A Twentieth Century History and Biographical Record of Laporte County Indiana, Part 37

Author: Rev. E. D. Daniels
Publication date: 1904
Publisher:
Number of Pages: 1273

USA > Indiana > LaPorte County > A Twentieth Century History and Biographical Record of Laporte County Indiana > Part 37

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Jacob H. Vining, the first cashier of this bank, was an orthodox minister of the Society of Friends, born in Litchfield. Maine, November 20, 1815. When he was ten years of age his parents, Josiah and Esther Vining, settled in St. Albans, Maine, where they devoted much time to the building up of their church. They estab-

lished the St. Alban's Academy, where Jacob H. received his education. From the age of nine- teen to twenty-six years he followed teaching in district schools. Then he married Miss Lucy W. Dillingham and moved to Fall River, Massachu- setts, where he lived for several years. At the close of the Civil war, he gave two years to the bettering of the condition of the freedmen. Im- paired in health, he lived some years in New Jersey and then settled with his family in La- Porte in 1869. Here, with a few families of the Friends, who had erected a church, he established regular meetings. In the autumn of 1871 he suc- ceeded in obtaining the co-operation of a few wealthy citizens of LaPorte, and established and put in successful operation the LaPorte Savings Bank. He was always zealous for the faith of his religious society.

The banking house of A. P. Andrew, Jr., and Son, was organized in December, 1869, by A. P. Andrew, Jr., who has repeatedly been referred to in these pages as one of the founders and ear- liest settlers of LaPorte. In November, 1875,. the banking office was established on Main street opposite the court house, where it still remains. The house transacts all branches of a general banking business and has the confidence of the- business world as a sound and safe financial in- stitution.

The old Odd Fellows building, now occupied: by the Knights of Pythias and the Elks, bears on its Michigan avenue side, in stone letters, "Citi- zens Bank." This building was put up in 1871, and until long into the eighties Jacob Wile did: a banking business here. In was at one time a bank of deposit, but latterly Mr. Wile contracted his business to the mere negotiating of loans, un- til finally his health failed and he passed away in the nineties. .

The First National Bank was organized in 1864 in the early history of the National Bank- ing system, by Ezekiel Morrison and his son, Robert S. Morrison. The latter was the first cash- ier. It has always been considered a strong, safe and well managed institution, and has the confi- dence of the business world.

Mr. R. S. Morrison, the cashier of the La- Porte First National Bank from its organization until his death, was born in LaPorte, December 20, 1837, his father, Ezekiel Morrison, being one

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of the pioneers of the county, having arrived in 1834. Robert S. was a graduate of Racine (Wis- consin), College, and was engaged in the banking business from his youth. In 1858 he was a clerk in the State Bank of Indiana, afterwards accept- ing a position in a banking house in Plymouth. In 1861 he organized a banking house in Three Rivers, Michigan, under the firm name of Roberts & Morrison. There he met Miss Jennette S. Frey, whom he married, October 6, 1863. Five children were the result of the union, three of whom have passed away. The surviving sons are Robert E. and Charles Henry, both engaged in the banking business in Indianapolis. Robert S. Morrison was a member of the LaPorte city council two terms, and filled the office of city treasurer one term. He was an enterprising citi- zen and was greatly missed at his death, which occurred at his home, Friday, March 7, 1884, of pneumonia, in the forty-seventh year of his age. Rev. Dr. Kendall, the well known pastor of the Presbyterian church officiated at the funeral.

Samuel E. Morrison, the last of the children to pass away, was an exceptionally fine young man. He was born in LaPorte, March 23, 1870.

He was reared in this city and obtained his education in the public schools. Later on he at- tended Wabash College at Crawfordsville, this state, and following the completion of a course at that institution he entered the First National Bank of this city, receiving here his first experi- ence in banking. This was preparatory to ac- cepting a position at Indianapolis, where he went in 1891 to become associated with the Indianap- olis National Bank. When that bank failed Mr. Morrison went to the Merchants Na- tional Bank. Later on he entered Fletcher's Bank, with which he had been connected ever since .. He became a director of the institution and in time rose from a clerkship to the position of assistant cashier, one of the most important in the bank, and was the right hand man of Presi- dent Fletcher, which places he held until his death, though he had not been actively identified with the bank for more than a year because of failing health. He also became a director in the Marion Trust Company and director and treas- urer of the Marion County Title Company of In- dianapolis. When the Fletcher Bank secured a charter and became a national bank the matter

