Part 93 (1/2)

Its present officers are John T. Hamilton, president; Chas. B. Soutter, vice-president; Robert Palmer, vice-president; J. M. Dinwiddie, cas.h.i.+er; and W. J. Elliott, a.s.sistant cas.h.i.+er. Its directors are: John T. Hamilton, Chas. B. Soutter, J. M. Dinwiddie, Robert Palmer, Robert S. Sinclair, J. M. Terry, and Walter L. Cherry.

The Merchants National Bank, of Cedar Rapids, was organized February 28, 1881, the first board of directors being R. D. Stephens, John W.

Henderson, P. C. Frick, W. W. Higley, J. C. Broeksmit, A. B. George, S.

L. Dows. Its first president was R. D. Stephens. John W. Henderson was chosen vice-president, and Charles E. Putnam, cas.h.i.+er.

Mr. Stephens died in April, 1883, and was succeeded by M. A. Higley as president. In the spring of 1899 John T. Hamilton purchased the Stephens and other interests in the bank, and on June 5, 1899, succeeded Redmond Stephens as director. On July 1, 1889, M. A. Higley tendered his resignation as president, after more than sixteen years'

service in that position, John T. Hamilton being chosen president, which office he still holds.

Chas. E. Putnam remained as cas.h.i.+er of the bank from the organization to January 14, 1905, when he resigned and was succeeded by James E.

Hamilton, who had been a.s.sistant cas.h.i.+er since January 28, 1901. On the consolidation of the Merchants National and the Citizens National, May 18, 1908, James E. Hamilton was made vice-president, and John S.

Broeksmit, who had been cas.h.i.+er of the Citizens National, was made cas.h.i.+er of the new and consolidated Merchants National.

The original capital stock of the Merchants National was $100,000. The present capitalization is $200,000; surplus, $200,000; deposits of nearly $5,000,000.

From the time of its organization in 1881 until the consolidation with the Citizens National in May, 1908, more than twenty-seven years, the Merchants National occupied the room in the Ely block at the corner of Second avenue and Third street. The bank is now occupying elegant quarters in the remodeled Cedar Rapids Savings Bank building. The present officers are John T. Hamilton, president; P. C. Frick, vice-president; James E. Hamilton, vice-president; John S. Broeksmit, cas.h.i.+er; Edwin H. Furrow, a.s.sistant cas.h.i.+er.

The American Trust and Savings Bank was organized under state charter and commenced business April 5, 1898, with a capital of $50,000. Its first officers were George W. Bever, president; E. E. Pinney and W. F.

Severa, vice-presidents; R. T. Forbes, cas.h.i.+er. Its first board of directors consisted of E. E. Pinney, J. L. Bever, J. B. Bever, W. F.

Severa, Jas. H. Douglas, Geo. W. Bever, F. Braun, T. C. Munger, and Joseph Renchin. The object of its organization was to establish and conduct a strictly savings business. It took over at the date of its commencement the savings department of the Bohemian-American Savings Bank, and its total deposits on April 9, 1898, were $175,338.23, its location then being at the corner of First street and Second avenue.

On February 22, 1899, it moved into the Masonic Temple at the corner of First street and First avenue, which location it still occupies. In 1901 the capital was increased from $50,000 to $80,000. This was rendered necessary owing to increased deposits, in order to comply with the then existing statutes governing the relative allowable amounts of deposits to capital stock.

On January 1, 1908, the controlling interest in the bank pa.s.sed into the hands of Ernest R. Moore, Louis Wokoun, and others of their a.s.sociates who were the dominant factors in the Fidelity Trust & Savings Bank, of this city. They arranged and carried out the consolidation of the two inst.i.tutions. The officers then elected and board of directors named continue until this time. The present officers are Ernest R. Moore, president; W. F. Severa, S. G. Armstrong, and Otto Sikora, vice-presidents; Louis Wokoun, cas.h.i.+er. The board of directors are: C. J. Deacon, Lew W. Anderson, George Chadima, F. Braun, S. G.

