THE COMMERCIAL SIDE
CHEAP FUEL, TRANSMISSIBILITY OF ELECTRICAL POWER AND FINE SHIPPING FACILITIES HAVE MADE DAVENPORT A GREAT MANUFACTURING CENTER - THE THRIFT OF THE PEOPLE OF SCOTT COUNTY HAVE MADE IT A GREAT BANKING CENTER - THE GROWTH OF MANUFACTURING INTERESTS AND THE WIDENING OF THE FIELD SUPPLIED - COUNTRY BANKS SPRINGING UP, EVERWHERE
(One picture is included with this chapter: Buffalo, Fejervary Park)
These are the days of big things, Davenport has come in for at least a part of her share of them, and is reaching out steadily and persistently for more. This thriving, enterprising and ambitious city is possessed of manufacturing industries, the products of which reach many parts of the world, and the unceasing aim of the men interested in this branch of the city's multifarious activities is to extend her manufactures whenever possible. The growth of Davenport's factories has been slow in comparison to some other cities that might be mentioned, but that growth has been substantial and dependable. It is probable, however, that this place will compare very favorabley in that regard to any city in the state and it may not be going too far in saying that as a manufacturing city her superior can not be found within the borders of Iowa.
BEGINS WITH THE MILLS
The beginning of manufacturing in Davenport is marked by the saw mill and the flour mill, which were the prime necessities of the early settlers and were put up as soon as possible, the details of which are given by Mr. Barrows. Other industries followed as the settlement grew and today Davenport has a place in the manufacturing world of which her citizens are proud. Transportation facilities here, in a measure, meet the demands of the manufacturing trade, as three great trunk lines, the Rock Island, Burlington and Chicago, Milwaukee & St. Paul enter the city, and the Mississippi comes in for a share of the traffic supplied by the factories.
In the early history of Davenport its lumber industry was of large proportions and several mills for years were busily engaged in turning out the manufactured article, giving employment to a small army of men. Local saw mills are a thing of the past, but the lumber business in Davenport has been brought to great dimensions by certain of her merchants engaged in the trade. The flouring mills also took an important place in the industries of the town and then came the plow factory of Bechtel & Krum, the first of its kind in this section, and also the Eagle Manufacturing Company. The Crescent Mill's product became known far and wide, but competition became too strong in the northwest, where the bulk of the hard winter wheat was raised and big mills esgtablished, so that this industry in this section has become of less importance.
SUGAR FROM CORN
As in many other cities Davenport's industries have grown from small affairs and some of them are still diminutive, but not all. The Corn Products Refining Company has one of the largest concerns of its kind in th world, and its stat in life in Davenport was on a very modest and ecomical scale. In the fall of 1872 H. G. Weinert, by experiment, succeeded in producing sugar from cornstarch-a species of grape sugar-and seeking assistance in his endeavor to go into the business of making the article, he submitted samples of his product to the Board of Trade, R. Krause, Nicholas Kuhnen and Thomas Soctt being the committee of examination. After this committee had submitted the samples to brewers and noted chemists of the country, and obrained from them a gratifying analysis, a company was formed with a capital of $20,000 by H. G. Weinert, F. H. Griggs, H. H. Andersen, R. Krause, Otto Albrecht, H. O. Seifert, N. Kuhnen, John S. Davies, George L. Davenport, J. H. Murpny and G. Schlegel, and buildings were erected for the manufacture of glucose, with Mr. Weinert as superintendent, but after the concern had been operated something less than two years at a considerable loss of money, the works closed down. In the fall of 1874 they were again opened under the superintendency of L. P. Best, having interested capital into the concern to the exent of $30,000, of which amount he himself contributed $3,000, and with new machinery the business continued about two years with indifferent headway, although success only meant a matter of money and requisite machinery. This was forthcoming in 1876 and the capital was doubled to $60,000, and from this on the plant grew in importance until a short time ago the company above named secured control and now with a capacity of 20,000 bushels of corn daily, over 500 people find employment.
