USA > Wisconsin > Rock County > Rock County, Wisconsin; a new history of its cities, villages, towns, citizens and varied interests, from the earliest times, up to date, Vol. I > Part 44
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After receiving a commission from Governor Lewis as first assistant surgeon of the Fifteenth Wisconsin Volunteer Infantry he joined that regiment on their march to Atlanta and remained until the regiment was mustered out in 1865. After the last battle at Nashville Dr. Bell was detailed to take charge of the giving of anæstheties in the field operating hospital, and gave and superintended the giving for three days continuously. He was then appointed surgeon of the Fifty-fourth Wisconsin Volun- teers, a regiment that his colonel, O. C. Johnson, had reorganized ; but the regiment was not called into service.
On leaving the army the doctor engaged in professional work at Prairie du Sae, Sauk county, Wis., remaining until January, 1868, when he located at Shopiere, where he soon built up an extensive practice, and during which time he was appointed post- master, which office he held during his stay there. In 1874 he moved his family to Beloit, still holding much of the practice about the country and in Clinton, that he had acquired from his
475
MEDICAL HISTORY
former location, which practice he was soon obliged to relinquish because of the demand upon his time in the city. The doctor served as health officer for six years and resigned the office be- cause of the demands along professional lines. His interest in educational affairs is shown by eight years of efficient work as a member of the school board and treasurer of district No. 1. Pro- fessionally he is a member of the State Medical Society, the Cen- tral Wisconsin Medical Society, and is the present president of the Rock County Medical Society, a member of the American Medical Association, International Association of Railway Sur- geons and the Milwaukee and St. Paul Association of Railway Surgeons.
At his class reunion at Ann Arbor in 1904 the doctor was made president of his class association, which aim to meet every five years during commencement week at Ann Arbor.
April 25, 1890, the doctor was appointed an examining surgeon on the pension board at Janesville, which appointment he resigned eight years after, because of professional demands on his time.
When in 1897 the laws of the state required the appointment of state medical examining board, Dr. Bell was honored by Gov. Edward Scofield with an appointment, and was made the first president of the board. The appointment was renewed for four years in 1899, which was the limit of the law in time of service.
Dr. Bell has been a surgeon for the Chicago & North-Western railroad continuously sinee 1868, and for the Chicago, Milwaukee & St. Paul railroad since 1874, and president of Strong Emer- gency Hospital staff, which hospital he organized and opened in 1899. He has always been actively abreast of the times in every- thing new in his profession, and a close student and observer of the best operators in the land. For years he has been spending all his vacations in hospital work.
Socially he is a member of Beloit Commandery, Knights Tem- plar, a companion of the Military Order of the Loyal Legion of the United States, a comrade of L. H. D. Crane Post, G. A. R., which order at its forty-first encampment, held at Oshkosh, June 3-6, 1907, unanimously elected him department medical director of the state of Wisconsin.
August 29, 1864, Dr. Bell was married to Mary Evelyn Bowen,
476
HISTORY OF ROCK COUNTY
of Janesville, Wis., daughter of the late Hon. Hiram Bowen, many years a leading citizen of Wisconsin and editor of the "Janesville Gazette" and "Milwaukee Sentinel." Two daughters, Nettie Evelyn and Martha Wheeler, comprise their family.
In June, 1908, Dr. Samuel Bell was elected department sur- geon of the G. A. R. for the Department of Wisconsin.
XXI.
PHARMACY-OLD AND NEW-OF ROCK COUNTY.
During the pioneer life of preterritorial days in Wisconsin, drug stores were few and far between, the remedies used being of the household kind, or such as a traveling physician could carry in his saddle bag. The mother of the house was the prin- cipal drug or herb collector, while the occasional physician was his own dispenser, and even the drug store, when established, was far different from the pharmacy of today. Aloes, epsom salts. senna leaves, calomel and castor oil were the general standbys, while quinine was sold in large quantities.
