USA > Indiana > Rush County > Centennial history of Rush County, Indiana, Volume I > Part 24
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THE BANKS OF RUSH COUNTY
The Rushville National Bank-As noted above, the Rushville National Bank, successor of the old Rushville branch of the Bank of the State of Indiana, was the first bank organized in Rush county. It was established on March 9, 1857. as the local branch of the state bank and so continued until nationalized on February 22, 1865. taking then the name of the Rushville National Bank, which it since has carried. George C. Clark, the first president of the bank, continued in service until his death on November 18, 1900, a period of service covering forty- three years. The first cashier of the bank was William C. MeReynolds, who was succeeded by Joseph Oglesby, who served until 1870 and was succeeded by Edwin Payne, who continued as cashier until 1897 when he retired and presently founded the Peoples National Bank, being suc- ceeded by JJohn B. Reeve. Theodore Abercrombie suc- ceeded George C. Clark as president of the bank. The first board of directors of the bank was composed of Jefferson Hehn, James S. Hibben, George C. Clark, Joseph M. Oglesby and Joseph Hamilton. The present officers and staff of the bank are as follows: President.
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Albert L. Winship; vice-president, Thomas K. Mull ; cashier, Wilbur Stiers; assistant cashier, Charles G. Newkirk; bookkeepers, Richard McManus, Luther J. Colestock and Edna Tacoma : directors, Albert L. Win- ship, Thomas K. Mull, Alvan Moor, Johanan M. Amos, Thomas M. Green, Joseph L. Cowing and Frank S. Reynolds. The bank is capitalized at $100,000, paid in, and shows a surplus fund earned of $100,000. During the sixty-four years of its establishment the institution has been located in the block to the north of the public square and moved to its present building, erected in 1910, at the northeast corner of Main and Second streets on February 16, 1911. Prior to that time it had owned and occupied since its organization the building one-half square to the east now occupied by the local lodge of the Benevolent and Protective Order of Elks. Most of the present officers and directors of the bank have been connected with the institution in some capacity for many years. The statement of the condition of the Rushville National Bank at the close of business on February 21, 1921, follows: Resources-Loans and discounts, $555,377.35; stock in Federal Reserve Bank, $6,000; bonds, securities, etc., $13,936.81; War Savings Stamps, $165.76; United States Government securities, $17,000; United States bonds to secure circulation, $24,500; interest earned but not collected, $8,537.75 ; bank- ing house, etc., $36,500; redemption fund, $1,250; cash and due from banks, $87,361.68; total, $751,129.35. Lia- bilities-Capital stock, $100,000; surplus, $100,000; undi- vided profits, $12,956.62; interest collected but not earned, $794; amount reserved for interest accrued, $8,537.75; national bank notes outstanding, $25,000; deposits, $466,740.98; rediscounts, $36,600; total $751,129.35.
The Rush County National Bank-In the late '50s, not long after the organization of the local branch of the state bank the Rush County Bank was organized as a
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private bank at Rushville with Leonidas Sexton as presi- dent and James S. Lakin as cashier, this arrangement continuing until 1871 when the bank was nationalized as the Rush County National Bank with Oliver Posey as president and James S. Lakin continuing as cashier. The latter was succeeded by John Mcgee, who was succeeded in 1884 by Edward D. Pugh, who served for twenty-six years, or until succeeded by the present cashier, L. M. Sexton. Oliver Posey served as president of the bank until succeeded by its present president. L. Link. The original directors of the bank were E. H. M. Berry, Jacob Oglesby. Leonidas Sexton and Lewis Maddux. The bank was originally capitalized at $100,000, which remains the same, and its surplus is equal to its capital. The present officers and directors of the Rush County National Bank are as follows: President. L. Link: vice-president. C. Cambern ; cashier, L. M. Sexton: assistant cashier, H. C. Flint ; teller, Gurney Cohee : bookkeepers, Bertha Blount, Paul Newhouse and Paul Root ; directors, Leonidas Link, Claude Cambern, Will M. Sparks. Alfonso L. Riggs, John C. Sexton. Frank Wilson and L. M. Sexton. The bank occupies quarters in the Odd Fellow building on the south- west corner of Main and Second streets and owns that part of the building which it occupies. The report of the condition of this bank at the close of business on February 21, 1921, follows: Resources-Loans and discounts. $748.224.58: United States and other bonds, $134,615; United States certificates, $163,500; banking house. $8,000; stock in Federal reserve bank. $6,000; cash and exchange, $161,329.07 ; interest earned, $13,599.67. Total, $1.235,258.32. Liabilities - Capital stock, $100.000; surplus and profits, $160,483,02; circulation, $95.000; deposits, $650,063.49: war loan deposit account, $8.262; unearned discount, $449.81 : rediscounts, $62,000; bills payable. $20,000; United States certificates sold, $139,000. Total. $1,235,258.32.
