William Henry Cobb

Narrative:

     William Henry Cobb was born on 17 Mar 1845 in Mississippi.^7,8,9
     He appeared on the 1850 Federal Census of Aurora, Dearborn Co., Indiana, in the household of his parents, Oliver Perry Cobb and Caroline S. Foulke.¹⁷ He appeared on the 1860 Federal Census of Aurora, Dearborn Co., Indiana, in the household of his parents.¹⁸
     William joined his cousins John and Henry Christy in the commission merchant business they had been operating at 35 Water St., Cincinnati, creating the firm of Christy, Cobb & Co., which continued until 1880. He remained in Indinia while they managed the Cincinnati operation.^{19,20,21,22,23,24,25}
     He appeared on the 1870 Federal Census of Center Twp., Dearborn Co., Indiana, in the household of his parents, reporting real estate valued at $200 and personal estate of $5,000.²⁶
     William's cousin William Henry Cobb joined the firm as a clerk about 1871, and was a bookkeeper there by the following year.^27,28
     He generally used his middle name, Henry, as a young adult.^2,29,30 About 1873 the firm became proprietors of the Indianapolis & Cincinnati Elevator, at the Pearl and Smith Sts.. His cousin James Wallace Christy rejoined the firm as a clerk at the elevator, becoming superintendent there by 1875, but apparently leaving the firm after that.³¹
     William married Alice Constance Fish, daughter of Ezra W. Fish and M. Lorilla Taber, on 21 Jun 1876 in Washington Twp., Black Hawk Co., Iowa.^10,11,12
     William and Alice appeared on the 1880 Federal Census of Aurora, Dearborn Co., Indiana, enumerated 3 Jun 1880. Their daughter Alice was listed as living with them, as was Almira Dibber, age 19, a servant.²⁹

Troubles at Christy, Cobb & Co. --- Text Stolen from ReigelRidge.com !! ---

     Rumors circulating in the Cincinnati business community about financial difficulties at Christy, Cobb & Co. culminated in newspaper reports 30 Jun 1880 of conversations with members of the firm. They acknowledged owing money to a few local banks that they could not pay on time, and said they were asking for an extension. They said they owned no one other than these banks, and would speedily resolve the issue. They noted they had been in business nearly 20 years and the past year had done a business of over $1,500,000, handling more grain than any three houses in the city. They said they were making arrangements to bring in "fresh blood" and issued a statement that the firm "sold out their business and good will to Wm. H. Conklin" who would continue the business at the elevator under the name of Christy, Conklin & Co.³²
     The following day a newspaper reported a conversation with William in which he said he had been the outside man for years, doing most of the traveling, and had no intimation of any issue until the previous week. He said the firm had done some speculation several years before and had been "urgently advised" to stop by his father, one of their heavy creditors, and he had thought they had stopped as they promised. But now he found the firm had speculated in Chicago by borrowing money secured by elevator receipts. He said his father held a note from the firm for $30,000 and was owed another $25,000 on account, but he did not know about other creditors. The paper reported that the firm owed four local banks and two out-of-state banks a total of $55,000.³³
     Negotiations with creditors did not go well. On 12 Jul 1880 the three principals and the bookkeeper were arrested on multiple charges, including issuing false warehouse receipts and embezzlement, from each of three banks. The banks had demanded the grain that was represented by the warehouse receipts used as security for the loans, and were told it was not there. Bonds were posted for each: $15,000 for Henry, $25,000 for John and Oscar, and $9,000 for William.³⁴
     Preliminary hearings were held on all six cases, one brought by each of the three banks against the firm and the same against the bookkeeper. The hearings took several days, concluding 29 Jul 1880, and were reported in great detail by the local newspaper. There was testimony by officials of the banks and employees of the firm. After charges against William were dismissed in one of the cases, he was called as a witness by the prosecution. He testified that he had initially provided all the firm's capital, but later that was returned and the firm operated on borrowed money. He said that on 26 Jan 1880 John had told him they had been speculating and had lost $35,000. He knew the firm had been in debt for several years, and realized it would be unable to recover, with debts now totaling over $100,000. At the conclusion of the hearings all the defendants were bound over to the grand jury, and bail amounts were adjusted.^35,36
     Apparently nothing more ever came of the case. On 31 Jan 1881 a reporter asked one of the attorneys who had prosecuted at the hearings why no indictments had been made. He would only cite rumors, including that money was used in the grand jury room and that the Prosecuting Attorney's office was at fault. No further report of the case has been found.³⁷

