Wayne County, Indiana - Chapter 18: Wayne County's Financial Institutions, 1912

And Economy

- STATE BANK OF INDIANA - OTHER FINANCIAL INSTITUTIONS OF RICHMOND - FINANCIAL ORGANIZATIONS OF CAMBRIDGE CITY - BANKS OF CENTERVILLE - BANKS OF MILTON - -BANKS OF HAGERSTOWN - FOUNTAIN CITY BAN K - BANKS OF GREEN'S FORK, WILLIAMSBURG, DUBLIN, AND ECONOMY.

The State Bank Of Indiana

The first bank in Wayne county was a branch of the State Bank of Indiana. It was chartered in 1833 and began business in 1834. There were seventeen branches of this bank in the State, the State owning half of the stock and borrowing the rest on its bonds in New York. Each was organized with a capital of $100,000. This was all taken by honorable men and the control always remained in such hands, thus accounting for the great success of these banks.

The branch at Richmond started Dec. 1, 1834, with a capital of $100,000 and an issue of circulating notes limited to $300,000. The business was very heavy and the hours long, so that the officers frequently had to remain until late at night. The largest stockholder was Robert Morrisson. Achilles Williams was elected president. He was an old and highly esteemed citizen and added greatly to the character of the bank. He served only about two years, when he resigned to take a seat in the Indiana State Senate. Albert C. Blanchard 'succeeded him as president, which position he held until the expiration of the charter, a period of about twenty-three years. Elijah Coffin opened the doors of the bank as cashier and remained until 1855. He died in 1862, three years after the expiration of the charter. He was a well known and leading man of Richmond. Charles F. Coffin was teller. He entered the bank in 1835 and remained in the banking business nearly fifty years.

the time for the expiration of the charter, a new charter for "The Branch Bank of the State of Indiana" was granted, but the business continued under the same management. The branch at Richmond, under the new charter, was organized with Albert C. Blanchard as. president and Charles F. Coffin, cashier. They remained in the place of business of the old State Bank, but owing to the uncertainty of the war and heavy taxation on State banks, the stockholders were led to close the institution in 1865.

The People'S Bank Of Richmond

This bank was organized under a general banking law. It was not even a corporation. Lewis Burk was the owner. He began business about 1850, with a capital stock of $10,000. Burk was president until the bank was closed. Charles McCorkle was cashier. He held this position until about 1859, when he was forced to leave on. account of trouble over the bank's money. He had invested this without the knowledge of Burk. After this was found out: Burk paid all losses and the bank continued business just the same.

Clement W. Ferguson was elected teller after McCorkle left. He remained until the bank sold out, in-1862, to The First National Bank. The deposits were about $35,000 when Ferguson entered the bank, and before it sold out he had raised them to about $75,- ooo. The bank was located on the corner of Main and Franklin streets. The building was owned by Lewis Burk.

In the same year that the old State Bank closed (1859), the Richmond National Bank started. This firm was composed of Charles F, Coffin, president ; Albert C. Blanchard, cashier; and Robert Morrisson. They had only a nominal capital of $20,000, but owned the control of the State Bank, called the Citizens' Bank, organized in 1853, and sometimes called the Morrisson-Blanchard Company. The business of the Citizens' Bank was the same as that of the chartered bank, except no notes for circulation were issued. They carried a large capital, usually about $200,000. The banking room was located on the northeast corner of Pearl and Main streets, adjoining the old State Bank, with a directors' room in common. These combined banks carried on a large and prosperous business under the same management. Many interesting tales are told of the hardships of these old banks and their queer methey, ods. The reserve consisted largely of Spanish and Mexican dollars, which were kept in kegs, holding $20,000 each, and often as high as fifty of these kegs were in the vault at the same time. The books were kept by a system called "Journalism." Every item was carried in full and the ledgers had no balance columns. These balances were carried daily on large slates and everything had to be in place before the bank closed in the evening.

