Jersey County, Illinois - Chapter 22: Financial Interests, 1919

First Bank

The first bank opened in Jersey County was that established at Jersey ville in 1854 by A. M. Blackburn. For more than forty years subsequent to the first settlement in Jersey County there were no banks within the present limits of Jersey County. During the greater portion of this time, there had been little demand for banking privileges. The early settlers were not blessed with any amount of money. What they had they hoarded in secret places until they had enough to go to the land office and pay the entry fee on government land. As soon as their little hoard amounted to fifty or one hundred dollars, they made a trip to the land office and secured either forty or eighty acres of land.

An Illustration

One instance of early financial transactions may here he given, that of the purchase from Philip Grimes of his original settlement by Judge Jehu Brown in 1820. Grimes had selected a very fine location near a spring, and built himself a log cabin. He then commenced working on his land. By trade he was a blacksmith, and set up a forge, and when he sold to Judge Brown, he moved to section 23 in English Township, building another forge on his new land to carry on his hlacksmithing. When Brown paid him $300.00 in silver dollars for his original home- stead, Grimes took it to his new home, raised the first stone on the top of his forge, and dug a hole under it, and hid the sack of silver dollars under the stone. He replaced the stone, and the money remained there until the land office opened so he could enter his land, which he did in January, 1821. That hole under the stone of the forge was one of the first banks in Jersey County.

Other settlers resorted to various means of secreting what moneys they had until they could put it into land. Grimes was a very in¬ dustrious worker, and he operated his blacksmith shop during the day for those who called upon him for his services, and then at night he cultivated his land, did his farm work. As soon as he accumulated enough money, he entered land, and at the time of his death he owned over 2,000 acres of land, the greater part of which was in Jersey County.

Growth Of First Bank

From 1854 to 1859, A. M. Blackburn continued his bank alone, but in the latter year he took into partnership Alexander B. Morean, Wil¬ liam Shephard and Thomas L. McGill, and they operated it for a year, and then in 1860, this bank was merged into the Jersey County Bank with A. M. Blackburn as president, and George R. Swallow as cashier. Under the state law at that time banks were required to deposit state bonds to secure their circulation, and this bank deposited bonds of the state of Tennessee. During the financial panic of 1860 and 1861, these bonds depreciated very materially, and the bank suspended payment.

First National Bank Of Jerseyville

In 1859 the Bank of D'Arcy, Tesse & Cheney was organized. The firm was composed of Dr. E. A. D'Arcy, and Tesse and Prentiss D. Cheney, the latter both sons-in-law of Dr. D 'Arcy. This bank continued in operation until 1866, when it was taken over by Hugh N. Cross and George R. Swallow, and was operated under the firm name of Cross & Swallow until 1872, when Swallow retired, and the firm became Cross, Carlin & Co. In 1876, this bank was merged into the First National Bank of Jerseyville, with the following as its first directors: Hugh N. Cross, A. W. Cross, W. E. Carlin, J. C. Barr, James A. Locke, Dr. George S. Miles, and J. N. English. Hugh N. Cross was president, and Walter E. Carlin was cashier. Hugh N. Cross died November 21, 1883, and his son, A. W. Cross, succeeded him as president of the bank.

National Bank Of Jerseyville

Ill 1894 the National Bank of Jerseyville was incorporated, suc¬ ceeding the First National Bank, with A. W. Cross as president ; Edward Cross, cashier, until 1899, when Daniel J. Murphy became cashier, and held that position until 1906, when A. H. Cochran succeeded him. The present officers of the bank are as follows: D. J. Murphy, presi¬ dent; A. H. Cochran, vice president; F. D. Heller, cashier; and D. J. Murphy, A. H. Cochran, F. D. Heller, P. M. Hamilton, Fred Scheffer, Daniel Sunderland are directors, and Lloyd Spangle is assistant cashier. This bank is the legitimate successor of the first bank started in Jersey¬ ville in 1854 by A. M. Blackburn.

State Bank Of Jerseyville

In 1866 William Shephard opened a bank at Jerseyville under the firm name of William Shephard & Co., changing the style in 1867 to that of William Shephard & Son. In 1875 Stephen H. Bowman and George W. Ware, under the firm name of Bowman & Ware, purchased the bank of Shephard & Son. John A. Shephard & Co. organized a bank in 1883, and in 1890 this bank and that of Bowman & Ware were consolidated, and the State Bank of Jerseyville was organized, with a capital stock of $50,000.00 and a surplus of $5,000.00. The first officials were as follows : S. H. Bowman, president ; John A. Shephard, vice president ; and Henry A. Shephard, cashier. On June 29, 1915, there was a reorganization of this bank, and a new charter was obtained. The directors for the new bank were as follows : Stephen H. Bowman, president ; Patrick J. Fleming and Harriet C. Bowman, vice presidents ; and George W. Campbell, cashier. The board of directors was composed of the follow¬ ing: S. H. Bowman, Harriet C. Bowman, Patrick J. Fleming, Elias Cockrell and Thomas F. Ferns.

