Part 92 (1/2)

THE CEDAR RAPIDS CLEARING HOUSE a.s.sOCIATION

The Cedar Rapids Clearing House a.s.sociation was organized largely through the efforts of R. T. Forbes, at that time cas.h.i.+er of the Citizens National Bank, and J. M. Dinwiddie, cas.h.i.+er of the Cedar Rapids Savings Bank. During the summer of 1902, Mr. Forbes and Mr.

Dinwiddie agitated the matter and in October of that year, as the result of their efforts, a committee of Cedar Rapids bankers, consisting of John T. Hamilton, J. M. Dinwiddie, Ralph Van Vechten, James E. Hamilton, J. W. Bowdish, Lawson Daniels, E. W. Virden, E. M.

Scott, Ed. H. Smith, E. E. Pinney, and R. T. Forbes, visited Davenport and investigated the workings of the clearing house a.s.sociation of that city.

Following that visit to Davenport, a meeting of the representatives of the banks of the city was held on November 3, 1902, at which meeting it was formally resolved to form a local a.s.sociation. A const.i.tution and by-laws were adopted on November 6, 1902, and the clearing house was regularly organized, with the following banks as members: Merchants National, Cedar Rapids National, Citizens National, Cedar Rapids Savings, Security Savings, American Trust and Savings, People's Savings. The first officers, elected December 3, 1902, were: President, J. M. Dinwiddie; first vice-president, E. M. Scott; second vice-president, Ed. H. Smith; treasurer, E. W. Virden; secretary and manager, R. T. Forbes.

After formal organization the clearing house lay dormant for several months and it was not until January 4, 1904, that the a.s.sociation actually began the work of daily clearings. The clearings for the first day amounted to a total of $127,000. The average per week for the first year was about $400,000. That the banking business of Cedar Rapids has grown with giant strides the past five years is evidenced by the fact that the clearings are now running well over one million dollars per week and are showing an average gain of 40 per cent over the corresponding weeks of last year. The week ending June 5, 1909, showed the remarkable increase of 130 per cent over the same week of 1908.

At the time of organization the banks of Cedar Rapids had a combined capital of $630,000, surplus and undivided profits of $400,000, and deposits of $7,800,000. At the present time they have a combined capital of $900,000, surplus and undivided profits of over $800,000, and deposits of $16,000,000. Since the organization of the clearing house the deposits of country banks has increased from $2,000,000 to more than $6,000,000, savings and time deposits from $4,200,000 to $7,200,000, and individual demand deposits from $1,200,000 to $2,200,000. Such a showing of growth and prosperity is an absolute index of local conditions and speaks more eloquently than words of the substantial manner in which this city is forging ahead in things financial.

J. M. Dinwiddie served as president until December, 1906, being succeeded by E. M. Scott, who served until December, 1908. Mr. Scott was succeeded by J. W. Bowdish, who resigned in March of this year, being succeeded by Kent C. Ferman. R. T. Forbes served as secretary and manager until December, 1906. He was succeeded by Charles Fletcher, Jr., who held the office until July, 1908, when he was succeeded by W.

J. Elliott. E. W. Virden, the first treasurer, was succeeded by John Burianek, Jr., who served until December, 1907, when he was followed by Louis Wokoun. The present officers are: President, Kent C. Ferman; first vice-president, James E. Hamilton; second vice-president, John Burianek, Jr.; treasurer, Louis Wokoun; secretary and manager, W. J.

Elliott.

The present members.h.i.+p comprises all the banks of the city, as follows: Merchants National, Cedar Rapids National, Commercial National, Cedar Rapids Savings, Security Savings, American Trust and Savings, People's Savings, Iowa State Savings, Commercial Savings. The clearing house a.s.sociation rooms are under the Merchants National Bank, and here representatives from each bank in the city meet at eleven o'clock each day to exchange checks, or ”clear” the day's business.

The Commercial Savings Bank was organized December 13, 1905, with a capital stock of $50,000. Its officers were C. H. Chandler, president; W. C. LaTourette, vice-president; James L. Bever, Jr., cas.h.i.+er; with C.

H. Chandler, James L. Bever, Sr., W. C. LaTourette, H. Cushman, John B.

Bever, C. B. Robbins, E. J. Carey, A. Jeffrey, and C. Denecke, directors. The bank has enjoyed due prosperity. There have been some changes in its officers, C. H. Chandler continuing as its president to this date. C. B. Robbins and E. J. Carey are the present vice-presidents, and Ed. B. Zbanek, its cas.h.i.+er.

