History of Vanderburgh County, Indiana, from the earliest times to the present, with biographical sketches, reminiscences, etc., Part 27

Author:
Publication date: 1889
Publisher: [Madison, Wis.] : Brant & Fuller
Number of Pages: 714

USA > Indiana > Vanderburgh County > History of Vanderburgh County, Indiana, from the earliest times to the present, with biographical sketches, reminiscences, etc. > Part 27

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$3,345,777.35.

A brief account of the several institutions properly begins with the pioneer corpora- tion, the Evansville National Bank. Organ- ized in 1834, its capital including state and individual stock was $80,000.00. The rec- ords show that the first meeting of the board of directors was held November 11, 1834- the members being Robert Stockwell, John Shanklin, Marcus Sherwood, William Lewis, William Owens, Robert Barnes, Chester Elliott, James Cawson, Darius North, and John Mitchell. The board organized by electing John Mitchell president, and John Douglas cashier. These officers were con- tinued until Mr. Mitchell's death, when Sam- uel Orr became president. In 1843, the capital of the bank was increased to $150,000.00, of which $73,000.00 was owned by the state. In 1847, George W. Rath- bone was made cashier, and continued in that position until March 4, 1857, when the bank was succeeded by the "Branch of the Bank of the State of Indiana." The first directory board of the new bank was com- posed of Messrs. G. W. Rathbone, Robert Parrett, H. Q. Wheeler, R. R. Roberts, and

George Foster. Mr. Rathbone was chosen president, and Samuel Bayard cashier. Jan- uary, 1865, the bank was reorganized under the national banking act as the Evansville National Bank, with a capital of $300,000.00, which was subsequently increased to $800,000.00. W. J. Lowry was made pres- ident, and R. R. Roberts cashier, but after- ward Samuel Bayard became cashier, and still later all the officers were changed, Mr. Rathbone being elected president, Mr. Bay- ard, vice-president, and V. M. Watkins, cashier. J. G. Kennedy succeeded Mr. Watkins, and in 1873 having resigned, his place was in turn occupied by Henry Reis, the present cashier. Mr. Bayard succeeded Mr. Rathbone, who subsequently removed to New York city, and Mr. John Gilbert was selected to fill the vacancy occasioned by Mr. Bayard's advancement. In June, IS83, the charter of the bank expired, at which time with the renewal of its charter, its name was changed to the " Old National Bank." The officers of the bank at this time are Samuel Bayard, president; John Gilbert, vice-president; Henry Reis, cashier; Samuel Bayard, David J. Mackey, William Heilman Robert K. Dunkerson, Henry F. Blount, William M. Akin, Edward G. Ragon, and John Gilbert, directors; a galaxy of names guaranteeing fidelity to trust, and superior ability in the conduct of affairs. The capital stock of the bank is $500,000.00; its surplus $250,000.00, and its deposits 940,980.57. The stock has paid large dividends and com- mands a high premium in the market. The building now occupied by the bank on the west side of Main street, between Water and First, was built in 1836. It is a massive structure of imposing aspect, substantially built and well arranged for the transaction of the business which it was designed to ac- commodate. In the present year the build- ing has been thoroughly repaired and re-

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fitted, its interior arrangement and finish dis- playing the highest degrees of art and skill- The building is valued at $27,577.94. The career of the institution has been remarkable. growing in strength and popular favor as the years have advanced. From its organ- ization as a small bank in 1834, it has wielded a beneficent influence on the busi- ness affairs of this part of the country. Its obligations have been fulfilled to the letter always, and because of its acknowledged solidity and wise management, it was selected as a national depository. The chief execu- tive of the bank, Mr. Bayard, has been identified with it for more than a third of a century, and has, by his financial ability, sound judgment and high reputation for ex- ecutive skill and untarnished honor, con- duced in no small degree to the success and financial repute of the bank, now the oldest institution of the kind in southwestern Indi- ana, and in financial circles everywhere recognized as one of the best and soundest in the state.

The First National Bank .- The Evans- ville Insurance Company, which was granted a perpetual charter with banking privileges, January 21, 1850, commenced business under that charter as the Canal Bank, which was organized in the same year, the entire capital of the insurance company and bank being $250,000. John M. Stockwell was elected president and James G. Jones secretary, who was very soon thereafter succeeded by W. T. Page. Operating under the free · banking law of Indiana for many years, the concern did a successful business.

