USA > Ohio > History of the Ohio falls cities and their counties : with illustrations and bibliographical sketches, Vol. I > Part 108
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1879. The statistics of the local warehouse movement in leaf tobacco for the year are as follow: Receipts, 48,870; deliveries, 49,037; sales, 58,035 ; values, $3,906,410. The prices at the opening of the year were : For common lugs, $2.25@$5.00; good lugs, $3.50@$7.50 ; common leaf, $4.00@$7.50; medium leaf, $5.00 @$10.00; good and fine leaf. $9.50@$35.00. At the close of the year these grades were, res- pectively, $2.75 D$9.00, $4.50@$12.00, $4.75@ $14.00, $6.25@$$16.00, and $8.00@$25.00. Bright wrappers, common to fancy, sold all the way from $10 to $70. In the first four months of 1879 the market was steady, but a specula- tive movement afterwards set in, which culmi- nated about June 20th, with some decline fol- lowing. In November manufacturing tobaccos began to advance, and slowly appreciated to the end of the year. In December there was an ad- vance in all types of the weed.
In May about 35 buyers seceded from the Tobacco Board of Trade, and organized a sep- arate body.
1881. The largest business in the tobacco history of Louisville was transacted, except that of 1874 and 1876. The sales of this year reached to 67,408 hogsheads. The average of the ten years ending with this showed a gain of 255 per cent. in the volume of transactions as compared with the decade ending 1861. The sales of 1881 represented a gain of 20 per cent. over the average of other years of its decade, and 72 above that of the several years of the decade ending with 1871. "This rapid progress," said Colonel Chilton, "can hardly be equaled by any city in any staple department of trade." The ex- treme range of prices during the year had been from $2 to $6 for common lugs ; $3.50 to $8 for
good lugs ; common leaf, $4 to $10.50; medium leaf, $5 to $12; good and fine leaf, $8 @ $35. The quotations included dark and heavy types, as well as Burley tobacco, but not bright wrap- pers.
The development of the industry in manufac- tured tobacco-which is a thing of much later introduction than the trade in leaf tobacco-may be inferred from the figures of 1880, which rep- resent 5,206,313 pounds manufactured and sold, and those of 1881, 6,098,258,-an increase of 831,945 in a single year. It was expected that three or four new and large manufactories would be established in 1882, and that Louis- ville would ere long become the leading tobacco manufacturing city, as well as the largest market for leaf tobacco, in the world. Already the man. ufacturers pay out about half a million a year to their operatives.
FINANCE AND BANKING.
The rapid increase in the volume of bills of exchange, during the years 1825-31, affords some indication of the enlarging business of Louis- ville. The statistics of domestic bills on hand in the United States Branch Bank and unpaid January Ist of each year, are as follow: 1826, $46,392 ; 1827, $108,287 ; 1828, $184, 144 ; 1829, $350,354; 1830, $615,455; 1831, $915,- 075; 1832, $1,281,178. It was believed that the actual amount of bills purchased in the city in 183f was nearly $5,000,000. The amount of paper discounted here the same year was esti- mated at $10,200,000. In 1825 the total of bills and discounts had been but about $1, 150,000. The increase in financial transactions during the six years had therefore been more than 200 per cent. The aggregate in business in the one year 1830 was something more than $13,000,- 000.
The year 1877 was the first of the operations of the Louisville Clearing House. The bank clearings that year were $229,320,854; for 1878, $216,950,317; for 1879, 255,706, 175; for 1880, $299, 114,416; for 1881, $396,341,005; total for five years, $1,397,432,767.
