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 47
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During the fifties Indiana was flooded with these notes and Cass county was not exempt from the financial havoc caused by such meth- ods of banking. The writer well remembers these evanescent bank bills. Today, they were at par, but if you carried one to your rural " home you had no assurance that you could pass it on your return to the city, and we have several beautiful specimens of these bills that became worthless on our hands and are only valuable as an historical curio of by-gone days. These uncertain bills were termed "Wild Cat," but we never knew why the term was applied for the money was a very. tame affair, although the men who originated and floated it might have some of the characteristics of a wild cat. We close this part of the subject by a quotation that illustrates the humorous side, a parody on the "Banks of the Wabash," taken from W. T. Wilson's article on banking, read before the Historical Society February 26, 1909. "The only bank I ever saw along the 'Wabash' was a farmer bank- ing up his house one day. And the snow banks, that bank up in the winter. And the sand banks that are banking up in May. But there's 'faro banks' galore along the Wabash and other banks in which you put your trust. There's another kind of bank you put your money in; there's a loud report and then that bank has bust."
But thanks to President Lincoln and his advisers for the changed condition of our monetary system; our currency is reliable and can be exchanged anywhere in the wide, wide world at its face value and no man has lost one dollar since 1865 by worthless United States cur- rency or that of our national banks. Under present laws, state banks may issue their notes but the tax is so exorbitant that it is prohibitive and only: national banks, under the direction of the controller of the currency, have been issuing bank notes since the inauguration of the national banking system in 1865, but we have state and private banks of discount and deposit and savings banks so well guarded by legal restrictions, making the stockholders personally responsible with fre- quent examinations, and in case of savings banks, requiring the stock- holders to have been residents of the county for five years and possess a certain amount of unincumbered real estate; with all these safeguards,
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we seldom have defalcations of banks, certainly not after the manner of ye-olden-time of "Wild Cat," "Blue Pup" and "Red Dog" money.
There was a publication known as the Bank Note Detector, which attempted to keep the public advised as to the value of bills of various banks, but it was not possible to publish the Detector as often or as quickly as bank notes were printed and keep step with the "Red Dogs" and "Blue Pups" that were overrunning the pioneer forests of Cass county and Indiana.
In 1893 the legislature enacted a law establishing trust companies. These companies do not do a general banking business but receive deposits, make investments, act as administrators of estates and exe- cute bonds. In addition to these banking institutions the state au- thorized the organization of building and loan associations, especially to aid and encourage the laboring class of people to secure homes by means of monthly payments. Many of these associations were organ- ized in Logansport from 1875 to 1900 and when carefully managed were a success and a great help to many a poor man who thus secured a home, who could not otherwise have purchased. Since the country has been developed with vast accumulations of capital, interest rates reduced, and many financial agencies are ready to sell homes on the installment plan, these associations have been retired.
FIRST BANK IN LOGANSPORT
W. S. Wright, in his "Pastime Sketches" (page 58), says: "The first Logansport bank was a private bank, situated on the north side of Market street, sixty feet below Fourth street. This was in 1837 or '38. James Warren was president and the business was conducted in a small room. There was a table in it and president, cashier and customers sat around it."
There was a brokerage office and private banking business carried on in the rear of George Coecil's dry goods store, at the southeast corner of Fourth and Market streets, in 1848-9, by J. Green, J. M. Warren and George Miles. They had a large fireproof vault in the room, the only one at the time in Logansport. Later J. M. Warren & Co. were bankers and dealers in exchange on Market street, between Fourth and the Canal, according to the city directory of 1859.
THE HOOSIER BANK
This bank was organized in the early fifties and conducted its affairs in a building now known as 416 Market street. Philip Pollard was its president; D. M. Dunn, cashier, and George Miles, teller and bookkeeper. The bank was operated only a few years. Soon after the death of its president, Philip Pollard, on March 7, 1856, its affairs were honorably settled without loss to its depositors, but with con- siderable loss to the Pollard estate.