The Iowa State Savings Bank opened for business January 6, 1906, at the corner of Tenth avenue and Third street. The capital stock was $50,000.

It is known as the ”South End Bank,” and was organized for the especial accommodation of business men and individuals in the southern portion of the city. The first officers were: A. Tomec, president; V. O. Hasek, vice-president; and Joseph Lesinger, cas.h.i.+er. The present officers are: V. O. Hasek, president; J. J. Cerveny, vice-president, and Joseph Lesinger, cas.h.i.+er. Present capital stock $50,000; surplus, $5,000; total resources, $525,000; deposits, $700,000.

The People's Savings Bank was organized March 10, 1900, with T.

McCarthy, president; H. E. Witwer and J. J. Powell, vice-presidents; E.

W. Virden, cas.h.i.+er; and T. McCarthy, H. E. Witwer, J. J. Powell, John M. Redmond, Wm. King, George H. Boyson, A. H. Wolf, Theodore Stark, and Fred H. Shaver, directors.

A. H. Wolf and George H. Boyson, having disposed of their interests in 1903, at the annual election held January, 1904, C. L. Miller and George G. Grupe were elected in their places.

T. McCarthy, on account of his health, did not desire a re-election as president, and E. W. Virden, having accepted a position in Louisiana, caused a vacancy in the presidency and cas.h.i.+ers.h.i.+p. At that meeting the following officers were elected: H. E. Witwer, president, J. J. Powell and Fred H. Shaver, vice-presidents; and John Burianek, Jr., cas.h.i.+er.

On January 9, 1906, at the annual meeting, Mr. Redmond being unable to serve as a director, did not desire re-election and in his place John Burianek, Jr., was chosen. On the death of J. J. Powell in 1908, Wm.

King was chosen one of the vice-presidents. The directors now are H. E.

Witwer, T. McCarthy, F. H. Shaver, G. G. Grupe, Wm. King, C. E. Tuttle, E. S. Seeley, John Burianek, Jr.

Originally this bank had 83 stockholders, the number now being 53. It has a surplus of $25,000, undivided profits of $10,000, and deposits of nearly $900,000.

Early in 1911 the bank will occupy its new building on the corner of First street and Third avenue west, one of the handsomest in the state.

The Cedar Rapids National Bank was incorporated February 28, 1887, and succeeded to the business of G. F. Van Vechten, banker. The original directors were A. T. Averill, Geo. B. Douglas, G. F. Van Vechten, Joseph S. Cook, C. Magnus, J. M. Ristine, and C. B. Soutter. Changes in the board of directors have occurred as follows:

In 1888 P. E. Hall succeeded J. M. Ristine. In 1891 Ralph Van Vechten succeeded C. Magnus. In 1896 Mr. Magnus was reelected to succeed C. B.

Soutter. In 1899 Ed. H. Smith was elected to fill the vacancy caused by the death of J. S. Cook. In 1906 P. E. Hall was succeeded by J. H.

Ingwersen. In 1906 C. Magnus retired from the board, and in January, 1907, J. M. Ristine was elected to fill the vacancy. In 1909 C. D. Van Vechten was elected to fill the vacancy caused by the death of G. F.

Van Vechten, and in 1910 Glenn M. Averill was elected to fill the vacancy caused by the death of his father, A. T. Averill.

The present personnel of the board is as follows: Ralph Van Vechten, Geo. B. Douglas, Ed. H. Smith, J. M. Ristine, J. H. Ingwersen, C. D.

Van Vechten, and Glenn M. Averill.

The original officers were A. T. Averill, president; G. F. Van Vechten, vice-president; Ralph Van Vechten, cas.h.i.+er. A. T. Averill served continuously as president until his death in 1910, and was succeeded in office by Ralph Van Vechten. G. F. Van Vechten was vice-president until the time of his death, which occurred in 1909, and he was succeeded in office by Geo. B. Douglas. In February, 1905, Ralph Van Vechten resigned his position as cas.h.i.+er, to a.s.sume the second vice-presidency of the Commercial National Bank of Chicago. At that time he was elected to the position of second vice-president of the Cedar Rapids National Bank, being succeeded as cas.h.i.+er by J. H. Ingwersen. In 1908 Mr.