Charles H. Coffin entered the old State Bank in 1863 and remained until the close of the Richmond National, in 1884. He was teller and was considered the best detector of counterfeits in the State, many of which were in circulation. The Coffins were good business men and the bank became the best known and trusted bank by all kinds of business. Many of the deposits consisted of the small savings of the working class of Richmond. A statement of the Comptroller of Currency, in 1870, shows their tofal resources to have been $516,715.71, and this had been larger at times, but at the time the bank closed the deposits were only about $250,000. The funds had slowly been used up, so that in June, 1884, the bank was forced to suspend. This money had all been used in speculation by the officials of the bank, so that in reality there was no reserve back of the bank. It was conducting its business on county funds only, and when these were taken away the crash came. The money was not only tied up, but was gone and the stockholders stood liable for the total amount. These liabilities were $257,000. The Coffins were held for this amount, but they claimed that they were without funds after taking the $600 exemption allowed by law.

Augustus D. Lynch was appointed receiver and made an assessment of 100% on the stock, but none of this was paid. After the sale of all fixtures and the collecting of all resources, about seventy-five cents on the dollar was paid. The remainder was a complete loss to the depositors. It caused one of the greatest panics that ever occurred in the county, for the loss of the money fell heavily on the poorer class.

The First National Of Rich Mond

This bank was organized June 15, 1863, and began business July 13, 1863. The charter number was seventeen. This shows it to have been one of the earliest national banks in the country. On the expiration of this charter it was reorganized, with charter number 2,680, but in answer to a letter written May 28, 1910, by A. D. Gayle, the president of the bank, the following reply was received

"As it appears that the charter number of the original First National Bank of Richmond was 17; that at the expiration of charter of said Association there was no authority for the extension of corporate existence of a National Bank, and that the present First National (charter 2,680) was organized in 1882 for the purpose of taking over and continuing the business of the expiring Association, the charter number of the bank is 'hereby changed from 2,680 to 17, and you are hereby authorized and directed to use number 17 as the charter number of the Association."

Lawrence O. Murray

The original officers were James E. Reeves, president; and Thomas G. Yarrington, cashier. The presidents up to the present time have been James E. Reeves, John M. Crawford, June W. Gayle, and Albert D. Gayle, who is now in office. Mr. Yarrington was cashier until 1869. He was succeeded by James E. Reeves, who held this position until 1897. John F, Elder was then elected and served until 1902. Charles R. DuHadway then was elected and held the position two years, until 1904. He became involved in trouble over the loss of some of the bank's money; this loss was made good by the stockholders, and DuHadway left the bank. The present cashier, Frank M. Taylor, was then elected. %j

The original stockholders were William E. Reeves, Lewis Burk, James S. Reeves, Thomas Novducett, James VanNuxem, John Yaryan, Isaac P. Siddall, John Grubbs, Isaac R. Howard, George W. Vannerman, William G. Reid, Cris C. Beeler, Curtis B. Huff, Andrew F. Scott, Y. Pleasants, Elwood Hadley, Albert Payne, George W. Barnes, C: H. Strickland, J. W. Haines, F. A. McWhinney, William G. Goode, David Nordyke, Isaac P. Evans, Daniel B. Crawford, James H. Moorman, James Coffin, William Kenworthy, A. Earnist, and Joshua Halland. "The surplus in 1869 was made $100,000. In 1895 this was reduced to $50,000, again in 1897 to $25,000, in 1898 to $11,000, and then in 1899 it was raised. to $14,- 000, and the last raise was made in 1909 to $70,000. The first capital was $200,000, which was reduced in 1904 to $100,000, and is that at the present time. The dividends paid on capital up to the present time have amounted to about $900,000. The total resources at regular intervals of ten years since the bank started are as fol-