Many paragraphs concerning the early banks of Louisville have appeared in the chapters con- veying the history of the several decades. The Branch Bank of the United States was located in Louisville in 1818; but little was done under the arrangement until 1825. In 1832 its capital
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HISTORY OF THE OHIO FALLS COUNTIES.
was $1,250,000. W. H. Pope was president ; Edward Shippen, cashier ; G. C. Gwathmey, tel- ler, with eight clerks. The Directors were Messrs. George Buchanan, James Anderson, Samuel Bell, James Stewart, V. McKnight, D. S. Chambers, and D. D. Addison. It was open only from 10 to 2 o'clock. Among its announce- ments were these : " The Exchange Committee sits daily." "Notes offered for discount must be deposited in the bank before 2 o'clock Mon- day and Thursdays; answers given at 10 o'clock on Tuesday and Fridays."
The Bank of Louisville is the oldest now in existence in the city, dating from 1833, when it had an authorized capital ot $2,000,000, and a paid-in capital, when opened, of $1,080,000. Its presidents have been John S. Snead, 1833- 40; Joshua B. Bowles, 1840-68; Charles Tilden, 1868 to this time. Cashiers, Alfred Thruston, Charles Tilden, E. D. Morgan, and J. A. Leech. The original charter was extended for twenty years in 1863, and has already been extended by the Legislature for twenty years more from 1883. Two branches were established in 1843, at Pa- ducah and Flemingsburg, and another at Burks- ville in 1858, which was closed upon the out- break of war in 1861, and has not since been re-opened. The capital of the bank is $722,300.
The Bank of Kentucky is but one year the junior of the Bank of Louisville. It was formed in 1834, with an authorized capital of $5,000,- ooo; paid-in capital, $3,750,000. It was origin- ally on Market street, but occupied the building on West Main street, near Second, built for the Branch Bank of the United States, after that in- stitution ceased to be, and is still in the same. Presidents of the Bank-John I. Jacob, 1834- 37 ; William H. Pope, 1837-40; Virgil Mc- Knight, 1840-72; Henry A. Griswold, 1872 ; Thomas L. Barret, 1873 to this time. Cashiers -George C. Gwathmey, S. H. Bullen, T. L. Barret, W. G. Hume. It had formerly eight branches in the State, of which seven were ex- tinguished by the war, and only that at Frank- fort now remains. The active capital of the bank has also been reduced to $1,645,100.
The private banking-house formed in 1851, by Messrs. C. N. Warren and J. P. Curtis, under the name of C. N. Warren & Co., was reorgan- ized in 1865 as the Louisville City National Bank, with Mr. Warren as President, the only
President it has ever had. The house had pre- viously received the Government " greenbacks " from the first day of their appearance at its counter, when other banks of the city were re- fusing to recognize them as currency. Present capital, $400,000.
The People's Bank of Kentucky was organ- ized under the State laws in 1856, at Bowling Green, with paid-in capital of $250,000. It re- moved to Louisville in 1862, on account of the war troubles ; went into liquidation in 1876, and was reorganized in June, 1881, on the original charter extended. Mr. B. C. Grider was the first President, and W. B. Hamilton became President on the removal to Louisville. A. G. Hobson and J. H. Huber were Cashiers at these respective periods.
The Merchants' National Bank of Louisville was organized as a State bank in 1860, with a subscribed capital of $500,000, which was re- duced by two-thirds, under authority of the Legislature, after the derangement of the war began. It remained otherwise on the old foun- dation until 1874, when it was reorganized as a National bank, under its present name, but re- taining its old officers and returning to its orig- inal amount of capital. Mr. H. C. Caruth has been the first and only President of the bank, and J. H. Lindenberger Cashier from the be- ginning in 1860.
The Citizens' Bank was formed in 1861, under the State laws, a successor of the old Southern Bank of Kentucky, with a capital of $350,000 ; and became the Citizens' National Bank in 1874. Its capital has since been increased to half a million. Presidents, William B. Belknap, J. G. Barret ; Cashiers, J. G. Barret, H. C. Rodes.
The first National Bank of Louisville was, as its title indicates, the local pioneer under the National Banking Act, and was one of the few of the kind existing here that started upon no other foundation. It was organized in October, 1863, with a paid-in capital of $120,000, which has since been successively increased to $200,- 000, $300,000, and $500,000. It is a United States depositary, and itself deposits $300,000 in Government bonds at Washington as security. George A. Lewis has been the only president of the bank. R. M. Cunningham was cashier in 1878. His successors have been F. P. Schmidt (to October, 1879), and A. L. Schmidt.
