USA > Indiana > Knox County > Vincennes > History of Old Vincennes and Knox County, Indiana, Volume I > Part 58
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Since 1818 the Sun has had opponents in the journalistic field it created and over which for many years it held undisputed sway. The careers of some of the earlier rivals of the pioneer sheet have been so brief that they have left little or no history worth recalling. On February 27, 1854, Wil- liam H. Jackson and James G. Hutchison established The News of the Day, an alleged Know-Nothing paper, which was supplanted about three years later by the Gazette, founded by R. Y. Caddington, and later pub- lished by G. R. Harvey, James A. Mason and Milton P. Ghee. Under the last named management the first edition of the paper, which was designated as No. I, Vol. XXVII, appeared May 13, 1857. On May 28, 1859, it be- came the property of H. M. Smith and M. P. Ghee, who ably conducted it until July, 1861, when William N. Denny became its owner and continued its publication until 1862. In the year last named Colonel C. M. 'Allen and Dr. H. M. Smith became the proprietors, but disposed of the property only a few months after securing it to Charles I. Williams, who retained Colonel Allen as editor. In May, 1863, John M. Wilson became proprietor and editor, with T. C. Schuber as local editor. On January 3, 1864, Wm. H. Jackson took the place of Schuber on the staff, and on January 13, 1864, became a partner in the business with Wilson. On January 24th, same ycar, the property passed into the hands of William H. Jackson and John M. Griffin; and on October 14, 1865, Griffin became sole proprietor. His editorial carcer was very stormy, and he scarcely went on the street that he did not encounter a man who "wanted to lick the editor."
On March 7, 1862. J. G. Hutchison founded The Old Post Union, which survived only a few years, when it was absorbed by the Vincennes Times, republican journal, and a very good paper, established in 1865 by Richard Young Caddington and William H. Jackson. The latter remained on the Times for about two years and then went to the Gazette. Mr. Cad- dington remained as sole editor and owner of the Times until 1873, when he formed a partnership with General Laz. Noble. Mr. Noble was a graceful writer, and wrought a decided improvement in the editorial page of the paper. On October 17, 1875, the Times was sold to Malechi Krebs
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who, after a brief and profitless editorial career, disposed of the property to James J. Mayes, John Malett and Alfred V. Crotts, "an association of practical printers." Under the management of this triumvirate the Times ranked first among the weekly papers of the county for local news. In 1879 Mr. Crotts retired from the firm, and shortly afterward the publica- tion of the paper was discontinued, Crotts buying the material to conduct a job office "at the old stand."
The Vincennes Commercial was established March, 1877, by Spillard Fletcher Horrall (now a resident of Washington, and approaching his nine- tieth year), Albion Horrall and Nelson Horrall, under the firm name of S. F. Horrall & Sons, and was republican in politics. The "Old Man," as the senior partner referred to himself in the columns of the paper, wielded a caustic pen, and "lampooned" his friends (the enemy) in the editorial columns of every issue. On February 15, 1881, the Commercial was sold by the Horralls to a stock company, of which John C. Adams became the manager and also filled at the same time the position of editor-in-chief of the paper. In April. 1882, John Adams was succeeded as manager and editor by Thomas H. Adams, who disposed of the Record, a newspaper he was publishing at Edwardsport, to accept the position. Thomas Adams subsequently got control of all the stock, and put the plant on a sound finan- cial basis. He still continues the publication of the daily and weekly Com- mercial, which is one of the brightest and spiciest newspapers in the state.
There have only been two German newspapers published in Vincennes, notwithstanding the population is composed largely of Germans; and both of them were democratic in politics. In 1876 Louis and Henry Rosenthal (the latter now editor of the Evansville Demokrat) established the Volks- blatt and continued its publication until the early eighties. The successor to the Volksblatt came when the Vincennes Post, several years later, was founded by L. A. Meyer, who employed as editors A. F. Laufer, E. A. Baecher and E. W. Determann, all of whom wielded facile pens. The dress of the paper, however, was changed from German to English type two years after its establishment, and William H. Pennington assumed editorial charge, continuing in that capacity until Mr. Meyer, disappointed at the glory to be garnered from the field of journalism sold the plant (which proved a losing investment) to George M. Cook. Mr. Cook, who now has a lucrative position with the Associated Press, changed the name of the paper to the Vincennes Capital, and published it from February, 1889, until March, 1902, when he disposed of the same to Frank W. Curtis, Perry C. Green and J. Ralph Du Kate, the present owners. The daily Capital, under its present management, has made wonderful progress, and is a strictly up- to-date newspaper. Its proprietors, who are all young men, have made money out of the plant and won fame in newspaperdom.