of working out the reorganization was placed in the hands of Mr. Morrison, who had full charge thereof. The Fletcher Bank is the largest finan- cial institution in Indiana and the only bank in Indianapolis which has had a continuous exist- ence since before the war. Its deposits have doubled since its organization as a na- tional bank. At the meetings of the bankers' associations Mr. Morrison was the personal representative of Mr. Fletcher, and his marked ability soon brought him into no- tice and he became secretary and a mem- ber of the executive committee of the In- diana Bankers' Association, and a few years be- fore his death was elected vice-president and one of the members of the executive committee of the American Bankers' Association. He was always prominent in the councils of the association, was frequently consulted on national matters of finance by the most prominent financiers of the country, and was one of the chief speakers at the national convention of bankers each year. His absence at these gatherings is deeply felt.

Mr. Morrison was first married to Miss Faley of Indianapolis, who died many years ago. About four years ago he was united in marriage to Miss Callie Gladys Kaufmann, of Marquette, Mich. He had never been a man of robust health and about four years ago he found it necessary to leave the active work at the bank and seek an- other climate, where rest and proper care might restore to him that which he sought. Some time was spent in Texas and then he went to Califor- nia, finally stopping at Pasadena. His wife and mother were with him, and soon afterward he was joined by his brother Charles. His health showed temporary improvement at times, and the fall before he died he seemed so much better that when his brother had an opportunity to take a trip to Japan it was not felt that there was any danger and that he would return before the end came. Shortly after Charles's departure Mr. Morrison began to sink and passed away January 15, 1902. Death was due to tuberculosis and a complication of diseases.

He was a bright, quickwitted man of slight build. He was of nervous temperament, an in- herited trait. He was extremely fond of society and was very popular with his friends, who found him good company, an excellent entertainer and

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always full of life. Banking came natural to him, his aptitude in that direction being marvelous, and by bankers he was considered to have a most promising career. The remains were brought to LaPorte, where the funeral was held, Rev. R. H. Hartley, D. D., officiating, assisted by the writer, who also officiated at Mr. Morrison's wedding in Marquette.

It may not be out of place to remark, what is probably the opinion of all, that the Morrisons have a genius for business, especially for banking, and are very useful men in the business world. The same is true not only of Robert S. Morrison but of Henry D., his brother, long the vice-presi- dent of the First National Bank of LaPorte; and also of Frank H., son of Henry D., and for sev- eral years teller in the same institution.

Henry D. Morrison was born in LaPorte, November 19, 1844. He attended the public schools of LaPorte, and then completed his edu- cation at the Racine ( Wisconsin), College. He re- turned to LaPorte and engaged in farming east of town, but in 1880 he removed to LaPorte, hav- ing retired from active work himself, though he supervised the work on his farms. Upon the ·death of his brother, Robert S. Morrison, Henry D. was elected a director of the First National Bank; later he became vice-president thereof, both of which positions he filled at the time of his death. It was his custom to spend the winters in the south, and in the latter part of November he left with his wife for Florida. For some years his health had been poor, but he was able to be about and was not confined to his bed until about two weeks before his death, which occurred at Datona, his Florida home, on Thursday, Decem- ber 28, 1900. He was very popular, having many warm friends. He possessed many good quali- .ties, one of which was a thorough devotion to his family. He was a member of the Presbyte- rian church, and his business sagacity was of great use to that body. He served one term in the common council, and was once chairman of the Republican city committee, but he never sought office.

His wife was Mary N. Ridgway, daughter of James Ridgway, and sister of John W. Ridgway, and of the late Marion Ridgway. She was a most estimable woman, most prized by those who knew her best. When her husband passed away

she bowed under the stroke, and within a few weeks she followed him into the other life.