Products such as glucose must be placed in a receptacle for shipment and tin cans seemed best to serve the purpose. Hence the manufacture of tin cans became one of the industries of Davenport and today one of the largest can factories in the west is in operation here. The manufacture of washing machines in Davenport has reached large proportions and four factories are devoted to the business. Brooms, a very necessary and constantly used article, are made in Davenport and the first factory was started in a couple of small rooms on Front street. Today the largest broom factory in the country is within the confines of this city, with branch factories in Lincoln, Nabraska, and Boston, Massachusetts. The brooms turned out by this concern are of the best marketed and probably no state in the union but what handles these products. Ths factory and its branches were the conception and creation of local brains, capital and industry, and the business has a prominent place in the markets of the country. Davenport also has its steel car works, which makes steel freight cars and from its large plant is constantly turning out its product to the railway companies of this country and those of other localities. The Davenport Wagon Works is another manufacturing conern placing its products not only locally but over a wide territory. Probably the largest and most important line of manufacture, however, is that of metal wheels, the product of the Bettendorf Metal Wheel Company. A description of the Bettendorf Axle Company and the Bettendorf Metal Wheel Company is given on another page. The Davenprot Woolen Mills contribute to the list of important industries here and the manufacture of maccaroni has been increased to that extent that Davenport lays claim to having one of the largest plants devoted to making this delicacy now in existence. There are also two large cracker factories, giving employment to many hands, and the manufacutre of cigars here has, in the past few years, grown to vast proportions and demand the services of a host of men, women and children. Another flourishing industry is that of the Davenport Machine and Foundry Company, dealers in engines, machines and all kinds of metal, steel, iron and foundry work. Mention should also be made of the overall, pearl button, pump, sash and door, soap, syrup, trunks and valises, vinegar, wooden shoes and other factories, but no detail of them can be here given. Davenport has her packing houses and is in the trade to no inconsiderable extent, and as a grain center it takes an important rank, which also may be said of its wholesale mercantile business, as it has a number of wholesale houses and many representatives on the road, most of whom make their homes here.
DAVENPORT LOCOMOTIVE WORKS
The Whitehead Machine Works, for the repair of stationary engines and other like work, was started in the southwest part of hte city. E. S. Johnson, J. H. Flick, Dr. A. L. Hageboeck and Charles Pasche became interested in the concern and eventually bought it of Mr. Whitehead and changed the name of the concern to the Davenprot Machine Works. From this time on the business prospered and the gentlemen comprising the company by adding more money increased the plant and the features of the work, thus widening the scope of its operations. Being alive to the fact that there was a great demand for small locomotives, the firm immediately changed its name to the Davenport Locomotive Works and began the erection of suitable structures for building light locomotives on a grand scale. The company was reorganized with E. S. Johnson, president; J. H. Flick, vice president; A. L. Hageboeck, secretary; and S. M. Hill, treasurer.
When the company first commenced to build locomotives its plant covered about two acres and something like seventy-five men were employed. The largest engine they made was a fourteen-ton locomotive. They advertised the manufacture of small locomotives for contractors, brick-makers, lumber mill haulers, sugar plantations and mines, and fitted their shops to do this work, engaging the highest skilled labor, using the best material, securing the best designers and competing with the eastern builders of established business and reputation for such engines until the business increased rapidly. As their output increased they increased their facilities. In 1902 they turned out about fifty locomotives of the fourteen and eighteen-ton types; in 1903 they turned out about seventy-five; in 1904, something over 100; in 1905, over 150; and today their output is double the last figure. During this time they have increased their buildings until their plant now covers something over seven acres of ground, on which there is a machine shop, forge shop, carpenter and pattern shop, a boiler shop, engine and boiler house, warehouse and tool shop. Every machine in the boiler shop represents the highest attainment in design and make in its class in the world. The machinery is operated either by hydraulic or electric power-no shafting, belting or interdependent connection with any other machine. The entire plant is systematized and is arranged in departments. The man at the head of a department is an expert in his specialty and the superintendent is a locomotive expert. The company is now manufacturing locomotives that go to the west, south and southwest, Mexico and Central America, the Antilles and South America, the great Northwest and Alaska, the islands of the Pacific and the Philippines, China and Japan and in every state in the Union. This company manufacturers seven types of engines, ten sizes of each type, weighing from 17,000 to 120,000 pounds each. It is furnishing with each locomotive the following guarantee: "Every locomotive built by us, whether so stipulated in the contract or not, is guaranteed by us to be built in accordance with the specifications; to be of the best workmanship and material; accurately constructed to our duplicate system and to develop the tractive force stated in its descriptive catalogue. Each individual part is guaranteed to be of good material and free from physical defects. This guarantee is intended to cover everything for which a builder can be considered accountable;" and it lives up to its guarantee. The Davenport Locomotive Works are the only regular locomotive manufacturers west of Pittsburg, Pennsylvania. The Davenport Locomotive Works decided at the outset to be modern locomotive manufacturers in the strongest sense of the expression. They do no repairing. They make nothing but small locomotives.
