USA > Indiana > Cass County > History of Cass County, Indiana, from its earliest settlement to the present time; with Biographical Sketches and Reference to Biographies, Volume I > Part 46
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R. D. and L. B. Stevens ran a planing mill on the Cheney race near the Point in 1866. This burned down and in 1870 they erected a large brick factory on First street and the railroad and did a large business in dressed lumber, scroll work, mouldings, sash, doors, blinds, etc., until the death of R. D. Stevens, September 10, 1907. L. B. Stevens, the surviving partner, sold out in 1909 to M. F. Bligh, who is now successfully operating the mill.
R. D. Stevens, the senior member of the old firm, was born in Ohio in 1834, married Miss C. D. Harris, by whom he had two children, Herbert and Edna. Mr. Stevens was a prudent and careful business man, scrupulously honest in his dealings, an active member of the First Presbyterian church and respected by all who knew him.
THE THOMPSON LUMBER COMPANY
This company, composed of Chas. F. Thompson and H. S. Thomp- son (father and son), was organized in 1892 and embarked in business on Erie avenue. Two or three years later they moved their yards to Sixth street, north of High, where large warehouses and a planing mill were erected and the company has enjoyed a lucrative trade. H. S. Thompson has successfully conducted the business under the old firm name since the death of his father in 1898. C. F. Thompson was a prominent and honored citizen, having moved to Logansport in 1864, being engaged in the cooperage and lumber business, although part of the time his business required him to reside in Chicago and Wisconsin. He was born in York state in 1828. Was twice married; his last wife was Elizabeth A. Twells of Cass county, whom he married in 1863. Three sons survive: Harry S., Edward J. and Chas. F. Thompson.
Philip Voorhees came from Flora, Indiana, about 1896, and opened a lumber yard on Sycamore street, north of the Vandalia Railroad and since has erected shops and planing mill where he and his son, who is now the juunior partner, have built up an extensive trade, manufactur- ing frames, doors, etc., and handling all lines of building material.
The planing mills and shops of Logansport handle, prepare and manufacture every article required in building and supply not only the material for the city's improvements but also ship to surrounding dis- tricts large quantities of dressed lumber and products of our shops, and is one of the principal industries of the city, requiring a large force of men and the value of the products mount into the hundreds of thou- sands of dollars annually.
H. A. McCOWEN & Co. LUMBER YARDS
About 1905 the above company, the principals of whom live in Salem, Indiana, opened an extensive lumber yard out the Bates street road on the Vandalia Railroad. They handle chiefly, hard wood lum- ber and do a wholesale and shipping business. They operate a mill to rip and make dimension stuff and employ a force of men. They handle large quantities of lumber, shipping in from a wide territory and out to all parts of the United States. C. J. Frank is local manager.
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FERNALD'S SAW MILL
Wm. L. Fernald owns and operates a saw mill on Water street, west side. This mill for many years was located on Toledo, near Fifteenth, street, but later moved to its present location.
In early days numerous saw mills were operated in Logansport, but as the country became denuded of its forests there was no longer a demand for mills and this is the only saw mill now in the city. The product of the mill is chiefly native and hard wood lumber, manufac- tured from timber in Cass and surrounding counties, for which there is an increasing demand, as timber is becoming scarcer each year.
LOGANSPORT FURNITURE COMPANY
This is an old industry, located on the north bank of Eel river, east of the old canal from which it originally received its motive power, from an old time water wheel. W. T. S. Manly, some time in the early forties, erected the original factory. Later L. A. Smith became inter- ested in the business and at the death of Mr. Manly, became the sole owner and at his death Ash & Hadley purchased the factory in 1882. They greatly enlarged the plant and put in much new machinery, of which Mr. Ash was the inventor. Mr. J. C. Hadley died in 1907, since which time Geo. Ash, the surviving partner, has been owner and operator of the plant under the above title. Their specialty is piano stools and extension tables on which Mr. Ash holds the patent. The firm employs about forty men; the annual sales reach $60,000, and the product is shipped from ocean to ocean.
