 ; shipped 415,000.

The total grain traffic of Peoria for the last year amounted to about 20,000,000 bushels, showing an increase over the year 1878 of more than 3,500,000 bushels. In- credulous as may seem the statement, Peoria now ships more carred grain than Chicago, besides the consumption of her own manufactories -distilleries, glucose works and starch works - which convert a thousand acres of grain per day into these various pro- ducts. When to this vast computation is added the millions of bushels of grain bought and shipped by Peoria firms, at other places in the State, and which is not included in the schedule of Peoria's reports, some idea may be formed of the immensity of the volume of business transacted through the Board of Trade organization of Peoria.

LIVE STOCK.

This feature of Peoria business is of no small consequence, as the statistics of 1879 show :

Hogs - Received 267,669 ; shipped 236,693.

Cattle - Received 43,060; shipped 41,480.

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HISTORY OF PEORIA COUNTY.

THE UNION STOCK YARDS OF PEORIA.

The live stock business of Peoria is of so recent origin, and has sprung up so quietly and yet so rapidly, that probably not a dozen persons in the city are aware of the really colossal proportions it has already assumed. and that it compares favorably in the amount of values handled with the two leading interests - distilling and grain.

It is little more than three years since the Union Stock Yards of Peoria were opened. They owe their origin to the sagacity and foresight of Mr. Thomas Neill, late head of the well known firm of Neill, MeGrew & Co., one of the best known and most thorough going stock men of the Northwest, if not in the United States.

In the year 1878 there were received here. of cattle, by railroads. over 37,000 head, and on hoof, as near as can be estimated, 13,000 head, or a total of 50,000 head. worth $40 a head, or 82,000,000

The receipts of hogs in the same time. were, by rail. over 235,000 head. and driven in or in wagons about 65,000 head, a total of 300,000 head, worth $8.33} a piece, or 82.500,000-making the total value of cattle and hogs. to say nothing of sheep, of which there were considerable numbers, $4,500,000.

These three leading interests of Peoria, therefore, in a comparison of values, for 1878, stand as follows, viz :

Distilling

$8,500,000

Grain

4.500,000

Live Stock 4,500,000

It may well be asked whether this large live stock business which has sprung up rapidly and unobtrusively at the lower end of the city, may be counted on as permanent, which is highly probable.

In the first place, to supply her own local demand, Peoria requires annually from 10,000 to 15,000 head of stock cattle for feeding purposes. for which the very highest market prices are paid. And the packers slaughter annually from 50,000 to 100.000 hogs. This alone insures a very large business in live stock. But besides this, Peoria is a natural half-way house, and distributing point between the fat pastures of the West, and the hungry markets of the East. This is especially true with regard to all that ter- ritory south, southwest and west of us, and tributary to the Illinois Midland, P., L. & D., J., B. & W., P., P. & J., T., P. & W. and C., B. & Q. Railroads, even far into Mis- souri, Iowa, Kansas and Nebraska. This central position of Peoria, and her unsurpassed railroad facilities, will surely give her the same pre-eminence in the live stock business which she has already acquired in the production of highwines and in the handling of grain, for they enable her to offer better prices to all the region tributary to Peoria than any other market can. Live stock bought here is not, except in very rare instances, shipped to Chicago to be sold there, but goes directly East, to Cleveland, Pittsburg, Buffalo, Philadelphia or New York.

The receipts of cattle at the Peoria Stock Yards for the year 1878, were 25 per eent. larger than in 1877. The receipts of hogs in 1878, were 125 per cent. larger than in 1877.

The Stock Yards comprise thirty to thirty-five acres of land enclosed by a high board fence, laid off with planked and graded streets and alleys, and subdivided into a great number of small yards and pens. Some of these pens are covered and some open, but all are provided with troughs, into which a constant stream of the purest water flows from the 840 feet deep artesian well on the grounds, through a perfect net work of underlying water-pipes.

A railroad track runs the entire length of the Stock Yards, along side of which are platforms and chutes for unloading and loading. Here a train of twenty cars of hogs can easily discharge its entire freight in a very few minutes.

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HISTORY OF PEORIA COUNTY.

To take care of these yards, keep them in order and good condition ; receive, dis- tribute, water, feed, assort and reload the stock, requires, of course, the services of a large number of men, and at certain hours of the day, especially during the active sea- son. there is no livelier or busier place in central Illinois than at the Union Stock Yards of Peoria.

The financial failure of Mr. Neill in December 1879, who had conducted the yards since they were established, necessitated a change ; the management has passed into other hands, and the business is moving along uninterruptedly and prosperously.

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The History of Peoria County, Illinois. Containing a history of the Northwest-history of Illinois-history of the county, its early settlement, growth, development, resources, etc., etc., Part 87

Author: Johnson & co., Chicago, pub Publication date: 1880 Publisher: Chicago : Johnson & Company Number of Pages: 932

Author: Johnson & co., Chicago, pub
Publication date: 1880
Publisher: Chicago : Johnson & Company
Number of Pages: 932