The first record we have of a regular drug store is when Messrs. Holden & Kemp hung out a drug sign in Janesville in 1849, and the old store is still in existence. This firm issued a family almanac, copies of which are still in some of the houses of Janesville.
Andrew Palmer also had a drug store for many years, fol- lowed by Curtis, then J. B. Baker, who is still in the business. C. B. Colwell, L. E. Hackley, William M. Eldredge and Charles D. Stevens were at different times engaged in the drug business. E. B. Heimstreet is the oldest druggist at the present time. At this time Janesville has several of the best equipped pharmacies in the state, as follows: E. B. Heimstreet, J. P. Baker, E. O. Smith & Co., George E. King & Co., McCue & Buss, William Pfennig, H. E. Ranous & Co., and W. T. Sherer. Palmer & Stev- ens did a large drug business from 1893 to 1898, when they sold out to George E. King & Co.
In 1878 E. B. Heimstreet, a druggist of Janesville, conceived the idea of organizing a society of druggists of Rock county, and visited each one and fixed a date for a meeting to be held in Janesville. The druggists responded well, and on June 4, 1879, the first meeting was held and the Rock County Pharmaceutical Society organized, with Dr. C. M. Smith, an old druggist of Evansville, as president, and E. B. Heimstreet, of Janesville, as
477
478
HISTORY OF ROCK COUNTY
secretary. Meetings were held quarterly, the interest increasing and druggists from other counties coming in until 1880, when it was decided to call a state meeting at Madison, which was done, and on July 15 the State Pharmaceutical Association was organ- ized. This led to the adoption of the pharmacy law and regula- tion of pharmacy in Wisconsin, all coming from the efforts of the Rock county druggists. The Rock county society still holds its meetings quarterly, and has the reputation of being the most successful in its work of any of the Wisconsin associations. The meetings are conducted in a social way, a dinner always preced- ing work, and every druggist in the county is a member of the society. The present officers are : J. M. Farnsworth, Beloit, presi- dent, and E. B. Heimstreet, Janesville, secretary and treasurer.
Milton.
H. M. Haven returned from the Civil War as hospital steward of the Thirteenth Wisconsin Infantry, and started the first drug store. He died about 1872, and was succeeded by Dr. O. Allen, who afterward moved his stock to Milton Junction. In March, 1875. W. P. Clarke opened a regular pharmacy and is still in business. Mr. Clarke has been quite active in pharmacy work and is one of the oldest druggists in the state. Dr. Charles Bad- ger had a small drug stock in the 80s for a year or so.
Milton Junction.
A drug store was put in by Dr. Wing, who carried on the busi- ness for several years, selling to Button Brothers, who after- wards sold to W. H. Gates, who has conducted the business since. Mr. Will Thorpe also has a finely equipped pharmacy. A. O. Allen in business in 1878.
Evansville.
Evans & Smith opened the pioneer drug store about 1872, and continued the business until Dr. Evans' death, when Dr. Smith retired and his work was taken up by Dr. J. M. Evans, Jr., who is still in business. George H. Reed had a drug store for a number of years, which store was established in 1867 by Messrs. Lucas & Palmer. S. H. Cowles also did a drug business here for several years. F. M. Crow, who had charge of the pioneer drug store for years, has a nice pharmacy now, and Lew Van Warp also has a good drug store.
479
PHARMACY-OLD AND NEW
Edgerton.
Matthew Croft opened the first drug store in this city many years ago and had a large business in this line for many years. He was succeeded by the Willson Brothers, who in addition to their drug business, do a large manufacturing business in pro- prietary goods. Charles Banks and George Doty both had drug stores here for years. Dr. Stillman is also remembered by the older people as a druggist. J. W. Stangl now has a nice store here.
Clinton.
Messrs. Covert & Cheever opened a drug store in 1868 and did quite a large business for many years. Hollister & Wood- ward were succeeded by O. L. Woodward, who has continued in service for the past twenty-seven years.
XXII.
