Adair County, Missouri - Chapter 16: The Banks, 1911

There are ten banks in Adair County, four of which are in Kirksville. two in Brashear, two in Novinger, one at Connelsville, and one at (iihl*. Tlie first hank to he established in the county was the Kirksville Branch of the Bank of St. Louis. It was opened for business in November, 1859. The second bank, the Kirksville Savings Hank, was Mablished in 1873. The rest of the banks have been founded since 1S00.

The hanks of the county have proved to be sound financial institutions. There has never been a bank failure in the county. The panics that swept over the county in 1873 and 1893 passed off without any serious distress to the local banks. This was largely due to the confidence which the community had in the integrity of the bankers and the soundness of their institutions.

The statements of the various banks of the county as published in 'Ik* county as the close of business on November 10, 1910, showed that the deposits amounted to $1,566,499.59. The deposits were distributed among the banks as follows: organization. Then* were to be nine directors for this branch bank, five were to be elected by the stockholders and four appointed by the parent Bank of St. Louis. David A. Ely was elected President; W. P. Linder, Cashier; and C. R. Chinn, Clerk; W. T. Baird, clerk and janitor.

The organization was effected on November 29, 1859. The bunk was opened in a little old wooden building known as the Thomas building, which stood on the southeast corner of the square, where the Baird bank building now stands. Some changes had to be made in this building to adapt it to its new uses. The accompanying cut is from a picture taken in 1859 before the bank was started. The changes made included some doors in the corner and the tearing away of the fence. The building was moved about 1809 to High street just south of the

The capital stock of this bank was originally $50,000; later it was increased to §61,000, and finally to $10,000. For every dollar of capital paid up in gold and silver, the bank was allowed to issue §2 in currency. That necessitated the keeping on hands a good deal of goltl and silver to redeem any of the bank's currency that might be presented over the counter. When the battle of Kirksville happened on August (i. 1862, the bank had S78,000 in gold in its little old safe. As Col. Porter came into town that morning with his Confederate recruits, he warned the citizens of the danger they were in because of the impending engagement, and they proceeded to flee to safety. Mr. Baird, who was then in charge of the bank, locked up the safe and the vault and, putting the keys in his pocket, fled with his family to a place about two miles from town. On returning the next day he found that the bank had not been molested, much to the relief of himself and those who were interested in it.

It seems that when this branch bank was organized several of the stockholders had to borrow the money with which to purchase their stock. This they did from a bank at Palmyra. After the bank at Kirksville had gotten started these men then borrowed from their own bank and paid off their indebtedness to the Palmyra bank. Their notes were renewed several times with the accumulated interest added, so that in a short time they were getting big accommodations from their own bank. With the coming on of the war, gold advanced in price, so that a large sum of money was realized on the sale of what the bank was fortunate enough to have on hands. In all about $50,000 in coin was sold at different times. Moreover, there were several thousands of dollars of the bank's currency which were still outstanding and unredeemed when the period of redemption expired, so that these unredeemed bills proved a source of profit to the bank also. These things saved many of the stockholders from bankruptcy.

In March, 1863, Mr. Baird was elected cashier in place of Mr. Linder, who had left the county. On February 15, 1864. the State Legislature passed a law which authorized the winding up of the business of the branches of the Bank of St. Louis. The Kirksville branch was thereupon closed up in 1865.

The Baird Bank. - In the same year that the Kirksville Branch of the Bank of St. Louis was liquidated, a new banking company composed of Porter & Stebbins was organized, with a capital stock of $5,000, and opened up for business with Mr. W. T. Baird as manager. Though there was no organic connection between this bank and the branch bank, the one may in a way be considered as the successor of the other.

In 1867 it was discovered that owing to the fact that Stebbins and Porter were non-residents of the state, they could not continue banking business in the state because of some legal provisions regulating bank- ing. Thereupon Mr. Baird got Mr. Samuel Reed to buy up the capital stock, and the name of the firm became Baird & Heed. On September 2, 18(58, M alone & Epperson of Macon trough t out Mr. Reed, ami for ten years the firm was known as the Exchange Bank of Baird. Malone <fc Company. Early in .June. 1878, Mr. Baird bought out hi* partners, and the name of the bank now became Exchange Bank W. T. Baird.

In 1882 the bank was reorganized under the name of First National Bank with a capital stock of $50,000. Mr. Baird retained the controlling interest in this institution and was made its cashier and nianag* r The other directors were Edwin Darrow, S. M. Link, John Caskev, and Joseph Baum. Edwin Darrow was elected President: S. M. Link, Vice-President; and W. T. Baird, Cashier. In 1883 Edwin Darrow was succeeded by S. M. Link, who continued to serve as President until his death in 1904.