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HISTORY OF THE OHIO FALLS COUNTIES.
February 24, 1864, the Masonic Savings In- stitution was chartered; and it opened in the fol- lowing January, with but $56,000 capital. In 1868 the capital was increased to $250,000, the present amount ; and the name was changed to the Masonic Savings Bank, by which it is now known. For a time during the late financial crisis, in 1875, its capital was increased to $300,- 000, $50,000 of which were bought up in 1880. President, Jacob Krieger, Sr .; Cashier, William Egelhoff.
The Second National Bank is another creation of 1865. Its original paid-in capital was $200,- ooo, which has since been increased by one-half, or to $300,000. Its officers have been the same from the first -- Mr. James Bridgeford, who is the subject of a biography below, president, and George S. Allison, cashier.
The Western Bank also had its origin in 1865, starting with half a million authorized capital, and half that sum paid in. Its present capital is $250,000. C. H. Finck was president till 1868, when he was succeeded by A. F. Coldewey, who now holds the post. Jacob Krieger was cashier to 1868, and William Reinecke to 1870, when the present officer, Henry Hurter, succeeded him.
The German Security Bank was chartered and organized in 1867, and opened for business May 8, of that year. It began with $100,000 paid, in capital, which was increased in 1879 to the pres- ent amount, $179,000. It was organized as a savings institution, but no longer makes this a special feature. Mr. John H. Detchen, presi- dent ; J. S. Barret, cashier.
The Farmers' and Drovers' Bank was char- tered February 18, 1869, and opened August 2d, the same year. Beginning with a cash capital of $50,000, it was successively increased to $100,000, $200,000, and $350,000, of which about $40,000 has been called in. It has the right, under the charter, to raise its capital to $500,000. Its Presidents have been D. O'Ban- non (till his death in March, 1870) and Dr. E. D. Standiford, of whom a biographical sketch appears below. Cashiers, R. S. Veech, now President of the Louisville, New Albany & Chi- cago Railroad, and J. W. Nichols.
The German Bank also opened in 1869, with authorized capital of $500,000, and $150,000 paid in. Its original officers were Henry Dep- 67
pen, President, and P. Viglini, Cashier. The latter became President on the death of Mr. Deppen in 1879, and Mr. H. C. Walbeck was made Cashier.
The Kentucky National Bank of Louisville dates from October 12, 1871, when it was organ- ized. It was opened December 27, next follow- ing. Its capital is $500,000. The Hon. Bland Ballard was its first president, then upon his death, July 29, 1879, came in Logan C Murray, who resigned in March, 1881, and was succeed- ed by W. H. Dulaney. Cashiers-Mr. L. C. Murray, James M. Fetter.
The German Insurance Bank was chartered in 1872, and opened with a fully paid-in capital of $300,000, which has since been reduced to $258,900. Mr. F. Reidhar has been President, and J. J. Fischer Cashier from the begining.
The German National Bank was founded the same year, upon the pecuniary basis retained to this day, a paid-in capital of $251,900. Henry G. Von Seggern was President till 1873 ; then A. N. Struck to 1875, and thenceforth Mr. A. Reut- linger. Cashiers-Mr. Reutlinger, George Viss- mann, and Henry Vissmann.
The Louisville Banking Company became the successor, in 1872, on an amended charter of the Louisville Insurance and Banking Company, an institution of 1867. Its original capital was $100,000, which had been increased to $118,653 at last report. Mr. Theodore Harris, President of the Louisville Insurance Company, has also been President of this institution from its origin ; Mr. W. J. Duncan, Cashier.
