History of Indianapolis and Marion County, Indiana, Part 41

Author: Sulgrove, Berry R. (Berry Robinson), 1828-1890
Publication date: 1884
Publisher: Philadelphia : L.H. Everts & Co.
Number of Pages: 942

USA > Indiana > Marion County > Indianapolis > History of Indianapolis and Marion County, Indiana > Part 41

Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).

His life bears witness to the simplicity of Ameri- can character and the sovereignty of American citi- zenship, having been in his youth " a hewer of wood" in every sense of the term. He has always been equal to the emergency, and that emergency has never been sufficient to call into action the extrem- ity of his resources. He is the son of James Cooper, of old Virginia stock, whose father was Robert Cun- ningham Cooper, an officer in the Revolutionary war. His mother's name was Virginia Du Witt, who, as her name indicates, was of French origin, her parents coming to this country with a colony who accompa- nied Gen. Lafayette from France. James Cooper, the father of the subject of this sketch, was a promi-

nent and successful farmer in Ripley County, Ind., and reared a large family of children, all the survivors being now active and useful members of society.

Mr. Cooper's parents moved from Scioto County, Ohio, to Ripley County, Ind., in the year 1827, and encountered all the difficulties and privations of a pioneer life. Here their son John was born on the 20th day of January, 1830. Here he was reared, and, as might be supposed, obtained only the meagre education which that period and the surrounding circumstances afforded. But such natures as his are difficult to discourage or suppress. His quick and accurate judgment, his clear mental faculties, and an indomitable energy eminently fitted him for a successful career. In the year 1852 Mr. Cooper married Sarah F. Myers, his present wife, who is the daughter of James Myers, Esq., of Jennings County, Ind., who afterwards moved to Kokomo, Howard Co., where he remained for six years, and in 1864 made the city of Indianapolis his home. Mr. Cooper has three children living,-Charles M. Cooper, an attorney-at-law in Indianapolis, Virginia E., and Carrie M.

To be a successful man means devotion to the work in hand. This devotion and untiring energy has made Mr. Cooper eminently successful in busi- ness affairs. He has always been a trader and farmer. After moving to Indianapolis he became, engaged extensively in the stock business, and for several years bore an enviable reputation as one of the best judges of a horse in the State, possessiug the rare faculty of " looking a horse over" in a minute. This gift contributed largely to his suc- cess in this business. Much of his time is given to farming, his greatest pleasure being derived from frequent visits to his large farm near the city, and the supervision of his fine stock thereon.

In politics he has always been a Democrat, and taken an active part in all the political campaigns of his party since his youth. In the contest of 1876 he ran as the Democratic candidate for sheriff of Mar- ion County, but was defeated, as was the whole Democratic ticket. In 1882 he was nominated at the State Convention for Treasurer of State, was elected, and assumed the office Feb. 10, 1883. His

218

HISTORY OF INDIANAPOLIS AND MARION COUNTY.

acquaintance with prominent meu in Indiana is very large, as also with the distinguished men of his party over the whole country. His frank man- ner and genial character have made him numerous friends. Coupled with these characteristics is a firm will and great steadfastness of purpose. He is a gentleman of fine physique, standing six feet two inches in height, and finely proportioned, a splendid type of physical manhood, and possessing the superior quality of heart as well. He also evinces marked decision of character, a quality which, while it has not detracted from his popularity, has aided him greatly during his active life. Mr. Cooper is a supporter of the Third Presbyterian Church of Indianapolis, of which Mrs. Cooper is a member.

A short time before the first issue of "State scrip" a Mr. John Wood, who was concerned with Mr. Underhill in establishing an iron foundry here in 1835, put out a considerable amount of his own notes called " shinplasters," thinking probably that the storm in the East, which set in in 1837, would not be much of a shower here. He went down in the fall of 1841, after being in operation about three years, making about the heaviest financial smash that had then ever occurred here. The Free Banking Act brought out a good many suggestions and pro- jects of banking enterprises, some of which solidified into actual experiments and issue of bills, but none were very successful.

The " Bank of the Capital," belonging to John Woolley & Co., was organized under the Free Bank Act, and began business on South Meridian Street, near Washington, in 1853, with Mr. Woolley as per- manent cashier and active business man, and Winslow S. Pierce and John H. Bradley as successive presi- dents. The nominal capital was four hundred thousand dollars. It went down September 15, 1857. The "Traders' Bank," belonging to John Woolley and Andrew Wilson, began business on North Illinois Street, near Washington, in 1854, and suspended in a few months. The " Farmers' and Mechanics' Bank" was started by Col. Allen May, then recently State agent, and Mr. G. Lee, with the colonel's nephew, W. Frank May, as cashier, early in 1854, on the ground-floor of the old Masonic Hall.

