Logan's Indianapolis directory, 1868, Part 46

Author:
Publication date: 1868
Publisher: Logan
Number of Pages: 416

USA > Indiana > Marion County > Indianapolis > Logan's Indianapolis directory, 1868 > Part 46

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).

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, and on the 27th of July George Tousey was

organizations. So far as is known, the first 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, 1866, 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 a government depository, and since its re- moval to the present location has rapidly

suspended active operations about 1840. It was reorganized by Defrees, Morris and others in 1852 or 3, and continued till 1858 increased in business. The circulation dur- or 9, when it again suspended. In 1865 the ing June, 1868, was $350,000, deposits stock was purchased, a new company organ- $354,235, discounts $292,800 ; exchange sales in 1867, $2,787,370.

ized, business resumed, and the capital in- creased to $500,000. The old Branch Bank The Merchants' National Bank was or- ganized January 17th, 1865, with $100,000 capital, Henry Schinull, president, V. T. Malott, cashier, and began business at 23 North Meridian street, but finding that lo- building was bought in 1867. It now docs an insurance and banking business. Its dis- counts in the bank department for the first quarter of 1868 were $99,220, deposits $159,647 ; exchange sales for fractional cation unfavorable it was removed in Janu- quarter in 1868, $67,884; average amount of discounted paper held during fractional ary, 1867, to 48 East Washington street, where it has since been located, and has quarter of 1868, $216,519. done much more business. John S. New- man became president September 1st, 1866,

John Wood, exchange broker and bank- er, began business in 1838 and continued The circulation for the first quarter of 1868 till September, 1841, when he failed, caus- was $90,000, discounts $132,000, surplus ing considerable loss to the community from funds $6,000, profit and loss $13,500; ex- change sales for 1867-8, $950,000. bank has nine stockholders.

the shinplaster notes which he had issued, The together with those of other equally respon- sible parties, that he had circulated. He 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 notli- 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, Scn., 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- izens' National Bank, and the capital in-

tinuing there till 1850. when he moved to the room now occupied by Raschig's cigar creased to $300,000. It was removed to No. store, and from thence in December, 1852, 2 East Washington street November 20tlı, 1866. Joseph R. Haugh was elected cashier in January, 1866. Circulation June, 1868, $270,000, deposits $206,000, discounts $338,-

to the present bank, 30 East Washington street, then just built. Timothy R. Fletcher -

was a partner from 1839 to 1858, when he retired. On the 1st 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,- 000.

came partners, S. A. Fletcher, Sen., retiring from the firm. On the 1st of January, 1868, The Fourth National Bank was organ- F. M. Churchman and S. A. Fletcher, Jr., ized January 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

LOGAN'S HISTORY OF

city. The deposits for the first quarter of 1868 were $635,000, discounts $560,000 ; exchange sales in 1867, $13,228,000.

But few failures of banks or bankers have occurred here, the following list comprising about all that have happened :

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 & Co. began a private bank in a one-story frame, where No. 4 Blackford's block is now, remaining there till the establishment was merged in the Bank of the Capitol in May, 1853, and moved to Dunlop's build- president and cashier of the Branch at this point, started the Indianapols Branch Bank- ing Company on the 1st of January, 1857, at the south-west corner of Washington and Pennsylvania streets, where the bank has 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.

Alfred and John C. S. Harrison started an exchange office in May, 1854, in the depositors $15,000. The most if not all of second-story room of the Johnson building, 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 remained. No changes have occurred in

Pennsylvania street, K. Ferguson, proprie- 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,- 000, deposits $227,347; exchange sales in 1867, $2,140,000.

was compelled to suspend payment. The liabilities have lately been settled.

