USA > Nebraska > Douglas County > Omaha > History of Omaha from the pioneer days to the present time > Part 25
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The wise and conservative management of this bank has won confidence at home and abroad, and the result is that it stands very high in public estimation.
President Yates first came to Omaha in 1861, in the em- ploy of the wholesale grocery house of Nave, McCord & Co., of St. Joseph. Mo., who opened a branch house in this city during that year. Mr. Yates was for many years
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prominently connected with the First National. He en- tered the service of that bank in 1863 as book-keeper. He soon became assistant cashier, and then cashier, which po- sition he resigned March 1, 1882, in order to organize the Nebraska National. He is well-known throughout the west, and among bankers generally throughout the coun- try. He is considered a sound financier in every sense of the word. Upon financial topics he is a clear and forcible writer, and articles from his pen upon such subjects always attract a great deal of attention. Mr. Yates is the Nebraska vice-president of the National Bankers' association of the United States, and is president of the Omaha Clearing House association.
Mr. Reed, the vice-president of the Nebraska National, has been long and favorably known as one of Omaha's most reliable and active business men. Until 1887 he was a member of the old real estate firm of Byron Reed & Co., and withdrew from that business to take an active part in the management of the bank of which he has been a direc- tor since its organization.
Mr. Hughes, the cashier, is also an old and experienced banker, having been continuously engaged in the business since the beginning of banking in Omaha. He has been manager of the clearing house since its organization.
Mr. A. E. Touzalin, second vice-president of this bank, deserves more than a mere passing mention, as he did a great deal for the public welfare of Omaha while he was a resident here. Mr. Touzalin, who was born in England in 1842, came to the United States when he was eight years of age. After gradually working his way up through several important positions in the service of the Chicago, Burling- ton & Quincy railroad, he became the general passenger and ticket agent of that road, and held the office for several years. He then served the Atchison, Topeka & Santa Fe as land commissioner for a period of a year and a half. In 1878 he was appointed the general manager of the B. & M. in Nebraska, and made his headquarters in Omaha, for three years, during which period he took a very active inter- est in the affairs of this city. He made large investments in real estate, and was the cause of having a large number of dwelling houses built. It will be remembered that he purchased a large tract of land in the vicinity of Hanscom
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park, when there were but few people living in that vicinity, and sold it in small lots to employes of the B. & M., upon most favorable terms, and at the same time assisted them to build comfortable homes. The remarkable rise in real estate values has put every one of those men in independent circumstances. In 1881 Mr. Touzalin was appointed vice-
BANK
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MENDELSSOHN FISHER & LAWR.E, ARCHITECTS.
THE NEBRASKA NATIONAL BANK BUILDING.
president of the Chicago, Burlington & Quincy, with his headquarters in Boston. Although compelled to remove from Omaha, he continued to take a deep interest in tlie city, and in 1882, as already stated, he became one of the principal organizers of the Nebraska National bank. The south half of Nebraska owes much to Mr. Touzalin, as it was greatly owing to his energy and shrewd business foresight that the Burlington pushed its extensions in every
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direction and settled up the country. At present Mr. Touzalin is president of the Chicago, Burlington & North- ern, which road he planned and built.
The Commercial National bank was organized by the late Ezra Millard, who was its first president. It was estab- lished May 1, 1884, with a paid up capital of $300,000, and at once gained popular favor and rapidly built up a large business. Upon the death of Mr. Millard in the summer of 1886, Mr. A. P. Hopkins, who was then cashier, was elected president, Alfred Millard, son of the late president, was chosen cashier, and F. B. Bryant was made assistant cashier. The directors are: Wm. G. Maul, Edward M. Andreesen, Andrew Henry, L. B. Williams, E. M. Morsman, G. M. Hitchcock, Joseph Garneau, Jr., Alfred Millard and A. P. Hopkins. The growth of this bank is shown by the following statement : On May 1, 1885, one year after be- ginning business. the deposits stood at $351,891, and loans and discounts at $526,481, showing not only an established prosperity, but careful and conservative management. The last statement of the bank at the close of business De- cember 12, 1888, showed : Deposits, $548,707.13 ; loans and discounts, $645,940.49. The Commercial National will dur- ing the year 1889 erect a model bank building at the north- west corner of Farnam and Sixteenth streets. In architec- tural design it will be novel and striking as compared with other prominent buildings in Omaha. It will be modeled after the Greek style, and will be a massive fire-proof structure of stone, brick, and iron, two stories and base- ment, and covering an area of 66 by 72 feet. Occupying a commanding position, [in the heart of the city, and in the immediate vicinity of some of the most notable structures, it will naturally attract great attention on account of its unique and beautiful design, so different from anything else in Omaha. The high basement will contain a large store- room and three offices, each having a fire-proof vault. The banking room, on the first floor, will be 48 by 62 feet. The entrance will be twelve feet wide. The stairway will con- sist of fourteen steps, there being a landing half way. Then comes an elegant hallway leading into the banking room which will be admirably lighted by a large skylight, hand- somely ornamented. The banking room is to be finished
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with solid mahogany, and decorated in the highest style of art.