Frank May embezzled ten thousand dollars and ran away. He was succeeded by O. Williams, but the bank never recovered that lost money and never re- covered from the effect of it. The " Central Bank," owned chiefly by the late John D. Defrees and Ozias Bowen, its successive presidents, began business with a nominal capital of half a million dollars in July, 1855, in a room at No. 23 West Washington Street. It wound up in a year or so with no serious loss. The " Metropolitan Bank," started by Alexander F. Morrison and some associates, with John P. Dunn as president and Jerry Skeen as cashier, began business in 1855 in Blake's Block, corner of Wash- ington Street and Kentucky Avenue, but did little business beyond issuing its notes and getting them back.

These are all the banks of issue except national banks that have been formed in Indianapolis, but there have been a number, some still existing, that were banks of deposit and loan only. The first of these was the " Indianapolis Insurance Company," chartered in 1836, with a nominal capital of two hundred thousand dollars, authorized to do both a bank- ing and insurance business. It did not do much, and suspended in 1840. In 1853 it was revived by the late J. D. Defrees, Gen. Morris, and others, and after six years of moderate operations suspended again. In 1865 it was again revived and reorganized, with a nominal capital of five hundred thousand dollars, by a new company, and has since done a large business

BANK OF COMMERCE.

in the old Branch Bank building, corner of Virginia Avenue and Pennsylvania Street. Its business is exclusively banking. The name was changed to the Bank of Commerce some five or six years ago.

220

HISTORY OF INDIANAPOLIS AND MARION COUNTY.

clearly defined and strictly adhered to. He trusted to the laws of legitimate banking for his success. Under his wise management " Fletcher's Bank" soon gained, and has ever maintained, the reputation of being one of the strongest and most conservative banking institutions in the country. Mr. Fletcher's business was by no means limited to his bank. He was one of the principal owners of the Indianapolis Gas-Light and Coke Company, of which he was one of the founders. He had also acquired a large amount of real estate, mostly in and near the city of Indianapolis, including many valuable farms, ehicfly in the White River Valley, in Marion County.

A striking quality of Mr. Fletcher's mind was his power to read character; he seldom erred in his judg- ment of men. He formed his judgments indepen- dently, and when he reached his conclusions he could not be shaken by the dissenting opinion of those who were about him.

A notable trait of his business' career was his careful attention to details. Nothing was small or unimportant in his estimation. He could not bear to see carelessness or unnecessary waste in the small- est things. His was an economy which despised nothing that had value in it, which could also coexist with generous living and liberal benefactions to ob- jects that seemed to hitu deserving. He was known in the community as an unostentatious man, simple in all his habits. He never sought or held public office. He avoided publicity, especially in his acts of beneficence. He was accustomed to make others almoners of his charities that he might not be known as the giver. He was broad and catholic in his sympathics. Churches and institutions of all faiths that he believed were doing good were aided by him.

Even his nearest neighbors, seeing this plain, me- thodical man daily passing from his house to his place of business, might easily fail to understand him. He had a life outside of his business to which he seemed so devoted. He was a great lover of nature, and a close observer of her moods and habits. He knew the notes of birds, and had an intimate knowledge of their peculiarities. He used to say the trees and rocks around the old home of his youth

knew him and welcomed his visits. He read with keen appreciation the poets of nature.

Although he walked somewhat apart from general society, he discovered to his intimate friends the finest social qualities ; with them he was hearty and free and fascinating in the sparkle of his wit. He had a pleasant word for those engaged in his service, and always took an interest in improving their con- dition.

Mr. Fletcher was thrice married, the first wife being Maria Kipp, of Western New York, by whom he had two daughters, Mrs. L. F. Hyde and Mrs. Maria F. Ritzinger. His second wife was Miss Julia Bullard, of Massachusetts. Two sons of the five children of this marriage survive, Stoughton J. Fletcher and Allen M. Fletcher. His third wife, Mrs. Julia A. Johnson, survives him. There were no children by this marriage.

. He died March 17, 1882, esteemed by all who knew him, and leaving a colossal fortune, which his careful business habits and unswerving integrity had youchsafed to him.

