Article copied from the Atlas & Plat Book of Jones County, Iowa

Published by the Jones County Times – copyright 1921

** Information in these articles is based on that publication as of 1921 **

** Visit the museum to see more data such as this **

 

The Banks of Jones County

 

            The people of Jones county have shown wisdom and prudence in conducting their financial affairs.  They have been economical and as a result but few counties either in America or Europe can make as good a financial showing as can the people of Jones county.  Eighteen banks and one trust company are flourishing in the county.  In Monticello, twenty people are employed in the banking business.  Anamosa has nearly as many employed in its three banks and trust company.

            During the entire history of Jones county, extending back 80 years, there has been but two bank failures in this county.  One of the failures occurred before the Civil War, during the days of wild cat banking.  The bank was located at Anamosa.  The other occurred at Olin about twenty years ago.  The bank was private institution, conducted by a man names Schnieder.

            The banks of Jones county have large capital, a big surplus, and undivided profits, and as a result the deposits are practically guaranteed.  In case a bank failure, the capital, surplus and undivided profits would be used to pay depositors, and the stockholders would be assessed the amount of their stock for the same purpose.

            Banking is an old industry and was conducted by the ancients before the dawn of history.  TI was brought to a fair state of efficiency in the cities of Italy in the 12^th century.  Florence, Geneva, Venice and other Italian cities were long famous for their banks.  The Bank of England was established in 1694.  The savings bank was established by a woman, Mrs. Priscillia Wakefield, at Tottenham, England, in 1803.  As far as known, the first public bank was established at Venice, Italy, in 1171.  The bank note was first issued by the Bank of Sweden in 1690.  Banking was carried on in this country in the Colonial Days.  The great financierer of the Revolutionary War was Robert Morris.  He was appointed superintendent of finances in 1781.  He did much to raise money for the early period of the nation’s history.

            The following are the banks of Jones county, three of them being located at Monticello.  They are the Monticello State Bank, the oldest in the county.  The banking business was started in Monticello by I. L. Simington, in 1867.  In 1869 he sold his banking business to M.L. Carpenter and George W. Lovell.  In 1872 the Monticello National Bank was organized and continued in business until 1875 when it consolidated with the Carpenter & Lovell Bank.  The consolidated banks became the Monticello State Bank.  The other banks of Monticello are the Lovell State Bank and the Jones County Trust and Savings Bank.  All three banks in Monticello are state banks and have resources amounting to about $4,500,000.

            Anamosa has one National Bank, one Trust Company, and two State Banks.  They are the Schoonover Trust Co., The Anamosa National Bank, the Niles & Waters Savings Bank, and The Citizens Savings Bank.

            Olin has two banks, The First National Bank of Olin, and the Citizens Savings Bank, a state bank,

            Wyoming has two banks, The First National Bank of Wyoming, and the First Trust and Savings bank.

            Onslow has one bank, The Onslow Savings Bank.

            Center Junction has one bank, The Center Junction Savings Bank.

            Amber has one bank, The Amber Savings Bank.

            Martelle has two banks, The Farmers’ Savings Bank and a private bank.

            Morley has one bank, The Jones County Savings Bank.

            The bankers of the county are men of ability and stand high for fair dealing, and are giving their patrons efficient service.