USA > Indiana > Marion County > Indianapolis > Logan's History of Indianapolis from 1818. Giving a carefully compiled record of events of the city from the organization of the state government > Part 6
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John L. Welshans Thos. bonnellan .. Jatues Wood ........
1835. Joseph A. Levy ... James G. Jordan, N. N. Norwood ... Henry Ohr ....
George Norwood .. John Coen ... .. James Wood ........
J. Wermagen, E. } Win. Wilkinson Jacob Miller, W. S. Jacob B. Fitler, E Jacob B. Fitler, Jacob Miller, W ...
1816. Joseph A. Levy ... James G. Jordan. Jacob B. Fitler ... Henry;ohr .........
*Wm. Sullivan resigned November 12th, and D. V. Culley was elected by the Council.
NOTE .- In addition to the above-named officers, James Morrison was the Corporation Attorney in 1834 and 1837; Ilngh O'Neal in 1838, and John L. Ketcham in 1846. John F. Ramsey was Weighmaster in 1836, and Adam Haugh from 1840 to 1846 inelusive. John Musgrove was Sex- ton in 18-13, '45 and '46, and John O'Conner in 1844. David Cox was Messenger of the Marion Fire Company from 1813 to 1816 inclusive, and Ja- cob B. Fitler of the Good Intent in 1845-6. Thomas M. Smith way elected Chief Fire Engineer for 1816, the office being created that year.
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LOGAN'S HISTORY OF
Samnet Jenison ...
Thos. If. Sharpe. Geo. Lockerbie ...
1835. N. B. Palmer ...... Joshua Soule ......
1836, Geo, Lockerbie ... Joshua Soute ..... 1837. Joshua Soule ...... Hugh O'Neal ...... 1838. JAS. Morrison ..... J. Soule .....
Win. Sullivan ..... Win. Sullivan ...... Luke Munsell ......
F. T. Lnse. (?) ..... Wm. Ballenger. Thos. Impton (?) Thos. Lampton ...
.I. Wormagen .... J. Wormagen ... W. Campbell }
Luke Munsell S. J. Wormagen. J. Wormigen. J. Van Blaricum
Thos. H. Sharpe .. John Elder ...
F. T. Lnse. (?) .. F. T. Luse. (?) ... F. T. Luse ... ...
.
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27
INDIANAPOLIS FROM 1818.
1833. William Henry Harrison, the Merrill served as president till 1840, James former Governor of the Territory, visited Morrison till 1850, Ebenezer Dumont till the town for the first time January 11th. 1855, H. McCullough till 1859. Additional He was received by the Assembly and ten- time was given to wind up the business. dered a public dinner at Washington Hall, The bank was first located in the Governor's January 17th, at which he made a Union Circle in 1834, then on Washington street speech. He visited the town again January till 1840, when the banking house on Illi- 13th, 1835.
nois street and Kentucky avenue being com- The first homicide here occurred on the pleted, it was removed to and remained Sth of May, Michael Van Blaricum drown- there till 1859, being succeeded in its occu- ing William McPherson by upsetting a pancy by the Bank of the State. The old boat in the river. The murder created State Bank was a safe and very lucrative great excitement at the time. He was enterprize for its stockholders, and made tried and sent to the penitentiary in Oc- good and steady dividends. All the branch- tober, 1834. The first wholesale grocery es suspended specie payments under its di- was opened in June by Beard & Patterson. rection May 18th, 1837, during the financial
The cholera had been prevailing else- panic and bank run of that period, and did where this year, and on the 18th of June not resume payment till June 15th, 1842, one or two cases of supposed cholera-not when directed to do so by aet of the General fatal-occurred here. The churches assign- Assembly.