In 1894 the bank was changed from a national to a state institu tion and took the name of First International Bank. In June, 1 901 it changed back again to a national bank and went under the name a Baird National Bank. In February, 1906, the bank was sold to th Citizens Bank, mention of which will be made in that part of Tin

The Kirksville Branch Bank began business in 1859, it will be recalled, in a frame building on the site of the present Citizens Bank. Before this bank went out of business it had bought what was known as the Linder building which stood on the southeast corner of the square where the Myers Brothers' shoe store now is. The Porter & Stebbins bank bought the furniture of the branch bank, but occupied a building on the east side where the Thomas Jewelry Store now is. In 1870 the banking firm of Baird, Malone & Company erected a building of their own on the site of the building in which the branch bank had begun business, this old building having been removed the year before. This building was destroyed by the fire that swept most of the south side of the square out of existence on March 15, 1890. The bank, then known as the First National Bank, was able to get all of its money out of the safe before the building burned, and business was resumed in the building diagonally across the street from the present post office building the next morning. By May 16 the bank was back in the new building which was erected on the site of the one burned. This building is now (1911) occupied bv the Citizens National Bank, but it is owned bv W. T. Baird.

On the night of February 26, 1895, an attempt was made by burglars to rob the International bank. One of the vaults was blown open and the safe wrecked; but fortunately for the bank all the money except $2,000 in silver, was in another vault and safe, and the explosion had not wrecked the safe containing the silver sufficiently so the burglars could get it.

Savings Bank. - The Kirksville Savings Bank was organized in October, 1873, with a capital stock of §10,000. The officers were A. J. Knight. President; C. H. Dutcher, Vice-President; U. M. Ringo. Cashier. The Directors were F. M. Harrington and H. W. Snyder. This was the second bank organized in the county, and for nearly twentv vears this bank and the one with which Mr. Baird was connected, were the only two banks in the county.

After one year's service as President, A. J. Knight resigned, and T. C. Campbell of La Plata succeeded him. On Mr. Campbell's death on February 21, 1887, Samuel Heed was made President.

The bank began business in a building which stood on the site of the Odd Fellows' Building on the southwest corner of the square. In February, 1886, the Baylor building, which stood on the west end of the south side of the square was purchased and rearranged for hanking purjx)s<s. This building has remained the home of this hanking institution from that time to this.

In June, 1880, the hank was reorganized. New stockholders were taken in and the capital stock doubled. When the hank was organized in 1873 the capital stock was $10,000. This was increased to $20,000 in 1S74. and in 1880 it was increased to $40,000. In 1801 it was doubled

On the night of November 10, 1808, the Savings Hank was burglarized. The vault was apparently entered by means of drilling the locks "f lx>th the outer and inner vault doors, but the safe which stood inside 'he vault was entered by some other means than drills and explosives. The hank sustained a loss of 810,480 in money with $1,000 insurance Kfpunst burglary. Mr. Samuel Reed lost $15, 000 in government bonds and a box of gold amounting to several thousand dollars. The bank was not injured in any way by the loss. There was no break in the transaction of business and the directors immediately levied upon the stockholders to make good their loss.

The insurance company after investigating; the case, refused to pay the bank anything on the $4, (MM) policy which it had issued to tinbank. The bank sued the insurance company but lost the suit. Th» grounds taken by Judge Adams of the U. S. Court at Hannibal in lii> instructions to the jury, were that the burglary was committed by some one who knew all about the safe and that the drill holes in the door* of the vault were only one of the many things done to make it appi «I that a burglar had done the work.

As a matter of fact, suspicion was fastened upon a certain employee of the bank, and though no charges were ever brought against him, h* soon resigned his place and left the town.

National Bank.- The third bank to he organized in the county was the Union Bank, now the National Bank of Kirksville. This was organized by P. C. Mills and B. F. Heiny, and opened for business on October 2, 1891. The capital stock was §40,000. The first officers wen1 IS. S. McLaughlin, President; P. C. Mills, Vice-President; B. F. Heiny. Cashier.

In January, 1908, Mr. Heiny severed his connection with this institution, and S. F. Stahl became Cashier. Mr. Mills is now President, and has been for a number of years.

Citizens National Bank. - The Citizens Bank was opened up for business on July 5, 1904, in the building now occupied by the Kirksville Trust Company. The chief stockholders in this bank were H. M. Still, W. G. Fout, Warren Hamilton, J. E. Waddill, Tyler Paine, Ceo. England and others. J. E. Waddill was President and \V. (i. Font. Cashier. The capital stock was $80,000.