The banking house of Hall, Weaver & Com- pany was organized in January, 1857, as a branch of the Indiana State Bank. This bank with branches in different places was chartered by the state legislature in 1834, the charter to run twenty-five years. This would make it expire in 1859. But the Bank of the State of Indiana, with its branches, existed until the time of na- tional banks in the early sixties, and those of them which did not become national banks ex- isted until 1865. The explanation of this is as follows: The old State Bank passed through many panics, but was successful, and so large and regular were the dividends which it declared that a feeling of hostility was developed against it. This feeling was engendered and promoted by the politicians for their own selfish purposes. As the time approached for the expiration of the charter, the feeling of hostility became so strong that evidently the days of the old State Bank were numbered. Then the full purpose of the politicians was seen, which was to secure a char- ter for a new state bank under their own control. In 1853 the legislature passed a free bank law, and in 1855 gave a charter to the Bank of the State of Indiana. Governor Wright vetoed both of these bills, but they were passed over his veto. He made a very bitter speech against the bill to charter the State Bank, charging that it was passed by corruption and fraud. He brought suit against those to whom the charter had been granted, to prevent the organization of the bank, but the court decided against him. He appealed to the Supreme Court which affirmed the decis- ion. At the meeting of the next session of the legislature, in 1857, he renewed the fight in his message which caused the appointment of a com- mittee to investigate the matter. The committee sustained the governor and recommended that the charter be revoked. This, however, was not done. The stock books of the bank were opened and in a few hours all the stock was taken. But the stockholders had neither the experience nor the capital to do a successful banking business, and hence they attempted to purchase the branches of the old bank. This they succeeded in doing on condition that Hon. Hugh McCul- loch, of Fort Wayne, be made the president of

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the new bank. The new bank of the state began business in 1857, and weathered financial storms which wrecked other banks and led a successful career until the introduction of national banks, when most of the branches became national banks. In 1865 the legislature authorized the State Bank to wind up its business, and all those branches which had not become national banks either went out of existence or became private banks. The LaPorte branch became a private bank. Under the conservative, careful management of Hart L. Weaver, who has been connected with it from the first, it has been a success and has been a great convenience and help to the farmers in the development of this county, and its business has extended to other counties as well. It began its existence in a building which stood about where Walton's tobacco store now does, and which was afterwards burned; but it soon moved to its pres- ent quarters, where it has been ever since. Mr. Weaver says, "People wonder why I hang around this corner so, but the fact is, next to my own house I feel most at home sitting right here in this bank, seeing the people as they come in or go by; and after spending forty-five years of my life here, how can I help it?"

But Michigan City has been the great point of commerce and trade. Colonel William Teall, who is said to have been the first merchant there, sold during the first thirteen months of his busi- ness $30,000 worth of merchandise. Messrs. Brown & Haas and Samuel Miller, Esq., who began business there soon after Colonel Teall, were equally successful. It was estimated on good grounds that during the month of June, 1835, $400,000 worth of merchandise was landed at Michigan City. During that month Messrs. Brown & Haas loaded for the interior of the state one hundred and seventy-five wagons, and had in their warehouses for the same destination goods enough to load twenty-five more. All this was exclusive of the article of salt. This report was given by a reliable gentleman who had counted the wagoners' receipts. During that month Messrs. Brown & Haas paid freight bills to the amount of $5,000. Colonel Teall sent into the country, during that same month of June, about one hundred and forty wagon loads of

goods. The extent of forwarding by the other houses was not reported. There were twenty stores in the place, also clock and watchmakers,. carpenters, smiths, brickmakers and wheelwrights ;. a furnace was just going into operation, and several companies were prospecting for glass. works.