The Third National Bank was organized upon its present basis, in August, 1874, with $500,000 authorized capital and $200,000 paid in-which latter figure is retained. Its predecessor was the Western German Savings Bank, formed as a State bank in 1872. Its officers-S. Ullman, President ; E. C. Bohne, Cashier-became the officers of the Third National. After January, 1875, Mr. J. Van Borries was President until March, 1881, when J. H. Wrampelmeier suc- ceeded him. Mr. Bohne has remained Cashier.
The Louisville Safety Vault Company was was formed in 1880 with a stock capital of $100,- ooo, and Mr. T. L. Barret, President of the Bank of Kentucky, for President, and Charles Merriwether, Secretary and Treasurer. The property of the Savings Bank at Louisville, at
530
HISTORY OF THE OHIO FALLS COUNTIES.
No. 64 Fifth street, was bought for it, and its vault, containing 630 separate steel boxes, is situated there. It is the only institution of the kind in the city .*
INSURANCE.
Many facts of historic interest belonging to this topic will be found noted in the annals. In 1832 the only local companies seem to have been the Life, Fire, and Marine, at No. 5 Cross street, near Main, with a capital of $100,000, James Marshall President and B. N. Hobbs Secretary ; and the Merchants' Life, at 7 Prather's Row, north side of Main, between Fifth and Sixth, capital $100,000, WV. J. Vennor Secretary, L. D. Addison President. The Etna, Madison, and Protection & Fire foreign companies, had agen- cies here.
The local companies are much more numer- ous now, at the end of half a century ; but we have memoranda of but two or three.
The Kentucky & Louisville Mutual Insurance Company was organized in 1839, hy a few cor- porators, for the purpose of insuring their re- spective dwelling-houses, stores, shops, and other buildings, and household furniture, against loss or damage by fire, "to secure relief to its members, and their legal heirs and assignees, by mutually associating persons in order to equalize the risk of fire." Its benefits have since been indefinite- ly extended, and it has become a strong and prosperous institution. Its losses in forty-three years have been but $288,985.85, an average per year of $6,720.60. Mr. Thomas L. Jefferson, of whom a biography is given below, is President of the company ; Mr. W. A. Cocke, Secretary.
The Louisville Insurance Company was or- ganized in May, 1872, with a paid-up capital of $100,000. It is the successor, in the insurance business, of the Louisville Insurance & Banking Company of 1867, and Mr. Theodore Harris re- mains its President and active manager. Its business is conducted in Mr. Harris's bank, the Louisville Banking Company.
The German Security Insurance Company is managed in connection with the German Security Bank, at the corner of Market and Preston
streets, and by the same officers-Mr. John H. Detchen President, and J. S. Barret Secretary. It has a capital of $100,000, and confines its risks exclusively to Louisville,
STREET RAILWAYS.
It was said by a local writer of 1879 that, "of the 900 miles of street railroads, now in opera- tion in the United States, the first three miles were built and operated in Louisville by the late Isham Henderson." These were upon the track of the old steam railway from Louisville to Port- land, which the opposition of citizens along the route had forced the company to abandon.
The present horse-car system in Louisville had its principal development in 1864-65-66, under contracts made by the local authorities with the City, Citizens', and Central Passenger Railway companies. Cars began to run on Main street in November, 1864; on Preston in August, 1865 ; on Second and Broadway to Cave Hill Cemetery in April, 1866; on Fourth street in June, 1866 ; Sixth and Twelfth and Broad- way about the same time; on Twelfth, Jefferson, and Second in November, 1865; and Portland Avenue in May, 1865. All these lines were the property of the City Railway company, which had 23.085 miles of track.
The Citizens' Passenger company opened the Market Street line from Thirteenth to Brook June 1, 1866, and from Brook to Woodland Garden half a month after, and Thirteenth to Twentieth streets July 29th following. July 1, 1866, this company bought the lines to Portland and Main and Twelfth, and the New Albany ferry landing at Portland; had double tracks on both lines, and ran from Woodland Garden to Portland without change.
