1873: PANIC SWEEPS NATION, CURBS BOOM

COOKE, EMSLEY, DONALDSON, CHURCH, BAILEY, GALE

Posted By: Sharon R Becker (email)
Date: 11/18/2014 at 12:33:03

The Globe Gazette
Mason City, Cerro Gordo County, Iowa
Monday, June 01, 1953
Mason City Centennial Edition, Section 3

1873: PANIC SWEEPS NATION, CURBS BOOM

[Section 3, Page 14] It was on Sept. 19, 1873, a day that went down in history as "Black Friday," that the great banking house of Jay Cooke and Company announced its "ominous" suspension.

The news was a shock to the nation and the next day there was panic throughout the land. Mason Cityans weren't too concerned with the news at first, but soon prices of grain started dropping until it became evident a period of hardships lay ahead.

Most of the buildings between the Adams Block, north of Central Park on Federal, to the Elks Building were put up during the 1870-71 boom as the owner of the lots gave alternate lots away to anyone who would put up a two story building and give him free use of the party walls for other buildings.

This development proved premature and a number of business failures resulted. But despite failures, new business establishments were started. Mason City business men were confident of the future.

Just as the depression was getting under way in 1873, Thomas G. Emsley and Mrs. Emsley started the City Bank. Another banking institution, the Cerro Gordo Bank, started in 1869 by W. H. Lytle, continued in operation and is now the First National Bank.

NOTE: Thomas Goodwillie Emsley, the son of W. W. and Beatrice H. (Donaldson) Emsley, was born December 23, 1843, Carroll Co. OH, and died June 7, 1885 in Nebraska. Thomas served in the Civil War with the Union Army. He married Mary Ann Church December 19, 1865. Mary Ann (Church) Emsley, the daughter of James Emery and Julie Cody Bailey Church was born October 8, 1839, Springboro, Pennsylvania, and died in Mason city, March 21, 1931. Their daughter, Mable Emily (Emsley) Gale was born in 1868, and died July 27, 1904. Mable was the wife of Absalom H. Gale, born in 1868, and died in 1923. Cecil Emsley Gale, son of Mable and Absalom, was born in 1895, and died in 1933. They were interred at Elmswood-St. Joseph Cemetery, Mason City.

Transcription and note by Sharon R. Becker, November of 2014