The growth of the nation, the friendly and unrestricted commercial relations be- tween the several states, the development of natural resources, the increase of the prod- ucts of the farm and the shop, the progress of commercial and manufacturing interests, naturally bringing about a vast exchange of

commodities, rendered necessary a system of exchange, or correspondence, which would make the medium of exchange of a certain and fixed value in all parts of the country. The facilities for banking and issuing currency afforded by state laws were very faulty because of the fluctuations of values in money carried from one state to another. To remedy this the national banking law was enacted, by which national banks invest their capital in the bonds of the national government and by a deposit of these in the United States Treasury, receive a proportionate amount of their value in notes countersigned by the officials and issued by that department, thus pro- viding, for circulation among the people, an issue guaranteed by the credit of the nation. By this means uniformity of values is se- cured and bank notes circulate freely and without question, and at par, all over the country. The first bank in Evansville and indeed the sixth in the United States to make application for a charter under the new national bank law, was the First National Bank of Evansville, Ind., which was incorporated in 1863 with a capital of $250,000, which was subsequently increased to $500,000. This bank, although the sixth to make application for a charter, was the twenty-seventh bank chartered. Some mistake was made by which a trip to Evans- ville from Washington on the part of those having the matter in charge was necessitated, during which time twenty-one other banks were chartered. H. Q. Wheeler was its first president as a national bank, with W. T. Page as cashier. The first board of di- rectors was composed of Gillison Maghee, Robert Barnes, Charles Viele, John S. Hopkins, John Ingle, jr., M. J. Bray, S. M. Archer, H. Q. Wheeler and William Brown, all men of great prominence in the annals of Evansville. Mr. Wheeler was

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succeeded in the presidency in 1867, by Hon. John S. Hopkins, and he, in ISSo by Charles Viele. Each of the three presidents of this bank has been a distinguished citizen of pure character, unsullied reputation, and of great executive ability. Mr. James H. Cut- ler, the present cashier, was elected to that position in 1865, and by his wise, conserva- tive, and honorable conduct has contributed largely to the present soundness and popu- larity of the institution. The present officers are: Charles Viele, president; James H. Cutler, cashier; Will Warren, assistant cashier; Thomas E. Garvin, John Ingle, Charles Viele, M. J. Bray, Isaac Keen, F. J. Reitz, Cyprian Preston and James II. Cut- ler, directors. In 1882 the original charter expired, at which time a new one was applied for and received. From the com- mencement of its career this bank has en- joyed a successful business. Good dividends have been paid regularly on its stock, which has always been considered most desirable property. Its capital and surplus now amount to $700,000; its deposits to $SIS,- 894.25. The banking house at the corner of Main and First streets, is a handsome edifice, with every convenience in its internal arrangement for the transaction of its large business. It was built in 1864 and rebuilt and remodeled in ISS2. Its value now is $40,000.

The German National Bank .- In January, IS73, the charter of the East Chester Na- tional Bank, of Mt. Vernon, New York, was purchased and transferred to this city, and permission granted by Congress to change the name to the "German National Bank of Evansville." The capital stock was placed at $250,000, with permission to increase it to $500,000. The first officers were Samuel Orr, president: John A. Reitz, vice-president, and Phil C. Decker, cashier. Directors: Samuel Orr, John A. Reitz,

Samuel Bayard, Thomas Kerth, Edward Boetticher, H. M. Sweetser, Chas. Schulte, Theo. R. McFerson and Phil C. Decker.

In January, ISS3, Mr. Orr was succeeded in the presidency by John A. Reitz; at the same time Phil C. Decker became vice- president and Henry L. Cook, cashier. At the present time the directors are John A. Reitz, Samuel Bayard, Thomas Kerth, P. C. Decker, Chas. Schulte, Edward Boetticher, William Rahm, jr., James C. Orr and R. K. Dunkerson. Its capital and surplus amount to $300,000.00, and its deposits to $327,- 049.39. This bank commenced its career at No. 216 Upper First street, and now oc- cupies convenient and commodious quarters at the corner of Third and Main streets. Its management has been wise and success- ful, there being at the present time $154,- 489.45 in undivided profits. Those who control its affairs are citizens who have been identified for many years with the business interests of the city. Their capacity as financiers has been amply demonstrated in the career of this bank.