The Peoples National Bank-The above banks
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proved sufficient for the banking needs of Rushville for many years or until 1900 when the late Edwin Payne, who in 1897 had retired from the Rushville National Bank, founded the Peoples Bank as a private institution, the same being opened for business on October 17, 1900. Mr. Payne had associated with him in this enterprise his sons, Earl H. Payne, who acted as cashier of the bank, and Ralph Payne, assistant, and this arrangement con- tinued until August 26. 1904, when the bank was nation- alized under the name of the Peoples National Bank, Edwin Payne, president; Charles A. Mauzy, vice-presi- dent; Earl H. Payne, cashier; Ralph Payne, assistant cashier. Edwin Payne remained president of the bank until his retirement some little time before his death in 1907 and was succeeded by his elder son, Earl H. Payne, present president of the bank. The other officers and members of the staff of the Peoples National Bank are as follows: Vice-president, Charles A. Mauzy; cashier, Ralph Payne; assistant cashier, Glen E. Foster; teller, Lloyd T. Nelson, and bookkeepers, Guy E. Mulbarger, Elmer Darnell and Zora Carney; directors, Robert A. Innis, Ralph Payne, Charles A. Mauzy, Glen E. Foster and Earl H. Payne. The bank was capitalized at $50,000, paid in, and has a surplus and undivided profits of $91,546.40. It occupies jointly with the Peoples Loan and Trust Company the building at the northwest corner of Main and Second streets, erected by the Payne Realty Company in 1914. The report of the condition of the Peoples National Bank as of February 21, 1921, follows: Resources-Loans and discounts, $672,689.38; United States, county and city bonds, $57,363; United States bonds to secure circulation, $12,500; United States bonds to secure postal savings, $2,000; stock Federal Reserve bank, $3,750; War Savings certificates and Stamps, $1,402.69 ; redemption fund United States treasury, $625; overdrafts, $1,061.74; interest-approximate-not col- lected, $6,166.50; furniture and fixtures, $4,074.50; cash
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and due from banks, $122,074.98. Total. $883,707.79. Liabilities-Capital stock paid in, $50,000; surplus and undivided profits. $91,546.40; national bank notes out- standing. $12,100 ; reserved for taxes, $3,500; rediscounts with Federal Reserve bank, $62,625 : discount and interest collected-approximately. $6,166.50; deposits. $657.387 .- 65 : other liabilities, $382.24. Total, $883.707.79.