There will be, in connection with the banking room, a parlor, a private room for the president, and rooms for the cashier, directors, and clerks. The second story will
LCD DABAR
IMELLIS ARCHITECT
F. M. ELLIS ARCHITECT.
THE COMMERCIAL NATIONAL BANK BUILDING.
contain eleven offices, and a kitchen and lunch-room for the use of the bank officials and clerks. The cost of this struct- ure will be in the vicinity of $80,000.
The oldest private bank in Omaha is that of the Mc- Cague Brothers. In 1880, Mr. John L. McCague, who had grown up in Omaha from boyhood, foresaw the rapid
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growth of the city, and determined to embark in the real estate business in which very few men were engaged at the time. Resigning a responsible position in the service of the Union Pacific, by whom he had been employed for a num- ber of years, he opened a real estate office and in a very short time met with gratifying success. In order to keep pace with the demands of his growing business he called to his assistance his brother, William L. McCague, who be- came a partner in the enterprise. The reorganization of the firm of Caldwell, Hamilton & Co., as the United States National bank, made a good opening for a private bank. The McCague brothers decided to take advantage of the op- portunity, and accordingly, in the fall of 1883, opened an office at No. 107 South Fifteenth street. The business was carried on at first by the two brothers and Mr. Alex. G. Charlton, who is now one of the firm. The growth of their patronage is shown by the fact that they now employ.a force of fourteen clerks. Thomas H. McCague, another brother, was admitted as a partner in the firm in Decem- ber, 1886. The McCagues recently purchased the valuable property at the northwest corner of Fifteenth and Dodge streets, and at an early day will erect thereon a magnifi- cent building for banking and other purposes.
The Bank of Commerce, organized under the state laws, has a paid-up capital of $500,000. There is only one bank in Omaha that has a larger capital. The officers and directors are as follows: President, George E. Barker; vice-president, E. L. Bierbower; cashier, F. B. Johnson; directors, Charles Metz, J. L. Miles, S. W. Croy, A. T. Rec- ter, J. N. Cornish, J. H. McConnell, Gustave Anderson, L. B. Williams, E. A. Benson, Wm. Sievers, S. R. Johnson, Geo. Paterson. The Bank of Commerce makes the claim that it has more Omaha stockholders than any other bank, its total number of stockholders being ninety-eight. This institution is the outgrowth of the firm of Garlichs & John- son, who started in the banking business in May, 1884, with a capital of $10,000. On September 1, 1886, the Bank of Commerce was incorporated with a capital of $100,000. Business grew rapidly, and in order to meet the demands caused by the growth of the city the capital was increased on July 1, 1888, to $500,000, all paid up. The deposits are now about $700,000. The location of the bank, at the south-
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west corner of Farnam and Fifteenth streets, is the most central in the city. The banking room is conveniently ar- ranged, and is very handsomely finished. The branch office is located at the old number 516 North Sixteenth street, where the original Bank of Commerce was started.