In February, 1900, this bank bought out the Baird National Bank and moved into the building which the latter institution had been occupying. In May of that year the Citizens Bank was charteted as a National Bank, and the capital stock was raised to $100,000.

Trust Company." The Kirksville Trust Company was organized by the Citizens Bank in March, 1900. It was opened up for business in the Citizens Bank building at the time when that bank transferred its quarters to the Baird National Bank building. J. E. Waddill was President, and P. M. Miller, Secretary. The capital stock is $100,000. one-half of which is paid up. Several changes have been made. In January, 1908, B. F. Heiny severed his connection with the National Bank and became connected with this company. The present oflFeers are: B. F. Heiny, President; R. M. Miller, Secy.

The State Bank of Brashear was established on October 14, 1890, with O. C. Sands, J. N. McCreery, Daniel Tuttle, M. F. Strock, F. M. Harrington, R. M. Ringo, F. P. Wiseman, Jacob Conkle, W. H. Sohn and others as stockholders. The capital stock was So, 000.

and he conducted it as a private institution until March, 1900, when he sold out to Myers Bros. In 1907 Mr. C. S. Davis bought out Myers Bros, and remains the present owner. The capital stock is now SI 0,000.

.The Brashear Banking Company was established in 1907 by George Tuttle and E. E. Black, and still remains under them. The capital >tuck is $5,000.

The Novinger Bank was organized on December 1, 1900, by L. D. Hillyer. with a capital stock of .$('>, 000. The stockholders were L. D. Hillyer, S. A. Novinger, John Shibley, J. F. Novinger, J. A. Novinger,

Marion Shoop, F. W. Cain, Jacob Shoop, and John Shoop. Business was begun in a building on the hill near the present residence of Mrs. Aaron Kinyon. The present well arranged building was built in 1903 and occupied in September of that year. The capital stock has been increased from S6,000 to $12,000, and later to $20,000. The officers at the present time are: S. A. Novinger, President; O. E. Novinger, i 'ashier.

The Union Bank of Novinger was organized by L. D. Hillyer, S. A. Novinger, Isaac N. Novinger, J. F. Novinger, and P. C. Mills. Nveral of these men were stockholders in the Novinger Bank. S. A. Novinger was made President and Isaac Novinger, Cashier. Most of the original stockholders have since sold out to others. The capital »iock is $10,000. The present President is J. J. Wells, and the Cashier, I X. Novinger.

Adair County Miners' Bank. - For a short time Connelsville afforded two banks, the Bank of Connelsville and the Adair County Miners' Bank. The first was organized in November, 1902, by W. T. Baird of Kirksville, A. E. Jones, and E. H. Allison, an Illinois banker. In January, 1903, the Adair County Miners Bank was organized by L D. Hillyer of Novinger. As the promoters of the first bank realized there was not enough business for two banks, they surrendered the field and sold out to the second. The capital stock of the surviving bank, the Adair County Miners Bank, is $15,000. The first Board of Directors was composed of L. D. Hillyer, F. S. Fechtling, Wm. Motter, J. W. Cook, and J. E. Reaugh. L. D. Hillyer was elected President and J. E. Reaugh, Cashier. In 1905 Mr. Hillyer disposed of his stock, and F. S. Fechtling was elected President. In 1908 C. G. Young was fleeted Cashier.

Bank of Gibbs. - The bank at Gibbs was originally a stockholders' organization and was called the Gibbs Savings Bank. It was sold tuCraggs and Elmore in July, 1901, when the name was changed to the Hank of Gibbs, and the capital stock was reduced to $5,000. Craggs ^nd Elmore sold out to Frank Myers in February. 1903, and in Decemi*T. 1905. Frank Myers sold to J. H. Myers. Later .J. H. Myers sold "Ut to Allison & Miller, and on April 30, 1907, E. B. Campbell bought "ut Allison & Miller. Mr. Campbell has remained in possession of the tunk longer than any other person. The capital stock is still £5,000.

Building and Loan Associations. - The Kirksville Building and Loan Association was organized in May, 1885, with \V. O. Fout, President; A. M. Smith, Secretary; and W. T. Baird, Treasurer. The original stock was $80,000; this was later raised to $100,000, and then to £200,000. In 1907 the association was rechartered for fifty years, and the capital stock was raised to $250,000. W. (1. Fout has been President ever since it was organized, and W. G. Downing has been the Secretary for the last twelve years. This association built some modern frame residences on' Jefferson street between Mulanix and Florence during 1909-10, as an investment, several of which were sold off almost as soon as completed.