History of Saint Louis City and County, from the earliest periods to the present day: including biographical sketches of representative men, Part 90

Author: Scharf, J. Thomas (John Thomas), 1843-1898
Publication date: 1883
Publisher: Philadelphia : L.H. Everts
Number of Pages: 1358

USA > Missouri > St Louis County > St Louis City > History of Saint Louis City and County, from the earliest periods to the present day: including biographical sketches of representative men > Part 90

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381,353.69

$1,973,560.30

Liabilities.

Capital paid in

$250,000.00

Surplus ...

28,834.47

Circulation

45,000.00

Dividends unpaid.

8,488.00

Deposits

1,641,237.83

$1,973,560.30

The officers for 1882 were S. E. Hoffman, presi- dent ; M. J. Lippman, vice-president; G. H. Goddard, cashier ; M. J. Lippman, John B. Noland, Charles P. Burr, H. H. Curtis, Joel Wood, G. H. Goddard, R. J. McElhaney, Walter H. Trask, and S. E. Hoffman, directors.

The German-American Bank was incorporated by Martin Lammert, August Gehner, John J. Menges, Ernest Witte, B. F. Horn, George Tinker, Hugh L. Fox, and E. A. Mysenburg, Nov. 3, 1872, and was opened at the northeast corner of Tenth and Franklin Streets. John J. Menges was elected president ; Martin Lammert, vice-president ; and E. A. Mysen- burg, cashier. The first directors were Hugh Bren- non, G. Mysenburg, Ernest Witte, William Nieman, Martin Lammert, John J. Menges, B. Weber, B. F. Horn, George Tinker, William Trauernicht, Hugh L. Fox, August Gehner, and E. A. Mysenburg. The capital stock paid up is $150,000. The bank is now located at the northwest corner of Fourth and Frank- lin Streets. The official statement of the officers Dec. 31, 1882, showed gross earnings for six months of $36,730.11 ; surplus fund, $56,684.21 ; resources, $1,174,605.95. The present officers are August Gehner, president ; Martin Lammert, vice-president ; John Dierberger, cashier ; Directors, Thomas Ferren- bach, H. H. Schulze, August Gehner, Casper Stolle, C. H. Grote, William Trauernicht, George Holtgrewe, Claus Vieths, Martin Lammert, Ernest Witte, F. H. Logemann, John H. Yandell, J. C. Lullman.

SAVINGS-BANKS.

As early as 1839 an effort was made to establish a savings-bank in St. Louis, a meeting of “ mer-

chants, traders, and mechanics" being held at the Merchants' Exchange rooms for that purpose on the 7th of February. On motion of Col. Charles Keemle, George K. McGunnegle was called to the chair, and N. E. Janney appointed secretary. The object of the meeting having been stated by the chairman, J. Smith Homans made an address in favor of the project, pre- senting many statistics showing the success and utility of similar institutions in other cities, and concluding by offering the following preamble and resolutions :

"WHEREAS, This meeting is fully impressed with the belief that there is a large number of persons in this city who have no profitable mode of investment for their surplus earnings, and

" WHEREAS, The want of a depository for the active, bene- ficial, and profitable investment of the surplus means of many of our fellow-citizens is the cause of the extravagant waste of such funds ; therefore,

" Resolved, That a committee of five persons be appointed by the chairman, whose duty it shall be to report within forty days a plan for the formation of a savings association in the city of St. Louis.

" Resolved, That when this meeting adjourns, it adjourn to meet again on the 20th of March next, to receive the report of the committee."

The resolutions were unanimously adopted, and on motion of A. Wilgus, it was unanimously

" Resolved, That the committee under the first resolution be authorized to procure the written opinions of Josiah Spalding, H. R. Gamble, and Beverly Allen as to the authority which the citizens have to establish such an institution without a charter from the Legislature, and whether the same is contrary to the Constitution of the State."

On motion of D. L. Holbrook, it was unanimously

" Resolved, That the same committee be directed to report upon the expediency of connecting a joint-stock association for the proposed savings institution, similar to the Mechanics' and Traders' Bank of Cincinnati and other institutions of the same character."