HISTORY OF BANKING IN JANESVILLE. By J. G. Rexford.
Before the enactment of the free banking law of the state of Wisconsin, banking business in Janesville was carried on by merchants in their stores, or by private bankers and brokers.
The late J. Bodwell Doe stated in a letter written in 1864 that he at one time carried on a banking business in his store, on the spot where the First National bank of Janesville now stands, writing out his drafts and certificates of deposit and carrying home the assets of the bank in his pocket at night.
In the fall of 1852 Mr. Doe had an office in the Stevens house block on West Milwaukee street, where he advertised the busi- ness of "Banker and Exchange Broker." He probably continued the business at that place until the Stevens house was burned, in April, 1853. After occupying for two months the front room over the store, which is now known as No. 109 West Milwaukee street, Mr. Doe moved late in 1853 into the building erected that year by William M. Tallman, now known as No. 15 West Mil- waukee street, where he continued as a private banker until September, 1855. From January, 1853, Mr. Doe used the name "Central Bank of Wisconsin," for reasons which will be shown later on in this article.
The firm of McCrea, Bell & Co. opened a "Banking Exchange and Collection Office" in Janesville about January 1, 1851, their first advertisement appearing in the "Janesville Gazette" in the issue of January 2, 1851. The office of this firm was in a small stone building situated about where No. 9 North Main street now stands.
The free banking law was passed by the legislature of 1852, and approved on April 19 of that year. William A. Lawrence, of this city, was on the committee which reported that bill, and,
480
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BANKING IN JANESVILLE
it is believed, had more to do with framing the bill and securing its passage than any other man.
The first attempt to organize a bank in this city under that law was as follows:
Articles of association, dated November 4, 1852, were filed in the office of register of deeds for Rock county, to organize the "Central Bank of Wisconsin." The capital stock was $25,000, and the incorporators were William M. Tallman and Joseph B. Doe. Later a supplementary certificate, dated February 7, 1853, was filed, increasing the capital stock to $100,000, and naming William M. Tallman, W. E. Chittenden, Joseph B. Doc and A. · Hyatt Smith as incorporators. Mr. W. E. Chittenden, who was a resident of New York city, was expected to furnish the capital needed for placing with the bank comptroller the securities on which circulating notes would be issued. Mr. Chittenden failed before these securities were obtained, and the enterprise was abandoned. Mr. Doe continued the business as a private banker until September, 1855, using the title "Central Bank of Wiscon- sin." In August, 1855, the interested parties filed a paper relin- quishing all rights in the Central bank organization mentioned above.
July 19, 1853, articles were recorded incorporating the Bad- ger State bank with a capital of $25,000, the incorporators being Edward L. Dimock, William J. Bell and Augustus L. McCrea. Messrs. Bell and McCrea were residents of Milwaukee, and owned the private bank of McCrea, Bell & Co., already mentioned. The Badger State bank commenced business September 1, 1853, in the office until then occupied by McCrea, Bell & Co., who withdrew from business the same day. About January 1, 1856, after the completion of Lappin's block, the Badger State bank moved into the corner, which is now occupied by the Bower City bank.
The first report made by this bank to the comptroller in Janu- ary, 1854, gives its loans as amounting to $53,000, and its demand deposits as $56,000. William J. Bell was president and E. L. Dimock cashier. Mr. Bell was at his time also president of banks in Milwaukee, Racine and Fond du Lac. In June, 1855, the cap- ital of the Badger State bank was increased to $50,000, and from this date E. L. Dimock was its president and Henry C. Matteson its cashier. This bank was not able to withstand the financial
482
HISTORY OF ROCK COUNTY
storm which swept over the country in the fall of 1857, and closed its doors on the morning of September 26, 1857.
After the closing of the Badger State bank, the same banking office was occupied for a year or more by J. P. Hoyt & Co., private bankers. This firm, which opened business in January, 1857, moved in March of that year into the office formerly occupied by the Janesville City bank in the Lappin's block.