After a meeting of the stockholders of the Davenport Locomotive Works held in February, 1910, $100,000 was added to the capital stock, making the total capital $550,000. The regular six percent dividend was declared. The following were elected to the board of directors: E. S. Johnson, Dr. A. L. Hageboeck, Charles Pasche, P. T. Walsh, J. A. Burmeister, Jacob Kastlin and W. G. Besler. This board elected as president, E. S. Johnson; vice presidents, Dr. A. L. Hageboeck and Jacob Kastlin; secretary, August Sebelein; treasurer, J. A. Burmeister. Jacob Kastlin, who had been manager, was appointed general manager and vice president. At this meeting it was decided to enlarge the plant and when the plans of the company are carried out the Davenport Locomotive Works, instead of occupying seven acres will cover about twenty acres of ground. At the present time a blacksmith shop and a main erecting shop is in course of construction, and as soon as possible the work on other buildings will be commenced.
GREAT FACTORIES AT BETTENDORF
W. P. Bettendorf came to Davenport years ago with small capital and a head full of ideas. There seem just as many ideas as ever but the capital has greatly increased, also his responsibilities. His inventions have been both numberous and practical. He has had the fine assistance of his father, M. Bettendorf, and brother, J. W. Bettendorf. All that they have put their hands to has prospered. Along at first after W. F. Bettendorf had planned and built his machinery there was a factory for making steel wagons. These were done in time to be shown at the Chicago exposition i n1893 and create a field in South America and the islands of the sea. These wagons were sheared out of sheet steel, turned, cromped, riveted, finished by hydraulic pressure and a furnace or two. In making this all steel wagon a metal wheel was made that has been a mine of wealth.
Later there were other factories, one for making axles and one for bolsters. In January, 1902, the first one burned, loss, $200,000. In May, the other one went the same way, loss, $250,000. The question of rebuilding or seeking a new location was solved by purchasing seventy acres in the sleepy suburb of Gilberttown, where great factories commenced to arise. The Gilberttown people were willing to be waked up and joined in to make their hamlet a city. The first move was to change the name from Gilberttown to Bettendorf, in honor of the family who were planning such an important future for the quiet suburb of Davenport.
In Bettendorf one of the largest and most complete steel car shops in the country has sprung up. The continually increasing business of the company has caused the constant making of plans for enlargement. The foresight which caused the purchase of so large a tract of land has proven good. In the location of the various buildings of the plant consideration was given to the rapid handling of material brought by the railroads which reach the town. The main shop erected at first was 700 feet by 240 feet. This shop had a capacity of twenty-five completed steel coal or tank cars per day, also seventy-five steel underframes and trucks.
Orders from the principal railroads of the country continued to come with increasing frequency and size. The New York Central wants Bettendorf cars; the C., B. & Q. buys lots of them and the Milwaukee is still ordering. In the spring of 1910 an addition was commenced to the main shop which will treble the size and capacity of the works. When completed the main building will be 2,100 feet long. That would just about bridge the Mississippi from the Davenport shore to the government island. A new foundry, 500 feet square, is being added to the plant, which will add a few hundred men to the Bettendorf force. In these great shops there are shears to trim steel plate that work like the scissors in a manicure set, hydraulic presses, sixty of them, ranging in size from fifty to 1,800 tons, and riveting machines that do the work. The material is worked cold, punching, shaping, trimming. Here is where the hydraulics come in. The rivets are worked hot, plenty hot.
