History of Madison County, Indiana ; a narrative account of its historical progress, its people and its principal interests, Volume I, Part 18

Author: Forkner, John La Rue, 1844-1926
Publication date: 1970
Publisher: Evansville Ind. : Unigraphic, Inc.
Number of Pages: 918

USA > Indiana > Madison County > History of Madison County, Indiana ; a narrative account of its historical progress, its people and its principal interests, Volume I > Part 18

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).

In 1910 this debt of $3,950 was paid, but in that year the county borrowed $20,000 for current expenses, giving notes therefor. These notes were all paid in 1911, but the county in that year borrowed $10,000 to meet current expenses. The total outstanding debt at the beginning of the year 1912 was therefore $55,000, but during that year and the first half of 1913 notes to the amount of $17,000 were paid and canceled, leaving an outstanding indebtedness on September 1, 1913, of $38,000. Few counties in the state can show as clean a financial record.

In the purchase of the toll roads some years ago, and in the con- struction of new gravel roads, bonds aggregating about $2,000,000 have been issued. These bonds are payable by the townships. The amount of gravel road bonds outstanding on September 1, 1913, was as follows :

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IIISTORY OF MADISON COUNTY

Adams township $ 29,657.81

Anderson township 100,867.56

Boone township 60,288.45

Dnek Creek township

32,092.00

Fall Creek township

53,987.20

Green township

27,196.00

Jackson township

39,220.83

Lafayette township 48,817.78

Monroe township 139,808.16

Pipe Creek township

206,269.75

Richland township

35,330.32

Stony Creek township

39,597.18

Union township

11,289.99

Van Buren township

26,620.56

Total $851,043.59

While these figures may seem large, when the reader stops to con- sider that Madison county has approximately five hundred miles of im- proved highway it will be seen that every dollar of gravel road bonds issued is a permanent investment, the profits of which can hardly be estimated.

BANKING INSTITUTIONS

The Citizens' Bank, of Anderson, which was founded in 1855 by Neal C. McCullough and Byron K. Elliott, is the oldest bank in Mad-, ison county. Judge Elliott retired in 1863 and in 1879 the bank was reorganized, W. T. Durbin and C. K. McCullough being then admitted as partners. In 1881 D. F. Mustard became a member of the banking firm, but withdrew in 1884. In the meantime the Madison County Bank had been organized by J. E. Corwin, L. J. Burr, N. R. Elliott, J. H. Ter- hune, John W. Pence and some other local capitalists, and subsequently was converted into a state bank. About the time Mr. Mustard left the Citizens' Bank he formed a partnership with A. J. Brunt and others and purchased the Madison County Bank, which was consolidated with the Citizens' in 1886.

A statement issued by this bank on April 9, 1913, shows the fol- lowing officers: D. F. Mustard, president; George E. Nichol, vice-pres- ident; N. M. MeCullough, cashier; F. E. Mustard, assistant cashier ; W. T. Durbin, A. W. Brady, B. H. Gedge, J. W. Lovett, the president, vice-president and cashier, directors. The capital stock (paid in) is $125,000; surplus $40,000; total resources, $720,870, and deposits, $493,000.

The First National Bank, of Anderson, was organized in 1865. Prior to that time J. G. Stilwell and his son, Thomas N. Stilwell, had been engaged in doing a banking business upon a small scale and they were the principal factors in securing the organization of the First National in 1865, with a capital stock of $50,000. The bank started off with bril- liant prospects and for about eight years carried on a successful busi- ness. It was a correspondent of the banking house of Jay Cooke &

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HISTORY OF MADISON COUNTY

Company, of New York, and when the failure of that concern occurred in the early fall of 1873 it precipitated a wide-spread panic. Many of the depositors in the First National, knowing the relationship between that bank and Jay Cooke & Company, hastened to withdraw their money. These withdrawals so crippled the bank that on November 15, 1873, it was compelled to close its doors. At that time Colonel Thomas N. Stilwell was president and A. B. Kline, cashier.