February 12, 1855, articles were recorded to organize the Janesville City bank with a capital of $25,000. The shareholders were Henry D. Bunster and Arthur W. Bunster. This bank opened for business on Main street, a few doors south of the pres- ent location of the Bower City bank. While Lappin's block was being built, the "City Bank" occupied quarters on the north side of East Milwaukee street, at the east end of the bridge, and moved across the street into Lappin's block on the completion of that building in December, 1855. H. D. Bunster was the first president, and Samuel Lightbody, cashier. July 7, 1855, they reported to the comptroller, $127,000 "due to depositors on de- mand and to others," and $79,000 in loans. One year later this bank appeared to be in a very flourishing condition, its demand deposits being over $170,000. After that its business declined rapidly and its ownership and control changed hands several times. This bank apparently ceased doing business in March, 1857, and its place was taken by J. P. Hoyt & Co., private bankers.
The first report of the Central bank, dated January 7, 1856, gave its capital as $25,000, deposits $41,000, loans $24,000. The capital stock was increased to $50,000 July 1, 1856; was made $100,000 on January 1, 1857, and $125,000 on July 9, 1859.
The Rock County Bank was organized by articles dated Octo- ber 16, 1855, with a capital of $50,000, the stockholders being John J. R. Pease, J. B. Crosby, Timothy Jackman, Shubael W. Smith, Andrew Palmer, Lewis E. Stone, John Kimball, B. F. Pix- ley, John C. Jenkins, J. Lang Kimball, Morris C. Smith, Peter Myers, Jesse Miles. The first directors were Timothy Jackman, J. B. Crosby, Andrew Palmer, L. E. Stone, J. L. Kimball, B. F. Pixley, J. C. Jenkins, M. C. Smith, J. J. R. Pease. Timothy Jack- man was the president; Andrew Palmer, vice-president, and J. B. Crosby, cashier. The first report to the bank comptroller was made July 7, 1856, showing a capital of $50,000, deposits, $66,000, loans $99,000. The Rock county bank commenced business in a
483
BANKING IN JANESVILLE
frame building at the east end of Milwaukee street bridge on the spot where the Rock County National bank has been located for many years, removing thence to a two-story frame building on the northwest corner of Main and Milwaukee streets in Febru- ary, 1857. After temporary occupancy in the Myers House block, this bank in 1851 moved into permanent quarters in the new Jackman block, where the Rock County bank and its successor, the Rock County National bank, has continued to the present day.
The Producer's Bank was organized June 20, 1857, by Alex T. Gray, Edward M. Hunter and William A. Barstow, with a capital of $100,000. Alex T. Gray and E. M. Hunter wre presi- dent and cashier respectively. Its office was in the Hyatt house, on the spot where the American Express Company's office is now located. January 4, 1858, this bank made its first and only report to the comptroller, reporting loans of $94,000, demand de- posits of $11,000, and a small amount of circulation. It was re- ported officially as closed in 1858.
If Janesville could ever be called a "boom" town, it was such in the "fifties." Real estate speculation was very active, and by 1857 prices were unreasonably high. The panic of 1857 was followed by a shrinkage of values in real estate, and all commodi- ties, which has not been equaled in any subsequent financial crisis.
The business conditions are clearly reflected in the bank state- ments of that period. In July, 1856, four banks in Janesville had a combined capital of $175,000, $522,000 in deposits and loans amounting to $373,000. July 6, 1857, three banks reported in the aggregate $200,000 capital, $422,000 "due to depositors on demand and others," and $425,000 of loans. July 5, 1858, there were two incorporated banks left, having a combined capital of $150,000, and reporting $115,000 due to depositors and to others, and $185,000 in loans. Such a shrinkage of deposits could only have been endured by banks doing business largely on their own cash capital. For eighteen years following the fateful year of 1857, there were but two commercial banks in Janesville.
