USA > Kentucky > Jefferson County > Louisville > The city of Louisville and a glimpse of Kentucky > Part 20
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 | Part 27 | Part 28 | Part 29
Wben Mr. Duncan determined to come to America he wrote to a friend here, a member of the Agricultural Bureau at Washington, whose acquaintance he had formed in London, informing him of his intentions. About that time Mr. John B. Bowman, Regent of the Kentucky Univer- sity, was seeking a professor of botany and other kindred sciences for the Agricultural College, then a part of the University. He applied to Mr. Duncan's Washington friend and was recommended by him to secure Mr. Duncan. They did not meet, however, until Mr. Bowman went to the editor of the American Agriculturist, in New York, still in search of a teacher. The editor of that paper also recommended Mr. Duncan ; for the latter, finding himself in New York without definite plans, was engaged in writing for the paper, a business with which he had become familiar in London several years previously. Thus, then, Mr. Bowman found the man he had been seeking, and Mr. Duncan, a few weeks after landing in the United States, found himself at Lexington, Kentucky. He did not long remain couuected with the University, which was not quite what he had expected; but in the sbort period of his connection with the school he formed several acquaintances that have since ripened into lasting friendships. Almost immediately after reaching Lexington he began to write for the papers, and when he left the University he engaged regularly in journalism. From that time his connection with the press has been unbroken. It has already been explained that his mind and ed- ncation peculiarly fitted him for scientific writing on subjects of every- JOHN DUNCAN. day importance. A connection with an agricultural newspaper opened up to him the field of live-stock literature, and he entered it, determined to make his mark upon it. Having come to Louisville some years previously, he estab- lished DUNCAN'S MONTHLY MAGAZINE, iu 1877. By study and great care iu collecting all data pertaining to his busi- ness, he has reduced his work to the methods of exact science, giving his greatest attention to the trotting borse, his breeding, his qualities, and his performances ; while similarly he has familiarized himself with thorough-bred cattle, and the other leading live-stock interests of the country.
Besides his work on his own magazine, Mr. Duncan has contributed valuable articles to other periodicals, notably several carefully-prepared papers on the great trotting families, published in the Southern Bivouac. He is a member of the editorial staff of the Courier-Journal, of which he is the editor of the Live-Stock and Agricultural Departments. Upon the death of the late Dr. T. S. Bell, he succeeded to the charge of the important "Answers to Correspondents " department of the Courier-Journal, the high reputation of which he has fully maintained.
Where careful work and accuracy in knowledge and statement are required in matters pertaining to live-stock, his services are sought ; and no man in Kentucky possesses more entirely the respect and confidence of the stockmen of the State.
105
Bradstreet's Commercial Agency.
B RADSTREET'S MERCANTILE AGENCY bears to the business life of Louisville a vital relationship. That it has sustained its responsibilities well is undisputed. The BRADSTREET AGENCY was established in 1849. The Louisville office was opened early in the fifties, and has thus for over thirty years been aiding and promoting sound commerce for the trade interests centering here. While the agency is au old one, it has especially earned the name of being newest ; of being a progressive and enterprising concern. Beginning with the printed reference book or volume of ratings, BRADSTREET's has originated the numerous improvements of great merit in connection with its busi- ness, and it is justly regarded by its patrous as progressive in the highest degree. It avoids the sensational and hypothetical, and centers its efforts in the useful, substantial, and reliable. The Louisville office is constantly amplifying its facilities and resources, and increasing its efficiency to its subscribers about the falls cities. A day spent in BRADSTREET'S office will not only reflect the immense amount of work which it performs for its patrons, hut will at the same time give an excellent idea of the variety and scope of Louisville's trade interests. From Canada to the Gulf, and from Maine to the Pacific coast, reports are in demand by the great whisky, tobacco, leather, iron, woolen, implement, furniture, saddlery, and general jobbing and manufacturing interests of Louisville and vicinity. CHARLES F. HUHLINE. To concentrate here for the sellers, and to furnish to other points of pur- chasing, trustworthy information of business people of all degrees is a great work, and BRADSTREET's is doing it efficiently.