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 1st, ly done and shinplaster notes circulated, but 1865, with a capital of $100,000, and began the enterprising financier was arrested in business in Vance's building, corner Wash- November for passing counterfeit money, and shortly after disappeared. ington street and Virginia avenue, March 14th, 1865, where the bank remained till No effort has hitherto been made to ascer- May 16th, 1867, when removed to 28 East 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 ; exchange sales in 1867, $3,000,000.

that year, but a large additional sum should 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, began dry goods in 1867, and the trade has rap- business in Blake's Commercial Row in 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 cinnati banks, and bankers, to run our State 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- currency for redemption. This action on lumbus to Jeffersonville, in August, 1835. their part made them and their principals The first railroad meeting ever held here at Cincinnati very unpopular, and produced was on March 24th, 1834, to secure sub- the commercial convention of 1856.

scriptions on the Lawrenceburgh line, from

of the Capitol was compelled to suspend payment September 17th, 1857, owing his this was paid by the receiver in April, 1858.

INDIANAPOLIS FROM 1818.

individuals and from the county commis- street, and the Marion was located there. sioners.

The company disbanded in October, 1859, during the trouble preceding the introduc- tion of the paid department, but re-entered

The first meeting of the Whig party by that name, was held at the court house May 17th, Robert Brenton, president. John Ho- the service in November, and was finally bart, Hiram Brown, Wm. Quarles, and disbanded February, 1860. The old engine John H. Scott were the speakers.

was used by the company till July, 1858, when a new, powerful side hand-brake en-

A meeting was held at the court house 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.

The Indianapolis Brewery, the first one when it was given to the Western Liberties Company and a row-boat engine was bought

in the place, was started this year near the 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- 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.

pany became dissatisfied with it, and bought engine at that time, which they used till they disbanded in November, 1859. Diffi- culty ensued between the company and the

1835. The State House being nearly completed, the Assembly, February 7th, di- 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 city except the old row-boat engine, which balance for the State. A citizens' meeting was broken up and the materials sold in April, 1860, and the company finally dis- was held on February 12th. The old fire- 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 levy a fire and public well tax. Caleb formed in November, 1849, taking the old Scudder was chosen captain of the company. Good Intent, and occupying an old frame The trustees levied the tax, and subscrip- house at the fork of Washington street and tions were also made by individuals ; the the National road, near the race, using a State furnished her quota, and in the sum- large iron triangle for a bell, but they mer of 1835 the old Marion, a box, hand- brake engine, was bought in Philadelphia for about $1,800, and duly received here in In April, 1857, a new hand-brake engine, September. A one-story frame house was first built for it by the State in 1836, but on the 6th of February, 1837, a two-story

moved in 1857 to the house now used by the steam engine No. 1, west of the canal. the Indiana, was bought for them, and used till November, 1859, when the company was disbanded, and the steam engine No. 1 frame house was ordered to be built on the afterward stationed in their house. The north side of the Circle, and was erected Indiana was afterward sold.

during the summer. It was occupied as an

The Invincibles, a company mostly com- engine house and council chamber till the posed of Germans, was formed in May, summer of 1851, when it was burned and 1852, in the first ward, and the Victory, a the records of the town were destroyed with the house. On the 20th of February, 1838, the Marion Fire Company was incorporated. In the spring of 1840, the Good Intent, a small hand-brake engine, procured shortly" afterward, and used by them till March, 1857, when the Conqueror, a fine hand- brake engine, was bought and used by them box, hand - brake engine, was bought in till August, 1859, when the company dis- Philadelphia, and used for a time by the

banded and surrendered its property to the Marion company with the old Marion, but city. The house of this company, built in in 1841 the company was divided, and the 1854-5, just north of Washington on New Independent Relief Company was formed

Jersey street, is now occupied by the hook and took the Good Intent. After the burn- and ladder company. The company was ing of the Marion house on the circle, a large, prompt and effective, and during its brick house was built in 1855-6, at the cor-

existence made several trips to other cities. ner of Massachusetts avenue and New York After the new engine was bought the Vic-

Intent and using it till November, 1849,

LOGAN'S HISTORY OF

tory was used by a company of boys. After retary and messenger for ordinary business, the first paid department was organized,

and its chief and assistant engine directors, the Invineible company was re-organized as pipemen, hosemen and brakemen for serv- a part of it, and the Conqueror continued in ice. The corporate authorities exercised use till the summer of 1860, when the com-

little eontrol over the firemen until after the pany was finally disbanded, and the engine city charter in 1847, and not mueh then till sold shortly after to the town of Ft. Wayne.