The Peoples Loan and Trust Company-This fidu- ciary institution was organized at Rushville on June 18, 1909, as an essential subsidiary of the Peoples National Bank, the continuing demands being made upon the bank for services which only could be rendered by a trust com- pany making the step necessary and the two concerns have since been going along side by side, each occupying the same building, as noted above, the bank's business being conducted on one side of the room and the trust company's affairs being looked after on the other side, a most convenient arrangement. When organized the Peoples Loan and Trust Company was officered as follows: Earl H. Payne, president : Charles A. Mauzy, vice-president : Ralph Payne, treasurer, and Ernest B. Thomas, assistant secretary. The present trust company officers are Earl H. Payne, chairman of the board : Ralph Payne, president : Charles A. Mauzy, vice-president ; Ernest B. Thomas, secretary, and Miles S. Cox, treasurer; trust company directors, Robert A. Innis, Ralph Payne, Ernest B. Thomas. Thomas H. Parry, Charles A. Mauzy, Miles S. Cox and Earl H. Payne. The trust company has a capital stock. paid in. of $50.000 : surplus and undivided profits of $19,405.40 and deposits as of February 21, 1921. of $710.127.66. As of the same date it showed resources as follows: Loans and discounts. $224.522.16; bonds and seenrities, $490.468,41; furniture and fixtures, $4,000; other assets. $259.73 ; real estate. $17.687.57 : cash and due from banks. $42,595.19, a total of $779,533.06.
The Farmers Trust Company-In the year following the organization of the Peoples Trust Company the
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Farmers Trust Company was organized at Rushville, the date of organization being September 23, 1910, with the following officers: President, A. B. Irvin; vice-presi- dent, W. E. Wallace: secretary, Theodore L. Heeb; directors, A. B. Irvin, W. E. Wallace, D. H. Dean, R. C. Hargrove, T. A. Craig, L. Pyle. This trust company is an outgrowth of the old Farmers Banking Company of Rushville, a private concern, which opened its doors on August 19, 1891, with a capital of $10,000, George H. Puntenney president and Arthur B. Irvin, cashier ; direc- tors, W. E. Wallace, R. C. Hargrove and J. M. Wikoff. The capital stock of the Farmers Trust Company is $50,000 and it is located at 240 Main street. The present management of the company took charge on January 22, 1921, the officers being as follows: President, Bert L. Trabue ; vice-president, R. C. Hargrove; secretary, L. L. Allen; assistant secretary, Leona Ruddell; directors, R. C. Hargrove, L. L. Allen, George W. Looney, Jr., Jesse Retherford, Samuel L. Trabue and Bert L. Trabue. A condensed statement of the condition of the Farmers Trust Company at the close of business on February 21, 1921, follows : Resources - Loans and discounts, $165,383.83; overdrafts, $67.16; bonds and stocks, $700; company's building, $10,000; furniture and fixtures, $1,500; due from banks and trust companies, $9,430.55; cash on hand, $4,953.44; cash items, $1,680.12; trust securities, $4,300; taxes and interest paid, $520.63; total, $198.535.73. Liabilities-Capital stock, paid in, $50,000; surplus, $8,000 ; undivided profits, net, $3,884.10; demand deposits, except banks, $89,463.04; savings deposits. $410.38 ; trust deposits, $4,763.92 : certificates of deposit, $27,520.86; bills payable, $14,493.43 ; total, $198,535.73.
The Bank of Carthage-The banking business of Rush county was confined to Rushville until 1876 when. under the state bank law, the Bank of Carthage was or- ganized at Carthage with a capital stock of $100,000, Charles Henley, president, and S. B. Hill, cashier, and the
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following directors: Charles Henley, S. B. Hill, Henry Henley, Theodore Morris and Robert Henley. The bank retains its original capitalization and shows surplus and profits of $40,000. It occupies attractive quarters in the center of the business section of Carthage and accommo- dates a wide territory thereabout. The present officers and directors of the Bank of Carthage are as follows: President, W. P. Henley; cashier, Howard E. Henley; directors, W. P. Henley, Edgar N. Hill, Howard E. Henley, Walter R. Newlin and Walter B. Hill.
