USA > Nebraska > Lancaster County > Lincoln > History of the city of Lincoln, Nebraska : with brief historical sketches of the state and of Lancaster County > Part 28
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He was, all this time, an active and useful citizen of city, State, and nation. He espoused the principles of the Republican party, espe-
312
HISTORY OF THE CITY OF LINCOLN.
cially with reference to the revenue policy of this country, regarding the free-trade theories as certain to produce the same calamities to the people of this nation as British free trade has brought upon Ireland. In May, 1888, he was elected delegate-at-large to the National Re- publican Convention by a vote of 594 to 67, and was a conspicuous. figure in that convention, declining the chairmanship in favor of Hon. John M. Thurston.
But, perhaps, Mr. Egan's most brilliant achievement remains to. be told. The English Government and London Times had entered into a conspiracy to destroy Charles Stuart Parnell, and through him the cause of Ireland, by arraigning him before a prejudiced court on a false charge, based on letters forged by a man named Piggott, who had sold the forgeries to the Times for money. By a systematic comparison of Piggott's known writing and language with the forgeries, as well as by means of facts already known in part to Mr. Egan, he was enabled to weave such a demonstration of the forgeries that, at a critical moment in the trial, when the Tories almost felt sure of victory, Piggott was suddenly confronted with Mr. Egan's overwhelming proofs of his villainy. He confessed his iniquity, fled to Europe, and destroyed himself. Of course the case against Mr. Parnell fell to the ground, amid the derision of the world. This culmination came about the first of the present year.
He is the father of fourteen children, nine of whom are living, one daughter being married and a resident of Dublin. One of his children was born in France, one in America, and the others in Ire- land. His residence in Lincoln has been at 1447 Q street.
313
BANKS AND FINANCIAL INSTITUTIONS.
CHAPTER XXI.
THE BANKS OF THE CITY AND HER OTHER FINANCIAL INSTITUTIONS -LIN- COLN AS A SOLID FINANCIAL CENTER OF THE STATE.
The first bank of Lincoln was established in June, 1868, by James Sweet and N. C. Brock. Preceding chapters give a record of this bank and the gentlemen who conducted it, it being one of the most important and prominent of the early banking institutions of the State. This enterprise was not long allowed to occupy the field alone.
The First National Bank of Lincoln, southeast corner O and Tenth streets, established and chartered February 24, 1871, is the successor, so to speak, of a private bank founded a short time previously by Judge Amasa Cobb and J. F. Sudduth, Judge Cobb being President, and Mr. Sudduth Cashier. Among the early stockholders of the First National bank can be named Robert D. Silvers, E. E. Brown, A. L. Palmer, John Cadman, J. N. Eckman, W. R. Field, Chester School- craft, Prof .. J. G. Miller, George W. Cobb, and W. P. Phillips. Judge Cobb was the first President of the bank after its incorporation, and J. F. Sudduth the first Cashier. In 1874 Messrs. John Fitz- gerald and John R. Clark bought an interest in the bank, and soon after this Mr. Fitzgerald was made President, and Mr. Clark Cashier, Mr. Sudduth being made Vice President, which place he held to the time of his death, which occurred in 1880. No change was made in the officers of the bank from that time until June, 1889, when Mr. Clark was made President, D. D. Muir Cashier, and C. S. Lippincott Assistant Cashier. Mr. Muir had previously been Assistant Cashier for a number of years. Since 1880 the management of the bank has been almost entirely in the hands of Mr. Clark, and to his financial ability, and careful management is the success of the institution chiefly due. As a matter of history, and showing the growth of business of the bank, a comparison of some figures from 1872, with the report of its condition on July 12, 1889, will be of especial interest.
21
3144
HISTORY OF THE CITY OF LINCOLN.
In 1872 the loans and discounts amounted to $87,177.63; U. S. bonds, $50,000; together with other items making np total resources of $232,969.97. The liabilities at that time were: Capital stock, $50,000 ; surplus find, $10,000; circulation, $45,000; deposits, $123,- 865.76; and other items making the balance.
On June 12, 1889, the official statement of the bank shows as fol- lows: Resources- Loans and discounts, $920,906.50; U. S. bonds, $50,000.00 ; real estate, $76,510.52; expenses and taxes, $2,221.69; cash and sight exchange, $345,153.39; total, $1,394,792.00.
..
RESIDENCE OF J. D. MACFARLAND.
Liabilities-Capital stock, $200,000; surplus and profits, $72,- 382.10; circulation, $45,000; deposits, $1,077,409.90; total, $1,394,- 792.00.
The present directors are John R. Clark, John Fitzgerald, J. D. MeFarland, and D. D. Mnir.
