USA > Missouri > Encyclopedia of the history of Missouri, a compendium of history and biography for ready reference, Vol. I > Part 23
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The Armour Brothers Banking Company was organized in 1878. A. W. Armour was president, S. B. Armour was vice president, and C. H. Prescott was cashier. Upon the resignation of the latter W. H. Winants was elected cashier. January 1, 1889, the Midland National Bank, which had been organized but a few months before that date, purchased the business of the Armour Brothers Banking Company, and the two banks were united under the name of the Midland National Bank. Its officers were Witten McDonald, president ; A. W. Armour, vice president ; W. H. Winants, cashier. In July, 1897. the business of this bank was absorbed by the National Bank of Commerce.
The Citizens' National Bank was organized . in 1882, with J. A. Cooper as president, and J. J. Squier, vice president. The latter after-
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ward became president and manager of the bank. A. A. Whipple and S. J. Fitzhugh were also connected with this bank. In 1898 its business was sold to the Union National Bank.
H. P. Churchill and others, in 1883, organ- ized the Kansas City Safe Deposit and Say- ings Bank. It failed in 1893, with liabilities amounting to about $2,000,000, having at that time about seven thousand depositors. In September, 1893, Howard M. Holden was ap- pointed assignee for this bank, and he is still engaged in the work of settling its affairs.
The Traders' Bank was established in 1883, James T. Thornton and others being associ- ated in its organization. The particular accommodation of cattle dealers and the han- dling of paper based on business of this char- acter were the prime ends the organizers had in view. In 1887 this bank was purchased by the Union National Bank.
The leading banks of Kansas City had im- mense interests at the stockyards from the time of the establishment of the great packing industries there. Before the organization of a bank at the stockyards this class of business was looked after by clerks especially appointed for that purpose. This was not a satisfactory condition of things, however, and, in order to supply a real need, the Kansas City Stock Yards Bank was organized in 1884, with a capital of $200,000. C. F. Morse, president of the Kansas City Stock Yards Company, was made president of the bank, and M. W. St. Clair was made cashier. In 1890 it was found that the capital was insufficient, and the bank was reorganized under the name of the Inter- State National Bank.
The New England Safe Deposit and Trust Company was organized and began business January 1, 1889, with a paid-up capital of $100,000. A. WV. Armour was president. J. F. Downing, as vice president, and A. W. Childs, as treasurer, were in active manage- ment of the business. The banking, trust and safe deposit business of this concern had been very profitable, but a decision of the Supreme Court of Missouri to the effect that the char- ters of Missouri trust companies required them to pay interest on deposits caused the direc- tory to separate the trust and safe deposit de- partments from the banking department. This resulted in the organization of the New Eng- land National Bank in 1896, with a capital of $200,000.
In 1880 the bank of 11. S. Mills was organ-
ized, with a capital of $100.000. . January I. 1899, after a successful and prosperous busi- ness, it was succeeded by the Western Ex- change Bank, organized under the laws of Missouri.
The Aetna National Bank was organized in March, 1890, and went into voluntary liquida- tion in March, 1893. The depositors were paid in full. The officers of this bank were: A. W. Allen, president ; R. E. Tapley, vice president ; R. J. Hawkins, cashier.
The Metropolitan National Bank was estab- lished in November, 1890, and at that time the German American National Bank and the Mercantile Bank were absorbed by it. In No- vember, 1891, the Merchants' National Bank was also absorbed by the Metropolitan. In 1895 the business of the Commercial Bank was wound up and the affairs of that institution were settled over the counters of the Metro- politan. In January, 1895, R. W. Hocker and W. E. Hall retired from the management of this bank, being succeeded by J. K. Burnham as president, C. S. Morey as vice president and J. G. Strean as cashier. In May, 1897, the business of the Metropolitan became a part of the National Bank of Commerce, the depos- itors being paid in full.
The private banking house of Lombard Brothers was established in April, 1885, with a paid-in capital of $100,000. The partners in this bank were B. Lombard, Jr., of Boston, Massachusetts, and James L. Lombard, of Kansas City, the latter having the active man- agement of the bank's affairs. The deposits were about $600,000, and the business was profitably continued until 1886, when the First National Bank was organized. To the latter institution the interests of Lombard Brothers were transferred, James L. Lombard becoming the president of the new First National Bank.