1853, when the office of chief fire engineer The Union Company, No. 5, was organ- ized in 1855, and a house built on South street for it in 1856, and in April of that was created and rules prescribed for the government of the department. Joseph Little was chosen first chief May 6th, 1853. year the "Spirit of 7 & 6," a Jeffers hand- His sueeessors sinee that date have been Ja- brake engine was bought and used by the cob B. Fitler, elected 1854; Chas. W. Pureell, 1855; Andrew Wallace, 1856 ; Joseph W. Davis, 1858; John E. Foudray, 1859; and under the paid department, Joseph W. Da- vis, 1859; Charles Riehmann, 1863; Geo. W. Buchanan, 1867 ; Charles Richmann, May, 1868.

eompany till November, 1859, when the company was disbanded and surrendered"its apparatus to the city. Some effort was af- terward made to re-organize the company under the paid department, but without suc- cess. The engine was sold at $600 in Octo- ber, 1860, as part pay for the steam engine

The volunteer system worked well till No. 3, which was subsequently stationed in 1857. The rivalry between the companies the Union house.

produeed good results ; but the organization

The Rover Fire Company was formed in of the fire association in 1856, while render- the third and fourth wards in Mareh, 1858. ing the department more efficient, also made A house was secured for them, one of the it a political machine and increased the de- old engines assigned to them, and steps tak- en to purchase an engine, but before any-

mands on the treasury. Conflicts and jeal- ousies gradually arose between the compa- thing was done the approaching change of nies, and on the choice of J. W. Davis as

system became evident, and the company chief engineer in May, 1858, disputes arose was disbanded in June, 1859, and the house as to the fairness of his election and man-

sold in 1860. Hose companies were simul- taneously formed for each of the foregoing fire companies, and the necessary hose, reels and other apparatus furnished to them.

agement. The dissension impaired the effi- ciency of the organization, and the trouble was not entirely healed the next year under Foudray. It broke out afresh in August, A hook and ladder company was formed in 1843, as a part of the old volunteer de- partment, and the necessary wagon, ladders, ropes, hooks, axes and buekets procured. The company continued its organization till disbanded with the rest of the department 1859, on the proposition to substitute a paid department, which was earnestly advocated by Davis. The Invineibles disbanded in August, 1859, the Marions and Westerns in October, the Relief, Rover and Union in November, and the city was left for a short November 14th, 1859, but was re-organized time without a fire organization. The Mar- as a part of the paid department, and still ions re-entered the serviee in November, continues in service, occupying the old In- vincible house on North New Jersey street.

but finally disbanded in February, 1860. The volunteer department in the spring of panies, with about four hundred and eighty men ; two hook and ladder companies, with about one hundred men ; one chief and two assistant engineers ; seven houses, and about seven thousand feet of hose.

The Young America Hook and Ladder 1859 ineluded six engine and six hose com- Company was formed in May, 1858, and got their wagon and apparatus in June, re- maining in service till disbanded in Novem- ber, 1859. In Deeember, 1849, a number of boys formed the "O K Bueket Company," and proeured a wagon and the old ladders It was evident that a change would have aud leather fire-buckets which belonged to to be made in consequence of the dissension the State and private citizens, and to the arising over the election of engineer in May, Indianapolis Fire Company in the earliest 1858, and on account of the rapidly-increas- organization of the department. The coun- cil subsequently gave them a new wagon and buekets, and provided a house for them. They were effective-generally get-

ing expense of the system. Fire alarms were very frequent, and the companies were charged with their origin. The couneil, in August, 1859, declared it inexpedient to re- ting the first water on fires-until they dis- organize the volunteer department. The banded in 1854. The company was revived fire committee reported, September 4th, in in 1855, but disbanded finally in 1856, the favor of a paid system, and the purchase of boys taking the Vietory formerly used by the Invineibles.

a third-class steam engine, and selling the old Relief and Good Intent engines. A Under the volunteer system each company Latta steam engine was exhibited here Sep- was independent, having its president, sec- tember 23d-4th at the county fair, and tried

