CHAPTER XLI

_Banks and Banking in Linn County_

The history of banking in Cedar Rapids and Linn county may appropriately be divided into three periods, designated respectively, Frontier Banking, Country Banking, and City Banking, each possessing characteristics peculiar to itself and expressive of its time.

Frontier Banking was coincident with the beginning of business in Iowa, and continuing, covered the pioneer days, prior to the coming of the railroad, and its story is most interestingly told in his own words by Dr. S. D. Carpenter, whose youthful activities were a part of that early life, and who, in his eightieth year, writes as follows:

"Something over fifty years ago, as I recall the circumstance, I was greatly elated when the local printer at Cedar Rapids produced a card on which was imprinted 'Carpenter, Lehman & Co., Bankers.' At an earlier period of my life, I had read _Æsop's Fables_, but if I had, the story of the Ass who paraded in the Lion's skin did not seem applicable, and I mingled boldly with my companions, who, with equal effrontery, wore the same apparel. The 'protoplasm' from which the bankers of that day evoluted was plentiful and the environment all that could be desired. In a technical sense, it is quite true, there was no necessity for a bank and no business for a banker; there being no commerce, there were no bills to discount; but nevertheless, we established banks and became bankers. This was possible, because we had squatted down in the midst of millions of acres of a very fertile soil, in a genial and healthy climate. The product of land could not be exported, but a large immigration was pouring into the country, hungry for land and sufficiently numerous to consume all the surplus products. Land was the basis of all the live business, and the land agent and real estate dealer evoluted naturally into a banker. Land warrants took the place of commodities, dealers in the east collected them, and sent them to their agents in the west, who sold them at a large advance to the immigrants for whom they entered the land. The western real estate dealer ordinarily did not have capital enough to buy the land warrant, but handled it on a commission for his eastern correspondent until such time as he could accumulate from his profits sufficient cash to buy it outright. The price of the land warrant as purchased from the party to whom issued, was less than one dollar per acre, and was always sold to the buyer who used it at $1.25 per acre, that is a profit of at least 25 cents per acre, and with the continual increase of immigrants the business became of great volume and was correspondingly remunerative. Often the purchaser wanted more land than he had cash to pay for; then the real estate man sold the warrant at the rate of $1.25 per acre, took the purchaser's note for the balance at three per cent per month interest and held all the land as security. At this point, the real estate man became a banker. The first real estate firm in Cedar Rapids was that of Weare, Finch & Co., consisting of John Weare, Jr., Daniel O. Finch, and George Greene. They began business either in 1850 or 1851. I was offered a one-fourth interest in the syndicate for $500.00 and would gladly have taken it, but was unable to raise the requisite capital. Although unable to break into the crib, like many others, I hung around and was able now and then to grab an ear from the overflow. In other words, I became a customer of the bank. Being in the practise of medicine, I became familiar with all the surrounding country. When I discovered a choice location as regarded timber, water, etc., I went to the bank, bought a land warrant at $1.25 per acre, gave my note at three per cent per month, with a cast iron mortgage, and took my chances in the hope of selling at an advance before the maturity of the note. I was so successful in these ventures that I soon abandoned my profession and devoted my whole time to real estate. The real estate operator took advantage of the fact that many of the immigrants brought money with them, which it required time to invest. They had to look up locations to enter or to examine tracts which they desired to buy at second hand. Meantime, they did not wish to carry their money about with them and therefore they deposited it in the bank. The trade of the local merchants also increased, and they gradually became customers, and from these sources came the deposits. The volume of exchange was small, but the bank added something to its income by acting as agent for the payment of taxes for non-residents. The firm of Weare, Finch & Co. soon merged into that of Greene & Weare, D. O. Finch removing to Des Moines to establish a branch of the same house. Greene & Weare did not long enjoy a monopoly at Cedar Rapids. B. S. Bryan, who had been a clerk in their house, and had become familiar with the business, with a brother-in-law named Ward, from New Jersey, opened a rival establishment under the name of Ward & Bryan, some time in 1852 or '53. At that time, the immigration was so large that both establishments had all the business they could manage with their limited capital. It is not probable that either concern was very conservative, but the newer firm had but little capital, and the members branched out in the way of building new residences for themselves, and Bryan went so far as to buy a top buggy and a fine horse. This was going beyond the limit; the pioneer whose aspirations in the way of a pleasure carriage did not extend beyond a two horse wagon, became suspicious. Some renewals of paper in Iowa City and Davenport were refused them, and they had to close their doors. Then ensued a mild financial earthquake, which did not affect the town itself, because no one in the town, except the merchants, had any money on deposit, and they but little, but the sufferers were those who had put their money in the bank preparatory to buying land, and the bankers of whom they had bought land warrants on credit. Wm. Greene and myself, were appointed receivers. The assets amounted to about $35,000.00 and the indebtedness to something more. It took a year or two to close up the business and there was not a very great loss to any one.

[Illustration: IN AND AROUND MT. VERNON]