ed and kept the 26th as a special fast day. The Branch of the State Bank at this No other cases happened then, but in July point was organized November 11th, 1834, it became very faral at Salem, Indiana, and, with Harvey Bates, president, B. F. Morris, the trustees of the town called a meeting on cashier. These officers served for two or the 17th at the court house. One thousand three years, and were succeeded by Calvin dollars were subscribed by the citizens, res- Fletcher as president and Thos. H. Sharpe olutions passed, a board of health consisting cashier, who served till the charter expired. of five physicians and five citizens appoint- The State and Branch Banks began busi- ed, visiting committees were assigned to ness November 20th, 1834. The Branch each ward, sanitary measures were adopted banking honse, on Pennsylvania street and and medicines procured. The trustees were' Virginia avenue, was built in 1839, and oe- also requested to open a hospital. The cupied from 1840 to 1859, when it was sold Governor's Circle was accordingly secured for nearly $16,000 to the Sinking Fund, and for the purpose, and Dr. John E. McClure by the Fund in 1867 for $30,000 to the In- assigned as physician. There were no cases dianapolis Insurance Company, who now here however, and the building was not occupy it. For many years the rule of the used. bank was to loan but $200 to any one per-
The first cireus, (combined with a menag- son, unless a greater sum was needed for erie, Brown & Bailey's, ) exhibited at Hen- stock or grain enterprizes, which were made derson's tavern August 13th and 14th. Aspecial exceptions.
new graveyard was laid out cast of the old| The old State Bank charter being about one, and lots sold in October by Isaac Coe. to expire, the General Assembly, on the. The great meteor shower on the 13th of 3d of March, 1855, chartered "The Bank of November, from 2 A. M. to daylight, was the State of Indiana," with seventeen witnessed with awe by the people, many of branches, (three additional branches being whom thought the end of the world was afterward authorized, ) and it was organized close at hand and they unprepared for the November 1st, 1855, Hugh McCullough be- ing elected president, and J. M. Ray cash- event.
1834. The State Bank of Indiana was ier, with seventeen directors-one from each chartered January 28th, 1834, for twenty- Branch. It began business January 2d, five years, with a capital of $1,600,000 in tif- 1857, with a capital of $1,836,000, and re- ty dollar shares, one-half of the stock to be ported $132,216 profits over all expenses in held by the State. Its charter was amended the first six months. It continued an ex- with its consent in several particulars at tremely lucrative business, rapidly extend- subsequent dates. Samuel Merrill was ing its capital, until after the adoption of elected president by the Legislature, with the National Bank system and the taxation Calvin Fletcher, Seton W. Norris, R. Mor- of free and State bank paper. In January, rison and T. H. Scott State directors. J. 1865, the Assembly authorized it to reduce M. Ray was chosen cashier, a position he its capital, redeem its stock, distribute sur- held till the charter expired. The bank plus funds, &c., to stockholders, and close was organized February 13th, with ten up its branches and business, and at present branches, (ultimately increased to sixteen, ) it is about completed, the branches having and books opened for stock subscriptions for nearly all been merged in National Banks. thirty days from the 7th of April. Samuel It was located in the building of the old
28
LOGAN'S HISTORY OF
State Bank on Illinois street and Kentucky in the basement of Masonic Hall. The avenue, which was sold in May, 16s, to cashier, W. F. May, absconded in May, the Franklin Life Insurance Company, and 1855, taking about $10.000 with him, erip- now occupied by that corporation. Hugh pling the bank so badly that it collapsed MeCullough, George W. Rathbone and J.Shortly afterward.