Armstrong, W. F. Severa, Ernest R. Moore, W. R. Boyd, and Frank J.

Pudil.

On January 1, 1909, the capital of the bank was increased to $100,000, and the surplus to $50,000. The deposits now aggregate $1,650,000, with total a.s.sets of $1,900,000.

The Citizens National, Cedar Rapids, was opened March 28, 1898, capital $100,000 which was increased to $200,000 January 2, 1906. Its first officers were J. L. Bever, president; J. R. Amidon, vice-president; J.

W. Bowdish, cas.h.i.+er; directors, J. L. Bever, W. F. Severa, J. B. Bever, F. Braun, J. H. Douglas, E. E. Pinney, J. T. Hamilton, G. W. Bever, R.

Williams, J. R. Amidon, T. C. Munger. In May, 1908, after a prosperous career this bank was consolidated with the Merchants National.

The Commercial National, Cedar Rapids, was organized July 7, 1908, with a capital of $100,000, and the following officers: Jas. L. Bever, president; W. C. La Tourette, vice president; J. L. Bever, Jr., cas.h.i.+er; Homer Pitner, a.s.sistant cas.h.i.+er.

The First Trust & Savings Bank, which is closely connected with the Commercial National, having the same officers, was organized August 4, 1910, with a capital stock of $50,000.00.

These two banks have had a remarkable growth, the combined resources now being over $1,500,000. The dean of Cedar Rapids bankers, Jas. L.

Bever, takes an active interest in both inst.i.tutions. The present officers are: J. L. Bever, president; J. L. Bever, Jr., W. C. La Tourette, vice-president; Homer Pitner, cas.h.i.+er, and F. D. Snakenberg, a.s.sistant cas.h.i.+er.

The Cedar Rapids Loan & Trust Company was organized on February 1, 1900, with a paid up capital of $50,000 for the purpose of doing such a trust business as the laws of Iowa authorized. Those who were most active in the organization and who const.i.tuted the first board of directors were as follows: Ed. H. Smith, president; L. W. Anderson, first vice-president; W. G. Dows, second vice-president; S. S. Dorwart, S. S. Sweet, E. E. Clark, Ralph Van Vechten, N. M. Hubbard, Jr., John A. Reed, S. G. Armstrong, and W. L. Crissman.

Its board elected L. M. Rupert as secretary and the officers as first selected remained the same during the corporation's continuance under the name of the Cedar Rapids Loan & Trust Company. The company was located at the northwest corner of First street and Second avenue and was conducted as a trust company until June 1, 1904, when a majority of the capital stock pa.s.sed into the hands of Ernest R. Moore and Louis Wokoun and their a.s.sociates. In order to bring the inst.i.tution under the operation of the general savings bank laws of the state and to permit it to transact a general banking business the articles of incorporation were amended to change the name to The Fidelity Trust & Savings Bank while at the same time the office of the bank was changed to 116 South Second street, a location much nearer the business center of the city. Under the reorganization the stockholders selected the following officers and directors: W. W. Hamilton, president; Ernest R.

Moore, first vice-president; W. G. Dows, second vice-president; Louis Wokoun, cas.h.i.+er; S. G. Armstrong, E. E. Clark, H. L. Walker, C. J.

Deacon, L. W. Anderson.

This bank was later consolidated with the American Trust & Savings Bank.

The Ely Bank, of Ely, was organized in January, 1903, with J. H. Smith, president; Ed. H. Smith and I. B. Smith, vice-presidents, and George L.

Benish, cas.h.i.+er. The bank is a private one, and the present officers are the same as the original ones.

The Bank of Palo was organized May 23, 1908, with a capital stock of $10,000, and the following officers: J. W. McClintock, president; Carl Rabe, vice-president; G. E. Carrier, cas.h.i.+er. Its present officers are: J. W. McClintock, president; John Lewis, vice-president; R. W. Waite, cas.h.i.+er.