The Missouri Valley Bank was established in 1878, and did a good business for several years, but finally failed. It was the outgrowth of the Farmers' and Drovers' Bank, located in the West Bottoms of Kansas City. and which moved up town and became the Missouri Val- ley Bank. Theodore Kraus was the first president and Robert J. Alther was the first cashier.
The Missouri National Bank was organ- ized in 1891. with a capital of $250,000. D. V. Reiger, who was chiefly instrumental in its establishment, was the first president and R. D. Covington was the cashier. The financial
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BANKS AND BANKING IN KANSAS CITY.
panie of 1893 found the bank unable to stem the tide, and the doors were closed for a short time. Business was resumed and carried on until 1896, when the doors were again closed, and the bank's affairs passed into the hands of a receiver.
The German Savings Bank was organized in 1891 by Dr. Joseph Feld. In 1893 its busi- ness was liquidated through the Mechanics' Bank.
The life of the Continental National Bank was short. It was established in 1892, opening its doors August 2d of that year, and went into voluntary liquidation November 1Ith of the same year.
The Mechanics' Bank was the outgrowth of the Mechanics' Savings Bank, which was or- ganized in 1890 by Robert M. Snyder, with a capital of $50,000. In 1893 it was organized as a State bank, with a capital of $50,000. Rol)- ert M. Snyder was chosen president, and George P. Snyder was made cashier. The bank had a surplus of $5,000, and deposits amounting to $250,000. The officers and di- rectors were as follows: Robert M. Snyder, president ; George P. Snyder, cashier ; A. L. McBride, assistant cashier ; J. P. Jackson, L. S. Cady, R. M. Snyder, Milton Moore, George P. Snyder and J. W. Jones. This bank ceased business January 31, 1900.
The German American National Bank was organized in 1888, and was located at Seventh and Delaware Streets in a building that has since been occupied by other financial insti- tutions. J. K. Burnham, of the wholesale dry goods firm of Burnham, Hanna, Munger & Co., was the president of this bank. W. F. Wyman, who was the vice president at the time of organization, was succeeded in this po- sition by J. W. Swain. Louis Bauerlein, the first cashier, was succeeded by J. G. Strean. The bank ceased business November 13, 1890, when its accounts, together with those of the Mercantile Bank, were turned over to the Met- ropolitan National Bank.
The Mercantile Bank was in business for several years until 1893, when its depositors were paid in full and the affairs sold to the Metropolitan National Bank. Charles Russell was the first president, and, after serving in this capacity for one year, served as vice president for about six months, at the end of that time retiring from active connection with the bank. E. L. Martin was elected president to suc- ceed Mr. Russell. This bank purchased the
German Savings Bank from Dr. Joseph Feld, and its capital was $200,000.
The Merchants' National Bank of Kansas City was organized November 28, 1879, with a capital of $250,000. The incorporators and first board of directors were : Victor B. Buck, T. K. Hanna, Alvah Mansur. W. 1. Al. Vaughan. John C. Gage, John Long, F. L. Un- derwood and J. M. Coburn. The first officers were : F. L. Underwood, president ; W. A. M. Vaughan, vice president ; and J. M. Coburn, cashier. June 16, 1881, the capital was in- creased to $500,000 ; the only change in the organization was the election of C. S. Wheeler to succeed Alvah Mansur. The bank was lo- cated at the corner of Missouri Avenue and Delaware Street until September, 1889, when it moved to the New York Life Building on West Ninth Street. October 22, 1889, the cap- ital was increased to $1,000,000, and the fol- lowing officers were elected: W. B. Clarke, president ; C. S. Wheeler, vice president ; O. P. Dickinson, second vice president; J. W. Barney, cashier, and C. R. Rockwell, assistant cashier. The bank transacted a successful busi- ness until November, 1891, when the directors determined to retire from business. This con- clusion was reached after the collapse of the real estate boom, which had caused losses which might be increased by continuance in business. The stockholders coincided with the directors, and the bank retired November 7. 1891. All depositors were immediately paid, the board of directors retaining custody of the capital and surplus invested in loans and other securities for collection and distribution to the stockholders.