The chairman then announced the following as composing the committee under the first resolution :

J. Smith Homans, Asa Wilgus, J. W. Paulding, Wayman Crow.

On motion of Mr. Wilgus, the chairman was added to the committee.

The Boatmen's Savings-Bank was originally organized in 1846, was chartercd in 1847 as the St. Louis Boatmen's Savings Institution, and was opened for business during the same year. The bank was incorporated as a savings institution (without capital, on the savings-bank plan, " where boatmen and other industrious classes can safely deposit at interest their earnings," etc.), with a twenty years' charter, the profits to be divided pro rata among " original six- month depositors," viz., those who deposited one hundred dollars and upwards during the first six months, and allowed the same to remain undisturbed.

1400

HISTORY OF SAINT LOUIS.

The incorporators were George W. Sparhawk, Sul- livan Blood, Edward Dobyns, L. M. Kennett, Daniel D. Page, B. W. Alexander, Samuel C. Davis, Adam L. Mills, Amedee Vallé, George K. Budd, Thomas Andrews, Henry D. Bacon, Lawrason Riggs, James G. Barry, Jolın M. Wimer.

These gentlemen were subsequently continued as trustees, and Adam L. Mills was elected president.

At a mecting of the board of trustees, hield at the office of the Missouri Republican on the 30th of August, 1847, there were present George W. Spar- hawk, Sullivan Blood, A. Vallé, John M. Wimer, Thomas Andrews, Samuel C. Davis, A. L. Mills, and James G. Barry.

On motion the meeting was called to order, and George W. Sparhawk was called to the chair, and A. Vallé appointed secretary.

The object of the meeting having been explaincd by the chairman, and the act of incorporation read, the latter, on motion of James G. Barry, was accepted.

On motion of John M. Wimer, a committee of three was appointed by the chairman to draft by-laws and regulations for the government of the institution, whereupon A. Vallé, S. Blood, and S. C. Davis were choscn.

On Sept. 14, 1847, John F. Darby and E. Haren were elected trustees to fill vacancies. On the 21st, Dr. Robert Simpson was elected treasurer, and B. B. Chamberlain secretary.

On Oct. 16, 1847, the trustees gave notice to the public that on Monday, the 18th inst., its doors would be opened for business, stating that " the Boatmen's Savings Institution will henceforward be opened daily from 10 A.M. to 4 P.M., and on Saturdays till 6 P.M., until further ordered. On Fridays no males will be admitted, this day being expressly set apart by the trustees for the female community. The institution for the present is located at No. 16 Locust Street, one door west of Main, and those who become its patrons are respectfully requested to circulate among their friends and neighbors its charter and by-laws."

In April, 1854, the bank was robbed of eighteen thousand dollars in notes of the bank and over one thousand dollars in gold. The thief or thieves ob- tained access to the safe before the bank was opened in the morning, but left behind four thousand dollars in gold and several checks which were also in the safe. Upon the discovery of this loss the officers offered a reward of one thousand dollars for the detection of the thief and four thousand dollars for the return of the money. In anticipation of a run on the bank, tlc banking-houses of Page & Bacon, Lucas & Simonds, Loker, Renick & Co., E. W. Clark & Brothers, and

J. J. Anderson & Co. offered advances to unlimited amounts, but assistance of this character was not re- quired, as the ordinary routine of the bank was not disturbed. During the financial panic of 1855 the Boatmen's was one of the institutions for which the leading merchants pledged their property.

On the 1st of January, 1856, thic bank abandoned its original charter and began business under a second -twenty years'-charter, with a capital of four hun- dred thousand dollars. On the 1st of October, 1873, three years prior to the expiration of the second charter, the bank reorganized under the general banking laws of Missouri as The Boatmen's Savings-Bank, with an au- thorized and paid up capital of two million dollars. A pe- culiarity of the second charter was the section which provided that "at the expiration of every five years from the first day of January, 1856, if the board of directors deem it expedient, they may make, in such manner and on such terms as to them shall appear equitable, a dividend among the stockholders not ex- ceeding one-fourth of the net profits of the preceding five years, and the remainder of said profits shall, at the discretion of the board, be reserved for the better security of depositors and for future operations, until the winding up of the affairs of this corporation, or converted into stock of the corporation and appor- tioned equitably among the stockholders, notwith- standing such conversion and apportionment should increase stock beyond the sum limited in the first sec- tion of this act. Otherwise than is in this section provided no dividend shall be made by this board."