Thomas McCullough, of Oxford, Ohio, was made receiver and issued a statement showing the resources of the bank to be $164,563 and the liabilities, $137,717. Upon this showing it was thought the bank would pay all obligations in full, but among the assets were Venezuelan bonds to the amount of $100,000, of which Colonel Stilwell had acquired a large part while he was minister to that country, and these bonds turned out to be worthless, so that the depositors received only about forty cents on the dollar. The bonds were taken possession of by the comptroller of the currency at Washington and there are some who still believe that some time they will be paid.

Mr. Mccullough soon resigned as receiver and Walter S. Johnson, of Washington, D. C., succeeded him, remaining until the business of the bank was settled. Among the heavy depositors was Weems Heagy, treasurer of Madison county, whose deposit at the time of the failure amounted to $21,000. This is the only bank failure that has ever occurred in the county.

The Exchange Bank, of Anderson, was organized in 1866 by William Crim & Company, with Joseph Fulton as cashier. It was opened in what was known as the Adams block, the second door from Main street, at the northeast corner of the public square, where it continned in busi- ness until 1873, when it was moved to the northwest corner of the square, in the building now known as the Harter Hotel. In 1881 it was reorganized, T. J. McMahan, H. J. Daniels and John L. Forkner be- coming interested. Three years later J. W. Sansberry purchased the interest of Mr. Daniels. On July 1, 1886, the bank was removed to the Doxey Hotel corner, at Ninth and Main streets, and in 1892 it was reorganized as the National Exchange Bank of Anderson. In October, 1909, it removed to its present location on the east side of Meridian street, between Ninth and Tenth streets. J. W. Sansberry is the pres- ent president, Isaac E. May, vice-president, and George S. Parker, cashier. The capital stock of the bank is $100,000; surplus and undi- vided profits, $35,000, and deposits, $564,000.

On August 10, 1878, while conducted by William Crim & Company, this bank was robbed in a peculiarly daring manner. A few days before that time a well dressed man registered at the Doxey Hotel as "H. F. Tilden, Mound City, Iowa," and soon became acquainted with Joseph R. Cain, who was then cashier of the bank. Just at noon on the 10th, while Mr. Cain was in the bank alone, Tilden entered and requested silver for a $20 bill. Mr. Cain counted out the money and just at that moment Tilden, who had a cloth around one of his fingers as though he had suffered some injury, requested the cashier to tie up his finger, saying he could not tie it himself with but one hand. While Mr. Cain was thus engaged, two of Tilden's confederates, wear-

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HISTORY OF MADISON COUNTY

ing soft-soled shoes, slipped around to the safe and made away with a considerable amount of money, which has been estimated all the way from $5,000 to $12,000. Another confederate stood on the outside to detain any person about to enter, and did detain Richard Thornburg with some insignificant inquiry until Tilden and the two sneak thicves made their "get away."

The absence of the money was discovered a few minutes later when Norval Crim went to the safe to get funds with which to cash a large check, and officers were soon hot on the trail. Tilden and his associates made at once for the Pan Handle station to the north-bound train due at 1:20 p. m. and the officers succeeded in boarding the same train. Tilden ; J. C. Curtis, of Cleveland ; John Ryan, of Fort Wayne; J. Ash and J. T. Bradley, of Pittsfield, were arrested before the train reached Elwood and were brought back for trial. At the preliminary hearing Ash and Curtis were released but the other three men were held on bail. Their friends came forward and put up a cash bond, which was for- feited and the criminals disappeared. About $2,000 of the stolen money was found hidden in a stave yard at Elwood, where Ryan tried to make his escape after being arrested, and many believe that some kind of arrangement was made by which the bank recovered the greater portion of it, though the facts have never been made public. Mr. Cain was never censured, as it was always considered that he acted as any one else would have done under similar circumstances.