The foregoing list represents the financial institutions whose names have been stricken from the records of business by the changes of time. Appended hereto is a history of each bank now open in Kansas City for the trans- action of business. During the last few years the city in which these strong institutions are located has grown to be the financial center of a vast stretch of fertile territory. The money with which to handle great herds of cattle and market countless tons of grain and field prod- ticts comes from or passes through the chan- nels of trade in Kansas City. Her banking business outranks in volume that of much larger cities. She occupies the tenth place among the clearing houses of the United States. The clearings of nine banks in Kan- sas City, recent records proved, equaled the
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BANKS AND BANKING IN KANSAS CITY.
clearings of twenty-two banks of Cincinnati, the sixteen banks of New Orleans or the twen- ty-nine banks of Buffalo and Milwaukee com- bined. Cleveland, with fifty-one banks, does not equal Kansas City in the amount of her clearings, and Providence, with thirty-five banks, has not half the amount. As an evi- dence that Kansas City is rapidly becoming a money center of much importance it may be stated that its surplus funds are being invested in Eastern bonds and other securities, where- as it was formerly the almost unbroken rule that Eastern money came to this part of the country for investment in our own bonds. In February, 1900, the money on deposit in the banks of Kansas City aggregated $45.000,000, and the total capital stock of the same banks amounted to $3,970,000.
The Bank of Grand Avenue was established August 25, 1884, with a capital of $50,000. L. A. Lambert was its first president, and Henry C. Lambert was cashier. In January, 1899, L. A. Lambert, whose death had occurred a short time before, was succeeded by Henry C. Lambert as president. J. W. Lambert became cashier. This bank is located in a portion of the city apart from the banking district, and has built up a profitable business. Its deposits amount to $260,000, and the officers and direc- tors are as follows : President, Henry C. Lambert ; vice presidents, James B. Ruckel and Henry Steubenranch ; cashier, J. W. Lambert; assistant cashier, Gustave Kesting; John W. Wagner. John E. Lach, E. C. Lambert, James H. Leonard and J. J. Reinhardt.
The American National Bank was organ- ized in 1886, with a capital of $1,250,000. It was reorganized in 1898, with a capital of $250,000. W. B. Grimes was its first presi- dent, and IJ. P. Stimson was the cashier. This bank was closed for about seventy days in 1891, but was reorganized and again opened for business, the depositors being paid six per cent. interest on their deposits for the time . their funds were held. The deposits in Feb- ruary, 1900, amounted to $2,150,000. The president of this bank is R. W. Jones, Jr. ; vice president, J. Martin Jones ; cashier, J. R. Dom- inick ; assistant cashiers, Lamar Ross and Gil- son B. Gray. The directors are Andrew Drumum. Dr. J. P. Jackson, W. C. Scarritt. George Eyssell. Hugh J. McGowan, O. W. Butt, Frank 11. Woodbury, Charles Weill, C. IT. R. McElroy, R. W. Jones, Jr., J. Martin Jones and J. R. Dominick.
By special permission of the comptroller a bank organized in Kansas City in 1886 was given the name of the First National Bank. As will be noticed by reference to the history of defunct banks in Kansas City, another insti- tution of this name had been in existence, but had gone into the hands of a receiver and its affairs closed up. The second First Nation- al Bank was a new and entirely separate establishment. James L. Lombard was made president, the bank practically growing out of the banking house of Lombard Brothers. C. H. V. Lewis was the first cashier, but in 1887 E. F. Swinney became cashier. The First National Bank has a capital of $250,000 ; sur- plus fund, $250,000 ; undivided profits, $93,- 000; deposits, $9,000,000. The directors elected at the beginning of the year 1900 were as follows: J. L. Abernathy, J. F. Richards, J. S. Loose, John Perry, E. D. Fisher, R. L. Yeager, E. S. Washburn, H. T. Abernathy, P. E. Havens, E. F. Swinney, J. L. Loose. At this time the officers were: E. F. Swinney, president ; J. F. Richards, vice president ; H. T. Abernathy, cashier ; C. G. Hutcheson, as- sistant cashier.