In accordance with the above section, the board of directors did not declare any dividend until April 1, 1871, more than fifteen years after commencing the banking business, but carried their net earnings to the credit of profit and loss account, until at that time the earnings had amounted to $2,293,442.83, and on the first of April, 1872, a further dividend of $300- 000 was declared, and on July 1, 1873, the surplus was $2,456,742.

At the first election for directors under the second charter, held in 1856, the following were elected : Sulli- van Blood,1 Carlos S. Greeley, George K. Budd, Rufus

1 Sullivan Blood was born in the town of Windsor, Vt., April 24, 1795. His parents were natives of Massachusetts, but emigrated to Vermont, then a newly-admitted State, in 1793. They lived upon a farm, and both died about 1813, whereupon young Blood resolved to seek a home in the far West. About two years after their death he made his way to Olean, on the head-waters of the Allegheny, in Western New York, where a number of persons were awaiting the opening of navigation to deseend in boats to the Ohio. On arriving at the Seneca reservation, Mr. Blood engaged for a year among the Indians in the lumber business, and having realized a small sum of

1401

BANKS, AND OTHER FINANCIAL INSTITUTIONS, AND BANKERS.

J. Lackland, William D'Ocnch, Louis A. Labeaume, Robert Holmes, Luther M. Kennett, John M. Wimer, Asa Wilgus, Adam L. Mills, and Adolphus Meier. Sullivan Blood was elected president, and Alton R. Easton cashier. Charles Hodgeman succeeded Mr. Easton as cashier in 1857, and occupied that post until his death, which occurred in April, 1870, when the present cashier, William H. Thomson, was elected.

On Oct. 26, 1857, at a called meeting of the direc- tors of the institution, the following resolutions were adopted :

"1. Resolved, That all deposits in this institution up to this date will be paid in gold and silver, and it will continue to receive deposits in the same, and pay out the same to said depositors.

"2. Resolved, That this institution will also receive on de- posit bank-notes of all the chartered banks in this State, to- gether with their branches, and will pay out the same to said depositors indiscriminately in the bank-notes aforesaid.

3. Resolved, That this institution will receive in payment of all discounted paper or other debts due the Boatmen's Saving

money there, he deseended the Allegheny, a distance of three hundred miles, to Pittsburgh. He then engaged on a flat-boat and worked his passage down the Ohio until he reached Cin- einnati. From there he went to Cairo, where there was not a house, and from thenee ascended the Mississippi in a keel-boat to St. Louis. He was greatly pleased with the activity of the place, and in 1817 took up his residence in the town, where he remained until his death. St. Louis was at that time just in the transition state between a village and a town, and in that year the first movement was made to protect the eitizens by a regular force of watchmen. In 1818, Mr. Blood was appointed a member of the foree, and before long was promoted to the position of captain, to which he was re-elected several consecu- tive years. In 1823, Capt. Blood revisited his native State, and during his visit was married to Miss Sophia Hall. After holding the position of captain of the watch for ten years, he became deputy sheriff. In 1833 he was elected and served as alderman from the then Second Ward for one term, at the end of which his political life ended, as he afterwards always de- clined to become a candidate for public office. It was at this period that he turned his attention to river matters, and be- came engaged as a steamboat captain in the St. Louis and New Orleans trade, in which he was quite successful. His boats, which were built under his own supervision and which he per- sonally commanded, became extremely popular, and Capt. Blood during his period of service was one of the most skillful and successful pilots on the Mississippi. In the early part of 1847, when the Boatmen's Savings Institution was incorporated, Capt. Blood was appointed one of the directors. His execu- tive abilities soon gave him suel prominence in the board of directors that he was chosen president, a position which he filled with eredit to himself and advantage to the institution until 1870, when he resigned for the purpose of allowing some younger and more active man to assume the laborious duties of the office. He still continued a director, and up to the time of his death, which oeeurred Nov. 27, 1875, notwithstanding his advanced age, made a daily visit to the institution and took an active part in its affairs. Capt. Blood left a wife, one son, Henry Blood, a merchant in Iowa, a married daughter, wife of James L. Sloss, of the firm of Gilkeson & Sloss, of St. Louis, and a daughter, Miss Anna Louisa Blood.

