USA > Indiana > Wayne County > Richmond > Memoirs of Wayne County and the city of Richmond, Indiana; from the earliest historical times down to the present, including a genealogical and biographical record of representative families in Wayne County, Volume I Pt. 2 > Part 3
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).
Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25 | Part 26
The first statement of the Comptroller, on Dec. 24. 1885.
297
FINANCIAL INSTITUTIONS
showed the total resources to have been $130,042.59. The state- ment of Jan. 31, 1910, showed the total resources to be $1, 110,980.72. The original capital paid in was $100,000. The present capital paid in is $150,000, with a surplus and earnings of $118,806.43. The total resources at regular intervals since the bank started are: 1886, $245,438.85 ; 1896, $453,439.80 ; 1906, $976,600.34 ; 1909, $1, 141,886.81.
THIE RICHMOND LOAN AND SAVINGS ASSOCIATION.
This association was the next financial institution of Rich- mond to be organized. The first meeting was held Sept. 15, 1887. when the stock was subscribed in shares of $250 each. The stock- holders met for organization, Sept. 22, 1887, and took out their char- ter on Sept. 27, 1887, under the laws of the State of Indiana. They began business Oct. 12, 1887. The first two or three meetings were held at the place of business of William Bockhoff, on South Eleventh street. The next ones were held above Peter Johnson's store, and they then moved to Barney Fleming's cigar store, where the Jenkins jewelery store is now located. They next met in the Hittle Building, and in June, 1896, moved to the present place of business on North Ninth street. Theodore Woodhurst was the first president, serving until his death, in March, 1909. William Bartel was vice-president for one year, when George Bishop was elected. In 1909, Bartel succeeded Woodhurst as president and John Runge was elected vice-president. John H. Meerhoff was the first treasurer chosen, a place he still holds. William F. Piehl was elected secretary and served five years; his place was then taken by William H. Hawekotte, who held it until September, 1901. at which time Mr. Piehl was re-elected and is the present secretary.
Charles E. Shively was the first attorney for the association, holding the position for one year. Harry Starr was his successor until September, 1907; then Byram Robbins held the office for one year and was succeeded by Benjamin F. Harris, who is the attor- ney now. The first directors were J. H. Runge, William F. Piehl, William Bockhoff, Theodore Woodhurst, John H. Meerhoff, Wil- liam Hieger, William H. Rosa, William Bartel, and Edward Temme. They opened for business with a capital of $500,000. This was raised, April 14, 1891, to $700,000; then, March 10, 1892, to $900,000, and Jan. 3, 1896, to $1,000,000, the present capital. The present directors are George Bishop, John H. Runge, William F. Piehl, John H. Meerhoff, William Hieger, George W. Meyer, Au- gustus F. Wissler, and L. S. Gay. The dividends are paid semi-
298
MEMOIRS OF WAYNE COUNTY
annually on the first day of September and July. Seven per cent. the first six months was paid. The total assets at regular period of ten years since the association started are as follows: Septem- ber, 1888, $15,538.56; September, 1898, $330,777.26; September, 1910, $299,733.28.
THE PEOPLE'S BUILDING AND LOAN ASSOCIATION.
This association was organized July 27, 1889. The capital stock was $1,000,000. The officers are: John F. Davenport. presi- dent ; John J. Harrington, vice-president ; John H. Brooks, secre- tary ; Samuel W. Gaar, treasurer, and John W. Newman, attorney. The directors are John Davenport, John F. McCarthy, John E. Fo- ley, John J. Harrington, John F. Cronin, Charles E. Newman, and Clarence H. Kramer. The members of the finance committee are John F. Davenport, John J. Harrington, and John F. McCarthy. The members of the appraising committee are John F. Davenport, John F. Cronin and Charles E. Newman. A statement made to the Auditor of State, June 30, 1909, being the twentieth annual state- ment, shows: Stock in force, $834,600; assets, $217,525.02 ; shares in force, $8,346; membership, 899; dividends of the last year. six per cent. This association is located in the I. O. O. F. Building, on the corner of Eighth and Main streets. They meet for collection of dues every Tuesday, from 8 a. m. to 8 p. m.