In February, 1890, the Anderson Banking Company was organized with a. capital stock of $60,000, which was held by the following per- sons : Dr. Braxton Baker, W. H. Quick, Jesse L. Vermillion, George F. Quick, Harrison Canaday, U. C. Vermillion, S. E. Young, A. J. Brunt and H. J. Daniels. Braxton Baker was the first president and Jesse L. Vermillion the first cashier. The officers in 1913 were: Jesse L. Vermillion, president; W. H. H. Quick, vice-president; Otto Buettner, cashier ; Earle E. Young, assistant cashier. The board of directors con- sists of the president, vice-president, cashier, A. J. Brunt, E. F. Ver- million, George F. Quick, Harrison Canaday and Braxton Baker. The bank is located at the southwest corner of Ninth and Meridian streets. Its capital stock is now $126,500; surplus, $73,500, and deposits, $650,- 000. It is regarded as one of the strongest banks in this section of the state.

The Anderson Trust Company, which conducts a general trust com- pany and banking business at the southeast corner of Tenth and Merid- ian streets, was established in February, 1899, with a capital stock of $50,000. Since it commenced business the company has increased its capital stock to $100,000, accumulated a fund of over $50,000 in sur- plus and undivided profits, and in June, 1913, carried deposits of nearly $362,000. The present officers of the company are: Sanford M. Keltner, president; Thomas B. Orr, vice-president; Frank H. Schlater, secretary ; B. B. McCandliss, assistant secretary. Besides the three principal officers, the board of directors includes J. L. Vermillion, A. J. Brunt, Henry C. Callaway and James M. Donnelly. William H. Her- itage is in charge of the real estate and insurance department.

Just across Meridian street from the Anderson Trust Company is

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HISTORY OF MADISON COUNTY

the People's State National Bank. This institution was organized in 1905 by Joseph I. Schuhmacher as the People's State Bank and it opened its doors for business on the first day of November with a paid in cap- ital of $100,000. On November 26, 1912, it was reorganized as a national bank, with the name indicated above. The officers of the hank are: J. I. Schuhmacher, president; Stephan Markt, vice-president; C. A. Thayer, cashier. Some idea of the successful career of this bank may be gained from the fact that its surplus and undivided profits are over $30,000 and its total resources nearly $590,000. The deposits are over $300,000.

There is one financial concern in Anderson that stands almost with- out a parallel in the financial history of the state. That is the Anderson Loan Association, which has an authorized capital of $10,000,000. It was organized late in the year 1888, incorporated under the state laws,

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ANDERSON LOAN ASSOCIATION BUILDING

and began business on January 1, 1889. For some time the association had no regular meeting place, using such locations as could be had without payment of rent. The first secretary received a salary of $15 per month. After a time a regular meeting place was found in the commissioners' court room, for which the association paid a rental of $12.50 per month. In 1894 the commissioners needed the room and the association was forced to look for a new home. The officials then rented a room in the basement of the courthouse for $6.00 per month. In December, 1894, the lot where the Masonic Temple now stands, on Meridian street, was bought for $6,400 and the association joined with the Masonic bodies of Anderson in the erection of a building, the northi side of which belonged to the loan association. This building was first occupied on December 27, 1895.

In a few years it became apparent that more room would soon be needed for the transaction of the rapidly increasing business and the officers began to look for a more suitable location. In June, 1908, the

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IIISTORY OF MADISON COUNTY

association purchased the lot at the southeast corner of Tenth and Jackson streets and began the erection of a building 72 by 144 feet, three stories high. Two business rooms front on Tenth street, the one in the corner (48 by 70 feet) being occupied by the association, and the east room by the Farmers' Trust Company. The second and third Hoors are divided into twenty-one apartments, modern in every respect. The cost of this building and the lot upon which it stands was $90,000.

