Person:Henry Elliott (1)

TWOGOOD & ELLIOTT - BANK FAILURE The Twogood & Elliott private bank in the years preceding the Civil War was a powerful and beneficial institution in the community. A. J. Twogood and his young partner, Henry Elliott, traded in live stock and other farm produce, and furnished the settlers with a badly needed market. As time went on Mr. Twogood gave his attention to his land investments in Tama and other counties toward the west. It has been said that a large and unfortunate deal in horses, toward the close of the Civil War, weakened the bank to a considerable extent. During the seventies, an observing resident might have noticed the gradual liquidation of real estate holdings which had belonged to the bank. The next suspicious step was the raising of their interest rate from six to seven percent on deposits. The difference between this and ten percent on loans was their profit. Much to their sorrow, two fairly large depositors of the Stephens Bank seized the bait and changed banks. The final symptom of weakness appeared on the older bank's bulletin board, advertising notes for sale. Mr. Stephens was now sure that his competitor's failure was imminent, and cautioned his assistants to use care in clearing checks from that source. He predicted, confidentially to his cashier, Jackson Bowdish, that creditors might recover as much as five percent, which proved to be accurate. The newspaper account of the bank failure follows. "On Wednesday, October 24th, 1877, the community was aroused by the failure of the Twogood & Elliott Bank. The bank did not open in the morning, and there was a notice on the door that an assignment had been made to O.T. Richmond. The latter declined to serve, and a meeting of creditors was held at which S.N. Goodhue and Robert Jackson were appointed receivers. The District Court being in session, Judge Shane approved this step. The failure is said to be a bad one, with liabilities footing up to near $160,000. Assets will come to a small percent of this. Many rumors are in circulation as to the causes which brought such disastrous results after twenty one apparently prosperous years in business. Among other causes, it is stated that heavy dealing in both cattle and hogs, some ten years ago, had impaired their capital. The losses are scattered among all classes of society, with deposits running from the matter of a few dollars to the thousands. Neither friend or foe was spared, some of the heaviest losers being relatives of the bankers." In the November 8th issue of the paper, an item stated that the school funds of the Independent District of Marion, and also $750 of city funds were "swallowed up." L.M. Beach was in charge of the former, and O.T. Richmond of the latter. It is also stated that Henry Elliott had been indicted for forgery and placed under a bond of $1,500. Nothing came of this, however. The receiver's report follows: Cash - $99.54 Real Estate - $27,463.00 Balance on Books - $1,000 Chattel Property - $1,50.25 Tax sale certificate - $388.91 Notes - $1080.51 Judgments - $2400 Docket Justice White - $212.20 Liabilities - $120,000.00 Marion never seemed to have any feeling toward Mr. Twogood but one of pity for his misfortune. He continued to live in his boulevard home until the closing years of his life, which he spent in California and his old eastern home. He died November 1st, 1887. Henry Elliott, also divested of his fortune went to Chicago, applying for work in the offices of the Chicago, Milwaukee & St. Paul Railroad. Being persistent, he was sent out on their northern lines to a six month's job of settling claims against the company. With great diligence, sometimes walking from one town to another, he was back in Chicago in three week's time, with all of his work done. He gradually built up a claim department, which he managed for many years. He died on October 28, 1917 in Chicago. A son, Alfred J. Elliott, was at that time a superintendent in Swift's packing plant, there. History of Marion, Iowa Volume 2 1866-1880, Marvin Oxley

1.   Census; US; 1860; IA; Linn
   216.

   Marion, Family 1559

   Age 23, Banker

2.   Census; US; 1870; IA; Linn
   223A.

   Marion, Family 169

   Age 31, Banker

3.   Family Search. 1880 United States Census and National Index. (Salt Lake City: The Church of Jesus Christ of Latter-Day Saints, Intellectual Reserve, Inc., 2001).

   Wisconsin, Milwaukee, Milwaukee, Page 135A

   Age 34, Claim Agent of M. St. P. P. R. R. {Chicago, Milwaukee, St. Paul & Pacific Railroad}