THE WEST END BUILDING AND LOAN ASSOCIATION.
This association was organized April 7, 1894, with a capital stock of $150,000. The original officers were: Richard Sedgwick. president ; Charles A. Francisco, vice-president ; John W. Tingle, secretary, and William H. Sudhoff, treasurer. The present officers are: James M. Coe, president ; John W. Knollenberg, vice- presi- dent ; Albert G. Ogborn, secretary ; William H. Sudhoff, treasurer. Alonzo M. Gardner has been attorney for the association since it started. The original directors were: C. A. Knollenberg, Patrick Flanigan, Charles A. Francisco, James Carman, John W. Collins. Edward G. McMahan, William H. Sudhoff, John W. Knollenberg. David L. Mather, and Richard Sedgwick. The present directors are: Richard Sedgwick, Joseph Hassenbusch, William H. Sudhoff. John Knollenberg, James M. Coe, George H. Knollenberg, Alonzo M. Gardner, N. A. Kirkman, and Henry Stein. The finance com- mittee is Henry Sudhoff, N. A. Kirkman, and John W. Knollenberg. The appraising committee is George H. Knollenberg, Alonzo M. Gardner. and Henry Stein. The association pays three per cent.
299
FINANCIAL INSTITUTIONS
semi-annually on its stock, on the first of January and July. The office is located in Room 16, second floor of the I. O. O. F. Building, on the corner of Eighth and Main streets. The fifth annual state- ment shows: Stock in force, $113,700; assets, $30,527.96; shares in force, 1,137; membership, 160; receipts, $22,826.20. This associa- tion has a meeting every Wednesday, from 3 p. m. to 9 p. m., for the collection of dues. The association is doing a good business, con- sidering the number of such institutions in Richmond.
THE DICKINSON TRUST COMPANY.
This company was organized June 23, 1899, and opened for business July 1, 1899. The charter number of this company is 10. The original capital was $30,000, but was raised Jan. 1, 1901, to $100,000. On April 8, 1908, it was consolidated with the Richmond Trust Company and the capital was increased to $200,000. The original directors were Charles E. Francisco, Samuel Dickinson, Joseph J. Dickinson, Alonzo M. Gardner, Edgar F. Hiatt, Jonathan C. Boone, and P. W. Smith. The original officers were: Charles E. Francisco, president; Samuel Dickinson, vice-president ; Joseph J. Dickinson, secretary ; and Edgar F. Hiatt, treasurer. The present directors are Edwin Cates, Howard Campbell, Samuel W. Gaar, Adam H. Bartel, P. W. Smith, Elgar G. Hibberd, Edgar F. Hiatt, George H. Eggemeyer, Henry Gennett, John J. Harrington, and Henry C. Starr. The officers in 1910 were: Samuel Dickinson, president (since deceased) ; Howard Campbell, vice-president : lid- gar F. Hiatt, vice-president; Everett R. Lemon, secretary : and Jesse A. Wiechman, treasurer.
The increase in surplus and profits as shown by statements, is as follows: May 1, 1904, $15,000; May 1, 1906, $28,000; May I, 1908, $102,000; March 31, 1910, $130,000. The statements of de- posits are: Jan. 1, 1901, $202,095; Jan. 1, 1905, $625,092; Jan. I, 1910, $1,341,445 ; the total dividends paid since the company started have amounted to $62,500. Eight per cent. was the rate of the last dividend paid. This company is located at No. 32 South Eighth street. It is a State institution, operating under State laws. Three per cent. interest is paid on all savings accounts and certificates of deposits. The banking hours are from 8 a. m. to 4 p. m.
THE FIRST NATIONAL BANK OF CAMBRIDGE CITY.