. On the 1st day of January, 1857, two years before the expiration of the old State Bank charter, the president and cashier of the Indianapolis branch, Mr. Calvin Fletcher, Sr.,-brother of Stoughton A., Sr., and father of Stoughton A., Jr.,-and Mr. Thomas H. Sharpe established a bank of loan and deposit on the southwest corner of Washington and Pennsyl- vania Streets, now occupied by the fine four-story stone front of the firmu of Fletcher & Sharpe, and there they carried on a very successful business till the death of Mr. Fletcher, in 1866, since which time Mr. Fletcher's sons, Ingram and Albert E., in asso- ciation with Mr. Sharpe, have maintained the bank in still more extended operations with equal success and security.

THOMAS H .. SHARPE .- Ebenezer Sharpe, the father of Thomas H., was of Scotch-Irish ancestry, and resided in Kentucky. He was married to Miss Eliza Lake, of Scotch descent, and a native of Edin- burgh. Their children were Alexander W., Thomas H., Isabella M., Robina B., Eliza R., Amos H., James McC., and Hester A., all of whom, with the excep- tion of the latter, were born in Kentucky. The birth

1 ug By AH Faut ne

Tek thanks

221

CITY OF INDIANAPOLIS.

of their son Thomas H. occurred in Fayette County, of the latter State, on the 2d of August, 1808. In 1819 he became a resident of Bourbon County, his early youth having been spent in his native county. He was educated first at the Transylvania University, in Lexington, and later in Paris, Ky., after which he removed with his parents, in 1826, to Indianapolis, and became for two years assistant to his father, who - had supervision of the public school of the city. He then spent a year as deputy elerk in the office of James M. Ray, the first county elerk, after which he engaged for two years with William H. Morrison in mercantile pursuits. Mr. Sharpe then became iden- tified with the register's department of the land office, and remained until 1835, when he entered the Indianapolis branch of the State Bank as teller, and filled this responsible position for a period of ten years, when he was appointed to the more important office of cashier of the bank. Here he remained until the expiration of the charter of the bank, when, in con- junetion with Calvin Fletcher, Esq., he established the Indianapolis Branch Banking Company, which is still in existence under the style of Fletcher & Sharpe, with Mr. Sharpe, S. A. Fletcher, Jr., Ingram Fletcher, and Albert E. Fletcher as the firm. The State Bank, under the cashiership of Mr. Sharpe, attained a high degree of prosperity, and was largely profitable to its stockholders, paying an average annual dividend of eleven per cent. until the close of its career. Mr. Sharpe is at present part owner of and director in the Indianapolis National Bank. He has been identified with many important publie enter- prises, having been for several years director and treasurer of the Bellefontaine Railroad, now known as the Bee Line, and director of the Cincinnati, In- dianapolis, St. Louis and Chicago Railroad. He filled the office, in 1831-32, of school commissioner for the county, having in charge the lands appropriated by the general government for school purposes. Mr. Sharpe, while engaged in advancing the material interests of Indianapolis, has not been unmindful of the demands which the poor and neglected classes may with pro- priety make upon more fortunate citizens. He lias aided greatly as president of the Indianapolis Benevo- lent Association, and as one of its finance committee,

in disbursing the necessaries of life and promoting in various ways the comfort and happiness of the city poor. He was one of the projectors and is now a director of the Crown Hill Cemetery Association, whose picturesque and attractive grounds are in the eity suburbs. Mr. Sharpo was formerly a stanch Whig in his political affiliations, and later joined the ranks of the Republican party, but is devoid of am- bition for official honors. He was, in 1836, appointed by the Governor agent of State for the town of Indi- anapolis, having in charge the lands donated the State by Congress for a permanent seat of government. Upon these lands the capital of the State is now located. He is in religion a Presbyterian, and an elder in the First Presbyterian Church of Indian- apolis, as was also his father. Mr. Sharpe was, in 1837, married to Miss Elizabeth C. Wilson, daughter of John Wilson, of Pennsylvania. They have had cleven children, of whom the survivors are Ebenezer, Mary (Mrs. Joseph A. Moore), Isabella M., Eliza L. (Mrs. Albert E. Fletcher), Anna H. (Mrs. H. H. Hanna), Jessie (Mrs. Elbridge Gerry), and Wil- liam E.