M. Ray have been the presidents, J. M. The Central Bank, Ozias Bowen and J. Ray and Joseph A. Moore cashiers of the D. Defrees, successive presidents, Sidney institution. Moore and W. H. McDonald, successive
The Branch at this point of the Bank of cashiers, with a nominal capital of $500,000, the State was organized July 25th, 1855, began business in July, 1855. at No. 23 with a capital of $100.000, afterward in- West Washington street. The Traders' creased to over $200,000. W. H. Talbott. Bank, Woolley & Wil-on, proprietors, be- being elected president. The stock was af- gan in 1854 at the office of Ellis & Spann terward sold at an advance to other parties, on Illinois street ; and the Metropolitan and the bank began business in January, Bank, A. F. Morrisrn & Co., proprietors, J. 1857, at the north-west corner of Washing- D. Dunn, president, Jerry Skeen, cashier, ton and Illinois streets, with George Tonsey, in 1855 in Blake's Commercial Row, but president, C. S. Stevenson, cashier. Steven- neither of them did much business, and son resigned to enter the pay departn.ent in suspended payment soon after getting their June, 1861, and D. E. Snyder was cashier notes in circulation, and were shortly after till November, 1866, being succeeded Ly D. elosed up by their owners or by the Auditor M. Taylor, present cashier. Oliver Tousey of State. The free bank system entailed was elected president in June, 1000, suchgreat loss on the community from the depre- ceeding George Tousey, who had resigned ciation of the circulation. the owners finding to become president of the Indiana National it much more profitable to buy in at a Bank. The bank was removed in March, heavy discount than to redeem it or at- 1860, to the corner room of Yohn's block, tempt to do a legitimate business.
The State and free bank systems have removed to the back room in the same been superceded in the last five years by the building and its affairs wound up.
where it remained till 1867, when it was
National banking system. The First Na-
A general bank law was adopted by the tional Bank wis organized August 1st, 1863, Assembly in May, 1852, and shortly after- with $150.000 capital, under the National ward applications were filed by different law. W. H. English was president, and W. parties for a number of banks at this point, |R. Nofsinger, cashier. John C. New was some of which were afterward organized chosen cashier January 11th, 1865. The under other names, and others were never bank was reorganized September 22d, 1864, completed. Among these applications were and the capital increased to $500,000 .- the City Bank, nominal capital 5500,000, in There are at present sixty stockholders. December, 1852, A. Defrees, proprietor ; The bank was first located just north of Bank of Indianapolis. J. Woolley & Co .. Odd Fellows Hall, then in the north room proprietors, capital S-100,000, January, 1553; of the hall, and removed thence October Ist, -State Bank of Indiana, $500,000, January, 1865, to the corner room of Blackford's 1853; Agricultural Bank, $200,000, Febru-|block. It has been a government depository ary, 1853 ; Traders' Bank, Woolley & Wil-|from its origin, and has done a very extend- son proprietors, $300,000, May, 1853.
ed and lucrative business. Its circulation
The banks actually organized here under during the first quarter of 1868 was 8450,- the law were the Bank of the Capitol, J. 000, deposits 8700,000. discounts 5000,000, Woolley & Co., proprietors, nominal capital surplus $75,000, profit and loss $125,000; $400,000, W. S. Pierce and J. H. Bradley exchange sales in 1867, 84,620,000.
successive presidents, J. Woolley, cashier.
The Indianapolis National Bank was or- It began business in 1853 in a little frame ganized December 15th, 1864, with $500,- house where Blackford's block now stands, 000 capital, Theodore P. Hanghey being then removed to Dunlop's building, then elected president, and Ingram Fletcher, lately built on North Meridian street, and cashier. IIe resigned in January, 1866, then to No. 6 East Washington street, being succeeded by A. F. Williams, present which had just been finished. The concern cashier. The bank rented the corner room carried more sail than ballast, and capsized of Odd Fellow's Hall, where it has since September 15th, 1857, in the financial storin been located. It has been a government of that date, with liabilities to over $50,000, depository from its origin, and has done a nominal assets $56,000.
large and lucrative business. The circula- tion during the first quarter of 1865 was $450,000, surplus fund $78,000, deposits
The Farmers' and Mechanics' Bank. Al- len May and G. Lee successive presidents, William F. May and O. Williams success- >432.900, discounts $416,000 ; commercial ive cashiers, began business February, 1854, exchange sales in 1867, $3,606,650.
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INDIANAPOLIS FROM 1818.
29
The Indiana National Bank was organ -!