Citizens' National Bank .- This bank was organized in 1873, and commenced business at No. 121 Upper First street as successors to the private banking house of W. J. Lowry & Co. It began with an authorized capital of $175,000. Its first officers were: R. C. Slaughter, president; S. P. Gillett, cashier. Directors: R. C. Slaughter, John J. Roach, L. Swormstedt, George P. Hud- speth, Samuel Vickery, F. W. Cook, James H. McNeely, Fred Lunkenheimer and S. P. . Gillett. In 1878 Mr. Slaughter retired from the presidency of the bank, and was succeeded by Matthew Henning, who, in ISS3, was succeeded by S. P. Gillett, the present chief executive. In 1883 the office of vice-president was created, and Dr. C. P. Bacon was chosen to serve as vice-presi- dent. At the same time William L. Sworm-

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stedt was appointed assistant cashier, and in the following year was made cashier, the duties of which important office he has dis- charged with great satisfaction to the officers and patrons of the bank. The present board of directors is composed of the follow- ing citizens: F. W. Cook, C. II. Kellogg, L. Lowenthal, A. C. Tanner, Samuel Vickery, S. P. Gillett, F. Lauenstein, W. M. Akin and C. P. Bacon. The capital stock and surplus amount to $240,000; its deposits to $281,448.92. The banking house is at the corner of Second and Main streets.

The Merchants' National Bank .- A his- tory of the banks of Evansville would be in- complete without some mention of the Mer- chants' National Bank, which, though now out of existence, at one time wielded a large influence in monetary circles here. It was organized February 8th, 1865. The capital stock was $350,000, all of which was promptly taken, notwithstanding it followed closely on the heels of two national banks heretofore spoken of. The directors for the first year were C. R. Bement, Richard Raleigh, W. J. Dallam, J. G. Venemann, W. W. Morgan, John A. Reitz, Morris Ranger, and Isaac Keen - Mr. Bement president, and John D. Roach cashier. In 1868 the officers were Richard Raleigh, president; John A. Reitz, vice-president, and Chas. W. Kerney, cashier. In 1868 H. L. Meadows succeeded Mr. Kerney as cashier; in 1869 Mr. Bement was again chosen president, Matt Henning, vice-president, and J. A. Lemcke, cashier. Chas. Decker succeeded Mr. Lemcke as cashier in 1871, and in 1872 C. R. Bement again became president, and Matt Henning cashier. Subsequently Mr. John Gilbert became vice-president of the bank and other changes occurred before the bank ceased doing business. A large pro- portion of the stock was owned by three

wealthy gentlemen, who concluded, about ISS5, to conduct the business as a private bank, and surrendered its charter, granted by the national government. After about a year's time it discontinued business, without loss, however, to any of its patrons. In 1873, at the corner of Main and First streets, a very handsome banking house was erected at a cost of $40,000.

The People's Savings Bank .- Organized under the laws of the state of Indiana, this bank opened its doors for business on the 5th day of May, 1870. Its first officers were: Gen. J. M. Shackelford, president; John D. Roach, secretary and treasurer; J. M. Shackelford, Eccles G. Van Riper, M. Muhlhausen, John Laval, James Steele, Fred Lunkenheimer, Christian Hedderich and James W. Lauer, trustees. After the death of Mr. Roach, in 1870, Dr. John Laval was elected secretary and treasurer. January 14, ISSO, Dr. Laval resigned, and on March 19th following, Fred Lunken- heimer was elected to fill the vacancy thus occasioned. His successor was Maj. Jesse W. Walker, who served from April 1, 1885, to April 25, 1888, the date of his death. On May 14, 1888, Col. John Rheinlander was elected to discharge the duties of this important trust, and is now serving.

Gen. J. M. Shackelford served as presi- dent of the bank from its establishment un- til May 27, 1878, and M. Ilenning from that date until May 31, 1884, when he was suc- ceeded by Dr. M. Muhlhausen, the present chief executive. The vice-president is Mr. H. V. Bennighof. At the outset the duties of cashier were performed by the secretary and treasurer, but when the business trans- acted became so large as to demand the appointment of a cashier, Jacob Haas was selected as such. On April 1, ISSo, he was succeeded by Michael Schaeffer, the present efficient cashier. The present board of

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trustees is composed of: Dr. M. Muhl- hausen, HI. V. Bennighof, M. Henning, Gen. J. M. Shackelford, James Steele, Col. John Rheinlander and Clements Reitz.