The Omaha Savings Bank, which was opened for busi- ness September 4, 1882, was the first exclusive savings institution in Nebraska. The first officers were: J. E. Boyd, president; W. A. Paxton, vice-president; C. F. Man- derson, managing director; J. E. Wilbur, cashier. The de- posits on the opening day amounted to $7,731.65, which came from sixty-five depositors. On the 30th of September, 1882, the first statement, covering twenty-six days, was pub- lished, showing $80,000 in deposits. At the end of the first quarter $209,000 had been deposited. The confidence in the bank is shown by the fact that at present the deposits amount to $1,100,000. The establishment of the Omaha Savings bank has proved a great benefit to the working people of this city. They have been encouraged to save money, and in this way many of them have been enabled to accumulate sufficient means for the purchase of comfort- able homes. Interest at five per cent is allowed, and it is compounded annually. Depositors are permitted to with- draw their funds without notice. The capital stock of this institution is $150,000, and the liability of the stockholders is $300,000. The present officers are : Senator Charles F. Manderson, president ; L. M. Bennett, vice-president ; F. W. Wessells, managing director ; John E. Wilbur, cashier. The stockholders in the bank, in addition to the above-named officers, are the following, who are all well-known men of means : J. W. Gannett, J. J. Brown, Henry Pundt, Omaha Loan and Trust Company, Max Meyer, J. W. Savage, Anson G. McCook, H. W. Nieman, Guy C. Barton, T. L. Kimball, E. L. Stone, L. B. Williams, Truman Buck, E. W. Nash, I. H. Congdon, and N. W. Wells. When the Omaha Sav- ings bank was organized the stockholders purchased the old Omaha National bank building, 1301 Douglas street, and the institution has been located at that central point since January 1, 1883. Its business is steadily growing under the careful management which has been exercised over the affairs of the enterprise since its inception. Its patrons are always treated with the utmost courtesy by the officers and employes. There are over ten thousand depositors,
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who deposit from $1 to $25 per week. Nine-tenths of them are working people, who thus lay by a snug sum for a rainy day or future investment. Another thing that commends
SENATOR C. F. MANDERSON.
this savings bank to the working people is that it makes small and short loans at the legal rate of interest.
Charles F. Manderson, president of the Omaha Savings bank, has been a resident of Omaha since 1869. He was born in Philadelphia, February 9, 1837. Acquiring an edu-
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cation in the schools and academies of his native city, he moved to Canton, Ohio, where he studied law. In 1859 he was admitted to the bar. The next year he was elected city solicitor, and was re-elected in the spring of 1861. In April, of that year, immediately after the receipt of the news of the firing on Fort Sumter, he enlisted as a private in the union army. He soon rose from the ranks by his gal- lant conduct, and when he resigned from the service in 1865, owing to a wound which rendered him unfit for duty, he was brevetted a brigadier-general for "gallant, long-contin- ued and meritorious services." He had returned to his home in 1864, and resumed the practice of the law. He was twice elected to the office of prosecuting attorney, and in 1867 came within one vote of receiving the republican nomination for congress in the Seventeenth district. Upon his removal to Omaha in 1869, General Manderson formed a law partnership with Judge Savage, which continued for six years. He was city attorney of Omaha for three terms, and was a member of the state constitutional conventions of 1871 and 1874. In 1883, General Manderson was elected to the United States senate, and in 1889 he was re-elected with- out any opposition.
The Omaha Loan and Trust company is one of the solid financial institutions of this city. It was organized under the state laws May 1, 1885. The officers are: President, A. U. Wyman; vice-president, Thomas L. Kimball; secretary and treasurer, W. B. Millard ; counsel, George B. Lake ; executive committee, J. J. Brown, E. W. Nash, A. U. Wy- man ; directors, Messrs. Brown, Lake, Wyman, Nash, Kimball, Guy C. Burton and J. H. Millard. This company, in addition to its other business, conducts a savings bank, the capital of which is $500,000.
The Nebraska Savings bank began business October 3, 1887, with a capital of $100,000. Its officers are: J. L. Miles, president; . A. Rosewater, vice-president ; D. L. Thomas, cashier; W. A. L. Gibbon, assistant cashier. Ac- cording to the statement of November 14, 1888, the deposits amounted to $241,000; profits,$22,000; loans, $290,000; cash $62,000.
The American Loan and Trust company, located in the United States National bank building, has a paid up capital of $300,000 and a surplus of $40,000. Its officers and direc- tors are : O. M. Carter, president ; D. D. Cooley, vice-pres-
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ident ; Philip Potter, secretary ; A. C. Powell, cashier ; C. S. Montgomery, J. J. Brown, Alvin Saunders and J. Fred. Rogers. All the officers of this company are old residents of Nebraska and are familiar with the character and value of the security in every portion of the state. The company is very cautious in accepting security, perhaps a little too much so, but its careful course is no doubt appreciated by investors. The loans are confined to well-settled counties, and are limited to forty per cent of the value placed upon the security by a salaried inspector. Every loan is guaran- teed, and the interest and principal are promptly remitted by the company as they mature, regardless of payments by borrowers. The company has recently established a sav- ings department, under the name of the American Savings bank, which is rapidly building up a large business.