The original founders were Francis A. Walker, Charles H. Ewing and Thomas B. Orr, the last named being the present attorney for the association. In the beginning the capital authorized was $1,000,000, which has been increased from time to time until it is now $10,000,000, of which $8,500,000 has been issued. The association has nearly 10,000 members, the greatest number of any institution of its kind in the State of Indiana. Members have removed to other states and even to foreign countries, but they still' retain their holdings. The total assets of the institution aggregate over $2,500,000, with a surplus of over $120,000, and it has nearly $2,000,000 loaned on real estate security, most of it in Madison county.

Anderson's youngest banking house is the Farmers' Trust Com- pany, which began business on January 6, 1912, with J. J. Netterville as president ; Edward II. Mathews, vice-president; George E. Nichol, secretary and treasurer; A. T. Dye, assistant secretary and treasurer. The capital stock of this company is $100,000 and during the first six- teen months of its existence it accumulated a fund of $5,391 in undi- vided profits. Its deposits are over $150,000. It is located at No. 29 West Tenth street.

In Elwood, the second city of the county, there are four banks. The oldest of these is the Citizens' State Bank, which was organized in 1881 by B. T. and H. C. Callaway, with a capital of $50,000. In 1908 it was incorporated under the laws of Indiana. Originally it was known as the Citizens' Exchange Bank, but at the time of the incorpo- ration took its present name. The officers in 1913 were : H. C. Callaway, president ; S. C. Spoor, vice-president; Charles Osborn, cashier. H. C. Callaway, S. C. Spoor, L. M. Gross, J. W. Callaway and Charles Osborn constitute the board of directors.

The First National Bank of Elwood was opened for business in 1882 as the Farmers' Bank. In 1892 it was reorganized under its present name and is No. 4,675 under the national banking laws. It has a capital stock of $50,000; a circulation of $50,000; a surplus of over $20,000, and deposits of about $300,000. In 1913 the officers of the bank were: E. C. Dehority, president; Charles Harvey, vice-president ; C. D. Babbitt, cashier. In 1892 the building occupied by this bank was destroyed by fire and a new home for it was erected at the northwest corner of Main and Anderson streets, but this building was exchanged for the bank's present quarters a few years later.

In February, 1903, the Elwood State Bank was established with a capital of $75,000, all paid up. In a short time this bank came to be generally recognized as one of the strong financial institutions of Mad- ison county. The present officers are : O. B. Frazier, president; J. D. Armfield, vice-president; Charles C. Dehority, cashier. These three

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HISTORY OF MADISON COUNTY

officers, with N. J. Leisure and Wayne Leeson, compose the board of directors.

The Elwood Trust Company commenced its career on March 31, 1907, with a capital of $25,000. It now has a surplus of about $9,000 and deposits of over $330,000. F. M. Harbit is the president of the company ; J. T. Jessup, vice-president; J. D. Higbee, secretary and treasurer. The board of directors is composed of F. M. Harbit, W. E. Harting, S. B. Harting, R. A. McClure, F. H. Zahn, Harry Sells and J. T. Jessup. This company is incorporated under the laws of Indiana and is authorized to act as trustee, administrator, executor and receiver, as well as to transact a general banking business. The combined de- posits of the four Elwood banks amount to over $1,250,000.

The first bank in Alexandria was opened by Dr. Braxton Baker in McMahan & Company's drug store, years before it was thought the village would become one of the principal cities of the county. In 1888 it was formally organized as the Alexandria Bauk by Dr. Baker and some local capitalists, and in 1892 it was reorganized under the national banking laws as the Alexandria National Bank, which afterward liqui- dated and the same persons resumed business as the Alexandria Bank. A statement issued by this bank at the close of its business on August 9, 1913, shows a capital stock paid in of $11,500; a surplus of $9,000, and deposits of over $376,000. At that time the officers of the bank were as follows: S. G. Phillips, president; R. H. Hannah, vice-president ; Isaac S. Kelly, cashier; J. S. Wales, assistant cashier. This bank is a private institution that has acquired a reputation for the reliable and conservative management of the funds intrusted to its care during its successful career of a quarter of a century, and today it enjoys the confidence of the entire community.