In May, 1854, Alfred Harrison, a prominent mer- chant for many years, in connection with John S. C. Harrison, opened an exchange office in the second story of the "Johnson Block," next to the present site of the bank, and remained there till the following year in August, when they removed to the present building, and have there conducted a steadily sound and profitable private banking business. Samuel W. Watson has been the cashier for many years. In the spring of 1852, John Woolley & Co. opened a private bank on the east side of South Meridian Street, in a little frame now replaced by Blackford's Block, and did a good business apparently till they joined it with the " frec" Bank of the Capital, when both went under in 1857 with eighty thousand dollars of debts and fifty-six thousand dollars of nominal assets that paid very little. William Robson and A. L. Voorhees established a savings-bank in Odd-Fellows' Hall, and each was president, with Joseph R. Robinson as eashier, who succeeded to the ownership in 1857, just in time to go down under the strain made by the failure of the Woolley bank. It went into the hands

222

HISTORY OF INDIANAPOLIS AND MARION COUNTY.

of a receiver who paid all its liabilities fully. In the fall of 1862, Kilby Ferguson opened the " Merchants' Bank," at No. 2 North Pennsylvania Street, specu- lated in gold, and fell the next year in the summer. He absconded for a while, but after some years re- turned and settled with his ereditors. In 1856, George S. Hamer opened an exchange and broker's office in the basement of the American (now Sherman) House, put out a few " shinplasters," and found him- self strongly suspected and finally arrested for cir- · culating counterfeit good paper as well as his own genuine good-for-nothing paper, and giving bail, dis- appeared finally.

In the latter part of 1854 there came a panie in " free" bank business, and it disturbed all other busi- ness seriously. How and why it came has been related in the general history, but some incidents of it may be noted here that were omitted there. On the 7th of January, 1855, a convention of bankers met here to make such a classification of "free" bank issues, based on their securities deposited with the State officers, as would enable the publie to receive and use them without apprehension, which was severely straining all forms of trade, and without any risk of loss. As heretofore stated, the best the convention could do was to designate several banks as undoubt- edly safe or " gilt-edged," but the more important question as to the safety of banks about which busi- ness men were uncertain, was left as unsatisfactory as it was found. Holders of " free" bank bills had to estimate them at the rate fixed by leading city brokers, and every man with uncertain bills in his hands hurried to spend them at their face or as near it as he could, or pay his debts with them. Those were the days, singular in all the annals of time, when a creditor was not always well pleased to see a debtor produce a roll of money to pay an old debt. A legal "tender" had to prove the value of the bills tendered. There was as much eagerness to get rid of the money of the period, from the fall of 1854 till the summer of 1857, as there usually is to get it. Nobody wanted to hoard unless it was gold, and be- fore the war gold was a rare apparition in the ordi- nary business of Indianapolis.

In April, 1856, a mecting of the business men of

the State was held here in the hall of the House of Representatives to devise measures in defense of the community against the ungenerous, not to say rascally, operations of the business men of Cincinnati, who made it a point to run back here all the " free" bank bills they could get hold of and demand the gold for them. It made no difference how sound the bank was, its bills were hurried baek to it by these Cincinnati " horse-leech" speculators before they had been out a week. Of course no bank could stand that, and good banks began reducing or wind- ing up their business. The trade of the State was doubly embarrassed by the character of much of the " free" bank issues, and by the abuse of what was good by Cincinnati sharks. They used only their legal right, to be sure, but they knew it was damag- ing Indiana business and prostrating the chance of rivalry with their houses by Indiana houses. That was the motive of it, for there was no profit in run- ning home good bills for gold that was not worth more than a half por ecnt. premium. The expense was more than the gain. Naturally the business men of the city and State hated the " Hog City"-a name with a double significance then-as heartily as any one community ever did hate another without mak- ing a feud of it. The object of the convention was to change Indianapolis and Indiana trade generally from Cincinnati, which was universally stigmatized as the " Quean City," and " the meanest eity on the face of the earth." David K. Cartter, of Cleveland, now chief justice of the Washington Supreme Court, and a number of leading business men from Toledo, Louisville, St. Louis, and Chicago, attended to work in the interest of their respective eities. The in- formation given by them was not wasted. Cincinnati lost business that she never got again, and never will.