CHAPTER XXIX.
THE OMAHA OF TO-DAY.
THE CITY'S WONDERFUL GROWTH FROM 1880 TO 1889-THE CAUSES OF GROWTH-PUBLIC IMPROVEMENTS-EDUCATIONAL FACILITIES-TRADE AND MANUFACTURES.
" As the fabled Minerva came full-fledged from the brain of Jupiter, so was Omaha born with her fighting gar- ments upon her. The casual observer looks upon her rich endowments and admires, but little does he realize that for all these she has fought her way inch by inch, through all these long, weary years, against foes within as well as foes without, who lurked at every corner and who have never wearied in their watching for an opportunity to stab, to cripple, to destroy. But in every emergency Omaha has been and is still equal to her task. If she seems weary with her duties to-day, she goes forth to-morrow to encounter and overcome new and greater obstacles with the strength of inspiration."-Extract from General Estabrook's Fourth of July Address, 1876.
During tlie decade from 1870 to 1880 Omaha grew slowly, but surely, notwithstanding the many obstacles in her path- way. There was nothing, however, in all that period to indicate that the city would attain its present dimensions
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before the close of the century. In 1870 the population was 16,083; in 1880 it was 30,518, and yet the place was but a straggling town. Five years later the state census showed that Omaha had a population of 61,835, and at the close of 1888 the population was estimated by conservative statis-
PHOTO . ENG. CO. N.Y.
MENDELSSOHN, FISHER & LAWRIE, ARCHITECTS.
CHAMBER OF COMMERCE.
ticians to be about 125,000. This is certainly a remarkable growth-an increase of 109,000 since 1870, and an increase of 94,000 since 1880. Within eight years Omaha was trans- formed from a country town to a magnificent metropolitan city. Among the various causes that led to this wonderful transformation was the inauguration of a system of public
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DOUGLAS COUNTY COURT HOUSE.
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improvements, first among which was the water- works. After a bitter fight, the Omaha Waterworks- company -organized by Nathan Shelton-obtained a franchise in 1880, and work was at once begun upon the enterprise, which was completed in 1881. These works, now owned by the American Water-
MENDELSSOHN, FISHER & LAWRIE, ARCHITECTS.
THE PAXTON BUILDING.
works company, have been greatly enlarged and improved at an expense of over $1,500,000, within three years. The new pumping house and reservoirs are located at Florence. The daily consumption of water in Omaha is now 9,000,000 gallons, the number of consumers being about 5,000. The machinery of the works consists of one high- duty compound-condensing, horizontal pumping engine, with a capacity of 14,000,000 gallons every twenty-four
NE
INS CO
NEW YORK LIFE INSURANCE COMPANY'S BUILDING. Cost $750,000.
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hours, and two vertical engines for low-service duty. The officers of the company are: W. A. Underwood, president and manager ; W. H. Hall, assistant manager ; A. B. Hunt, superintendent; and Captain Ruger, consulting engineer.
Upon the completion of the water-works, in 1881, an extensive system of sewerage was begun. The Waring sanitary system was adopted, and was rapidly constructed under the supervision of City Engineer Andrew Rosewater,
MENDELSSOHN, FISHER & LAWRIE, ARCHITECTS.
Y. M. C. A. BUILDING.
who from time to time, in various ways, greatly improved the original plans. One of his improvements was the intro- duction of his own automatic flush-tank, which has proved a great success. Omaha now has sixty-nine miles of storm- water and sanitary sewers, the total amount expended upon sewers being $1,026,073. With the introduction of water works and sewerage came the construction of large, sub- stantial and handsome business buildings, with all modern conveniences. The first attempt at paving was made in 1874, when Farnam street was macadamized from Ninth to Fifteenth. This, however, proved a failure. It was
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OMAHA HIGH SCHOOL.
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in 1883 that street paving was really begun in a practical way. The work has been rapidly pushed from season to season until Omaha now has forty-four miles of street pave- ment, consisting of asphaltum, Sioux Falls granite, Colorado sandstone, and wooden blocks. Omaha has the reputation of being the best paved city in the country. The total amount expended for paving up to January 1, 1889, is $2,522,251. This extensive paving necessitated a great deal of grading, and there are eighty miles of graded streets. The total sum of $1,110,560 has been expended upon grading. All these public improvements-water-works, sewerage, grading and paving-were inaugurated and carried out under the supervision of Andrew Rosewater, city engineer from 1877 to 1887. The present city engineer is Mr. G. W. Tillson.