The State National Bank, of Lincoln, is one of the oldest and most prosperous financial institutions of Nebraska. It was founded in
315
BANKS AND FINANCIAL INSTITUTIONS.
1872, by the Richards Brothers, and was purchased by Messrs. E. E. Brown, K. K. Hayden, and others, in 1885, and reorganized. Since the second organization it has made constant progress in its business and in public favor. This will be perceived to be manifest when the fact is stated that in four years past it has doubled its capital, and more than doubled its business, notwithstanding the organization of five new banks in the city during that period. The confidence of the public in this excellent institution is exhibited in the very large aggre- gate sum of deposits its official statements now show. In this proof of public favor it has no superior in the State, all things considered.
The success of the State National Bank doubtless rests upon the able business ability of its officers and directors, and their high char- acter as citizens. It is only necessary to refer to the names of these gentlemen to demonstrate that they are a very strong company, con- sidered in the light of long business experience in this community and State, unquestioned integrity, and their peculiar fitness for conducting the extensive financial affairs of the bank.
Hon. E. E. Brown, President of the bank, has been identified with the city and its progress almost from the time Lincoln was founded. He was Mayor of the city in 1872, and was for years recognized as the most able attorney, and scarcely excelled in legal acquirements in the State. He was always distinguished for his very thorough busi- ness habits, his prudence and sagacity in business, and his financial success. He discontinued his law practice when he accepted the Pres- idency and a large share of the responsibility in the management of the bank, in order to give its affairs the more perfect attention.
Hon. J. J. Imhoff is the Vice President of the State National Bank, and also one of the directors. Mr. Imhoff was a successful merchant and capitalist of Nebraska City before Lincoln was platted, in 1867, and was one of the leading founders of the city. He built up the Capital Hotel property from a value of $5,000 to a value of $115,000 in fifteen years. He is one of the largest, most successful, and enter- prising capitalists of Lincoln, and one of the city's most useful and respected citizens.
Hon. G. M. Lambertson, for eight years United States District Attorney for Nebraska, now serving his second term as the City Attor- ney for Lincoln, and one of the most able lawyers and business men . of the city, is also a director in this strong financial institution. Mr.
316
HISTORY OF THE CITY OF LINCOLN.
Lambertson's personal integrity is too well established in Lincoln to require more than a mention.
Another director, and also the Cashier of this bank is Mr. K. K. Hayden, who is one of the most thorough business men in Nebraska. Mr. Hayden has built himself into his present honorable and respon- sible position by his unyielding courage, his tireless application to every detail of all business entrusted to his charge, and his inflexible adherence to strict business methods at all times. His personal career has been admirable as well as remarkable. He was born on a planta-
STATE NATIONAL BANK BUILDING.
tion in St. Mary's county, Maryland, in 1855, and was the child of luxury and the pet of his own slaves until the war totally ruined the family fortune and brought young Hayden to absolute poverty. After the war he sold papers on the streets of Baltimore, and earned his way by hard experience in other occupations. He came to Omaha in 1866, and in 1870 secured a position as bell boy in the First National Bank of Omaha, at a salary of $15 per month. Within five years, or when twenty years old, he was teller in that bank, and remained with the First National for eleven years. He then accepted the position of
317
BANKS AND FINANCIAL INSTITUTIONS.
Assistant Cashier in the Nebraska National Bank of the same city, and held this position until he was appointed National Bank Examiner. by President Cleveland, in 1885, his district being Nebraska and Kansas.
His duties made him acquainted with the business prospects of Lin- coln, and the merits of the State National Bank of this city, and he resigned his office as Bank Inspector, to accept the position of Cashier of this bank, a position he has held ever since. It is easy, therefore, to understand why the State National Bank is popular, and commands the respect of business men, with such thorough business men as the gentlemen named, with all their special training, on guard over the details of its business.
The other directors of the bank, Messrs. Geo. McMillan, E. Finney, and H. L. Smith, though not so familiar to the people of Lincoln as some of the gentlemen named, are of scarcely less merit in financial or business standing, and their equal in personal integrity. Mr. C. E. Waite is the Assistant Cashier, and is a man who attends strictly to business, and has also had considerable banking experience, having resigned the cashiership of the First National Bank, Humboldt, Neb., to accept his present position with the State National Bank.
No financial institution of Lincoln has shown a more constant growth than the Nebraska Savings Bank, now located at the southeast corner of O and Thirteenth streets, and no other bank in the city is more pro- gressive in adopting methods that contribute to the interests and ad- vantage of the people of the city and surrounding country. This bank was organized on July 20, 1886, and its deposits have grown from less than $2,000 on August 1, 1886, to about $85,000 on the same date in 1889. It does a general banking business.