Cambridge City was the second town in the county to start a banking business. It began in 1863 and was nothing more than a stock company and entirely private. The officers were: John
300
MEMOIRS OF WAYNE COUNTY
Calloway, president ; Thomas Newby, cashier; and Frank Newby, assistant cashier. These men carried on a very large business, but soon began to experience some severe losses and, in 1873, during the panic, they were being rapidly pushed to the wall, and it became necessary to reorganize. It was now called the First National Bank of Cambridge City, with charter number 70. John Kepler was president ; William Vore, vice-president ; and Jolin Jackson, cashier. It was said that the old bank would not have been able to continue business twenty days longer had this set of men not taken hold of its affairs.
This bank was located in the same building in which the present First National is located. The capital of the old bank had been $100,000. Under the new organization it was increased to $250,000, to cover all losses. Fifty thousand dollars was soon added, mak- ing a total of $300,000. In 1876, John Smith was made assistant cashier and held this position until the bank's affairs were liqui- dated, in 1882. It took almost seven years to make up the losses that the old private bank had thrown on them, for no dividends were declared and no surplus was accumulated. Instead of setting aside a surplus, all earnings were used to settle the old accounts. During the panic of 1873 the deposits were as low as $160,000. They were as high as $350,000 at the time of the liquidation of the old firm. No dividends were paid until after the bank was re- organized, in 1882. Nn interest was paid on deposits or funds, yet all funds of Washington township were on deposit in the bank. A high rate of interest was charged at this time and notes were heavily discounted. As a result, the earnings of the old First National Bank were large, but were all used to pay off the debts which it had assumed of the old private bank.
The present First National Bank of Cambridge City was the outgrowth of the old First National and was re-organized May II, 1882, with charter number 2,734. The stockholders under this or- ganization were Lenville Ferguson, Joseph Jackson, Horace Elwell, and Charles W. D. Jones. John K. Jones bought out the shares be- longing to Joseph Jackson, in 1904. Mr. Jones in turn sold out to Claude S. Kitterman, in 1908. Horse Elwell was president a short time, when John Jackson was made president and Horce Elwell, vice-president. Charles Jones was cashier until his death, in June, 1907. The present officers are: Claude S. Kitterman, president ; Charles Ferguson, vice-president ; and C. W. Wagner, cashier. The directors in 1882 were Joseph Jackson, Milton Thornburgh, Jesse M. Murray, Lenville Ferguson, John Jackson, and Horace Elwell.
301
FINANCIAL INSTITUTIONS
The present directors are Claude S. Kitterman, Lincoln H. Jones, Oliver H. Beeson, Charles Ferguson, and Charles Reiser. The capi- tal stock was first $100,000, but was soon reduced to $50,000. The surplus is now $10,000, having been reduced to this amount when the present officers took charge, in 1908. The deposits were $300,- 000 when John Jackson was last connected with the bank, but they were, on Jan. 31, 1910, $230,000. The loans are $240,000 and the un- divided profits $3,000.
The highest dividends ever paid were in 1904, when the an- nual dividend was twenty-two per cent. No interest is paid on de- posits and no township funds are carried. The bank is located on the south side of the National road, on Main street, in the first square east of the Big Four railroad. It has never changed its location.
THE WESTERN WAYNE BANK.
This bank was the next one to begin business in Cambridge City. It was organized Aug. 1, 1882, and began business about two weeks later. This was a private bank, under the State laws of In- diana, all the stock being owned by Abriam Boyd, James K. Boyd, John Smith, and Lewis T. Bond. Abriam Boyd was president until his death, in November, 1885. James K. Boyd was next elected president, and John Smith was cashier the entire time. In 1898 Lewis T. Bond left the bank and Boyd and Smith were then sole owners. Considerable real estate was carried in joint names. The capital stock was at first $33,000. In 1888, it was raised to $75,000, and then reduced, in 1891, to $50,000. It was this when they sold out to the Wayne National Bank, Sept. 1, 1907. Their highest de- posits reached $240,000 shortly before they sold out. Dividends of six per cent. were paid annually, the year ending Aug. I. This bank was first located on the southeast corner of Main and Foot streets; remained there about three years, and then moved to the building now occupied by the Wayne National Bank. Their bank- ing hours were from 8 a. m. to 4 p. m.