During the summer of 1887 the Bank of Commerce, a prosperous financial institution which grew out of the Kansas City Savings Association, was organized under the national banking laws, and the name became the Na- tional Bank of Commerce. Since that time this bank has grown to be one of the strongest in the United States. In May, 1897, it ab- sorbed the Metropolitan National Bank. The Midland National Bank, which in January, 1889. bought the business of the Armour Brothers Banking Company, was consolidated with the National Bank of Commerce in July, 1807. The officials of the latter named bank own the capital stock of the Stock Yards Bank of Commerce and the Union Avenne Bank of Commerce, both of which are organized under the State laws. The first location of the Na- tional Bank of Commerce was at Third and Main Streets. Later, it was at Fourth and Delaware Streets ; then Sixth and Delaware ; later occupied commodious quarters in the New York Life Building, and January 1, 1899, removed to the bank's own building at Tenth and Walnut Streets, a fine office structure val- ued at $400,000. The capital of this bank is $1,000,000; surplus and undivided profits at the beginning of the year 1900. $482.266.98; deposits, over $20,000,000. It is the largest
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BANKS AND BANKING IN KANSAS CITY.
bank west of Chicago, with one exception in St. Louis, and has a remarkably large client- age among the country banks in the territory tributary to Kansas City. The directors elected at the beginning of the year 1900 were as follows : William Askew, William Huttig, J. K. Burnham, Bernard Corrigan, J. J. Swof- ford, Hugh C. Ward, H. C. Arnold, G. M. Cole, J. H. Arnold, J. C. Egel- hoff, R. H. Keith, W. S. Woods, W. H. Win- ants, W. A. Rule, Charles H. Moore. The officers of this bank in 1900 were: President, W. S. Woods; vice president, W. HI. Win- ants ; cashier, W. A. Rule ; assistant cashier, Charles H. Moore.
The Union National Bank succeeded the Traders' Bank, and was organized in 1887 by David T. Beals, George R. Barse, C. W. Whitehead, F. L. LaForce, H. J. Rosencrans and others. It has grown to be one of the solid financial institutions of the West. In 1898 the business of the Citizens' National Bank was sold to the Union National. The capital of this bank is $600,000 ; surplus, $160,- 000; undivided profits, over $88,000 ; deposits, over $6,000,000. The directors chosen for the year 1900 were : David T. Beals, L. T. James, Felix L. LaForce, George W. Jones, W. E. Thorne, Edward George, Fernando P'. Neal, O. H. Dean, William Vineyard, J. P. Merrill, George D. Ford, H. J. Rosencrans, George R. Barse, C. W. Whitehead, A. J. Snyder, G. W. Lovejoy, Charles J. Schmelzer. The officers chosen for that year were as follows: Presi- dent, David T. Beals ; vice president, Fernan- do P. Neal ; second vice president, W. H. See- ger ; cashier, Charles H. V. Lewis.
October 23, 1888, the Kansas City State Bank was organized, with a capital of $200,- 000. It has grown to be one of the most im- portant banks of its kind, with surplus amount- ing to $10,000 and deposits of about $600,000. The officers and directors are as follows : Pres- ident. W. O. Cox; vice president, Robert L. Gregory; cashier, vacant ; assistant cashier, F. C. Adams ; Daniel B. Holmes, Conway F. Holmes, Edgar L. Scarritt and Milton Welch.
The Inter-State National Bank was estab- lished in 1890. Several years previous to this time the National Bank of Commerce and the Bank of Kansas City had large interests at the stock yards, and this business was looked after by clerks appointed especially for this work. It proved to be an unsatisfactory condition of things, however, and the banks of Kansas City
organized the Kansas City Stock Yards Bank in 1884, with a capital of $200,000. C. F. Morse was made president and M. W. St. Clair cashier. In 1890 it was found that the capital was insufficient, and the bank was, therefore, succeeded by a national organization, with a capital of $1,000,000. J. J. Squier was chosen president and M. W. St. Clair cashier. In Jan- uary, 1896, the officers now at the head of the bank were elected. The officers and directors are as follows: President, J. D. Robertson ; vice president, Lee Clark ; cashier, W. C. Hen- rici ; J. V. Andrews, K. B. Armour, Lee Clark, C. Hood, C. W. Armour, P. A. Valentine, L. V. McKee, G. W. McKnight, E. N. Morrill, C. F. Morse, Clinton Angevine, J. R. Mulvane, J. D. Robertson, J. J. Squier, G. W. Williams, E. S. W. Drought, L. E. James. The surplus fund is $250,000; undivided profits, $225,000; deposits, about $3,500,000.