NELSON-STURKIN CABINET COMPANY
In 1897 Mr. Sturkin opened a small factory on Erie avenue, near Eighth street, to manufacture certain kinds of furniture and novelties. Later Allen G. Nelson became interested in the business and in 1902 they moved their factory to its present location on, Daisy and Garden streets, west side. Mr. Sturkin withdrew from the company and Mr. Nelson incorporated the company with a paid-up capital stock of $15,000. A. E. Nelson is president and manager and Thos. Mahoney foreman of the shops. Their specialty is kitchen cabinets and the annual output has reached as high as $80,000. About forty-five men are employed and the company are entering on an era of prosperity.
LOGANSPORT STONE CONSTRUCTION COMPANY
This company was organized and incorporated in 1907, through the efforts of John Alles, of Huntington, Indiana. The company purchased a large tract of land, including the old Keeport lime kilns four miles east of town, on the Wabash Railroad. This land is underlaid with a pure limestone and the company erected large stone crushers thereon and opened up the plant in 1908. They quarry and crush the stone, screening the same to different sizes, according to the purpose for which it is used. The product of these mills find a ready market all over Indiana and surrounding states and is used in macadamizing roads, concrete work and other building purposes. A large number of men are employed and the shipments last year were 2,000 carloads.
CASPARIS STONE COMPANY
This company, composed of Ohio men, with Mr. Casparis at the head, about 1892 purchased the Dr. Fitch farm, two miles west of the city,
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on the north bank of the Wabash, erected heavy machinery for crush- ing stone and opened up the plant in 1893. There are vast beds of the finest limestone at this point which is used as a flux in the manufacture of steel and large quantities are shipped to the South Chicago steel works. In 1903 the company moved its plant to Trimmer, a mile or more to the southwest, where the stone is more accessible and is sending out whole train loads of crushed stone, not only to the steel works, but all over the country, where the stone is used for many purposes. The company is incorporated for $200,000, employs three hundred men and ships annually 750,000 tons of crushed stone. O. H. Binns has been the manager ever since the plant started.
TELEPHONE INDUSTRY
Soon after the electric telephone was invented by Bell and its utility became known, in 1881 the Central Union Telephone Company estab- lished an exchange in Logansport, the office being located at 3131/2 Fourth street and J. Moore was the first superintendent. The charges were four dollars per month and but few were used outside of business houses, as in 1886 there were only 175 subscribers. About 1895 there was much complaint about the excessive charges of the Bell Company and a new independent company was established by E. B. Overshiner, but the service was unsatisfactory and it was also inconvenient and expensive, for business houses were compelled to keep both phones. This unsatis- factory condition resulted in the organization of the "Home Telephone Company" in 1901 or '02, composed entirely of local men. The com- pany was incorporated with a capital stock of $350,000. The present officers are: Geo. W. Seybold, president; Jos. Reitemeier, vice-presi- dent; J. H. Foley, treasurer; Walter Uhl, secretary and manager.
The company fitted up their exchange and offices in the Dr. Bell building at 312 Pearl street, completed their plant, running the wires in the business districts in conduits under ground and opened the exchange for business in ,1902. The price for telephone service was fixed at $7.50 per quarter for offices or business houses and $3.75 for residences. The service was eminently satisfactory and the Home Com- pany has entirely driven out the old Central Union or Bell Company from the local field, but the latter still maintains an exchange at 3141/2 Fourth street, but only for long distance service, which it still main- tains and is giving excellent long distance service to all points. The Home Company now has 3,500 subscribers in Logansport and main- tains exchanges at Galveston, Walton, Young America, New Waverly and Lucerne, with 1,200 additional subscribers, who can communicate without extra charge with any one of the city patrons. The telephone exchanges at Royal Center and Twelve Mile are independent local con- cerns but are connected with Logansport, but toll is exacted to talk through these two exchanges. With this system of telephones there is not a neighborhood and hardly a prominent home in the county that cannot be reached by telephone, which is certainly a great convenience as well as time-saver to the public. The Home Company is also con- nected by long distance with all surrounding towns and cities. The telephone marks one of the greatest steps forward in the progress of mankind toward the goal, which they seem to be rapidly approaching, but can never reach. What a wondrous change has taken place since Cass county was first settled. What would the old pioneers like Father Post and D. D. Pratt, who left their Eastern homes to take up their abode in the wilderness of Cass county over eighty years ago-what would they say if they could rise from their graves, again sit in their cabin homes, but connected up by telephones and talk with their sweet-
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hearts in the Green Mountain State and recognize their voices? At that time, these pioneers tell us, it took three to six weeks to receive a billet- doux from their best girls in the East and fully as long to make the journey when each returned to his native home to claim his bride.