The Manilla Bank-In point of seniority this bank follows the Bank of Carthage, having been the second bank outside of Rushville organized in this county. Cyrus E. Trees, who at that time was engaged in the grain business at Manilla and had besides large farming inter- ests, recognized the need of a bank at Manilla and in 1895 erected a suitable building and on August 1 of that year opened a private bank, with himself as president and George W. Gross as cashier. A few years later Mr. Trees' health failed and he began to dispose of some of his inter- ests. The ownership of the bank was transferred to Thomas K. Mull and Leonidas H. Mull, who assumed management on April 1, 1901, the former as president, the latter as vice-president, and H. O. Gross as cashier. In 1912 Rue Miller became assistant cashier. In 1917 the bank and the community suffered a heavy loss in the death of Leonidas H. Mull. No other changes have taken place among the officers of the bank. The Manilla Bank has enjoyed the patronage and confidence of the people of that community to an unusual degree and has endeavored to fill its proper place in the affairs of the community. A condensed report of the condition of this bank as of April 18, 1921, follows: Assets-Loans, $242,823.89; overdrafts, $180.77; United States bonds, $26,950; other bonds, $91; buildings and fixtures, $5,000; due from banks, $48,928.49; cash, $5,104.49. Total, $329.078.64. Liabilities-Capital stock, $20,000; surplus, $6,000:
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NEW SALEM STATE BANK
HISTORY OF RUSH COUNTY 305
reserve, $2,672.48; undivided profits, $1,648.68; deposits, $298,757.48. Total, $329.078.64.
Arlington Bank-The Arlington Bank, at Arlington. a state bank, was organized in 1905, articles of association of the same having been signed on May 20, of that year. Two days later the bank received its certificate of author- ity and on May 23, the next day, opened for business with Moses W. Davis as president and J. F. Downey, present incumbent, as cashier. On September 30, 1905, Mr. Davis tendered his resignation as president of the bank and the board of directors accepted the same, William H. Nelson being elected on the same day to succeed him. Mr. Nelson continued to serve as president of the bank until his death on September 3, 1914, and on September 10 of the same year Frank Offutt, the present president of the bank, was elected to fill the vacancy caused by the death of Mr. Nelson. At the time of organization the capital stock of this bank was fixed at $10,000 and this capitalization was continued until November 26, 1915, when it was increased to $20,000, this increase being approved by the auditor of state three days later. The bank has substantial quarters at Arlington and has proved a great convenience for the people of that section of Rush county and over in the adjacent section of Shelby county. In addition to Mr. Offutt and Mr. Downey the directors of this bank are Elmer Hutchinson, Elihu Price, Nathan I. Price and Elizabeth Nelson. The condition of the bank as of its last published report, December 29, 1920, follows: Resources -Loans and discounts, $140,979.24; overdrafts, $166.32; United States bonds, $200; other bonds and securities, $20; banking house, $500; furniture and fixtures, $100; due from banks and trust companies, $43,887.09; cash on hand, $6,959.26; cash item, $33.81; current expense, $177.82; interest paid, $50.01; total $193,073.55. Liabilities-Capital stock, $20,000; surplus, $4,000; undi- vided profits, $3,834.72; exchange, interest and discount, $1,048.92; profit and loss, $9.48; demand deposits, 20
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$138.276.52 : time deposits, $25,753.91 ; discount on bonds, $150 ; total. $193.073.55.
The Milroy Bank-There are two banks at Milroy. the Milroy Bank and the First National Bank of Milroy, the first named of which has been serving the public in a general banking way for seventeen years. Prior to these banks, the Home Bank, a private institution, owned and operated by George W. Allison, began doing business in 1899, and continued until 1904, when it was succeeded by the present Milroy Bank. The Milroy Bank, a private bank, began business on June 25, 1904, under the super- vision of Perry T. Innis, president, and George W. Alli- son. cashier. Mr. Allison served in this latter capacity for several years, or until the death of his wife, when he severed his relation with the bank and went to make his home with his daughter at Sidney, Ohio. He was suc- ceeded by Clarence E. Brown, who has since served as cashier of the bank. Mr. Innis has been president of the bank since its organization and continues to take an active interest in the business. The bank has a capital of $25.000 and resources of $250.000. The present direc- tors are Robert W. Brown, William B. Crane and John W. Anderson. Mr. Brown and Mr. Crane have served as directors of the bank since its organization and Mr. An- derson was recently elected to succeed the late William W. Barton, who had served the bank as director for many vears.