Probably the first banking institution in Cass county issuing notes was the "Logansport Insurance Company," which was organized in the office of J. W. Wright on the first Monday in January, 1850, where, in accordance with the fifteenth section of the charter they proceeded to elect five directors of said company as follows: John Green, J. W. Dunn, J. W. Wright, Wm. L. Brown and David M. Dunn. The direc. tors elected the following officers: John W. Wright, president; David M. Dunn, secretary ; Wm. L. Brown, treasurer. An office was secured in a room adjoining the Wabash and Erie Canal Land office. The fol- lowing year $50,000 in checks and scrip was issued and loaned to the
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WABASH VALLEY BANK,
Which was organized about the same time by practically the same par- ties but had no authority to issue notes and the insurance company was organized for that purpose, to issue notes, which the above Valley bank could assume and loan. Later Cyrus Taber was made president and Philip Pollard, Thos. H. Wilson, Wm. Chase, Geo. B. Walker, George Cecil, Stephen C. Taber, G. N. Fitch and probably others be- came identified with these banking institutions.
On April 28, 1857, the directors of the Logansport Insurance Com- pany met in the house of S. C. Taber and destroyed, by burning, its notes received back from the Wabash Valley Bank and the company seems to have ceased to exist as well as the Wabash Valley Bank, which was apparently operating in connection with the Logansport Insurance Company. Messrs. Brown, Wright and other managers of this com- pany were severely censured by the stockholders and holders of the serip, upon which they could not realize, but were losers and an in- dignation meeting was held but nothing came of it as the company's manager seemingly kept within the law. The Wabash Valley Bank had quarters in a small room on Third street, north of Market.
TIPPECANOE BANK
This was a private bank owned and operated at 221 Sixth street by J. W. Wright and J. M. Warren. They began business about 1858, but like many private banks was not successful and it wound up its affairs in the early sixties. It was not a bank of issue and its patrons suffered no loss.
THE PEOPLES BANK
This was another private banking institution that proved an un- fortunate venture for both its projectors and patrons. It was organized about 1871-2, and occupied a room on the east side of Third street, south of Market. Wm. H. Standley was president and Wm. H. Whitesides, cashier; Terrance McGovern was bookkeeper. It only ran for four or five years when it became involved in litigation and after some years its affairs were finally settled by the courts with loss to all parties except the officiating attorneys.
LOGANSPORT BRANCH OF THE STATE BANK OF INDIANA
This institution was organized in 1856 and occupied a room oppo- site the courthouse at 206 Fourth street. Among the stockholders were James Cheney, J. T. Musselman, W. W. Haney, T. H. Wilson, Geo. Cecil. J. T. Musselman was its first president and Wm. Ingram, cashier. Later, James Cheney was elected president and became its manager.
The career of this bank was honorable and it was liquidated with credit. When the national banking system became operative in 1865 its business was taken over by the Logansport National Bank, organized in that year, and many of its stockholders became interested in the new bank.
THE LOGANSPORT NATIONAL BANK
This was the first national bank organized in Logansport or Cass county, beginning business in 1865.
Its first president was Thomas H. Wilson, and Wm. Ingram was cashier. James Cheney became one of its directors and was a stock-
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holder until the day of his death. In addition to these officers other well known citizens have been identified with this bank, to-wit: John C. Merriam, A. J. Murdock, for many years its president ; G. N. Fitch, W. H. Bringhurst, Wm. H. Johnson, W. W. Haney, H. W. Hoppe, Dennis Uhl, F. M. Harwood, B. F. Yantis, W. L. Fernald, H. S. Tousley, E. S. Rice, W. T. Wilson and W. W. Ross.
In 1883, the Logansport National Bank was reorganized with prac- tically the same stockholders, but changed the name to the First National Bank and has since been doing a prosperous and honorable business at its present location, 314 Fourth street. The officers are:
John F. Brookmeyer, president; Wm. L. Fernald, vice-president; W. W. Ross, cashier.
Directors : W. T. Wilson, F. M. Harwood, Max Fisher, W. W. Ross, J. F. Brookmeyer, W. L. Fernald, John Mulcahy, O. H. Binns, F. M. Rice.
The capital stock is $250,000. Deposits, November, 1912, $1,472,000. Surplus and profits, $97,000.
This is the oldest bank in continuous business in Cass county, dating its existence from 1856, when the Logansport branch of the State Bank was organized, which is its immediate predecessor. The Logansport National Bank began business in the office where the State Bank was located at 206 Fourth street, but soon removed to 314 Fourth street, where the business has since continued. Its obligations to its stock- holders and depositors have always been strictly met and it has gained a reputation for conservative and careful management throughout the state. It is the largest in capital of Cass county's banks and the volume of its business is greatest and is annually increasing.
