USA > Nebraska > Douglas County > Omaha > Omaha: the Gate city, and Douglas County, Nebraska, a record of settlement, organization, progress and achievement, Volume I > Part 28
Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).
Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25 | Part 26 | Part 27 | Part 28 | Part 29 | Part 30 | Part 31 | Part 32 | Part 33 | Part 34 | Part 35 | Part 36 | Part 37 | Part 38 | Part 39 | Part 40 | Part 41 | Part 42 | Part 43 | Part 44 | Part 45 | Part 46 | Part 47 | Part 48 | Part 49 | Part 50 | Part 51 | Part 52 | Part 53 | Part 54 | Part 55 | Part 56 | Part 57 | Part 58 | Part 59 | Part 60
Robert L. Garlichs and Frank B. Johnson opened a private bank in May, 1885, on the west side of Sixteenth, between Cass and California streets. On September 1, 1886, these two men organized the Bank of Commerce, of which George E. Barker was president; Robert L. Garlichs, vice president; Frank B. Johnson, cashier. The authorized capital was $100,000, which was increased to $500,000 in July, 1888. On April 14, 1890, a reorganization was effected, the institution then becoming the National Bank of Commerce, with J. N. Cornish, president; George E. Barker, vice president ; Ellis L. Bierbower, cashier. It was then located in the Barker Building, at the corner of Fifteenth and Farnam streets, to which place it removed in July, 1888. After conducing a fairly suc- cessful business for a few years longer, the bank was merged with the Omaha National.
The Douglas County Bank began business as a private concern in 1885, with C. S. Parrotte as the proprietor. Its place of business was on the northwest corner of Sixteenth and Chicago streets. After a few months the business was incorporated under the above name, with a capital stock of $100,000. C. S. Parrotte was elected president ; J. H. Parrotte, vice president; Samuel E. Sample, cashier. Some four years later the place of business was removed to the Kirk- endall Building, on the southeast corner of Sixteenth and Dodge streets, and in November, 1889, the bank went into voluntary liquidation.
The Bank of Omaha was organized in the summer of 1885 by Andrew Henry, of Columbus, Neb., and Thomas H. McCague, of Omaha. Under articles of copartnership dated October 15, 1885, the bank began business on Thirteenth Street near Jackson. About a year later Mr. McCague withdrew and in Septem- ber, 1888, Mr. Henry sold the business to Frank Wassermann, Peter Goos and Charles P. Needham, who made an assignment on June 5, 1889, the sheriff being appointed to wind up the bank's affairs.
The Union National Bank opened its doors for business on July 1, 1886, with a paid up capital of $100,000 and the following officers: W. W. Marsh, president ; David Bennison, vice president ; J. W. Rodefer, cashier. Until November, 1880,
207
OMAHA AND DOUGLAS COUNTY
the bank was located in the Masonic Block on Sixteenth. It then removed to the southeast corner of Sixteenth and Dodge streets, to the quarters vacated by the Douglas County Bank, which at that time went into voluntary liquidation. On July 1, 1892, the capital stock was increased to $250,000 and G. W. Wattles suc- ceeded Mr. Bennison as vice president. The Union National continued in busi- ness until July, 1905, when it was merged with the United States National.
On December 7, 1886, W. G. Templeton and A. D. King, two Iowa men, opened the Citizens Bank at 2408 Cuming Street. On September 1, 1888, the bank was incorporated with an authorized capital of $100,000, about one-fourth of which was paid in, with George E. Draper, president ; F. C. Johnson, vice president ; W. G. Templeton, cashier. Mr. King afterward disposed of his inter- est and went to Culbertson, Neb., where he became president of the Hitch- cock County Bank. In the latter part of November, 1890, the bank removed to a new building on the corner of Twenty-fourth and Cuming streets, where it con- tinued for a few years, when it wound up its affairs and went out of business.