Financial Institutions 293 The Second National Bank Of Richmond

The next bank to organize in Richmond was the Second National. It was organized May 28, 1872, and began business June 15, 1872, with charter number 1988. At the end of twenty years it reorganized under the same number. It began business on the northeast corner of Eighth and Main streets, but remained there only about eighteen months, when it was moved to the northwest corner, where it is now located. While its present modern fire-proof building was being erected the bank was temporarily located at the northeast corner of Eighth and Main streets. The contract for the new building was let to Stilwell & Company, of Lafayette, Ind., and the structure was completed in the summer of 1911, at a cost of $90,000. It was designed by Architect Albert Pritzinger, is 40 feet wide by 100 feet deep, and extends back to the alley. It is four stories high, the bank occupying the entire first floor. The fire and burglar proof vault was purchased of the Remington & Sherman Company, of Philadelphia, Pa., and is one of the largest and best in the State. The stairways are of slate, and the banking room is wainscoated with marble and furnished with solid mahogany. It is the most modern office block in Richmond and Wayne county and one of the best in the State.

The bank commenced business with a capital stock of $200,000. This was reduced to $150,000 in 1876. It was found more profitable to do business on 2 capital of $150,000 up to the year 1907, when they raised it to $250,000. Even while they had the smaller capital it was by no means the smaller. bank in the volume of business it transacted. In-1863, when the Farmers' Bank failed, the Second National was the only bank in Wayne county that offered any assistance to the unfortunate bank. Zachariah Stanley, of Boston, Wayne county, and Ellis Thomas, of Richmond, being the only responsible men connected with the Farmers' Bank, applied to the First National, the Richmond National, and the Second National for funds with which to pay off the depositors. Both the First National and Richmond National promised aid, but when called upon declined to help the unfortunate officials. The Second National then furnished all funds necessary to pay the depositors of the Farmers' Bank in full.

In 1884, when the Richmond National Bank failed, all funds belonging to the city, the school board of Wayne county, and the Wayne county officials, were locked up in the failure and suspension. The Second National came to the rescue of these departments and furnished funds with which the schools were kept open, and the county and city were able to meet all demands until the fall taxes were collected. Its ability to settle all debts and relieve the situation and save the city and county the embarrassment of defaulting on payment of their debts gave this bank such a prominent place in the banking business of the county that, for seven years, its deposits exceeded in amount that of all the other banks of Wayne county combined.

The death of many of the old stockholders during the years intervening between 1876 and 1907 caused the stockholders to reach out for new blood, and accordingly, in 1907, the capital was increased from $150,000 to $250,000. This stock was all taken by new stockholders - men who were active in the business_circles of Richmond and vicinity.

The first directors of this bank were Andrew F. Scott, Jacob B. Julian, William G. Scott, Oliver Jones, John M. Gaar, Joseph W. Jackson, C. C. Beeler, James Forkner, Robert Cox, and J. M. Yoe, all men of great business ability. The original officers were: Andrew Scott, president ; John B. Dougan, cashier ; and James Thomas, teller. They were elected by a meeting of the directors, June Io, 1872. Andrew F. Scott was president until his death, in November. 1895, when William G. Scott was elected his successor. Mr. Scott was followed, in 1897, by John M. Gaar, who held this place until August, 1901, when the present president, John B. Dougan, was elected. Mr. Dougan was cashier up to the time he was elected president. Daniel G. Reid, George H. Eggemeyer, and Clement W. Elmer were elected vice-presidents. Samuel W. Gaar succeeded John B. Dougan as cashier and William C. Seeker was elected assistant cashier. The directors now are: John B. Dougan, president; Daniel G. Reid, of the Liberty National Bank, New York, and George Eggemeyer, vice-presidents ; Samuel W. Gaar, cashier; Howard Campbell, president and general manager of Gaar, Scott & Company; C. W. Elmer, vice-president of the Richmond City Water Works; Clem Gaar, dealer in live stock; Henry Gennett, president of the Starr Piano Company; John J. Harrington, wholesale saddlery and leather goods; Elgar G, Hibberd, secretary of the Richmond City Gas Company; E. G. Hill, president of the E. G. Hill Company, wholesale florists ; John R. Howard, of I. R. Howard

& Company; Frank B. Land, vice-president of Gaar, Scott & Company; George W. Miller, of Pogue, Miller & Company; P. W. Smith, president of the First National Bank, Decatur, Ind., Henry C. Starr, vice-president of the Chicago, Cincinnati & Louisville railway; and S. S. Strattan, Jr., secretary of Gaar, Scott & Company. The surplus and undivided profits are $428,911.47. The dividends paid since the bank started are $462,500. The gross profits of the bank have been $891,411.47. Dividends are paid quarterly by the bank on the first of January, April, July and October. The dividend paid last year was twelve per cent.