Jersey State Bank

On September 6, 1881, Walter E. Carlin and Marcus M. Bagley opened a bank under the firm name of Carlin & Bagley, from which Walter E. Carlin retired March 1, 1885, and Mr. Bagley became the sole proprietor, with Jett A. Kirby as cashier. During the panic of 1893, this bank suspended, and Jett Kirby, the assignee of the bank, closed out the assets in 1896 and 1897. Theodore S. Chapman purchased the safe, furniture and fixtures of this bank, and in 1903, he, associated with Judge A. M. Slaten, Charles S. White, George H. Dougherty and others, opened the Jersey State Bank, with a capital stock of $25,000.00. Theodore S. Chapman was president; A. M. Slaten was vice president; Charles S. White second vice president ; and R. W. Greene was cashier. In 1904 Mr. Greene retired, and C. G. Reddish was made cashier, which position he still holds. On December 22, 1908, the capital stock was increased to $50,000.00. President Theodore S. Chapman died Decem¬ ber 14, 1914, and A. M. Slaten was elected his successor to the presi¬ dency of the bank, and retained that office until April 1, 1916, when Charles S. White became president and is still the chief executive of the bank.

Unusual Situation

It will be clearly seen that as the National Bank of Jersey ville is the legitimate successor of the original A. M. Blackburn Bank, the State Bank of Jerseyville is the legitimate successor of the bank of William Shephard & Co.; and that the Jersey State Bank is the legiti¬ mate successor of the Carlin & Bagley Bank. It is a very unusual situation for very seldom are the original financial ventures of any com¬ munity carried on continuously for so many years, with none of them dropping out. The present deposits in these three banks at Jersey¬ ville are about $2,250,000.00.

The Grafton Bank

The Grafton Bank was opened by William H. Allen and Edward A. Pinero in 1869. In 1873 Mr. Pinero retired, and Mr. Allen operated the bank until July 5, 1883, when Ernest Meysenburg and C. P. Staf¬ ford became associated with Mr. Allen. The new bank had the follow¬ ing officials : William IT. Allen, president ; C. P. Stafford, vice president ; and Ernest Meysenburg, cashier. Later Ernest Meysenburg became president, and he still retains that office, his son, Robert Meysenburg being cashier. The capital stock of this bank is $22,000.00. The build¬ ing in which the bank was opened was burned, but was rebuilt and is now an entirely fire proof structure. This bank has had a very prosperous history, and has been of great convenience to the people in the southern part of the county, and' to those in Calhoun County. It has been associated with the business interests of Grafton, and has

Bank Of Fieldon

The Bank of Fieldon was organized as a state bank on November 19, 1910, with William Weighard as president; Louis Krueger as vice president ; and Frank Rowden as cashier. The bank has a capital stock of $25,000.00, and a surplus of $500.00.

Bank Of Fidelity

The Bank of Fidelity was organized in 1913, with a capital stock of $11,000.00, of which John Ewin is president; Charles E. Lowis is vice president; and Ralph R. Smith is cashier. This bank is located at Fidelity, in a very rich agricultural country, and its officials possess the confidence of the entire community.

The above named banks are all within the limits of Jersey County. They are all of them stable and paying institutions, which hold the con¬ fidence of the people of the communities in which they are located, and they are in the hands of careful, capable and diligent officials.

Stephen H. Bowman

Stephen H. Bowman, president of the State Bank, is the oldest bank official of Jersey County, he having been the head of the Bowman & Ware Bank in 1875, and has been continuously associated with the bank¬ ing business ever since. For four years prior to the organization of that bank, Mr. Bowman was sheriff of Jersey County.

Marcus E. Bagley was born July 18, 1828, in New York. In 1850, he came to Jersey ville, and entered into business with A. W. Howe, under the firm name of Howe & Bagley, which association continued until 1855, when Howe retired, and the firm became Bagley, Hurd & Co., being composed of Marcus E. Bagley, J. M. Hurd and C. M. Hamilton. This firm was closed in 1859, and in 1860, Mr. Bagley was elected circuit clerk, and during his term, of office was appointed master-in-chancery, and held these offices until 1880. Mr. Bagley was employed by Theodore S. Chapman on his abstract books and clerked in the bank until his death, March 29, 1915. On February 16, 1860, Mr. Bagley was married to Mrs. Hattie M. Harriman, the widow of Dr. H. C. Harriman, and she was born in Holyoke, Mass. Mrs. Bagley died September 14, 1915.