"The town had scarcely quieted down from this excitement before it was struck by another financial cyclone of an entirely different character. We had a mail three times a week from Dubuque to Iowa City, the service being performed by four horse Concord coaches; it was before the day of the express companies. All money and other valuable packages came by mail. One day about 9 o'clock in the morning, the postmaster from Marion dashed into town at full speed, bringing the alarming intelligence that a mail pouch had been stolen from the coach in Marion, which had been found cut open and rifled and then concealed in some shavings back of a carpenter shop, near the hotel where the stage stopped to change horses and allow the passengers to breakfast. In the sack and near it, concealed in the shavings, were letters, and a package of land warrants, amounting to several thousand dollars. What was missing was not known. The land warrants were addressed to Greene & Weare. A crowd gathered about the bank and it soon became known that a money package had been in the pouch, but the amount was not given. Soon the report spread about that the bank had lost five, ten, or twenty thousand dollars, the sum varying according to the guessing power of the relator. Immediately John Weare and Wm. Greene started post haste to Marion, where they found a high state of excitement. The town had resolved itself into a committee of 'Sherlock Holmeses,' all devoting themselves to detective business. As a starting point, they were told that the money consisted of bank notes, issued by the Bank of Elgin, Illinois. Suspicion soon pointed to a disreputable blacksmith, living in a small frame house nearby. The stage had arrived at the hotel just before daylight, first driving to the postoffice, where the driver thought he had thrown all the sacks from the boot, but the small one had escaped his notice. The stage stood in front of the hotel and the horses were taken to the stable and fresh ones brought to supply their places. While this was being done and the passengers being at their breakfast, the stage was quite deserted, and it was then, it still being dark, that the thief got in his work. The stage proceeded on its way, and it was not till the carpenter shop, which stood just across the street from the hotel, was opened up for work, that a workman discovered the papers scattered about and finally the pouch itself. The alarm was at once given and the postmaster, as stated, carried the news to Cedar Rapids. It was not known that money had been stolen till Mr. Weare and Mr. Greene arrived. Soon after their arrival it became known that the blacksmith, quite early in the day, had been to the town grocery and much to the surprise of the grocer, paid up a standing account, and bought several dollars' worth of goods, for which he paid cash, with bills of the Bank of Elgin. These bills had not been in general circulation, and the grocer was making inquiries about them, which at once fixed suspicion on the blacksmith, who was immediately arrested and a guard placed about his house. He was searched, but nothing of an incriminating nature found. The house was then thoroughly gone over, and a five dollar bill of the Bank of Elgin found in the crack in the wall behind a looking glass. The man declared his innocence, and the woman said she knew nothing about the discovered bill. They had three children, a boy about thirteen, another eight, and a younger girl. In explanation of the bills paid the grocer, he said a man from Illinois, where he had formerly lived, had passed through the town the day before, and had paid him a bill of long standing in the bank notes that he had given the grocer. This story they stuck to, through all sorts of cross examination. Another diligent search of the house and adjacent premises was made, but nothing found. People living in the house nearest them, said that before daylight they had heard them up, and saw a light in the house, which was an unusual circumstance. The eldest boy, however, explained that he was raising a pet pig by hand, and that he was up so early because his pig was hungry and he had to feed it. Things went on in this manner till nearly night, when a new clew was struck. A woman living at the outskirts of the village had seen the eldest boy pass her house about eight or nine o'clock in the morning, carrying a sack, which apparently had something in it. No one had, however, seen him leave or return to his father's house, and he was there when the arrest was made, but the time that he was seen corresponded to about the time the grocer was being examined about the bills, and the detectives concluded that the blacksmith had his eyes open and surmised that they were getting warm on the trail, and had then sent out the boy with the money in the sack. The boy stoutly denied that he had left the house and that the woman was mistaken. So the matter rested for the first night. The next morning two other persons were found who had seen the boy and the sack at the time mentioned. Then the boy being hard pressed confessed that his mother had sent him out to a neighboring farm to get meal, but not finding any he had left the sack. Mr. Greene took the boy to the farm, but the people said he had not been there. Then he was brought back and again cross examined. He told numerous and conflicting stories, which I have forgotten, but succeeded in baffling the detectives the whole day. In the afternoon, Mr. Weare wrote me from Marion a very despairing note, saying that they were perfectly sure that the blacksmith was the thief, but that there was no clue to the money, which was the main thing, and suggesting that I bring three or four determined men and join him, and try by intimidation, whether it was not possible to frighten him into giving it up. I acted upon his advice and joined him in Marion about nightfall.

"I found him at the house of his mother-in-law in company with a couple of dozen of the amateur detectives. They were awaiting the return of Wm. Greene, whom the boy was leading another wild goose chase. It was the consensus of opinion that if the last effort with the boy failed, the crowd should take the old man from the jail and threaten to lynch him. This might possibly make him confess. I felt perfectly sure that the boy had taken the money in the sack and concealed it and argued that it would be more easy to intimidate him than his father, who seemed to be hardened and determined. Objection was made on account of his age, and on the score of cruelty, but they finally agreed that I might make a trial on the boy, and that in case of failure, they would deal with the old man. Pending the discussion, William Greene and the boy drove up in a buggy. The boy had added another to his many lies about the disposition of the sack. He was a sturdy chap of thirteen, and under the embarrassing circumstances seemed pretty cool. When they got out of the buggy William Greene made a final appeal to him. 'My boy,' he said, 'you have been lying to us all day as you well know, but I will make a last offer to you. If you will tell where you have hidden the money, I will give you $200.00 and you shall not be hurt, or anything done to you, but if you don't, I will turn you over to these men, and I don't know what they will do to you.' The boy said, 'that as true as there was a God in heaven, he didn't know anything about the money, and could tell nothing.' Then I took up the role; I seized him by the throat and threw him pretty heavily to the ground, and called for a rope; the crowd had a rope prepared for the old man, which was immediately put about his neck; then I raised him up and told them to throw the rope over the limb of a tree under which we were standing. They did so and drew it taut, and I said, 'now you lying young rascal, we are going to hang you instantly, and if you have anything to say, this is your last chance.' The suddenness of the attack, and the jar he received in falling sort of dazed him; at all events he cried out, 'don't hang me and I will tell.' He at once confessed that he had the money in the sack, and had buried it in a clump of bushes within three hundred yards of where we were. I led him by the rope, followed by the crowd, and in a few minutes a couple of the men unearthed the sack. We then returned to the house, the money was counted and only a few hundred dollars was missing from the original $6,000.00 which the package contained. The boy in the meantime had regained his courage, and on being asked to explain who gave him the money, said that while going with the sack for the meal early in the morning of the robbery, he had met two men, who gave him the money and told him to bury it and they would call in a few days and pay him $200.00 for his trouble, and that his father had nothing to do with it, and knew nothing about it. Asked to describe the men, he looked at the crowd and gave a very accurate description of myself and John Weare, who stood beside me. The bystanders appreciated the joke, and inquired whether Weare and I were not the men. He gave us another look and said he was not quite certain, but they were men who looked mightily like us, if we were not the very men.

"The old man was kept in jail but the boy was left with his mother. In a few weeks the prisoner escaped, the boy having with an axe one night dug a hole in the wall of the jail. He and his father were heard of no more, and were never brought to justice. I have always had a sneaking sort of an admiration for that boy and feel certain that he must have reached distinction in some way or another.

"The above episode took place, if my memory is not at fault, about 1854-5, and at that time and on till 1857, the real estate dealers and bankers throve apace. Personally I had arrived at a position that I thought entitled me to become a financier, and in company with L. H. Lehman, of Wooster, Ohio, and E. C. Kreider, of Lancaster, Ohio, we opened our doors and proclaimed ourselves bankers under the firm name of Carpenter, Lehman & Co. Soon afterwards another bank was started, the firm name of which I have forgotten, but of it Henry Wood, an early settler of the town, was a member. Thus Cedar Rapids, with a population of less than 2,000, could boast of three banks. Meantime Greene & Weare grew apace, and besides the home institution, within a few years they established branches in Des Moines, Council Bluffs, Omaha, Ft. Dodge, Sioux City, and it may be at other places, and in almost every county seat that I can think of there were two or three banks. Cook & Sargeant, of Davenport, were the Pierpont Morgans of the day, and had even more branches than Greene & Weare.