ROBE AND TANNING COMPANY
In the year 1904 Jos. A. Mackey sold out his business in Kosciusko county and located in Logansport. He purchased the large frame build- ing at 521 High street, formerly used as a part of the Nash house, and engaged in the robe and tanning business. He tans all kinds of skins and furs and manufactures therefrom fur robes, coats, mittens, gloves and ladies' furs. The company receives all kinds of wild animal skins and furs from the North and West and their trade extends throughout the United States and Canada. There are only two other industries of the kind in the state and many farmers send horse, calf and other skins to this company to be tanned and made into robes, coats, mittens or rugs.
HAT FACTORY
In the fall of 1912 C. E. Richardson established a hat factory in connection with his cleaning and dye works at 218 Sixth street. He is making a superior quality of wool and felt hats and is building up a good trade.
CIGAR FACTORIES
The manufacture of cigars has become quite an industry of the city. There are at this time nine factories, employing seventy-two men and thirty-six women. The average wages paid the men are $16.50 and women $6.00 per week. The annual output of all the factories in 1912 was 3,016,425 cigars.
CEMENT PIPES AND POSTS
This enterprise was established in Logansport in 1872-3 by Messrs. Dodds & Son on Eel river, near the Point. In 1877 M. Michaels became the proprietor and for many years he carried on a prosperous business, making sewer and well piping, supplying the principal markets of Indiana. Mr. Michaels moved to Marion and in the early nineties, Robt. Cromer continued the business under the firm name of Logansport Cement Works, on West Market street, near the Peoria junction. He died in 1908 and some time after W. S. Stalnaker took charge of the factory and changed the name to the "Hoosier Architectural Cement Co.," and he is making a specialty of manufacturing cement fence posts upon which he holds a patent. This post is re-enforced with wire and on the face side has a compound moulded into the post into which nails can be driven as readily as into a wooden post. The business is in its infancy but bids fair to develop into a great industry, as the post is everlasting and yet can be used where and in the same way as a wooden post.
ARTIFICIAL ICE & FUEL COMPANY.
Under the above title the artificial ice plant was established in 1905 by H. Bowser, of Indianapolis, and the following were its first officers, towit: W. H. Porter, president; H. Bowser, vice-president; Will H. Brown, secretary and treasurer.
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The plant had a precarious existence and went into the hands of a receiver. In 1909 F. M. Fanore and Chas. Mouninger, of Indianapolis, Indiana, purchased the plant at a receiver's sale. Since then the plant has been enlarged and thoroughly overhauled and under the present management has been doing a prosperous business. They manufacture a pure ice from water taken from deep wells and is of uniform thick- ness, lasts longer and is generally preferred by our citizens to the nat- ural ice taken from lake or river. Here, again, the ingenuity of man in this progressive age seems to have outwitted Dame Nature and the artificial ice manufacturers are contending with old Boreas for suprem- acy and the former are certainly gaining ground. The company's plant is located on the south side of Erie avenue, between Eighth and Ninth streets and they keep their delivery wagons and horses in stables on the grounds.
For many years natural ice was taken from Eel river and kept in large ice houses, but in the past few years the artificial ice has replaced it and now none is cut except what Mr. Shearer cuts for use in his ice cream factory.
The artificial ice company has a rival in the Maxinkuckee Ice Com- pany, who ship in ice from Maxinkuckee lake for local consumption. The daily capacity of the plant is forty tons, sufficient to meet all demands. Harry Newell is the present manager, with W. E. Plank, assistant.
BROOM FACTORIES
Logansport has always supported broom factories, but not on a large scale. At this time N. J. Martin operates a small factory on Franklin street and Samuel Watkins a similar establishment on the south side.