The management of the bank seeks to encourage habits of frugality and suecess among the people, and to this end has adopted a savings- bank department for the public schools of the city, similar to the sys- tem so successful in Europe and some of the Eastern States. In this course the Nebraska Savings Bank was in advance of all other banks in this State. The principle of this system is to open accounts with the school children and receive deposits of ten cents or more, upon which interest is paid at the rate of five per cent per annum, com- pounded semi-annually. This education in economy is carried on sys-
318
HISTORY OF THE CITY OF LINCOLN.
tematically, by visiting the schools and seeing all the pupils, a growing number of whom are becoming regular depositors, thus inculcating fixed habits of saving and business, in a manner never to be eradicated dur- ing life, and which will be of great value to the pupils when they have grown to manhood and womanhood. The schools have regular de- posit days, and 1,500 children have opened accounts and deposited the large sum of $8,000, of which about $4,000 stands to their credit at this date. This feature of banking has the hearty approval of leading educators and the progressive public.
The officers of the bank are: J. G. Southwick, President ; Rev. E. M. Lewis, Vice President ; L. C. Humphrey, Cashier; W. E. Tay- lor, Assistant Cashier, Directors .- C. C. White, Merchant Miller, Crete, Neb .: J. G. Southwick, Banker, Bennett, Neb .; James Kil- burn, Capitalist, Lincoln ; J. L. Miles, Banker, Omaha; George E. Bigelow, Real Estate Broker, Lincoln; D. L. Brace, Real Estate Broker, Lincoln; L. G. M. Baldwin, President Baldwin Investment Company, Lincoln ; C. T. Brown, Grain Dealer, Lincoln ; L. C. Hum- phrey.
The Capital National Bank, located on the southeast corner of O and Eleventh streets, is one of the most carefully-managed and successful banks in the city. It has a capital stock of $300,000. Of this bank C. W. Mosher is President ; H. J. Walsh, Vice President ; R. C. Ont- valt, Cashier ; and J. W. Maxwell, Assistant Cashier.
The American Exchange Bank was incorporated on December 1, 1888, and began business at the southeast corner of N and Eleventh streets, with a capital stock of $100,000. It is a carefully-managed institution and transacts a general banking business. Its officers are : I. M. Raymond, President; Lewis Gregory, Vice President; S. H. Burnham, Cashier; and D. E. Wing, Assistant Cashier.
The Lincoln Savings Bank Safe and Deposit Company was estab- lished on January 1, 1889, at the southeast corner of P and Eleventh streets, with a capital of $250,000. Its specialty is the safe-deposit vault, built of twenty-seven tons of steel, containing 1,000 safes for custom- ers. This vault is both fire and burglar proof, and is the only one of its kind in the city. The officers of this bank are: Henry E. Lewis, President and Manager; A. P. S. Stewart, Vice President ; John H.
319
BANKS AND FINANCIAL INSTITUTIONS.
McClay, Treasurer; and R. Welch, Teller. The Directors are: A. P. S. Stewart, H. J. Walsh, Henry E. Lewis, John B. Wright, W. H. McCreery, Fred Williams, H. P. Lau, Wm. MeLaughlin, and John H. MeCleary.
A solid and well-conducted institution of the city is the Lincoln National Bank, located in the Richards Block, on the northeast corner
ATLEMINGACO
JANK
THE RICHARDS BLOCK.
of Eleventh and O streets. It transacts all forms of a banking busi- ness, and its prosperity grows steadily from year to year. It was or- ganized in August of 1882. Its present capital is $100,000, and its surplus is $35,000. Its officers now are : Nathan S. Harwood, Presi- dent ; R. E. Moore, Vice President ; C. T. Boggs, Cashier ; and Frank M. Cook, Assistant Cashier.
320
HISTORY OF THE CITY OF LINCOLN.
The Union Savings Bank, at 111 South Tenth street, was incorpo- rated under the laws of the State April 26, 1886, and has been very successful. Its capital stock is $200,000, and the liabilities of the stockholders are $400,000. Its deposits amount to $180,000. Its officers are: R. E. Moore, President; E. E. Brown, Vice President ; (. 11. Imhoff, Cashier ; and the Board of Directors-JJohn Fitzger- ald, C. E. Yates, R. E. Moore, E. E. Brown, T. E. Calvert, J. J. Im- hoff, John R. Clark, K. K. Hayden, and J. McConniff.