The State National Bank was established in the spring of 1887 at the north- west corner of Fifteenth and Harney streets. The capital stock of this institution was $100,000, with E. L. Lyon, of Marshalltown, Iowa, president; A. A. McFad- den, cashier. Not long afterward Mr. Lyon sold his interest to E. E. Whaley, of Loup City, Neb. Immediately after this transaction the bank examiner made an inspection of the bank and discovered that a large part of the assets consisted of the notes given by Mr. Whaley in payment for Mr. Lyon's stock. He notified the directors that if this paper was not converted into actual cash within twenty- four hours the bank would be closed. Before the expiration of the twenty-four hours the directors met and adopted a resolution to close the bank, which was done and the work of winding up its affairs was commenced. Not long after this Mr. Lyon repurchased his interest and permission was obtained from the comp- troller at Washington to resume business. The efforts to reestablish the bank in the confidence of the people were unsuccessful and after a few weeks it was closed.
In the summer of 1887 the Omaha Banking Company began business with a capital stock of $50,000; C. E. Mayne, president ; Patrick Ford, vice president : J. W. Gross, cashier. It was first located at No. 320 South Fifteenth Street, but afterward occupied the quarters vacated by the State National. After two years of almost fruitless endeavor to build up a profitable business, the bank was closed on June 30, 1889, by order of the directors.
The Nebraska Savings and Exchange Bank commenced business on October 3, 1887, as the Nebraska Savings Bank in the Board of Trade Building, on the southwest corner of Sixteenth and Farnam streets. Its authorized capital was $400,000, of which $100,000 was paid in. John L. Miles was president; Andrew Rosewater, vice president, and Dexter L. Thomas, cashier. In November, 1887. a branch was opened in South Omaha and W. A. L. Gibbon placed in charge as assistant cashier. At the annual meeting of the directors in January, 1890, the "Exchange" was added to the name. The following July the South Omaha branch, with the building that had been erected there, was sold to the Packers National Bank, which had just been organized, and a few years later the main bank wound up its affairs and was discontinued.
The American Savings Bank was incorporated on June 22, 1888, with an
208
OMAHA AND DOUGLAS COUNTY
authorized capital of $100,000; O. M. Carter, president; C. S. Montgomery, vice president ; Philip Potter, treasurer; A. C. Powell, cashier. It first occupied the basement under the United States National Bank at the southwest corner of Twelfth and Farnam streets, but in January, 1890, it was removed to the Opera House Building on the corner of Fifteenth and Farnam. On December 15, 1892, it removed to the main floor of the New York Life Building (now the Omaha National Bank) and continued there until it finally went out of business.
The Mechanics & Traders Bank opened on March 1, 1888, at No. 318 South Fifteenth Street, with an authorized capital of $250,000, of which one-fifth was paid in. Richard C. Patterson and Frank Barnard were the principal stockholders and managers. This bank voluntarily closed its business on February 1, 1890.
In 1889 the German-American Savings Bank was opened in the basement of the Commercial National Bank Building, at the southwest corner of Sixteenth and Farnam streets, with an authorized capital of $250,000, only $25,000 of which was paid in prior to the opening. Jefferson W. Bedford was president; J. R. Harris, vice president; J. W. Harris, cashier. In November, 1892, the business of this bank was transferred to the American Savings Bank.
The German Savings Bank began business on June 2, 1890, in the building at the southeast corner of Thirteenth and Douglas streets, which had just been vacated by the Commercial National, with an authorized capital of $500,000. Frederick Metz was president; Charles J. Karbach, vice president ; L. D. Fowler, cashier. In December, 1891, it moved to the Karbach Block, at the corner of Fifteenth and Douglas streets, where it continued until it went into voluntary liquidation.
The Dime Savings Bank was incorporated on March 1, 1890, under a new banking law enacted by the preceding Legislature, with a capital of $25,000; P. C. Himebaugh, president ; W. H. Russell, vice president ; G. H. Payne, cashier. The capital stock was later increased to $50,000, but the venture proved unprofit- able and the bank was finally closed.