To facilitate the handling of material and finished product there are twelve traveling cranes driven by electricity and traversing the length of the shop. Large I beams and channels, as well as completed cars, are picked up and swung around at will, while steel plates, as well as other structural shapes are picked up by the use of magnets attached to the cranes.
In the power house, 340 feet by 50 feet in size, there are engines of 10,000 horse power, dynamos for the cranes, electric lights, etc., air compressors or the riveting machines and other work and heavy duty pumps to furnish water under pressure for the hydraulic presses.
The Bettendorf cars, bolsters and underframes are winning their way in an open market in a suprising way. Orders have been coming in a way to embarass the company, but with that 2,100 foot shop, everything will square around. The business runs into the millions now, and there is no prophet in sight to predict just where the expanison will end.
DAVENPORT'S CLEARING HOUSE AND BANKING INSTITUTIONS
The "community of interests" idea was not given its full appreciation by the financial institutions of Davenport until the year 1895, when, in August, the bankers of the city organized the Davenport Clearing House association by electing F. H. Griggs, president; I. H. Sears, vice president; Charles Pasche, sectetary and treasurer; and C. A. Mast, manager. The forming of this organization was for the establishment of a unity of interests among the banks for economic reasons, the expediting of interchange of commercial paper upon a systematic basis, establishing moral and financial support between the different banks of the organization, and the resulting united efforts of the banks for the promotion of the best interests of Davenport. From that day on the association's business has increased from day to day up to the present time. The total clearings of the first year amounted to $29, 439, 839, while the clearings for the past year more than doubled that amount. To be more exact the amount for 1909 was $67,110,645. F. H. Griggs held the office of president of the association until January, 1900, when he was succeeded by I. H. Sears, who retained his incumbency of that responsible position until 1903, and was then succeeded by A. Burdick. C. A. Mast remeained as manager until January, 1897. At that meeting a new rule was formulated limiting the tenure of office of manager to one year, owing to the amount of work that devolved upon him, and since that time each bank has been required to bear its share of the work. The incumbent in the office for the year 1910 is J. E. Burmeister. The members of the association are: German Savings bank, Scott County Savings bank; Davenport Savings bank, Iowa National bank, the Citizens Trust & Savings bank; Farmers & Mechanics Savings bank; and the First National bank.
FIRST NATIONAL BANK
The First National bank of Davenport, was organized and opened for business on June 29, 1863. As has been indicated elsewhere, Austin Corbin, the renowned financier, was the moving spirit in the organization of this institution, and it was owing to his energy and public spirit that it was the first national bank in operation in the United States under the national banking act of 1863.
Upon the retirement of Mr. Corbin, Ira Gifford was elected to succeed him. He was followed by Major T. T. Dow, and he, in turn, by James Thompson, who held the position until 1894, when A. Burdick, the present president, succeeded him. D. C. Porter was the first cashier, and was succeeded by Lloyd Gage, brother of Lyman J. Gage, formerly secretary of the treasury of the United States. Mr. Gage was succeeded by John B. Fidlar, and upon Mr. Fidlar's retirement C. A. Mast was cashier for several years. Mr. Mast, in turn, was succeeded by George Hoehn, who served until his death, when L. J. Yaggy, the present cashier, was elected to the duties of that office.
Connected with this institution, from time to time, have been many of the leading financiers not only of the state of Iowa, but of the United States. It has always been a strong, conservative bank, and at all times has had the confidence of the people with whom it does business. Its capital stock has been increased from time to time until it is now $200,000. The surplus and the undivided profits, at the time of the call of the comptroller of the currency, was $109,431, while the deposits were $1,391,937. The officers of the bank at present are: directors, Anthony Burdick, John F. Dow, M. N. Richardson, Joe R. Lane, John P. Van Patten, August E. Steffen, John L. Mason, George W. Cable, Frank W. Mueller, Wilson McClelland and August Reimers; president, Anthony Burdick; vice presidents, Joe R. Lane and John P. Van Patten; cashier, L. J. Yaggy; assistant cashier, W. J. Housman. This bank is a United States depository and does a general banking business, receiving the accounts from other banks, corporations and individuals.
