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BANKS In the early years of Davenport there was little need of banks or bankers. Money was very scarce, most of the store bills being paid in produce, and merchants kept about them what money they took in until they went to St. Louis, Cincinnati or Pittsburg to lay in Stocks. Otherwise it was sent by letter or boat officers.
In 1847 Cook & Sargent opened a bank of deposit and exchange in connection with a general land agency; this office was on the corner where the First National Bank now stands, which elegant edifice was by that firm built in 1857. As to capital, it amounted to but a few thousands. They began on the dawn of improving times and did a prosperous business for 10 years, winding up its business in 1859. Through its branch bank at Florence, Neb., where J. M. Parker was partner, they operated a bank of issue, the notes of the bank of Florence having considerable circulation. Mr. Cook died in Davenport a few years since, also Mr. Sargent, in Ems, Germany.
The second bank started was that of Macklot & Corbin, on the northwest corner of Second and Brady streets, in 1852, on a capital of $10,000. It was a bank of discount, deposit and exchange, and conducted a prosperous business for about 10 years, when Mr. Austin Corbin withdrew his capital, and the bank was removed to Main street, where it was gradually wound up by Louis A. Macklot, some time before his death. Mr. Corbin conducted an office of his own until 1863, when he organized the First National Bank of Davenport, but removed to New York some four years later and is now the head of the Corbin Banking Company of New York and Boston.
In 1855 was opened on Main street the bank of Yerby & Barrow, which in the same year became that of Chubb Bro., Barrow & Co., which continued in business until 1858, when it closed. The …
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… same year was opened in same street the bank and land agency of McGregor, Lawes & Blakemore. This bank was operated for about nine years. On Main street, also, were the exchange and deposit banks of Nicholls & Campbell and Doolan & Stump in 1857, which were subsequently wound up, as were also the banks of Tollman, Powers & McLean and Raymond & Co., on Brady street.
Up to 1858 there had been no banking law in Iowa. That year a banking act was passed by the General Assembly, and a branch was established in this city, called the Merchants Branch of the State Bank of Iowa, with a capital of $50,000. Its first officers were Geo. L. Davenport, President; B. B. Woodward, Cashier. Its office was on the southeast corner of Main and Second streets. The bank did a prosperous business, but in 1865, after having increased its capital to $100,000, and erected the banking house now occupied by the Davenport National Bank, was merged with the Davenport National Bank, which had just organized, with a capital of $100,000, and, abandoning its State charter for a national, became the Davenport National Bank of today.
The First National Bank was organized June 27, 1863, with a capital of $100,000. Its organization papers were the first to be filed in Washington under the national banking act, and would have had the first charter issued, but for some informality in the papers which required them to be returned for correction. This loss of time placed it at No. 15 on the list. Its first board of directors were Royal L. Mack, Geo. S. C. Dow, Thos. Scott, J. E. Stevenson, Geo. H. French, James Armstong, Frank H. Griggs, John Schmidt, Austin Corbin. Its first president was Austin Corbin, who was succeeded in the presidency by Ira M. Gifford, Hiram Price, James Thompson, Chas. E. Putnam and T. T. Dow. The first cashier was Ira M. Gifford who was succeeded by D. C. Porter, Wm. H. Price, D. C. Porter, L. G. Gage and John B. Fidlar.
The following condensed statement shows its financial career:
STATEMENT Jan. 2, 1864 – RESOURCES.
Loans and discounts $ 98,442.69 U. S. Bonds 20, 960.00 Cash 153, 607.46 Due from banks and U. S. Treasurer 114,383.68 Furniture and fixtures 415.34 Total 387,809.17 LIABLITIES
Capital stock paid in $ 55,210.00 Undivided profits 3,525.06 Due U. S. Treasurer 35,005.33 Deposits $294,068.78 Total $387,809.17 Page 773
STATEMENT Jan. 2, 1882 - RESOURCES
Loans and discounts $529,669.16 U. S. bonds 50,000.00 Banking House 20,000.00 Cash 127,913.27 Due from banks and U. S. Treasurer 89,078.21 Total 816,660.64 LIABLITIES
Capital stock paid in $1000,000.00 Undivided profits 100,821.76 Due U. S. Treasurer 45,000.00 Deposits 570,838.88 Total 816,600.64 The present directors are: T. W. McClelland, Robert Krause, Otto Albrecht, J. Lorenzen, Nicholas Kuhmen, D. N. Richadson, W.c. Wadsworth, F. H. Griggs, D. Gould, H. H. Andresen, P. T. Koch.