In February, 1856, a banking-house, under the firm-name of Dunlevy, Haire & Co., was opened in the corner room of Blake's Block for the especial purpose of gathering up " free" bank bills and sending them home for gold. It was a creature of the Cincinnati " gougers," and did them effective service. It sent to Cincinnati $2,000,000 in the first three months after it began operations. This was one of the pro-

223

CITY OF INDIANAPOLIS.

voking eauses of the convention. On the 1st of March, 1865, the " Indiana Banking Company" was formed with seven associates, F. A. W. Davis as president, and William W. Woollen as cashier. Its first location was the Vance corner, the next at No. 28 East Washington Street, then on the completion of the Hubbard Block, it moved there and died. It had become largely the property of the late Wm. H. Morrison some years before his death, and he had later obtained a heavy interest in the First National Bank. After his death there seems to have been some imprudent management in both the connected banks, and rumors of weakness got abroad on the 9th of August, and a day or two before, causing a run on the 9th, and the closing of both banks. The " bank- ing company's" affairs were put into the hands of a receiver. The First National was taken hold of by some heavy capitalists who had previously held slighter interests, and made safe, with an cnlargement of its capital.

J. B. Ritzinger opened a savings-bank on the 26th of March, 1868, at 38 East Washington Street, with A. W. Ritzinger as cashier, and has main- tained it in a good business ever since. In March, 1870, Woollen, Webb & Co. opened a bank of loan and deposit on West Washington Street, which . did well till the panie of 1873 caused its sus- pension for some months. Then it resumed, but a couple of years ago it became embarrassed, made an assignuient, and closed finally. Isaiah Mansur opened a private bank on East Washington Street, corner of Alabama, some fifteen years ago. After his re- tirement from the presidency of the Citizens' Bank he continued there in business till his death. In 1874 the " Central Bank" was organized by J. M. Ridenour and C. B. Cones, the former as president, the latter as cashier, with Israel Taylor as assistant. In 1875, B. Frank Kennedy and James A. Wildman purchased Mr. Ridenour's interest, and Mr. Kennedy became president. The original capital was $50,000, but was increased to $100,000 when the change was made in proprietorship. It failed in 1881, and went into the hands of a receiver. Its affairs are not wholly settled yet. In January, 1876, the old " In- diana Insurance Company" was reorganized by Wil-

liam Henderson and others as a banking-house. In February, 1878, under a stress which caused some embarrassment, the capital was reduced, and in 1879 the name was changed to the " Bank of Commerce," which it still retains, with a profitable and consider- able business. John W. Ray is cashier.

In anticipation of the close of the old State Bank a combination of capitalists obtained a charter for a sort of successor, called the " Bank of the State," with sev- enteen branches and a capital of one million eight hun- dred and thirty-six thousand dollars. It began busi- ness Jan. 2, 1857, and continued, with fair success, till the establishment of the national banking system super- seded it. In January, 1865, after being in operation eight years, the Legislature authorized it to redeem its stock, distribute its surplus funds, and close up its business. It did so with convenient speed, and the branches became national banks in most cases, if not all. The first president of the Bank of the State was Hugh McCulloch, of Fort Wayne, afterwards Secretary of the Treasury. His successor was G. W. Rathbone, and James M. Ray followed last, after serving as cashier from the organization. Joseph M. Moore succeeded Mr. Ray as cashier. The branch in this eity was organized July 25, 1855, with W. H. Talbott as president and one hundred thousand dol- lars capital (afterwards increased to two hundred thousand dollars). It changed hands in about the years, when George Tousey became president, and C. S. Stevenson cashier, who left the place to become paymaster in the army in 1861, and was succeeded by David E. Snyder, and he by David M. Taylor in 1866. Oliver Tousey succeeded George in the presi- dency in June, 1866, when the latter became presi- dent of the " Indiana National Bank," in which the remains of the branch bank were absorbed. It was wound up in 1867. The " Indiana National" suc- ceeded it in the corner room of Yohn's Block, north- east corner of Washington and Meridian Streets. V. T. Malott is now its president.

VOLNEY T. MALOTT .- The parents of Volney T. Malott were William H. and Leah P. (Mckown) Malott. The former was engaged in farming in Jef- ferson County, Ky., but in 1841 removed to Salem, Washington Co., Ind., where ho embarked with his

224

HISTORY OF INDIANAPOLIS AND MARION COUNTY.

Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.

History of Indianapolis and Marion County, Indiana, Part 41

Author: Sulgrove, Berry R. (Berry Robinson), 1828-1890 Publication date: 1884 Publisher: Philadelphia : L.H. Everts & Co. Number of Pages: 942

Author: Sulgrove, Berry R. (Berry Robinson), 1828-1890
Publication date: 1884
Publisher: Philadelphia : L.H. Everts & Co.
Number of Pages: 942