Bureau County, Illinois - Chapter 14: Banking, 1906

Chapter 14: Banking

Bureau county has been exceptionally free from money panics, and we believe the reason for this is that our banks are sound and well managed. The banking interests of this county are controlled by men of aljility and integrity. The national, state and private banks are all nuinaged and conducted by men of means, men who have been known in this community for a generation. The public can hardly realize the great benefit that a safe and stable monetary condition is to any community. In the history of banking in this county but one failure has been known and that bank was controlled by ollicers and influences outside of Bureau county. We have in this countv three national banks, seven state banks and eight private banks. The banks are located as follows: The First, Farmers and the Citizens National banks are located in Princeton. The state banks are located, one in each of the following towns: Princeton, Sheffield, Spring Valley, Ladd, Manlius, Seatonville, Arlington and De Puc. Tiskilwa has a strong private bank owned and controlled by Stephens and Welsh. Neponset has a good private bank managed by W. E. Whaples. Ohio has a private bank witli Supervisor William Wilson at the head. La Moille has fine banking privileges, with L. J. Kendall as the cashier. Manlius has a private bank owned and conducted by the Martin brothers. Wyanet has line banking privileges in the private bank owned and managed by the Sapp Brothers. Walnut has two private banks, the older one was started in 1885 of which J. W. Ross has been secretary for more than twenty years. The

The First National Bank of Princeton. Illinois, was organized February 20, 1SG5, with a paid up capitaf of $T0,000. B. S. Ferris was its first president and Harry W. Kawson its first cashier, with B. S. Ferris, Alanson Benson, Charles Baldwin, Moses T. W. Lathrop and Harry H. Ferris, as directors. B. S. Ferris served as president until February 22, 1882, when Daniel H. Smith, the present president, succeeded him. Harry W. Rawson served as cashier until August 21, 1865, when he was succeeded by F. W. Waller, who served until December 21, ISro. W. W. Ferris was appointed cashier March 10, 1871, to succeed F. W. Waller, and resigned September 1, 1875, at which time H. C. Roberts was appointed assistant cashier. Frank (ioukl was appointed cashier September 24, 1S75, and H. C. Roberts succeeded him January 9, 1877. H. A. Clark served as assistant cashier from January 12, 1892, until February 9, 1903, when the present assistant cashier, A. J. Bracken, was appointed. The present board of directors consists of Charles J. Richardson, Andrew L. Steele, Henry Fuller, Cairo A. Trimble, Harry C. Roberts, Clarence IL Delano, and Daniel H. Smith. On November 18, 1870, the capital of the bank was increased to $105,000, at which figure it now stands. It now has a surplus and undivided profits larger than its capital, an average dejwsit of $400,- 000, and assets of nearly $700,000.

Fak.Mers National Bank

The organization eertiiicate of the Farmers National Bank of Princeton, Illinois, is dated July 24. 1874. Permission to begin business was granted by John J. Knox, comptroller of the currency. The share holders wore B. S. Ferris, D. H. Smith. Tracy ]{eeve, Harry H. Ferris, W. W. Ferris, Joel M. Beach, F. F. Dunbar, A. R. Kendall, George Crosslev. Gardner Baxter, Charles Barrie, E. R. Mathis". John Warfield and E. H. Brooks. The capital stock was $50,000. Harry H. Ferris was elected president and .\ If red M. Swengel cashier. The first board of directors was as follows: Tracy Reeve, Charles Barrie, II. II. Ferris and W. W. Ferris. On September 30, 1875, Watson W. Ferris succeeded Alfred M. Swengel as cashier, and on May (i, 1876, Edward R. Virden succeeded H. H. Ferris as president, and Clark Gray became cashier, succeeding W. W. Ferris. On December 15, 1876, the capital stock of the bank was increa.sed to *f7o,000 and on the same date Watson W. Ferris was again elected cashier to succeed Clark Gray. On July 3. 1877, the capital stock was increased to $110,000, which amount has been maintained to this date. Watson W. Ferris remained with the bank as cashier until Januarv 15, 1889, when he was succeeded bv Austin Norton, who in turn was succeeded by Henry B. Peterson on the 15th day of March, 1890. Edw^ard H. A'irden was president of the bank from 1876 to January, 1894, when he was succeeded by Edward A. \\'ashburn. The first twenty years' cliarter of the bank expired July 24, 1894, and permission for renewal was granted by James H. Eckels, comptroller, on that date. The bank was designated a United States depositary by Secretary Shaw, in 1906. The capital stock of the bank is $110,000. Surplus and undivided profits, $75,- 000. The present officers of the bank are Edward A. Washburn, president; Henry B. Peterson, cashier; John W. Coddington, bookkeeper; Daniel P. Smith, Perry H. Piper, Edward H. Brooks. Elijah Ross, George S. McLean, Henry B. Peterson and Edward A. Washburn, directors.