It is difficult to give with certainty the ized, with $250,000 capital, March 14th, history of the different private banking en- 1865, Oliver Tousey being elected president. terprises of the city, some of which now vie David M. Taylor, cashier. The capital was in business and importance with the public increased June 6th. 1865, to $400,000, andiorganizations. So far as is known, the first on the 27th of July George Tousey was private banking enterprise (though an in- elected president, D. E. Snyder, cashier. corporated company its banking privileges D. M. Taylor was chosen cashier November were at first taken advantage of only by the 26th, 1866. The bank was opened at 19. secretary, Mr. Gregg, ) was the Indianapolis North Meridian street in July, 1865, but Insurance Company, chartered February the location being an unfavorable one, it 8th, 1836, with >200.000 capital, and with was removed November 26th. 1566, to the insurance and favorable banking powers. corner room of Yohn's block, the Branch of It began operations in April, and for some the Bank of the State removing to the back years did considerable business in insurance room, and its business being transferred to'and banking, but gradnally declined, and the Indiana National Bank. The bank is;suspended active operations about 1840. It a government depository, and since its re- was reorganized by Defrees, Morris and moval to the present location has rapidly, others in 1852 or 3, and continued till 1858 increased in business. The circulation dur-for 9, when it again suspended. In 1565 the ing June, 1868, was $350.000, depo-its'stoek was purchased, a new company organ- $354,235, discounts $292,800 ; exchange ized, business resumed, and the capital in- sales in 1867, $2.787,370.
creased to $500,000. The old Branch Bank
The Merchants' National Bank was or- building was bought in 1867. It now does ganized January 17th, 1:05, with $100,000 an insurance and banking business. Its dis- capital, Henry Schnull, president, V. T. counts in the bank department for the first Malott, cashier, and began business at 23 quarter of 1868 were $99,220, deposits North Meridian street, but finding that lo- $159,647 ; exchange sales for fractional cation unfavorable it was removed in Janu- quarter in 1868, $67,884; average amount ary, 1867, to 48 East Washington street, of discounted paper held during fractional where it has since been located, and has quarter of 1868, $216,519.
done much more business. John S. New-, John Wood, exchange broker and bank- man became president September 1st, 1866, er, began business in ISSS and continued The circulation for the first quarter of 1868 till September. IS41, when he failed, caus- was $90,000, discounts 8132,000, surplus ing considerable loss to the community from funds $6,000, profit and loss $13,500; ex- the shinplaster notes which he had issued, change sales for 1867-8, $950,000. The together with those of other equally respon- bank has nine stockholders.
sible parties, that he had circulated. He ยท The Citizens' National Bank was organ- soon after left this section.
ized - November 28th, 1864, with $200,000 E. S. Alvord & Co. did a banking busi- capital, Isaiah Mansur, president, Asa G. ness from January, 1839, to 1843, but noth- Pettibone, cashier, and began business short- ing can now be stated as to its extent or ly after at No. 3 West Washington street. character.
It was consolidated December 1st, 1865,' S. A. Fletcher, Sen., opened an exchange with the Fourth National Bank, Isaiah office in 1839 in a one-story frame shed next Mansur being elected president, and Joseph to Wolfram & Rommel's saddle shop, at the R. Haugh, assistant cashier of the combined present No. 8 East Washington street, con- corporation, which retained the name of Cit- tinuing there till 1850. when he moved to izens' National Bank, and the capital in- the room now occupied by Raschig's cigar creased to $300,000. It was removed to No. store, and from thenee in December, 1852, 2 East Washington street November 20th, to the present bank, 30 East Washington 1866. Joseph R. Haugh was elected cashier street, then just built. Timothy R. Fletcher in January, 1366. Circulation June, 1868, was a partner from 1839 to 1858, when he $270,000, deposits $206,000, discounts $338,- retired. On the Ist of June, 1864, S. A. 000, profit and loss $24,000, surplus fund Fletcher, Jr., and F. M. Churchman, be- $35,000; exchange sales in 1867, $1,067,- came partners, S. A. Fletcher, Sen., retiring 000. Ifrom the firm. On the Ist of January, 1508,
The Fourth National Bank was organ- F. M. Churchman and S. A. Fletcher, Jr., ized Jannary 23d, 1865, with a capital of dissolved, S. A. Fletcher. Jr., retiring from, $100,000, Timothy R. Fletcher, president, and S. A. Fletcher, Sen., re-entering the Joseph R. Haugh, cashier, and began busi- firm. The bank has done a very lucrative ness at No. 11 North Meridian street. It business since its origin, increasing its capi- was merged and consolidated in December, tal from $3,000 in 1839 to $200,000 in 1865, with the Citizens' National Bank, as 1868, and is now the leading private bank, above stated, losing its separate existence. doing the heaviest banking business in the
30
LOGAN'S HISTORY OF
city. The deposits for the first quarter of But few failures of banks or bankers have 1868 were $635,000, discounts $560,000 ; occurred here, the following list comprising about all that have happened :
exchange sales in 1867, $13,228,000.