Another bank organized in 1890 was the Midland State Bank, which opened on the first day of July of that year, succeeding to the business of the Sixteenth Street branch of the National Bank of Commerce. The paid in capital was $50,000. F. C. Johnson was elected president ; Allen T. Rector, vice president, and W. G. Templeton, cashier. After a somewhat precarious career of three or four years the bank closed its doors.
Other banking institutions of this period were: the Anglo-American Mortgage and Trust Company; the Globe Loan and Trust Company ; the Omaha Loan and Trust Company, and a private bank conducted by M. Toft in connection with his cigar store. Some of these concerns failed and others were absorbed by other banks.
The City National Bank began business under a charter dated June 30, 1909. A little later it bought out the German-American Bank, which first commenced business in the Board of Trade Building, at the southwest corner of Sixteenth and Farnam, and afterward removed to the corner of Fifteenth and Farnam streets, where it was located at the time of the sale to the City National. About this time a syndicate was formed and erected the City National Bank Building at the southeast corner of Sixteenth and Harney streets for the new bank, but
209
OMAHA AND DOUGLAS COUNTY
on October 9, 1915, the entire business of the City National was turned over to the Omaha State Bank, which now occupies the new building.
TRUST COMPANIES
Closely allied to the bank is the trust company, which is authorized to receive savings deposits, act as trustee or administrator of estates, guardian for minor heirs, etc. There are four trust companies in Omaha, according to the Bankers Directory for January, 1916, with a combined capital of over one million dollars.
The oldest of these is the Peters Trust Company, which was organized in 1886. It has a capital stock of $500,000 and occupies the basement of the Omaha National Bank Building at the northeast corner of Seventeenth and Farnam streets. R. C. Peters is president ; M. D. Cameron and W. M. Rainbolt, vice presidents ; C. J. Claasen, secretary.
The City Trust Company, organized in 1907, occupies a portion of the main floor of the City National Bank Building, at the southeast corner of Sixteenth and Harney streets. O. C. Redick is president of this company; D. A. Baum, vice president; J. P. Webster, secretary; Harold L. Pritchett, treasurer. The capital stock is $200,000, and at the first of the year 1916 the company reported surplus and undivided profits amounting to $16,610. It then had $86,380 in trust funds on hand.
The First Trust Company was organized in 1911. It is located at 1219 Farnam Street and has a capital stock of $200,000. The president is F. H. Davis, who is also president of the First National Bank; C. F. Kountze, L. L. Kountze and G. H. Thummel are the vice presidents; M. W. Dimery, secretary; T. L. Davis, treasurer. On January 1, 1916, this company reported surplus and un- divided profits of $12,200.
The United States Trust Company, located at 212 South Seventeenth Street, was organized in 1913 with a capital stock of $200,000 and at the beginning of the year 1916 reported surplus and undivided profits amounting to $72,110. The officers of this company at that time were: A. L. Reed, president; G. W. Wattles, vice president ; H. G. Jordan, secretary and treasurer; A. C. Reed, trust officer.
SAVINGS AND LOAN ASSOCIATIONS
Some thirty-five or forty years ago the savings association, or the building and loan association, began to grow in popularity as a means whereby persons working for moderate salaries could obtain homes of their own. As the homes thus built offered the very best of security for the loans, and as the associations rarely failed to pay good dividends upon their stock and fair rates of interest, they became popular as investment institutions. In Omaha their popularity was heightened by the failure of several savings banks, causing a loss of confidence in that character of investments. In the spring of 1916 there were ten associa- tions of this class in the City of Omaha, all doing a flourishing business and rep- resenting resources of several millions of dollars. As they all operate under the same laws and follow the same general methods of doing business there is not a great deal of difference in their history.
Vol. 1-14
210
OMAHA AND DOUGLAS COUNTY
The Bankers Savings and Loan Association, located at 101 South Sixteentli Street, is one of the best known in the city. The officers of this association are: W. D. Lincoln, president; N. A. Spiesberger, vice president ; A. D. Touzalin, sec- retary; L. D. Spaulding, treasurer. This association also maintains a branch at 1325 William Street, for the accommodation and convenience of its patrons in the southern part of the city.