The Central Bank of Wisconsin, by a vote of its stockholders, entered the national banking system in September, 1863, with a paid-up capital of $125,000, taking the title "First National Bank
48-1
HISTORY OF ROCK COUNTY
of Janesville." It was the second bank in the state to organize under the national bank act, and was given charter No. "83."
The first directors of the First National bank were: E. R. Doe. F. S. Eldred, Joseph Spaulding, H. S. Conger, H. K. Whiton, S. G. Williams and J. D. Rexford. E. R. Doe was president, F. S. Eldred, vice-president, and J. B. Doe, cashier. In July, 1862, a new charter was obtained under the title, "The First National Bank of Janesville," with a charter No. "2748."
Here are the names of all who have been at any time officers of the Central bank and its successors, the two First National banks, from 1855 to this day. The names are given in the order of the first terms of service, the last named in each class being the present officers :
Presidents-O. W. Norton, E. R. Doe, J. D. Rexford, Levi B. Carle, Stanley G. Smith, John G. Rexford.
Vice-Presidents-William H. Tripp, Jonathan Cory, F. S. Eldred, L. B. Carle.
Cashiers-William A. Lawrence, J. D. Rexford, J. B. Doe, J. G. Rexford, W. O. Newhouse.
Assistant cashiers-J. B. Doe, George G. Williams, J. G. Rex- ford, H. S. Haggart.
The Rock County Bank was converted into a national bank with a capital of $100,000 in January, 1865, taking the title "Rock County National bank" and charter No. "749.". The first directors of the Rock County National bank were: Timothy Jackman, J. J. R. Pease, Shubael W. Smith, B. B. Eldredge, J. B. Crosby. Timothy Jackman was president and J. B. Crosby, cashier.
Below are the names of all who have been officers of the Rock County bank and the Rock County National bank, including the present officers :
Presidents-Timothy Jackman, Shubael W. Smith, B. B. El- dredge, C. S. Jackman.
Vice-presidents-Andrew Palmer, J. J. R. Pease, S. W. Smith, A. C. Bates, B. B. Eldredge, John Watson, James A. Webb, C. S. Jackman, C. W. Jackman, A. P. Burnham.
Cashiers-J. B. Crosby, J. L. Kimball, C. S. Crosby, C. S. Jack- man, Stanley B. Smith, A. P. Burnham, Frank H. Jackman.
Assistant cashiers-C. S. Crosby, C. S. Jackman, S. B. Smith, A. P. Burnham, F. H. Jackman.
485
BANKING IN JANESVILLE
The Wisconsin Savings Bank began business about June 1, 1873, in Lippin's block on East Milwaukee street. This was a private bank, the proprietors being Edward McKey and F. F. Stevens. Mr. McKey was president and Mr. Stevens cashier. They did not solicit any commercial business, but issued savings bank pass books of the usual form, with rules and regulations printed in English, German and Norwegian. At first they paid interest at from five to six per cent (according to the amount of the deposit) on deposits of one dollar or more which remained one month or longer. Later the rate of interest was reduced to three per cent. On account of the death of Edward McKey, the Wisconsin Savings bank ceased business and paid off its deposits in 1875.
The Merchant's & Mechanic's Savings Bank was organized in September, 1875, with an authorized capital of $100,000. The incorporators were H. G. Reichwald, F. S. Lawrence, L. L. Robin- son, Alex Graham, James Sutherland, N. Smith, A. A. Jackson, James Hintliff, Henry Palmer, Fenner Kimball, J. A. Dennistor, H. S. Hogoboom, A. H. Sheldon, Charles Noyes, William H. Tall- man, Levi B. Carle, William MacLoon, U. Schutt, David Jeffris. The first directors were Levi B. Carle, Seth Fisher, A. A. Jackson, David Jeffris, F. S. Lawrence, Frank Leland, Henry Palmer, H. G. Reichwald, A. H. Sheldon. David Jeffris was president and H. G. Reichwald was cashier.