The Richmond Savings Bank

It began business about 1874 and continued for a period of about two years, when it closed and paid up all deposits. The directors were: A. Cogle, Mark E. Reeves, James VanNuxem, and William W. Dudley. William W. Dudley was president and Mark E. Reeves was cashier. They paid interest on deposits not subject to check, and interest as high as ten per cent. and eleven per cent. was paid. This bank started on account of hatred for the First National. The promoters seemed to think that by paying interest on deposits not subject to check they would be able to draw deposits away from the First National, but such business did not pay, so the bank was closed. This bank was located at 33 North Eighth street.

The next bank in order of organization was the Stanley, Esteb & Company. This was organized about 1877. It continued only a short time as a company and then was reorganized into the Farmers' Bank. The Druleys and Estebs had sold out to Stanley & Thomas. The firm now consisted of Zachariah Stanley, president; James E. Thomas, cashier; and George Detch, teller. The business was all placed in the hands of James E. Thomas. No attention was ever paid to his books by either Mr. Stanley or the others, as they had all confidence in him. This state of affairs continued for about a year. One morning Mr. Thomas was taken sick and John B. Dougan was called to look over the books. As soon as he saw the books he made the statement that this bank would have to close. The money was practically all gone. The deposits had reached as high as $75,000. The liabilities showed more than $75,000. This had all been caused by the speculation and bad management of Cashier Thomas. The Second National came to their aid, as before stated. The bank was closed for thirty days to settle up, and it was then advertised that all depositors would be paid in full. The fixtures were offered for sale. John B. Dougan took the furniture, and the safe went to the Second National Bank, where it is still in use. This sale paid only a small part of the losses, the remainder being paid by Zachariah Stanley and Ellis Thomas, an uncle of the cashier. The losses of Stanley and Thomas were complete and they were financially ruined, yet all creditors were paid in full. This bank had been in operation only a little over a year. It was located on the South side of Main street, between Sixth and Seventh, number 269.

The Union National Bank Of Richmond

This is the next bank in order of organization: It was the outgrowth of the Centerville National. It was moved to Richmond and re-organized Nov. 4, 1885, with charter number 3,413. It began business in the building formerly occupied by the old Coffin Bank. In June, 1887, when the Kelly Building on the southeast corner of Eighth and Main was completed, the bank was moved there, where it is now located. The first directors were Jesse Cates, George M. Stevens, Jonathan Baldwin, Joseph C. Ratliff, Micajah C. Henley, John K. Jones, Oliver G. Davis, Eli Roberts, and Daniel W. Harris. The original officers were: Jesse Cates, president; M. C. Henley, vice-president ; John K. Jones, cashier; and George L. Cates, assistant cashier. The present directors are George L. Cates, Edwin H. Cates, M. C. Henley, Elwood McGuire, Charles A. McGuire, Daniel G. Reid, William H. Loehr, Irvin M. Ridenour, and Elgar G. Hibberd. The present officers are: George 'L. Cates, president; Edwin H. Cates and M. C. Henley, vice-presidents; H. J. Hanes, cashier ; and Henry J. Koehring, assistant cashier.

showed the total resources to have been $130,042.59. The statement of Jan. 31, 1910, showed the total resources to be $1,1 10,980.72. 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,

The Richmond Loan And Savings Association

This association was the next financial institution of Richmond to be organized. The first meeting was held Sept. 15, 1887, when the stock was subscribed in shares of $250 each. The stockholders met for organization, Sept. 22, 1887, and took out their charter 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 attorney now. The first directors were J. H. Runge, William F. Piehl, William Bockhoff, Theodore Woodhurst, John H. Meerhoff, William 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 Io, 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, Augustus F. Wissler, and L. S. Gay. The dividends are paid semi- 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: September, 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, president; John J. Harrington, vice-president; John H. Brooks, secretary ; Samuel W. Gaar, treasurer, and John W. Newman, attorney. The directors are John Davenport, John F. McCarthy, John E. Foley, 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 statement, 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- president; 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 committee 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.