THE LOGANSPORT BANKING COMPANY
This organization was perfected about 1872, Allen Richardson being the moving spirit in the undertaking and became its first president and John C. Ingram, its cashier. They at first occupied the room at 318 Fourth street, but later moved to the southwest corner of Fourth and Broadway, and Wm. H. Johnson succeeded Mr. Richardson as president. In 1881 the company was reorganized and changed from a private corporation to a national bank under the title of
STATE NATIONAL BANK
With a capital stock of $100,000. The officers were: Wm. H. Johnson, president; A. L. Pogue, vice-president; J. C. Ingram, cashier. Direc- tors : A. L. Pogue, Wm. H. Johnson, S. W. Ullery, Wm. H. Snider, and D. C. Elliott.
Under the changed conditions the bank had a prosperous career, until the death of its president, Wm. H. Johnson, about 1892-3, when his son, John F. Johnson, became president. The bank continued busi- ness until 1897, when its affairs became involved in unfortunate specu- lations by its president and was placed in liquidation by the govern- ment. The capital stock was wiped out by the losses of the bank. The depositors of the bank, by subscribing a new capital stock out of their deposit accounts and taking over the substantial assets of the bank reor- ganized the bank under the name of the
CITY NATIONAL BANK
This bank organized by the depositors and some of the stockholders of the State National Bank with others, opened for business June 24,
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1897. The capital stock was fixed at $200,000. The first officers were: John Gray, president; I. N. Crawford, vice-president; F. R. Fowler, cashier. Later, A. P. Jenks replaced Mr. Fowler as cashier. The bank has been conducted very successfully and has ever been able and prompt to meet all its obligations.
The bank owns the building in which it conducts its business at the southwest corner of Fourth and Broadway, and it is one of the finest in the state. The deposits amount to $800,000.
LOGANSPORT STATE BANK
This bank organized under the laws of the state of Indiana, was capitalized for $50,000, distributed among forty stockholders. It opened its doors for business September 18, 1893, in the Jordan building, south- east corner of Fourth and Market streets.
The first officers were: Geo. W. Seybold, president; Victor E. Seiter, vice-president; Wm. C. Thomas, cashier.
September 18, 1897, the capital stock was increased to $100,000. The deposits now amount to $930,000, and the surplus and undivided profits to $123,000. The bank has been doing a prosperous business from the day of its first opening. The officers at this time are: Victor E. Seiter, president; Geo. W. Seybold, vice-president; B. F. Sharts, cashjer.
FARMERS AND MERCHANTS BANK
This institution is the successor to A. T. Bowen & Co.'s bank which was organized as a private bank and opened May, 1902. A. T. Bowen, of Delphi, Indiana, was the principal stockholder, but there were nearly forty others holding a few shares. Geo. A. Raub acted as cashier.
In March, 1908, the Farmers and Merchants Bank was organized to replace or take over the Bowen bank, with a capital stock of $100,000, distributed among one hundred and sixty stockholders, all residents of Cass county. The following persons officer the bank: M. W. Collett, president; S. A. Vaughn, vice-president; Geo. A. Raub, cashier.
This bank has one of the best locations in the city at the northeast corner of Fourth and Broadway, and is on the road to increased pros- perity, its deposits now amounting to $650,000.
THE LOGANSPORT LOAN AND TRUST COMPANY
This company was organized under the statutes of Indiana, June 2, 1902, and secured a room in the Elliott block, southwest corner of Pearl and Broadway. The bank started with a paid up capital of $100,000, and its deposits have increased to $633,000. The officers are: James D. McNitt, president; M. A. Jordan, vice-president; F. H. Wip- perman, secretary and treasurer. The directors are: Elmore Uhl, Geo. W. Funk, Max Fisher, A. P. Jenks, Geo. W. Seybold, F. B. Wilkinson, J. M. Douglass and John C. Nelson. There is a savings department con- nected with the bank and not like national banks, the Trust Company. make longer loans and on mortgage security and these features make this bank quite popular.
A. T. BOWEN & COMPANY
This private banking company was opened by A. T. Bowen, formerly of Delphi, Indiana; but now residing in New York, December 13, 1912, in a frame building at 411 Market street, and is capitalized at $10,000. They do a loan and brokerage business. H. E. Hankee is the cashier.