The energies of BRADSTREET's are confined to the legitimate functions of the business, and, in the legitimate pros- ecution of the business of and for Louisville, has done more for Louisville than Louisville has done for it. No expense is considered too great in procuring and applying to the conduct of the business all possible improvements. With its present system for obtaining and promulgating information this agency is justly regarded by its patrons as authority on all matters affecting commercial credit. Figures, however, are more pregnant with facts than words : There were 671 failures in the United States and Canada in June of this year (1887). The ratings of these as given in the April volume show that, with ten exceptions, the reports on all were such as tended to lead cautious business men to avoid or limit the firms indicated. The reports on these varied from unworthy of any credit to heavy shading. Of the total 671 failures but four were given a first-class rating. This statement is in substantiation of the general correctness of BRADSTREET'S work, and defeats any criticism of those who might wish to belittle the great value and service of the institution.
Mr. Huhline, the present Superintendent of BRADSTREET'S AGENCY in Louisville, has virtually grown up in the interests of which he is now the head. He began as a city reporter about ten years ago, and was made Superintendent in 1886, and, since taking the helm, has shown a vigorous hand aud an unerring judgment in pushing forward the work in which he is engaged. Mr. Huhline is not yet thirty years of age but his position in business circles is such that an older man might envy. He was boro and reared in Louisville, and is a product of her public schools.
With a view to encourage every element of progress which makes itself known in Louisville, BRADSTREET'S recently secured, wherein to conduct its affairs, one of the handsomest offices in the new Kenyon building, the most palatial business edifice, and the only one of its character, in the city.
The organization of this great business, as it stands to-day, is the practical result of the wisdom and skill of thou- sands of employes, who have labored faithfully and earnestly in its advancement, as, also, the expenditure of millions of dollars. From being kuown and recognized as a "Mercantile Agency "-a title which, by the way, has no signifi- cance, and is of no possible value-this institution has earned and established a professional place and title by its con- ceded ability as an "Investigator of Credits." It has established its offices in every commercial center ; it has corre- spondents in every hamlet, and by its own special agents it is investigating and formulating the history and the present condition of traders, manufacturers, and bankers throughout this entire continent.
From the simple fact of furnishing a printed volume containing a few names, with their commercial ratings-for this was the original and only service contemplated-the most careful and painstaking investigations of the character, business qualifications, and financial responsibility in all departments of business have been gradually assumed, the whole standard of the work advanced, the resources amplified, and the results established. Notwithstanding the enor- mous increase in the work, the great advancement in the power and ability of the organization to do better service, the compensation is the only thing which has remained practically stationary. The telegraph companies make a charge for each 500 miles and their fractions ; the express companies charge, for the delivery of a small package, a certain price for 100 miles, an increased price for 500, and a very largely increased price for 3,000, but BRADSTREET'S undertakes the in- vestigation of the subject inquired for over a territory of 3,500,000 square miles at one price, quite irrespective of distance.
One sterling quality of the BRADSTREET system is the gratifying rapidity with which its patrons are furnished with the information, simple or complex, which is demanded of it. With its thousands of trained and energetic servants covering the entire territory of the new world, and working with the unison of a well-disciplined army, or, better, with the perfection of wonderful mechanism, information of every character is transmitted hither and thither with a celerity and a minuteness as to detail that has given BRADSTREET'S the high reputation it so well deserves.
106
Weissinger's Tobacco Factory.
L OUISVILLE being situated in the heart of the great tobacco produc- ing section of the I'nited States, and reaching this country both by rail and water, this city is the natural market for tobacco grown in Kentucky, Indiana, Tennessee, and Illinois. A number of causes have resulted in this city's having absorbed nearly all the trade in tobacco from the section indicated. A central market is desirable both for the buyer and producer, and, this being the case, the cheapness of Louisville's shipping facilities to all points, and the geographical location above alluded to, have made this city the great leaf-tobacco market of the world. The general use aud consequent increased growth of white burley have materially aided this result, especially since, outside of a small strip of southern Ohio, Kentucky is the only State where the white burley can be grown to perfection. Consequently, iu 1885 there were sold in this city 127,046 hogsheads of tobacco, au amount of business that largely ex- ceeded that of any previous year in the history of any market in the world. Louisville's position, with regard to the entire Westeru trade, has continued to increase in importauce daring IS86 and 1887.