THE WAYNE INTERNATIONAL BUILDING AND LOAN ASSOCIATION.
This association was organized Oct. 25, 1893, and began busi- ness Nov. 1, 1893. The original directors were John Bowman, Ben- jamin F. Jewett, John H. Teeter, J. L. McDaniel, William H. Doney, John W. Mason, A. W. Bradbury, Frank C. Mosbaugh, Charles W. D. Jones, and A. R. Feemster. The present directors
302
MEMOIRS OF WAYNE COUNTY
are A. W. Bradbury, John W. Mason, John L. McDaniel, William H. Doney, Frank C. Mosbaugh, C. H. Graver, and A. R. Feemster. The present officers are: A. W. Bradbury, president ; J. H. Mason, vice-president ; A. R. Feemster, secretary ; and William H. Doney, treasurer. The capital stock at first was $200,00, and this was in- creased, March 8, 1894, to $500,000. The last increase was March 15, 1895, to $1,000,000. The total resources for the year ending June 30, 1909, were $123,611, and receipts were $95,746.04. The total dividends paid since the association started are $151,661.28. The last dividend paid was five per cent. Interest of four per cent. is paid on loans. This association is located on the north side of the National Road, or Main street.
THE WAYNE NATIONAL BANK.
This bank is the successor of the Western Wayne Bank. It was organized July 11, 1907. Its charter number is 8871, and was received Sept. 14, 1907. It opened for business on the same day. The directors were John K. Smith, Bert Wilson, Robert A. Hicks, R. P. Lindsey, J. D. Case, James A. Boyd, and Sanford Wilson, and no changes have been made. The officers, without change, are : John K. Smith, president; Bert Wilson, vice-president; and Robert A. Hicks, cashier. The stockholders are all directors. The capital stock is $50,000, and has never been changed. The deposits at the end of the first year of business were about $200,000, and at the close of business, Jan. 31, 1910, were $250,799.88. The location of the bank is the same as that of the Western Wayne Bank. No in- terest is paid on deposits, except township funds. They increase their surplus ten per cent. of the net earnings each six months; it is now $2,000. Total dividends of fifteen per cent. have been paid since the bank started. The banking hours are from 8 a. m. to 4 p. m.
THE WAYNE TRUST COMPANY.
This company was organized and began business, March 7. 1910, in connection with the Wayne National Bank, and is located in the same building. The directors and stockholders are James A. Boyd, John K. Smith, R. P. Lindsey, I. D. Case, R. Battleson, San- ford Wilson, Abiram Boyd, W. A. Creitz, Robert A. Hicks, J. C. Dodson and Bert Wilson. The officers are: John K. Smith, presi- dent; Sanford Wilson, vice-president; Bert Wilson, second vice- president ; and R. A. Hicks. secretary and treasurer. The capital stock is $25.000. They pay three per cent. on all deposits not sub-
303
FINANCIAL INSTITUTIONS
ject to check. This company is doing a paying business, although it has been in operation only a short time.
THE FIRST NATIONAL BANK OF CENTERVILLE.
Centerville was the third town in Wayne county to start a bank. This bank was organized in 1863. The capital stock was $100,000, but was reduced to $50,000 in 1880. The original stock- holders were Jacob B. Julian, Oliver T. Jones, Joseph W. Jackson, David Commons, Joshua Eliason, Jesse Cates, Jermia S. Safford, William Culbertson, Alexander Cheesman, Joseph C. Ratliff, Philip Jenkins, James Forkner, and George W. Julian. The original offi- cers elected were Oliver T. Jones, president, and Benjamin L. Mar- tin, cashier. Mr. Martin declined and J. P. Southard was elected as cashier, but after a few months Jacob B. Julian was elected presi- dent and Oliver T. Jones cashier. John K. Jones entered the bank as cashier in 1874 and remained until it closed, in 1885. The de- posits ran as high as $200,000 while Centerville was the county seat. They paid from six per cent. to eight per cent. dividends on the capital stock, semi-annually. Money at that time was very hard to get and was loaned at ten per cent. and twelve per cent. interest, with interest paid in advance, and all loans were with individual se- curity.