The Missouri Savings Bank was organized in 1891, with a capital of $50,000. Watt Webb was made president of this bank, and W. S. Webb was made cashier. It has a surplus of $25,000, which, with its capital, is invested in United States bonds, and the deposits amount to $325,000. The bank is prosperous, and its affairs are looked after by the following officers and directors : Watt Webb, president ; W. S. Webb, cashier; Eugene Carlat, Stuart Car- kener, Oliver Carlat and W. L. Kessinger.
A Supreme Court decision led to the organ- ization of the New England National Bank. It grew out of the New England Safe Deposit & Trust Company, which was organized Jan- uary 1, 1889, with a paid-in capital of $100,000. A. W. Armour was the president of the com- pany, J. F. Downing was vice president and A. W. Childs was treasurer. The court de- cision referred to was to the effect that the charters of Missouri trust companies required them to pay interest on deposits. This resulted in the organization of a separate banking insti- tution in 1898, one that has taken a place in the front rank of financial affairs. The capital of the New England National was made $200,- 000. J. F. Downing was elected president, and A. W. Childs, cashier. The surplus of this bank amounts to $65,000 ; deposits about $2,- 000,000. The directors chosen January 1, 1900, were C. F. Morse, K. B. Armour, J. Will Merrill, C. J. Hubbard, J. F. Downing, B. F. Stevens, WV. A. Nettleton, A. W. Childs, E. W. Shields. The officers are, president, J. F. Downing ; vice president, C. J. Hubbard ;
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cashier. A. W. Childs : assistant cashier, K. G. Leavens.
The Western Exchange Bank, organized January 1. 1899, under the State laws, suc- ceeded the Bank of HI. S. Mills, which was or- ganized in 1880. The capital of the latter named institution was $100,000 and the busi- ness was satisfactorily profitable. Its suc- cessor organized with J. S. Lillis as president, and [I. Koehler as cashier. This bank is cap- italized at $100,000, has a surplus of $10,000 and deposits aggregating $550,000. Its offi- cers and directors are as follows : J. S. Lillis, president ; William T. Johnson, vice president ; H. Koehler, cashier ; Henry L. Waldo. Wil- liam H. Lucas, D. S. McGonigle.
The Stock Yards Bank of Commerce and the Union Avenue Bank of Commerce are both organized under the laws of the State of Missouri and are prosperous concerns. The capital stock of each is owned by the officers of the National Bank of Commerce, and the latter bank practically controls the business of the branch institutions. The officers of the Stock Yards Bank of Commerce are James A. Patton, president, and H. E. Suderman, cashier. This bank has a capital of $10,000 and deposits amounting to over $484.000. The officers of the Union Avenue Bank of Commerce are W. V. Clark, president. and George A. Higin- botham, cashier. This bank has a capital of $10,000 and a line of deposits amounting to over $325.000.
The City National Bank was opened Febrit- ary 2, 1900, with charter No. 5250, a paid-up capital of $250,000 and a surplus of $25,000. This bank began business under most auspi- cious circumstances. R. M. Snyder is presi- dent. J. G. Strean is vice president, and George P. Snyder is cashier. The bank owns its own building, the handsome structure at 545 Dela- ware Street, formerly occupied by the National Bank of Commerce, and one suited to the pur- poses. Eleven days after the bank opened for business the deposits were over $400,000. The directors are John Long. J. Crawford James, Milton Moore and P. I. Bonebrake. The lat- ter is the president of the Central National Bank of Topeka, Kansas.
The Traders' Bank of Kansas City was or- ganized in 1900, and opened for business Oc- tober 15th, with a capital stock of $100,000. The directors were George W. Fuller. Frank H. Woodbury, Sanford B. Ladd. C. C. Clem- ons. Ellis Short, John S. Morrin and A. J.