The Commercial Savings and Loan Association has its headquarters at No. 4931 South Twenty-fourth Street. P. J. Sheely is the president of this institu- tion ; W. P. Adkins, vice president ; J. J. Fitzgerald, secretary ; F. W. Thomas, treasurer.
The Conservative Savings and Loan Association began business in 1893 and is now located in the Conservative Building at No. 1614 Harney Street. George F. Gilmore is president, and Paul W. Kuhns, secretary. This concern advertises resources of over eleven millions of dollars and a reserve of $290,000.
The Home Builders, an incorporated institution, began business with a capital stock of $100,000, which was increased to $200,000 in 1914. The offices are in the Brandeis Building, with the secretary, C. C. Shimer, in charge. It has stockholders in several of the western states.
The Home Savings and Loan Association, located at 4724 South Twenty- fourth Street, has been instrumental in providing a number of people in Omaha with homes. At the beginning of the year 1916 J. C. Michelsen was president ; E. B. Brown, secretary; Perry McD. Wheeler, treasurer.
Located at No. 211 South Eighteenth Street, a few doors north of the city hall, is the Nebraska Savings and Loan Association, one of the strongest in the city. T. A. Fry, president, and J. R. Brant, secretary, are the active managers of this association.
The Occidental Building and Loan Association has its main offices at 1031 City National Bank Building, on the southeast corner of Sixteenth and Harney streets. The officers of this association at the beginning of the year 1916 were: J. F. Flack, president ; R. A. McEachron, vice president; E. N. Bovell, secretary ; G. C. Flack, treasurer.
The Omaha Loan and Building Association has its main offices in the McCague Building, on the northwest corner of Fifteenth and Dodge streets, with a branch at No. 503 North Twenty-fourth Street. G. W. Loomis was president of this association on January 1, 1916; W. S. Wright, vice president; W. R. Adair, secretary and treasurer; and J. H. Kopietz was then the agent in charge of the branch office.
The Prudential Savings and Loan Association is located at No. 120 South Seventeenth Street. On April 1, 1916, the officers of the Prudential were: W. C. Bullard, president ; D. H. Christie, secretary ; D. D. Miller, treasurer.
The State Savings and Loan Association is located at No. 1623 Harney Street, and on January 1, 1916, was officered as follows: Samuel Rees, presi- dent; I. G. Baright, secretary ; E. C. Hodder, treasurer.
Although some of the banks in past years failed under circumstances that left "a bad taste in the mouth," so to speak, the financial institutions of Omaha at the present time-banks, trust companies and savings associations-bear a reputation second to those of no city in the country. They are managed by men of recognized executive ability, sound business judgment and unimpeachable
211
OMAHA AND DOUGLAS COUNTY
integrity. Conditions are different now from what they were thirty years ago, opportunities for investment of a stable character are more plentiful, and a bank failure now could hardly be accounted for except through bad management- a thing that is not likely to happen in the "Gate City."
CHAPTER XVI
COMMERCE AND MANUFACTURING
CHARACTER OF EARLY COMMERCIAL TRANSACTIONS-EARLY MERCHANTS-DEPART- MENT STORES-THE JOBBING TRADE-STATISTICS OF TWELVE LEADING LINES- MANUFACTURING INDUSTRIES-BRICK-EARLY SAWMILLS-CARRIAGE FACTO- RIES-BREWERIES-DISTILLERY-IRON WORKS-UNION PACIFIC SHOPS-THE SMELTER-WHITE LEAD WORKS-MISCELLANEOUS FACTORIES-STATISTICAL- PROSPECTS FOR THE FUTURE.