Theodore S. Chapman

Theodore S. Chapman came to Jersey County in 1870. He entered into the practice of law, and handled real estate, and pursued both callings quite successfully for twenty-five years. When he came to Jersey County it was as principal of the Hamilton Primary School, and while holding that position for two years, he studied law and was ad¬ mitted to the bar in December, 1874. From 1872 until his death, he continued a resident of Jerseyville. Mr. Chapman was the first treasurer of the George Washington Educational Fund, under the present plan of its operation, and became its president, which position he retained until his death, when he was succeeded by his son, Harry L. Chapman. Theodore S. Chapman was elected to the State Assembly as a member of the lower house on the Republican ticket in 1884, and in 1886 was elected on the same ticket to the upper house of the same body. In 1889 he was elected president pro tern of the senate, and presided fre¬ quently in the session of that body during the remainder of his term. He was a very useful, energetic attorney and business man after coming to the county, and built up a comfortable fortune which was left to his widow and four sons who survive him. On December 31, 1874, Mr. Chapman was married to Miss Sarah Landon, a daughter of the late William D. Landon.

William Shephard

William Shephard became connected with the first bank of Jersey County in 1859. He was born at Markington, Yorkshire, England, August 10, 1816, and came to the United States when he was sixteen years of age. His father located at Trenton, N. J., and there William Shephard learned the trade of a shoemaker. Later he removed to Lancaster, Pa., where he lived for three years, and he was then en¬ gaged in the construction of the tunnel of the Harrisburg & Lancaster Road. In 1839 Mr. Shephard came to St. Louis, Mo., and worked in a livery stable for a short time. That same year he moved to Coles

County, Ill., and became a contractor under the Internal Improvement System for the construction of roads. His partners were Richard John¬ son and David Dunsdon, both Englishmen.

Grafton Bluff

William Shephard and his associate, David Dunsdon, had the con¬ tract for the work on the Grafton Bluff, or what was called Rock Hill or Dug Hill in the early days of Jersey County. This was a con¬ tract under the Revenue Improvement System, and the original con¬ tract for this work was dated February 8, 1840, and it is signed by William Shephard and David Dunsdon as contractors, and Thomas Cummings and Solomon Calhoun, both of Jersey County. In the cap¬ tion of this agreement, William Shephard and David Dunsdon were parties of the first part, and Thomas Cummings, Solomon Calhoun and Amos Pruitt, commissioners of the county, of the second part, but for some reason Amos Pruitt did not sign the contract. Payments for this work were all to be made by orders upon the agent of Jersey County In¬ ternal Improvement Fund, to be paid by him out of said fund upon the completion of the said work, or as the same made progress in such pro¬ portions as said commissioners might think fit and proper. The con¬ tractors were paid for grubbing on the Grafton road per section as follows : the first section, $35.00 ; the third section, $20.00 ; for clearing, $20.00; earth excavations were to be deposited on the lower side of the road embankment for fifteen cents per cubic yard for the first section, and sixteen and one-half cents for the third section. Earth excavations and other embankments on the line of the road were to be sixteen cents per cubic yard on the first section; earth excavations in first section, eighteen cents per cubic yard. Embankments and other excavations on the line of the road in the first section were to be five cents per cubic section. Embankments, per cubic yard, were to be eighteen cents for the first and third sections; quarry work excava¬ tion in the first section, forty cents ; in the third section, thirty-five cents. Blasting rock excavation work in the first section was to be eightythree cents ; in the 'third section, seventy-four cents, and for any other wx)rk not specified therein, but directed by said commissioners, or their agent, such price was to be paid as the company or the superintendent might estimate and award. All of it was to be paid by order on the agent of Jersey County, out of the Internal Improvement Fund.

This contract, and the original signatures of the contractors and the commissioners, is now in the possession of the circuit clerk of Jersey County.

It is stated in some of the histories of Jersey County that the above mentioned contract for this work was under the United States govern¬ ment, but this is a mistake, as the contract itself shows.

In 1840, William Shephard was married to Anna Maria Gross of Pennsylvania, a daughter of Adam and Elizabeth Gross. In 1847, Mr. Shephard engaged in a mercantile business at Grafton, in conjunction with William H. Allen, and there in 1852 he took a contract in connec¬ tion with the building of the Missouri Pacific Railroad. He was one of the original incorporators, and for many years president of the Jackson¬ ville, Alton & Chicago Railroad from White Hall to Godfrey, through Jersey County, which was commenced in 1865 and completed in 1866, in the spring of which year, the first passenger and freight trains of this road were operated from Jacksonville to Alton by the Godfrey connection, and he and Col. J. Henry of Joliet, and John J. Mitchell of St. Louis, constructed 100 miles of the Houston & Great Northern Railroadin Texas, which work occupied his time and close attention for several years. He died at his home in Jerseyville, August 12, 1875, and his widow died there March 18, 1890. Mr. Shephard and his family be¬ longed to the Catholic Church of which they were devout members, and the first Catholic service in Jersey County, was held at his residence. He was one of the leading members and contributors to the erection of the Catholic Church of Jerseyville. When Mr. Shephard first came to Jersey County, he was a man of very limited means, like most of the pioneer settlers. From 1840 to 1842, he was constable of Jersey Town¬ ship, and he served as deputy sheriff during the sessions of the courts while in the office. Later, as has been shown, he was in a contracting business, then became a banker, and was a State Senator for six years. At the time of his death Mr. Shephard was not only one of the most highly respected business men of Jersey County, but Avas probably possessed of more Wealth than any other citizen of the county. The confidence reposed in him has been extended to the members of his family from that time until the present, his son John A. Shephard having been county treasurer for Jersey County for several terms, and he and another son, Henry A. Shephard, having been members of the State Assembly for a number of terms ; while his grandson, William F. Shephard, is the present mayor of Jerseyville.