"I cannot remember that there were any banks of issue in Iowa, nor do I know what the banking laws of Iowa were at that time, but if there were any, they were not so favorable as those of the territory of Nebraska. Cook & Sargeant, I believe, were the discoverers of the new field, and organized a bank at an obscure town in that territory named Florence, and very soon currency of the Bank of Florence was in active circulation; to keep abreast of the times, Greene & Weare started a bank at Fontanelle, a still more obscure place in the territory, and bills of the Bank of Fontanelle were greatly in evidence. I do not remember what provisions were made for the redemption of the notes, but imagine that the holders had a pretty tedious journey to get to the places of issue. They however did duty as money, made times good, and stimulated speculation. When the land office was opened at Fort Dodge, I made a trip to that place with John Weare, Jr., who went, I think, to establish a branch there. The journey consumed several days, and on arriving we found all the buildings that had formerly been occupied by the soldiers filled to overflowing with land seekers and bankers. Not only were the old buildings full, but many were in hastily built cabins, and even in tents. There were seven banks in full operation; one in a tent which served as a background for a large sign, announcing that ten per cent would be paid on current deposits. John Garaghty, of Lancaster, Ohio, an old friend of mine, had his bank in one of the recently built cabins. I found him on the floor of the bank, diligently sewing at a bed tick, which was to garnish a bunk in one corner where he slept. He seemed cheerful, but animadverted severely on his competitor in the tent, whom he said was taking a rascally advantage in offering ten per cent interest. Things went on swimmingly for a couple of years. Immigration was large, lands advanced rapidly in price, with plenty of buyers; to make money one only had to buy real estate, so we all cheerfully used all our cash and credit in that line.

"Without much warning, so far as I can remember, the hard times of 1857 struck us, as the stringency extended over the whole country. Our supplies were suddenly cut off. We that were wearing the 'Lion's skin' began to bray, and to take to the tall timber. Our firm fortunately had not gotten entirely beyond its depth, but it was in well up to the chin. By strenuous efforts we managed to pay our depositors and then divided our lands, and went out of business, as did the other concern which had started in about the time we did. Greene & Weare were left alone in the field, but their difficulties were great, and the firm was soon dissolved by the withdrawal of John Weare, Jr., whose place was taken by Wm. Merritt, and the name changed to Greene, Merritt & Co. That financial cyclone I should say wiped out at least one-half of the bankers of Iowa, and had they been asked why they failed, they could have answered in the laconic terms of John Thompson, the bank note reporter, to a similar question, 'for want of money.'

"For a couple of years thereafter I devoted my whole time to real estate, trying to get rid of my holdings, which were more than I could comfortably carry. In 1859, or thereabouts, having gotten my affairs into better shape, I again embarked in the banking business, having for partners John Weare, Jr., and Henry B. Stibbs, both of whom had been with the firm of Greene & Weare, the former as a partner, the latter as cashier. The firm name was Carpenter, Stibbs & Co. Banking had then become more legitimate. The railroad had been completed to Cedar Rapids. Commission houses had been established. Grain, hogs, and cattle were shipped in carloads, which furnished bills for discount; merchants were on a firmer basis and did a larger business, and the deposits were of considerable volume: real estate and tax paying still had a place, but were inconsiderable.

"Things in a commercial way went on pretty smoothly till the breaking out of the Civil war. At that time our currency consisted principally of bank notes from Wisconsin and Illinois, which were based mostly upon state and other bonds held by the banks which issued the notes. As these securities fluctuated so did the value of the notes. Those who held them wanted to deposit in the banks, and when a customer came in, the banker had to refer to Thompson's Bank Note Reporter to ascertain their value, and even when so determined, the risk of the banker was great, because of their liability to depreciate. I remember going to St. Louis, shortly after the war began to withdraw our account from a bank there, and I had to pay 13 per cent for a gold draft. Still we managed to worry along and I do not remember that many failures occurred. When the war broke out, Cedar Rapids raised a company for the first regiment, and as the state had no money, our bank furnished the funds to equip, maintain, and transport the company to Keokuk, where it was mustered into the service. From that time till I entered the army early in 1862, I had little to do with the bank. I was chairman of a committee of thirteen whose duty it was to encourage enlistments and the formation of companies for the service, and by subscription to raise money for bounties, till finally I went myself and was not mustered out till August, 1865.

"From the time I left for the war, I had nothing to do

## actively with the banking business and have never since been

behind a banking counter in an official capacity. What little knowledge I have of the early banking in Iowa, I gained there, but as Cedar Rapids was a typical town, I imagine that the banking done there was very similar to that done in all the other towns of the state.

"After a lapse of forty-four years, one's memory is not reliable and you must therefore make liberal allowance for errors in date as well as other things. In writing I regret the want of old papers and other data, but have done the best I could under the circumstances.

"Truly yours,

"SEYMOUR D. CARPENTER."

The first constitution of Iowa made the following reference to banks:

"The General Assembly shall provide for the organization of all other corporations, except those with Banking privileges, the creation of which is prohibited."

For this reason early banking was conducted as a purely private enterprise, or as a branch of some bank incorporated in another state.

Prior to the adoption of the second constitution in 1857, it became evident that the state was very much in need of a more stable banking system, so provision was made for incorporated banks, when approved by vote of the people and for "The State Bank of Iowa," which was incorporated July 29, 1858, with power to establish branches and issue circulating notes. Elihu Baker, a Cedar Rapids banker, was the first secretary of the State Bank, and in time fifteen branches were established at different points in the state.

Although none was located here, our business interests received substantial benefit from the improved financial conditions that resulted from a safe system and a sound currency.

With the coming of the railroad in 1859, Cedar Rapids entered the field of commerce and forever put an end, not only to frontier banking, but to one of the most wonderfully heroic, and, in some respects, beautiful scenes of its human history--the pioneer life.

[Illustration: R. D. STEPHENS]

[Illustration: ADDISON DANIELS]

[Illustration: J. B. YOUNG]

[Illustration: I. M. PRESTON]

Country banking as conducted today, is less crude, more scientific, and safer than in the time of which we write, but a fundamental condition that has always made it a public necessity remains the same, namely, a local community engaged in the activities of development, production, and commerce.

It goes without saying that the banking needs of Cedar Rapids as a railroad town were greater than ever before and several applications were made for permission to establish a branch of the State Bank, none of which, however, was successful.

This worthy institution itself proved to be short-lived, for the need that brought it into existence was broader than Iowa and soon crystallized into the National Bank Act, which was adopted by the Federal Congress in 1863, and which provided for a National Bank currency and effectually put an end to all other bank note issues, and the State Bank of Iowa, having fulfilled its mission, redeemed its notes and all other liabilities, and ceased to exist.

Although the national system met with much opposition on the part of the larger state banks of New York and elsewhere, and had to overcome prejudice in the minds of many people throughout the country, its positive improvement on the old order of things was quickly apparent to Cedar Rapids bankers, resulting in the establishment of two National banks in 1864, and the race for charters illustrates a degree of alertness and competition in those days that would do credit to the chief of present day hustlers, and verified the old proverb, "the first shall be last," for the First National Bank, with a capital of $50,000.00, received charter No. 500 on August 23d, while the City National Bank, with a capital of $100,000.00, received charter No. 483 on July 19th of that year and was the first to open its doors for business. During the following year, the First National Bank increased its capital to $100,000.00. Published reports, about the end of the year 1865, show total deposits in both banks of nearly $150,000.00, and the full limit of outstanding bank notes $90,000.00 each, thus promptly and amply providing banking facilities for the rapid development that followed the close of the Civil war.