One of the oldest existing financial institutions in Lincoln is the Lancaster County Bank, located at 117 South Tenth street. It was organized about nineteen years ago, now enjoys a large business, and is in a sound condition, its capital being $50,000 and its surplus $17,- 000. Its present officers are : W. J. Lamb, President; W. A. Green, Vice President ; and E. B. Green, Cashier.
A prominent financial institution of Lincoln is the German Na- tional Bank, located in the Burr Block, at Twelfth and O streets. It was established on December 10, 1886, and has steadily grown in public favor. It has a paid-in capital of $100,000, and a surplus of $20,000, and transacts a general banking business, making a specialty of foreign collections. Its officers are: Herman H. Schaberg, Presi- dent ; C. C. Munson, Vice President; Joseph Boehmer, Cashier; and O. J. Wilcox, Assistant Cashier. The Directors are: Messrs. Herman II. Schaberg, C. C. Munson, Joseph Boehmer, C. E. Montgomery, Alex. Halter, F. A. Boehmer, B. J. Brotherton, Walter J. Harris, and J. A. Hudelson.
The Lincoln Loan and Trust Company is located in the basemem of the Richards Block. It was organized in 1884, and is officered as follows: N. S. Harwood, President; W. G. Houtz, Vice President ; C. T. Boggs, Treasurer ; and Joseph Kelly, Manager. The Directors are: J. E. Houtz, John H. Ames, and W. R. Kelly.
The Capital Loan and Investment Company is located on the sixth floor of the Burr Block. It was organized May 1, 1889, makes a specialty of building loans, and has a growing business. It has a corps of officers as follows : J. T. Englehardt, President; W. W. W. Jones, Vice President ; A. J. Millikin, Treasurer; H. F. Albers, Sec- rotary ; and S. B. Pound, Attorney.
321
BANKS AND FINANCIAL INSTITUTIONS.
The Baldwin Investment Company, at 106 South Thirteenth street, is a new and popular financial concern, incorporated on June 1, 1889. It was organized for the purpose of buying and selling commercial paper and other negotiable securities, including real estate mortgages. It has an authorized capital of $100,000, and a paid-in capital of $50,- 000. Its business is conducted with great prudence, the management having adopted the plan of loaning only on "two-name" paper, run- ning not longer than eight months. In all cases they require written statements as to financial condition from the makers of paper, who must also have good commercial rating and a reputation for prompt paying. This plan carried out will insure to the company first-class securities to offer to its Eastern correspondents. The Board of Direct- ors, who pass upon all loans, have had years of experience in loaning in Lincoln, and are competent judges as to the quality of paper of- fered. Its real estate loans are all made on not to exceed forty per cent of a conservative valuation, with insurance policy assigned with mort- gages, or additional security, making this class of investments per- fectly safe. The company invests its own funds in all paper offered for sale and guarantees payment at maturity. Its business has been "very successful to date, it being large and growing constantly. Its officers are: Le Grand M. Baldwin, President; L. C. Humphrey, Vice President; and A. H. Humphrey, Secretary and Treasurer.
The Security Investment Company is located in rooms 1, 2 and 3, on the second floor of the Richards Block, corner of O and Eleventh streets. It was organized February 1, 1886, and has since been very prosperous, now having over $5,000,000 loaned in Nebraska. It also buys municipal bonds. Its officers are : R. E. Moore, President ; John Moore, Vice President; T. W. Moore, Secretary and Treas- urer. Its capital is $100,000.
The Clark & Leonard Investment Company, with offices in the First National Bank building, at Tenth and O streets, was organ- ized October 1, 1886, and is one of the excellent institutions of the kind in Lincoln. It does a large business in mortgage loans, bonds, and other securities, having a capital of $200,000. Its officers are : Wm. M. Clark, President; J. W. McDonald, Secretary ; and Wm. M. Leonard, Treasurer.
HISTORY OF THE CITY OF LINCOLN.
One of the most prosperous financial institutions in the city, prob- ably because one of the most carefully managed, is the Farmers & Merchants Insurance Company. As its name indicates its risks are mainly confined to the property of prudent merchants and good farm- ers, and for that reason its financial condition continues to improve from year to year.
It was organized on July 2, 1885. According to law it made to. the Auditor of State its first annual statement on December 31, 1885, as follows :
ASSETS.
First mortgage loans and accrued interest. $19,506.54
Bills receivable and acerned interest. 13,558.41
Office Furniture and all other property 777.98
Cash in bank and company's office 23,188.54
Cash premiums in course of collection. 1,028.35-
Stockholders' secured notes.
50,000.00
Total
$108,359.82
LIABILITIES.
Stock.
$100,000.00-
Reserve for reinsurance, per law
7,604.14
Liabilities
641.25
Net Surplus.