The Citizens National Bank was organized in 1879 with a capital of $50,000. The first officers were: President, Tracy Reeve; vice-president, Harry H. Ferris; and cashier, W. 6. Reeve. The directors and princinal stockholders were Tracv Reeve, Harry H. Ferris, William W. Whipple, Milo Kendall. Alonzo R. Kendall, Alanson Benson and W. F. Lawton. In the year 1882 it was found that the capital of $50,000 was inadequate to handle the business of the bank, and it was increased to $100,000, which is the present caj)ital. In addition to this the bank holds a surplus and luidivided account of something over $50,000. In 1903 tlie bank was designated by the government as a L'nited States depositary, which appointment is still in force, and the government has at this time a deposit of $50,000 with this institution.

Mr. Harry H. Ferris was in active management of the affairs of the bank from the time of its organization until his death, which occurred in 1902. After Mr. Ferris' death Douglas Moseley was elected jircsident and A. H. Ferris cashier, and they with Miss Mary C. Ferris, bookkeeper, comprise the office force of the bank. The present directors are II. U. Bailey, J. S. Clark, Hermas Gray, J. K. Hazen, Thomas J. Henderson, Douglas Moselcv. William Stickel, J. W. Tcmnleton and H. E. Waddell.

.\Hhou,i;h this institution is the youngest of the national banks of the city, by many years, nevertheless its business has increased until it has a deposit as large as any of the older banks.

The First State Bank of Princeton was organized April 2, 1902, with a paid up capital of $50,000, and with the following board of directors and olficcrs: Directors. C. O. White, N. \\'. Isaacson, A. N. Stevenson, Thomas Cecil, M. H. Blackburn, S. L. Smith, J. F. Wagner, Ira C. Gibons, James Harris, Jr. ; A. N. Stevenson, president; I. 0. Brokaw, cashier.

In addition to a general bankjjig business this bank has established an attractive and flourishing savings de^nrtmont, the only one in Princeton.

The Fanners and Miners State Bank of Ladd was organized in May, 1889, with a paid up capital of $25,000. The officers at organization were as follows: President, Glenn W. Traer; John W. Blee, vice-president; Frank Roberts, cashier. The present officers are: John W. Blee, president; August Lipke, vice-president; Martin Zearing, cashier; directors, John W. Blee, Louis Zearing, August Lipke, Glenn \V. Traer, j\Iichael Flaherty, Daniel Flaherty and N. B. Swan. The bank has a surplus fund of twelve hundred dollars.

Arlington State Bank was organized October, 1902, with a capital stock of $25,000 and additional responsibilities. $25,000. P. J. Cassidy, president; Anna N. Kendall, vice-president; A. C. Hupp, cashier; directors, Solomon Ward, P. J. Cassidy, Anna N. Kendall, A. C. Hupp, William McDonald, M. W. Ryan, Dennis Nelan.

The State Bank of Manlius was organized in May, 1902, with a paid up capital of $25,000. William C. Dale, president ; Max P. Seibel, cashier; William Dale, F. J. Anderson, Max P. Seibel. R. A. Lathrop, W. S. Rudiger, directors.