GERMAN SAVINGS BANK
The German Savings bank is the largest banking institution in the state of Iowa. Its capital stock is $600,000, its surplus and undivided profits $704,750, while its deposits at the time of the last public statement were $10,552,109. The German Savings bank was organized and opened its doors for business April 1, 1869, and is, therefore, forty-one years old. Its first officers were: directors, Henry Lischer, Robert Krause, J. M. Lyter, Nicholas Kuhnen, H. H. Andresen, L. Wahle, Daniel Gould, Otto Albrecht and Jens Lorenzen; president, Henry Lischer; vice president, L. Wahle; cashier, H. H. Andresen. Mr. Lischer continued to serve the bank as president until December 12, 1893, at which time he retired and H. H. Andresen was elected in his stead. At the January election of officers, in 1901, Mr. Andresen retired and Jens Lorenzen became the head of this great financial institution. It was in the fall of 1892 that Charles N. Voss became its cashier, in which position he served for fourteen years. This long and faithful service was rewarded on September 17, 1906, by the election of Mr. Voss to the presidency, Mr. Lorenzen taking the office of vice president.
The German Savings bank is the oldest savings bank in the city of Davenport although there had been a savings bank organized prior to it, known as the Davenport Savings institution-succeeded by the Davenport Savings bank. The present officers are: directors, F. H. Griggs, William P. Bettendorf, H. O. Seiffert, T. A. Murphy, F. G. Clausen, Ed. C. Mueller, J. J. Richardson, Henry Braunlich and Charles N. Voss; president, Charles N. Voss; vice presidents, D. H. McKee and August A. Balluff; cashier, Ed Kaufmann; assistant cashier, F. C. Kroeger.
DAVENPORT SAVINGS BANK
The Davenport Savings bank was the next to be incorporated and it opened its doors for business on April 1, 1870, with a capital of $12,000. The incorporators were Judge James Grant, C. E. Putnam, Abner Davison, James Armstrong, James Thompson, Ira M. Gifford, S. F. Smith, Thomas Scott and Francis Ochs. The capital stock has been increased from time to time until it is now $300,000. Of this sum but $35,000 has been actually paid in in cash, the remaining amount having been paid in from its earnings. During the forty-one years of the bank's existence it has had but five presidents. C. E. Putnam, the first president, was succeeded in 1884 by Walker Adams. In 1888 Anthony Burdick was elected and continued in the office until 1905, when he was succeeded by William O. Schmidt, who held the office until his death, in August, 1908. It is interesting to note that Louis Haller has served as vice president for thirty-six years, from 1874 to the present time. Francis Ochs, the first cashier, was succeeded by R. Smetham in 1874. In 1879 Charles N. Voss, now president of the German Savings bank, became cashier, serving until 1885, when succeeded by J. B. Meyer. Henry C. Struck, the present incumbent, succeeded Mr. Meyer in 1892. The present officers are: directors, Louis Haller and Henry Kohrs, who have served since the organization of the bank forty years ago, Anthony Burdick, John F. Dow, Henry C. Struck, W. H. Wilson, August E. Steffen, John W. Gilchrist, and Theo. Krabbenhoeft; president, John F. Dow; vice president, Louis Haller; cashier, H. C. Struck; teller, Otto L. Ladenberger; assistant teller, A. Brunig; attorney, W. H. Wilson. The total amount of surplus and undivided profits at the time of the last public statement was $294,363, and the deposits, $4,016,442.
SCOTT COUNTY SAVINGS BANK
One of the most important banks in the city of Davenport in point of stability, amount of its deposits and volume of business transacted, is the Scott County Savings bank. Organized December 1, 1883, with a capital stock of $50,000, it has devloped into an institution with a capitalization of $250,000 and a total amount of deposits of $4,523,489, with surplus and undivided profits of $266,912. The organizers of this bank were I. H. Sears, H. F. Petersen, Charles F. Watkins, A. P. Doe, C. A. Picke, Otto Klug, J. L. Miles, J. B. Phelps, George M. Schmidt. The officers were: president, I. H. Sears; vice president, H. F. Petersen; and cashier, Charles S. Watkins. During more than a quarter of a century the bank has had but few changes in its officers and directors. Its policy has been conservative, and it has enjoyed the confidence of a constantly increasing clientele. At the close of business on December 4, 1884, the amount of deposits was $283,254-no dividends had been paid. On December 1, 1889, the total deposits were $803,486 and the amount of deposits required an increase of capital stock to $100,000. At this time the bank had paid to its stockholders $25,000 in dividends. Three years later, on December 1, 1892, the deposits had increased to $1,506,843, and the capital stock was again increased, this time to $200,000. It was in December, 1898, that the total amount of deposits passed the $2,000,000 mark and the capitalization was raised to $250,000. The amount of deposits constantly increased from year to year, and in 1901 passed the $3,000,000 point, reaching the total above given on August 14, 1908.