INDIANAPOLIS FROM 1818.

at the Palmer House cistern before the com- the building. Two watchmen have since mittee. A Lee & Larned engine was also been employed, giving the locality of the brought here and tried October 15th and fire by striking the number of the ward. In 22d, at the canal. It was determined to February, 1868, a fire-alarm telegraph was buy one of the Lee & Larned machines, and adopted, and the wires, boxes and fixtures completed and put in operation by the end of April, at a cost of about $6,000. on the 30th of March, 1860, it was received and stationed at the Western engine house. On the 14th of November, 1859, the old

During the existence of the first bucket volunteer department was disbanded by or- fire company the dependence for water was dinance, and a paid department, consisting wholly on private wells. After the Marion of one steam and two hand engines, and a and Good Intent engines were bought a few hook and ladder company, was authorized, and J. W. Davis made chief engineer at a large public wells were dug in the central part of town. The first cisterns (two in

salary of $300. C. Richmann and W. Sher- number, holding three hundred barrels wood were made captains of the two hand each,) were built by the trustee government engine companies, W. W. Darnell of the in the spring of 1840, but it was not till Oc- hook and ladder company, and Frank Gla- tober, 1852, when a cistern tax was ordered zier engineer of the steamer. Some diffi- by special election, that any number of cis- culty was experienced in forming the hand terns were built. Sixteen were constructed companies on account of the general oppo- by the close of 1853, and since that date fifty sition to the chief engineer, but the force two, ranging from three hundred to eighteen was fully organized by January, 1860. The hundred barrels, have been built in various engineer was ordered to sell the old and quarters of the city, and though the supply surplus apparatus. The Marion engine was is still inadequate, the protection is ample sold in April, 1860, to Peru ; the Union in against all ordinary fires. In the spring of October to the Seneca Falls Company ; the 1868 $300 were appropriated to bore an ar- Conqueror in February, 1861, and the re- tesian well to test the project for supplying mainder since that period, the last one be- cisterns from underneath the surface. At ing sold within the last year.

In August, 1860, a third-class Latta en- gine was bought, arriving here in October, and was stationed at the old Marion house. at a cost of about $1,000.

A Seneca Falls engine was exhibited at the

present they are filled from wells, and the creck and canal by the engines, or by a steam pump, built for the purpose in 1864,

Though so largely built of wood, this State fair, and tried October 22d before a city has been remarkably fortunate in re- committee of the council in competition gard to fires. The streets are so wide, and with the other engines, the result being that the department has been so prompt, that the council purchased it at $3,500, giving fires rarely go beyond the houses in which the old Union at $600 in part pay, and sta- they originate. As the present buildings tioned it at the Union house on South street. are replaced by brick, stone or iron struc- Frank Glazier was appointed engineer of tures, with fire-proof walls and roofs, the the No. 1, Charles Curtis of the No. 2, and immunity from destructive conflagrations Daniel Glazier of the No. 3. Hosemen and will be still greater. The ordinary rates of pipemen were also appointed, and but few insurance are too high for this city, and our changes have since been made in the force. people are now helping to insure property in cities like Chicago, where more loss is frequently suffered in a single fire than oc- curs here in a year. After seven years' trial of the three engines, the council in 1867 purchased an additional Seneca Falls machine, No. 4, which was re- ceived and put in service in December, and The State Board of Agriculture was char- the No. 3 sent baek for repairs. These tered in February, 1835, Jas. Blake, Larkin were completed and the engine returned in Simms, John Owen and M. M. Henkle, di- March, 1868, the whole cost of the new rectors ; James Blake, president, M. M .. engine and the repairs on the old one being about $6,500. The Latta engine was then relieved from service for repairs, and the Lee & Larned will be repaired in its turn. The department is now in an efficient state.

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

Logan's Indianapolis directory, 1868, Part 46

Author: Publication date: 1868 Publisher: Logan Number of Pages: 416

Author:
Publication date: 1868
Publisher: Logan
Number of Pages: 416