Back in the days when Omaha was young, when the population of all Douglas County did not exceed one thousand people, the merchants catered largely to the emigrant trains, supplying those who assisted the "Star of Empire" on its west- ward course with the common things they would need in developing the country's natural resources. Mormons, freighters, mining prospectors, etc., traveled "in light marching order" until they reached Omaha, where they would purchase their outfits. Even as late as 1866-67 the advertisements in the Omaha news- papers laid special stress upon the fact that the advertiser was prepared to outfit parties intending to cross the plains.
EARLY MERCHANTS
One of the first mercantile houses in Omaha was the firm of Tootle & Jack- son, composed of Milton Tootle and James Jackson, two of the members of the original Council Bluffs & Nebraska Ferry Company. Mr. Tootle came from St. Joseph, Mo., and was a pioneer in many of the enterprises for the development of the country west of the Missouri River. The store of Tootle & Jackson, estab- lished late in the year 1854, stood on the corner of Tenth and Farnam streets. At first the stock consisted of a few wagon loads of staple merchandise-dry goods, boots, shoes, certain lines of provisions, crockery, etc. In 1859 Mr. Tootle became sole proprietor and three years later placed W. G. Maul in charge of the business as manager, a position he held until the death of the proprietor in 1887, when the business was purchased by the Kilpatrick-Koch Dry Goods Com- pany, which was incorporated with a capital stock of $250,000 and the following officers: Thomas Kilpatrick, president; Allen Koch, first vice president ; Robert Cowell, second vice president and treasurer; James Risk, secretary. The trade of this company extended over a large part of Iowa, Nebraska, Wyoming, Idaho, Utah and Colorado and the annual sales averaged over one million dollars for a number of years. Some changes were subsequently made in the personnel of the
212
FORNIT
.
THE DODGE HOTEL
T
H
VIEW IN THE WHOLESALE DISTRICT, OMAHA
213
OMAHA AND DOUGLAS COUNTY
company, but Mr. Kilpatrick remained at the head of the concern until his death on January 14, 1916.
Megeath & Company was another early mercantile firm that carried on an extensive outfitting business, a special feature of their trade being the Mormon patronage, of which they had the lion's share for several years. It was no uncom- mon occurrence for the last Mormon train in the annual emigration to take the entire remaining stock of this house. This train usually left Omaha about . the last of July. While the Union Pacific Railroad was under construction, Megeath & Company adopted the somewhat novel plan of employing portable warehouses, which could be moved forward as fast as the railroad was com- pleted. By this method goods could be transported by train to the terminus of the railroad and freighted from there by wagon trains to their western desti- nation. The trade of this firm with the Mormons and other western emigrants amounted to more than one million dollars annually. James G. Megeath, the founder of the business, afterward turned his attention to coal mining and became one of the leading coal miners and dealers of the Middle West.
In May, 1856, the first clothing store in Omaha was established by Vincent Burkley. He brought about eight thousand dollars' worth of clothing by steam- boat from Cincinnati, Ohio, and opened the "Morning Star Clothing House" on Farnam Street. A merchant tailoring department was conducted in connec- tion with the store. For some reason Mr. Burkley did not continue long in the clothing business, disposing of his stock in the winter of 1857-58. He was a native of Germany, where he was born on April 5, 1818, came to America in 1839 and was engaged in business in Columbus, Ohio, before coming to Omaha. He served two terms in the city council; was a member of the Legislature which met on July 4, 1866; was a member of the board of education in 1872; served as inspector of customs from 1886 to 1889, and afterwards founded the Burkley Printing Company, with which his two sons were also connected.
Meyer Hellman, a native of Germany, came to Omaha in 1856, being at that time about twenty-two years of age. He formed a partnership with Aaron Cahn soon after his arrival and the two embarked in the clothing business under the firm name of M. Hellman & Company. Their first store was a one-story frame building, 22 by 40 feet, on the northwest corner of Thirteenth and Farnam streets. In 1857 Mr. Hellman had a building 22 by 80 feet framed in Cincinnati, brought it around to Omaha by boat and had it set up on the lot next to the southwest corner of Thirteenth and Farnam. As the new building doubled the amount of room, a merchant tailoring department was added. In 1865 the firm engaged in the wholesale clothing trade and two years later a five-story building was erected, the lower portion of which was occupied by the stock of clothing. The wholesale trade was abandoned in 1884 and a year or two later Mr. Calin sold his interest to his partner. Mr. Hellman continued in the retail clothing trade until his death on March 29, 1892. At the time of his death his house was the oldest clothing establishment west of the Missouri River. He was succeeded by the Columbia Clothing Company, at the head of which was M. H. Cooke.