First National Bank of Milroy-This is the junior bank of Rush county, and is the fifth national bank in the county. Its charter was granted on July 9, 1920, and it opened its doors for business on the following August 30. The First National Bank of Milroy is capitalized at $50.000 and has the following officiary: President, Ed- gar Thomas: vice-president. Dora F. Jackman; cashier, Everett R. Ryan: directors, JJohn W. Davis, James H. Davis, John E. Harrison, John H. Vernon and Lafayette Peck. The report of the condition of the bank at the
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close of business on February 21, 1921, follows: Re- sources-Loans and discounts, including rediscounts, $37,092.69; overdrafts secured, none; unsecured, $3.76; U. S. Government securities owned : deposited to secure circulation (U. S. bonds par value, $50,000; owned and unpledged, $1,500; premium on U. S. bonds, $125; total U. S. Government securities, $51,625; stock of Federal Reserve Bank (50 per cent. of subscription), $1,650; value of banking house, owned and unincumbered, $5,- 734.31; furniture and fixtures, $3,523.13; lawful reserve with Federal Reserve Bank, $7,924.57; cash in vault and net amounts due from national banks, $23,358.60; checks on other banks in the same city or town as reporting bank, $273.10; total $23,631.70. Checks on banks located out- side of city or town of reporting bank and other cash items, $2; redemption fund with U. S. treasurer and due from U. S. treasurer, $1,250; interest earned but not col- lected-approximate-on notes and bills receivable not past due, $427.27; other assets, if any, $2,248.86; total, $135,113.29. Liabilities-Capital stock paid in, $50,000; surplus fund, $5,000; interest and discount collected or credit in advance of maturity and not earned-(approx- imate), $90.34; circulating notes outstanding, $35,000; individual deposits subject to check, $42,929.28; certifi- cates of deposit due in less than 30 days (other than for money borrowed), $1,352; other demand deposits, $208 .- 12; total of demand deposits subject to reserve, $44.489 .- 40; liabilities other than those above stated, $533.55 ; total, $135,113.29.
The First National Bank of Mays-This bank since its organization in 1907 has proved a great convenience to the people in the north-central part of the county, and has the honor of being one of the few national banks in a village the size of Mays in the country. The First Na- tional Bank of Mays carries charter No. 8700, and was organized in 1907 with a capital stock of $25,000, and the following officers and directors: President, Matthew L.
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McBride : vice-president, Oliver E. Rich ; cashier, Bert B. Benner: directors, M. L. McBride, William Knecht, W. H. McDaniel. O. E. Rich. Thomas H. Ertel, J. W. Rhodes and Frank M. Hudelson. The present officers of the bank are as follows: President, B. B. Benner: vice-president, F. M. Hudelson: cashier, Guy McBride: bookkeeper, Fern McBride : directors, B. B. Benner, F. M. Hudelson, William Knecht, J. W. Rhodes and Charles McBride. The statement of the condition of this bank as of Decem- ber 29, 1920, follows: Assets-Loans and discounts. $144,236.26; U. S. securities, $26.750 ; other bonds and se- curities, $6,500; overdrafts, $58.72; Federal Reserve Bank stock, $1.050; banking house, $4.000 ; cash on hand, deposit with Federal Reserve Bank, and due from banks. $23,085.25; interest earned not collected, $1.000: redemp- tion fund with U. S. treasurer, $1.250: total. $207.930.23. Liabilities-Capital, $25,000 ; surplus, $10,000 : undivided profits, $9,808.52; tax account. $235.02; unearned dis- count. $1,000; cirenlation. $25,000; deposits, $136.886.69 ; total. $207.930.23.