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RESUME OF LOGANSPORT BANKS
Logansport's six banking institutions have a combined paid up capi- tal stock of $760,000. Their deposits amount to $4,500,000. Add to these figures the postal savings deposits and private brokerage concerns, also the deposits in the banks at Royal Center, Walton, Galveston, Twelve Mile and Lucerne, and some idea can be formed of the accumulated wealth and the volume of business in Cass county. All this is done with no fear of loss. You can deposit your money in the bank or carry a bank note to your country home with almost absolute certainty that your deposit slip or your bank note will be honored next month or next year, as may suit your pleasure. You can carry money or check in your pocket to any corner of Cass county, yea to any part of the world, and purchase whatever you desire and pay for it on the spot. Contrast these conditions with those in Logansport in 1838, which Mr. E. S. Rice describes in his paper read before the Cass County Historical Society in 1907: "We had no bank and it was difficult to secure exchange. There was very little currency in circulation and this was sent out by eastern banks to get as far away as possible. Our small silver was largely foreign coin. Copper cents were not in use at all. Nothing was sold for less than a fip, which was six and one-quarter cents, and a bit twelve and one-half cents. Trade with the farmers was largely through the medium of farm produce or coon skins, or other furs. Every merchant was obliged to take a monthly bank note detector and a coin chart, and keep them hanging very handy for reference. In addition to this there were two kinds of canal scrip, 'White Dog' and 'Blue Pup,' redeemable in canal lands."
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To further show the financial conditions in early times we copy an advertisement from the Logansport Canal Telegraph, dated February 26, 1842, to-wit :
"BANK NOTES
"Banks in Ohio now refused by merchants of this place. Banks in Cleveland, Wooster, Lancaster, Hamilton, Granville, and Chillicothe." The banks of Illinois and the state banks of Illinois are taken at a discount of twenty per cent.
Wabash and Erie canal certificates, "Blue Pup," five per cent dis- count.
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CHAPTER XXXIII LOGANSPORT-THE CITY OF BRIDGES
SURROUNDINGS MUNICIPAL AFFAIRS-WATERWORKS-FIRE DEPARTMENT -ELECTRIC LIGHT-POLICE-STREETS-FINANCE-POPULATION-CITY BUILDING PARKS.
Judge Horace P. Biddle, writing in 1892 of his first trip to Logan- sport, says: "We came from Winchester, Randolph county, in 1836. We made our way along Indian trails. We waded through mud, forded swamps and swam rivers as occasion required and finally reached Logans- port, a village of 700 inhabitants with nearly as many more Indians, with plenty of good hunting grounds around the town. I was pleased with the gentle hills that surround it and with the meeting of the waters in this valley, and the charm is on me yet."
Logansport is beautifully situated in the valleys of the Wabash and Eel rivers, occupying ground between the two rivers at their junction, and on both sides of the two rivers, with the hills rising to a height of 150 feet to the north and south. The town thus lying in the valley with the two rivers flowing through it, and uniting their waters in the very heart of the town, presents as picturesque a view from the hills on either side as any city in the state. From the fact that the rivers are spanned by eight wagon bridges and eight railroad and interurban bridges and from the further fact that the old canal ran through the town and in its day was crossed by eight or ten bridges, Logansport was well named the "City of Bridges."
We will notice the improvements and progress the municipality has made since the advent of the whites and the disappearance of the red man of the forest. Logansport was incorporated as a city in 1838 and now has all the adjuncts and departments of a first class city.
WATERWORKS
Prior to the year 1875 Logansport had no system of waterworks and was dependent on wells, cisterns and water dipped from the rivers to supply the needs of the city, both public and private. During this year the subject was agitated and the city council determined to build a complete system of waterworks and to that end purchased of Cecil & Wilson the old Forest mill that then stood on the south bank of Eel river at Sixth street together with the accompanying power privileges and riparian rights of the river bank, from Sixth to Fifteenth street, in- cluding what is now River Side Park, but then a frog pond. The price paid for this property and water power was $40,000 and has proved a good investment for the city. In December, 1875, the city council awarded the contract for the construction of waterworks to H. R. Smith & Co., of Columbus, Ohio. They were to furnish the pipes, special castings, and place them in position. Cope & Maxwell, of Ham- Vol. 1-34
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ilton, Ohio, furnished the pumping house, machinery and fixtures, the entire works to be completed and placed in perfect working order for the sum of $135,000. The original contract provided for two pumps of a daily capacity of 1,500,000 gallons, each operated by water power wheels also a boiler and engine that would supplement the water wheels in case of fire or emergency. The works were completed and tested in September, 1876, and the first exhibition of the Logansport waterworks and its power and capacity to throw water drew large crowds of our townspeople to witness the display amid general rejoicing. The original powerhouse at the foot of Eighth street has been several times enlarged, new pumps, water wheels and engines added until today there are three turbine water wheels with an estimated capacity of 350 horse- power. Eel river furnishes sufficient water to run one wheel the whole year through and all three wheels more than half the time, thus giving the city a very cheap power and greatly reducing the cost of operating the plant in comparison to steam. However, to guard against accidents
VIEW OF THIRD STREET BRIDGES AND BIDDLE ISLAND
and dry weather, 800 horsepower steam engines are held in reserve, which can instantly be attached to the pumps. The plant at this time has five pumps with a daily capacity of 15,000,000 gallons but 5,500,- 000 gallons are the average daily amount now consumed. There are forty-two miles of street mains extending to all sections of the city, to the north, west and south sides as well as to the central portion be- tween the rivers. The number of individual taps or consumers is 3,884 besides 217 fire hydrants.