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 statement shows: Stock in force, $113,700; assets, $30,527.96; shares in force, 1,137; membership, 160; receipts, $22,826.20. This association has a meeting every Wednesday, from 3 p. m. tog p. m., for the collection of dues. The association is doing a good business, considering 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 Io. 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 ; Edgar 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 1, 1908, $102,000; March 31, 1910, $130,000.. The statements of deposits are: Jan. 1, 1901, $202,095; Jan. I, 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 afe 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

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 John 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, making a total of $300,000. In 1876, John Smith was made assistant cashier and held this position until the bank's affairs were liquidated, 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 reorganized, 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 11, 1882, with charter number 2,734. The stockholders under this organization were Lenville Ferguson, Joseph Jackson, Horace Elwell, and Charles W. D. Jones. John K. Jones bought out the shares belonging 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.

The present directors are Claude S. Kitterman, Lincoln H. Jones, Oliver H. Beeson, Charles Ferguson, and Charles Reiser. The capital 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 undivided profits $3,000.

The highest dividends ever paid were in 1904, when the annual dividend was twenty-two per cent. No interest is paid on deposits 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 Indiana, 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 deposits reached $240,000 shortly before they sold out. Dividends of six per cent. were paid annually, the year ending Aug. 1. 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 banking 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 business Nov. 1, 1893. The original directors were John Bowman, Benjamin 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 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 increased, 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 interest 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 - 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, Sanford Wilson, Abiram Boyd, W. A. Creitz, Robert A. Hicks, FC. Dodson and Bert Wilson. The officers are: John K. Smith, president; Sanford Wilson, vice-president; Bert Wilson, second vicepresident; and R. A. Hicks, secretary and treasurer. The capital stock is $25,000. They pay three per cent. on all deposits not sub-

Financial Institutions 303 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 stockholders 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 officers elected were Oliver T. Jones, president, and Benjamin L. Martin, cashier. Mr. Martin declined and J. P. Southard was elected as cashier, but after a few months Jacob B. Julian was elected president and Oliver T. Jones cashier. John K. Jones entered the bank as cashier in 1874 and remained until it closed, in 1885. The deposits 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 security.

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 discounts, $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.

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 present location on Main street, four doors west of the Main cross streets. No interest is paid on deposits and no county or township funds are handled. The banking hours are. from 8 a. m. to

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.

About a year after the close of the Kessler Bank, on June 28, 1903, the Farmers' Bank organized and began business. Its certificate, 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 cashier. In July, 1908, the officers were changed to Mordecai D. Doddridge, 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.

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 before 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 deposits 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 successful 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 owners, 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 carried, but the capital, so called, was composed of the investments of the owners and the bank building owned by the company, valued at $5,000. The bank existed about eleven years without paying any dividends. The members gradually sold out until it was owned by Mason and Bowman. Bowman was cashier and had entire charge of the business ; in fact, no examination of his books was ever made, for the greatest of confidence was placed in him. He shot himself on the night of July 3, 1905. Charles DuHadway, of the First National Bank of Richmond, was called and, with others, found that the books were in bad shape and that the losses of the depositors would be heavy. J. A. Spekenhier was appointed receiver and closed up the business. The estates of both Mason and Bowman were liable to their entire amounts, so that both estates were completely sold out to help pay liabilities. The liabilities were found to be $150,000. The resources would cover only a part of this, and fortyeight cents on the dollar was alli the depositors received. The deposits at this time were about $145,000. This bank was located on Main street, between Plumb and Washington, where the First National is now located.