114 43
$108,359.82
The business of the Company steadily progressed, and in a manner most favorable to the success of the management of the company's affairs, as the exhibit of its condition reported to the State Auditor, under oath, on December 31, 1888, will show, when compared with. the like statement of December 31, 1885:
ASSETS.
First mortgage loans and accrned interest $65,263.90.
Premium bills received and accrued interest. 77,354.82
Bills received and interest seenred by chattel mortgages. 1,905.04
Cash in bank and company's office 24,133.63.
Cash premiums in course of collection 9,405.61
Office furniture and other property. 1,279.06-
Stockholder's seeured notes. 50,000.00
Total
$229,342.06
323
BANKS AND FINANCIAL INSTITUTIONS.
LIABILITIES.
Capital stock.
$100,000.00
Reserve for reinsurance required by law. 97,816.15
Liabilities
1,816,15
Surplus.
29,6-4.52
Total
$229,342.06
Or recapitulating the statements of the four years, we have the fol- lowing very flattering exhibit :
Premiums Received.
Losses.
1885
$21,903.47
$704.84
1886.
76,001.25
6,740.85
1887
95,972 68
16,183.75
1888
108,153.98
20,068.25
Totals
$302,031.38
$43,697.69
Another feature of peculiar merit connected with this company's business policy is that it discards the technical delays in paying losses, which are so aggravating and injurious. It has paid losses within twenty-four hours after the fires occurred, and seldom allows a delay of over three or four days in paying a loss. This reform has won it much popular favor.
The officers for the present year are: D. E. Thompson, President ; H. J. Walsh, Vice President; S. J. Alexander, Secretary ; C. W Mosher, Treasurer.
Dun's Commercial Agency is represented by a local office in the First National Bank block, by Frank D. Blish. This office was es- tablished in 1882, and is one of the best conducted institutions of the city.
An office of Bradstreet's Commercial Agency was opened in the State National Bank building during the present year, of which H. C. Patterson is the accommodating manager.
321
HISTORY OF THE CITY OF LINCOLN.
CHAPTER XXII.
THE PRESS OF LINCOLN - AS IN OTHER THINGS, SO IN NEWSPAPERS, DOES LINCOLN STAND AT THE FRONT - THE PAPERS THAT HAVE BEEN AND ARE AND THE MEN WHO PUBLISH THEM.
Lincoln has been fortunate in many particulars, and among others in having good newspapers. A good newspaper is a standing adver- tisement to the outside world that a good town is behind it, and this has been the only advertisement that Lincoln has ever had.
On the 14th of August, 1867, the Commissioners for the location of the seat of government for the State of Nebraska, selected and offi- cially announced Lincoln, up to that time the town of "Lancaster," as the place. On the following day there appeared in the columns of the Nebraska City Press a prospectus for the publication of a weekly newspaper at Lincoln, to be called the Nebraska Commonwealth, over the signature of C. H. Gere. On the 7th day of September, the first copy of the new paper was printed at the office of the Press, there being at that time no accommodations for a newspaper office at the new capital. "C. H. Gere & Co." were the announced publishers.
On November 2d, the second number of the Commonwealth was issued at Lincoln, printed in the office of Hon. S. B. Galey, a stone building on the north side of the Government square, W. W. Carder, publisher, and C. H. Gere, editor. It was a seven-column sheet, of dingy appearance, the type being some old primer and nonpareil taken from the used-up material of the Nebraska City Press; the press used being the first " Washington " ever brought across the Missouri river into Nebraska territory.
Before the third number was issued (and it came out two weeks later) the Commonwealth had moved into an office of its own, a stone building of small dimensions on the corner lot of the Academy of Music block, which was torn down several years ago to make way for improvements. The issues thereafter were regular, except when some accident of transportation prevented the arrival of printing paper in time for the press.
325
THE PRESS OF LINCOLN.
In the May following, Mr. Gere, who had edited the paper from Omaha, removed permanently to Lincoln, and became associated with Mr. Carder in the business management of the paper, and the office was soon after removed to more roomy quarters over Jas. Sweet & Brock's bank, in the corner of what is now termed "Union block." In the spring of '69, the [name of the paper was changed to the Ne- braska State Journal.
In November of that year Mr. Carder was succeeded by Mr. J. Q. Brownlee, and shortly after the office, still in search of more room, was taken across O street, and occupied the second floor of the frame building second door east of the State block.
On the 20th day of July, 1870, the day on which the Burlington & Missouri River Railroad ran its first train into Lincoln, and struck death to the stage line that had been the only means of transportation to the capital of Nebraska, the Daily State Journal first saw the light.
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