The Knox County Democrat. a weekly newspaper, now the property of Joseph W. Kimmell, was established in 1890 by Allen Campbell, who was superintendent of the Monroe City schools twenty-five years ago. Frank
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G. Signor succeeded Mr. Campbell as editor in 1893, and sold out to James Garrard and Ed Quittle, who published a far better paper and met with greater financial success than any of their predecessors. In 1894 Mr. Quittle withdrew from the paper, the publication of which was continued under the management of Mr. Garrard until 1909, when he was succeeded as proprietor by A. R. Cochran, who sold in March, 1910, to Mr. Kimmell, the present owner, who is publishing a first-class weekly paper, and has made of the plant a good-paying investment.
A very ably edited paper was the Vincennes News, established by War- ren Worth Bailey, Homer Bailey and Frank Shannon, in 1877. Warren Bailey was a forcible and pleasing writer, and advocated the single tax theories of Henry George. The News had a very tempestuous career, and in 1885 ceased to exist. The Messrs. Bailey are now editors and proprietors of the Daily Democrat, published at Johnstown, Pennsylvania. The plant from which the paper is issued was presented to them about fifteen years ago by Henry George, whose doctrines are still proclaimed by them.
The National Era, established by D. W. and A. L. Harbison in 1894, was a sheet of Populistic proclivities. It survived about seven years after it was founded, consistently and persistently fighting for the principles of Populism, but making few converts to its cause.
The Ladies' Home Ideal, a magazine printed and published by Thomas H. Adams from 1897 to 1901, was a publication of literary merit and en- joyed a large circulation. Its publication was suspended on account of the proprietor's subsequent business enterprises frequently calling him away from the city.
Among the earlier newspapers of lesser note was the Vincennes Joker and Jocular Jingler, established in 1846 and continued for little more than a year. It was a spicy little sheet, devoted to personal criticisms of a harni- less character. It was neatly printed and ably edited by Wm. H. Jackson and D. C. Robinson, and was quite a favorite publication with the masses.
Mr. Cauthorn,* in his History of Vincennes, says that "in 1808 a paper was started here in the interest of Jonathan Jennings, who was a candi- date for territorial delegate to congress against Thomas Randolph, who was then district attorney of the United States for the Indiana Territory. Jennings was strongly opposed to the introduction of slavery in the terri- tory, and he claimed that Randolph was at heart in favor of its introduc- tion. To advance his political interests, a paper was started here which took strong ground against the introduction of slavery in the territory and warmly advocated the election of Jennings. But this venture, like all its predecessors, was short-lived and ceased to exist with the occasion that called it forth."
The same author also says that in 1816 N. Blackman started the Indiana Sentinel for Willis Fellows, and that the paper was printed in a brick build-
*II. S. Cauthorn, A History of Vincennes, page 59.
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ing, opposite the Vincennes steam mill, on ground which is now a portion of Harrison Park. The paper, which was intended solely as a medium to advertise the business of the steam milling company, suspended with the failure of said company, which occurred four or five years subsequent to the establishment of the publication.
BANKS AND BUILDING ASSOCIATIONS.
In the world of finance, as in the field of religion and education, Vin- cennes led the van among the settlements of the Northwest Territory. The Old Post has always maintained a goodly number of banking houses, man- aged, except in one instance, with ability and conservatism born of intelli- gent financiering. The first bank established here was a child of the terri- torial legislature, and was organized with Nathaniel Ewing at its head. The institution continued to do business until Indiana was admitted to statehood and state government was established.
At this period there were but two banks in Indiana Territory-one at Vincennes and the other at Madison. The constitution of 1816, which pro- hibited the establishment of any bank of issue by individuals, provided that the legislature might charter a state bank and branches, but that there should not be more than one branch to any three counties.
The first legislature to convene passed an act establishing the State Bank, with branches at Corydon, Brookville and Vevay, adopting the banks at Vincennes and Madison. In 1821, all the banks failed because of bad man- agement and speculation (according to the Banker's Magazine), after three years of existence ; and for several years after that date there was not a bank of issue in the state .*
On the organization of the State Bank of Indiana, under a revised act. provision was made for thirteen branches to the institution, one branch of which was located here, in 1834, with John Ross as president and George Rathborn cashier ; the latter being succeeded by Henry D. Wheeler, who was succeeded by John F. Bayard. Mr. Ross was the head of the concern from its organization until it ceased to exist upon the expiration of its charter, December 31, 1856.