This bank went into liquidation in December, 1885. Edwin H. Cates wound up the business and closed the bank in February, 1886. It was hard to call in all the loans and to pay off all deposits, so that on March 22, 1887, over a year after the bank had moved to Richmond, there was yet on deposit $312.50. A statement of this bank, made to the Comptroller in 1870, shows: Loans and dis- counts, $112,261.15 ; surplus, $20,000 ; individual deposits, $37,007.13 ; total resources, $252,462.86. This statement was taken just after the war, at a time when money was supposed to be very scarce, yet it shows that this bank was doing a good business. The last stockholders, with the number of shares held by each, were: F. V. Snider, 35; J. K. Jones, 32; Paul and McCord Frazer, 25; Mary Jones, 20; Philip Jenkins, 16; Alexander Cheesman, 23; George L. Cates, 10; Joseph C. Ratliff, 20; Jesse Cates, 229.
THE CITIZENS' BANK OF CENTERVILLE.
This bank was organized April 16, 1901, under the State laws of Indiana. The certificate, number 150, was not taken out until June 29, 1905, but it began business, April 16, 1901. The original capital
304
MEMOIRS OF WAYNE COUNTY
stock was $2,000. It is now $10,000 and was raised to this amount in 1906, when the laws of Indiana compelled State banks to carry this much capital. Alonzo Gerton and Charles Langley were sole owners and officers until July 1, 1905, when Mr. Gerton sold out his share, a one-half interest, to Thomas J. Clevenger and B. M. Peelle. Clevenger was made president and Peelle vice-president. In 1906, Mark A. Stevens bought stock, making the present firm of four members. The surplus is $10,000, with undivided profits of $6,000. No dividends have been declared. All earnings are left in the bank, nothing having been taken out except for expenses and the $300 given to each of the other three stockholders when Stevens entered the bank, which was done to make the stock come out even. The deposits on Nov. 2, 1902, were $46,910.73, and on Jan. 31, 1910, $103,939.28. For five years the bank was located three doors west of where it is now. On Labor Day, 1905, it was moved to the pres- ent location on Main street, four doors west of the Main cross streets. No interest is paid on deposits and no county or town- ship funds are handled. The banking hours are from 8 a. m. to 4 p. m.
TIIE CITIZENS' BANK OF MILTON.
Milton was the next town in Wayne county, after Centerville, to start a bank. This was the Citizens' Bank, a private institution, organized in 1865, with a capital stock of $20,000. The officers were: Austin B. Claypool, of Connersville, president; William Petty, vice-president ; and Albert Moore, of Milton, cashier. These three men were the owners of the bank and little is known of its business. It closed in 1870, because of lack of business. The paper mill of Milton, owned by Mr. Claypool, burned at this time and was not rebuilt, but, with other business firms, was moved to Cambridge City. The demand for funds greatly decreased and the bank was left without, sufficient business to warrant its continuance.
After the close of the first Citizens' Bank, there was no bank in Milton for a period of thirty years. About June, 1901, a second Citizens' Bank was started by E. E. Kessler, without privilege by law and with no stated capital. Kessler was the sole owner and all offices were filled by him. He continued business about one year, and then closed his doors, one night at the close of business, and left. The depositors received only sixty-four cents on the dollar, and this was all realized from the sale of the bank fixtures to the present Farmers' Bank.
305
FINANCIAL INSTITUTIONS
THIE FARMERS' BANK OF MIL.TON.