Falmouth Bank-The Falmouth Bank of Falmouth, the village in the northeastern part of the county, lying partly in Rush county and partly in Fayette county, is capitalized at $10,000, and was organized in 1907 with the following officers: President. Fred W. Lightfoot: vice- president, Fred I. Barrows : cashier, Alva E. Bilby. The present officers of the bank are the same as above, except that William M. JJackson is now vice-president. The di- rectors of the bank are F. W. Lightfoot, W. M. Jackson. Alva E. Bilby, Jacob Grassy and Noah Cummins.
The Glenwood State Bank-This bank was estab- lished in 1907 at Glenwood, and renders service in a wide territory thereabout. B. F. Thiebaud is president of the bank : JJesse Murphy is the vice-president ; T. G. Richard- son, the cashier, and Mrs. T. G. Richardson the assistant cashier. The paid-up capital of the bank is $25,000, and according to recent report it has a surplus and profits of
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$13,800; deposits, $207,000; resources-loans and dis- counts, bonds and securities, $198,000 ; cash and exchange and due from other banks, $49,780.
The New Salem State Bank-This bank was estab- lished at New Salem in 1917, and has proved a great con- venience in the rich farming region it serves. William A. Norris is the president of the bank ; D. D. Barber, vice- president ; John F. McKee, cashier, and E. Gwinings, as- sistant cashier. The bank's statement shows paid-up capital, $25,000: surplus and profits, $2,500; deposits, $116,870. Resources-loans and discounts, $128.910; cash and exchange, $8,500.
SOME "SIDELIGHTS" ON EARLY BANKING HERE
Occasional references in the newspapers of the period give an illuminating reflection of the beginning and development of the banking business in Rushville. It is noticed that when books were opened for subscriptions to the stock of the Rushville branch of the Bank of the State of Indiana in the office of the auditor at the court house the Republican offered opposition to the plan. Evidently this opposition together with the apparent re- luctance of the people generally to support the proposed bank was effective for a while, for though the subscrip- tion books were opened in midsummer of 1855 it was not until in April, 1857, that the story of the final organiza- tion of the bank was carried in the papers and then as the merest incidental mention. In that same year the papers called attention to the fact that counterfeit $5 bills of the Chippewa Bank of Wisconsin, were in circulation here- about, and warning was given that the bills were so skill- fully executed as "well calculated to deceive." That was in June, 1857, and a story in a paper of the following August detailed the arrest of Doctor Patterson, of Carth- age, for passing counterfeit money, the story setting out that from letters found in his possession it was believed that he was a member of an extensive gang of counterfeit-
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ers, these letters giving clues to others of the gang in Indiana and Ohio. In September of that year a story was carried, setting out the agitation of the public over "wild- cat" money issued by irresponsible banks, and the numer- ous failures of such banks over the country as well as business failures generally. In the summer of 1860 men- tion was made of the rapid progress being made on the erection of the new bank building on Ruth street (now Second) under the superintendence of D. M. Stewart, the statement being made that when the building is com- pleted it will be one of the most beautiful structures in the state. This is the building that was taken over by the Rushville lodge of the Benevolent and Protective Order of Elks when the Rushville National Bank, the successor of the branch bank, moved into its new quarters on the corner. In August, 1865, there is mention of the opening of the office of the Rush County Banking Company on Ruth street, the statement being made that the company is prepared to do a general bank- ing business and is able to furnish all kinds of govern- ment bonds. The capital stock of the bank was $100,000, of which $60,000 is "already paid in." Leonidas Sexton, president, and James S. Lakin, cashier, are described by the paper as "very liberal gentlemen." In October, 1865, a resume of banking conditions in Rushville sets out that the total assets of the banks of the city are $149,306.34 ; capital stock paid in, $100.000, and deposits, $43,397.36. In March, 1870, there was "talk of organizing a building association in Rushville." In May of 1877, there was a meeting at the court house for the purpose of organizing a Rushville building and savings association ; articles of association were signed and committees appointed to so- licit stock subscriptions, the object of the association being "to enable working men to own homes." The proj- ect evidently was carried out, for in the following August there is an item stating that the first sale of money, the amount being $600, had been made by the association.
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