Mr. Sears has served as president of the institution since the organization, as has Mr. Petersen, its vice president. Charles S. Watkins remained its cashier for one year, when he was succeeded by J. H. Hass, who still holds that important position. The present board of directors is composed of I. H. Sears, H. F. Petersen, J. W. Watzek, C. A. Ficke, Morton L. Marks, Patrick T. Walsh, Johannes Sindt, Louis Hansseb, Jr., and J. H. Hass.
IOWA NATIONAL BANK
The Iowa Ntional bank was organized and opened for business May 15, 1889, with a capital stock of $100,000. A. P. Doe, the present president, was chairman of the first meeting of stockholders, and at this meeting the following officers were elected: directors, Charles Beiderbecke, John D. Brockmann, Henry Schoreder, A. P. Doe, W. P. Halligan, E. P. Lynch, C. A. Ficke, M. D. Petersen, William O. Schmidt, J. H. Hass, and A. Moritz; president, Charles Beiderbecke; cashier, D. H. Vieths. Mr. Beiderbecke served as president of the bank until the time of his death, when A. P. Doe was elected his successor, on December 2, 1901. Mr. Vieths served as cashier until January 12, 1892, when Charles N. Voss succeeded him. Mr. Voss, however, remained with the bank but a few months, and on November 15 of the same year Charles Pasche was elected cashier. Mr. Pasche held the office of cashier for ten years, during which time the bank prospered and developed into one of the strong financial institutions of the state. He retired late in the year 1902, and at the following annual meeting, in January, 1903, J. E. Burmeister was elected to succeed him and is still holding that important position.
There have been few changes in the officers of the bank, the present board being officered as follows: directors, A. P. Doe, John D. Brockmann, J. E. Burmeister, W. H. Gehrmann, R. C. Ficke, J. H. Hass, W. P. Halligan, Ferd Haak, M. D. Petersen, Charles Shuler and Henry Wittenberg; president, A. P. Doe; vice president, John D. Brockmann; cashier, J. E. Burmeister; assistant cashier, F. B. Yetter. Present surplus and undivided profits, $164,012; deposits, $1,999,913. The capital stock has increased to $150,000.
UNION SAVINGS BANK
One of the junior members of the Davenport Clearing House, the Union Savings bank, has made a remarkable record for the length of time it has been in business. It had hardly started on its career when the great panic of 1903 broke over the country, and yet it continued to grow and develop, laying a firm and lasting foundation. Upon this, in the later years of its existence, it has builded until it has become one of the important factors in the commercial life of Davenport. Organized September 1, 1891, with a capitalization of $50,000, it has forged ahead until its deposits have reached a total of $1,651,766, with surplus and undivided profits of $100,460.
In addition, it owns its own banking house, worth, conservatively, $75,000. The organizers of the bank included such men as M. J. Eagal, Colonel J. R. Nutting, Colonel Henry Egbert, A. F. Cutter, W. C. Hayward, now secretary of state, Uriah Roraback, now one of the leading lumbermen and financiers of St. Paul, Fred B. Sharon and W. H. Snider. The officers of the bank were, in addition to the above who were its directors: president, W. C. Hayward; vice president, Fred B. Sharon; cashier, A. F. Cutter.
Shortly after its organization, Mr. Cutter haivng other important interests, S. L. Ely was elected assistant cashier. On January 13, 1897, he succeeded Mr. Cutter in that position, holding it until his death in 1904. On August 1, 1904, William Heuer assumed the duties and is still the efficient cashier of this growing bank. Mr. Hayward, its first president, was succeeded by John W. Ballard, and Mr. Ballard was succeeded in turn by Fred H. Bartemeyer. The present vice president is W. R. Weir. In September, 1901, the capital stock was increased to $100,000, the deposits at that time amounting to $798,525, while the dividend of twenty-five percent on the capital of $60,000. Indicative of the growth of this bank during the past few years, it may be stated that in 1904 the total amount of deposits was $868,000, while at the present its deposits exceed $1,600,000, showing a larger percentage of growth, in proportion to its capitalization, than any other bank in the city.