SAVINGS BANKS The first savings bank was organized in Davenport in the beginning of 1864, the incorporators being Austin Corbin, F. H. Griggs, J. J. Burtis, W. H. Decker, Geo. H. French, D. N. Richardson, Henry Lischer, Robert Krause, Daniel Gould, and several others. It commenced business early in February, in the First National Bank Building, with a capital of $100,000, 10 per cent paid up. Its first president was David S. True, and was managed by a Board of Control. It grew rapidly and in a few years became a very wealthy institution, but becoming, through some of its personal connections, embroiled in what was known as the "First National Bank fight," went into liquidation in 1870 and its affairs wound up at great loss. Upon its ruin was started the Davenport Savings Bank.
THE GERMAN SAVINGS BANK was organized in March, 1869, with H. H. Andresen, Henry Lischer, Louis Wohle, Nicholas Kuhnen, John Lyter, Jens. Lorenzen, Daniel Gould and others as incorporators. The capital was $10,000 paid up, and went into active operation Feb.1, 1869, at the northeast corner of Harrison and Second streets. The original …
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… board consisted of H. H. Andresen, Henry Lischer, Robert Krause, Louis Wohle, John M. Lyter, Daniel Gould, Otto Albrecht, and Jens. Lorenzen. Henry Lischer was the first President; L. Wohle, Vice-president; H. H. Andresen, Cashier; which officers have held their positions without change to this day. The present directory is as follows: H. H. Andresen, Henry Lischer, Nicholas Kuhuen, Otto Albrecht, Daniel Gould, Jens. Lorenzen, J. M. Lyte, Henry Techentin, and L. Wohle.
THE DAVENPORT SAVINGS BANK The Davenport Savings Bank was organized under the General Incorporation Laws of the State, on March 28, and opened its doors for business on April 5, 1870. Its authorized capital was $600,000 and its paid up capital $12,000. The former was subsequently increased to $900,000 and the latter to $54,000. The following persons constituted its first Board of Trustees, viz.: James Grant, Charles E. Putnam, Louis Haller, Henry Kohrs, John Schmidt, F. Ochs, E. Sherman, Ira M. Gifford, J. D. Campbell, Peter Kerker, and D. N. Richardson. Of these, the four persons first named have remained in the board down to the present time.
Upon the inauguration of the savings bank system in the State, this bank was the first to re-organize thereunder. Its certificate of re-organization bears date Oct. 17, 1874. Under the new system the authorized capital of the bank was fixed at $120,000, its cash capital remaining as before, $54,000. The latter, under the requirements of the law, has been increased as the deposits of the bank increased, until, at the present time, the paid-up capital is $90,000, and the preliminary steps have been taken for its further increased to $120,000, the limit of its authorized capital.
The following persons constitute its present Board of Trustees, viz.: Charles E. Putnam, James Grant, Louis Haller, Henry Kohrs, August Steffen, William O. Schmidt, J. D. Morrison, S. F. Smith and J. J. Richardson.
Charles E. Putnam has been the president of the bank since its organization. Mr. Francis Ochs was its cashier until August, 1874, when he resigned on account of ill-health. Since that time Mr. Richard Smetham has been its cashier, with the exception of a brief period, when the position was filled by Charles N. Voss. Louis Haller is Vice-president, and John B. Meyer, Assistant Cashier.
The career of the bank has been a marked financial success. It has furnished not only a valuable investment for the stockholders, but a safe and valuable depository of the savings of the people.
The following table will clearly indicate the successful workings of the bank,viz;
The present directors are Walker Adams, James Thompson, T. T. Dow, A. Burdick, Henry W. Kerker, L. Schricker, J. E. Stevenson, L. C. Dessaint, Nat. French, August Steffen, Henry Kohrs.
The Davenport National Bank was organized as before stated. Its capital $200,000. The original directors were Hiram Price, A. J. Preston, Lorenzo Schricker, J. H. Berryhill, Robert Lowry, C. S. Watkins, Geo. L. Davenport, John Owens, Samuel Hirschl. The first president was A. J. Preston, who was succeeded by Geo. L. Davenport, B. B. Woodward and E. S. Ballord. The first vice-president was J. H. Berryhill, who was succeeded by E. S. Ballord and S. T. Smith. The first cashier was C. S. Watkins, succeeded by B. B. Woodward and Geo. E. Maxwell.
The present directors are W. D. Peterson, Geo. H. French, H. Price, L. Schricker, E. S. Ballord, I. H. Sears, W. Renwick, S. F. Smith, John P. Phelps.