About a year after the close of the Kessler Bank, on June 28, 1903, the Farmers' Bank organized and began business. Its certifi- cate, number 49, was not issued until June 15, 1905. The original directors, with no change to the present, are Andrew J. Hart, Cyrus O. Hurst, Mordecai D. Doddridge, James C. Mount, and Lewis W. Beeson. The original officers were: Andrew J. Hart, president ; Mordecai D. Doddridge, vice-president; and Lewis W. Beeson, cashier. In Setpember, 1904, C. M. Kirlin was made assistant cash- ier. In July, 1908, the officers were changed to Mordecai D. Dod- dridge, president ; Cyrus O. Hurst, vice-president ; and Lewis W. Beeson, cashier. The capital stock is $25,000 and has not been changed. No surplus is carried. The banking company owns the block in which it is located, which consists of three business rooms, besides the room in which the bank is located, and the I. O. O. F. Hall above. The liabilities of the stockholders are estimated at more than a half million, mostly in farm property. The deposits for the first day of business were $1,003, and at the end of the first year they were $27.094.94. On Jan. 31, 1910, they were $75.721.76. The dividends paid the first year were two per cent., the second year five per cent., the third year nine per cent., the fourth year eight per cent., the fifth year thirteen per cent., the sixth year eleven per cent., and the first half of the seventh year. ending in September, was six per cent., making a total of fifty-four per cent. for the six years and a half, or a total of $13,500. Dividends are paid semi-annually in July and September.
No interest is paid on deposits, except on township funds. The stockholders of this bank are Mordecai D. Doddridge, Andrew J. Hart, Cyrus O. Hurst, Lewis W. Beeson, M. D. Beeson, George Florea, James C. Mount, Howard M. Mount, and Joseph Clevenger. The bank is located on the northeast corner of Central avenue and Main street. An attempt to rob this bank was made, Feb. 6, 1908. Both outside doors of the safe and the doors to the book vault were blown off, but the burglars did not succeed in getting into the money vault, as the inhabitants of Milton were awakened, and they did not have time to finish. They got away, however, and took with them $4,000 worth of notes, but these were worthless to them ; so that the only loss was the damage done to the property of the bank, resulting from the explosion.
306
MEMOIRS OF WAYNE COUNTY
THE CITIZENS' BANK OF HAGERSTOWN.
Hagerstown was the next place after Milton to start a private bank, which was called the Citizens' Bank, organized about 1874, with a capital stock of $50,000. Isaac A. Pierce was president ; Samuel J. Ford, vice-president ; and Jesse W. Brooks, cashier. In a few years David Fowler was elected president for a term of two years. John Brooks was made president for the last two years be- fore the bank went into liquidation.
The bank paid dividends until about two years before going out of business. These dividends varied, the first year about eight per cent. being paid. After the insolvency of some of the customers, capital was no longer needed and the deposits were falling off, so that it became necessary, in 1880, to go into liquidation. The de- posits at the end of the first year were $70,000, and these increased in the later years of the bank to almost $100,000. The bank started with about twenty stockholders, but they increased in number until at the time of its liquidation there were thirty. The bank was sold, in 1880, to the Wyatt-Allen Company, which firm conducted a suc- cessful business until its close, in 1905. The bank was located on Main, between Perry and Plumb streets.
THE COMMERCIAL BANK OF HAGERSTOWN.
This bank was organized in August, 1880, after the purchase of the Citizens' Bank. It was a private bank, under the laws of the State of Indiana, and was first named, after its two principal own- ers, the Wyatt-Allen Company. The owners were James M. Wyatt, Thomas L. Allen, Josiah Shively, Jesse Kennedy, John Bowman, Zachariah Teeter, Daniel A. Ruby, Benjamin F. Mason, and Joseph M. Thurston. About the time that the Wyatt-Allen Company started, another private bank was opened, called the Commercial Bank, of which J. W. Brooks and D. J. Ford were sole owners. They soon sold out to the Wyatt-Allen Company, which firm then took the name of Commercial Bank.
The officers of the new bank were B. F. Mason, president, and Jesse Kennedy, cashier, the last named holding his position two years, at end of which time John Bowman was elected and held the position until the close of the bank and his death. This bank was organized without any capital stock. A $10,000 surplus was car- ried, but the capital, so called, was composed of the investments of the owners and the bank building owned by the company, valued
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.