FARMERS & MECHANICS SAVINGS BANK
The Farmers & Mechanics Savings bank was organized and opened for business on September 3, 1892, with a capital of $100,000. Its officers and organizers were: directors, E. H. Dougherty, George Mengel, J. B. Meyer, L. A. Ochs, Rudolph Rohlfs, Julius Sander, Claus Stoltenberg, Fred Heinz and George Wolters; president, Fed Heinz; vice president, Claus Stoltenberg; cashier, J. B. Meyer.
There has been but little change in this bank since its organization. Fred Heinz served as first president until his death in 1904, and Claus Stoltenberg, then vice president, was elected his successor on January 11, 1905. In 1904 J. B. Meyer retired as cashier, and Julius Hasler, the present incumbent, was elected to succeed him.
The bank has always been prosperous and one of Davenport's substantial financial instutions. It has won for itself a good name by its conservatism and careful conduct of the business. It now has surplus and undivided profits of $57,143, while its deposits amounted to $1,090,521, at the time of the public statement, November 3, 1909.
CITIZENS TRUST & SAVINGS BANK
The youngest member of the Davenport Clearing House is the Citizens Trust & Savings bank. This bank was organized and opened for business on November 1, 1906, with the following officers: directors, F. B. Sharon, J. A. Hanley, P. H. Wolfe, J. P. Calnan, J. J. Fleming, G. H. Higbee, E. C. Walsh, J. W. Walsh and A. E. Walsh; advisory board, J. R. Nutting, C. D. Martin, W. M. Chamberlin, W. F. Winecke, Charles Maher, Edward Dougherty, R. K. Brownlie, W. A. Shirk and Edward Hidden, president, E. C. Walsh; vice president, A. E. Walsh; cashier, H. R. Krohn (who had since been succeeded by W. T. Brownlie); assistant cashier, C. J. Calnan. Its capital stock is $100,000 and a paid-in surplus of $100,000 makes it one of the leading financial institutions of the city. Its deposits now exceed $300,000, and its loans and discounts are over $400,000.
One of the particular features of the bank is its safety deposit department. It has an extensive vault, private retiring rooms for the depositors and an arrangement whereby absolute safety is guaranteed from impostors or those not entitled to privileges of the vault. A master key in possession of the bank must be used in connection with the private key of the depositor. This master key is never given to anyone except those who are authorized to use the private key. This safety deposit department furnishes absolute protection for valuable papers, such as insurance policies, deeds, notes and for safe keeping of jewels, plate and other valuable property.
The commercial department is becoming quite popular, as it handles the accounts of corporations, firms and individuals, and extends to them every facility and convenience consistent with sound and conservative banking policies. The savings department is equipped to handle the savings of men, women and children. Accounts may be opened, subject to their exclusive control, with interest at the rate of four per cent for full calendar months.
DAVENPORT'S TRUST COMPANIES
A statement of the financial institutions of the city of Davenport would not be complete were nothing to be said of its trust companies. The more important of these is the German Trust Company, organized August 9, 1894. The organizers of this institution were H. H. Andresen, L. Wahle, Jens Lorenzen, Henry Techentin, Charles N. Voss, T. W. McClelland and Otto Albrecht. Its capitalization was fixed at $100,000, $25,000 of which was paid in upon organization. Later $25,000 more was called in and the balance, $50,000, was paid in in 1905. Its first board of directors was composed of the following financiers: H. H. Andresen, F. H. Griggs, Henry Lischer, L. Wahle, Henry Techentin, Jens Lorenen, Charles N. Voss, Christian Toerring, T. A. Murphy, H. P. Seiffert and John D. Brockmann. Its first president was F. H. Griggs; vice president, Charles N. Voss; secretary, Richard Andresen; treasurer, John Bredow. In 1905 the stock of the German Trust Company was placed with the officers of the German Savings bank, and it is now held in trust for the benefit of the stockholders of that bank.