City banking within the memory of our older bankers was practically confined to the east and to a very few of the larger cities of the country, and its development in Cedar Rapids and other cities of her class illustrates the evolution of banking methods and evidences the remarkable financial growth of Iowa and the west. In response to the growing needs of jobbing and manufacturing lines, which were then in their infancy, the Merchants National Bank was organized in 1881 by R. D. Stephens. He was an exceptionally able banker, and his untimely death in 1883 deprived the community of a strong force.

With the organization of the Cedar Rapids National Bank, which succeeded the private banking business of G. F. Van Vechten in 1887, there was inaugurated a systematic effort to encourage and build up a business with country banks within this territory. Such deposits were carried in moderate amounts before this, but were handled more as a matter of necessary collections on account of the shipments of live stock and grain to this center than as a permanent and profitable branch of banking. It became evident at this time that the rapid development of the state and of wholesale and manufacturing businesses at this point was bringing Cedar Rapids into closer business relations with many other towns, that currency and credit could be handled here with equal safety and with greater profit and convenience than in the distant east, and with population and wage earners increasing, the savings banks assumed their most important place, and thus it came about that city banking, like country banking, was the outgrowth of our mutual business requirements and advantages. Its natural development led to the organization of the Cedar Rapids Clearing House Association in 1902, the designation by government authority of Cedar Rapids as a reserve city for deposits of other national banks in 1903, and to the existence of ten active banks today, holding total deposits of over sixteen million dollars, and completes a record of banking safety that has paid its depositors in full throughout its history.

List of Cedar Rapids banks in the order in which they began business:

No. Name Opened Liquidated

1 Greene & Weare 1852 1858

2 Ward, Bryan & Co. 1853 1856

3 Carpenter, Lehman & Co. 1856 1857

4 Dodge, Carr & Co. 1856 1857

5 Elihu Baker & Co. 1857 1860

6 Greene, Merritt & Co. 1858 1862

7 Carpenter, Stibbs & Co. 1859 1869

8 S. C. Bever & Son 1862 1864

9 City National Bank July 19, 1864 1898

10 First National Bank August 23, 1864 1886

11 Union Savings Bank February, 1870 1879

12 G. F. Van Vechten Private Bank February 1, 1877 1887

13 Merchants National Bank March, 1881

14 Cedar Rapids Savings Bank May 15, 1883

15 O. N. Hull's Real Estate Bank August 12, 1884 1890

16 Cedar Rapids National Bank February 28, 1887

17 Security Savings Bank April 26, 1889

18 Bohemian-American State Bank June 13, 1892 1894

{Iowa Savings Bank May 1, 1893} 19 { changed name to } 1898 {Bohemian-American Savings Bank September 1, 1894}

20 Citizens National Bank March, 1898 1908

21 American Trust and Savings Bank April 5, 1898

22 Cedar Rapids Loan and Trust Co. February 1, 1900 1904

23 Peoples Savings Bank May, 1903

24 Fidelity Trust and Savings Bank June 1, 1904 1907

25 Commercial Savings Bank December 14, 1905

26 Iowa State Savings Bank July 1, 1906

27 Commercial National Bank July 7, 1908

28 First Trust & Savings Bank August 4, 1910

THE CEDAR RAPIDS CLEARING HOUSE ASSOCIATION

The Cedar Rapids Clearing House Association was organized largely through the efforts of R. T. Forbes, at that time cashier of the Citizens National Bank, and J. M. Dinwiddie, cashier of the Cedar Rapids Savings Bank. During the summer of 1902, Mr. Forbes and Mr. Dinwiddie agitated the matter and in October of that year, as the result of their efforts, a committee of Cedar Rapids bankers, consisting of John T. Hamilton, J. M. Dinwiddie, Ralph Van Vechten, James E. Hamilton, J. W. Bowdish, Lawson Daniels, E. W. Virden, E. M. Scott, Ed. H. Smith, E. E. Pinney, and R. T. Forbes, visited Davenport and investigated the workings of the clearing house association of that city.

Following that visit to Davenport, a meeting of the representatives of the banks of the city was held on November 3, 1902, at which meeting it was formally resolved to form a local association. A constitution and by-laws were adopted on November 6, 1902, and the clearing house was regularly organized, with the following banks as members: Merchants National, Cedar Rapids National, Citizens National, Cedar Rapids Savings, Security Savings, American Trust and Savings, People's Savings. The first officers, elected December 3, 1902, were: President, J. M. Dinwiddie; first vice-president, E. M. Scott; second vice-president, Ed. H. Smith; treasurer, E. W. Virden; secretary and manager, R. T. Forbes.

After formal organization the clearing house lay dormant for several months and it was not until January 4, 1904, that the association actually began the work of daily clearings. The clearings for the first day amounted to a total of $127,000. The average per week for the first year was about $400,000. That the banking business of Cedar Rapids has grown with giant strides the past five years is evidenced by the fact that the clearings are now running well over one million dollars per week and are showing an average gain of 40 per cent over the corresponding weeks of last year. The week ending June 5, 1909, showed the remarkable increase of 130 per cent over the same week of 1908.

At the time of organization the banks of Cedar Rapids had a combined capital of $630,000, surplus and undivided profits of $400,000, and deposits of $7,800,000. At the present time they have a combined capital of $900,000, surplus and undivided profits of over $800,000, and deposits of $16,000,000. Since the organization of the clearing house the deposits of country banks has increased from $2,000,000 to more than $6,000,000, savings and time deposits from $4,200,000 to $7,200,000, and individual demand deposits from $1,200,000 to $2,200,000. Such a showing of growth and prosperity is an absolute index of local conditions and speaks more eloquently than words of the substantial manner in which this city is forging ahead in things financial.

J. M. Dinwiddie served as president until December, 1906, being succeeded by E. M. Scott, who served until December, 1908. Mr. Scott was succeeded by J. W. Bowdish, who resigned in March of this year, being succeeded by Kent C. Ferman. R. T. Forbes served as secretary and manager until December, 1906. He was succeeded by Charles Fletcher, Jr., who held the office until July, 1908, when he was succeeded by W. J. Elliott. E. W. Virden, the first treasurer, was succeeded by John Burianek, Jr., who served until December, 1907, when he was followed by Louis Wokoun. The present officers are: President, Kent C. Ferman; first vice-president, James E. Hamilton; second vice-president, John Burianek, Jr.; treasurer, Louis Wokoun; secretary and manager, W. J. Elliott.

The present membership comprises all the banks of the city, as follows: Merchants National, Cedar Rapids National, Commercial National, Cedar Rapids Savings, Security Savings, American Trust and Savings, People's Savings, Iowa State Savings, Commercial Savings. The clearing house association rooms are under the Merchants National Bank, and here representatives from each bank in the city meet at eleven o'clock each day to exchange checks, or "clear" the day's business.