The First National Bank Of Hagerstown

This bank was organized Aug. 18, 1905, after the Commercial Bank had failed. The charter number is 7902, and is dated Sept. 5, 1905. It began business Sept. 15, 1905. The original directors were George H. Eggemeyer, Edwin Cates, Thomas B. Millican, William M. Pense, David W. Kinsey, Henry C. Starr, Samuel W. Gaar, and Lindley M. Pierce. Mr. Pierce held the office only a short time, when he sold out, and since then the directors have not been changed. The original officers were: George H. Eggemeyer, president; Thomas B. Millican, vice-president; and Robert Hicks, cashier. On Sept. 1, 1907, A..R. Jones was made cashier, and on Jan. 1, 1909, Frank Dennis was made assistant cashier. The capital stock of $30,000 has not been changed. The bank has a paid-in surplus of $20,000, with undivided profits of $1,600. The deposits on the first day of business were $12,000, and on Jan. 31, 1910, $190,000. The approved reserve banks are the Capital National, of Indianapolis, and the Liberty National Bank, of New York. The stockholders are George L. Cates, Samuel W. Gaar, Edwin H. Cates, George H. Eggemeyer, Harry Starr, Daniel G. Reid, Thomas B. Millican, David W. Kinsey, William M. Pense, Fred Saint, William F. Bryket, and E. M. Wiseheart. The earnings were allowed to accumulate until 1909, when an eight per cent. dividend was paid. No interest was paid on deposits until Jan. 1, 1910; they are now paying three per cent. on time deposits. This bank is located on Main street, between Plumb and Washington. On account of the cramped condition in the building in which it is located, in 1910 the room was remodeled and increased in length. The old bank furniture of the Second National Bank of Richmond was then purchased, which adds greatly to the appearance and convenience of the bank.

The Fountain Bank Of Fountain City

The next town after Hagerstown to start a bank was Fountain City. On Oct. 11, 1902, J. A. Peelle and William H. Pence organized a private bank, of which they were sole owners. The charter number is 88. In 1904, Alfred Hill bought two-eighths of the stock, the other owners each having three-eighths. The shares were $100 each. In 1907 J. A. Peelle died, and his shares stand in the name of the J. A. Peelle heirs. The capital stock is $10,000 and has never been changed. The surplus is $300. The deposits at the end of the fifth year of business were $48,000. On Jan. 31, 1910, they were $68,000 and the loans amounted to $45,000. The officers are Thomas Brennan, cashier, and Miss Mary Melody, bookkeeper, these officers having never been changed. This bank is operated under the laws of the State of Indiana. Two yearly reports are made to the Auditor of State on printed forms. Weekly statements are made to the owners. It is subject to the examination of the State Examiner, once a year. Dividends of thirteen per tent. are paid to the owners yearly. The banking hours are from 8 a. m. to 3:30 p. m.

Green's Fork followed Fountain City and organized a bank Dec. 28, 1904. Its charter, No. 7124, is dated Feb. 4, 1904. The original directors were John Brooks, Ennias Kitterman, Alonzo Black, Frank M. Taylor, Milo Gentry, Matthew C. Brooks, Milton Hoover, Milton Bowmaster and Daniel Harris. The present directors are John Davis, Daniel W. Harris, Leon D. Dougherty, Enos T. Veal, Daniel C. Moore, Philip Franzman, Milton Hoover, and B. R. Pierce. The original officers were: Daniel W. Harris, president; Milo Gentry, vice-president; Frank M. Taylor, cashier; and Claude S. Kitterman, assistant cashier. Daniel C. Moore was elected cashier, May 19, 1904. Claude S. Kitterman left Jan. 14, 1905, and Oct. 2, 1905, Raymond E. Swallow came into the bank and was made assistant cashier, March 6, 1906. The offices of presi- dent and vice-president have not been changed. The capital stock is $25,000 and has never been changed. A surplus of $5,000 has been set aside from the earnings to fulfill the law, which requires a surplus of twenty per cent. of the capital. Total dividends of thirtythree per cent. have been paid since the bank started. The dividends are declared semi-annually, on the first of March and September. The bank pays three per cent. on time deposits, and township funds are carried at two per cent.

