Buchanan County, Missouri - Chapter 20: Finance and Commerce, 1904

The Banks and Financial Concerns That Have Existed in St. Joseph in the Past^ and Those That Live in the Present - Various Organizations for the Promotion of Commerce and Manufactures.

Armstrong Beattie was the first regular banker in St. Joseph. He began business in 1852 in the City Hotel at Jules and Main streets. He afterward mo\ed to Second street, north of Francis, and finally to the west side of Third street, between Felix and Edmond, where he continued up to the period of his death, July 26. 1878.

The Farmers' & Mechanics' Savings Institution was chartered in 1853 '^"'^^ continued until 1865, when it was merged into the First National Bank of St. Joseph. The latter bank continued until August, 1878, when in consequence of a robbery of $19,700, the mystery of which has never been solved, the directors decided to go out of business. The bank was then located at Third and Francis streets, south of the Pacific House, in the ^McLaughlin Building. Immediately after the dissolution of the First National Bank the Merchants' Bank was organized and began business in the same quarters. W'here it continued until the completion of the Chamber of Commerce, March of 1885, when the present quarters were taken.

A prominent bank before tlie war - 1858- 60 - was that of Lee & Chaffee, located on the west >ide of Second, between Francis and Jules streets. The firm was composed of A. L. Lee and Jerome B. Chaffee. When the w-ar broke out, Mr. Lee went to the front in the Seventh Regiment, Kansas Infantry, and rose to the rank of brigadier-general. After the war he located in the South. Mr. Chaffee went to Colorado, where he prospered, rose to political eminence and was elected to the Lnited States Senate.

The State Savings Bank was organized in 1859, as a branch of the State Bank of Missouri. It was a national bank from 1865 to 1871. From that time it was known again as the State Savings Bank until 1890, when it was again made a national bank. The bank is now out of Inisiness and its affairs are being settled up.

John Colhoun & Company, Ijankers, commenced business in June, 1864, in the old Methodist Church at the northeast corner of Third and Fehx streets. David Linger, who was the other member of the firm, erected a modern building ui)on the site of the old church in 1865. In 1 87 1 the partnership expired and the business of the bank was transferred to a new institution, known as the Colhoun Bank. The new bank occupied the Fairleigh Building at the southeast corner of Third and Felix streets.

In the meantime the German Savings Bank had been organized in the spring of 1869. This bank purchased the building which Mr. Finger had erected. It went into liquidation August 15, 1876.

The St. Joseph Savings Bank was organized in June of 1873 and continued until December I. 1875, when it consolidated with the Colhoun Bank and the new institution was called the Colhoun Savings Bank. On May 9. 1878, this bank ceased to exist, and its business was turned over to Schuster, Hax & Company, bankers. In 1889 the latter bank was reorganized as the Schuster-Hax National Bank.

The Bank of St. Joseph was organized in December, 1874. and was first located at Fifth and Felix streets. In August. 1876, this corporation purchased the three-story building of the German Savings Bank, at the northeast corner of Third and Felix streets. It has been known as the National Bank of St. Joseph since 1883. In the fall of 1903 it took up quarters in a substantial building erected at the southwest corner of Fourth and Felix streets at a cost of $150,000.

The Saxton National Bank, at Fourth and Francis streets, was organized in 1883. In 1894 it was consolidated with the Schuster- Hax National Bank and reorganized as the First National Bank of Buchanan County.

The German- American Bank was organized early in 1887. It was located on Fifth street, opposite the Tootle Theatre, until the completion of its building, at Seventh and Felix streets, in 1889.

The bank of Tootle. Lemon & Company was organized in July of 1889 and began business at No. 118 North Fourth street. In 1894 the bank was moved to Nos. 509-511 Felix street, where it remained until 1900, when the massive building at the northwest corner of Sixth and Francis streets was completed. It became a National bank in 1902.

The Central Savings Bank was organized in 1889. It was first located in the Commercial Block, then in the France Block, on Fifth street, north of Edmond. and. when the Commercial Bank went into liquidation, the quarters of that institution were taken. December 31, 1898, Milton Tootle. Jr.. was appointed receiver for this bank.

The St. Joseph Stock Yards Bank was organized in 1898, shortly after the opening of the Live Stock Exchange, in which building it is located.

The Bank of Commerce, South St. Joseph, was organized in the spring of 1901 and is quartered at the southeast corner of King Flill and Missouri avenues.

The Farmers' and Traders' Bank was organized early in 1904. It is located on upper Frederick avenue and is a great accommodation to the merchants and people of that portion of the citv.

Among the St. Joseph financial ventures of the past were two insurance companies. The Merchants' Insurance Company was organized in 1 866 "by Thomas E. Tootle, R. L. McDonald, Arthur Kirkpatrick and others, with a capital of $200,000. A successful business was done for many }-ears. The company is now out of existence.