The purpose of this institution is to do a general trust business. It acts as administrator, executor and trustee under wills, and accepts and executes trusts of every description from courts, corporations and individuals. One of the most important features of its business is the issue of debenture bonds, secured by the first mortgage loans, for people desiring safe and long time investments.
The present officers of this company: directors, F. H. Griggs, W. P. Bettendorf, Ed. C. Mueller, H. O. Seiffert, T. A. Murphy, F. G. Clausen, J. J. Richardson, Charles N. Voss, Dr. Henry Braunlich, A. W. VanderVeer and John D. Brockmann; president, Charles N. Voss; vice president, H. O. Seiffert.
DAVENPORT TRUST COMPANY
The other institution belonging to this class of Davenport's financial concerns is the Davenport Trust Company. This company has an authorized capitalization of $50,000 of which $15,000 is paid up. Its officers are: president, John F. Dow; vice president, August E. Steffen; secretary and treasurer, Henry C. Struck. It was organized December 9, 1902, with John F. Dow as president.
This company has never pushed its business, owing to the fact that the laws governing trust companies in the state of Iowa are not considerable favorable to the promotion of such enterprises. The organization, however, is maintained in the hope that the legislature will see fit to deal justly with institutions of this kind.
BUFFALO SAVINGS BANK
The Buffalo Savings bank was organized May 1, 1909, with a capital of $12,000, and the following officers were elected: H. S. Morehead, president; J. G. Dutcher, vice president; A. H. Dorman, cashier. In its third report, issued February 16, 1910, it showed deposits amounting to $32,000. This is the first bank to be established in Buffalo and bids fair to become one of the important financial institutions of that section of the county.
BLUE GRASS SAVINGS BANK
The above institution has for its president W. I. Vanderveer; vice president, Julius Schiele; cashier, H. F. Wonder. It is capitalized at $25,000 and last reported deposits of $277,000.
DIXON SAVINGS BANK
John Lanseth is president of this bank, E. P. Woods, vice president and B. L. Clark cashier.
DONAHUE SAVINGS BANK
The Donahue Savings bank is capitalized at $10,000 with depostis amounting to $100,000. Its president is G. F. Burmeister; vice president, Frank Keppy, Sr.; cashier, Frank C. Keppy.
The German Savings bank of New Liberty is capitalized at $10,000 and has deposits at its last report of $150,000. William Treimer is president, J. C. Bolte, vice president and George Lueders, cashier.
ELDRIDGE SAVINGS BANK
The Eldridge Savings bank has a capital of $25,000 and reported in its last statement deposits of $417,000. M. H. Calderwood, president; Henry Gertz, vice president; H. W. Bruhn, cashier.
M'CAUSLAND SAVINGS BANK
This bank has a cash capital of $10,000 and in its last report shows deposits of $109,000. L. Litscher, president; F. J. Lessen, vice president; F. E. ringey, cashier.
LECLAIRE SAVINGS BANK
C. S. Simpson, president; W. A. Shirk, vice president; F. C. Michael, cashier; capital, $10,000; deposits, $114,000.
The Farmers Savings bank of Walcott has a cash capital of $25,000 and last reported $153,000 in deposits. E. F. Kegel, president; C. A. F. Koeppe, vice president; C. F. Emler, cashier.
The Walcott Savings bank is capitalized at $60,000 and its last statement shows deposits amounting to $845,000. L. Bennewitz, president; Louis Hinz, vice president; J. h. Stouffer, cashier.
The Farmers Savings bank of Princeton has for its president J. H. Shaff; vice president, J. D. Dennis; cashier, C. H. Suiter. This bank is in a flourishing condition.
BETTENDORF SAVINGS BANK
The Bettendorf Savings bank was organized March 1, 1909, capitalized at $25,000. Its officers are: president, P. W. Peck; vice president, F. C. Siebengartner; cashier, J. E. Brownlie. This is one of the last banks to be established in Scott county but shows by its deposits of $41,000 that it has gained the confidence of its clientele and bids fair to grow in proportion to the wonderful little manufacturing town of which it is the financial center.