Institution the paper of all the chartered bank's in the State of Missouri and the branches thereof.

"4. Resolved, That the Boatmen's Savings Institution will receive in payment for all collection-paper gold and silver only, unless otherwise notified in writing.

"S. BLOOD, "President."

In 1870, Capt. Sullivan Blood resigned the presi- dency of the bank, and was succeeded by Rufus J. Lackland, although he still retained his place in the board of directors.

Rufus James Lackland is a member of one of those Maryland families which removed to Missouri at an early day, and which, as frequently noted elsewhere in this work, have contributed so much to the growth and prosperity of St. Louis. Among these enter- prising spirits, Peter and Jesse Lindell, Michael McEnnis, Robert A. Barnes, Edward Bredell, John Kennard, Thomas T. Gantt, and R. J. Lackland at- tained to special prominence in the affairs of the city. The Lacklands, or Lachlans, as they originally spelled . their name, were influential people in Montgomery County, Md., and closely allied with the Ednion- stones and other leading families of that State. Archi- bald Edmonstone, who came from Scotland at an early day, is stated by George Lynn Lachlan Davis, a well-known Maryland antiquarian and writer, in his " Day Star of American Freedom," to have been the ancestor " of the Lachlans of Montgomery, but now in the State of Missouri, and of the wife and children of Governor Hempstead, of Iowa." In Scotland, where it originated, the Lachlan family enjoyed con- siderable prominence, and in this country it has always maintained a leading position. James Lackland was a member of the Levy Court and county commissioner of Montgomery County from 1799 to 1801, and Dennis Lackland was a merchant of the same county in 1820.

Rufus J. Lackland is directly descended from the " Lachlans of Montgomery" mentioned in the " Day Star," and is a cousin of the author of that book. He was born in Poolesville, Montgomery Co., Md., his father being Dennis Lackland, and his mother Eliza Appleby, a native of Berkeley County, Va., whose mother was Mrs. Margaret Moore Appleby, of Balti- timore.

In 1835, Mr. Lackland removed with his parents to Missouri, and during the same year entered the store of Mullikin & Pratte, at the corner of Market Street and the Levce. Upon the dissolution of this firm in 1837 he obtained a position as clerk of the steamer " Clyde," plying between St. Louis and New Orleans, and subsequently of the steamers " Chester," " Oregon," " Caroline," and " Eclipse." In 1847 he

1402

HISTORY OF SAINT LOUIS.

withdrew from the steamboat business and established himself in the wholesale grocery and commission trade as a member of the firm of William M. Morri- son & Co., which continued to transact a flourishing business until 1861, when it dissolved, each partner having secured a competence. Mr. Lackland con- tinued the business in his own name, and later ad- mitted his two elder sons to partnership, the style of the firm being R. J. Lackland & Sons. In 1871 he finally retired from business.

For many years Mr. Lackland had been a director and one of the largest stockholders in the Boatmen's Savings-Bank, and in 1871 he was elected president, a position he has held ever since. The excellent judgment which had characterized his management of his private business and had contributed so mate- rially to its success has been conspicuously displayed in the conduct of this institution, which is one of the strongest and most prosperous banks in the West.

. Numerous other public enterprises have enjoyed the benefit of Mr. Lackland's wise counsel and assist- ance. In 1855 he was elected vice-president of the Merchants' Exchange, and in the autumn of 1871 was chosen president of the Chamber of Commerce Association, organized for the purpose of erecting a new Exchange building. Mr. Lackland is still presi- dent of this association, having been continuously re- elected to the position. He was one of the most zealous and efficient spirits in promoting the construc- tion of the new Chamber of Commerce, and has always been foremost among his fellow business men in aid of all important public enterprises. For many years he has been a director in the Iron Mountain Railroad, and also in the Oakdale Iron-Works and the Scotia Iron Company. For twenty years he lias been a director in the Belchers Sugar-Refining Company, and is now president of the St. Louis Gas Company. Some of these are among the most important industrial con- cerns in the city, employing large capital and a vast number of hands, and are justly regarded as repre- sentative institutions of St. Louis.