Total receipts for the last fiscal year. $32,183.91
Total running expense for the same year. 13,288.16
Net earnings of the plant last year about $17,000.00
This, however, does not include the city's share for fire hydrants, which, if added, would make the earnings run up to at least $33,000.00. In 1911 the city replaced the old wooden dam at Tenth street with a modern concrete dam at a cost of $12,000. The total estimated value of the city's waterworks and the power is $750,000. The city is about to contract for a filtering plant to cost from $60,000 to $100,000 to furnish
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its people with pure water, as the water, which is now taken from Eel river is often muddy after rains and otherwise contaminated.
FIRE DEPARTMENT
The first effort to organize a fire company in Logansport was made on January 11, 1836, when a public meeting was held in the old "Sem- inary," corner of Fourth and Market, over which Dr. George T. Bost- wick presided, and J. B. Dillon, the historian, acted as secretary. The town then contained less than 700 inhabitants and was composed largely of log houses, somewhat scattered except on Broadway, Market and Railroad, west of Third street, where the buildings were close together and a fire started in one might extend to others. The necessity for some concerted and systematic methods of extinguishing fires was felt to be imperative and a "bucket brigade" was organized, buckets purchased and stored in a central place, a captain appointed to take charge and direct the men. A line of men would extend from the river to the loca- tion of the fire and buckets of water would be passed along the line and thus under the direction of the chief, effective work would often be done in those days of small one story houses, but certainly of little avail against conflagrations in tall buildings of the present age.
The first fire in Logansport, of which we have any record, was the burning of Hines & McElheny's blacksmith shop, that then stood on Fourth street, opposite the courthouse. This occurred June 21, 1837. On November 27, 1846, a fire started in Washington Hall, southwest corner of Third and Market, where the bucket brigade did effective work a line of men passing buckets of water from the Wabash river to the place of the fire on Market street. From the incorporation of the town until 1854 no effort on the part of the city was made to organize a fire department and all previous work in that direction was wholly. personal and independent, but on February 1st of that year the first city ordinance establishing a fire department was passed. T. H. Bring- hurst was mayor at that time. The first regular fire company was the "Summit No. 1" which was organized February 4, 1854, with the fol- lowing officers: T. H. Bringhurst, president; James Rogers, vice-presi- dent; S. L. McFaddin, secretary. Directors: D. Johnson, Daniel Mull, B. Z. Burch, W. T. S. Manly, J. N. Tousley.
Tipton Fire Company No. 2 was organized February 6, 1854. J. B. Eldridge, president; R. F. Groves, vice-president; J. G. Douglas, sec- retary. Directors : N. G. Scott, W. D. Randall, Dr. T. P. McCrea, Chas. Barrett, Judge Groves.
These fire companies were voluntary and received no pay and raised voluntary contributions and erected engine houses. The "Summit" engine house, now the present engine house at 610 North street, was completed ready for occupancy in July, 1855. The Tipton Fire Company erected the Tipton engine house at what is now known as 217 or 19 Fourth street, opposite the Pharos office, and completed it in July, 1855. This was a brick building which continued to be used as a fire engine house until the paid department was organized, when it was sold. In 1854 the city purchased a hand engine from Hunneman & Co., of Boston and it was first used June 23, 1854, at a fire across the Sixth street bridge, by the Summit fire company. Prior to this only buckets were employed to extinguish fires. The Tipton hand engine arrived August 25, 1854, on a canal boat, "The Silver Bell." The Summit en- gine cost $700 and the Tipton $805. In June, 1859, the Summit and Tipton engine houses received fire bells and were placed in position in the cupolas.
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