Poor. The officers were J. R. Dominick, president ; E. J. Colvin, vice president ; J. C. English, cashier, and L. C. Parmenter, assist- ant cashier.
W. H. WINANTS.
Banks and Banking in St. Joseph. In the year 1852, nine years after the county seat of Buchanan County, Missouri, had been removed from the old town of Sparta to the section of country designated at that time as the Blacksnake Hills, now the site of the city of St. Joseph, the business interests of the new seat of county government had increased at such a rate, and advanced to so important a stage, that a financial institution was found to be a necessity. As a trading point St. Joseph had experienced a growth that was little short of phenomenal, and her business men felt the need of a convenient means of exchange and of the other now indispensable accommoda- tions which are the offspring of the banking business. Armstrong Beattie was the man who, in 1852, established the first bank in St. Joseph, the capital stock being $20.000. James M. Wilson, now a director in the Merchants' Bank of St. Joseph, was its first clerk. The Beattie Bank continued in business success- fully until the death of its founder, in 1878. The Farmers' and Mechanics' Savings Institut- tion was chartered in 1853, and continued un- der that name until 1865, when it became the First National Bank of St. Joseph. In 1855 the Buchanan Life and General Insurance Company opened a banking house, which maintained operations until after the opening of the Civil War. During the years 1857 and 1858 A. L. Lee and Jerome B. Chaffee were at the head of a banking institution. In 1857 the State Savings Bank was organized as a branch of the State Bank of Missouri. From 1865 to 1871 it was conducted as a national bank. It was known as the State Savings Bank from 1871 until 1890, when it was again made a national bank. This bank is now out of business and its affairs are being settled up, all depositors having been paid on demand. It is characteristic of those engaged in the bank- ing business in St. Joseph to discontinue oper- ations as soon as they find that the ventures are not proving successful. Instead of fight- ing against fate and hoping against fruitless hopes, they cease business promptly and go into liquidation while still solvent, rather than subject their patrons to embarrassment and loss and themselves to the unpleasantness and
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disgrace which compulsory liquidation in- volves. In this way the confidence of de- positors is not impaired, and the banks of St. Joseph have come to be looked upon as among the safest organizations of their class. The first bank of issue in St. Joseph was the Western Bank, with a capital of $500,000. Mil- ton Tootle was president and James O'Neill. cashier. Jolin Calhoun & Co. inaugurated a banking business June 9, 1864, which was very successful until the partnership expired, in 1871, when it became a part of the Calhoun Bank, organized under the laws of Missouri. It continued in operation until December 1, 1875. when it became the Calhoun Savings Bank. The St. Joseph Savings Bank was in- corporated in June, 1873, and it was also con- solidated with the Calhoun Savings Bank. In 1864 the First National Bank was organized. with Thomas E. Tootle as president, and Joseph C. Hull as cashier. This bank was closed in 1878. The German Savings Bank was chartered in 1869 and went into liquidation in 1876. G. H. Koch was president of this in- stitution, and I. G. Kappner was cashier. In 1876 the St. Joseph Clearing House was es- tablished, the membership including the First National Bank, the State Savings Bank, the Beattie Bank, the Buchanan Bank-which was the outgrowth of the Buchanan Life and Gen- eral Insurance Company-the Calhoun Sav- ings Bank and the Bank of St. Joseph. Arm- strong Beattie was the first president of the clearing house, and E. O. Sayle was man- ager. The Commercial Bank was organized in 1887 and went into liquidation ten years later. The Saxton National Bank was organ- ized April 2, 1883, with a capital of $200,000, which was afterward increased to $400,000. A. M. Saxton was president, and J. W. Mc- Alister, cashier. In 1878 a private bank was organized by A. N. Shuster, Louis Hax, James N. Burnes, John Calhoun and S. A. Walker, under the name of Shuster, Hax & Co. This institution was a successor to the Calhoun Savings Bank and continued in business until the Shuster-Hax National Bank succeeded it. The latter bank was organized July 1. 1889, with a capital of $500.000. A. N. Shuster was president, and S. A. Walker, cashier. The Saxton National Bank and the Shuster-Hax National Bank joined interests and became the First National Bank of Buchanan County, February 6, 1894. The Central Savings Bank was organized in 1889, with a capital of $50,-
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