As early as 1831 the Hon. James Forrester peddled goods through LaPorte county. In 1833. he went to Buffalo, chartered a vessel and took the first cargo of salt to Michigan City, also. coffee, sugar, glass, iron, etc. There he bought land and in 1834 commenced trade. In 1836 he sold his interest there, and in 1837 settled on section six in Scipio township. He had voted. the Democratic ticket up to the time of the Civil war, but all through that struggle was intensely loyal, and was afterward elected to the state legis- lature. In 1835 we find Abel Duncan Porter,. who with other young men had migrated to the west from New York, coming from Chicago on the vessel Ed. Sacket to Michigan City, where he stopped with William Teall, the merchant, till fall, and then clerked a year for James Forrester. He returned to Chicago to become county treas- urer there for four years, then returned to Michi- gan City and engaged in business for Messrs. Hitchcock, and then in LaPorte for King & Hol- brook as before stated. In 1835 also Daniel Low was engaged in merchandising and the land busi- ness. In 1842 he purchased land and built a house in Coolspring township. In 1835, in Mich- igan City, J. M. Scott & Company were buying wheat and lumber ; William Phillips was dealing in dry goods, clothing, hardware and groceries; William Teall and Robert Stewart had formed a partnership in the forwarding and general com- mission business; H. Lawson was making and selling harness ; Knight & Oliver were manufac- turing and advertising cabinet ware; Fisher Ames & Company were dealing in groceries, bar iron, crockery, glass, stone, wooden and hardware, also paints, oils, drugs, dyestuffs, etc. ; H. C. Skinner was dealing in drugs, paints, oils, dyestuffs, gro- ceries, salt, glassware, sash, etc .; W. P. Ward was manufacturing and selling chairs; John Dixon was keeping a general store; D. and N. W. Low, in addition to real estate and other

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branches of business, were dealing in boots and shoes, hats and caps; Orren Gould, formerly O. & I. Gould, had a general store; Hiram Inman was in the tin, sheet-iron and copper business. And from May 17 to July. 17 inclusive, twenty- seven vessels arrived at Michigan City, loaded with merchandise, produce, lumber and passen- gers for that port. And when we consider the immense carrying capacity of the ordinary lake schooners of that time, it gives us some idea of the volume of business done in Michigan City.

Ten years later Goodhue & MacAdoo, Hitch- cock & Company, Sleight & Gould, and other firms were doing the forwarding commission and produce business. Ames & Holiday were dealing in books, drugs, paints, oils, etc. Barker & Best, Shedd & Company, Carter & Carter, C. B. & L. Blair, Hitchcock & Company, J. Griggs, Jr., & Company, and others had general stores. Boynton & Gibson were in the brewing business, as was also John Frame, who had built a new brewery, and business of all kinds was carried on, though not with the boom of the earlier years. Prior to 1842, when he became partner of Good- hue, James McAdoo was agent in northern In- diana for Williams & Hitchcock of Rochester, New York, for buying grain. All the large for- warding houses were heavy shippers, and up to 1849 the exports of LaPorte county, such as wheat, flour, corn, oats, pork, beef, etc., were enormous. Five hundred thousand dollars worth of these articles was shipped from Michigan City yearly. As this was before the time of railroads, most of the shipping was done at that point. Horses and cattle were driven to the markets in Chicago and Detroit and sold there. According to the Indiana Gazetteer, Michigan City had in 1849 nine dry-goods stores, one drug store, seven grocery and provision stores, one branch of State Bank, and a number of warehouses.

Michigan City early had a branch of the State Bank. The State Bank, as before stated, was chartered by the legislature of Indiana in 1834. and it did much to promote industry and enter- prise, and to give a stable currency. It com- menced business in November, 1834, and was chartered for twenty-five years. Its main office was at Indianapolis, with branches at Richmond, Lawrenceburg. Madison, New Albany, Evans-

ville, Vincennes, Bedford, Terre Haute, Lafay- ette, South Bend, Fort Wayne, and Michigan City. The branch at Michigan City was organ- ized in 1837 by Ezekiel Morrison, father of R. S. Morrison. It was the first bank in the county. The city gave it a warm welcome, passing an or- dinance which granted the bank the use of certain grounds and later, in 1843, another ordinance granting the bank permission to move its build- ings. In 1841-2 the bank had a stormy time. It seems from the published accounts that certain of the depositors wished to overdraw their ac- counts, which the management would not allow, whereupon much was said against the bank, and confidence in it was impaired. The disaffected ones induced the representative in the state legis- lature to take the matter up with a view to in- ducing that body to discontinue the branch at Michigan City. The matter caused considerable local excitement for a time, and the papers con- tained many articles pro and contra, but the legis- lature finally did nothing about it, and the branch went on doing business. General Joseph Orr was president, and Captain A. P. Andrew, Jr., cashier.