Mr. Lackland was married in St. Louis, Aug. 23, 1840, to Miss Mary Susannah Cable, a native of New York, who died in December, 1866, having borne ten children, eight of whom are living. Mrs. Lackland was loved and respected for her many virtues. Some years later Mr. Lackland married his present wife, Mrs. Caroline Eliot Kasson, the youngest sister of the Rev. Dr. William G. Eliot, chancellor of Washington University, St. Louis, and a lady of fine literary at- tainments.

In religion Mr. Lackland is a Unitarian, and in politics a Democrat. In all the relations of life,

whether public or private, he enjoys in the highest degree the esteem and respect of all who know him.

His present position in the community is due en- tirely to his own exertions. Forced at an early age to rely upon himself, he put forth all his energies, and soon made a decidedly favorable impression as a young man of exceptional industry and zeal. As a mer- chant, his career was marked by great energy and steadfastness of purpose, a clear, quick judgment, un- sullied integrity, and exceptional ability in the man- agement of enterprises of great magnitude. As the result, he now enjoys an influence and consideration among his fellow business men which gives him a pecu- liar and special pre-eminence in the mercantile world of St. Louis. Personally, Mr. Lackland is a gentle- man of pleasant and genial address, and kind and amiable towards all with whom he is thrown in con- tact. By the community in which he has resided for more than forty years he is justly regarded as a far-sighted, liberal-minded, and noble-hearted citizen.

In 1873, as previously stated, the Boatmen's Savings Institution was transformed into the Boatmen's Sav- ings-Bank. In addition to the original capital of $400,000 there was a surplus fund of $2,400,000, and the capital of the bank was fixed at $2,000,000, the $800,000 remaining being divided among the stock- holders. The following were designated as the board of directors in the articles of association : Rufus J. Lackland, Carlos S. Greeley, Adolphus Meier, James Smith, Sullivan Blood, William A. Hargadine, Edward J. Glasgow, William P. Howard, John B. C. Lucas, George S. Drake, and William H. Thomson.

The Boatmen's Bank was first located on the south- west corner of Second and Pine Streets, but was afterwards moved to the north side of Chestnut, be- tween Main and Second Streets, and thence to the present location on the northeast corner of Second and Pine Streets.

The officers of the bank for 1882 were Rufus J. Lackland, president ; George S. Drake, vice-president ; William H. Thomson, cashier ; Directors, Lawrence L. Butler, Samuel Cupples, George S. Drake, Theo- dore Forster, Carlos S. Greeley, William A. Harga- dine, Rufus J. Lackland, Adolphus Meier, E. C. Simmons, William H. Thomson, Edwards Whitaker.

The semi-annual statement rendered Dec. 31, 1881, showed the condition of the bank to be as follows:

Resources.

Cash

$1,147,735.31

Exchange matured

149,795.05 $1,297,530.36

Bills receivable.

$4,847,534.47

519,369.28

Bills of exchange.

107,000.00

Real estate.

79,969.25

5,553,873.00

Total.

$6,851,403.36

Bonds ...

R& Lackland

LISMARY U: THE UNIVERSITY OF ILLINOIS.

1403

BANKS, AND OTHER FINANCIAL INSTITUTIONS, AND BANKERS.

Liabilities.

Capital stock.

$2,000,000.00

Surplus fund July 1, 1881

$186,591.88

Net earnings past six months

126,157.72 $312,749.60

Dividend " No 15"

$80,000.00

Bills receivable charged off.

40,000.00 120,000.00 192,749.60

2,192,749.60

Deposits on time.

$1,325,711.93

Deposits on demand .....

3,252,941.83

Dividend "No. 15"(4 per cent. on $2,000,000) ....