The Commercial Bank and Trust Company, of Alexandria, was first organized in 1893 by S. V. Free and Dr. B. T. Callaway as the Com- mercial Bank. In 1908 it was incorporated as the Commercial State Pank, and in 1912 was reorganized as the Commercial Bank and Trust Company. The capital of this institution is $25,000; its surplus, about $3,500, and its deposits, nearly $175,000. Arthur E. Harlan is pres- ident; Harry M. Adams, vice-president; Vernon H. Day, secretary ; Hugh A. Harlan, assistant secretary. The board of directors is com- posed of the three principal officers, J. C. Vinson, S. P. Brown and W. F. Wilson.

A. B. Taylor & Son organized the Pendleton Banking Company in 1872. Some years later they disposed of the bank by selling it to E. P. Rogers, who admitted Thomas M. Hardy to a partnership. In 1891 Aaron Morris became interested in the institution and about 1897 Mr. Rogers retired. This bank has a capital stock of $25,000 and is in- corporated as a state bank. Its surplus is over $8,000 and its deposits ucarly $250,000. In August, 1913, the officers of the bank were: Thomas M. Hardy, president; R. A. Morris, vice-president; W. F. Morris, cashier; V. P. Wilson, assistant cashier.

The Pendleton Trust Company was organized in the spring of 1910, with a capital of $25,000. Its officers in August, 1913, were as follows: A. C. Anderson, president ; G. R. Mingle, vice-president ; R. F. Thomas, secretary and treasurer. At that time its deposits amounted to about

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HISTORY OF MADISON COUNTY

$60,000. Incorporated under the laws of Indiana, the company is authorized to transact all classes of business legally transacted by trust companies within the state.

The Summitville Bank and Trust Company was organized on April 14, 1913, by merging the two banks then in the town and the Summit- ville Realty Company into one institution. In 1892 the Summitville Bank was organized by A. J. Brunt and a Mr. Scott. Two years later William Warner became president and Maurice Warner cashier, and they remained at the head of the concern until the formation of the Summitville Bank and Trust Company. W. H. Dobson and others organized the Citizens' Bank, of Summitville, in 1893 and it continued under that name until in 1905 when it was changed to the Farmers' and Merchants' Bank. In the consolidation of these two banks to form the Summitville Bank and Trust Company the capital stock was fixed at $35,000, all of which is paid in. The deposits amount to about $300,000. John F. P. Thurston is president of the institution; Jesse Vermillion, vice-president; Maurice Warner, secretary; C. M. Waltz and Frank M. Hundley, assistant secretaries. The trust company department is under the management of Robert McLain and John M. Kaufman. Soon after the bank was organized the directors purchased and remodeled the McNabney block, at the corner of Main and Mill streets, which the management claims is the largest and best equipped banking room in this section of the state.

In 1876 Cornelius Quick opened a private bank at Frankton, with his son, George Quick, as a partner. Some years later George Quick became interested in the Anderson Banking Company and is now a director in that institution. In 1909 this bank was reorganized as a state bank, with a capital stock of $17,000, and in 1913 the deposits were about $110,000. Charles C. Dehority is president; J. M. Farlow, vice- president, and J. O. Lee, cashier.

The State Bank of Lapel was organized under the laws of Indiana in 1898, with a capital stock of $25,000, though it had been founded some years before by David Conrad and conducted as a private bank until incorporated. David Conrad is now president and D. E. Conrad, cashier. This bank has deposits of over $100,000 and a surplus of about $1,000.

On January 6, 1913, the Markleville Bank, a private institution, subject to the banking laws of the state, was organized at Markleville, with a capital stock of $10,000. Of this bank C. W. Keach is president ; J. F. Keach, vice-president; and Benjamin Keach, cashier.