Before the expiration of the old State John Wood's bank, established in 1839, Bank charter, Calvin Fletcher. Sen., and failed in 1841, as before stated. Thomas H. Sharpe, who had long been the! In the spring of 1852 John Woolley & president and cashier of the Branch at this Co. began a private bank in a one-story point, started the Indianapols Branch Bank-'frame, where No. 4 Blackford's block is ing Company on the 1st of January, 1857, now, remaining there till the establishment at the south-west corner of Washington and was merged in the Bank of the Capitol in Pennsylvania streets, where the bank has May, 1853, and moved to Dunlop's build- ever since been located. As the capital of ing, and subsequently to No. 8 East Wash- the old Branch was diminished and its bus- ington street. The failure of that bank has iness closed, the capital of the Banking already been mentioned. It produced a Company was increased, and it has done a run on the other banks, resulting two days large and lucrative business, second only if after in the failure of the savings bank.
not equal to S. A. Fletcher & Co. Calvin!
William Robson, A. L. Voorhees and Fletcher, Sen., died May 26th, 1866, and others started a savings bank in 1854 in the his interest in the bank descended to his corner room of Odd Fellows Hall, Robson sons, Ingram and Albert Fletcher. The and Voorhees being successively the presi- capital of the bank is $200,000. The dis- dents, and Joseph R. Robinson cashier. counts for the first quarter of 1868 were Robinson became proprietor in 1857, and in $500,000, deposits $500,000 ; exchange sales the panic following the failure of the Bank in 1867, $3,147,280.
of the Capitol was compelled to suspend
Alfred and John C. S. Harrison started payment September 17th, 1857, owing his an exchange office in May, 1854, in the depositors $15,000. The most if not all of second-story room of the Johnson building, this was paid by the receiver in April, 1858. remaining there till August, 1855, when the In the fall of 1862 Kilby Ferguson start- adjoining bank building was completed and'ed the Merchants' Bank at No. 2 North the bank removed there, where it has since| Pennsylvania street, K. Ferguson, proprie- remained. No changes have occurred in tor, G. R. Gosney, cashier, and continued its ownership since its origin. S. W. Wat- business there till August, 1863, when by son is cashier. For the first quarter of 1868 reason of unfortunate gold speculations he the capital was $100,000, discounts $188,-iwas compelled to suspend payment. The 000, deposits $227,347; exchange sales in liabilities have lately been settled. 1867, $2,140,000.
In the spring of 1856 G. S. Hamer start- The Indiana Banking Company, with seven ed an exchange office in the basement of the partners, F. A. W. Davis, president, W. W. American House, where shaving was close- Woollen, cashier, was organized March Ist, ly done and shinplaster notes circulated, but 1865, with a capital of $100,000, and begin'the enterprising financier was arrested in business in Vance's building, corner Wash- November for passing counterfeit money, ington street and Virginia avenue, March'and shortly after disappeared.