THE CITIZENS NATIONAL BANK was organized March 18, 1868, and opened with charter No. 1,671 at southwest corner of Brady and Second streets, with a capital of $100,000. Its first directors were L. B. Meyers, Thos. M. McClelland, W. C. Wadsworth, Jona. S. Smith, George E. Wood, D. N. Richardson, and George H. Parker. Its first president was Moses Kelly, who was succeeded by W. C. Wadsworth, C. Stewart Ells, and Frank H. Griggs. Its vice-president was J. S. Smith, who was succeeded by Robert Krause. Its cashier was A. O. Butler, who was succeeded by J. C. Conklin, C. Stewart Ells, Hugo Schmidt, and E. T. Carl. It was removed to the northwest corner Main and Second streets, in 1872 and its board increased from nine to eleven. The subjoined condensed statement shows its financial career for 1872-1882:
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FEB. 2, 1872.
RESOURCES LIABILITIES Loans and Discounts $ 220,604.30 Capital Stock $100,000.00 United States Bonds 116,000.00 Surplus 3,000.00 Furniture 3,600.00 Undivided Profits 3,693.33 Premiums 8,070.59 Circulation 90,000.00 Due from Banks 35,582.04 Deposits 243,784.84 Cash 56,621.37 Total $440,784.94 Total $440,478.30 FEB. 3, 1872.
Loans and Discounts $656,248.56 Capital Stock $100,000.00 United States Bonds 100,000.00 Surplus 75,000.00 Due from Banks 258,882.61 Undivided Profits 18,553.43 Cash 119,950.16 Circulation 90,000.00 Total $1,135,081.33 Deposits 851,527.90 Total $1,135.081.33
Dividends paid to Jau. 1, 1882, $148,000
The present directors are Walker Adams, James Thompson, T. T. Dow, A. Burdick, Henry W. Kerker, L. Schricker, J. E. Stevenson, L. C. Dessaint, Nat. French, August Steffen, Henry Kohrs.
The Davenport National Bank was organized as before stated. Its capital $200,000. The original directors were Hiram Price, A. J. Preston, Lorenzo Schricker, J. H. Berryhill, Robert Lowry, C. S. Watkins, Geo. L. Davenport, John Owens, Samuel Hirschl. The first president was A. J. Preston, who was succeeded by Geo. L. Davenport, B. B. Woodward and E. S. Ballord. The first vice-president was J. H. Berryhill, who was succeeded by E. S. Ballord and S. T. Smith. The first cashier was C. S. Watkins, succeeded by B. B. Woodward and Geo. E. Maxwell.
The present directors are W. D. Peterson, Geo. H. French, H. Price, L. Schricker, E. S. Ballord, I. H. Sears, W. Renwick, S. F. Smith, John P. Phelps.
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DATE Cash Capital Amount Dividents January 1st 1871 $12,000.00 $ 1,200.00 January 1st 1872 12,000.00 8,400.00 January 1st 1873 18,000.00 1,800.00 January 1st 1874 18,000.00 13,140.00 January 1st 1875 54,000.00 6,480.00 January 1st 1876 54,000.00 12,840.00 January 1st 1877 60,000.00 7,200.00 January 1st 1878 60,000.00 7,200.00 January 1st 1879 60,000.00 19,200.00 January 1st 1880 72,000.00 9,360.00 January 1st 1881 84,000.00 16,080.00 January 1st 1882 90,000.00 …………………. Total $102,900.00 Of above dividends, $39,000 were stock dividents and applied on capital. thus of the present paid-up capitl of the bank, only $51,000 was paid in cash.
The steady increase of deposits of the bank, and the accumulation of its assets, will be strikingly illustrated by the following annual statements viz:
DATE DEPOSITS ASSETS January 1st 1871 $ 124246.26 $129,300.56 January 1st 1872 259,960.90 276,513.04 January 1st 1873 392,264.11 411,202.03 January 1st 1874 333,477.06 360,343.45 January 1st 1875 400,310.85 460,221.85 January 1st 1876 468,095.98 531,239.40 January 1st 1877 453,225.52 527,628.48 January 1st 1878 431,506.26 498,024.06 January 1st 1879 456,338.41 538,297.15 January 1st 1880 612,148.08 693,151.35 January 1st 1881 664,597.73 760,886.04 January 1st 1882 905,567.18 1,018,092.33 Interest at the rate of six per cent per annum, compounded quarterly, was paid on all deposits in the bank up to September, 1879, and since that date, five per cent per annum for all full calendar months has been allowed. Thus, the large aggregate of $243,573.48 has been paid, as interest on deposits, since the organization of the bank.
The number of open accounts in Bank Jan. 1, 1882, was 2,084, and the deposit that day, $905,567.18, thus giving an average deposit to each account of $434.53.
Transcribed by: Laura H. Rathmann