The establishment of the Union stock yards and the packing houses, and the building up of South Omaha, which is now one of the leading pork-packing centers of the coun- try, has brought to Omaha during the last three years a large number of people and a great deal of capital. The growth and development of the state have also contributed to the recent prosperity and progress of Omaha. The completion of the wagon bridge, uniting Omaha and Council Bluffs, was another important event in the history of this city. This bridge, costing in the vicinity of $800,000, was built by a stock company. It was formally opened to the public on October 30, 1888, on which day a joint celebration was held by the citizens of Omaha and Council Bluffs. An electric railway, running between the two cities, crosses this bridge, while the roadway from the bridge to the heart of Council Bluffs is paved, making a splendid drive of over four miles. The officers and owners of the new structure are : John T. Stewart, of Council Bluffs, president ; Guy C. Barton, of Omaha, vice-president ; George F. Wright, of Council Bluffs, secretary ; Joseph H. Millard, of Omaha, treasurer; and T. J. Evans, of Council Bluffs, general man- ager. The above gentlemen, with N. W. Wells, also com- pose the board of directors.
Omaha has a splendid system of street railways, includ- ing horse cars, cable lines, and electric motors, extending to every quarter of the city. Her metropolitan police force, consisting of eighty men, under the direction of the board
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of police and fire commissioners and Chief W. S. Seavey, has attained a high degree of efficiency. The city is well protected by an excellent fire department under the capa- ble management of John J. Galligan, chief engineer.
The educational facilities of Omaha, both in her public and private schools, are unsurpassed by any other western
MENDELSSOHN, FISHER & LAWRIE, ARCHITECTS.
OMAHA WATERWORKS PUMP HOUSE.
city. She has the largest and finest school houses of any city of like size in the country, and her high school build- ing is probably not excelled in size or cost, or beauty of architecture, or location by any other high school building in the United States. It was completed in 1872 at a cost of $250,000. The course of instruction in the public schools is of a thorough and systematic character from the lowest to · the highest grade. Two hundred and fifty teachers are em-
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ployed. The schools are in charge of Superintendent H. M. James, who has filled this position for a number of years in a highly satisfactory manner. There are fifty-two school build- ings, having a total value of $712,000. A low estimate of the school sites is $1,420,000, and the total value of buildings and grounds is placed at $2,132,500. The last school census gives 19,260 children of school age, the average attendance for the year 1888 being 9,000.
In addition to the public schools there are numerous private educational institutions, several of which are of a high character. Prominent among these is Brownell Hall seminary, conducted under the auspices of the Episcopal church by Rev. Robert Doherty, who is assisted by an able corps of instructors. This school, located in a large and handsome building, in a beautiful residence section of the city, is designed more especially for the education of young ladies.
Creighton College, erected and endowed by the late Mrs. Mary L. Creighton, as a memorial of her husband, is a splendid brick structure, occupying a commanding location on Capitol hill. The college is in the charge of the Jesuit Fathers, the president and treasurer of the insti- tution being Rev. M. P. Dowling.
The Catholics have a large number of schools in this city, all of which are well attended.
There are also a large number of private schools of various denominations; two commercial colleges, and the Omaha Medical college.
The Young Men's Christian Association may well be designated as an important educational factor. The asso- ciation owns and occupies a magnificent building, the value of the property being estimated at $200,000. The building is complete in all its appointments, and provides an attrac- tive resort for young men seeking healthful recreation and useful instruction. It was mainly through the efforts of Mr. P. C. Himebaugh that the association secured such a handsome home.
Still another valuable educational assistant is the Omaha public library and reading room. The library now contains about 17,000 volumes, while the reading room is supplied with all the leading newspapers and periodicals.
All the prominent religious denominations are numer-
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ously represented in this city, and there are a large number of handsome church edifices. Omaha is the home of three bishops-Right Reverend James O'Connor, of the Catholic diocese of Nebraska; Right Reverend George T. Worthing- ton, of the Episcopal diocese of Nebraska, and Bishop John Newman, of the Methodist church.
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