The Commercial Savings Bank was organized December 13, 1905, with a capital stock of $50,000. Its officers were C. H. Chandler, president; W. C. LaTourette, vice-president; James L. Bever, Jr., cashier; with C. H. Chandler, James L. Bever, Sr., W. C. LaTourette, H. Cushman, John B. Bever, C. B. Robbins, E. J. Carey, A. Jeffrey, and C. Denecke, directors. The bank has enjoyed due prosperity. There have been some changes in its officers, C. H. Chandler continuing as its president to this date. C. B. Robbins and E. J. Carey are the present vice-presidents, and Ed. B. Zbanek, its cashier.

The Iowa State Savings Bank opened for business January 6, 1906, at the corner of Tenth avenue and Third street. The capital stock was $50,000. It is known as the "South End Bank," and was organized for the especial accommodation of business men and individuals in the southern portion of the city. The first officers were: A. Tomec, president; V. O. Hasek, vice-president; and Joseph Lesinger, cashier. The present officers are: V. O. Hasek, president; J. J. Cerveny, vice-president, and Joseph Lesinger, cashier. Present capital stock $50,000; surplus, $5,000; total resources, $525,000; deposits, $700,000.

The People's Savings Bank was organized March 10, 1900, with T. McCarthy, president; H. E. Witwer and J. J. Powell, vice-presidents; E. W. Virden, cashier; and T. McCarthy, H. E. Witwer, J. J. Powell, John M. Redmond, Wm. King, George H. Boyson, A. H. Wolf, Theodore Stark, and Fred H. Shaver, directors.

A. H. Wolf and George H. Boyson, having disposed of their interests in 1903, at the annual election held January, 1904, C. L. Miller and George G. Grupe were elected in their places.

T. McCarthy, on account of his health, did not desire a re-election as president, and E. W. Virden, having accepted a position in Louisiana, caused a vacancy in the presidency and cashiership. At that meeting the following officers were elected: H. E. Witwer, president, J. J. Powell and Fred H. Shaver, vice-presidents; and John Burianek, Jr., cashier. On January 9, 1906, at the annual meeting, Mr. Redmond being unable to serve as a director, did not desire re-election and in his place John Burianek, Jr., was chosen. On the death of J. J. Powell in 1908, Wm. King was chosen one of the vice-presidents. The directors now are H. E. Witwer, T. McCarthy, F. H. Shaver, G. G. Grupe, Wm. King, C. E. Tuttle, E. S. Seeley, John Burianek, Jr.

Originally this bank had 83 stockholders, the number now being 53. It has a surplus of $25,000, undivided profits of $10,000, and deposits of nearly $900,000.

Early in 1911 the bank will occupy its new building on the corner of First street and Third avenue west, one of the handsomest in the state.

The Cedar Rapids National Bank was incorporated February 28, 1887, and succeeded to the business of G. F. Van Vechten, banker. The original directors were A. T. Averill, Geo. B. Douglas, G. F. Van Vechten, Joseph S. Cook, C. Magnus, J. M. Ristine, and C. B. Soutter. Changes in the board of directors have occurred as follows:

In 1888 P. E. Hall succeeded J. M. Ristine. In 1891 Ralph Van Vechten succeeded C. Magnus. In 1896 Mr. Magnus was reelected to succeed C. B. Soutter. In 1899 Ed. H. Smith was elected to fill the vacancy caused by the death of J. S. Cook. In 1906 P. E. Hall was succeeded by J. H. Ingwersen. In 1906 C. Magnus retired from the board, and in January, 1907, J. M. Ristine was elected to fill the vacancy. In 1909 C. D. Van Vechten was elected to fill the vacancy caused by the death of G. F. Van Vechten, and in 1910 Glenn M. Averill was elected to fill the vacancy caused by the death of his father, A. T. Averill.

The present personnel of the board is as follows: Ralph Van Vechten, Geo. B. Douglas, Ed. H. Smith, J. M. Ristine, J. H. Ingwersen, C. D. Van Vechten, and Glenn M. Averill.

The original officers were A. T. Averill, president; G. F. Van Vechten, vice-president; Ralph Van Vechten, cashier. A. T. Averill served continuously as president until his death in 1910, and was succeeded in office by Ralph Van Vechten. G. F. Van Vechten was vice-president until the time of his death, which occurred in 1909, and he was succeeded in office by Geo. B. Douglas. In February, 1905, Ralph Van Vechten resigned his position as cashier, to assume the second vice-presidency of the Commercial National Bank of Chicago. At that time he was elected to the position of second vice-president of the Cedar Rapids National Bank, being succeeded as cashier by J. H. Ingwersen. In 1908 Mr. Ingwersen resigned as cashier to accept the presidency of the Peoples Trust and Savings Bank of Clinton, Iowa, and Kent C. Ferman, who had been assistant cashier since 1904, was appointed cashier. In 1904 John Fletcher was appointed assistant cashier, and Miss Anna Smouse auditor. In 1906 Mr. Fletcher resigned to accept the assistant cashiership of the Drovers Deposit National Bank of Chicago. In 1908 Louis Visha was appointed assistant cashier, and in 1909 Martin Newcomer was appointed as assistant cashier.

[Illustration: S. S. JOHNSON An Early Cedar Rapids Settler]

The present officers are therefore as follows: Ralph Van Vechten, president; Geo. B. Douglas, vice-president; Kent C. Ferman, cashier; Louis Visha, assistant cashier; Martin Newcomer, assistant cashier; and Miss Anna Smouse, auditor.

The bank has a capital of $100,000, a surplus of $100,000, undivided profits of over $100,000, and deposits of more than $3,500,000.

The Security Savings Bank was incorporated March 18, 1889, and opened for business April 26, 1889.

The original stockholders numbered 87, of whom 22 have since died.

The original directors were G. F. Van Vechten, C. J. Ives, J. R. Amidon, Walter D. Douglas, Chas. H. Clark, Jno. E. Murray, W. W. Higley, J. R. Morin, and W. F. Severa. Changes in the board of directors on account of death or disposition of stock have occurred as follows: In 1894 P. C. Frick succeeded J. R. Morin; in 1895 E. M. Scott succeeded W. F. Severa; in 1896 B. H. Witwer succeeded Chas. H. Clark, whose death occurred during that year; in 1899, on account of temporary removal from the city, W. D. Douglas resigned and was succeeded by C. D. Van Vechten, but on the death of W. W. Higley, later in the year, Mr. Douglas was reelected to succeed him. In 1906 D. K. Harbert succeeded C. J. Ives, who died that year, and in January, 1910, Emma M. Van Vechten was elected to succeed her husband, G. F. Van Vechten, whose death occurred the previous September.

President Van Vechten and Vice-President Ives served the bank continuously from its organization to the date of their respective deaths; Vice-President Amidon continuously since organization, and President Scott the same--first as cashier, then vice-president, and after Mr. Van Vechten's death, as president. On January 1, 1908, J. W. Bowdish was engaged for one year to relieve Mr. Scott, during the building period, and served as cashier throughout that year. Cashier Frank Filip entered the employ of the bank in 1894, was promoted to assistant cashier in 1904, and made cashier in 1909.