The well known hardware house of Milton Rogers & Sons Company, now located at 1515 Harney Street, was founded by Milton Rogers in June, 1855, as a branch of his Council Bluffs establishment. His first place of business was a one-story building, constructed of cottonwood boards, and stood on the north
214
OMAHA AND DOUGLAS COUNTY
side of Farnam Street between Ninth and Tenth. It was 20 by 40 feet in dimen- sions and the first stock consisted of some tinware and a few stoves. In 1868 he removed to a larger building and in the early 'Sos the firm became Milton Rogers & Sons, Thomas J. and Warren M. Rogers becoming partners with their father. The business is now incorporated with Herbert M. Rogers, president, and A. W. Spoerri, secretary.
In the spring of 1859 Jesse H. Lacey and John McCormick started a whole- sale grocery-the first institution of its kind in Nebraska-under the firm name of Lacey & McCormick. They had a large share of the Pike's Peak trade and carried on quite an extensive business for that period. Their store was located on the north side of Farnam Street, just west of Thirteenth. The members of the firm were brothers-in-law, having married sisters. A little later Finley, Josiah S. and Albert McCormick came into the firm, which then took the name of John McCormick & Company. Mr. Lacey was a member of the city council in 1869 and a Missouri River steamboat was named the J. H. Lacey. Mr. McCormick served in the upper house of the Legislature in 1864; was one of the incorporators of the first Omaha Street Railway Company in 1867; was elected president of the Central National Bank when it was organized in 1868; and was one of the three men who built the first grain elevator in Omaha in 1875.
The visitor to Omaha twenty-five years ago might have noticed on a modest brick building at No. 1218 Farnam Street a sign bearing the legend: "Henry Pundt, Teas and Groceries, Founded in 1856." When this business was first started in 1856 the firm was Pundt & Koenig and their place was on the corner of Thirteenth and Farnam, where the Merchants National Bank was afterward built. The house carried a large stock of such goods as were needed in outfitting emigrants and did a large business. Mr. Koenig died in 1863, after which Mr. Pundt continued under the firm name of H. Pundt & Company. From 1874 to 1879 the firm was Pundt, Meyer & Raapke. During that five years the house did a jobbing as well as a retail business in groceries. In 1879 Mr. Pundt again became sole proprietor and put up the sign above mentioned. From that time until shortly before his death he carried a large stock of groceries and liquors, which were sold at retail only.
Probably the first exclusive queensware house in Omaha was that of Samuel Burns, who began business in 1861. The same year L. C. Huntington opened a leather store and purchased hides. In 1875 his son was admitted to partnership and in 1886 the business passed into the hands of C. S. and A. S. Huntington, sons of the founder.
Immediately after the close of the Civil war several new mercantile establish- ments were opened in Omaha. The firm of Stephens & Wilcox (William Stephens and Capt. W. P. Wilcox) began business in 1865 in a small frame building on the south side of Farnam Street just west of Thirteenth. At the end of one year they disposed of their stock of groceries, boots and shoes, to make room for a large supply of goods to be used in the Indian trade. The fire of 1867 destroyed nearly all the buildings on the south side of Farnam Street, between Thirteenth and Fourteenth, and the Central Block was erected upon the site of some of the burned structures. Stephens & Wilcox occupied the new block with what was considered the finest stock of dry goods ever brought to the West. Then the firm added a larger stock of beads, jewelry, hatchets, knives, small mirrors,
Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.