For a few years in the late 1880s and early 1890s, Independence was a nationally known horse-racing center, and was sometimes referred to as the "Lexington of the North". This came about as a result of the meteoric financial success of Charles W. Williams. A telegraph operator and creamery owner from nearby Jesup, Iowa, Williams (with no experience in breeding horses) purchased in 1885 two mares, each of which within a year gave birth to a stallion. These two stallions, which Williams named Axtel and Allerton, went on the set world trotting records, with the result that Williams' earnings enabled him to publish a racing newspaper titled "The American Trotter", to build a large three-story hotel and opera house called The Gedney, and to construct a figure-eight shaped race track on the west edge of town, on a large section of land called Rush Park, where he also built a magnificent horse barn, his family mansion, and peripheral structures. The burgeoning community was soon home to other mansions, churches, and even a trolley-car service. Williams went on to raise other record-breaking horses, but he lost much of his fortune in the Panic of 1893. Williams subsequently moved to Galesburg, Illinois, where (among other things) he became acquainted with the young Carl Sandburg (as mentioned in Sandburg's autobiography, "Always the Young Strangers"). Today, the location of Williams' race track (which was the original site of the Buchanan County Fairgrounds) is a corn field. His house is still standing, but, in recent years, the Rush Park barn was demolished by a bulldozer, to make way for a fastfood drive-in and an auto parts store. In the years that followed the race track days, the town lost most of its importance when the railroad terminal at Independence was pushed further west to Waterloo, Iowa.