The advantage of all of this to the Louisville manufacturer is evi- dent. He is able to make his selections in person, or directly under his eye, and he saves freight charges and the expense of a resident buyer. Mr. Harry Weissinger has appreciated and acted upon these and other HARRY WEISSINGER. advantages, which will be noticed later, and is the proprietor of one of the largest factories of navy tobacco in the country. His factory was es- tablished in r869 by Weissinger & Bate and was then known as the Globe Tobacco Works. Its location was on Main street, near Tenth. The firm was continued until March, 1887, when Mr. Weissinger bought out Mr. Bate, the latter retiring on account of ill health. In the year 1878 the now famous braud of "Hold Fast" was introduced to the trade and was received with so much favor that an addition had to be made to the factory in order to supply the demaud for this particular brand. Finally the old quarters were found to be too small and the plant could not be sufficiently en- larged, as the factory was hemmed in by other buildings ; consequently, Weissinger & Bate bought a lot, 155 x 380 feet, on Floyd street, between Breckinridge and College streets, and there erected a large building and most complete factory, equipped with every convenience for the business in haud. It contains the most improved machinery, and is built with a view to economizing labor. Before putting up the building Mr. Weissinger and an architect visited the principal factories of the United States, so that the architect not only had the advantage of Mr. Weissinger's experience but the benefit of what he himself saw in other factories. About the building was left sufficient ground for any additions that the growth of the business might make necessary.
Among the advantages possessed by the Louisville manufacturer, besides those already mentioned, is that of being able to secure here any necessary number of skilled operatives who have been bred to the trade, and of getting these at as reasonable wages as are paid anywhere in the United States. This condition of things springs from the fact that living is as cheap in Louisville as in any city of its size in the country, if not cheaper. Fuel-a considerable element of cost in tobacco manufacture-is also very cheap here, cheaper than in any other city where tobacco is manufactured.
The first brand of tobacco established by Weissinger & Bate was the "Old Kentucky," which made its appearance in 1869. It is now the oldest brand of navy tobacco on the market, and more of it was sold in 1886 than in any previ- ous year. It is standard grade. "Hold Fast," which became so popular as to require the factory to be enlarged, was put upon the market in 1878, and was the first brand made in Louisville out of the white hurley, which has since cut so im- portant a figure in the manufacture of tobacco. It was quick to go to the front. More of it is consumed in Louisville than of any other brand made in the United States. This tobacco is absolutely pure, and being made of thoroughly ripe tobacco, carefully selected, no evil results will follow the use of it. Mr. Weissinger's product has been and is confined almost exclusively to the better grades of tobacco, for the reason that the difference in the cost of manufactured tobacco consists alone in the quality of the materials used, for the tax and the workmanship amount to the same on a pound of indifferent tobacco that it does on the best. Hence it will be seen that a reduction iu the price, and consequently the quality of the material, will not make a corresponding reduction in the price of the manufactured article. To illustrate, the percentage of difference in quality between five and ten cents leaf is fifty per cent., manufacture the two and the dif- ference in cost is only about eight per cent.
"Prune Nugget " is a more expensive brand. It is made of the highest grade of white burley, seasoned to a delicious fruity flavor by a process known only to the manufacturer. This firm also makes many other brands and styles. "Hold Fast" is made in lumps of 3 x 3 inches, seven plugs to the pound, and is packed in boxes of thirteen and a half and twenty- five pounds. "Old Kentucky" is made in plugs of sixes and fours to the pound. The fours are packed in nineteen-pound caddies and twenty-five-pound boxes. The sixes are packed in sixteen-and-a-half-pound and twenty-five-pound boxes.
Mr. Harry Weissinger, now the sole proprietor of the factory, has worked in every department of a tobacco factory and knows the business practically from the cellar to the counting-room ; cousequeutly, he is able, personally, to direct every step in the making of his tobaccos. He is, moreover, a successful man of business, and is now serving his second term as President of the Louisville Board of Trade.
IO7
S. C. Graham.
7 "HE Inmber trade of Louisville is a very important industry, and one tbat is certainly growing in extent and value. The city's location is such, her communications so perfect, and her facilities for the prompt and convenient filling of bills of all kind are so good that dealers and users of lumber in a large section of country turn to this market for supplies. The trade in lumber is consequently on the increase, and bids fair, with the opening np of new and heavily-timbered regions, to increase in the future more rapidly than in the past.