This bank opened for business in October, 1875, in Lappin's block, in the office formerly occupied by the Wisconsin Savings bank. Their first report under date of December 7, 1875, shows capital paid in $20,000; deposits, $47,000; loans, $37,000. The "Merchant's & Mechanic's" was the first bank in Janesville to attempt a combined commercial and savings bank business. In 1881 this bank removed to the building which it still occupies at No. 10 West Milwaukee street, at the west end of the bridge.
The following are the names of all those who have been officers of the Merchant's & Mechanic's Savings bank :
Presidents-David Jeffris, Henry Palmer, W. S. Jeffris.
Vice-presidents-A. A. Jackson, John McLay, William Mac- loon, James Menzies, Fenner Kimball, A. H. Sheldon, William Bladon.
Cashiers-H. G. Reichwald, J. C. Metcalf, W. S. Jeffris, Wil- liam Bladon, S. M. Smith.
486
HISTORY OF ROCK COUNTY
Assistant cashiers-William Bladon, S. M. Smith.
The Bower City Bank was organized January 19, 1895, with an authorized capital of $50,000, the incorporators being Fenner Kimball, James Shearer, J. W. Sale, I. C. Brownell, William Bladon. The first directors were Fenner Kimball, James Shearer, William Bladon, William G. Heller, George G. Sutherland, I. C. Brownell, J. W. Sale. Fenner Kimball was elected president, James Shearer, vice-president; William Bladon, cashier. Before this bank opened for business, William Bladon resigned as cashier, and Albert E. Bingham was elected to fill the vacancy.
The Bower City bank opened for business April 1, 1895, in the room formerly occupied by the "Merchant's & Mechanic's" bank in Lappin's block, removing thence in May, 1897, into the corner store of the same block, now called the "Hayes block," which location it still occupies.
The first official report of this bank, published August 31, 1895, shows capital stock paid in, $34,000; deposits $98,500; loans, $70,500.
The following are the names of all persons who have been officers of the Bower City bank :
Presidents-Fenner Kimball, James Shearer, George G. Sutherland.
Vice-presidents-James Shearer, J. W. Sale.
Cashier-A. E. Bingham.
Assistant cashier-H. D. Murdock.
The growth of the banking business in Janesville is illustrated by the figures given below. The first column shows the combined capital, surplus and net undivided profits; the second column, the combined deposits of all the Janesville banks on one certain date in each of the years stated. These figures are taken from the first published reports in the years given :
Capital, Surplus and Profits. Deposits.
1860
$185,000
$ 117,000
1870
370,000
251,000
1880
359,000
530,000
1890
304,000
813,000
1900
501,000
2,170,000
1908
714,000
3,260,000
F
CHARLES MI'GLAUCHLIN.
XXIII.
HISTORY OF BANKING IN BELOIT, WIS.
The first banking business in this place was connected with Mr. Alvin B. Carpenter, who came to Beloit in 1845. Soon after that date he began loaning money, the usual rate of interest then being three per cent a month. After several years' absence he again conducted a banking business here during the years 1854 to 1857, and weathered the financial storm of that last disastrous year, but then went into voluntary liquidation. His residence and office at that time was a frame building south of Race street on the west side of South State street, the premises, No. 144, now occupied by the Columbia block.
When the E. D. Murray block (S. W. corner of Turtle and Race streets) burned on the morning of April 6, 1854, Mr. Car- penter hastily placed his money and valuable papers in a wooden box and hid it under his front sidewalk. Fortunately the wind, which was from the southwest, drove the flames and sparks away from his location and the sidewalk, with its deposit, as well as his home, was saved.
The first regular banking institution of Beloit was the Rock River bank, organized by capitalists from Pittsburg, Pa. They soon disposed of their interests, which came into the possession of William C. Ritchie, William M. Newcomb and John Doolittle, who in 1858 started the Frontier bank under the firm name of Ritchie, Newcomb & Co. Later William C. Ritchie alone con- tinued it as the Rock River bank and was its president until that institution failed in 1859.
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