Cooper County, Missouri - Chapter 20: Banking and Currency, 1919

Chapter 20: Banking and Currency

EARLY CONDITIONS - FIRST BANKS - DR. TRIGG ESTABLISHES FIRST BANK IN BOONVILLE - BRANCH OF BANK OF ST. LOUIS ESTABLISHED - CENTRAL NATIONAL BANK - COOPER COUNTY BANKS - BOONVnJLiE NATIONAL BANKFARMERS' TRUST COMPANY - COMMERCIAL BANK OF BOONVILLE - BANK OF BUNCETON - COOPER COUNTY BANK OF BUNCETON - FARMERS' STOCK BANK OF BLACKWATER - EANK OF BLACKWATER - PILOT GROVE BANK - BANK OF WOOLRIDGE - BANK OF PLEASANT GREEN - FARMERS' AND MERCHANTS BANK OF OTTERVILLE.

Cooper County entered early in the history of the state in the banking business. It is true that banking in Missouri is just a little more than one hundred years old, yet the first banks were mere efforts and proved abortive. The first bank in the state was established in St. Louis in 1816, about fifty years after the place had been founded. This bank had been chartered in 1813, and called the Bank of St. Louis, and in 1817, the Bank of Missouri was chartered. Neither of these banks, however, lasted very long. The Bank of St. Louis failed in 1819, and the Bank of Missouri went in the same way in 1822.

. In 1819, there was a country-wide panic, caused by the riotous of reckless speculation all over the country, particularly in the newer parts. There was a great mania for buying and selling property, especially land, in the Boonslick country. It was not until 1821, that Missouri had another bank. This was a branch of the United States bank, and was established in St. Louis. It in turn had several branches throughout the state, but this bank was forced to wind up its business in 1836, by reason of President Jackson's veto of the bill to renew the charter of the United States bank. At this time, St. Louis had a population of about six thousand people, and

In 1837 the Legislature authorized the opening of a state bank. The Bank of the State of Missouri was for ten years the only bank of sort in the state, but in 1847, the Boatsmen's Saving Institution was established in St. Louis. This bank still exists under the name of Boatsmen's Bank. This year also marked the banking business in Cooper County.

In 1847, the first bank in Boonville, Mo., was established by Dr. William H. Trigg, and was located on the northeast corner of Main and Morgan streets. James Quarles was cashier. Dr. Trigg continued a general banking business, in his own name, until 1858. He then formed a banking association, under the name of William H. Trigg & Co., composed of some of the leading capitalists and ablest financiers of central Missouri. After a prosperous career this association was compelled to wind up its extensive and rapidly increasing business on account of the troubles into which the country was thrown by the unfortunate war between the two sections. The cashier of the Trigg & Co. bank was John Ainslee, and in the latter period of the bank liquidation, John T. Pigott and William M. Johnson were the cashiers.

The next banking enterprise in Cooper County was the opening at Boonville of a branch of the Bank of St. Louis in the year 1856. With this enterprise were connected William E. Burr, Joseph L. Stephens, James M. Nelson, C. W. and J. Sombart, William Harley, John R. French and others. In 1865 the Central National Bank was established in which enterprise were associated some of the leading financiers of Boonville and Cooper County. During the life of Joseph L. Stephens until his death in 1881 this was one of the leading financial institutions of central Missouri and continued so to be for a number of years thereafter. After the death of Joseph L. Stephens, the bank was largely under the control and mrnacrsment of W. Speed and Lon V. Stephens and for a number of years was a strong and flourishing financial institution. Oct. 28, 1916, it was forcer! to close its doors by the comptroller of currency and went into liquidation. There was no run upon the bank and every depositor received his money. The supposed cause of the closing of the bank was a series of bad loans running back through a number of years. There is pending at this time a suit by some of the stockholders against certain officers of the bank, the result of which is not yet determined. The closing of this supposed strong financial institution was a surprise and shock not only to the community but to central Missouri. Its management had been generous and those

There are at this time in Cooper County 15 banks and one Trust Company, all safe and sound financially and conducted in a thorough and conservative manner. We have written to each of these banks for a brief history of the same and if perchance it does not appear in this chapter it is no fault of the editor, but because some officer of the bank has either neglected to send the data or has been indifferent to the opportunity afforded. The following are the names of the banks of the county : Boonville National Bank, Boonville, Mo. ; Commercial Bank, Boonville, Mo. ; Bank of Bunceton, Bunceton, Mo. ; Cooper Co. Bank, Bunceton, Mo. ; Bank of Pleasant Green, Pleasant Green, Mo.; Prairie Home Bank, Prairie Home, Mo. ; Bank of Woolridge, Woolridge, Mo. ; Clifton City Bank, Clifton City, Mo. ; Pilot Grove Bank, Pilot Grove, Mo. ; Citizens Bank, Pilot Grove, Mo. ; Farmers Stock Bank, Blackwater, Mo. ; Bank of Blackwater, Blackwater, Mo. ; Bank of Speed, Speed, Mo. ; Bank of Otterville, Otterville, Mo. ; Farmers & Merchants Bank, Otterville, Mo.