Recently, however, the Logansport Commercial club have made arrangements whereby Hyman Sider & Son, of Chicago, will move their large broom factory from that city to Logansport. A site has been pur- chased in the West End Foundry addition and buildings are now being constructed and during the summer or fall of 1913 will be in operation. The factory will employ, it is stated, about 130 men and turn out daily over 4,000 brooms.
In addition to the factories herein listed, there are scores of small industries, such as blacksmith and repair shops, shoe, carpenter and tin shops, gun smith and harness shops, bottling works and dress making and millinery shops, cleaning and dye works, printers and engravers, optical works, paint factories, sign makers, trunk factory, upholsterers, etc., too numerous to particularize, but each employing from one to a dozen persons. According to a recent census report, Logansport has sixty-eight manufactories.
It is interesting to note some of the newer industries that were unheard of forty years ago. If some one during the darkness of the night had flung to the breeze a sign bearing an inscription, "Cash Registers, Typewriters, Phonographs, Automobiles, Bicycles, Electric Globes, Telephones, Flying and Dirigible Machines, for sale here," the pioneers would have all congregated around the sign wonder to discuss what it all meant or what practical joker had come to town between suns and posted such unintelligible inscriptions . or hieroglyphics. These names, however, indicate the progress of the past third of a century and some of the old signs or advertisements would be equally curious or ludicrous to the young people of this generation, to-wit: "saddle-bags," "side-saddles," candle-molds," "dog-irons," "spinning-wheels," etc.
This is an age of progress and the new is supplanting the old with marvelous rapidity and unless such work as the Cass County Historical Society has undertaken, viz., to collect and preserve these relics of the past, they will soon all be destroyed, forgotten and forever lost.
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CHAPTER XXXII BANKS AND FINANCE
FIRST COINAGE-STANDARDS OF VALUE-WANT OF MONEY-FURS AS MONEY-BARTER AND TRADE-FIRST BANK-INDIANA STATE BANK- SCRIP-BLUE PUP-WILDCAT BANKS-LOGANSPORT BANKS-COM- PARISON 1838-1913.
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In 1786 the Congress of the Confederation chose as the monetary unit of the United States the dollar of 375.64 grains of pure silver. This unit had its origin in the Spanish piastre or milled dollar, which was the principal coin in circulation prior to that time. By an act of April 2, 1792, the first monetary system in the United States was established. The basis of this system was the gold dollar or unit con- taining 24.75 grains of pure gold, and the silver dollar containing 371.25 grains of pure silver. A mint was established at Philadelphia and the first coinage in the United States began of gold and silver at this ratio of 1 to 15. In 1834-1837 and 1853 various acts were passed readjusting the ratio between the two metals to conform to the commer- cial value of these metals as the cheaper money always drives the dearer out of circulation. In 1873 the single gold standard of value was adopted as it was found that it was next to impossible to have two standards or measurements and keep them on an equality without con- tinually changing the ratio to conform to the commercial value of the metals. Since that date gold has been the unit of value and silver employed for conveniences in minor transactions and as subsidiary coins.
In the beginning of Indiana and Cass county history, there was no currency in circulation. Barter and trade was universal, peltries being used as the only currency. All values were based on what the article would bring in coon skins, muskrat and mink skins or other furs. Such a state of affairs could only exist in a sparsely settled country, where manufacturers were unknown and the only trading done was for the actual necessities of life. In these early days the settlers raised on their little clearings about all they needed to sustain life, together with what the forests afforded in the shape of game, wild nuts and fruits, and their purchases were limited to salt, hardware and a few articles that could not be made or procured from field, forest or river and for these few articles they exchanged wheat, corn, hogs or peltries. There were certain days on which the farmers would meet at some con- venient central or public place for the purpose of barter and trade or "swapping" as they usually termed the transaction. At public meet- ings of every kind, be it religious or other character, the pioneers would stand around after the meeting closed and engage in trade or exchange of goods or chattels for future delivery. There was, however, a little government scrip and British or Spanish silver coin that was brought .in by the settlers from the east. For small change Spanish dollars were cut into quarters, eights and sixteenths. These were called "bits,"
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"two bits" and "fo-pence" pieces. A fip was equal to six and one- fourth cents and you often heard articles priced at a "fip-and-a-bit."