The report of the State Bureau of Statistics for the year 1912 says of Madison county : "Before gas was discovered in 1887; agriculture was the county's leading industry; but since then manufacturing has grown rapidly, and now many hundreds of skilled workmen are em- ployed in the numerous large plants, which produce nails, files, wire fence, cut, window and plate glass, decorative tile, carriages, refriger- ators, electrical supplies, granite ware, tinplate, silos, automobiles, etc., worth millions of dollars."

While the above statement is true, it is equally true that consider- able manufacturing was done in the county before the discovery of

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HISTORY OF MADISON COUNTY

natural gas. The earliest manufacturing establishments were flour mills. What were known as the Cataract mills were built at Pendelton as early as 1825. The Silver or Lower mills, were built at Pendleton in 1828, and the National mills in 1848. The latter were supplied with two Leffel turbine wheels and had a capacity of forty barrels of flour per day. In 1856 a large merchant mill was erected at Perkinsville by Jacob Zeller. The Germania mills, at Anderson, were established in 1867, by J. H. Carl & Son, in a building at the crossing of Fifth street and the Pan Handle Railroad that had been erected for a grain elevator by Mortimer Atherton twelve years before. These mills, now known as the Schalk mills, are still in operation, G. D. Schalk, of Hamilton, Ohio, having purchased the property in 1869 and made a number of improvements. In 1876 he was killed in this mill by the bursting of a buhr. His partner, James Wellington, took charge of the mill and with the minor sons of Mr. Schalk conducted the business and made further improvements. Subsequently, the sons of G. D. Schalk pur- chased Mr. Wellington's interest and have since operated the mill in their own name.

The Henderson mills, also at Anderson, were built by James M. Dickson in 1874, on the west side of Meridian street, just north of the Big Four Railroad. After several changes in ownership they became the property of Edgar Henderson in October, 1878. He operated the mills until they were destroyed by fire on October 22, 1881, when he sold the lot and removed to Kingman, Kansas, where he died some years later. Another concern of this kind is the Wellington mills, located at the junction of Central avenue and the Big Four tracks in Anderson.

A carding machine was established in connection with his mill near Chesterfield, about 1838, by Frederick Bronnenberg. James M. Irish erected a woolen mill at Pendleton a few years later. He transferred it to his sons and it was operated by them until destroyed by fire in 1865. The following year it was rebuilt and continued as a woolen mill until about 1870, when it was converted into a flour mill. There was also a woolen mill in the southern part of Richland township. It was built in the early '40s by John B. Purcell, who sold it to Stephen Broad- bent. Mr. Broadbent continued to operate this mill until his death. It was the last woolen mill in active operation in the county.

In 1865, the year Anderson was incorporated as a city, James, A. J. and H. W. Quinn began the manufacture of carriages at the corner of Main and Fifth streets, near the Pan Handle station, under the firm name of James Quinn & Sons. James Quinn learned his trade in Ire- land and his motto was apparently "Honesty is the best policy," as some of the vehicles made by him and his sons nearly half a century ago are still in use.

George Mathes and H. H. Conrad formed a partnership in 1866 and began the manufacture of wagons and carriages under the firm name of Conrad & Mathes. Two years later Mr. Mathes withdrew from the firm and engaged in business for himself on North Main street, not far from the Pan Handle freight house. In 1877 his brother, William Mathes, became a partner and the business of the new firm was en- larged until the Mathes wagon became one of the best known in central

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History of Madison County, Indiana ; a narrative account of its historical progress, its people and its principal interests, Volume I, Part 18

Author: Forkner, John La Rue, 1844-1926 Publication date: 1970 Publisher: Evansville Ind. : Unigraphic, Inc. Number of Pages: 918

Author: Forkner, John La Rue, 1844-1926
Publication date: 1970
Publisher: Evansville Ind. : Unigraphic, Inc.
Number of Pages: 918