The Boonville National Bank. - The fact that Boonville boasts the largest bank in the United States in cities of 5,000 inhabitants, or less should impress the observer as an important fact, and is evidence of the prosperity of Cooper County. The Boonville National Bank was opened for business Oct. 30, 1916 as the successor to the old Central National Bank. In less than three years time it has risen to a place of importance and standing in the financial world of the Middle West. In August of 1913 the Farmers Bank, an old established institution was absorbed by the Boonville National, resulting in a substantial increase in the assets and deposits of the bank. By this merger the large amount of one million dollars was added to the deposits of the Boonville National.

The Citizens Trust Company of Boonville, subsidiary of the Boonville National was established in splendid quarters for the purpose of handling trust funds and caring for the safe deposit feature of the bank. This concern is capitalized at $100,000, with a surplus of $25,000 and the old Farmers Bank Building, remodelled, in which the Trust Company is located, is owned by the Boonville National. The same directors which control the bank are also in charge of the Trust Company.

The resources of this bank at the close of business on June 29, 1919 had reached the grand total of $1,062,759.62. The capital stock of the bank was $75,000 with a surplus fund of $25,000. It was the only National Bank and the only member of the Federal Reserve System in Cooper County.

The capital stock of the bank has been increased to $200,000. The surplus fund is now $70,000. The deposits has attained to the grand total of $2,000,000.

The Farmer's Trust Company of Boonville, Mo., has been recently organized with a capital of $100,000 and a surplus of $35,000. The officers are Harry A. Creagan, president; Frank J. Felton, vice-president; Edward J. Muntzel, secretary and treasurer; and Fred Dauwalter chairman of the board. The Board of Directors are W. A. Whitehurse, Fred Dauwalter, Robert P. Burge, Edward J. Muntzel, Frank J. Felton, Homer C. Davis, Harry A. Creagan.

The Farmers Trust Company has secured the south room on the ground floor of the Knights of Pythias building on Main street, large and commodious quarters for its banking business. A large fire-proof vault has been built, safety boxes installed and the furniture and equipment are handsome and elegant and are unexcelled by that of any banking institution in central Missouri.

The Commercial Bank of Boonville, Mo., was oraganized in 1883 and is the oldest financial institution in Cooper County and one of the strongest and most important in central Missouri. Charter No. 247 providing for the organization of this bank was obtained by the following citizens : John S. Elliot, R. P. Williams of Fayette, Mo., Col. John Cosgrove, John Often, William Johnson, C. W. and Julius Sombart, Joseph Combs, Col. Thomas A. Johnston, John Viertel, Jacob F. Gmelich, W. R. Hutchinson, B. E. Nance and John Lee of Howard County. These gentlemen were the original stockholders of the bank which was organized with a capital stock of $50,000. John S. Elliot was the first president ; Jacob F. Gmelich was the first vice-president and the first cashier was W. R. Hutchinson. On January 16, 1888, Mr. Elliot was succeeded as president by Jacob F. Gmelich. Upon Mr. Gmelich's election as state treasurer in 1905, Mr. John H. Zollinger was elected president of the bank. Mr. Zollinger served until July 7, 1913 and was succeeded by the present incumbent of the office, Mr. Edward W. Chilton, who had previously served as assistant cashier.

This bank has weathered all financial panics and is conducted on a safe, conservative plan which commends it to the hundreds of patrons who have always had the utmost confidence in the integrity of the institution. The present capitalization is $50,000 ; surplus and undivided profits exceed $50,000; and the deposits are over $500,000. The officers of the Commercial Bank are as follows :, Edward W. Chilton, president ; W. W. Trigg, vice-president; R. G. Hadelich, cashier; J. A. Smith, bookkeeper. The directors are: E. W. Chilton, John Cosgrove, W. W. Trigg, W. A. Hurt, H. G. Windsor, T. A. Johnston, R. G. Hadelich, Thomas Hogan, and M. R. McDowell.

The Bank of Bunceton was organized Aug. 25, 1887, with a paid-up capital stock of $10,000 and the following officers: J. H. Goodwin, president, Edward Cramer, vice-president; E. W. Moore, cashier; W. B. Kerns, secretary; and with the following directors, J. H. Goodwin, Edward Cramer, E. W. Moore, W. B. Kerns, T. J. Wallace, John Coleman, Geo. A. Carpenter, Wm. Lusk, Hugh Rogers

The Cooper County Bank of Bunceton was incorporated on June 26, 1893, with a capital stock of $20,000. J. A. Waller was the first president and W. J. Boschert, cashier. The original Board of Directors consisted of the following: John S. Vick, Gordon L. Stephens, John A. Wallace, Newton A. Gilbreath, William J. Boschert, Samuel T. Baugman, Edward Cramer, E. H. Rodgers, James A. Lander. The present capital stock is $20,000, surplus and undivided profit earned, $43,000, total deposits $307,500, total re-

The Farmer's Stock Bank of Blackwater, Mo. was organized in 1895 with a capital stock of $10,000. The first officers were: G. A. Cramer, president; Erhardt Fischer, vice-president; F. S. Sauter, cashier. In 1907 F. S. Sauter tendered his resignation as cashier of the above bank and C. E. Steele was elected to fill this vacancy which position he has held since the above date. The present capital stock is now $20,000 with an earned surplus of $25,000 and deposits aggregating $200,000. The present officers are: S. Y. Thornton, president; H. C. Griffith, vice-president, C. E. Steele, cashier.