The original capital stock was $50,000, which was later increased to $75,000, then to $100,000, and on March 24, 1908, to $150,000. The present surplus is $100,000. Its total deposits are now about $1,800,000, belonging to 5,000 depositors.

The bank first opened for business at 211 South Second street. In 1893 it erected on its own ground, 26×60 feet, on the corner of Second avenue and Second street, a three-story brick bank building, containing the first exclusive safety deposit vaults in the city. In 1902 additional ground was purchased and in 1907 the three-story brick adjoining on the south was purchased and the bank removed to a temporary office in this building, while its old home was replaced by its present eight-story, steel frame, fire proof office building, where its banking apartments are modern and complete.

The Bohemian-American State Bank was organized under state charter and commenced business June 13, 1892, with a capital of $60,000, its officers being W. F. Severa, president; S. L. Dows, vice-president; J. W. Bowdish, cashier; V. A. Jung, assistant cashier. Among its organizers were W. F. Severa, S. L. Dows, J. H. Douglas, F. Braun, Jos. Woitishek, Jos. Renchin, E. E. Pinney, H. B. Soutter, T. C. Munger, C. Butler Weeks, J. J. Powell, and Warren Harman. It had a successful career and paid dividends from its commencement. It was consolidated September 1, 1894, with the Bohemian-American Savings Bank, in order to avail itself of the more liberal charter given by the state to savings banks, the stockholders and depositors practically all remaining with the new organization.

The Iowa Savings Bank was organized under state charter and commenced business May 1, 1893, with a capital of $50,000. Its officers were James H. Douglas, president; W. F. Severa and H. B. Soutter, vice-presidents; J. W. Bowdish, cashier; and V. A. Jung, assistant cashier. The directors were J. H. Douglas, F. Braun, H. B. Soutter, Warren Harman, Jos. Woitishek, S. L. Dows, W. F. Severa, T. C. Munger, C. Butler Weeks.

On September 1, 1893, the articles of incorporation were changed, increasing the capital to $60,000, and changing the title to Bohemian-American Savings Bank. At the same date the Bohemian-American State Bank, desirous of the benefits of the more liberal charter offered savings banks, arranged to consolidate its interest with the Bohemian-American Savings Bank, which consolidation took effect September 1, 1894.

The Bohemian-American Savings Bank enjoyed a prosperous growth, notwithstanding the effect of the panic of 1893, probably as severe a financial panic as at that time had ever been experienced. It paid regular semi-annual dividends and continued prosperous until its consolidation, March 28, 1898, with the Citizens National Bank and the American Trust and Savings Bank, two newly organized banks, the Citizens National Bank taking over the commercial department, and the American Trust and Savings Bank absorbing the savings department.

The Cedar Rapids Savings Bank was incorporated March 13, 1883, and opened for business May 15, 1883.

The original stockholders numbered 36, of whom eight have since died. The original directors were Jno. T. Hamilton, Lawson Daniels, Chas. B. Soutter, Robert Palmer, F. C. Hormel, Jas. L. Bever, Geo. W. Bever, A. T. Averill, and F. J. Upton. Changes in the board of directors on account of death or disposition of stock have occurred as follows: In 1884 E. I. Foster succeeded F. J. Upton; in 1891 M. A. Higley succeeded Mr. Foster; in 1892, at the death of F. C. Hormel, J. M. Dinwiddie succeeded him; in 1897, J. M. Terry succeeded A. T. Averill; in 1900 Robert Sinclair succeeded M. A. Higley, Geo. Goodell succeeded Jas. L. Bever, and E. R. Moore succeeded Geo. W. Bever. President John T. Hamilton, Vice-President Chas. B. Soutter, and Cashier J. M. Dinwiddie have served continuously since the organization of the bank.

The original capital stock of the bank, paid in cash, was $50,000, which has been twice increased--the first time to $75,000, and then to $100,000. The present surplus of the bank is $65,000, and the deposits over $1,850,000.

The contract for the bank's six-story, fire proof building, the first six-story structure in the city, located at the corner of Third avenue and Third street, was let May 30, 1895, and the building was occupied in May, 1896. In 1909-10 an addition was erected, so that the building is now 90×140 feet.

Its present officers are John T. Hamilton, president; Chas. B. Soutter, vice-president; Robert Palmer, vice-president; J. M. Dinwiddie, cashier; and W. J. Elliott, assistant cashier. Its directors are: John T. Hamilton, Chas. B. Soutter, J. M. Dinwiddie, Robert Palmer, Robert S. Sinclair, J. M. Terry, and Walter L. Cherry.

The Merchants National Bank, of Cedar Rapids, was organized February 28, 1881, the first board of directors being R. D. Stephens, John W. Henderson, P. C. Frick, W. W. Higley, J. C. Broeksmit, A. B. George, S. L. Dows. Its first president was R. D. Stephens. John W. Henderson was chosen vice-president, and Charles E. Putnam, cashier.

Mr. Stephens died in April, 1883, and was succeeded by M. A. Higley as president. In the spring of 1899 John T. Hamilton purchased the Stephens and other interests in the bank, and on June 5, 1899, succeeded Redmond Stephens as director. On July 1, 1889, M. A. Higley tendered his resignation as president, after more than sixteen years' service in that position, John T. Hamilton being chosen president, which office he still holds.

Chas. E. Putnam remained as cashier of the bank from the organization to January 14, 1905, when he resigned and was succeeded by James E. Hamilton, who had been assistant cashier since January 28, 1901. On the consolidation of the Merchants National and the Citizens National, May 18, 1908, James E. Hamilton was made vice-president, and John S. Broeksmit, who had been cashier of the Citizens National, was made cashier of the new and consolidated Merchants National.

The original capital stock of the Merchants National was $100,000. The present capitalization is $200,000; surplus, $200,000; deposits of nearly $5,000,000.

From the time of its organization in 1881 until the consolidation with the Citizens National in May, 1908, more than twenty-seven years, the Merchants National occupied the room in the Ely block at the corner of Second avenue and Third street. The bank is now occupying elegant quarters in the remodeled Cedar Rapids Savings Bank building. The present officers are John T. Hamilton, president; P. C. Frick, vice-president; James E. Hamilton, vice-president; John S. Broeksmit, cashier; Edwin H. Furrow, assistant cashier.

The American Trust and Savings Bank was organized under state charter and commenced business April 5, 1898, with a capital of $50,000. Its first officers were George W. Bever, president; E. E. Pinney and W. F. Severa, vice-presidents; R. T. Forbes, cashier. Its first board of directors consisted of E. E. Pinney, J. L. Bever, J. B. Bever, W. F. Severa, Jas. H. Douglas, Geo. W. Bever, F. Braun, T. C. Munger, and Joseph Renchin. The object of its organization was to establish and conduct a strictly savings business. It took over at the date of its commencement the savings department of the Bohemian-American Savings Bank, and its total deposits on April 9, 1898, were $175,338.23, its location then being at the corner of First street and Second avenue.