William H. Allen

William H. Allen, who organized the Grafton Bank, was born in New Bedford, Mass., October 1, 1914. His mother was a direct descend¬ ant of Miles Standish, so he came of the original Puritan stock. He was educated at Harvard University, from which he was graduated in 1835, and he then moved to St. Louis, Mo., and in 1840, he came to Jersey County. That same year he was married to Martha Maria Mason, only child of James Mason, who made the original entries of land in and about Grafton in 1832. Mr. Allen was engaged in a mer¬ cantile and produce business for some years, and in 1854 he erected a flouring mill at Grafton, which he conducted until 1868, when he was succeeded in business by his son, James M. Allen. He then entered upon the banking business and continued it during the remainder of his period of residence at Grafton, which he left for Los Angeles, Cal., in the nineties, where several of his children had located, and there he died. His widow also died at Los Angeles, and none of his descendants are now living in Jersey County.

George W. Ware

George W. Ware, who wras associated writh the firm of Bowman & Ware, bankers, is a native of Massachusetts, as he was born at West¬ minster, Worcester County, in that state, June 30, 1836. After attend¬ ing the local and high schools of his native place, he then took a course at Worcester Academy, which he completed in 1854. In 1856, he came to Jerseyville, and in 1857 he formed a partnership with Dr. J. L. White in the drug business, purchasing Dr. White's interest two years later, and becoming the sole proprietor of the business. After con¬ ducting it for thirty years, he sold it to G. R. Smith & Co., and was associated with Mr. Bowman in the banking business. In 1890, he retired from it, and in 1900 he opened another drug store under the name of George W. Ware & Son. Mr. Ware's first marriage was to Theodosia M. Beardslee and lit took place May 30, 1859. His second marriage which was to Julia Fry, a daughter of Gen. Jacob Fry, took place October 3, 1877. Mr. Ware is still hale and hearty, and still makes his home at Jerseyville, where he has resided for sixty- two years, and he enjoys the confidence and respect of the community. His children are as follows : Della P., who is the wife of Charles W. Keith of Denver, Col.; Lulu H., who is the wife of Edward Cross of Jerseyville; and

Frank M. Ware, who was formerly in partnership with his father and is now his successor in the drug business; and Emily T., who is the wife of Dr. Pickard of Kansas City, Mo.

Hugh N. Cross

Hugh N. Cross was born December 9, 1817, in Somerset County, N. J., and his mother was Mary (Nesbit) Cross. In 1835 the family removed to Jersey County, settling three miles southeast of Jerseyville, where they resided until 1855, and then moved to the homestead three miles north of Jerseyville, where Hugh N. Cross lived until his death, November 21, 1883. In 1850 his father, J. L. Cross died, the mother having died in 1848. In 1842, Hugh N. Cross was married to Antoinette Van Horne, a daughter of Col. Elijah Van Horne, formerly of Scoharie County, N. Y. They had four children who lived to mature age, namely: Andrew Wilson; Mary N., who is deceased, was the wife of Walter E. Carlin ; Edward ; and Leslie, who is deceased. Two daughters of Mary N. Carlin, namely: Eugene (Carlin) Vanderburg and Alma (Carlin) Hamilton are living. Andrew Wilson Cross died February 1, 1909, and Leslie in September, 1914. The former succeeded his father as president of the National Bank of Jerseyville, and Edward Cross, his brother, served the bank as cashier under his presidency, but later Edward Cross resigned from the bank, and took up agricultural pursuits in conjunction with operating the homestead in association with his brother Leslie. Later, these brothers took up their residence at Jerseyville, although they continued to supervise the farm.

From these brief sketches some idea may be gathered relative to the sterling character of the men who are responsible for the banking in¬ stitutions of Jersey County. As was but natural they reflected much of their personality in the formation of their banks, and the standards they then set up are still maintained to the furtherance of the sta¬ bility of these institutions and the credit of the present officials.