During the first day of its career the bank secured two depositors, one making a deposit of $2.00, and the other of $1.00, and the doors were closed on the dullest day's busi- ness ever known to it. From this small beginning it has daily grown in favor with the people until at this time its active depos- itors number about 2,500, and its average deposits exceed $650,000.00. The bank has paid a semi-annual dividend to its depos- itors for the use of their money, which has ranged from 4 to 10 per cent, according to the earnings. It has been fortunate, and wisely managed, has passed safely through the periods of financial depression, and has always received and merited the confidence and esteem of its patrons, who are found among all classes. Every dollar intrusted to its keeping has been faithfully and hon- estly accounted for. In addition to the banks thus far mentioned, several private banking houses have been established in the city to meet unusual demands made at particular periods for banking conveni- ences. A leading one of these institutions is the banking house of Archer & Co., which employs a considerable amount of capital, and does an active business.

Building and Loan Associations. -- The legislature of Indiana, by an act approved March 5, 1857, which has been much im- proved by subsequent laws, provided for the organization of building and loan associa- tions, which because of their patrons, the simplicity of their workings and the small payments required to secure the possession of shares, have been well named " poor men's banks." Perhaps no single agency has done more toward enabling the poorer classes, those who eat their bread by the

sweat of their faces, to own their own homes and to lay up trivial amounts, which in the aggregate secure many of life's comforts, small sums that would otherwise have been wasted. The declared objects of these in- stitutions are, to increase capital by accumu- lation, to assist their members in the acquisition of real estate, in the erection of buildings and in the removal of incum- brances on property. The pioneer associa- tion of this kind in the city was organized in May, 1873, with the following list of officers: Charles E. Baker, president; N. B. Hay- ward, vice-president; J. W. Jenner, secre- tary; H. C. Warren, treasurer and J. B. Rucker, solicitor. The benefits of such an association, wisely and carefully managed, soon became apparent, and on July 18th, 1874, a second association was formed. From that time to the present this financial element has been busy accumulating money and building houses for those who are will- ing to save little at a time and utilize the re- sults of their toil. As the city grows their number increases. All through the outer portions of the city are neat and at- tractive homes inhabited by happy families enjoying the independence that ownership of a home affords. There are ten of these associations in the city, with a capital stock of $500,000.00 each, that being the limit fixed by law.

BIOGRAPHICAL.

HON. JOHN S. HOPKINS was born in Truxton, N. Y., October 28, 18II, and died at his home in this city July 6, 1882. He was a son of the pioneer, Edward Hopkins, and came to Evansville with his father in the fall of 1819. From that time until his death he was continuously a resident of this city, and few men, if any, have been more prominently identified with its material growth and advancement from the condition

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of a village to that of a great and prosper- ous city. On the 9th of December, IS34, he was married to Mary Ann Parrett, daughter of Rev. Robert Parrett, founder of the Methodist Episcopal church in Evans- ville. Mrs. Hopkins survived her husband until ISS6. Her life was full of good works and every Christian virtue adorned her character. The boyhood of John S. Hop- kins was spent in the village of Evansville and his education was only such as could be obtained in the inferior schools of that day. His natural abilities, however, were of a high order and the experience of a busy life developed in him a strong, clear mind and great force of character. From early manhood he was an active business man and a prosperous and praiseworthy citizen, and no man ever lived in this community who more fully possessed the entire confi- dence and esteem of his fellow citizens. For many years he was engaged in merchan- dise, and built up an ample fortune, though always liberal in his contributions to all pub- lic enterprises and in his private benefactions. Though a man of the most positive convic- tions and unflinching moral courage, he had, probably, not an enemy in the entire circle of his acquaintance. Though of a retiring and modest disposition he was often called to positions of trust and responsibility. In IS37 he was elected to the responsible position of city collector. In 1840 he became a member of the city council, and several times afterward was made a mem- ber of the municipal board. He was elected mayor of the city in the spring of IS53, and served from April 9 of that year to April 12, 1856. In 1861, at a time when the patriotism and sterling qualities of every citizen were tried, he was a member of the Indiana legislature, and again in 1878 and 1879, and in all these important positions cquitted himself in a manner honorable to