The Wabash Insurance Company, which was vested with banking privi- leges, and of which Joseph Somes was secretary, it is said issued notes as a circulating medium before the State Bank of Indiana's charter expired.
On January 1, 1857, the Bank of the State of Indiana came into exist- ence, with John Ross, president, and John F. Bayard cashier. On the death of the latter, in 1859, Joseph L. Bayard succeeded to the position of cashier and continued in that capacity until 1862.
The New York Stock Bank, organized under the laws of the General Assembly of the State, which became operative in 1863, and levied a tax
*Banker's Magazine, 1902, page 107.
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on state and private banks of ten per cent., caused the Bank of State to close its affairs and perfect the organization of the first national bank estab- lished in Vincennes. Referring to the New York Stock Bank, and other institutions of its kind. Mr. Canthorn says: "These banks were required by law to deposit with the Auditor of State the bonds of any state in the Union and receive circulating notes to the face value of the securities, less ten per cent. The defect in this law was that the bonds of some of the states were not of equal value, and some worth only fifty cents on the dollar. This bank, as its name implies, was supposed to be founded on the bonds of New York State, which were above par. In fact it was founded on the bonds of the State of Mississippi, which were worth only fifty cents on the dollar. The capital of this bank, which was soon forced out of existence, was $500,000."
The Vincennes National Bank, organized in 1863 as the successor of the Bank of the State of Indiana, and principally with capital of the latter, was capitalized at $250,000, which amount was subsequently re- duced to $100,000. John Ross was its first president and Wilson J. Will- iams first cashier. Mr. Ross, whose integrity and sagacity as a banker, through thirty-seven years of brilliant service, had won the confidence and respect of the people, remained as executive head of the institution until his death, in 1873, when Mr. Williams succeeded to the presidency, and Wilson M. Tyler was elected cashier. Several years later, on the death of Mr. Williams, Mr. Tyler became president, with Hiram A. Foulks, cashier. Early one morning in July, 1892, the community was startled to learn that Mr. Tyler had suicided in the Old Cemetery at the grave of his daugh- ter. Soon after the tragedy, on account of which universal sympathy was expressed for the dead man's most excellent wife, Thomas R. Paxton, of Princeton, was appointed by the Controller of Currency receiver of the defunct bank, whose vaults were found to be nearly depleted. In the gen- eral windup of affairs the stockholders were heavy losers, being compelled to pay in addition to the loss of their stock an amount equal thereto to meet the liabilities of the bank.
The first private bank organized in the city was the Vincennes Deposit Bank of R. J. McKenney & Co. It was established in September, 1867, by Richard J. McKenney, Peter E. La Plante, Hiram A. Foulks, William Heberd, Ulysses Heberd and Henry S. Cauthorn, on a capital of $25,000, which was subsequently increased to $50,000. The gentlemen named simply formed a partnership for the purpose of doing a private banking business. The institution was very ably managed, and did a large volume of business until the close of the year 1879, when it went into voluntary liquidation. Mr. McKenney was president of the bank and business man- ager of the partnership from its beginning to its close. Mr. Foulks is the only living member of the firm.
The German Banking Company was organized in 1870 by Henry Knirihm, Louis L. Watson, Joseph L. Bayard, Marcelle D. La Croix, and
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others, with a capital of $50,000. Its organization, like the Vincennes De- posit Bank, was a partnership affair formed for the purpose of doing general banking business, of which it got a large and profitable share dur- ing the short period it remained in operation. The company voluntarily went out of business and its interested members at once took up national banking.
The First National Bank of Vincennes was organized July 15, 1871, with a capital of $100,000 and a large surplus, as the successor to the German Banking Company. The former absorbed the capital of the lat- ter, acquiring at the same time the building and business of the company. The First National first officers were John H. Rabb, president; Joseph L. Bayard, cashier. The first board of directors was composed of Louis L. Watson, John H. Rabb, Abraham Gimbel, Henry Knirihm, W. M. Tyler, Newton F. Malott and Joseph L. Bayard-the latter being the only mem- ber now living. The present officers are Joseph L. Bayard, Sr., president ; P. M. O'Donnell, cashier ; Jos. L. Bayard, Jr., assistant cashier. The First National people have made preparations for the erection of an imposing structure in Main street, directly opposite their present location. The directors of the institutions are J. L. Bayard, Sr., H. S. Anderson, president of the Farmers' and Merchants' Bank, Wheatland; Chas. Bierhaus, Jos. L. Ebner, J. Emory Horn, Bicknell; Edward H. Smith and Edward Watson.