On February 22, 1899, it moved into the Masonic Temple at the corner of First street and First avenue, which location it still occupies. In 1901 the capital was increased from $50,000 to $80,000. This was rendered necessary owing to increased deposits, in order to comply with the then existing statutes governing the relative allowable amounts of deposits to capital stock.

On January 1, 1908, the controlling interest in the bank passed into the hands of Ernest R. Moore, Louis Wokoun, and others of their associates who were the dominant factors in the Fidelity Trust & Savings Bank, of this city. They arranged and carried out the consolidation of the two institutions. The officers then elected and board of directors named continue until this time. The present officers are Ernest R. Moore, president; W. F. Severa, S. G. Armstrong, and Otto Sikora, vice-presidents; Louis Wokoun, cashier. The board of directors are: C. J. Deacon, Lew W. Anderson, George Chadima, F. Braun, S. G. Armstrong, W. F. Severa, Ernest R. Moore, W. R. Boyd, and Frank J. Pudil.

On January 1, 1909, the capital of the bank was increased to $100,000, and the surplus to $50,000. The deposits now aggregate $1,650,000, with total assets of $1,900,000.

The Citizens National, Cedar Rapids, was opened March 28, 1898, capital $100,000 which was increased to $200,000 January 2, 1906. Its first officers were J. L. Bever, president; J. R. Amidon, vice-president; J. W. Bowdish, cashier; directors, J. L. Bever, W. F. Severa, J. B. Bever, F. Braun, J. H. Douglas, E. E. Pinney, J. T. Hamilton, G. W. Bever, R. Williams, J. R. Amidon, T. C. Munger. In May, 1908, after a prosperous career this bank was consolidated with the Merchants National.

The Commercial National, Cedar Rapids, was organized July 7, 1908, with a capital of $100,000, and the following officers: Jas. L. Bever, president; W. C. La Tourette, vice president; J. L. Bever, Jr., cashier; Homer Pitner, assistant cashier.

The First Trust & Savings Bank, which is closely connected with the Commercial National, having the same officers, was organized August 4, 1910, with a capital stock of $50,000.00.

These two banks have had a remarkable growth, the combined resources now being over $1,500,000. The dean of Cedar Rapids bankers, Jas. L. Bever, takes an active interest in both institutions. The present officers are: J. L. Bever, president; J. L. Bever, Jr., W. C. La Tourette, vice-president; Homer Pitner, cashier, and F. D. Snakenberg, assistant cashier.

The Cedar Rapids Loan & Trust Company was organized on February 1, 1900, with a paid up capital of $50,000 for the purpose of doing such a trust business as the laws of Iowa authorized. Those who were most

## active in the organization and who constituted the first board of

directors were as follows: Ed. H. Smith, president; L. W. Anderson, first vice-president; W. G. Dows, second vice-president; S. S. Dorwart, S. S. Sweet, E. E. Clark, Ralph Van Vechten, N. M. Hubbard, Jr., John A. Reed, S. G. Armstrong, and W. L. Crissman.

Its board elected L. M. Rupert as secretary and the officers as first selected remained the same during the corporation's continuance under the name of the Cedar Rapids Loan & Trust Company. The company was located at the northwest corner of First street and Second avenue and was conducted as a trust company until June 1, 1904, when a majority of the capital stock passed into the hands of Ernest R. Moore and Louis Wokoun and their associates. In order to bring the institution under the operation of the general savings bank laws of the state and to permit it to transact a general banking business the articles of incorporation were amended to change the name to The Fidelity Trust & Savings Bank while at the same time the office of the bank was changed to 116 South Second street, a location much nearer the business center of the city. Under the reorganization the stockholders selected the following officers and directors: W. W. Hamilton, president; Ernest R. Moore, first vice-president; W. G. Dows, second vice-president; Louis Wokoun, cashier; S. G. Armstrong, E. E. Clark, H. L. Walker, C. J. Deacon, L. W. Anderson.

This bank was later consolidated with the American Trust & Savings Bank.

The Ely Bank, of Ely, was organized in January, 1903, with J. H. Smith, president; Ed. H. Smith and I. B. Smith, vice-presidents, and George L. Benish, cashier. The bank is a private one, and the present officers are the same as the original ones.

The Bank of Palo was organized May 23, 1908, with a capital stock of $10,000, and the following officers: J. W. McClintock, president; Carl Rabe, vice-president; G. E. Carrier, cashier. Its present officers are: J. W. McClintock, president; John Lewis, vice-president; R. W. Waite, cashier.

The State Bank of Central City was organized January 17, 1906, with P. G. Henderson, president; E. K. Hatch, vice-president; Ed. Leclere, cashier; A. T. Minehart, assistant cashier, and P. G. Henderson, E. K. Hatch, F. W. Blakely, O. R. Barber, Eugene Doe, H. L. Shakespeare, and E. E. Henderson, directors. Since that time there have been but few changes in the officers. At present the officers and directors are: P. G. Henderson, president; Eugene Doe, vice-president; F. Leclere, cashier; H. F. Lockwood, assistant cashier; E. G. Henderson, Eugene Doe, O. R. Barber, H. L. Shakespeare, W. N. Goldsberry, Anton Falcon, and E. E. Henderson, directors. When the bank was organized it took over from the Bank of Central City deposits to the amount of $72,802.29. The bank has grown steadily, and the deposits are now over $350,000.00. Originally the capital stock was $25,000.00, which was increased to $35,000.00 in July, 1909. The stock is owned by forty-one farmers and is conducted principally for the farmers. It opens at seven o'clock in the morning and does not close until six o'clock in the evening.

The Linn County Savings Bank, of Center Point, was organized April 23, 1906, with L. Gilchrist, president; W. Langsdale, vice-president; Homer Pitner, cashier, and J. F. Stauffer, assistant cashier. Owing to the resignation of the cashier, J. F. Stauffer was later made cashier, and E. E. Silver, assistant cashier. The capital stock is $20,000.00, and the bank has a surplus of $3,000.00.

[Illustration: THOS. J. McKEAN]

[Illustration: N. W. ISBELL]

[Illustration: WM. GREENE]

[Illustration: O. S. BOWLING An Old Cedar Rapids Settler]

The Fairfax Savings Bank was organized May 15, 1907, with a capital of $10,000.00 and with officers as follows: H. N. Woodward, president; Henry Lefebure, vice-president; Charles Young, cashier; Lewis Stallman, Joseph Vorel, J. F. Dvorak, William Park and D. J. Cahill, directors. On August 1, 1908, G. W. Storey was chosen cashier in place of Charles Young, resigned. C. J. Knickerbocker was elected assistant cashier in September, 1908. The directors today are: James M. Rogers, E. J. Cahill, J. F. Dvorak, Joseph Vorel, L. F. Lefebure, H. N. Woodward, and Henry Lefebure. The bank has grown steadily since its organization and now has deposits amounting to $100,000.00.