The Aurora Iron and Nail Company --- Text Stolen from ReigelRidge.com !! ---

     The Aurora Iron and Nail Company filed articles of incorporation in Nov 1875. It was formed from the Aurora Iron Company, which had its origin as a rolling mill established in 1873 by John B. Evans, and the Haddock Nail Machine & Nail Manufacturing Company of Cincinnati. Capital stock was listed as $1,000,000, and the directors included Evans and Oliver Perry Cobb. It is not clear who the original officers were, but by 1881 the Cobbs were clearly in control. At that time, Oliver was the president and a director, and his brother John, his sons William and Frank, nephews John Dwyer and James A Stratton, and brother-in-law Lewis M. Foulk were all directors. Stratton was also the Secretary, and Foulk was the Treasurer.^38,39,40
     By Mar 1881 the company was apparently not doing well, and a group of Cincinnati share-owners filed suit, blaming the Cobbs. The suit, naming the officers and directors, and their banks as defendants, was brought by ten share-owners, owning about 5,900 of the 20,000 shares outstanding.⁴¹

Cobb's Iron and Nail Company --- Text Stolen from ReigelRidge.com !! ---

     When Cobb's Iron and Nail Company filed articles of incorporation on 23 Aug 1881, William was named a director, along with his father, Oliver Perry Cobb, his cousins James and Thomas Cobb, and three others.^42,43,44 In 1885 the company disposed of the sheet and bar mill and the right to use Cobb's patent process for manufacturing nails on 50 machines to another company. Both companies were then making 400 to 600 kegs of nails per day.⁴⁵
     The Cobbs' legal issues led to some unusual provisions in their wills. When his parents wrote their wills they left their property to their daughters-in-law rather than to their sons, who were still living. It seems they feared that the sons were exposed to claims that could be made against their property.
     William was named an executor in the will of his father, dated 6 Oct 1890 in Aurora, Indiana. The will left everything to his mother, and if she died first, to be divided between his sister, his sisters-in-law, and his wife.⁴⁶
     William was named an executor in the will of his mother, dated 16 Jan 1891 in Aurora, Indiana. The will left his father a life estate in her property, after which it was to be divided between his sister, his sister-in-law, and his wife.⁶

Moving Beyond the Cobb Empire --- Text Stolen from ReigelRidge.com !! ---

     William and Alice appeared on the 1900 Federal Census of Aurora, Dearborn Co., Indiana, enumerated 1 Jun 1900, reporting that the family owned its home, which was mortgaged. Their children Alice, William and Robert were listed as living with them.⁴⁷
     By 1900 he had become an insurance agent, selling life insurance. He became a general agent for the Central Life Insurance Co.^48,49,50,51
     William and Alice appeared on the 1910 Federal Census of Aurora, Dearborn Co., Indiana, on Manchester St., enumerated 27 Apr 1910, reporting that the family owned its home, free of mortgage. Their son William was listed as living with them.⁵²
     William and Alice appeared on the 1920 Federal Census of Aurora, Dearborn Co., Indiana, at 433 Manchester St., enumerated 12 Jan 1920, reporting they owned their home, which was mortgaged, and with another couple apparently as tenants in part of the home.⁵³
     William died on 31 Oct 1924 in Aurora, Dearborn Co., Indiana, at age 79.^13,14 He was buried on 2 Nov 1924 in Riverview Cemetery, Aurora, Indiana.^15,16