The Second National Bank was organized in 1893, beginning business in July of that year. It is ensconced in a fine stone building at the inter- section of Second and Main streets, and has a commanding view of the business center of the city. Its capital stock is $100,000, and its present officers are John T. Boyd, president ; Henry J. Boeckman, vice president ; John F. Hall, cashier. The Second National, while not a direct descend- ant, is the possessor of the building and fixtures of the Vincennes National, which was organized as the successor of the Bank of the State of Indiana. The names of the present directors of the Second are as follows: George Fendrich, John T. Oliphant, Geo. W. Donaldson, Ike B. Kuhn, Robt. M. Glass, John T. Boyd, Henry J. Boeckman, John Bierhaus, Richard M. Robinson, Chas. L. Haughton.
The German National Bank was organized in the spring of 1888, with a capital stock of $100,000, and began business on the fourth day of April of that year at 116 Main street, the present quarters of the Citizens' Trust Company, where it remained until 1895, when it removed to its commodious building at the corner of Second and Main streets. The first officers of the institution were Selemon Gimbel, president; Gerard Reiter, vice president ; George R. Alsop, cashier. Its present officers are George R. Alsop, presi- dent ; Wm. E. Baker, cashier ; Wm. F. Knirihm and Chas. E. Johnson, as- sistant cashiers. The present directors are Eugene Hack, Frank L. Oli- phant, Frank Bastin, Claude C. Winkler, F. M. Mail, August Heinekamp, Christian Hoffman, Geo. R. Alsop and William Baker.
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The Vincennes State Bank was organized November 1, 1910, with a capital stock of $25,000. Rooms on the ground floor of the Corner Stone Lodge's handsome building, corner of Second street and Portland avenue, were arranged during the progress of construction for occupancy by the institution, which is equipped with indestructible vaults and fine furniture. Its officers are H. A. Schmeideskamp, president ; Jas. M. Adams, vice presi- dent; Chas. F. Moffet, cashier ; Earl L. Chamberlain, assistant cashier. Directors-H. A. Schmeideskamp, James M. Adams, Wm. L. Ewing, Wm. C. Bierhaus, Elijah Morgan, Eph. C. Gilmore, Chas. F. Moffet, Chas. S. Nassette.
The Citizens Trust Company was organized in June, 1902, with a capital of $30,000, which amount in September, same year, was increased to $75,000. Its first officers were Wmn. H. Vollmer, president ; Anton Simon, vice president ; Wm. H. Pennington, secretary and treasurer. Directors, including the officials aforesaid, were Guy A. McJimsey, Herman Brok- hage. Louis A. Meyer, F. M. Mail, Adam Joseph, Chas. Bierhaus, Benj. M. Willoughby, Geo. Knapp, C. C. Winkler, E. H. DeWolf. The company is doing a good business, having had on hand when the last report to the Auditor of State was made a surplus of $27,500. Surety bonds and all manner of insurance, except life, is written by the company, which pays three per cent. on saving accounts and four per cent. on certificates of deposit. One dollar is the minimum amount for opening a saving account, which has enabled many youngsters to acquire the habit of beginning early in life to lay the foundations of future fortunes. For the purpose of fos- tering this spirit among the youth of the city, Jacob Gimbel, of the firm of Gimbel, Haughton & Bond, for four years last past has made it a rule to give cach year to one hundred pupils, selected from the younger pupils in all the schools, a dollar with which to start a saving account in the Citi- zens Trust Company, with which corporation he is in no wise connected. Mr. Gimbel also manifests his philanthropic and generous proclivities by annually selecting not less than a half dozen worthy young men of Vin- cennes to pursue and complete courses of study in the higher educational institutions of learning in this country, as well as in Europe-having at present three proteges in foreign lands and a like number in the more notable colleges of the United States.
The Surety Company's present officers are Wm. H. Vollmer, president ; Anton Simon, vice president; Chas. A. Weisert, secretary. Directors- Chas. Bierhaus, F. M. Mail, L. A. Meyer, W. H. Vollmer, H. Brokhage, Guy MeJimsey, C. C. Winkler, I. B. Kuhn, E. H. DeWolf.