80,000,00

4,658,653.76

Total

$6,851,403.36

The Germans' Savings Institution of St. Louis was incorporated Feb. 25, 1853, with an authorized capital of twenty-five thousand dollars, and authority to increase the same from time to time at the will of the directors to any amount not exceeding two hun- dred and fifty thousand dollars, divided into shares of fifty dollars each. The incorporators were Edward Haren, John Kern, William Palm, Francis Saler, Robert Barth, Joseph Degenhardt, George Busch, Charles Wetzel, Adolphe Abeles, Frederick Bergesch, Lewis Bach, John Wolff, Edward Eggers, Louis Hirschberg, Ernest C. Angelrodt. The institution opened for the reception of deposits on Monday, May 23, 1853, the office being located at No. 35 Main Street, between Chestnut and Pine Streets. It trans- acts a general banking business, and solicits the ac- counts of corporations, firms, and individuals. The present capital stock paid up is $250,000, and there is a surplus fund on hand amounting to $95,707.67.

The board of directors for 1882 was composed of F. W. Meister, president ; Charles F. Orthwein, George H. Braun, John Wahl, Louis Fusz, William Koenig, J. G. Greer, Adolphus Boeckeler, and A. Nedderhut. Richard Hospes is the cashier. The bank is located in the Chamber of Commerce build- ing.

The Provident Savings Institution was organ- ized and incorporated in February, 1864, and was originally intended to supply the need of a public pawn-office, such as those which exist in Europe. The project did not, however, reccive the support of the public, and the institution was changed to a sav- ings-bank, and continued as such until 1877, when it was again changed to a commercial bank. Its charter authorized a capital of two hundred and fifty thou- sand dollars. The paid up capital is now one hundred thousand dollars, and it is the intention of the man- agement to increase it to two hundred thousand dollars.

The incorporators of the savings-bank were Henry Hitchcock, Carlos S. Greeley, Robert Holmes, Wil- liam M. Morrison, George Partridge, George P. Plant, S. A. Ranlett, and Levin H. Baker. The bank was opened for business in January, 1865, having for its

president J. P. Doan, who served in that capacity until 1872. He was succeeded by William Gresham, who occupied the position until 1877, and was followed by C. S. Greeley, who still retains the position. The cashiers have been S. A. Ranlett, from 1865 to 1877, and the present incumbent, Almon B. Thomson. This institution was first located at the corner of Main and Locust Streets, but removed to its present loca- tion, No. 513 Olive Street, in 1867. The official statement shows that it has a cash paid up capital of $100,000, and a surplus fund of $4666.51.

The officers for 1882 were C. S. Greeley, president ; William H. Thomson, vice-president ; and Almon B. Thomson, cashier ; Directors, .William H. Thomson, D. F. Kaime, Thomas H. Swain, James S. Garland, Carlos S. Grecley, Lucien Eaton, S. A. Ranlett, and A. B. Thomson.

The Union Savings Association was incor- porated and organized Feb. 19, 1864, having for its incorporators Gustavus W. Dreyer, T. B. Edgar, E. O. Stanard, Henry Overstolz, Réné Beanois, John W. Woerner, Alexander B. Moreau, Edward Wider, T. M. Ellis, Thomas E. Souper, Ferdinand Meyer, James M. Corbett, and John T. Tell. Thomas S. Ruther- ford was elected president of the association, and was succeeded by W. A. McMurray, who was followed by Peter Nicholson, the present incumbent. The asso- ciation has a paid up capital of one hundred thousand dollars, and a surplus of twenty-three thousand seven hundred and sixty-one dollars. The officers for 1882 were Peter Nicholson, president; William A. Mc- Murray, vice-president ; and Horace Ghiselin, cashier ; Directors, Peter Nicholson, G. W. Updyke, W. A. McMurray, S. G. Niedinghaus, John Scullin, H. C. Wilson, J. W. Mortimer, A. Mansur, J. B. C. Lucas, Charles H. Turner, D. A. Marks, G. A. Madill, and Horace Ghiselin. The present location of this insti- tution is at No. 322 North Third Street.

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History of Saint Louis City and County, from the earliest periods to the present day: including biographical sketches of representative men, Part 90

Author: Scharf, J. Thomas (John Thomas), 1843-1898 Publication date: 1883 Publisher: Philadelphia : L.H. Everts Number of Pages: 1358

Author: Scharf, J. Thomas (John Thomas), 1843-1898
Publication date: 1883
Publisher: Philadelphia : L.H. Everts
Number of Pages: 1358