No effort has hitherto been made to ascer-
14th, 1865, where the bank remained till} May 16th, 1867, when removed to 28 Eset tain the extent of the dry goods and grocery Washington street. No changes in organ- trade here. The exchange sales by the ization or amount of capital have since been banks in 1867, amounting to $34,614,180, made. The discounts for the first quarter may give an approximate measurement for of 1868 were $394,540, deposits $380,274 ; that year, but a large additional sum should exchange sales in 1867, $3,000,000.
be added for currency transmitted by ex- J. B. Ritzinger opened a savings bank the press. It may be safe to estimate this sum 26th of March, 1868, at 38 East Washing-|at $2,884,515, one-twelfth of the total, and ton street, J. B. Ritzinger, proprietor, A. by adding this we get $37,498,695 as the W. Ritzinger, cashier ; capital $50,000.
approximate importations of groceries and
Dunlevy, Haire & Co., brokers, begin dry goods in 1867, and the trade has rap- business in Blake's Commercial Row ja'idly increased in 1868.
February, 1856, and continued here for a, A number of railways were chartered and year or two. They were agents of the Cin- re-chartered in 1833-4-5, and efforts made einnati banks, and bankers, to run our Stare to build them. Government surveyors ran and free banks for gold, and within three the lines from Lawrenceburgh, Madison months afterward had returned $2,000,000;and Lafayette to this point, and from Co- eurrency for redemption. This action columbus to Jeffersonville, in August, 1835. their part made them and their principal: The first railroad meeting ever. held here at Cincinnati very unpopular, and producei was on March 24th, 1834, to secure sub- the commercial convention of 1856.
scriptions on the Lawrenceburgh line, from
31
INDIANAPOLIS FROM 1818.
individuals and from the county commis- street, and the Marion was located there. sioners.
The company disbanded in October, 1859,
The first meeting of the Whig party by during the trouble preceding the introduc- that name, was held at the court house May tion of the paid department, but re-entered 17th, Robert Brenton, president. John Ho- the service in November, and was finally bart, Hiram Brown, Win. Quarles, and disbanded February, 1860. The old engine John H. Scott were the speakers.
was used by the company till July, 1858,
A meeting was held at the court house when a new, powerful side hand-brake en- June 9th to devise means for the suppres- gine was purchased by the council and giv- sion of gambling. Resolutions were adopt- en to the company. This machine was sold ed, and prosecutions threatened unless the in April, 1860, to the town of Peru for gamblers left. Meetings of a similar char- $2,130. acter were held in subsequent years, and an
The Independent Relief Fire and Hose association formed to suppress the vice. Company was formed and incorporated with Another raid was made in August, 1835, on peculiar privileges in 1841, taking the Good the gamblers.
Intent and using it till November, 1849,
The Indianapolis Brewery, the first one when it was given to the Western Liberties in the place, was started this year near the Company and a row-boat engine was bought canal, on Maryland street, by Young & by subscription and money realized from Wernwag. A ropewalk was started on fairs, and used till August, 1858. The com- pany became dissatisfied with it, and bought Market street, east of the market house.
The pension agency was removed here (aided by the city,) a powerful hand-brake from Corydon in January.
engine at that time, which they used till 1835. The State House being nearly they disbanded in November, 1859. Diffi- completed, the Assembly, February 7th, di- culty ensued between the company and the rected the State treasurer to insure it, and city authorities as to the ownership of the to buy twenty fire-buckets, and ladders to engines and other property, but in Februa- reach the roof, and if the citizens subscribed ry, 1860, they surrendered everything to the half the cost of an engine, to subscribe the eity except the old row-boat engine, which balance for the State. A citizens' meeting was broken up and the materials sold in was held on February 12th. The old fire- April. 1860, and the company finally dis- bucket company reorganized as the Marion solved. Their engine house during the Fire and Hose and Protection Company. greater portion of their existence was in The trustees were called on by resolution to Hubbard's block, on Meridian street, subscribe the money for the engine, and The Western Liberties Company was lery a fire and public well tax. Caleb formed in November, 1849, taking the old Scudder was chosen captain of the company.
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