The Central Passenger company began work on the Walnut Street line in April, 1866, and on Fourth in May, opening both lines with single track soon after. At the close of that year it had four cars on Fourth street, and as many each on East and West Walnut street.
All the lines are now concentrated in the hands of the City and the Central Passenger companies. The latter was incorporated in De- cember, 1865, with J. L. Danforth, G. H. Coch- ran, R. H. Woolfold, H. A. Dumnsniel, J. M. Robinson, M. M. Green, and J. M. Armstrong, as incorporators, and commenced building its road, as already noted, in the following spring.
*The material of these sketches has been derived almost altogether from the admirable brief histories in The Industries of Louisville, a valuable work compiled and published in 1881.
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HISTORY OF THE OHIO FALLS COUNTIES.
Additions or extensions have been made from time to time until it has the longest horse rail- road in the country, being about thirteen and a half miles in length from east to west, or twenty- seven miles to the round trip. The road runs north and south through the city and into the country four and one-half miles. Its different lines or routes are East and West Walnut street, Fourth Avenue, Beargrass, Riverside, and Race- Course or Fair-ground road. The present offi- cers of the company are: B. Du Pont, president; A. V. Du Pont, vice-president ; T. J. Minary, superintendent; and T. C. Donigan, secretary. It owns about 60 cars and 300 mules, and em- ploys 125 men.
MISCELLANEOUS STATISTICS.
For the year ending August 31, 1881, 27,207 bales of cotton were received in Louisville, and 27,751 shipped. On hand at the beginning of the year, 1,605 bales.
The amounts of duties collected on foreign goods imported into Louisville the last four years are as follow: 1878, $56,652.88; 1879, $44,- 034.16; 1880, $58,788.96; 1881, $75,053.22.
The collections of internal revenue in the Fifth District of Kentucky (the Louisville District) for the last three years have been: 1879, $3,399, 411.67 ; 1880, $3,464,016.16; 1881, $3,896,500.
During 1879 204 brick and 314 frame build- ings were erected in Louisville-a total of 518, valued at $650,288. Four hundred and sixty- five buildings were improved, with an added value of $158,357, or a total improvement of $808,645, against $651,718 in 1878.
The value of Louisville real estate conveyed in 1879 was 2,936,927, an increase upon 1878 of $102,024.
In 1878 forty-seven steamers were inspected at Louisville, with a total tonnage of 16, 137.38. Twelve of the steamers were built in this district, measuring altogether 8,960.89 tons. The in- spectors granted 226 licenses in 1878, and 262 in 1879.
In the year from July 1, 1879, to June 30, 1880, inclusive, the consumption of leading articles in the city was as follows: Bituminous coal, 15,897,500 bushels, worth $1,954,550; coke, 1, 142,524 bushels, $105,524; anthracite, 5,270 tons, $38,207; wood, 32,388 cords, $115,- 852; charcoal, 50,000 barrels, $15,000; total,
$2,229,133. Ice was consumed to the amount of 24,873 tons, with a retail value of $373,095. THE BOARD OF TRADE.
The Legislature had granted a charter to the Louisville Board of Trade March 17, 1862, and an amendment April 23, 1873. The present Board of Trade was organized at meetings of business men held in April, 1879. On the 29th a Board of Directors was chosen, and by them officers were elected the next day, and standing committees appointed May 29th. Stock sub- scriptions were obtained to the amount of $46,- 145, and the Board presently became possessor of the splendid building erected by James S. Lithgow in 1872-73, at the northwest coner of Main and Third streets, at a price of $100,000, which was less than half its prime cost ($217,- ooo, with the site). The transfer was made July 7, 1879. A lot adjoining on the north was after- wards purchased, and a new building, called Ex- change Hall, and connecting with the other, for the meetings of the Board, was erected thereon, and completed on the 1st day of Feb- ruary, 1880, at a cost, with the lot, of about $5,500. From the main building the Board de- rives an income in rents of $8,000 to $10,000, including the Western Union Telegraph Co., the Louisville City National Bank, the Jeffersonville, Madison, and Indianapolis Railroad Co., the Kentucky Land Co., and other important insti- tutions, among its tenants.