The Bank of Blackwater, Mo. was organized in 1906 with a capital stock of $25,000. The officers were: T. B. Gibson, president; Joseph Fischer, vice-president; C. M. Shepherd, cashier. C. M. Shepherd served three years as cashier of the above bank, and was succeeded by H. T. Redd, who served eight years, and he was succeeded by Walter Shouse, the present cashier. The bank now has an earned surplus of $17,000 and deposits aggregating $150,000. The present directors are: W. B. Gibson, L. T. Sites, R. B. Hill, H. M. Wing, Joseph Thompson, C. P. Hudson, T. B. Gibson, Walter Shouse, Joseph Fischer.

The Pilot Grove Bank of Pilot Grove is the second oldest bank in Cooper County, the Commercial Bank of Boonville being the oldest. The Pilot Grove Bank was incorporated June 13, 1884 and was organized by Edward H. Harris, who was the president of the same and E. H. Harris, Jr., the cashier, with a capital stock of $10,000. This bank had a remarkable career in that for over a quarter of a century under the management of the Harris not a dollar was lost by bad loans. The capital stock was increased from time to time and now, 1919, the capital stock is $20,000, surplus $20,000, undivided profits $6,321.26. The total assets of the bank March 4, of this year, were $371,259.45. The present officers are J. H. Thompson, president; Andrew Davin, vice-president; and C. M. Shepherd, cashier. The directors are Ham Lusk, E. B. McCutchen, B. J. Felton, Jacob Hoff, A. Davin, W. A. Scott, W. B. Simmons, Reuben Thomas, A. C. Harriman, R. A. Harriman, B. E. Sly, J. A. Thompson, J. L. Painter.

The Bank of Woolridge was organized in June, 1902, with a capital stock of $10,000 and the following officers: George Vaughan, president; J. K. Bruce, vice-president; M. A. Smith, cashier; and George

June 5. 1917, Near Lone Elm

Vaughan, W. J. Wooldridge, E. I. Smith, Ben Heying, Charles Leuger, J. K. Bruce, and W. L. Hays, directors. M. A. Smith was the organizer of the bank.

The present capital stock of the Bank of Wooldridge is 810,000 with a surplus of $8,000, undivided profits of $2,000, deposits amounting to $100,000. Corresponding banks are the National Bank of Commerce ot St Louis, Missouri; National Stockyards National Bank of East St. Louis, III. ; and the Boonville National Bank of Boonville, Mo.

The present bank officials, at the time of this writing, are: W J Wooldridge, president; J. A. Clayton, vice-president; A. F. Nixon, cashier '; and F. B. Hopkins, bookkeeper. The directors are: W. J. Wooldridge a' F. Nixon, J. A. Clayton, A. D. Renfrew, C. L. Eager, Henry Knorp, 'and Carl Lenger. The bank owns its building, a frame structure, erected in 1902. The Bank of Wooldridge is one of the strongest financial institutions of Cooper County.

Bank of Pleasant Green, Pleasant Green, Mo.-The stockholders of the Bank of Pleasant Green met on the 11th day of April, 1905 They organized by electing Judge J. D. Starke, chairman, and Dr. John S Parrish secretary, with a capital stock of $10,000. At the same meeting they elected the following board of directors: R. E. Ferguson, J. S. Parrish S L. Rissler, W. B. Rissler, A. J. Read, W. E. Roberts, S. W. Roberts and J.' D Starke and George Stemberger. The board proceeded to organize by electing Dr. J. S. Parrish, president; A. J. Read, vice-president; W B Rissler, cashier; and S. W. Roberts, secretary.

The bank did not pay any dividends until it had an accumulated and certified surplus an amount equal to the capital stock, which was in the year 1913. Since then it has paid an average dividend of 15 per cent The following constitute the present Board of Directors: Adam Bergmann,

L r\ c^ Hlte' '- S- ParrlSh' A- J- Read' W- B- Riss1-. Geo. Stemberger, C. E. Stone and J. W. Walker. The present officers are J S Parrish, president; A. J. Read, vice-president; W. B. Rissler, cashier, and J. W Walker secretary. There has been no change in the officers since the beginning with the exception that of secretary

SentT1014armr anf M,erchants Bank< Nervine, Mo., was organized in Sept., 1914 with a capital stock of $12,000. The first officers were : H D Case president; J. E. Golladay, vice-president; Joe G. Cox, cashier The

The present officers are the following: H. D. Case, president; J. E. Golladay, vice-president; Allen H. Cox, cashier, and Mattie Belle Hupp, assistant cashier.

The present directors are the following: H. D. Case, J. E. Golladay, Joe G. Cox, J. S. Bane, W. D. Ross, Charlie Hupp, L. C. Wilkerson, C. Kodenbach and August Schupp.