The progress, wealth and prosperity of a community is reflected largely in the resources and liabilities of banking houses through which it trans- acts business. If, therefore, the financial healthfulness of the banks opera- ting in Vincennes be taken as a criterion, then the patrons thereof are truly a prosperous and progressive class of people. It is doubtful whether there
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is another city of equal size in the country that can boast of the perfect and sound policies which obtain in the banking business at the Old Post. It is likewise questionable whether there can be found anywhere a more frugal and provident class of people than that comprising a large element of the population of this community, evidenced by individual deposits in three banks as shown in the recently published statements of each of these institutions.
The condition of the German National Bank at the close of business March 7, 1911, showed its resources to be $2.788,046.16. The resources of the First National, same date, $1,885,201.63; and that of the Second National $834,484.43. The loans and discounts of the German were $1,541,- 882.78; of the First, $939.554.32; the Second. $435,653.28-representing a total of $1.917,090.38. The individual deposits in the three banks amounted to $2,264,984.10; demand certificates of deposit and certified checks, $888,006.82.
A very good illustration of the solidity and stability produced by con- servative banking was given through the First, Second and German Na- tional banks during the prevalence of the panic of 1907-8, when there was no disposition on the part of any of these institutions to refuse payment of checks or honor obligations of any character. Depositors here were not cautioned to go slow, nor were they limited, in checking against their de- posits, as was done in nearly every other city in the country. In fact, the panic was but slightly felt within the confines of our own little commercial world, where business was conducted in the customary way. Manufactories run full time, and local trade in the retail markets showed no marked signs of diminution. During the panic period when general conditions throughout the country were badly depressed there were expended in build- ings in Vincennes more than $300,000.
Another indication that the people here husband their wealth, or in- vest it judiciously for the comfort and convenience of themselves and de- pendent ones, is shown in the large number of building associations in Vincennes, the amount expended for building homes, and the property values entered on the tax duplicate. Brief mention is made in the para- graphs which follow of the more important building associations that have been important factors in building up the city and providing the industrial classes with comfortable homes :
The Knox Building, Loan Fund and Savings Association was incor- porated in 1883. Its capital stock is $1,000.000, and its present officers are Isaac Lyons. president ; Chas. G. Mathesie, secretary : George Feud- rich, treasurer. The directors are Chas. A. Weisert. Frank J. Kapps. Frank Katzorkie, Chas. Samonial, Ed. L. Glass, Geo. Feudrich, Geo. Bor- rowman. Chas. G. Mathesie and Isaac Lyons.
The People's Savings, Loan and Building Association began business in 1889. June 5th being the date of its incorporation. Its capital stock is
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$2,000,000. The present officers are Herman Brokhage, president; Fran- cis Murphy, vice president; John L. Buckles, secretary ; Henry J. Steffen, assistant secretary ; Geo. W. Donaldson, treasurer. The directors are Her- man Brokhage, Henry Ostendorf, Simon Kixmiller, Edward Gardner, Francis Murphy, George W. Donaldson, Henry Steffen and John L. Buckles.
The Vincennes and Knox County Building, Loan Fund and Savings Association was incorporated in 1890 with a capital of $2,000,000. Present officers-Christian Hoffman, president; Frank Lieberman, vice president ; Louis A. Meyer, secretary; Wm. Baker, treasurer. Directors-Louis A. Meyer, Wm. Baker, Frank Lieberman, Chris. Hoffman, Anton Simon, Christian W. Schultz, E. W. Determann, John Weiler, Wm. H. Vollmer, Christian Heidenreich, Jos. L. Ebner and Fred C. Brockman.
The Home Building and Loan Association took out articles of incorpora- tion in 1893, and was capitalized at $1.000.000. The officers of the asso- ciation are Henry J. Boeckman, president ; Harry V. Somes, Jr., secretary ; August Heinekamp, treasurer. Directors-Clarence B. Kessinger, August Heinekamp, H. J. Boeckman, Minard J. Emison, Anthony M. Yelton, Harry V. Somes, Jr.
The Wabash Building and Loan Association was incorporated with a capital stock of $500,000, in 1898. Its first officers were Edward H. Smith, president ; John D. LaCroix, vice president ; Henry W. Alexander, secretary ; Wm. TeWalt, treasurer. The officers and directors of the asso- ciation at present are as follows: E. H. Smith, president; John D. La- Croix, vice president ; Harry V. Somes, Jr., secretary ; Henry Scheefers, treasurer ; Albert M. Sheperd, Henry Scheefers, Chester Ritterskamp, John Kirsch, August J. Meise, H. V. Somes, E. H. Smith and J. D. La- Croix, directors.
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