The private bank of Stuckslager & Auracher, of Lisbon, was founded in 1874 with Harrison Stuckslager as president, and Gotleib Auracher as cashier. The officers today are W. C. Stuckslager, president, and John Auracher, cashier. It has a capital of $100,000.00.

The Alburnette Savings Bank was organized in April, 1908, with E. M. Lanning, president; Samuel Maier, vice-president, and Geo. F. Miller, cashier. There has been no change in officers except that W. F. Stauffer was elected assistant cashier in August, 1909. The bank has a capital of $15,000.00, and a surplus of $1,500.00. It succeeded the Alburnette Bank, which was a private institution, and has enjoyed a steady growth.

The Prairieburg Savings Bank was organized October 1, 1904, with C. L. Niles, president; H. F. Came, vice-president, and F. J. Cunningham, cashier. There has been but one change of officers, C. E. Buckley being the present cashier. The bank has a capital stock and surplus of $14,600. Its growth has been steady and satisfactory.

The Bank of Troy Mills was organized in March, 1908, with Floyd J. Ware, president, and Thomas A. Ware, cashier. These, with Marie R. Ware, assistant cashier, are the present officers. The institution has a capital stock of $20,000.00, and a surplus of $5,000.00.

The Coggon State Bank was organized in 1892 with Jacob Mangold, president; G. A. Schenkowitz, vice-president, and H. T. Brainerd, cashier. The present officers are S. N. Goodhue, president; J. H. Ehlers, vice-president; D. D. Johnson, cashier, and Wallace S. Hamilton, assistant cashier. The bank has a capital stock of $25,000.00, and a surplus of the same amount. It has deposits of nearly $300,000.00.

The Exchange Bank of Springville was established in 1878 by Joseph S. Butler, with a capital of $25,000.00. The firm name of the owners is J. S. Butler & Son, with C. F. Butler, president, and Sam James, Jr., cashier. It has a capital stock of $75,000.00 and resources of $400,000.00.

The Exchange State Bank of Walker was established in 1885 as a private bank by H. J. Nietert, and was organized as a State Bank March 1, 1907. The present officers are H. J. Nietert, president; Martin Schneider, vice-president; Theo. W. Hawkinson, cashier; H. J. Nietert, Martin Schneider, Henry Fairchild, E. N. Beach, William Trevor, John B. Michael, Theo. Hamblin, Chas. O. Barry, and Adam Zimpfer, directors. It has a capital stock of $50,000.00, a surplus of $5,000.00, and undivided profits of $10,000.00. It is worthy of note here that this was one of the few banks that met their payments in cash during the panic of 1907.

The Mount Vernon Bank was organized January 16, 1884, by William Smith, James Carson, and H. H. Rood, Mr. Carson being the president; Mr. Rood the vice-president, and Mr. Smith the cashier. The officers today are: W. C. Stuckslager, president; D. L. Boyd, vice-president, and Chas. M. Hartung, cashier. The bank has a capital stock of $100,000.00.

The Marion Savings Bank was incorporated February 22, 1889, by Andrew J. McKean, E. A. Vaughn, F. G. Hervey, J. S. Alexander and Jay J. Smyth, Mr. Smyth being the president and S. N. Goodhue the cashier. It has a capital stock of $30,000.00, and deposits today of over $300,000.00. The officers at present are: B. F. Mentzer, president; J. W. Bowman, cashier; B. F. Mentzer, W. W. Vaughn, F. A. Shumack, J. S. Alexander, Karl W. Kendall, C. H. Kurtz and J. W. Bowman, directors.

The Farmers & Merchants State Bank, of Marion, was organized in 1894, with Samuel N. Goodhue, president; George W. Toms, vice-president, and E. J. Esgate, cashier. Two years later George W. Toms succeeded Mr. Goodhue as president, and T. J. Davis became vice-president. In 1902 A. M. Secrist succeeded Mr. Davis as vice-president. The present officers are George W. Toms, president; A. M. Secrist, vice-president, and E. J. Esgate, cashier. The capital stock of the bank is $60,000.00, surplus, $5,000.00. The directors of the bank are: George W. Toms, A. M. Secrist, W. B. Carpenter, Garry Treat, D. H. Correll, C. C. Carpenter, W. P. Secrist, W. E. Beall, A. E. Granger, W. J. Goodyear and E. J. Esgate.

The Commercial Savings Bank, of Marion, was organized March 1, 1905, with E. R. Mason, president; F. A. H. Greulich and H. C. Oxley, vice-presidents; H. C. Millen, cashier, and E. H. Millen, assistant cashier. There has been no change in officers since organization. The bank has a capital stock of $25,000.00, and undivided profits of $3,000.00. It has deposits of over $350,000.00, and has shown a steady growth each year.

The First National Bank, of Marion, succeeded the private banking firm of Winslow, Stephens & Co., in 1862, with R. D. Stephens as its first president, and A. W. Cranden as its first cashier. Later, J. W. Bowdish became cashier until succeeded by Jay J. Smyth.

In 1881 Mr. Stephens organized the Merchants National Bank of Cedar Rapids, but continued as president of the First National Bank of Marion until his death, March, 1883, when Louisa B. Stephens, his widow, was made president. She continued as such for three years. Mr. Jay J. Smyth then became president, and S. N. Goodhue, cashier. Mr. Goodhue was succeeded by J. S. Alexander in 1892. In 1896 Mr. Alexander became president, and C. H. Kurtz, cashier, the officers so continuing until September, 1908, when C. H. Kurtz became president, and J. W. Bowman, cashier. In January, 1909, T. J. Davis was chosen president, and J. W. Bowman continued as cashier, and these gentlemen are at this date its present officers. The capital stock has remained since the organization at $50,000.00, and the surplus at $10,000.00. This is the only First National Bank charter now in existence in Linn county. The bank was the 117th National bank chartered by the government. It has declared in cash dividends $170,051.32, and has never passed a dividend or even temporarily closed its doors. Among some of its employees who went out into the world to win success from this bank are Ed. M. Scott, now president of the Security Savings Bank, of Cedar Rapids; W. S. Goodhue, cashier of the State Bank of Vinton; J. W. Bowdish, who became cashier of the American Trust & Savings, and later cashier of the Security Savings of Cedar Rapids; Chas. Jackson, now cashier of the First National Bank, of Manilla, Iowa; F. J. Cleveland, now county auditor. Dr. Jno. M. Ristine, now very prominent in Cedar Rapids, was employed as a young man in this bank. The present president, T. J. Davis, was employed as bookkeeper in 1881, continuing for five years, when he became actively engaged in the lumber business in Marion and vice-president of the Farmers & Merchants State Bank until he again entered the First National as its president.

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