The river and railroad facilities are such that this city is placed within easy reach of the best lumbering regions of the North and South, thus enabling the dealers here to respond readily to the demands for all kinds of lumber. Add to these features the fact that the trade is repre- sented here by a class of live and progressive business men, and there is abundant reason why the Falls City is considered a popular and reliable lumber market.
Among the many houses engaged in the handling of lumber in this city, none is more worthy of mention than the well-known house of S. P. GRAHAM, which is the oldest house in the business in Louisville, and has a reputation and trade that speak well for the high character of the house.
The true reason, and the only one, for success in a business venture S P. GRAHAM is a thorough knowledge of the business, care in accepting and filling orders, and a comprehensive knowledge of the wauts and requirements of patrons. To intelligently meet these demands, a constant study of the available materials, and the probable necessities of any given territory must be made, and this kuowledge must be coupled with an executive ability to handle the details of the business; else errors in filling orders, and a consequent dissatisfaction of the buyers follow, and the trade either fails to materialize or continually declines. Then follows embarrassment, if not absolute failure. One of the oldest houses in this city is presided over by one of our youngest business men ; but, although young in years, he carries on his shoulders a head weigbty with knowledge of business, and an affable and courteous manner which attracts to the honse a clientage of the most permanent character.
The business was established ou a small scale in 1854 by John Graham, a thrifty and enterprising Scotchman. It grew steadily and surely until 1863, when the proprietor admitted his son, Mr. S. P. GRAHAM, as a partner, and for many years the house was known as John Graham & Son. Upon the decease of the elder gentleman, Mr. S. P. GRAHAM SIIC- ceeded to the business, since which time, by bis persoual popularity, his keen appreciation of the wants of his patrons, and a square and honest method of supplying the customers of the firm, he has very largely increased its business, until it is probably to-day the most extensive lumber and supply depot in this city, if not in the Soutb. It seems to be the rule that a man once a customer of the Grahams feels forever bound to them, not alone by ties of business interest-for they are pioneers of low prices-but by personal attachment as well.
S. P. GRAHAM deals in all kinds of lumber, making a specialty, however, of white and yellow pine. He also hau- dles poplar to a considerable extent, as well as lath and shingles.
Mr. Graham handles an immense value of doors, sash, blinds, mantels, etc., and always keeps in stock large quantities, thus enabling him to meet promptly all demands that may be made upon his resources. These goods are the productions of the most famous manufacturers in the great Ininbering sections of the North-west, and with whom he has the most favorable arrangements, thereby enabling him to supply the trade on the most advantageous terms.
The house maintains a most extensive lumher yard and factory at No. 810 Magazine street, where a large and varied stock of rough lumber, dimension lumber, common boards, fencings, floorings, lath, shingles, moldings, doors, sash, and blinds is constantly kept on hand, something of a specialty being made of rongh lumber, in which this house decidedly leads its competitors in the volume and territorial extent of its business, shipping chiefly in car-load lots to all parts of the Sonth.
Mr. Graham supplies estimates as to the cost of building, and among resideut builders his standard of lumber grades is generally recognized and approved. His customers are already very numerous, and those not recorded in that array will find it to their interest to communicate with Mr. Graham and to establish business relations with that live, enter- prising house.
Mr. Graham thoroughly appreciates the value of making his institution known, patronizing all the leading papers with advertisements that talk ; he is never afraid to give prices, and his customers know that that is the assurance which grows out of confidence, and shower the orders in on him in a most liberal fashion. More than two-thirds of the conn- ties in this State do business with him, besides which he ships to every Southern State, his transactions often amounting to thousands of dollars in a single day. A striking instance of the extensiveness of his trade occurred lately in the receipt of a large and miscellaneous order from Hamburg, Germany.
Mr. Graham is a first-class example of our new order of business men in the South, and is destined to confirm and extend the honorable reputation he enjoys. Although his firm is an old one, having been established by his father, Mr. Graham is still a young man. 108
The Presbyterian Mutual Assurance Pund.