himself and meeting the full approval of his constituency. After retiring from mercan- tile pursuits, he was chosen president of the First National bank at its organization, which position he held till about ISSo. Before the organization of this bank he was president of the old Canal bank. For three years he was president of the Evans- ville, Cairo & Memphis Packet Company, in which position he manifested the same sagacity and sound judgment that marked his entire career. During the last year of his life he was almost entirely retired from active life, performing only such duties as devolved upon him as a director in several corporations. From its infancy he was a director of the Evansville & Terre Haute Railroad and was connected in various ways with many of the great enterprises of the city. After retiring from the presidency of the Evansville, Cairo & Memphis Packet Company, as though possessing a premoni- tion that the end was drawing near, he engaged himself in " setting his house in order." In the last year of his life he visited the home of his youth, and afterward gave patrimonies to his children, so that when the final summons came it found him ready in all respects. At the time of his death three sisters and seven children sur- vived him. His sisters were Mrs. Charles Viele, Mrs. Charles Babcock and Mrs. Eliza Wheeler. His children were: Frank Hop- kins, Mrs. Alexander H. Foster, Robert F. Hopkins, Mrs. Edward Tombler, John S. Hopkins, jr., Mrs. Frank Byrnes and Edward O. Hopkins. In many respects Mr. Hopkins was a remarkable man. He was an honored citizen and the tender and sincere sorrow of the entire community fol- lowed him to his final resting place.

CHARLES VIELE is one of the pioneers of the city of Evansville, and one of its most prominent and best known business men.

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His history, therefore, is an essential part of the history of Evansville, though Mr. Viele very reluctantly yielded his consent to the appearance in this chapter of a personal mention of himself. He was born in Pitts- town, Rensselaer county, New York, No- vember 22, 1818. His parents, Abraham and Hannah (Douglas) Viele were natives of the state of New York, the former of French and the latter of Scotch extraction. The elder Viele was a prominent and suc- cessful manufacturer of agricultural imple- ments and machinery, and one of the influential citizens of Rensselaer county. He was largely identified with local politics, and for many years occupied various positions of

trust. Charles was the youngest son. His boyhood was passed in the village of Valley Falls, where he received an academical edu- cation. Early in life he evidenced the pos- session of that spirit of push, energy and enterprise which is characteristic of New York people. At the age of eighteen he resolved to avail himself of the advantages offered by settlement in what was then known as the "Far West." In the spring of 1836, in company with Mr. A. B. Car- penter, he left the place of his nativity, and after a tedious journey, by rail to Columbia, Pa., then the terminus of all western railroads, thence by stage to Pittsburgh and by boat to

Evansville; arrived in this city on the 26th day of March, 1836. Evansville had at this time reached the distinction of a village, and under his observation, and, to a certain ex- tent, through his identification with its inter- ests, it has become the second city in the state of Indiana. His first employment was as clerk in the store of A. B. Carpenter, with whom he remained until 1840, when, in company with Mr. Asa B. Bement, they founded the house of Bement & Viele, which became one of the largest and most success- ful grocery houses in the state. The firm of

Bement & Viele was dissolved in 1865, and was succeeded by that of Charles Viele & Co. In 1870 Mr. Viele retired, his son George B. being his successor, and the firm of Viele, Stockwell & Co. was established. For more than one-half a century he has been largely identified with the financial in- terests of Evansville. In 1850 the Evans- ville Insurance Company was organized, with a capital stock of $250,000. The charter contained insurance and banking privileges of a liberal character, and was a financial success from its inception. Mr. Viele was a member of the first board of directors, and it is stated that it was largely through his influence and energy that the company was brought into existence. Mr. Viele has never dissolved his connection with this bank, of which he has been the financial head for many years, and its presi- dent since 1879. To give a detailed history of his connection with the various enterprises with which he has been identified in the half century that he has been a resident of Evansville would require more space than is at the disposal of the writer. All enterprises, however, that have had for their object the advancement of the interests of the city of Evansville have always found in him a firm friend and patron. Mr. Viele is now in the seventieth year of his age, and in full posses- sion of his mental and physical powers. Extended travel, years of practical experience and close observation in social, political and business matters have given him a position that is attained but by few. It can be said of him that, in the half century of his busi- ness life, his escutcheon has never been

marred by one single act not conformable in every way to the strictest rule of right and justice, and his career is worthy of emu- lation by all classes and conditions of young men. His liberality is proverbial, and during financial depressions he has frequently gone

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History of Vanderburgh County, Indiana, from the earliest times to the present, with biographical sketches, reminiscences, etc., Part 27

Author: Publication date: 1889 Publisher: [Madison, Wis.] : Brant & Fuller Number of Pages: 714

Author:
Publication date: 1889
Publisher: [Madison, Wis.] : Brant & Fuller
Number of Pages: 714