The financial institutions of Michigan City now are two banks. The first to be mentioned is the Citizens Bank, which combines conserva- tism and progress in a successful manner. It was organized under the state banking laws in 1888 with a paid-up capital of $50,000. By a system of legitimate financiering it has built up a surplus which exceeds its capital. In 1903 this bank ap- peared on the roll of honor of the state banks of the United States, which is a list of the banks whose surplus and undivided profits are in excess of capital. The Citizens Bank showed surplus and profits in the sum of $72,000, which placed it one hundred and thirtieth in the list of the state banks of the entire United States, and first on the list of all the banks of Indiana.

The First National Bank was established in 1873, and in 1883 it was reorganized with a capi- tal of $250,000. During the year 1903 it com- pleted and occupied its new building, where it now has a commodious office, at a cost of $20,000. The November reports of both banks for 1902 and 1903, consolidated and summarized, are as follows :

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1002

1903

Increase

Deposits Loans and discounts. . .

$1,474,201 1,210,373

$1,663,648 1,310,364

$189,447 99,991

This shows something of the prosperity of Michigan City. The room formerly occupied by the First National Bank was taken by the newly organized Michigan City Trust and Savings Company. Its capital is $50,000, with an addi- tional liability of the stockholders of $50,000, ac- cording to the laws of the state, thus affording a total security to its stockholders, of $100,000. The stock is held by about fifty well known citi- zens. Its officers and directors are careful, con- servative, successful business men of established reputations. They are Walter Vail, president ; Robert P. Zorn, first vice president; Albert J. Henry, second vice president, G. T. Vail, secre- tary and treasurer ; Walter Vail, John G. Mott, Robert P. Zorn. A. S. Nichols, Albert J. Henry, Charles Wolff, Herman Pries, John F. Becks, and A. C. Heitschmidt, directors. This company is not a trust, but a trustee. It accepts and executes trusts of various kinds fairly and impartially. Under this head it is authorized by law to execute all that large class of personal trusts usually re- posed in individuals, such as executor, adminis- trator, guardian, curator, trustee, under will or appointment by court. This company also acts as manager of estates of every kind, including real estate; will collect rents, interest, dividends, coupons, bonds, mortgages, etc., and keep the property insured, the funds invested and pay taxes and other obligations. This company makes loans for long time on improved real estate, and also makes time or demand loans on stocks, bonds mortgages and other approved collateral securi- ties. Interest is paid on deposits at the rate of three per cent. every four months, and is com- puted the first of January, May and September. This company especially solicits savings accounts from all classes of people. An account can be opened with a deposit of one dollar.

Another prosperous financial institution of Michigan City is The Michigan City Loan and Building Association, which was organized in 1885, and is one of the model savings institutions of the state, its management being especially strong and effective. The association provides

for its members a safe and profitable investment of small semi-monthly installments to assist them in acquiring homesteads and to secure them all the advantages usually expected from savings banks and similar institutions, and to loan money on easy terms. Its capital is $300,000, divided into shares of $100 each. The increase in the number of share owners in 1903 was remarkable and beyond the most sanguine expectations. The association paid out during the year over $40,000 in matured shares, being the largest amount so far paid in any year of its business. This fact, in connection with the growth of deposits in the banks, the great amount of investment in low- priced building lots, and the increased amount of life insurance taken out in small policies, shows that salaried men and wage earners are saving money at an unprecedented rate.

In the retail circles of Michigan City. there were, in 1903, no less than thirty-five changes for the better, such as new stores opened, re- movals to larger quarters, new firms established, etc .- too many to give the list here.

The institutions which were enlarged during the year were the following :

J. S. Ford, Johnson & Company constructed a large warehouse and office.

Michigan City Electric Company improved its plant by installing much new machinery.

The Western Cane Seating Company erected a new engine house, boiler house and dry kiln and installed much new and improved machinery.

Henry Lumber Company installed a new boiler and new machines in its planing mill and enlarged its lumber yards.

Ph. Zorn Brewing Company erected and equipped a $50,000 brew house and made other improvements about its plant.

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A Twentieth Century History and Biographical Record of Laporte County Indiana, Part 37

Author: Rev. E. D. Daniels Publication date: 1904 Publisher: Number of Pages: 1273

Author: Rev. E. D. Daniels
Publication date: 1904
Publisher:
Number of Pages: 1273