The St. Joseph Fire & Marine Insurance Company was chartered December 27, 1867, by J. W. Bailey, G. W. Samuel, A. P. Goff and others. In 1879 the company wound up its business and paid back the money subscribed for stock, together with interest.

The Real Estate & Savings Association of St. Joseph was organized in 1870, and continued until 1875. T'le association was chartered by the State with authority to buy and sell real estate, loan money, etc., and its first ofificers were Arthur Kirkpatrick, president ; B. S. Carter, secretary, and James Hull, treasurer.

While there existed at x-arious periods in the city's history, prior to 1871.. organizations for the promotion of the commercial welfare and advancement of the community, there are so few traces of these efforts that no attempt will Ije made to specify tlicm. 'I'he lm])r(nement & Manufacturers" Aid Association of St. Joseph was formed in 1871 and continued for sf)me years. It was largely due to the existence of this association tint the bridge was built. The subject of water-works also received attention at the hands of tlie organization, though tlic works were not built during its life. The list of members of this association was as follows: Thomas I. Chew, Jr..

In 1871 there also formed a Board of Trade, which, after doing good service, was reorganized u])on more substantial lines on October 19, 1878. For some years prior to 1885 the I'oard <^f Trade was located on the east side of Tliird street, between Felix and Francis streets, where daily market reports were received and where a paid secretary was maintained. In 1881 a committee was appointed to formulate a plan for the erection of a suitable building-. As a result the Chamber of Commerce Company was organized, and the building at the southwest corner of Third and Edmond streets was erected in 1884-85.

For 1878-79. - Thomas F. Van Natta, president; Samuel I. Smith, first vice-president; Andrew L. Kerr, second vice-president ; Isaac Weil, third vice-president ; George Olds, treasurer; W. A. P. McDonald, secretary.

For 1879-80. - Samuel I. Smith, president; Andrew L. Kerr, first vice-president ; Isaac Weil, second vice-president ; John S. Welch, third vice-president ; George Olds, treasurer ; W. A. P. McDonald, secretary.

For 1880-81. - Samuel I. Smith, president: Andrew L. Kerr, first vice-president ; Isaac Weil, second vice-president: H. R. W. Hartwig, third vice-president ; George Olds, treasurer ; W. A. P. McDonald, secretary.

For 1883-84. - John M. Frazer, president; H. R. W. Hartwig, first vice-president; A. C. Dawes, second vice-president ; Winslow Judson, third vice-president; W. A. P. Mc- Donald, treasurer; Frank Motter, secretary.

For 1884-85. - John M. Frazer, president; H. R. W. Hartwig, first vice-president; A. C. Dawes, second vice-president ; Joseph A. Corby, third vice-president; W. A. P. McDonald, treasurer; Frank Motter, secretary, succeeded by Harry C. Adams.

For 1886-87. - Winslow Judson, president; H. R. W. Hartwig, first vice-president; E. L. Marney, second vice-president ; Charles A. Shoup, third vice-president ; W. A. P. Mc- Donald, treasurer; John L. Motter, secretary.

For 1887-88. - H. R. W. Hartwig, president ; E. L. Marney, first vice-president ; Charles A. Shoup, second vice-president ; Dudley Smith, third vice-president; W. A. P. Mc- Donald, treasurer; John L. Motter, secretarv. succeeded by Fred F. Schrader.

For 1889-90. - E. L. Marney, president; Samuel M. Nave, first vice-president; A. C. Dawes, second vice-president; Samuel Westheimer, third vice-president; W. A. P. Mc- Donald, treasurer ; Fred F. Schrader, secretary.

In June of 1892 the Board of Trade wa? merged into the Commercial Club, which ha(\ recently been organized. The following is a list of officers of the Commercial Club to date :

For 1900-01. - FI. M. Hundley, president, James N. Burnes, first vice-president ; Ed. C. Smith, second vice-president ; James L. Davidson, third vice-president; James N. Burnes. treasurer ; E. A. King, secretary ; F. W. Maxwell, commissioner.

For 1901-02. - Thomas F. Van Natta, president; H. M. Hundley, first \-ice-president ; John Donovan, second vice-president; Joshua Motter, third vice-president ; J. A. Johnston, treasurer; H. J. Mueller, secretary; F. ^V. Maxwell, commissioner.

For 1902-03. - John C. Letts, president ; Thomas F. Van Natta, first vice-president ; H. J. Mueller, second vice-president; J. A. Johnston, third vice-president; W. P. Graham, treasurer ; E. A. King, secretary ; F. W. Maxwell, commissioner.

llie St. Joseph Auditorium Association was formed in 1903 for the purpose of building an auditorium. The project contemplates a building to cost $150,000. The money is being raised by popular subscription, and about $60,000 has been collected. Ground was ac- ([uired at the northwest corner of Fourth and Faraon streets, from Mrs. Zeilda Forsee on liberal terms.