0 NE of the companies conducting a life insurance business on an im- proved and highly successful system is the PRESBYTERIAN MUTUAL ASSURANCE FUND, of Louisville, Ky. The company was chartered in 1878 under the laws of Kentucky and its charter was amended in 1886. Its officers are Bennett H. Young, President ; John H. Leathers, Vice-President and Treasurer : W. J. Wilson, Secretary ; Dr. F. C. Wilson, Medical Director ; James H. Moore aud E. H. Martin, Superintendents of Agencies. The directors are Bennett H. Young, J. H. Leathers, W. N. Haldeman, Vincent Davis, F. C. Wilson, and W. J. Wilson.
The company's depository is the Louisville Bauking Company, the assets of which are, capital, $300,000 ; surplus, $370,000.
The last statement issued by the company is as follows : Insurance in force July 31, 1887. 55.562,000 ; indemnity reserve July 31, 1887, $103,- 420.47 ; cash on hand July 31, 1887, $15,732.64 ; death losses paid July 31, 1887, $84,000 ; iusurauce written from January to July 31, 1887, $1,125,000.
The plan of insurance is a modified form of the old "natural premium plan," which is an increasing rate annually with advancing age. In the case of the PRESBYTERIAN MUTUAL ASSURANCE FUND instead of an annually increasing rate, the rate increases by terms of five years. The insured pays the same rate from twenty to twenty-four years of age, in- W. J. WILSON. four, etc. But it is provided that when the first increase in the rate creasing it from twenty-five to twenty-uine, again from thirty to thirty- takes place-at the end of the first five years-dividends shall accrue to the insured to offset the increase, thereby making the premium very nearly stationary. Said dividends are to be placed to the credit of the policy-holders by the following arrangement : After the payment of five full annual premiums by the member, the company will credit on his premium annually thereafter a dividend of not less than ten per cent., and as much more as the accumulations to his reserve will warrant from year to year. (It is estimated that the accumulations from all sources will yield a dividend annually of twenty-five per cent.) Or if the member shall elect, after the expiration of the first quinqueunial period, to apply the accumulations to the credit of his certificate to paid-up insurance instead of annual dividends, he shall be entitled, after the expiration of the second quinquennial period, to as much paid-up insurance as his accumulations during that period will purchase on a four per cent. basis; provided, said member shall give notice to the management, in writing, of his electiou, thirty days previous to the expiration of the first quinqueunial period.
By this arrangement it is mathematically sbown that a man can carry insurance from the time he is twenty-four years old until he is forty-five at a cost not exceeding $14.57 annually for $1,000 of insurance. In one of the "old line companies " at forty-five years of age he would pay $37.97 per $1,000.
The essential feature of the company's plau is that it furnishes insurance at cost, on the "pay as you go" principle, the policy-holder paying for the risk assumed by the company as his age advances. A security is maintained of from $200 to $300 for every Sioo of liability. The accumulation or reserve fund is a practical guarantee and is arrived at by causing each policy-holder to make a deposit which is a guarantee for his indebtedness, and thus becomes a guarantee to every other policy-holder. The premium paid by each insured is only sufficient to meet the risk of the company and is fixed at a rate accurately ascertained by the "experience tables"-tables which give the legitimate cost of insurance according to the expectancy of life.
Another feature is that the company is a purely mutual one, there being no stockholders, and all surplus, from what- ever source derived, being held in trust for the policy-holders for the purpose of strengthening the mortuary fund. No dividends have to be declared to sbare-holders, being declared and placed to the credit of the insured themselves, and no large salaries are given to officers, the salaries and other expenses being ouly large enough to secure competent and trustworthy officers, and to keep the affairs of the company in proper and business-like coudition. Thus the cost of insurance is reduced to a miuimum, the insured, in fact, receiving all the benefit accruing from the investment of the company's surplus earuings, which, iu the case of most companies, is a benefit that goes to the share-holding capitalist. The PRESBYTERIAN MUTUAL ASSURANCE FUND offers insurance, pure and simple, free from investments, and maintains a reserve amply sufficient to guarantee the security and permanency of each policy. It is definite in character, simple in practice, and reliable. It is not hampered by the idea that in making his payments the policy-holder is making an investment, which would be better made with some savings institution. The plan of this company is simple life insur- auce reduced to the cheapest possible basis consisteut with safe business principles.
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.