The Presidents of the Board have been F. D. Carley, 1879; John B. McFerran, 1880-81; John E. Green, 1881-82. Treasurer, J. H. Lindenberger; Superintendent, J. M. Wright, whose annual reports are among the best of their kind, and have been of great service to us in making up this chapter.
THE INDUSTRIAL EXPOSITION
was organized in 1872, its fine building at the northeast corner of Fourth and Chestnut streets put up that year, at a total cost, with the ground, of $225,000, and the first of a distinguished series of annual Expositions opened therein in September of that year. The displays have been made every year since, except in 1876, the Centennial year, when everything centered upon Philadelphia ; and they have become a very marked feature of business and entertainment in 'Louisville. It is believed that the Exposition is
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HISTORY OF THE OHIO FALLS COUNTIES. ·
worth several millions a year to the city. Mr. John T. Moore is President ; E. A. Maginness, Secretary, Treasurer, and Manager.
HON. E. D. STANDIFORD.
The Hon. Elisha D. Standiford, M. D., Presi- dent of the Farmers' and Drovers' Bank, and late President of the Louisville & Nashville Rail- road, is a native "to the manor born." His natal day was December 28, 1831, and he was born in this (Jefferson) county, son of Elisha and Nancy (Brooks) Standiford. His father was also a na- tive Kentuckian, but of descent from Switzer- land, whence his American progenitors emigrated at an early day and settled in Maryland. He was born, however, in Dauphin county, Pennsyl- vania. The mother was of Irish stock, but be- longed to a pioneer Louisville family, her parents having located in the place more than eighty years ago. She was born in Pennsylvania, but removed with her parents to Point Pleasant, Virginia, before coming to Louisville. Dr. Standiford thus, on both sides, traces his ances- try through early Kentucky families. He was liberally educated. Although he left the school early, at about the age of sixteen, he was already a good Latin and French scholar, and it was de- signed that he should pursue a course at George- town College, with a view to becoming a civil en- gineer. This plan was not executed, however; and, after some study, partly at the well-known St. Mary's College, in Marion county, this State, he began his medical studies with the well-known Doctor and Professor J. B. Flint, and heard lec- tures at the Kentucky School of Medicine, from which he was graduated in due time. He opened an office for practice in the city, and was soon actively and profitably engaged.
Preferring, however, a more stirring and varied business, after several years' practice he aban- doned the profession, and engaged in agricultural and other enterprises of the larger and more public character. He invested his means some- what heavily in manufacturing and banking; be- came by and by, and remained for a number of years, President of the Red River Iron Works, which was developed into one of the greatest operations of the kind in the West or Southwest ; was long President of the Louisville Car Wheel
Company, then, as now, the largest concern of the kind in the Valley of the Ohio; and also President of the influential and strong Farmers' and Drovers' Bank of Kentucky, on Market street, above Fourth, the heaviest bank of de- posit in the State-a position which he still re- tains, and to which he gives the major part of his time and energies. It is confidently averred that all these corporations owe their prominent standing and success largely to his business abil- ity. In 1873 an election by the Directory of the Louisville & Nashville Railroad added to his nu- merous duties the responsible relations of Vice- President of that corporation. His service in this position was so responsible and satisfactory that in 1875 he was promoted to the Presidency of the road, and filled the place during several important years. A writer in the Biographical Encyclopædia of Kentucky, published during his service at this post, says: "Under his man- agement the commercial importance of that road has been greatly advanced, its entire working thoroughly systematized, many of its superfluous offices dispensed with, the running expenses of the road largely reduced, its actual condition greatly improved, its local business increased, its general earnings greatly augmented, and the standing of the road permanently fixed in public confidence." It is probably no exaggeration to say that the way was prepared by the Presidency of Dr. Standiford for the present power and far- reaching influence of this great corporation. The writer further says :
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