The first banks in Indiana were chartered by the territorial legis- lature in 1814, the Bank of Vincennes and the Farmers and Merchants Bank at Madison. When Indiana assumed statehood in 1816 the con- stitution recognized these two banks and confirmed their charters. The Vincennes bank was recognized as the State bank in 1817 and making the Madison bank a branch. Branches were also established at Vevay, Brookville and Corydon. The reckless management of the Vincennes bank caused the general assembly in 1821 to authorize legal proceed- ings to revoke its charter which was done and its note holders lost heavily, but the Madison branch paid out in full. From this time until 1834 there was great financial depression in the entire state and prices were low. To make matters worse, there were epidemics of disease that carried off many of the pioneers from 1821-23.
To aid and encourage the settlers the government reduced the price of public lands from $2.00 to $1.25 per acre. Gradually prosperity returned, as public enterprises were projected and pushed to comple- tion, such as canals, roads, etc. In 1834 the legislature chartered the "State Bank of Indiana" with authority to establish branches. This bank was a complete monopoly. Its charter was to run twenty-five years and during its existence no other bank could operate in the state It was, however, managed on sound financial principles, but the panic of 1837, caused largely by President Jackson's interference with the United States bank compelled the Indiana State Bank to suspend specie payment. In 1842 the legislature ordered the bank to resume specie payment and from that date it ever stood ready to meet all demands for the redemption of its notes.
From 1832 to 1839 the state was aiding the building of roads and canals and became involved, and in the latter year the legislature au- thorized the issue of state scrip to the amount of $1,500,000 to bear six per cent interest. This scrip was for a time depreciated and spec- ulators took advantage of this fact to manipulate the market. It was, however, ultimately redeemed. The issue of scrip by the state led to still further inflation of the currency. Millers, merchants, com- panies and contractors on public roads all went into the business of issuing scrip or paper money, made payable in goods or merchandise and much of it was floated on the public, that issued by the Plank Road Company, being based on the receipts for toll. This scrip was issued in bills as low as twenty-five cents, the highest being three dol- lars. It was printed on blue paper and was derisively styled "Blue Pup" to distinguish it from "Red Dog" of the state, as the latter was printed on red paper. About this time Michigan chartered banks with little regard for financial soundness and Michigan paper money flooded northern Indiana and aided in the depreciation of all currency and adding to the difficulties in making financial transactions. Much of this currency became worthless, business was prostrated and values destroyed. The State Bank, however, was well managed and its paper floated at par, but some grew envious of its monopoly and in the re- vision of the new constitution, the clause in the original instrument of 1816 giving the state bank exclusive authority to issue money was stricken out and gave the legislature the authority to establish free banking laws which were passed by that body in 1853, and in 1855 a charter was given to the State Bank of Indiana although vetoed by Governor Wright, they were passed over his veto. The charter of the old bank did not expire until 1859 but negotiations were entered into. by which the new company bought out the old, the change being made
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in 1857 on conditions that Hugh Mccullough be made its president, which was done. Mr. Mccullough guided this bank into a safe and honorable career. It weathered the financial storms of 1859 in great credit and continued its operations until it was superseded by, the National banking system in 1865.
The free banking law opened the door for another season of finan- cial disaster. Banks of issue sprang up everywhere. These banks made no pretention to be banks of deposit, their only business was to issue and float notes. A few men would get together, purchase a few thousand dollars' worth of the depreciated bonds of some far away municipality, deposit the same with the auditor of state and receive authority to enter upon the manufacture of paper money. They would often issue bills several times greater than the securities deposited, float them and they would become worthless. Many of these banks started on no more capital than was necessary to secure the engraving and printing of the notes and the office fixtures, and the latter often consisted of simply a small safe, a table and a few chairs. Hugh Mc- Cullough thus speaks of these banks: "Their life was pleasant and short; their demise ruinous and shameful. As soon as their notes began to be presented for payment, they died without a struggle." Mr. Mccullough became the first controller of the currency under the act establishing the National banking system in 1865, and later, secretary of the treasury.
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