The Fifth National Bank of Cincinnati and the Capital National Bank of Indianapolis are the legal reserve banks. Fhe Union National Bank of Richmond is the correspondent bank. A biyearly statement of deposits is as follows: Sept. 6, 1904, $41,228.60; Sept. 9, 1906, $85,847.29; Sept. 23, 1908, $103,726.89; Jan. 31, 1910, $141,471.47. The men signing the certificate of organization were John Brooks, Ennias Kitterman, Alonzo Black, Frank M. Taylor, Milton Bowermaster, and Daniel W. Harris.

The First National Bank Of Williamsburg

Williamsburg, next after Green's Fork, organized a bank, Feb. 12, 1907. Its charter, No. 8625, is dated April 1, 1907. It opened for business May 1, 1907. The capital stock is $25,000 and has not been changed. The surplus and undivided profits are $3,062. The original officers were: William A. Lewis, president; Asher Pearce, vice-president; and Wilfred Griffith, cashier. Milo Cranor was elected vice-president, Jan. 12, 1910. No change has occurred since. The original directors are Milo Cranor, Leander Anderson, Frank M. Taylor, William E. Clements, John Davis, William A. Lewis, Charles E. Anderson, Wilfred Griffith, and Oliver P. Cain. The deposits on the first day of business were $4,183.01. Dividends of three per cent. semi-annually have been paid since November, 1908. Three per cent. on time deposits is paid and two per cent. on county and township funds. The bank is located in the Masonic Temple on Main street. There are thirty-nine stockholders connected with this bank, all from the town and vicinity.

The First National Bank Of Dublin

The next bank organized was at Dublin, April 30, 1907. Its charter, No. 8804, was issued June 20, 1907. It began business July 30, 1907. The original directors were Lewis W. Cranor, J. W. Sparks, C. E. McKee, C. W. Bouker, C. S. Larsh, George Lambertson, S. W. Pickering, J. H. Mason, George Murray, Frank M.

Taylor, and Albert D. Gayle. The present directors are Lewis W. Cranor, J. W. Sparks, C. E. McKee, C. H. Graver, Willard Beeson, George Lambertson, S. W. Pickering, J. H. Mason, A. K. Zeigler, Frank M. Taylor, and Raymond G. Swallow. The original officers were: Lewis Cranor, president; J. W. Sparks, vice-president ; and John C. New, cashier. There has been nochange. The first surplus was $150, set aside June 30, 1908; on Dec. 31, 1908, this was raised to $500; June 30, 1909, to $605, and Dec. 31, 1909, to $800.

The deposits on the first day of business were $316.72. On Jan. 31, 1910, they were $83,984.48. The total resources are $135,582,40. Three per cent. semi-annual dividends are paid on the first of January and July, and the total dividends paid to the above date were $2,250. Three per cent. is paid on time deposits. The bank is located on the northeast corner of Johnson and Main streets. The banking hours are from 8 a. m. to 4 p. m. There are forty-eight stockholders now connected with the bank.

The Northern Wayne Bank

The last bank organized in Wayne county is located at Economy. This bank was organized March 15, 1910. Its charter, No. 291, was issued March 15, 1910. It began business May 16, rg1Io. This is a private bank, operated under the laws of the State of Indiana, and was organized with a capital stock of $10,000. The original stockholders were Daniel W. Harris, Leon D. Dougherty, Daniel C. Moore, R. G. Swallow, and R. E. Swallow. The present stockholders are Daniel W. Harris, R. E. Swallow, Daniel C. Moore, Leon D. Dougherty, R. G. Swallow, Milton Hoover, Philip Franzman, Enos T. Veal, J. G. W. Beard, J. S. Beard, John M. Manning, and John Davis. The officers are: J. S. Beard, president; John M. Manning, vice-president; and R. E. Swallow, cashier. These have not been changed. The deposits at the end of the first week were $6,800. The directors of this bank are J. S. Beard, John M. Manning, Daniel W. Harris, Leon D. Dougherty, Daniel C. Moore, R. E. Swallow, and John Davis.